food city anchored highlands · 2019-06-25 · grocery anchored shadow space high volume food city...

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ARI SPIRO O: 480.634.8596 M: 480.292.3697 [email protected] PRESENTED BY: SEAN STUTZMAN O: 480.634.8194 M: 480.363.4544 [email protected] www.orionprop.com WEST HIGHLANDS SHOPPING CENTER 6544 WEST THOMAS ROAD NEC 67TH AVE & THOMAS RD FOOD CITY ANCHORED THOMAS ROAD +/-36,508 VPD

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Page 1: FOOD CITY ANCHORED HIGHLANDS · 2019-06-25 · GROCERY ANCHORED SHADOW SPACE High Volume Food City Anchored Center HIGH TRAFFIC COUNTS Traffic Counts of over 76,000 vehicles per day

ARI SPIRO O: 480.634.8596 M: [email protected]

PRESENTED BY:

SEAN STUTZMAN O: 480.634.8194 M: [email protected]

www.orionprop.com

WEST

HIGHLANDSSHOPPING CENTER

6544 WEST THOMAS ROADNEC 67TH AVE & THOMAS RD

FOOD CITY ANCHORED

THOMAS ROAD

+/-36,508 VPD

Page 2: FOOD CITY ANCHORED HIGHLANDS · 2019-06-25 · GROCERY ANCHORED SHADOW SPACE High Volume Food City Anchored Center HIGH TRAFFIC COUNTS Traffic Counts of over 76,000 vehicles per day

■ GROCERY ANCHORED SHADOW SPACE High Volume Food City Anchored Center

■ HIGH TRAFFIC COUNTS Traffic Counts of over 76,000 vehicles per day

■ DIVERSE TENANT BASE

Tenants Include Food City, Family Dollar, Gen-X Clothing, Sherwin-Williams, Jackson Hewitt, Subway Sandwiches, and more

■ PROFESSIONALLY MAINTAINED AND MANAGED

Fresh, Updated Paint Job Approved by Anchor coming this Summer

■ CENTRALLY LOCATED 20 Minutes from Phoenix Sky Harbor International Airport - One Mile from the Interstate 10 Freeway

■ INFILL LOCATION

Over 545,000 Daytime Population within 5 Miles

■ DENSELY POPULATED Over 203,000 Residents within 3 Miles

■ STRONG DEMOGRAPHICS Young Families within 3 Miles - Average Age of 26.7 and Average Household Size of 3.80

THE OFFERINGINVESTMENT OVERVIEW

SALE PRICE $13,100,000

PRICE PER SF $159.92

CAP RATE 7.51%

OCCUPANCY 92%

BUILDING SIZE 82,515 SF

PARCEL SIZE 6.94 Acres

YEAR BUILT 1979

ZONING PSC, PhoenixTRAFFIC COUNT +/- 76,000 VPD

46,012 VPD (East on Thomas Road)30,694 VPD (North on 67th Avenue)

The West Highlands Shopping Center offering includes 82,515 square feet, built in 1979. Shadow anchored by a high-volume Food City, the property has maintained a historically high occupancy and is currently over 92% occupied. With a daytime population exceeding 545,000 and 203,000 residents within three miles, West Highlands has attracted a wide array of recognizable tenant names, such as Family Dollar, Gen-X Clothing, Sherwin-Williams, Cricket Wireless, Pizza Patron, Jackson Hewitt, and Subway Sandwiches.

Located one mile from the Interstate 10 Freeway and 20 Minutes from Phoenix Sky Harbor International Airport, this centrally located neighborhood center has been professionally managed and maintained for over 15 years with the current ownership group. The property will continue to thrive as it has a fresh, updated color scheme, approved by Food City, scheduled for this Summer.

Page 3: FOOD CITY ANCHORED HIGHLANDS · 2019-06-25 · GROCERY ANCHORED SHADOW SPACE High Volume Food City Anchored Center HIGH TRAFFIC COUNTS Traffic Counts of over 76,000 vehicles per day

CLICK TO VIEW DRONE VIDEO

Page 4: FOOD CITY ANCHORED HIGHLANDS · 2019-06-25 · GROCERY ANCHORED SHADOW SPACE High Volume Food City Anchored Center HIGH TRAFFIC COUNTS Traffic Counts of over 76,000 vehicles per day

4

Page 5: FOOD CITY ANCHORED HIGHLANDS · 2019-06-25 · GROCERY ANCHORED SHADOW SPACE High Volume Food City Anchored Center HIGH TRAFFIC COUNTS Traffic Counts of over 76,000 vehicles per day

NEW EXTERIOR PAINT ELEVATION

COMING THIS SUMMER

Page 6: FOOD CITY ANCHORED HIGHLANDS · 2019-06-25 · GROCERY ANCHORED SHADOW SPACE High Volume Food City Anchored Center HIGH TRAFFIC COUNTS Traffic Counts of over 76,000 vehicles per day

OBLIQUE AERIAL VIEW

+/-46,012 VPD

NAP

NAP

NAP

NORTH

+/-30,694 VPD

Page 7: FOOD CITY ANCHORED HIGHLANDS · 2019-06-25 · GROCERY ANCHORED SHADOW SPACE High Volume Food City Anchored Center HIGH TRAFFIC COUNTS Traffic Counts of over 76,000 vehicles per day

WEST

HIGHLANDSSHOPPING CENTER

WEST

HIGHLANDSSHOPPING CENTER

Page 8: FOOD CITY ANCHORED HIGHLANDS · 2019-06-25 · GROCERY ANCHORED SHADOW SPACE High Volume Food City Anchored Center HIGH TRAFFIC COUNTS Traffic Counts of over 76,000 vehicles per day

WEST FACING

EAST FACINGNORTH FACING

SOUTH FACING

SUBJECTSUBJECT

SUBJECTSUBJECT

Page 9: FOOD CITY ANCHORED HIGHLANDS · 2019-06-25 · GROCERY ANCHORED SHADOW SPACE High Volume Food City Anchored Center HIGH TRAFFIC COUNTS Traffic Counts of over 76,000 vehicles per day

PARCEL VIEWPARCEL # 103-02-003,004

SIZE 6.94 Acres

2018 TAXES $163,036

NAP

NAP NAP

103-02-003

103-02-004

Salsitas

THOMAS ROAD +/-46,012 VPD

+/-30,694 VPD67TH

AVENU

E

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AERIAL VIEW

+/-46,012 VPD

+/-30,694 VPD

WEST

HIGHLANDSSHOPPING CENTER

Page 11: FOOD CITY ANCHORED HIGHLANDS · 2019-06-25 · GROCERY ANCHORED SHADOW SPACE High Volume Food City Anchored Center HIGH TRAFFIC COUNTS Traffic Counts of over 76,000 vehicles per day

L IVE

WORK

PLAY

GOLF COURSE

DESERT WEST SPORTS COMPLEX

The West Valley is a distinct area of the greater Phoenix metropolitan area and comprised of over 10 cities, towns and communities that lie west of Interstate 17. It’s no surprise that West Valley of Phoenix is one of the fastest growing areas in not just Arizona, but in the United States. The West Valley is home to Arizona’s major sports Teams and complexes such as the University of Phoenix Stadium (Arizona Cardinals), where spectators are offered the complete sports fan experience from pregame tailgating and live entertainment. The Gila River Arena (NHL Coyotes) in Glendale’s Westgate, a premier and vibrant entertainment center that offers hundreds of stores, restaurants, concerts and so much more! The West Valley also features numerous outlet malls and shopping options. The area is also home to several Major League Spring Baseball Teams which hosts Spring Training Cactus and Fall Leagues), NASCAR Venue’s Phoenix International Raceway, four major national parks, and Lake Pleasant to the North. 11

STADIUM

Page 12: FOOD CITY ANCHORED HIGHLANDS · 2019-06-25 · GROCERY ANCHORED SHADOW SPACE High Volume Food City Anchored Center HIGH TRAFFIC COUNTS Traffic Counts of over 76,000 vehicles per day

RENT ROLL

Current Rent Annual Rent Security Unit Lease Area From To Month PSF Rent PSF CAM Taxes Insurance Mgmt TOTALS Deposit Date Amount

01 Sherwin William's 5,000 6.06% 05/01/94 04/30/24 $3,605.80 $0.72 $43,269.60 $8.65 8,930.12$ 9,838.01$ 810.90$ 893.01$ 20,472.04$ 4.09$ $0.00 --- ---

02 Cricket Wireless 2,930 3.55% 11/01/16 10/31/19 $3,773.08 $1.32 $46,522.08 $15.88 5,233.05$ 5,765.07$ 475.19$ 2,059.71$ 13,533.02$ 4.62$ $0.00

03 Available 1,600 1.94% --- --- --- --- $0.00 --- --- --- --- --- --- --- --- --- ---

04 N & H Investments (Accounting/Financial) 1,200 1.45% 02/06/06 05/31/26 $1,748.37 $1.47 $21,188.68 $17.66 2,143.23$ 2,631.12$ 194.62$ 843.57$ 5,812.54$ 4.84$ $2,108.00 6/1/2020 $1,800.43

05 Century Nails 1,200 1.45% 04/01/13 03/31/23 $1,800.00 $1.52 $21,900.00 $18.25 2,143.23$ 2,631.12$ 194.62$ 843.57$ 5,812.54$ 4.84$ $2,950.00 4/1/2020 $1,850.00

07 Available 1,800 2.18% --- --- --- --- $0.00 --- --- --- --- --- --- --- --- --- ---

08 Le Dental Clinic 1,800 2.18% 12/01/16 11/30/21 $2,400.00 $1.37 $29,550.00 $16.42 3,214.81$ 3,541.68$ 291.92$ 1,265.35$ 8,313.76$ 4.62$ $3,000.00 12/1/2019 $2,475.00

09&10 Mid K Beauty Salon 5,465 6.62% 02/01/16 01/31/22 $5,492.33 $1.03 $67,226.12 $12.30 9,760.62$ 10,752.95$ 886.31$ 3,841.75$ 25,241.63$ 4.62$ $3,871.00 2/1/2020 $5,657.10

11 Gen-X Clothing 13,000 15.75% 12/01/17 06/30/23 $12,500.00 $0.96 $150,000.00 $11.54 -$ -$ -$ -$ -$ -$ $12,500.00 --- ---

15 Family Dollar Store 11,934 14.46% 08/01/02 04/30/20 $7,518.42 $0.64 $91,348.80 $7.65 21,314.42$ 23,481.36$ 1,935.45$ -$ 46,731.23$ 3.92$ $0.00 --- ---

17 Design's Unlimited Cuts & Perms 1,700 2.06% 03/01/01 02/28/23 $2,391.70 $1.43 $29,202.72 $17.18 3,036.24$ 3,344.92$ 275.71$ 1,195.05$ 7,851.92$ 4.62$ $2,950.00 3/1/2020 $2,463.46

19 City of Phoenix Real Estate 3,400 4.12% 08/13/14 01/00/00 $4,598.45 $1.36 $55,319.35 $16.27 6,072.48$ 6,689.85$ 551.41$ 2,390.11$ 15,703.85$ 4.62$ $0.00 9/1/2020 $4,736.40

23 Wavemax Laundromat 3,825 4.64% 09/01/19 08/31/29 $4,462.50 $1.17 $53,550.00 $14.00 6,846.75$ 7,535.25$ 612.00$ 2,677.50$ 17,671.50$ 4.62$ $0.00 --- ---

26 The Water Store 1,267 1.54% 11/01/02 01/31/22 $1,622.82 $1.31 $19,863.28 $15.68 2,262.89$ 2,492.95$ 205.48$ 890.67$ 5,851.99$ 4.62$ $1,293.40 2/1/2020 $1,671.50

27, 28 Sushi Sonora 2,812 3.41% 02/28/14 09/30/23 $2,343.33 $0.83 $28,119.96 $10.00 2,745.12$ 3,024.20$ 249.27$ 1,080.47$ 7,099.06$ 2.52$ $3,000.00 --- ---

29 Access Auto Insurance 1,100 1.33% 11/01/09 10/31/21 $1,650.81 $1.53 $20,139.92 $18.31 1,964.63$ 2,164.36$ 178.40$ 773.27$ 5,080.66$ 4.62$ $1,283.33 5/1/2020 $1,716.85

30 Available 1,400 1.70% --- --- --- --- $0.00 --- --- --- --- --- --- --- --- --- ---

31 Available 1,496 1.81% --- --- --- --- $0.00 --- --- --- --- --- --- --- --- --- ---

32 Jackson Hewitt 1,434 1.74% 06/01/02 04/30/20 $1,869.97 $1.32 $22,720.14 $15.84 2,561.16$ 2,821.54$ 232.57$ 1,008.06$ 6,623.33$ 4.62$ $682.50 --- ---

34-36 Steven's Shoes 4,770 5.78% 06/01/08 05/31/20 $6,395.78 $1.35 $77,516.85 $16.25 8,519.34$ 9,835.46$ 773.60$ 3,353.18$ 22,481.58$ 4.71$ $8,094.24 --- ---

37 Gardner Chiropractic 1,275 1.55% 04/01/08 03/31/21 $1,921.85 $1.51 $23,062.20 $18.09 2,277.18$ 2,508.69$ 206.78$ 896.29$ 5,888.94$ 4.62$ $2,350.00 --- ---

38 Good China 1,813 2.20% 02/01/16 01/31/21 $2,324.13 $1.31 $28,447.40 $15.69 3,238.06$ 3,567.26$ 294.03$ 1,274.49$ 8,373.84$ 4.62$ $2,040.00 2/1/2020 $2,393.86

39 Subway Sandwiches 1,250 1.51% 07/01/12 04/30/22 $1,931.25 $1.55 $23,175.00 $18.54 2,232.53$ 2,459.50$ 202.72$ 878.72$ 5,773.47$ 4.62$ $1,562.00 --- ---

41 Vivir Sanamente 1,000 1.21% 10/01/10 10/31/20 $1,339.00 $1.38 $16,509.87 $16.51 1,786.02$ 1,967.60$ 162.18$ 702.97$ 4,618.77$ 4.62$ $1,536.00 11/1/2019 $1,379.17

42 Pizza Patron 1,500 1.82% 04/01/16 03/31/26 $2,784.09 $1.89 $34,003.17 $22.67 2,679.04$ 2,951.40$ 243.27$ 1,054.46$ 6,928.17$ 4.62$ $0.00 4/1/2020 $2,868.41

44 Sesmas Salon and Barber 779 0.94% 03/01/05 03/31/22 $1,713.60 $2.24 $20,923.07 $26.86 1,391.31$ 1,532.76$ 126.34$ 547.62$ 3,598.03$ 4.62$ $4,500.00 4/1/2020 $1,765.01

45 Cadillac Tuxedos 835 1.01% 02/09/17 02/28/22 $1,200.00 $1.48 $14,800.00 $17.72 1,491.33$ 1,642.95$ 135.42$ 586.98$ 3,856.68$ 4.62$ $1,483.60 3/1/2020 $1,250.00

46 Raspa Chunguis 1,133 1.37% 02/01/17 11/30/21 $1,510.67 $1.37 $18,600.04 $16.42 2,023.57$ 2,229.29$ 183.75$ 796.47$ 5,233.08$ 4.62$ $1,934.50 12/1/2019 $1,557.87

47 Aldo's Hot Wings 1,250 1.51% 04/20/14 03/31/24 $1,569.85 $1.27 $19,120.80 $15.30 2,232.53$ 2,459.50$ 202.72$ 878.72$ 5,773.47$ 4.62$ $1,914.13 4/1/2020 $1,619.95

PAD Valencia Produce, Inc. 2,547 3.09% 02/15/16 01/31/26 $8,741.82 $3.50 $106,999.60 $42.01 4,549.00$ 5,011.48$ 413.07$ -$ 9,973.55$ 3.92$ $7,498.00 2/1/2020 $9,004.04

CELL Verizon Wireless 07/01/15 06/30/25 $1,688.26 $20,411.07 2/1/2020 $1,738.91

CAM Food City 79,394.15$ -$ -$ 7,939.41$ 87,333.56$ --- ---

Total Current 82,515 100% $90,898 $1.10 $1,103,490 $13.37 $190,043 $122,880 $10,038 $38,671 361,632$ 4.3826$ 66,551$

Total Vacant 6,296 7.63%

Total Current 76,219 92.37% $90,898 $1.19 $1,103,490 $14.48 $190,043 $122,880 $10,038 $38,671 361,632$ 4.74$ 66,551$

CAM RECAPTURE Rental IncreasesLease Term

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RENT PROJECTIONS

Tenant OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP TOTAL

Sherwin William's 3,605.80 3,605.80 3,605.80 3,605.80 3,605.80 3,605.80 3,605.80 3,605.80 3,605.80 3,605.80 3,605.80 3,605.80 $43,270

Cricket Wireless 3,773.08 3,886.27 3,886.27 3,886.27 3,886.27 3,886.27 3,886.27 3,886.27 3,886.27 3,886.27 3,886.27 3,886.27 $46,522

Available 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0

N & H Investments 1,748.37 1,748.37 1,748.37 1,748.37 1,748.37 1,748.37 1,748.37 1,748.37 1,800.43 1,800.43 1,800.43 1,800.43 $21,189

Century Nails 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,850.00 1,850.00 1,850.00 1,850.00 1,850.00 1,850.00 $21,900

Available 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0

Le Dental Clinic 2,400.00 2,400.00 2,475.00 2,475.00 2,475.00 2,475.00 2,475.00 2,475.00 2,475.00 2,475.00 2,475.00 2,475.00 $29,550

Mid K Beauty Salon 5,492.33 5,492.33 5,492.33 5,492.33 5,657.10 5,657.10 5,657.10 5,657.10 5,657.10 5,657.10 5,657.10 5,657.10 $67,226

Gen X Clothing 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 $150,000

Family Dollar Store 7,518.42 7,518.42 7,518.42 7,518.42 7,518.42 7,518.42 7,518.42 7,743.97 7,743.97 7,743.97 7,743.97 7,743.97 $91,349

Design's Unlimited 2,391.70 2,391.70 2,391.70 2,391.70 2,391.70 2,463.46 2,463.46 2,463.46 2,463.46 2,463.46 2,463.46 2,463.46 $29,203

City of Phoenix Real Estate 4,598.45 4,598.45 4,598.45 4,598.45 4,598.45 4,598.45 4,598.45 4,598.45 4,598.45 4,598.45 4,598.45 4,736.40 $55,319

Wavemax Laundromat 4,462.50 4,462.50 4,462.50 4,462.50 4,462.50 4,462.50 4,462.50 4,462.50 4,462.50 4,462.50 4,462.50 4,462.50 $53,550

The Water Store 1,622.82 1,622.82 1,622.82 1,622.82 1,671.50 1,671.50 1,671.50 1,671.50 1,671.50 1,671.50 1,671.50 1,671.50 $19,863

Sushi Sonora 2,343.33 2,343.33 2,343.33 2,343.33 2,343.33 2,343.33 2,343.33 2,343.33 2,343.33 2,343.33 2,343.33 2,343.33 $28,120

Access Insurance 1,650.81 1,650.81 1,650.81 1,650.81 1,650.81 1,650.81 1,650.81 1,716.85 1,716.85 1,716.85 1,716.85 1,716.85 $20,140

Available 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0

Available 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0

Jackson Hewitt 1,869.97 1,869.97 1,869.97 1,869.97 1,869.97 1,869.97 1,869.97 1,926.07 1,926.07 1,926.07 1,926.07 1,926.07 $22,720

Steven's Shoes 6,395.78 6,395.78 6,395.78 6,395.78 6,395.78 6,395.78 6,395.78 6,395.78 6,587.65 6,587.65 6,587.65 6,587.65 $77,517

Gardner Chiropractic 1,921.85 1,921.85 1,921.85 1,921.85 1,921.85 1,921.85 1,921.85 1,921.85 1,921.85 1,921.85 1,921.85 1,921.85 $23,062

Good China 2,324.13 2,324.13 2,324.13 2,324.13 2,393.86 2,393.86 2,393.86 2,393.86 2,393.86 2,393.86 2,393.86 2,393.86 $28,447

Subway Store 1,931.25 1,931.25 1,931.25 1,931.25 1,931.25 1,931.25 1,931.25 1,931.25 1,931.25 1,931.25 1,931.25 1,931.25 $23,175

Vivir Sanamente 1,339.00 1,379.17 1,379.17 1,379.17 1,379.17 1,379.17 1,379.17 1,379.17 1,379.17 1,379.17 1,379.17 1,379.17 $16,510

Pizza Patron 2,784.86 2,784.86 2,784.86 2,784.86 2,784.86 2,868.41 2,868.41 2,868.41 2,868.41 2,868.41 2,868.41 2,868.41 $34,003

Sesmas Salon and Barber 1,713.60 1,713.60 1,713.60 1,713.60 1,713.60 1,765.01 1,765.01 1,765.01 1,765.01 1,765.01 1,765.01 1,765.01 $20,923

Cadillac Tuxedos 1,200.00 1,200.00 1,200.00 1,200.00 1,250.00 1,250.00 1,250.00 1,250.00 1,250.00 1,250.00 1,250.00 1,250.00 $14,800

Raspa Chunguis 1,510.67 1,510.67 1,557.87 1,557.87 1,557.87 1,557.87 1,557.87 1,557.87 1,557.87 1,557.87 1,557.87 1,557.87 $18,600

Aldo's Hot Wings 1,569.85 1,569.85 1,569.85 1,569.85 1,569.85 1,569.85 1,616.95 1,616.95 1,616.95 1,616.95 1,616.95 1,616.95 $19,121

Valencia Produce, Inc. 8,741.82 8,741.82 8,741.82 8,741.82 9,004.04 9,004.04 9,004.04 9,004.04 9,004.04 9,004.04 9,004.04 9,004.04 $107,000

Verizon Wireless 1,688.26 1,688.26 1,688.26 1,688.26 1,688.26 1,688.26 1,688.26 1,688.26 1,688.26 1,738.91 1,738.91 1,738.91 $20,411

Totals 90,898.65 91,052.01 91,174.21 91,174.21 91,769.61 91,976.33 92,073.43 92,421.12 92,665.06 92,715.71 92,715.71 92,853.66 1,103,490

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FINANCIAL ANALYSIS

92.37% Occupied 95% Occupied

Base Rent (Occupied) 76,219 Square Feet @ $14.48 psf $1,103,490 $1,103,490Base Rent (Vacant) 6,296 Square Feet @ $15.00 psf $94,440 $94,440

CAM Recapture (Occupied) 76,219 Square Feet @ $3.60 psf $274,299 $274,299CAM Recapture (Vacant) 6,296 Square Feet @ $4.64 psf $29,213 $29,213CAM Recapture (Pass Thru Water) $13,000 $13,000CAM Recapture (Food City) $87,334 $87,334

Total Gross Revenue $1,601,775 $1,601,775

Vacancy Factor $123,653 $80,089

Total Adjusted Gross Revenue $1,478,122 $1,521,687

OPERATING EXPENSES (2019 Budget)Water $33,693 $0.41 psfCAM $226,804 $2.75 psfInsurance $13,385 $0.16 psfProperty Taxes $162,396 $1.97 psfManagement $58,020 $0.70 psf

Operating Expenses $494,298 $5.99 psf $494,298 $494,298

Net Operating Income 7.51% CAP Rate $983,823 $1,027,388 7.84% CAP Rate

Debt Service $525,957 $525,957

Return on Equity 8.63% Cash on Cash Return $457,867 $501,431 9.45% Cash on Cash Return

Principal Paydown $133,914 $133,914

Total Return 11.15% Total Return $591,781 $635,346 11.97% Total Return

7.51% CAP Rate 7.84% CAP Rate

Downpayment 41% Down

Existing Financing

Original Loan Amount $8,100,000 Current Balance

Interest Rate 5.07% Interest Only Period

Origination Date March 31, 2016 Loan Due

Original Term 10 Years Term Remaining

Amortization Period 30 Years Monthly Debt Service

Prepayment Penalty Defeasance Recourse

OCTOBER 2019 YEAR FORWARD INCOME & EXPENSE

$159.92 per Square FootBased on Purchase Price of $13,100,000

7.63% Actual

No (with exception of carve-outs)

$43,829.74

6 years, 5 months (as of October 2019)

March 1, 2026

$7,793,409 (as of October 2019)

Year One

Existing Loan Payment

$5,306,591 in Equity

$7,793,409 in Debt

Existing Financing with Morgan Stanley

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SELECT TENANT PROFILES

FOOD CITY (NAP)Food City is a family-owned grocery chain that has a 50-year reputation for servicing the Hispanic community in Phoenix. It was acquired by Bashas’ in 1993 and continues it’s mission unchanged. Food City carries aisles of traditional Mexican foods along with items found in a traditional grocery store like Bashas. They concentrate on imported brands from Mexico and feature a full-service carniceria with specially marinated cuts of meat, and a Mexican bakery.

FAMILY DOLLAR Family Dollar is an American variety store chain that was founded in 1958. Shoppers can find many items at $1 or less. Family Dollar is one of the country’s fastest growing retailers with over 8,000 locations nationwide. They offer a compelling assortment of merchandise for the whole family ranging from household cleaners to name brand foods, from health and beauty aids to toys, and from apparel for every age to home fashions. All items for everyday low prices.

15

SHERWIN WILLIAMS Sherwin-Williams is the largest coatings manufacturer in the United States and the third largest worldwide. Founded in 1866, the company employs more than 33,000 people in 109 different countries. Today, Sherwin-Williams is a global leader in the development and manufacture and sale of coatings and related products. There are 3,954 company-operated paint stores and branches around the world with annual sales of $9.5Billion.

GEN-X CLOTHINGGen-X Clothing was founded in 1998 in Salt Lake City, Utah. Since then, they have expanded into 11 states with an additional 40 stores. Gen X Clothing specializes in the sales of Men’s, Women’s and Children’s casual-clothing, shoes, street-wear, and other relation clothing accessories.

PIZZA PATRONPizza Patron is a Latin-inspired pizza shop that was founded in 1986 in San Antonio, Texas. When they started accepting pesos for their pies, they were launched into the national spotlight. They make handmade pizza with a one-of-a-kind style and commitment to serve every community with the flavors of Latin culture.

SUBWAYSubway is an American fast food restaurant franchise that was founded in 1965 in Bridgeport, Connecticut. They primarily serve submarine sandwiches and salads and are one of the fastest-growing franchises in the world. There are approximately 42,000 stores located in more than 100 countries. Subway is the largest single-brand restaurant chain, and the largest restaurant operator, in the world.

www.subway.com

www.pizzapatron.com

gogenx.com

www.familydol lar.com

www.sherwin-wi l l iams.com

www.myfoodci ty.com

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SALSITAS MEXICAN FOODSalsitas Mexican Food is a Mexican fast food restaurant that serves affordable, even late-night, comfort food. They have multiple locations open around the Valley. The taqueria specializes in traditional fare, agua frescas, and drinks with retro-style façade.

JACKSON HEWITT TAX SERVICE Jackson Hewitt Tax Service Inc. is the second-largest tax-preparation service in the United States. The company was founded in 1982 and supports more than 5,763 franchise locations throughout the U.S. It is responsible for preparing over 2 million federal, state, and local income-tax returns each year. They operate more than 6,000 franchised and company-owned locations throughout the United States. Jackson Hewitt provides its customers with tax-return preparation services and electronic filing.

16

CRICKET WIRELESSCricket Wireless is a prepaid wireless service provider in the United States. The company was founded in 1999 in Chattanooga, Tennessee and was acquired by AT&T in March of 2014. Their service offers mobile voice, text, and data using parent AT&T’s nationwide network.

ACCESS AUTO INSURANCEAccess Auto Insurance is a BBB accredited automobile insurance company that was founded in 1975. They strive to keep families protected with a long history of serving local communities. There are 85 retail locations in five different states. Access Auto Insurance offers specialty customers a number of important product advantages, including low down payments, customer-friendly payment plans, online payment acceptance, 24/7 claims, flexible reinstatements and friendly, helpful bilingual customer support.

Salsitas

www.access - insurance.com

www.jacksonhewit t .com

www.cricketwireless.com

www.sals i tas -mexican.com

SELECT TENANT PROFILES

WAVEMAX LAUNDRYSince 2012, WaveMAX Coin Laundry has focused its business model on developing the prototypical market and store that can scale and sustain a national chain of coin only laundromats. WaveMAX Laundry has been dedicated to providing their customers with professional and high-quality service, the newest and most efficient equipment, and friendly treatment. WaveMAX currently has eight locations throughout the United States and is based in Jascksonville, Florida. www.wavemaxlaundry.com

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VERIZON WIRELESSVerizon Wireless is a global communications technology company delivering the promise of the digital world to millions of customers every day. Verizon Wireless is the second largest wireless communications provider in the United States. The company was founded in 2000 and is headquartered in New Jersey.

17

SUSHI SONORASushi Sonora emerges as a triumph of Mexican culture and creativity. Sushi is a traditional Japanese food that when arriving in Mexico, specifically to the state of Sonora, it is enriched with the flavors, textures and Mexican flavors. Opening its first restaurant in 2012, Sushi Sonora now has three valley locations. www.sushisonora.com

www.verizonwireless.com

Mid K Beauty Supply

N & H Investment LLC

MID K BEAUTY SUPPLYMid K Beauty is a beauty supply store in Phoenix that carries cosmetic, personal care, and supplies.

www.facebook.com/pages/Mid-K-Beauty -Supply/138004902939740

CENTURY SPA NAILSCentury Spa Nails is a full-service nail salon in Phoenix. Services offered include manicures, pedicures, and mani-pedis.

www.facebook.com/centur yspanai ls

N & H INVESTMENT LLCN & H Investment LLC offers financial services.

www.facebook.com/pages/N-H- Investment -LLC/457002917804804

SELECT TENANT PROFILES

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SITE PLAN

103-02-003

THOMAS ROAD +/-46,012 VPD

67TH AVEN

UE +/-30,694 VPD

NAP

SIGN

SIG

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SIG

N

NAP

Salsi

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NAP

1,600 SF

ACCOUNTING

NAIL SALON

1,800 SF

DENTAL CLINIC

Mid KBEAUTY SALON

HA

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ALO

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CITY

OF

PHO

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REA

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TATE

WAT

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TORE

SUSH

I SO

NO

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ACC

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AU

TOIN

SURA

NCE

1,40

0 SF

1,49

6 SF

STEV

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SH

OES

CHIR

OPR

ACT

OR

GO

OD

CH

INA

VIVIR S

SALON &BARBER

TUXEDOS

RASPAS

ALDO’SHOT WINGS

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2018 SUMMARY (SOURCE: ESRI) ONE MILE THREE MILE FIVE MILE

DAYTIME POPULATION 35,832 241,079 545,024

POPULATION 32,886 203,009 417,004

AVG HOUSEHOLD SIZE 4.04 3.80 3.65

AVG HOUSEHOLD INCOME $46,746 $47,145 $50,598

MEDIAN AGE 25.7 26.7 27.4

DAYTIME POPULATION

AVERAGE HHINCOME

MEDIANAGE

545,024

$50,598

27.4*Based on

5 Mile Radius

DEMOGRAPHIC HIGHLIGHTS

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ARI SPIRO O: 480.634.8596 M: [email protected]

PRESENTED BY:

SEAN STUTZMAN O: 480.634.8194 M: [email protected]

www.orionprop.com

WEST

HIGHLANDS

6544 WEST THOMAS ROADNEC 67TH AVE & THOMAS RD

SHOPPING CENTER