sears outlet center - loopnet...sears outlet center 4854 west lone mountain road las vegas, nv 89130...

Colliers International3960 Howard Hughes Parkway, Suite 150

Las Vegas, NV 89169www.colliers.com/lasvegas

SEARS OUTLET CENTER4854 West Lone Mountain Road Las Vegas, NV 89130

DANIEL GLUHAICH+1 408 201 0120 [email protected]

LONE MOUNTAIN ROADDECATUR BOULEVARD

COLLIERS INTERNATIONAL P. 24854 WEST LONE MOUNTAIN ROAD | INVESTMENT OFFERING

Confidentiality Agreement

This Confidential Offering Memorandum (the “Memorandum”) is being delivered exclusively by Colliers Internnational (the “Agent”) to a party who may be interested in the acquisition of the Fee Simple interest in 4854 West Lone Mountain Road (the “Property”), described in this Memorandum. This is a private offering, made only by delivery of a copy of the Memorandum to the recipient (the “Recipient”). By accepting this Memorandum, the Recipient agrees to comply strictly with the terms and conditions of the Confidentiality Agreement previously executed and delivered to the Agent by the Recipient with respect to this Memorandum and all information contained herein, and to use this Memorandum only for the purpose of evaluating the offering made hereby.

The material contained in this Memorandum is provided solely to assist the Recipient in determining whether it is interested in making an investigation or evaluation concerning a potential purchase of the Property. Neither the Agent nor any affiliates or client of the Agent which term includes related entities, the owners of any equity interest in the Property, (“Owner”), the manager of the Property (“Manager”), and any officers, employees and agents of any such parties make any representations or warranties with regard to the accuracy or completeness of the information contained herein. This Memorandum may include statements and estimates provided by the Agent, the Owner, or the Manager with respect to the anticipated future performance of the Property. Nothing contained in this Memorandum should be construed as a representation as to the future performance of the Property, and the Recipient acknowledges and agrees that any statements or estimates relating to future performance reflect various assumptions concerning the Property’s anticipated results, which may or may not prove to be correct. No representations are made as to the accuracy of such statements and estimates, and none of the Agent, the Owner, the Manager, or any related entities shall have any liability with respect to or arising from any inaccuracy in such statements or estimates. Statements made in this Memorandum as to the content of any contract or other document referred to, are not complete or definitive descriptions, but summaries or portions thereof. Each such statement is qualified by its reference to the full text of the contract or document, copies of which will be made available by the Agent to Recipient upon request. In addition, not all contracts or other documents, which may be relevant, have been summarized or referenced in this Memorandum. This Memorandum is being delivered by the Agent to a prospective purchaser with the understanding that it will independently investigate those matters which it deems appropriate in evaluating the Property and will rely solely on its own investigation in determining whether to purchase the Property.

This Memorandum does not constitute an offer to sell, or a solicitation of an offer to buy, an interest in the Property in any jurisdiction in which, or to any person for which, such offer, sale, or solicitation would be unlawful. Except where otherwise indicated, the information contained in this Memorandum has been prepared as and no obligation is assumed to supplement or modify the information to reflect subsequent events or conditions. Nothing contained in this Memorandum may be construed to constitute legal or tax advice to a Recipient concerning the Property or purchase of the Property.

More detailed information regarding the expected terms, conditions, and timing of the offering of the Property will be provided in due course by separate communication with each Recipient. The Agent, the Owner and the Manager reserve the right to engage in discussions or negotiations with one or more recipients or other prospective investors at any time without notification to, or other obligation to, any other Recipient or prospective investor. The offering made hereby is subject to a change in terms or termination without notice. The Owner and the Manager will remain free to operate the Property in their sole and absolute discretion during the evaluation and offering process, including the taking of such actions, whether within or outside of the ordinary course of business, which the Owner or the Manager shall deem necessary, prudent or desirable.

The Agent reserves the right to require the return of this Memorandum and any other material provided to the Recipient at any time.

Acceptance of this Memorandum by the Recipient constitutes acceptance of the terms and conditions outlined above.

© 2016 Colliers International


EXECUTIVE SUMMARY

EXECUTIVE SUMMARYTHE OFFERINGNN Leased property is 100% leased on a NN basis to Sears Outlet Stores LLC. Rent Schedule - 6 years remaining on lease plus options with a rental increase. Recently Renovated in 2013 with landlord and tenant contributing nearly $1,000,000 to tenant improvements. Low Management stable asset with landlord responsible for roof, HVAC and structure.

Great opportunity for an investor to acquire a single - tenant retail asset leased on a NN basis to Sears Outlet Store. Located at the NWC of Decatur Boulevard and Lone Mountain Road. Draws from traffic count in excess of 28,700 within the immediate area. This is one of two Sears Outlet Stores in the Las Vegas area, the second location is in Henderson and is a smaller format store. The property is located within a densely populated established neighborhood and within 3 miles of more than 150,00 residents. Average household income is more than $65,000 annually. Population is expected to grow more than 6% over the next five years. The property is located at the signalized intersection of Lone Mountain Road and Decatur Boulevard, 2 miles East of US 95, 5 miles North of Summerlin Parkway, 6 miles East of I-215, 6 miles West of I-15 and 10 miles Northwest of McCarran International Airport.

Investment Summary4854 West Lone Mountain Road | Las Vegas, NV 89130Property Type/Sub-type Retail/Outlet CenterLease Term Five (5) years, two (2) 5-year optionsPurchase Price $5,980,000Price/SF $95.50/SFCAP Rate 6.5%Year 1 NOI $388,700Terms Cash or cash to new loanTotal Size ±62,620 SF (Lease based on ±57,000 SF)Occupancy 100%Acreage ±5.26 acres (±229,125 SF)APN 125-36-818-001Zoning C-1 (Limited Commercial), City of Las VegasYear Built 1993, Renovated in 2013Landlord Responsibilities Landlord responsible for roof, structure and HVAC


PROPERTY DESCRIPTION

MARKET HIGHLIGHTS• 1st Level SF: ±56,371

• 2nd Level SF: ±5,888

• Steel frame construction and stucco exterior.

• Built-up roof system.

• Fully sprinklered.

• HVAC - The building is serviced by a chiller/boiler system with individual roof top package units which control the second floor.

• Access to the property is offered via three (3) curb cuts along Decatur Boulevard and three (3) curb cuts along Lone Mountain Road.

• 336 parking stalls of which 7 are handicapped stalls providing for a parking ratio of 6/1,000 square feet.

• The tenant has the rights to a sign panel on the pylon sign located along Decatur Boulevard and the sign located on Lone Mountain Road. Tenant signage is also available on building façade.


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EXECUTIVE SUMMARY //

PARCEL MAP


FINANCIALS

RENT ROLL

Tenant Lease End Annual Rent Monthly Rent PSF

Sears Outlet Center 7/31/2022 $342,000.00 $28,500.00 $6.00

ANNUALIZED OPERATING DATA

Rent Increases Annual Rent Monthly Rent PSF Monthly Rent (PSF)

1st 5-Year Extension $376,200.00 $31,350.00 $6.60 -

2nd 5-YearExtension $413,820.00 $34,485.00 $7.26 -

Tenant

Watermill

ANNUALIZED OPERATING DATA

Rent Increases Annual Rent Monthly Rent PSF Monthly Rent (PSF)

July 10, 2011 - July 9, 2016 $7,200.00 $600.00 $2.67 -

July 10, 2016 - July 9, 2021 $7,800.00 $650.00 $2.89 -

FINANCIAL OVERVIEW


DEMOGRAPHICS

1 MILE RADIUS 3 MILE RADIUS 5 MILE RADIUS

POPULATION

2021 Projection 16,190 168,014 432,839

2016 Estimate 15,572 156,657 405,091

2000 Census 14,967 143,041 372,455

2000 Census 12,413 93,285 248,847

Growth 2016 - 2021 4.0% 7.2% 6.8%

Growth 2010 - 2016 4.0% 9.5% 8.8%

Growth 2000 - 2010 20.6% 53.3% 49.7%


EST. HISPANIC RACE BASE

White Alone 47.1% 46.1% 43.9%

Black or African American Alone 2.0% 2.2% 2.0%

American Indian and Alaska Native Alone 1.4% 1.2% 1.0%

Asian Alone 0.9% 0.7% 0.7%

Native Hawaiian and Other Pacific Islander Alone 0.2% 0.2% 0.2%

Some Other Race Alone 41.1% 41.8% 45.2%

Two or More Races 7.3% 7.8% 7.0%


EST. HOUSEHOLDS BY INCOME

Income < $15,000 8.6% 8.9% 9.7%

Income $15,000 - $24,999 8.7% 8.2% 9.5%

Income $25,000 - $34,999 8.6% 10.9% 10.8%

Income $35,000 - $49,999 15.7% 15.6% 15.7%

Income $50,000 - $74,999 23.2% 21.8% 21.1%

Income $75,000 - $99,999 12.5% 14.6% 13.7%

Income $100,000 - $124,999 10.2% 8.7% 8.1%

Income $125,000 - $149,999 4.4% 4.1% 4.2%

Income $150,000 - $199,999 6.1% 4.9% 4.5%

Income $200,000 - $249,999 1.2% 1.2% 1.2%

2016 Est. Average Household Income $70,990 $69,228 $68,7622016 Est. Median Household Income $59,129 $57,381 $55,168


EST. POPULATION BY RACE/ETHNICITY

White Alone 70.2% 57.5% 54.8%

Black or African American Alone 10.3% 16.5% 17.2%

Amer. Indian and Alaska Native Alone 0.7% 0.8% 0.7%

Asian Alone 3.9% 6.6% 6.6%

Native Hawaiian and Other Pac. Isl. Alone 0.8% 0.7% 0.8%

Some Other Race Alone 8.7% 11.6% 13.9%

Two or More Races 5.4% 6.2% 5.9%

Not Hispanic or Latino 79.1% 72.7% 69.5%

Hispanic or Latino 20.9% 27.3% 30.5%


HOUSEHOLDS

2021 Projection 6,232 57,918 146,687

2016 Estimate 5,953 54,100 137,651

2010 Census 5,664 49,762 127,969

2000 Census 4,740 32,863 87,515

Growth 2010 - 2016 5.1% 8.7% 7.6%


EST. POPULATION BY SEX

MALE 49.1% 49.1% 49.2%

FEMALE 50.9% 50.9% 50.8%

AREA DEMOGRAPHICS


DEMOGRAPHICS


EST. POPULATION BY AGE

Age 0 - 4 4.6% 6.3% 6.8%

Age 5 - 9 4.9% 6.6% 7.0%

Age 10 - 14 5.8% 7.2% 7.4%

Age 15 - 17 4.0% 4.4% 4.5%

Age 18 - 20 3.7% 4.1% 4.1%

Age 21 - 24 5.2% 5.6% 5.7%

Age 25 - 34 9.9% 12.5% 13.0%

Age 35 - 44 11.4% 13.9% 13.9%

Age 45 - 54 14.6% 14.2% 13.7%

Age 55 - 64 14.4% 11.9% 11.4%

Age 65 - 74 12.9% 8.3% 7.7%Age 75 - 84 6.7% 3.9% 3.6%

Age 85 and over 1.9% 1.3% 1.1%

2016 Est. Median Age 45.3 37.4 36.0


EST. POP. 25+ BY EDUCATION

Less than 9th grade 3.7% 4.8% 5.8%

Some High School, no diploma 6.5% 7.9% 8.8%

High School Graduate (or GED) 31.4% 31.5% 31.5%

Some College, no degree 29.2% 28.3% 26.5%

Associate Degree 10.6% 9.0% 8.8%

Bachelor's Degree 11.5% 12.2% 12.3%

Master's Degree 5.6% 4.8% 4.7%

Professional School Degree 0.8% 1.0% 1.1%

Doctorate Degree 0.8% 0.5% 0.5%


EST. MARITAL STATUS PERSONS 15+

Males, Never Married 14.1% 16.5% 16.9%

Females, Never Married 12.9% 14.3% 15.1%

Married 52.2% 49.6% 49.2%

Divorced 14.0% 14.2% 13.7%

Widowed 6.8% 5.4% 5.0%


EST. HOUSEHOLDS BY TYPE

Married-Couple Family, own children 25.0% 31.5% 32.0%

Married-Couple Family, no own children 50.9% 39.2% 36.7%

Male Householder, own children 3.6% 4.7% 5.1%

Male Householder, no own children 4.6% 4.7% 4.8%

Female Householder, own children 7.3% 11.1% 12.0%

Female Householder, no own children 8.7% 8.8% 9.3%


EST. POPULATION BY HOUSEHOLD TYPE

Family Households 73.0% 72.5% 72.2%

Nonfamily Households 27.0% 27.5% 27.8%


EST. HOUSEHOLDS BY POVERTY STATUS

2016 Families at or Above Poverty 91.7% 90.9% 89.0%

2016 Families Below Poverty 8.3% 9.1% 11.0%

AREA DEMOGRAPHICS


DEMOGRAPHICS


EST. OWNER OCC PROPERTY VALUES

Value Less than $20,000 2.3% 1.5% 1.7%

Value $20,000 - $39,999 0.2% 0.7% 1.2%

Value $40,000 - $59,999 0.0% 1.1% 2.1%

Value $60,000 - $79,999 1.4% 3.6% 4.5%

Value $80,000 - $99,999 4.7% 7.2% 7.6%

Value $100,000 - $149,999 30.9% 27.5% 24.2%

Value $150,000 - $199,999 27.8% 23.0% 20.9%

Value $200,000 - $299,999 25.4% 22.2% 21.1%

Value $300,000 - $399,999 5.1% 8.2% 9.0%

Value $400,000 - $499,999 1.4% 3.1% 4.6%

Value $500,000 - $749,999 0.7% 1.3% 2.2%Value $750,000 - $999,999 0.2% 0.3% 0.5%

Value $1,000,000 or more 0.0% 0.3% 0.3%

Median Housing Value $169,042 $168,174 $170,777


EST. POP. 16+ BY OCCUPATION

Architect/Engineer 0.9% 0.8% 0.9%

Arts/Entertainment/Sports 1.6% 1.6% 1.7%

Building Grounds Maintenance 4.2% 5.7% 6.8%

Business/Financial Operations 4.2% 3.1% 3.6%

Community/Social Services 1.3% 1.5% 1.4%

Computer/Mathematical 1.7% 1.6% 1.6%

Construction/Extraction 7.0% 5.1% 5.2%

Education/Training/Library 5.8% 4.9% 4.3%

Farming/Fishing/Forestry 0.0% 0.1% 0.3%

Food Prep/Serving 6.4% 9.4% 9.6%

Health Practitioner/Technician 2.9% 4.0% 4.0%

Healthcare Support 2.9% 2.0% 2.2%

Maintenance Repair 3.1% 3.8% 3.6%

Legal 0.8% 0.7% 0.8%

Life/Physical/Social Science 0.2% 0.2% 0.3%

Management 6.7% 7.1% 7.1%

Office/Admin. Support 19.2% 16.4% 14.8%

Production 3.8% 2.8% 3.1%

Protective Services 3.8% 4.5% 4.4%

Sales/Related 9.9% 11.2% 11.5%

Personal Care/Service 5.9% 5.8% 5.7%

Transportation/Moving 7.6% 7.7% 7.0%


EST. WORKERS TRANS. TO WORK

Drove Alone 86.3% 83.5% 82.0%

Car Pooled 7.8% 9.8% 9.9%

Public Transportation 1.6% 2.0% 2.7%

Walked 0.2% 0.9% 1.1%

Bicycle 0.0% 0.1% 0.2%

Other Means 1.9% 1.7% 1.6%

Worked at Home 2.3% 2.1% 2.4%


EST. HH BY NUMBER OF VEHICLES

No Vehicles 2.0% 3.8% 5.2%

1 Vehicle 30.0% 33.3% 35.0%

2 Vehicles 48.2% 41.8% 39.6%

3 Vehicles 14.7% 14.5% 14.0%

4 Vehicles 4.3% 5.2% 4.7%

5 or more Vehicles 0.8% 1.3% 1.4%

AREA DEMOGRAPHICS

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