coastal investment opportunity€¦ · senior director, national retail group (949) 419-3233 direct...

SunkistElementary School

Naval Base Ventura County

19,000+ Personnel

W. C

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land

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vard

Ventura Road

Seabee Golf Course

Channel Islands Beach

Silver Strand Beach Channel Islands HarborHollywood Beach

Oxnard Dunes

O F F E R I N G M E M O R A N D U M1301 & 1345 W. Channel Islands BoulevardOxnard, CA 93033

Port Place Shoppes Coastal Investment Opportunity

Subject Property

2Port Place Shoppes - Oxnard, CA | Marcus Millichap | Activity ID: ZAA0100000

Ron Duong Senior Vice President Investments Senior Director, National Retail Group (949) 419-3233 direct [email protected] License: CA 01438643

Confidentiality Agreement The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and it should not be made available to any oth-er person or entity without the written consent of Marcus & Millichap. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to Marcus & Millichap.

This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this offering memorandum has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

Exclusively Listed By


Executive Summary

Synergistic and Internet-Resistant Tenant Mix Over 95% of the Tenants are Internet-Resistant, Service-Based Businesses that Complement One Another Well Other Businesses in the Center Include Starbucks, Burger King, Papa

John’s and 76 Gas Station (NAP)

Strategic Retail Location in an Affluent Trade Area

The City of Oxnard is Strategically Located Between Santa Barbara and Los Angeles County Featuring Over 20 Miles of Beautiful, Scenic Coastline Port Place Shoppes is Located Just Minutes to the 101 Freeway, Pacific Coast Highway, and the Subject Property is One Block from Naval Base Ventu-ra (Over 19,000 Personnel) Average Household Income in this Trade Area is Well Above the National Average at $81,620 with Over 240,000 Residents Popular Tourist Region with Activities Including Yacht Cruises, Kayaking, Several Museums, and a Beautify National Park - Other Attractions Include the Ventura County Fair, Ventura Harbor Village, Silver Strand Beach, and Many More

Coastal Shopping Center Shadow-Anchored by Smart & Final and LA Fitness

Newly Renovated Center with a Strong Mix of National Tenants including Phenix Salon, Fred Loya Insurance, Pacific Dental, Fantastic Sams, and Waba Grill and a Host of Popular Local Services Businesses

The Subject Property Sits Caddy Corner to the Popular Seabee Golf Course and Close Proximity to Oxnard’s Major Destinations Including Channel Is-lands Beach, Port Hueneme, Seabee Museum, Channel Islands Harbor, & Oxnard Airport

Located Just 1.5 Miles from the Pacific Ocean and Silver Strand Beach

Excellent Financials and Real Estate Fundamentals Offered at a Favorable 6% Cap Rate with All Tenants on NNN Leases and 3% Annual Increases for Most Tenants Dense, Infill Location in a High Barriers to Entry Market along the En-trance to Channel Islands Harbor and Beaches Attractive Renovation with High Quality Finishes and Design with Ample Parking and Prominent Signage

Rare California Coastal Investment Opportunity

100% Occupied Shopping Center Asset Shadow-Anchored by LA Fitness (NAP) and Smart & Final (NAP)

Offered at a Favorable 6% Cap Rate with all Tenants on NNN Leases with Annual Increases for Most Tenants

Strategically Located Between Santa Barbara and Los An-geles, Just Minutes from 20+ Miles of Beautiful California Coastline and Naval Base Ventura (19,000+ Personnel)


# of Locations 200+

Ownership Private

Website www.phenixsalonsuites.com

Phenix Salon Suites is changing the Salon Industry. Founded by a family of Salon Profes-sionals with over 85 years of Salon Industry

experience, Phenix Salon Suites is poised to be the premier provider of Salon Suite concepts throughout the United States and Internationally.

With over two dozen salon Professionals within the family, Phenix Salon Suites has a first-hand understanding of the Salon Industry. We are not a company that was founded by people that had a “business idea” but a family that has been in the Salon Industry for many decades. Our experience in the Salon Industry and our approach to operating our locations with the Salon Professional in mind have proven to be a key to the success of our company.

Tenant Overview

From The Phenix Salon Suites Website: https://phenixsalonsuites.com/about-us/

Pacific Dental Services, Inc., a dental support company, provides supported autonomy ser-vices that allow dentists to concentrate on clin-

ical excellence and patient care. It offers a range of services, including oral surgery, endodontics, oral and maxillofacial surgery, orthodontics, pediatric dentistry, and periodontics.

PDS has been on the Inc. 5000 list of the fastest growing private companies in America for the past 10 years in a row. PDS plans to continue its rapid growth, adding about 80 supported offices every year. Its vision to become The Greatest Dental Company in America is quickly becoming a reality.

# of Locations 700+ in 20 States

Website www.pacificdentalservices.com


Property DescriptionAerial Photo

Seabee Golf Course

Ventura Road

Saviers Road

Point MuguState Park

Cal State Univ.Channel Islands

7,000+ Students

Pacific Ocean

Pacific Coast Highway

HuenemeHigh School2,200+ Students

Southland Sod FarmsOcean View ProduceReiter Brothers Farms

Point Mugu Game ReserveChannel Islands

Air Natl. Guard Station

SunkistElementary

W. Channel Islands BoulevardSubject Property


Fantastic Sams

In July 1974, Sam Ross opened the first Fantastic Sams® beauty salon in Memphis, Tennessee, with the goal of cre-ating an affordable salon experience that was accessible to everyone.

Today, Fantastic Sams is one of the world’s largest full-service hair care salons, with over 1,000 locations throughout North America.

Waba Grill

WaBa Grill strives to serve the best possible grilled fusion menu items using only quality ingredients. Waba Grill uses fruits and vegetables to enhance the flavor of their amazing “WaBa” sauce. Nothing is fried and no oil is used in the cooking process. WaBa Grill Franchise Corp. seeks to create a premier choice quick service restaurant busi-ness model.

Fred Loya Insurance

As a leader in low cost Car Insurance, Loya Insurance Group has been serving the public and keeping drivers safe on the road since 1974. With over 526 agencies across Texas, California, Nevada, New Mexico, Colorado, Ala-bama, Indiana, Illinois, Georgia, and Arizona Fred Loya Insurance strives to make purchasing general car insur-ance more personable.

Tenant Overview

Queen Wash Laundry

Queen Wash Laundry is a conveniently located laundromat that offers a myriad of services, includ-ing commercial services, free pick up and delivery, and drop off service. Queen Wash also prides itself with the use of environmentally machines that also result in quick and efficient service.

Natural Fruit Ice Cream (Los Reyes)

Rico Tejuino Los Reyes (#3) is a specialty ice cream and desert shop that serves a wide variety of Mexi-can classics. From ice cream (served by the pint or single serving), smoothies, shakes, and the classic Mexican beverage Tejuino, Los Reyes Natural Fruit Ice Cream serves something for every person’s sweet tooth.

Fuji Buffet

Fuji Buffet features a wide variety of Chinese, Japanese, and American influenced cuisine, featuring fresh sushi, oysters, mussels, and crab legs along with traditional Chinese noodle dishes. Fuji Buffet is also a local fami-ly-friendly restaurant that serves traditional American classics.

FujiBuffet

Los Reyes

Natural Fruit

Ice Cream


LA Fitness (NAP)

Founded in Southern California in 1984, LA Fitness continues to seek innovative ways to enhance the physical and emotional well-being of its increas-ingly diverse membership base. With over 690 locations today, LA Fitness is an industry-leader in the personal fitness industry.

Shopping Center Overview

Smart & Final Extra! (NAP)Smart & Final is a chain of warehouse-style food and supply stores Headquartered in Los Angeles, CA and began over 145 years ago. Smart & Final Stores, Inc. operates more than 300 stores in multiple states. Recently named “West Retailer of the Year” by The Shelby Report, Smart & Final is the convenient warehouse grocery store committed to offering superior service, exceptional value and quality products to households, business and community groups.

Star World (NAP)

Star World is a regional retailer of a wide variety of brand name appliances, furniture, electronics, mattresses, and more. From budget to top of the line, Star World aims to be the premier provider of household necessities and accessories alike.

Starbucks (NAP)

Starbucks began as a roaster and retailer of whole bean and ground coffee, tea and spices with a sin-gle store in Seattle’s Pike Place Market. Today, they serve millions of customers every day through its 24,000+ locations in 70 countries.


Real Estate Taxes NNN

Insurance NNN

All CAM NNN

Management NNN

TOTAL EXPENSES NNN

Expenses

Financial AnalysisAnnualized Operating Data

Gross Potential Rent $960,086

Expense Reimbursements NNN

Gross Potential Income $960,086 + NNN

Effective Gross Income $960,086 + NNN

Total Expenses NNN

NET OPERATING INCOME $960,086

Debt Service ($651,016)

Cash Flow After Debt Service $309,070

CASH ON CASH RETURN 5.52%

Principal Paydown (Year 1) $160,480

TOTAL RETURN % / $ 8.38% / $469,550

Offering SummaryProperty Address 1301 & 1345 W. Channel Islands Boulevard

Oxnard, CA 93033

Current Occupancy Fully Occupied

Year Built/Renovated 1970/2019

Gross Leasable Area (GLA) ±33,610 Square Feet

Lot Size ±3.84 Acres (±167,270 Square Feet)

Price $16,000,000

Cap Rate 6.00%

Price Per Square Foot $476.05

Pricing

Proposed Financing InformationDown Payment 35% / $5,600,000

LTV/Loan Amount 65% / $10,400,000

Interest Rate 4.75%

Amortization 30 Years

Term 10 Years

Program Fixed for 5 Years

*Loan information is time sensitive and subject to change. Additional interest-only financ-ing options available. Please contact Agent for more details. $960,086Year 1 Net

Operating Income


SUITE TENANT NAMESQUARE

FEETEXPIRES

MONTHLYRENT

RENTPER SF

INCREASESLEASETYPE

OPTIONS/COMMENTS

1301 Fuji Buffet 10,52111/30/2007-08/31/2024

$22,299.00 $2.12 3% Annual Increases

Beginning in 2021NNN

None (50%+ Rental Upside Opportunity)

1321 Fred Loya Insurance 1,300 12/31/2023 $3,250.00 $2.50 In Options NNN Two, Five-Year @ 10%

1351 Waba Grill 1,296 01/31/2028 $4,536.00 $3.50 01/2024: $4,989.60/mo NNN Two, Five-Year @ 10%

1353 Natural Fruit Ice Cream 1,071 11/30/2023 $3,860.96 $3.61 3% Annual NNN One, Five-Year @ FMV

1355 Milah Boutique 1,077 09/30/2023 $2,692.50 $2.50 20% Increase in 2020

3% Annual Increase TherafterNNN One, Three-Year @ FMV

1357 Fantastic Sams 1,100 12/31/2028 $3,025.00 $2.75 11/2020: $3,850.00/mo 11/2023: $4,235.00/mo

NNN Two, Five-Year @ 10%

1371 Smoke Shop 1,264 02/29/2024 $3,160.00 $2.50

Year 2: $3,371.00/mo Year 3: $3,476.00/mo Year 4: $3,581/.00mo Year 5: $3,792.00/mo

NNN One, Five-Year @ 3% Annual

1311 Phenix Salon Suites 6,000 03/31/2034 $12,000.00 $2.00 07/2021: $12,000.00/mo 07/2024: $13,200.00/mo 07/2024: $14,520.00/mo

NNNTwo, Five-Year

1st @ $16,140/mo 2nd @ $17,940/mo

1319 Queen Wash Laundromat 4,400 04/30/2029 $8,800.00 $2.00 05/2021: $9,533.33/mo (8.3%) 05/2024: $10,010.00/mo (5%) 11/2025: $10,510.50/mo (5%)

NNNOne, Five-Year

w/ 5% Inc. Every 30 Months

1325 Nail Salon 2,757 04/30/2024 $6,000.00 $2.18

05/2020: $6,000.00/mo 05/2021: $7,000.00/mo

05/2022: $7,210.00/mo (3%) 05/2023: $7,426.30/mo (3%)

NNN One, Five-Year @ 3% Annual

1381 Pacific Dental Services 2,833 12/31/2028 $7,883.67 $2.78 06/2024: $8,762.03/mo NNN Two, Five-Year @ 10%

N/A Cell Tower 0 10 Years $2,500.00 N/A TBD N/A TBD

# of Tenants: 11

Total Available:Total Occupied

0 SF33,610 SF

Monthly:Annual:

$80,007.13$960,085.56

Average: $2.31/ SF

Financial AnalysisRent RollAs of May 1, 2020 for 33,610 Square Feet

Property DescriptionAerial Photo

NOTE: Aerial photo is for reference purposes only. Buyer to verify actual parcel boundaries.


Property DescriptionSite Plan

1325

1357

1355

1353

1351 13

21

1319

1311

W. Channel Islands Boulevard

Vent

ura

Roa

d

Red

woo

d St

reet

NOTE: Site plan is for reference purposes only and is not to scale. Buyer to verify actual parcel boundaries.

Burger King

Tenant OverviewSte. Tenant SF

1301 Fuji Buffet 10,521

1321 Fred Loya Insurance 1,300

1351 Waba Grill 1,296

1353 Natural Fruit Ice Cream 1,071

1355 Milah Boutique 1,077

1357 Fantastic Sams 1,100

1371 Smoke Shop 1,264

1311 Phenix Salon Suites 6,000

1319 Queen Wash Laundromat 4,400

1325 Nail Salon 2,757

1381 Pacific Dental Services 2,824


Property Description

Subject Property

5 MilesFrom US-101

The Area’s Main Freeway

9 Minutes From Oxnard Regional

Airport (OXR)

15 Minutes From Ventura Harbor Amtrak

Station (Pacific Surfliner)

1.6 MilesFrom Pacific Ocean &Silver Strand Beach


City Overview

The City Of Oxnard, CA

Oxnard is a city in Ventura County, California, United States. Located along the coast of Southern California, it is the most populous city in Ventura County and the 19th most populous city in Cali-fornia. Incorporated in 1903, the city lies approx-imately 60 miles west of downtown Los Angeles and is part of the larger Greater Los Angeles area.

It is located at the western edge of the fertile Oxnard Plain, sitting adjacent to an agricultural center of strawberries and lima beans. Oxnard is also a major transportation hub in Southern California, with Amtrak, Union Pacific, Metrolink, Greyhound, and Inter-Californias stopping in Oxnard. Oxnard also has a small regional airport called Oxnard Airport (OXR).

The population of Oxnard is 207,906 (2017). Oxnard is the most populous city in the Oxnard-Thousand Oaks-Ventura, CA Metropolitan Statistical Area, which is listed as one of the wealthiest areas in America, with most of its residents making well above the average national income.

The economy of Oxnard is driven by defense, international trade, agriculture, manufacturing, and tourism. Oxnard is one of the key manufacturing centers in the Greater Los Angeles Area. The Port of Hueneme is the busiest and only deep-harbor commercial port between Los Angeles and San Francisco, and is vital to trade with the Pacific Rim economies.

Market Overview

Local Attractions

Los Angeles Oxnard Beach Park Ventura County Fair Ventura Harbor Village Silver Strand Beach

60 miles

2.5 miles

11 miles

8 miles

1.6 miles

County Overview

Ventura County, CA

Ventura County is a county in the southern part of the U.S. state of California. As of the 2010 census, the population was 823,318. The larg-est city is Oxnard, and the county seat is the city of Ventura.

Ventura County comprises the Oxnard-Thou-sand Oaks-Ventura, CA Metropolitan Statistical

Area, which is also included in the Los Angeles-Long Beach, CA Combined Statistical Area. It is also considered the southernmost county along the California Central Coast. It is also a separate metropolitan area west of the more populous Los Angeles metropolitan area.

Ventura County was named the “most desirable” place to live in the U.S. by the Washington Post and the U.S. Department of Agriculture in 2015. It is home to several of the safest communities in the U.S., including Thousand Oaks, Simi Valley, Newbury Park, and Moorpark. Overall, crime in the county is 33% lower than California and U.S. rates.

Two of the California Channel Islands are part of the county: Anacapa Island, which is the most visited island in Channel Islands National Park, and San Nicolas Island.


Naval Base Ventura CountyNaval Base Ventura County (NBVC) is a premier naval installation composed of three operating facilities - Point Mugu, Port Hueneme and San Nicolas Island. Strate-gically located in a non-encroached coastal area of Southern California, NBVC is a key element in the DoD infrastructure because of its superior geographical location.

NBVC supports approximately 80 tenant commands with a base population of more than 19,000 personnel.

Tenant commands encompass an extremely diverse set of specialties that sup-port both Fleet and Fighter, including three warfare centers: Naval Air Warfare Center Weapons Division, Naval Surface Warfare Center Port Hueneme Division and Naval Facilities Engineering and Expeditionary Warfare Center.

Port Hueneme Overview

NBVC Port Hueneme is home to a strategic West Coast deep water seaport, a National Defense Resource offering a unique combination of all aspects of Naval Operations and mission capabilities to COMPACFLT / C3F.

NBVC Port Operations coordinates all contract (tugs, pilots, fuel, and hazardous material disposal) and non-contract port services to visiting Navy ships, hosted tenants, and vessels within the Southwest Region.

Source: NBVC’s Websitehttps://www.cnic.navy.mil/regions/cnrsw/installations/navbase_ventura_county.html

Market Overview

n NBVC is the largest employer in the county; more than 19,000 personnel (mili-tary, DoD civilian and contractors) work for, or are stationed on, the base.

n NBVC directly and indirectly provides another 2,700 jobs throughout the county.

n NBVC covers more than 6,000 acres in Ventura County.

n Port Hueneme features a deepwater port and 16 miles of rail line.

n Point Mugu can accommodate the largest military aircraft.

n The 13,370-acre San Nicolas Island is also part of the base as is the Sea Test range which covers 36,000 square miles.

n NBVC boasts 1,781 family housing units in Port Hueneme, Point Mugu and Ca-marillo.

n Another 1,762 units are available for single service members.

NBVC Local Economic Impact

San Nicolas Island

San Nicolas Island (SNI) transferred to Naval Base Ventura County (NBVC) on 1 October 2004 after several years under Naval Air Warfare Center, Weapons Divi-sion. San Nicolas Island is located 65 miles south of Naval Base Ventura Coun-ty Point Mugu, California. It is one of eight offshore islands called the Channel Islands.


POPULATION 1-MILE 3-MILES 5-MILES

2023 Population 36,621 188,829 249,554

2018 Population 36,835 184,340 240,090

2010 Population 35,945 179,226 230,870

2000 Population 34,520 164,053 203,302

HOUSEHOLDS 1-MILE 3-MILES 5-MILES

2023 Households 8,298 48,952 66,179

2018 Households 8,243 47,101 62,801

2010 Households 7,970 45,510 59,903

2000 Households 7,951 42,662 54,013

2018 Average HH Size 4.09 3.70 3.64

2018 Daytime Population 23,977 158,776 207,354

2023 Owner Occupied Housing Units 60.9% 51.8% 52.7%

2023 Renter Occupied Housing Units 39.1% 48.2% 47.3%

2023 Vacant 2.7% 5.5% 4.7%



2018 Vacant 2.7% 5.4% 4.6%



2010 Vacant 5.0% 7.8% 7.2%

INCOME 1-MILE 3-MILES 5-MILES

$ 0 - $ 14,999 6.8% 8.4% 8.0%

$ 15,000 - $24,999 9.8% 9.7% 9.4%

$ 25,000 - $34,999 8.9% 8.5% 8.6%

$ 35,000 - $49,999 15.2% 13.9% 13.9%

$ 50,000 - $74,999 23.3% 20.5% 20.3%

$ 75,000 - $99,999 14.0% 13.9% 13.9%

$100,000 - $124,999 9.1% 9.9% 10.3%

$125,000 - $149,999 5.9% 5.5% 5.6%

$150,000 - $200,000 4.9% 5.7% 6.1%

$200,000 to $249,999 0.8% 1.5% 1.6%

$250,000 + 1.2% 2.6% 2.5%

Median HH Income $58,561 $59,214 $60,645

Per Capita Income $16,371 $20,876 $21,537

Average HH Income $72,223 $80,793 $81,620

Demographic Summary

Market Overview

$81,620 Average Household Income (5 Miles)

Listed by Exclusively

O F F E R I N G M E M O R A N D U M 1301 & 1345 W. Channel Islands Boulevard

Oxnard, CA 93033

Ron Duong Senior Vice President Investments Senior Director, National Retail Group (949) 419-3233 direct [email protected] License: CA 01438643

Port PlaceShoppes

Coastal Investment Opportunity

coastal investment opportunity€¦ · senior director, national retail group (949) 419-3233 direct...

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