La Verne Courtyard - OFFERING MEMORANDUM
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La Verne Courtyard
— LOS ANGELES COUNTY GROCERY ANCHORED SHOPPING CENTER —
OFFERING MEMORANDUM
LA VERNE, CALIFORNIA
La Verne Courtyard
OFFERING MEMORANDUM
LA VERNE, CALIFORNIA
TABLE OF CONTENTS:
Offering Summary 5
EXCLUSIVELY LISTED BY:
Investment Highlights 6
Rent Roll 9 Bill Asher
Executive Vice President
Income & Expense 10 basher@hanleyinvestment.com
10-Year Cash Flow Analysis 11 949.585.7684 | BRE #01318078
10-Year Cash Flow Assumptions 12
Lease Expiration Analysis 13 Kevin Fryman
Site Plan 16 Senior Vice President
kfryman@hanleyinvestment.com
Parcel Map 17 949.585.7674 | BRE #01321833
Aerial Overviews 19
Local Map 23 Ed Hanley
Regional Map 24 President
Tenant Profiles 27 ehanley@hanleyinvestment.com
949.585.7677 | BRE #01118569
Area Overview 31
Demographics 33
CONFIDENTIALITY DISCLAIMER
L A V E RN E C O U R T YA R D
The information contained herein does not purport to provide a complete or fully accurate summary of the Property or any of the documents
related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective buyers may need or desire. All financial
projections are based on assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and Broker
and, therefore, are subject to material variation. This Marketing Package does not constitute an indication that there has been no change in the
business or affairs of the Property or the Owner since the date of preparation of the information herein. Additional information and an opportunity
to inspect the Property will be made available to interested and qualified prospective buyers.
Neither Owner nor Broker nor any of their respective officers, Agents or principals has made or will make any representations or warranties, express
or implied, as to the accuracy or completeness of this Marketing Package or any of its contents, and no legal commitment or obligation shall arise
by reason of the Marketing Package or its contents. Analysis and verification of the information contained in the Marketing Package is solely the
responsibility of the prospective buyer, with the Property to be sold on an as is, where-is basis without any representations as to the physical, financial
or environmental condition of the Property.
Owner and Broker expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/
or terminate discussions with any entity at any time with or without notice. Owner has no legal commitment or obligations to any entity reviewing
this Marketing Package or making an offer to purchase the Property unless and until such sale of the Property is approved by Owner in its sole
discretion, a written agreement for purchase of the Property has been fully delivered, and approved by Owner, its legal counsel and any conditions
to the Owner’s obligations thereunder have been satisfied or waived.
This Marketing Package and its contents, except such information which is a matter of public record or is provided in sources available to the public
(such contents as so limited herein called the “Contents”), are of a confidential nature. By accepting this Marketing Package, you unconditionally
agree that you will hold and treat the Marketing Package and the Contents in the strictest confidence, that you will not photocopy or duplicate the
Marketing Package or any part thereof, that you will not disclose the Marketing Package or any of the Contents to any other entity (except in the case
of a principal, who shall be permitted to disclose to your employees, contractors, investors and outside advisors retained by you, or to third-party
institutional lenders for financing sought by you, if necessary, in your opinion, to assist in your determination of whether or not to make a proposal)
without the prior authorization of the Owner or Broker, and that you will not use the Marketing Package or any of the Contents in any fashion or
manner detrimental to the interest of the Owner or Broker.
The information contained herein has been obtained from sources we deem reliable. We cannot assume responsibility for its accuracy. 3
FOOTHILL B
OULEVARD
OFFERING SUMMARY
L A V E RN E C O U R T YA R D
LOCATION
La Verne Courtyard
2204-2278 Foothill Boulevard
La Verne, CA 91750
OFFERING SUMMARY
Price: $24,800,000
Capitalization Rate: 5.25%
Net Rentable Area (NRA): 84,368
Price per Square Foot (NRA): $294
Year Built: 2000
Lot Size (Acres): 7.30
FINANCING SUMMARY
All Cash or Cash to New Financing
(Contact Hanley Investment Group for Further Details)
The information contained herein has been obtained from sources we deem reliable. We cannot assume responsibility for its accuracy. 5
INVESTMENT HIGHLIGHTS
L A V E RN E C O U R T YA R D
yyALDI Grocery and Orchard Supply Hardware Anchored Shopping Center:
οοALDI and Orchard Supply Hardware represent 85% of the current tenancy
οοALDI is one of the world’s largest grocery chains with more than 10,000 markets worldwide; 1,500 in the United States
οοALDI plans to open 650 new locations in the United States by 2018, largely in Southern California
οοALDI is also the owner of Trader Joe’s and its 460 stores in the United States
οοALDI executed a corporately guaranteed 15-year lease in 2014 with 10% increases every 5-years
οοALDI spent significant money renovating their space, including installing new flooring, lighting, ceiling, partitions, refrigeration, security systems
and renovating the exterior façade
οοALDI is expanding into organic foods and products to better compete with Whole Foods
οοOSH has operated at the center since it was built in 2000
οοOSH extended their lease until October 2020 in 2013
οοOrchard Supply Hardware was acquired by Lowe’s in 2013
The information contained herein has been obtained from sources we deem reliable. We cannot assume responsibility for its accuracy. 6
LOCATION HIGHLIGHTS
L A V E RN E C O U R T YA R D
yy100% Occupied; 98% National/Regional Tenants: Including ALDI, Orchard Supply Hardware, Jersey Mike’s Subs, Pacific Dental, OneMain Financial,
Pizza Hut, Rubio’s, and Nekter Juice Bar.
yyMinimal Lease Rollover: All of the current tenants have either executed new leases or extended their existing leases since 2012. With these recent
long-term commitments, 97% of the tenants’ leases are not scheduled to expire until at least 2020, including ALDI (2030), Orchard Supply Hardware
(2020), Rubio’s (2025), Jersey Mike’s (2022), Pacific Dental (2022), and Nekter Juice Bar (2022).
yyHigh Traffic Signalized Intersection: The subject property is located at the most well-travelled intersection in the city of La Verne with 42,500 cars
per day. Other national tenants located at the intersection include Target, Kohl’s, Marshalls, Staples, Chipotle, El Pollo Loco, Jimmy John’s, McDonald’s,
Panda Express, Panera Bread, Starbucks, Vitamin Shoppe and Wingstop.
yyEasily Accessible from the I-210 Freeway: The subject property is ideally situated less than one half mile from the Fruit Street exit and just one mile
from the Foothill Boulevard exit of the 210 Freeway.
yyInfill Location; Affluent Demographics: The average household income within a 3-mile radius is approximately $95,000 with 290,000 people located
within a 5-mile radius of the subject property.
The information contained herein has been obtained from sources we deem reliable. We cannot assume responsibility for its accuracy. 7
RENT ROLL
L A V E RN E C O U R T YA R D
RECENT LEASE LEASE RENT/ MONTHLY LEASE
TENANT SUITE SF INCREASES OPTIONS
LEASE START EXPIRATION SF RENT TYPE
Rubio's 2204 2,000 2015 05/12/00 05/31/25 $3.26 $6,520.00 6/20 - $7,180 NNN None
One 3-year @
Pizza Hut 2208 1,250 2015 12/04/01 12/03/18 $2.10 $2,620.23 None NNN
$2,777
Nekter Juice Bar 2210 750 2016 TBD 5 Years $3.25 $2,437.50 3% Annually NNN TBD
Two 5-year @
2% Annually
Jersey Mike's Subs 2212 2,000 2012 05/19/12 05/31/22 $1.88 $3,753.89 NNN Fair Market Value with
(June 2018)
2% Annual Increases
Pacific Dental 3% Annually Two 5-year @
2216 4,000 2012 04/06/12 04/30/22 $2.49 $9,969.75 NNN
(La Verne Dental Group) (May 2018) 3% Annual Increases
Two 5-year @
Orchard Supply Hardware 2244 46,747 2013 10/07/00 10/06/20 $0.97 $45,227.76 None NNN $48,620
$52,266
10% Every 5
Four 5-year @
ALDI 2268 24,600 2016 12/16/15 12/31/30 $1.31 $32,287.50 Years NNN
10% Every 5 Years
(January 2021)
3% Annually One 5-year @
Zen Spa 2276 1,516 2014 03/12/14 03/31/19 $1.64 $2,492.90 NNN
(March 2018) 3% Annual Increases
OneMain Financial 3% Annually
2278 1,505 2016 01/01/11 12/31/21 $2.63 $3,952.79 NNN None
(CitiFinancial) (January 2018)
Verizon Cell Tower
Cell NA 2016 TBD 5 Years - $2,100.00 3% Annually - TBD
(In Negotiation)
TOTAL SQUARE FOOTAGE: 84,368
TOTAL AVAILABLE: 0 0% Vacancy
TOTAL OCCUPIED: 84,368 100% Occupancy
The information contained herein has been obtained from sources we deem reliable. We cannot assume responsibility for its accuracy. 9
INCOME & EXPENSE
L A V E RN E C O U R T YA R D
ANNUALIZED OPERATING DATA
June 2017
Scheduled Gross Income (SGI): $1,337,464
Expense Reimbursement: $457,595
Total Operating Income: $1,795,059
Total Operating Expenses: ($494,294)
Net Operating Income (NOI): $1,300,765
OPERATING EXPENSES
Amount $/SF
Taxes (1.11% of Purchase Price): $275,255 $3.26
Taxes (Special Assessments): $14,250 $0.17
Insurance: $22,282 $0.26
CAM: $129,008 $1.53
Management (4% of SGI): $53,499 $0.63
Total Expenses: $494,294 $5.86 Annually Per SF
$0.49 Monthly Per SF
The information contained herein has been obtained from sources we deem reliable. We cannot assume responsibility for its accuracy. 1010-YEAR CASH FLOW ANALYSIS
L A V E RN E C O U R T YA R D
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
For the Years Ending May-2018 May-2019 May-2020 May-2021 May-2022 May-2023 May-2024 May-2025 May-2026 May-2027
Potential Gross Revenue
Base Rental Revenue $1,337,464 $1,346,727 $1,356,469 $1,413,250 $1,462,376 $1,477,104 $1,482,173 $1,486,582 $1,548,467 $1,600,035
Absorption & Turnover Vacancy ($7,358) ($7,463) ($2,987) ($8,361) ($8,531)
Scheduled Base Rental Revenue $1,337,464 $1,346,727 $1,356,469 $1,413,250 $1,455,018 $1,469,641 $1,479,186 $1,486,582 $1,540,106 $1,591,504
CPI & Other Adjustment Revenue $883 $6,897 $13,407 $21,096 $27,087
Total Reimbursement Revenue $457,595 $468,347 $479,366 $490,777 $501,005 $512,725 $525,552 $538,867 $550,634 $563,312
Total Potential Gross Revenue $1,795,059 $1,815,074 $1,835,835 $1,904,027 $1,956,023 $1,983,249 $2,011,635 $2,038,856 $2,111,836 $2,181,903
Effective Gross Revenue $1,795,059 $1,815,074 $1,835,835 $1,904,027 $1,956,023 $1,983,249 $2,011,635 $2,038,856 $2,111,836 $2,181,903
Operating Expenses
Taxes
General $275,255 $280,760 $286,376 $292,103 $297,945 $303,904 $309,982 $316,182 $322,505 $328,955
Special Assessment $14,250 $14,535 $14,826 $15,122 $15,425 $15,733 $16,048 $16,369 $16,696 $17,030
Total $289,505 $295,295 $301,202 $307,225 $313,370 $319,637 $326,030 $332,551 $339,201 $345,985
Insurance $22,282 $22,950 $23,639 $24,348 $25,079 $25,831 $26,606 $27,404 $28,226 $29,073
CAM $129,008 $132,878 $136,865 $140,971 $145,200 $149,556 $154,042 $158,664 $163,423 $168,326
Management (4% SGI) $53,499 $53,869 $54,259 $56,530 $58,201 $58,786 $59,167 $59,463 $61,604 $63,660
Total Operating Expenses $494,294 $504,992 $515,965 $529,074 $541,850 $553,810 $565,845 $578,082 $592,454 $607,044
Net Operating Income $1,300,765 $1,310,082 $1,319,870 $1,374,953 $1,414,173 $1,429,439 $1,445,790 $1,460,774 $1,519,382 $1,574,859
The information contained herein has been obtained from sources we deem reliable. We cannot assume responsibility for its accuracy. 1110-YEAR CASH FLOW ASSUMPTIONS
L A V E RN E C O U R T YA R D
ASSUMPTIONS TO CASH FLOW
Analysis Period – Start Date: 6/1/2017 (1) Market Rents: $1.65 NNN - $3.30 NNN
Occupancy Level (Year 1): 100% Down Time 3 Months
Operating Expense Source: Actual Term: 5 Years
Tax Rate (Actual): 1.11% Tenant Improvements New/Renewal: $5 / $0
CPI Growth Rate (Projected): 3.00% Leasing Commissions New/Renewal: 5% / 0%
Management Fee: 4.00% Renewal Probability: 80% (2)
NOTES
(1) Assumes that all tenants whose lease expires before the end of the first year of the analysis (May 31, 2018) will continue to pay rent at the same
terms and conditions until that date.
(2) Assumes that all tenants with fixed options will exercise them per the language in their options.
The information contained herein has been obtained from sources we deem reliable. We cannot assume responsibility for its accuracy. 12LEASE EXPIRATION ANALYSIS
L A V E RN E C O U R T YA R D
EXPIRATION LEASE CUMULATIVE
TENANT SUITE SF % OF TOTAL CUMULATIVE SF
YEAR EXPIRATION % OF TOTAL
2017 None - - 0 0.00%
Subtotal: 0 0.00% 0 0.00%
2018 Pizza Hut 2208 12/03/18 1,250 1.48%
Subtotal: 1,250 1.48% 1,250 1.48%
2019 Zen Spa 2276 03/31/19 1,516 1.80%
Subtotal: 1,516 1.80% 2,766 3.28%
2020 Orchard Supply Hardware 2244 10/06/20 46,747 55.41%
Subtotal: 46,747 55.41% 49,513 58.69%
2021 Verizon Cell Tower Cell 03/01/21 0 0.00%
OneMain Financial (CitiFinancial) 2278 12/31/21 1,505 1.78%
Subtotal: 1,505 1.78% 51,768 61.36%
2022 Jersey Mike's Subs 2212 05/31/22 2,000 2.37%
Pacific Dental (La Verne Dental Group) 2216 04/30/22 4,000 4.74%
Nekter Juice Bar 2210 5 Years 750
Subtotal: 6,750 8.00% 57,768 68.47%
2023 None - - 0 0.00%
Subtotal: 0 0.00% 57,768 68.47%
2024 None - - 0 0.00%
Subtotal: 0 0.00% 57,768 68.47%
2025 Rubio's 2204 05/31/25 2,000 2.37%
Subtotal: 2,000 2.37% 59,768 70.84%
2026 None - - 0 0.00%
Subtotal: 0 0.00% 59,768 70.84%
2027 None - - 0 0.00%
Subtotal: 0 0.00% 59,768 70.84%
2028 None - - 0 0.00%
Subtotal: 0 0.00% 59,768 70.84%
2029 None - - 0 0.00%
Subtotal: 0 0.00% 59,768 70.84%
2030 ALDI 2268 12/31/30 24,600 29.16%
Subtotal: 24,600 29.16% 84,368 100.00%
2031 None - - 0 0.00%
Subtotal: 0 0.00% 84,368 100.00%
Available None - - 0 0.00%
Subtotal: 0 0.00% 84,368 100.00%
The information contained herein has been obtained from sources we deem reliable. We cannot assume responsibility for its accuracy. 13LEASE EXPIRATION ANALYSIS
L A V E RN E C O U R T YA R D
Minimal Lease Rollover: All of the current tenants have either executed new leases or extended their existing lease since 2011. With these recent long-term
commitments, 97% of the tenant’s leases are not scheduled to expire until at least 2020, including ALDI (2030), Orchard Supply Hardware (2020), Rubio’s (2025),
Jersey Mike’s (2022), Pacific Dental (2022), and Nekter Juice Bar (2022).
Annual Square Feet Expiring
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Cumulative Square Feet Expiring
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
The information contained herein has been obtained from sources we deem reliable. We cannot assume responsibility for its accuracy. 14SITE PLAN
L A V E RN E C O U R T YA R D
FOOTHILL BLVD
SUITE TENANTS SF
SIGN
2204 Rubio's 2,000
2204 NAP 2208 Pizza Hut 1,250
2208 2210 Nekter Juice Bar 750
2210 2212 Jersey Mike's Subs 2,000
WHITE AVENUE
2212 2216 Pacific Dental Group 4,000
2244 Orchard Supply Hardware 46,747
2216 2268 ALDI 24,600
2276 Zen Spa 1,516
2278 OneMain Financial 1,505
SIGN
OSH
GARDEN
CENTER NOT A PART
2276
2278
2244
SUBJECT PROPERTY
2268
DURWARD WAY
N
The information contained herein has been obtained from sources we deem reliable. We cannot assume responsibility for its accuracy. 16PARCEL MAP
L A V E RN E C O U R T YA R D
FOOTHILL BLVD
SIGN
WHITE AVENUE
PROPERTY PARCEL
APN: 8375-024-021
SIGN
DURWARD WAY
N
The information contained herein has been obtained from sources we deem reliable. We cannot assume responsibility for its accuracy. 17AERIAL OVERVIEW
L A V E RN E C O U R T YA R D
BONITA HIGH SCHOOL
- 2,000 STUDENTS-
SUBJECT
PROPERTY
WH
ITE
AV
E
NU
E
L BO ULEVARD
FOOTHIL
42,500 CPD
- INTERSECTION -
N
The information contained herein has been obtained from sources we deem reliable. We cannot assume responsibility for its accuracy. 19AERIAL OVERVIEW
L A V E RN E C O U R T YA R D
BONITA HIGH SCHOOL
- 2,000 STUDENTS-
WHITE AVE SUBJECT
NUE
PROPERTY
FOOTHILL B
OULEVARD
42,500 CPD
- INTERSECTION -
0.5 MILES
N
The information contained herein has been obtained from sources we deem reliable. We cannot assume responsibility for its accuracy. 20AERIAL OVERVIEW
L A V E RN E C O U R T YA R D
CLAREMONT POMONA
- POPULATION 36,000 - - POPULATION 150,800 -
CASA COLINA HOSPITAL
- 100+ BEDS -
- 8,600 STUDENTS-
FO
OT
H
IL
LB
OU
LE
VA
RD SUBJECT
PROPERTY
42,500 CPD BONITA HIGH SCHOOL
- INTERSECTION - - 2,000 STUDENTS-
LUTHERAN HIGH SCHOOL
E ET
IT STR
FRU
N
The information contained herein has been obtained from sources we deem reliable. We cannot assume responsibility for its accuracy. 21AERIAL OVERVIEW
L A V E RN E C O U R T YA R D
GLENDORA
- POPULATION 50,400 -
SAN DIMAS
- POPULATION 35,000 -
LA VERNE
- POPULATION 31,300 -
142,00
METROPOLITAN WATER DISTRICT 0 CPD
SUBJECT
PROPERTY E ET
TR
TS
RUI
F
- 8,600 STUDENTS-
BONITA HIGH SCHOOL
2016 DEMOGRAPHICS - 2,000 STUDENTS-
FO
OT
Population: H ILL
One Mile Radius 19,515 BO
UL
Three Mile Radius 105,613 EV
AR
Five Mile Radius 289,723 D
Household Income:
One Mile Radius $81,589
Three Mile Radius $94,875
Five Mile Radius $86,728
The information contained herein has been obtained from sources we deem reliable. We cannot assume responsibility for its accuracy. 22LOCAL MAP
L A V E RN E C O U R T YA R D
SUBJECT
PROPERTY
N
The information contained herein has been obtained from sources we deem reliable. We cannot assume responsibility for its accuracy. 23REGIONAL MAP
L A V E RN E C O U R T YA R D
SUBJECT
PROPERTY
N
The information contained herein has been obtained from sources we deem reliable. We cannot assume responsibility for its accuracy. 24TENANT PROFILE
L A V E RN E C O U R T YA R D
Aldi Opens In The Southland: What You Need To Know
LOS ANGELES TIMES - MARCH 25, 2016 - By Shan Li - Aldi, a German discount grocer, opened its first eight stores in Southern California
this week. By the end of the year, it plans to have 45 stores in the region. So what is Aldi? Aldi is a supermarket chain based in Germany
with about 10,000 stores in 18 countries. In the U.S., the chain operates about 1,500 stores. Who founded the chain? Two brothers, Karl
and Theo Albrecht, founded Aldi in 1946 after taking over the family grocery store. The Albrechts also control Trader Joe’s, based in
Monrovia.
BRO BRAWL: In 1960, the brothers had a falling out over selling cigarettes and split their empire in two. In the U.S., it is Aldi Sud which
operates as Aldi, while Aldi Nord runs Trader Joe’s. Aldi and Trader Joe’s have some similarities -- both have smaller footprints compared
to traditional supermarkets, and carry largely store-brand products.
THE TRADEOFF: Aldi is known for quality products at deep discounts, with many items priced 20% to 50% below rivals. However, those
savings come at a price. Shoppers have to bag their own groceries. They must also pony up a quarter deposit to use a shopping cart;
the deposit is given back when the cart is returned (this cuts down on theft, and also reduces the amount of workers needed to clear parking lots). Best-selling
products are often put out directly on shipping pallets, instead of stacked on shelves.
RIVALS: For now, its competitors are primarily dollar stores, Wal-Mart and nearby supermarkets. Long-term, Aldi could have far-reaching effects on the Southland
grocery market if it keeps expanding.
CHALLENGES: Aldi is facing a fiercely competitive region where people already have their favorite grocery stores. Southland chains such as Gelson’s and Bristol
Farms have loyal fans; many locals also frequent the dozens of farmer’s markets that dot the region. This is the place that ultimately spelled the end of Haggen
and Fresh & Easy. Both supermarket chains closed stores last year after underestimating how difficult it would be to win over Southland shoppers.
WHERE ARE THE FIRST EIGHT SOUTHLAND STORES: Palm Springs, San Bernardino, Yucaipa, Lake Elsinore, La Quinta, Fontana, Beaumont and Moreno Valley.
FIRST TAKE FROM SHOPPERS: On Thursday, some customers at the Aldi store in Moreno Valley were thrilled by the low prices, while others grumbled about
having to bag their own groceries or the lack of name-brand products. Jessica Herrera, 28, said she was pleased by the variety of gluten-free snacks at good prices.
Aldi might become her go-to spot for picking up a quick meal or last-minute ingredients, she said. “It’s very affordable,” the Moreno Valley resident said. “It’s a
place for convenience.” Gnett Johnson, a homemaker from Beaumont, said the low prices were impressive. But she said Aldi couldn’t replace a big supermarket
like Vons or Ralphs. “You still have to go to Vons to get brands like Kraft,” she said. “It doesn’t have a deli section where you get your meats cut.”
The information contained herein has been obtained from sources we deem reliable. We cannot assume responsibility for its accuracy. 26TENANT PROFILE
L A V E RN E C O U R T YA R D
ALDI is one of the world’s biggest grocery chains, running more than 10,000 stores
worldwide. The secret behind the company’s success is offering deeply discounted prices
while stocking just 2,000 items in its stores – a typical grocery store has 45,000. ALDI (short for
“Albrecht Discounts”) builds simple warehouses, employs a modest staff, and carries mostly
(95%) private-label items, displaying them on pallets rather than shelves. ALDI has nearly
1,500 stores in 30-plus US states, but Germany, where ALDI has about 4,300 stores, accounts
for nearly two-thirds of its sales. The company serves more than 30 million customers each
month and employs over 20,000 people in its U.S. stores.
ALDI opened its first store in America in Iowa in 1976 and has been growing steadily ever
since. Over the past decade, the company has nearly doubled in size. The company will
open 45 locations in Southern California by fall of 2016. This expansion is part of ALDI’s five-
year plan to open 650 locations and bring its total number of U.S. stores to roughly 2,000.
ALDI’s entry into Southern California will broaden consumer choices and employ more
than 1,100 people. The Southern California regional warehouse will be located in Moreno
Valley. ALDI is also the owner of Trader Joe’s and its 460 stores in the U.S, which generates
approximately $10 billion in revenue on an annual basis. In total, ALDI does more than $60
billion in worldwide revenues each year.
Company Type: Private
Locations: 1,500 United States (10,000+ worldwide)
Website: www.aldi.us
REPRESENTATIVE PHOTO
The information contained herein has been obtained from sources we deem reliable. We cannot assume responsibility for its accuracy. 27TENANT PROFILE
L A V E RN E C O U R T YA R D
Lowe’s Companies, Inc. (NYSE: LOW; S&P: A-) is the world’s second largest home improvement retailer,
founded in 1946 and based in Mooresville, NC. Traded on the New York Stock Exchange since 1961,
Lowe’s has grown from a small hardware store to a home improvement behemoth. Lowe’s serves
more than 16 million customers each week and most recently landed at number 45 on the 2015
Fortune 500 list. The company operates a total 1,840 stores representing 201 million square feet of
retail selling space. The locations comprise 1,793 stores across 50 US states, 37 stores in Canada, and
10 stores in Mexico, along with owning and operating more than 30 regional distribution centers
in the United States. In 2015, Lowe’s reported sales of $56.2 billion and has upwards of 265,000
employees.
In August of 2013, Lowe’s acquired the majority of assets of Orchard Supply Hardware, including
72 Orchard stores, for approximately $205 million in cash, plus the assumption of Orchard Supply’s
debt. The acquisition expanded Lowe’s presence in California and added and a natural complement
of smaller-format neighborhood stores to its big-box portfolio. Orchard Supply has continued to
operate as a separate, standalone business.
Orchard Supply Hardware began 1931 in San Jose, California. The company has a total of 78 locations
up and down the west coast which are renowned for their upscale and innovative layouts. Under
the new ownership of Lowe’s, Orchard Supply is currently in the process of growing to a 100-store
location retailer by the end of 2017. Orchard Supply recently opened its first location in the city of
San Francisco and has also recently opened a store in the population dense Mid-Wilshire district
of Los Angeles. Both of these stores serve the purpose of assisting Lowe’s in achieving its goal to
penetrate urban regions and markets through the use of smaller-format stores. In 2015, Orchard
Supply was named “Retailer of the Year” by Hardware + Building Supply Dealer magazine.
Company Type: Public (NYSE: LOW; S&P: A-)
Locations: 1,840 (78 Orchard Supply Hardware locations)
Employees: 265,000
2015 Revenue: $562 Billion
Website: www.lowes.com | www.osh.com
The information contained herein has been obtained from sources we deem reliable. We cannot assume responsibility for its accuracy. 28TENANT PROFILES
L A V E RN E C O U R T YA R D
Pizza Hut is the world’s largest pizza company with more than 6,000 restaurants in the United States and 5,139 restaurants in 94 other
countries and territories around the world. In 2014, the company received the top score in Customer Satisfaction among limited-service
restaurant chains from the American Customer Satisfaction Index. The Pizza Hut brand is owned and operated by its parent, Yum!
Brands, Inc. (NYSE: YUM, S&P:BBB). Yum! is the world’s largest restaurant company with more than 37,000 locations in 117 countries and
more than 1 million associates. The company reported most recent annual revenue of $13.2 billion.
www.pizzahut.com | Company Type: Public (NASDAQ: YUM) | Locations: 11,000+
Jersey Mike’s Subs is a submarine sandwich shop franchisor with more than 1,500 restaurants open and under development nationwide.
The company was founded as Mike’s Subs in 1956 in Point Pleasant, New Jersey – a centrally-located town on the legendary Jersey shore.
The company began franchising its brand in 1987 and changed its name to Jersey Mike’s Subs to reflect the authenticity of where the
authentic submarine sandwich was born. In 2015, for the second year in a row, Jersey Mike’s was named the #1 fastest growing chain in
the Nation’s Restaurant News Top 100, and continues to win best sub awards in virtually every market it enters.
www.jerseymikes.com | Company Type: Private | Locations: 1,500+
OneMain Financial is based in Baltimore and provides personal loans and one-on-one, local service from more than 1,100 branches
nationwide. The company was founded by Alexander Duncan as Commercial Credit in 1912. By the mid-1990s, OneMain’s family of
companies included included Primerica Financial Services (life insurance), Smith Barney (investments), and the Travelers companies
(life, annuity and property/casualty insurance). In 1998, Travelers Group, OneMain’s parent company, merged with Citicorp to create
Citigroup, a global financial services company serving 20 million customers worldwide. In 1999, Commercial Credit, having grown to
1,200 branches, changed its name to CitiFinancial. In 2011, CitiFinancial became OneMain Financial. Today, OneMain Financial continues
to originate and service secured and unsecured personal loans and offer voluntary credit insurance and related products through its
branch network and its centralized operations.
www.onemainfinancial.com | Company Type: Public (NYSE: OMF) | Locations: 1,100+
The information contained herein has been obtained from sources we deem reliable. We cannot assume responsibility for its accuracy. 29TENANT PROFILES
L A V E RN E C O U R T YA R D
La Verne Dental Group is a family dental group that offers comprehensive dental services from teeth whitening to dental crowns. The
group of practitioners represents one of more than 300 such practices within the Pacific Dental Services Network throughout the central
and western United States. Pacific Dental utilizes a team of nearly 4,000 members and affiliated dentists in order to provide the highest
level patient service and productivity. Founded in 1994, the company grew steadily throughout its first decade of existence before
growing at a rapid rate of nearly 40% each year over the past 5 years or so. In 2015, Pacific Dental landed on Inc. magazine’s annual
500/5000 list for the 9th consecutive year.
www.lavernedentalgroup.com | Company Type: Private | Locations: 300+
Rubio’s first opened in 1983, in the San Diego neighborhood of Mission Bay. The award-winning restaurant was recently named the
number one Mexican chain on Consumer Reports’ latest survey as well as ranked as one of Fast Casual’s ‘Top 50 Movers and Shakers’.
Rubio’s is headquartered in Carlsbad, Calif., has over 4,000 employees and operates 193 restaurants in California, Arizona, Colorado, Utah
and Nevada. The company announced in November of 2015 that it has entered into an agreement with Ruby Tuesday to acquire eight
restaurant locations in Florida currently operated as Lime Fresh Mexican Grills. Following closing of the transaction, Rubio’s will convert
these to new Rubio’s restaurants, marking the California-based company’s first expansion to the East Coast.
www.rubios.com | Company Type: Private | Locations: 193
Nekter Juice Bar serves fresh juices and smoothies packed with robust greens and smoothies. Its core offerings are joined by a wide
assortment of equally nutritious snacks, acai bowls, bottled Nekter Grab n’ Gos, and the popular 1,2,3 & 5-day Nekter Cleanse Program
– 15lbs of cold pressed fruits and vegetables packed into a day’s cleanse. The company has more than 50 locations, made up of both
franchise- and company-owned stores, spread throughout the western states of Arizona, Texas, Colorado, and California. .
www.nekterjuicebar.com | Company Type: Private | Locations: 50
The information contained herein has been obtained from sources we deem reliable. We cannot assume responsibility for its accuracy. 30AREA OVERVIEW
L A V E RN E C O U R T YA R D
La Verne is a city of more than 33,000 residents and a well-balanced community. The
city is a suburb 30 miles east of Los Angeles with Foothill Boulevard, a part of
Route 66, being the major east-west corridor connecting La Verne to the Inland Empire in the east and
to San Gabriel and Los Angeles in the west. Foothill Boulevard is the commercial corridor in La Verne
and is home to multiple shopping centers, national and regional tenants, restaurants, a major Cineplex
and home to many of La Verne’s local businesses.
La Verne is served by the 10, 210, and 57 freeways, with the Route 30 freeway ending in La Verne. La
Verne’s proximity to major freeways has sparked the development of large trucking centers in the area.
These centers bring thousands of people into the city every day. The Ontario International Airport,
located less than 20 minutes away from La Verne, is a full service airport with commercial jet service
to major US cities. In 2015, the airport serviced over 4 million passengers, and Southwest Airlines was
the predominate airline. La Verne residents also take advantage of the nearby Metrolink station in
Pomona. Commuters can travel 30 miles to downtown Los Angeles on the new metro line. The Brackett
Airport, located in La Verne, is one of the nation’s busiest general aviation airports providing private,
charter, corporate and recreational air services.
Due to an influx of new upscale housing during the past two decades, the majority of La Verne residents
fall between the ages of 20 and 50 and have a college education. With over 70% of the population
comprised of families, the community has remained tight-knit and focused on the promotion of small
town virtues and quality of life.
HERITAGE PARK
La Verne is home to 19 parks, two golf-courses, a multi-purpose sports complex, and myriad of
recreational trails. This affluent and engaged population provides a stable consumer market with a
2015 unemployment rate under 5%. The residents have proven willing and able to financially support
a productive and safe community.
The city is also a recognized leader in municipal strategic planning. Through the city’s strategic visioning
program, La Verne has launched creative and effective programs to reduce public expenditures, such
as a four-day work week, funding of public safety and recreation programs, and other cost-effective
service improvements. La Verne is home to over 2,800 businesses, and is thoughtfully laid out to
maintain and enhance commercial activity. Modern amenities and a stable infrastructure complement
La Verne’s small town charm, creating an ideal environment in which to live and do business.
The information contained herein has been obtained from sources we deem reliable. We cannot assume responsibility for its accuracy. 31AREA OVERVIEW
L A V E RN E C O U R T YA R D
H I G H E R E D U C AT I O N
Founded in 1891, the University of La Verne sits on a 66 acre campus at the south end of the city. The
University is composed of four colleges and was ranked by U.S. News as one of the top 60 universities
in the west in 2015. With more than 8,500 students, the University is a focal point in the community.
La Verne currently hosts 2,713 main campus traditional undergraduates, as well as 2,163 main campus
graduate, doctoral and law students. The school has more than 50,000 alumni around the world
representing a host of professions.
In addition, located within two miles of the city are some of the most prestigious colleges in the
country. The Prestigous Claremont Colleges feature a cluster of autonomous colleges, including Harvey
Mudd College, Pomona College, Pitzer College, Scripps College, Keck Graduate School and Claremont POMONA FAIRPLEX
Graduate University. Each excels in a particular academic niche with its own campus, students and
faculty, and distinctive style. With over 6,000 students, about 500 faculty members, and 2,800 staff
members, the campus of the Claremont Colleges generate an endless variety of intellectual, cultural,
and social activities. The assets of The Claremont Colleges total over $950 million, including substantial
endowments in all of the colleges, with over 175 buildings on 550 acres of distinctive campus grounds.
P O M O N A VA L L E Y FA I R P L E X
The Pomona Valley Fairplex is home to the Los Angeles County Fair, the largest county fair in the world.
The nearly 100-year old annual celebration draws upwards of 1.5 million attendees. Each year, the fair
creates more than 1,200 seasonal jobs to manage and maintain this massive month-long event. UNIVERSITY OF LA VERNE
The Fairplex campus is also home to the NHRA Motorsports Museum and Auto Club Raceway at
Pomona. The historic Auto Club Raceway at Pomona is oldest venue on the NHRA Full Throttle Drag
Racing Series circuit. The venue has hosted the NHRA’s season opener since 1961 and the season closer,
the Automobile Club of Southern California NHRA Finals, since 1984. These two events have helped
shaped the Pomona Raceway’s identity as the most famous drag strip in North America. The facility has
a seating capacity of 40,000 spectators.
Beginning in 1968 and every year thereafter, the L.A. International Wine & Spirits Competition takes
place at the Pomona Valley Fairplex. The competition is widely considered to be one of the most
prestigious events of its kind in the United States, showcasing the finest vintages from America and
countries throughout the world, featuring more than 3,000 wine entries from premiere wineries and
a judging panel that has grown to 75 of the leading international wine experts from across the globe.
CLAREMONT COLLEGES
The information contained herein has been obtained from sources we deem reliable. We cannot assume responsibility for its accuracy. 32DEMOGRAPHICS
L A V E RN E C O U R T YA R D
1-Mile 3-Mile 5-Mile
Population
2021 Projection 20,055 106,663 294,332
2016 Estimate 19,515 105,613 289,723
2010 Census 18,222 99,791 275,125
2000 Census 18,802 101,297 273,752
Growth 2010-2016 7.10% 5.83% 5.31%
Growth 2016-2021 2.77% 0.99% 1.59%
Households
2021 Projection 7,707 37,429 89,875
2016 Estimate 7,469 36,915 88,033
2010 Census 6,912 34,580 83,019
2000 Census 7,202 34,373 81,923
Growth 2010-2016 8.06% 6.75% 6.04%
Growth 2016-2021 3.19% 1.39% 2.09%
2016 Est. Population by Single-Classification Race
White Alone 13,711 68,268 169,488
Black or African American Alone 964 6,728 15,761
American Indian and Alaska Native Alone 174 908 2,781
Asian Alone 1,571 9,621 27,089
Native Hawaiian and Other Pacific Islander Alone 43 201 464
Some Other Race Alone 2,012 14,437 59,625
Two or More Races 973 5,149 13,784
2016 Est. Pupulation by Ethnicity (Hispanic or Latino)
Hispanic or Latino 6,567 41,920 154,436
Not Hispanic or Latino 12,948 63,693 135,287
2016 Est. Average Household Income $81,589 $94,875 $86,728
The information contained herein has been obtained from sources we deem reliable. We cannot assume responsibility for its accuracy. 33You can also read
