Carmel, CA Single Tenant NNN Leased Investment
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Carmel, CA Single Tenant NNN Leased Investment
26380 Carmel Rancho Lane | Carmel, CA 93923
TABLE OF CONTENTS Executive Summary 3 Lease Summary 4 Parking Lot | Site Plan 5 Tenant Overview 6 Property Photos 7-9 Area Map 10 Area Overview 11 Mahoney & Associates 12 Disclaimer 13 EXCLUSIVELY LISTED BY: JOHN MAHONEY Founding Broker | DRE #00909373 jmahoney@mahoneycommercial.com 831.601.1430 MAHONEY & ASSOCIATES 501 Abrego St | Monterey, CA www.mahoneycommercial.com 831.646.1919
EXECUTIVE SUMMARY
LEASE SUMMARY
Tenant Union Bank
Original Lease
1990
Commencement
26380 CARMEL RANCHO LN.
CARMEL, CA Lease Term +/- 5 years
CLICK ON THE
FOLLOWING LINKS: Current Lease Exp. Date October 31, 2025
Google Map Street View
Lease Type NNN
*$2,724,000 Rent Escalations Annual CPI 5% Max
CAP RATE: 4%
Landlord Obligations None
ANNUAL CPI 5% MAX
Annual Rent $108,960 commenced November 1, 2020
*TERMS OF SALE - This sale shall be all cash to seller, and offers without
a loan contingency will be favored. The owner has established a Bid
Date of Wednesday January 27, 2021 at 12:00 PM, PST, at which time APN 015-012-040
all offers will be reviewed. Please submit all offers. The owner reserves
the right to reject all offers.
Ownership Fee Simple
Parking See separate page
RENTABLE BLDG AREA LOT SIZE
Year Built +/- 1974
± 3,575 SF ± 3,700 SF
Drive-Thru No
Though this Bank Branch appears to be “ In Line “ it should be noted
DEPOSITS NOI that it does not have a common wall with the next structure.
$104 MILLION $108,960
UNION BANK | 3
LEASE SUMMARY
TENANT Union Bank
Lessee pays all real estate taxes and general and special
assessments levied and assessed against the premises and
TAXES falling due during the term of this lease, including, but
not by way of limitation, any increases in such taxes or
RENT COMMENCEMENT November 1990 assessments caused by any transfer operation of law.
Lessee shall, at Lessee’s expense, obtain and keep in force
LEASE EXPIRATION October 31, 2025 during the term of this lease a policy of comprehensive
public liability insurance issued by and insurer against
any liability arising out of the ownership, use, occupancy
or maintenance of the premises and all areas appurtenant
thereto. Such injury to or death of one person in any such
LEASE TERM REMAINING ± 5 Years accident or occurrence. Such insurance shall further insure
Lessor and Lessee against liability for property damage of
at least $1,000,000.
INSURANCE
Lessee shall, at Lessee’s expense, obtain and keep in
force during the term of this lease a policy of fire and
LEASE TYPE NNN
comprehensive extended risk insurance including, without
limitation, coverage for earthquake and other earth
movement, glass breakage and flood and water damage,
covering the full insurable value of all improvements on the
premises, and issued by an insurer reasonably approved by
RENT INCREASES Annual CPI 5% Max Lessor.
Lessee at Lessee’s expense, shall keep the premises and all
portions thereof, including without limitation, all plumbing,
heating, air conditioning, ventilation, electrical and lighting
facilities and equipment within the premises, fixtures,
REMAINING RENEWAL OPTIONS 2-5 Year Options Remaining
REPAIRS & interior and exterior walls, ceilings, windows, doors, plate
glass and skylights, sidewalks, parking areas, roadways,
MAINTENANCE landscaping, signs, roof and all internal and external portions
of the premises in good order, condition and repair. Some
of these items are paid directly by the tenant where others
OPTION RENT INCREASES Fair Market Value - then CPI are paid by the Merchants Association and reimbursed by
the tenant.
UNION BANK | 4
PARKING LOT | SITE PLAN
In addition to the excellent curbside street parking, this property shares spaces in a commonly owned parking lot. The Union Bank property is lot
number 3 and has 9 designated spaces in the common parking lot. The subject property’s 9 designated spaces are numbers 122-125 and 245-249.
The expenses of maintaining this parking lot are shared by multiple property owners and their respective percentage of obligation is based on the
square footage of improved space on each parcel. This property is classified as having 3,510 square feet of improvements which equates to 1.22% of
the total. The 2021 dues for this property, which are reimbursed by the Tenant are $2,180.52
SUBJECT PROPERTY
UNION BANK | 5
TENANT OVERVIEW
GLOBAL REACH
50 + 300
markets companies globally
Union Bank is owned by MUFG in the Americas which is the world’s
5th largest financial group by assets with approximately $2.8 trillion.
MUFG’s U.S. operations has total assets of $337.4 billion. As part of
that total, MUFG Americas Holdings Corporation (MUAH), has total
assets of $168.1 billion. 2,700+ 180,000
locations globally professionals around the world
MUFG is one of the world’s leading financial groups with approximately
360 years of history, a global network of 2,700 offices in over 50
markets and 180,000 employees.
Union Bank of California offers numerous customer services, including
ATM/Debit Cards, home mortgages, supermarket branches, real
estate financing, asset-based finance and leasing, import/export HISTORY
financing, electronic letters of credit, trust and money management,
and many more.
1967 was one of the most important years in the history of Union Bank.
It was the first major bank in the United States to form and establish
a one-bank holding company which was a new concept in banking
360+ years
across Japan and the globe
150+ years
in the United States
that completely transformed the banking industry. The holding
company, Union Bancorp (subsequently changed to Unionamerica,
Inc. in 1969) was formed to assume the ownership of Union Bank and
to create new opportunities for expanding into diversified areas of
financial services. The day after the formation of the bank holding
company, Union Bank acquired one of the largest mortgage firms in
the United States, Western Mortgage Corporation.
60+ years 100+ years
in Canada in Latin America
In 1995 Union Bank merged with Bank of California in order to form
the largest foreign owned bank in the US.
UNION BANK | 6
UNION BANK | 7
UNION BANK | 8
AREA MAP
CARMEL-BY-THE-SEA
1 CA
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SUBJECT PROPERTY
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CARME
UNION BANK | 9AREA OVERVIEW
CARMEL, CA
Carmel is a city in Monterey County, California, United States, founded in 1902 and incorporated on October 31, 1916. Situated on the Monterey Peninsula,
Carmel is known for its natural scenery and rich artistic history. In 1906, the San Francisco Call devoted a full page to the “artists, writers and poets at
Carmel-by-the-Sea”, and in 1910 it reported that 60 percent of Carmel’s houses were built by citizens who were “devoting their lives to work connected
to the aesthetic arts.” Early City Councils were dominated by artists, and several of the city’s mayors have been poets or actors, including Herbert
Heron, founder of the Forest Theater, bohemian writer and actor Perry Newberry, and actor-director Clint Eastwood.
The town is known for being dog-friendly, with numerous hotels, restaurants and retail establishments admitting guests with dogs. Carmel is also
known for several unusual laws, including a prohibition on wearing high-heel shoes without a permit, enacted to prevent lawsuits arising from tripping
accidents caused by irregular pavement.
Carmel-by-the-Sea is located on the Pacific coast, about 330 miles (531 km) north of Los Angeles and 120 miles (193 km) south of San Francisco.
Communities near Carmel-by-the-Sea include Carmel Valley and Carmel Highlands. The larger town of Monterey borders Carmel to the north.
Source: https://en.wikipedia.org/wiki/Carmel-by-the-Sea,_California
UNION BANK | 10MAHONEY & ASSOCIATES SOLD PROPERTY HIGHLIGHTS
UNEQUALED COMMITMENT TO OUR CLIENTS’ NEEDS AND SATISFACTION…
MAHONEY & ASSOCIATES WORKS TIRELESSLY ON MAXIMIZING REAL ESTATE 40+ Years of Commercial Real Estate Represented
VALUES.
With our Collaborative Team of Real Estate Professionals and Consultants, Mahoney
& Associates works to maximize your property’s potential, whether for selling, leasing
$3 BILLION
or trading. In everything we do, there is just one driving principle: client satisfaction.
For over 40 years, Mahoney & Associates has been known as a local and regional
trusted industry leader, founded by John Mahoney. Our clients span every industry, IN TRANSACTION VOLUME
so we serve them with broad, creative and diverse expertise and a market knowledge
that touches every facet of commercial real estate, from raw land development to
sophisticated 1031 Single-and Multi-Tenant Net Leased exchanges in other states. In
every transaction we enter, beyond the beams and masonry or ROI, one mission
alone drives us all and that is representing your interests as if they were our own.
1,000+
ASSETS SOLD
It will be our pleasure and duty to sit with you and listen…so we can understand your
6,000,000
motivation, background, needs, challenges and goals in discussing potential solutions
for your properties. We have learned that one solution does not fit all situations
and look forward to working with you to develop a strategy that encompasses all
stakeholders’ interests. Nothing is more satisfying than driving by a property with
which we have partnered with owners, knowing there is now a new business, a SQUARE FEET LEASED
greater stream of income, a legacy honoring a family member, a community treasure
restored…the list is endless in how we work with our valued clients to enrich their lives
and the community in which their property sits.
1,750+
LEASE TRANSACTIONS
UNION BANK | 11DISCLAIMER
Mahoney & Associates (M&A) hereby advises all prospective purchasers of property as follows: All materials EXCLUSIVELY LISTED BY:
and information received or derived from M&A and its directors, officers, agents, advisors, affiliates and/
or any third party sources are provided without representation or warranty as to completeness, veracity,
or accuracy, condition of the property, compliance or lack of compliance with applicable governmental
requirements, developability or suitability, financial performance of the property, projected financial JOHN MAHONEY
performance of the property for any party’s intended use or any and all other matters. Neither M&A Founding Broker | DRE #00909373
jmahoney@mahoneycommercial.com
and its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or
831.601.1430
implied, as to accuracy or completeness of the any materials or information provided, derived, or received.
Materials and information from any source, whether written or verbal, that may be furnished for review are
not a substitute for a party’s active conduct of its own due diligence to determine these and other matters
of significance to such party. M&A will not investigate or verify any such matters or conduct due diligence MAHONEY & ASSOCIATES
for a party unless otherwise agreed in writing. EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT 501 Abrego St | Monterey, CA
INVESTIGATION AND DUE DILIGENCE. Any party contemplating or under contract or in escrow for a www.mahoneycommercial.com
transaction is urged to verify all information and to conduct their own inspections and investigations 831.646.1919
including through appropriate third party independent professionals selected by such party. All financial
data should be verified by the party including by obtaining and reading applicable documents and reports
and consulting appropriate independent professionals. M&A makes no warranties and/or representations
regarding the veracity, completeness, or relevance of any financial data or assumptions. M&A does not
serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions
regarding financial performance, including that used for financial modeling purposes, may differ from
actual data or performance. Any estimates of market rents and/ or projected rents that may be provided
to a party do not necessarily mean that rents can be established at or increased to that level. Parties must
evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy
factors and other issues in order to determine rents from or for the property. Legal questions should be
discussed by the party with an attorney. Tax questions should be discussed by the party with a certified
public accountant or tax attorney. Title questions should be discussed by the party with a title officer
or attorney. Questions regarding the condition of the property and whether the property complies with
applicable governmental requirements should be discussed by the party with appropriate engineers,
architects, contractors, other consultants and governmental agencies. All properties and services are
marketed by M&A and in compliance with all applicable fair housing and equal opportunity laws.
UNION BANK | 12You can also read
