four corners shopping center - loopnet · four corners shopping center is located at the highly...

Offered by

Bob PechalVice President 916.751.3634 | [email protected] LIC # 00396723

kiddermathews.com

Four Corners Shopping Center 2901 Churn Creek Road - 2890 Rockabye Lane

OFFERING MEMORANDUM

Redding, CA 96002

KIDDER MATHEWS | OFFERING MEMORANDUM

FOUR CORNERS SHOPPING CENTER

Disclaimer

Table of Contents1. Executive Summary

• Property Overview

2. Property Description

• Tenants in the Center

• Tenant Profiles

• Amenities Aerial

• Location Map

• Demographics

• City Profile

3. Financial Analysis

• Rent Roll

• Income AnalysisThe 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 Kidder Mathews and should not be made available to any other person or entity without the written consent of Kidder Mathews.

This Offering Memorandum has been prepared to provide summary, unverified 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. Kidder Mathews 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, PCB’s or asbestos, the compliance with 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, Kidder Mathews has not verified, and will not verify, any of the information contained herein, nor has Kidder Mathews 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.

This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies.



PRICE SUMMARY

Property Price: $3,650,000

Cap Rate: 7.18%

Leasable SF: 25,862

Land Area SF: 3.68 acres

Price / Bldg SF: $141.13

Year Built 1977

Parcel067-390-017067-390-004

OFFERING HIGHLIGHTS

High Traffic Intersection

Below Replacement Cost

Stable Occupancy

Property Overview

PROPERTY SUMMARYFour Corners Shopping Center consists of the multi-tenant shop buildings that are shadow anchored by Aaron Rents and Dollar Tree. The two buildings are 100% occupied by nine tenants in the existing ten suites. In addition to the traditional laundromat, donut shop, and nail salon, other internet-resistant tenants include a Budget Rent a Car office, American Cancer Society Discovery Shop, and an American Directions Research Group call center. A few of the tenants have been here over ten years.

In addition to the shop buildings, the offering includes a partially improved 40,946 SF contiguous parcel.

LOCATIONFour Corners Shopping Center is located at the highly trafficked intersection of Churn Creek Road and Hartnell Avenue and is exposed to over 35,000 cars per day. Churn Creek Road is a major north/south corridor and is the location for several commercial developments. According to a 2017 census estimate, the population in a 5 mile ring is close to 96,000 people.

There is a possibility that adding more parking on the unimproved portion could allow for the development of a pad in the existing parking field.

Chu

rn C

reek

Ro

ad

Hartnell Ave



Parcel Map

Arc

ade

Way

Chu

rn C

reek

Ro

ad

Hartnell Ave

Parsons Drive



Tenants in the center

Chu

rn C

reek

Ro

ad

Hartnell Ave

the Donut Corner

Liberty Tax

Boba Tea & Coffee

J’s Ice Cream ParlorTammy’s Nails

LaunderLand

(NAP)

(NAP)



Budget Rent-A-Car, the national car rental agency has been a tenant in the center since

2008. Provides full service counter and vehicles on site.

www.budget.com

American Cancer Society Discovery Shops have helped support the fight against cancer

through the sale of high quality, gently used, donated merchandise for over 50 years.

www.cancer.org

American Directions Research Group is a veteran-owned survey research provider,

serving research consultants, corporations and government since 1986.

www.adg-research.com

Tantarnini’s European Bakery-Deli is a family-owned company that brings the European

touch to the food that they serve. Dine in or take out available.

www.tantardinis.com

Priya Indian Cuisine has been serving the Redding market since 2008 with authentic Indian

food prepared by a Master Indian Chef.

www.reddingpriya.com

Tenant Profiles



Amenities Aerial

Chu

rn C

reek

Rd

Hartnell Ave

SITE

Boba Tea & Coffee

Upper Crust Pizza

Owen’s Pharmacy



Location Map

SITE

DOWNTOWN

Sundial Bridge

Mt Shasta Mall



Demographics

RADIUS 1 Mile 3 Miles 5 Miles

Population

Estimated Total Population 2017 12,246 59,191 95,892

Forecast Total Population 2022 12,352 60,294 97,806

Households

Estimated Total Households 2017 4,291 23,375 38,079

Forecast Total Households 2022 4,335 23,783 38,776

Population Growth 2017-2022 0.87% 0.96% 1.02%

Average Age 36.4 38.7 39.9

Income

Median Household Income 2017 $32,506 $43,541 $48,431

Average Household Income 2017 $45,384 $61,999 $67,494

Traffic Counts

Churn Creek Rd at Hartnell Ave 20,226 ADT

Hartnell Ave at Churn Creek Rd 18,203 ADT



City Profile

REDDING OVERVIEW

With its natural beauty, abundance of recreational opportunities, and excellent quality of life, Redding successfully combines the ambiance of a small town with the amenities of a large city. The outdoor lifestyle, affordable housing and remarkably low crime rates attract many people from the larger urban areas, creating both a diversified culture and a growing center of commerce and industry.

LOCATION & QUALITY OF LIFE

Redding is located in Northern California, just south of Shasta Lake, nestled between the Cascades and the Trinity Alps. Its central location on I-5 in Shasta County has made it the nationally recognized marketplace of northern California, serving the adjacent counties of Tehama, Trinity and Siskiyou.

The Redding Metro area is the regional center of Northern California for health and legal services, retail shopping and employment. Its location at the junction of I-5 and highways 299 and 44 make Redding the gateway to the Cascade and Trinity Alps recreation areas. Shasta Dam and Shasta Lake, with 350 miles of shoreline, provide the area’s abundant water supply and inexpensive electrical power. The Sacramento River meanders nine miles through the middle of town, beginning just outside the City below Shasta Dam. This stretch of river is one of the finest trout-fishing waters in the Western United States.

The Redding and Shasta County area has been selected by The Searchers, a nationally renowned data research company, as one of the best places in the country to retire. The quality of life, clean air, low crime rate and affordability of housing are just a few of the 70-plus sets of criteria used in its determination. Also noted are a vast array of recreational opportunities, excellent medical facilities, and social activities that would enhance anyone’s retirement plans.

BUSINESS ENVIRONMENT & ECONOMIC DEVELOPMENT

The outdoor lifestyle and air quality of the metropolitan Redding area have attracted many highly skilled people from larger urban areas, creating a choice labor force. Both Money Magazine and Expansion Management Magazine have recognized the Shasta County metro area for its quality business environment.

Redding’s overall job growth in a five year period was more than double the national average (19.9 percent compared with 8.7 percent). The increase in the number of businesses in the city is almost triple the national average (38.8 percent compared with 13 percent) for the same period.

Favorable zoning laws and the availability of low-cost electricity in Redding give many industries a competitive advantage. Redding also offers an extremely successful Down-Payment Assistance Program to aid first-time homebuyers. Affordable commercial and residential real estate, low-cost skilled labor and a low crime rate also contribute to Redding’s rapid growth.

Redding’s outstanding new Civic Center allows city services to be accessed from one location, and its new Permit Center provides one-stop customer service to the community. The city has also embarked on an aggressive industrial recruitment program to bring in manufacturing jobs that help make a community strong.



Financial Analysis

RENT ROLL

Suite # Tenant Start Date SF Rent/Month

2907 Tammy's Nails 12/31/2009 1,000 $1,181.78

2913 The Donut Corner 1/1/2006 1,169 $1,621.17

2919 J's Ice Cream 1/1/2011 1,058 $788.31

2925 Launderland 4/5/2011 1,650 (Jan-May) $2,031.62(Jun-Dec) $2,092.57

2931 Tantardini’s European Deli 1/1/2015 1,985 $1,600.00

2937 Priya Indian Cuisine 9/1/2007 3,000 $3,000.00

2945 Budget Rent a Car 3/1/2008 1,000 (Jan-Feb) $2,200.00(Mar-Dec) $2,300.00

2951 American Directions 11/1/2014 6,000 $6,610.25

2955 Discovery Shop 6/1/2016 3,000 (Jan-May) $1,845.97(Jun-Dec) $1,901.35

2961 Discovery Shop 11/1/2010 6,000 (Jan-May) $3,689.63(Jun-Dec) $3,800.02

Totals 25,862 $23,713.70

YEAR 1 INCOME $/YEAR

Gross Rental Income $297,406

Expense Reimbursement $69,444

Total Income $366,850

Vacancy Factor @ 5% ($18,343)

Effective Gross Income $348,507

OPERATING EXPENSES

Taxes $38,310 (2017)

Property Insurance $7,623 (2017)

CAM $42,284 (2yr avg.)

Total Expenses $88,217

Net Operating Income (NOI) $260,290

*For detailed financial information, buyer and buyers agent must execute a confidentiality agreement.



Bob PechalVice President [email protected] LIC # 00396723

Kidder Mathews2237 Douglas Boulevard, Suite 100 Roseville, CA 95661

kiddermathews.com

Contact

four corners shopping center - loopnet · four corners shopping center is located at the highly...

Documents