SMOOTHIE KING DRIVE-THRU SHOPS - 1070 E TUCSON MARKETPLACE BOULEVARD, TUCSON, ARIZONA - LoopNet
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SMOOTHIE KING DRIVE-THRU SHOPS
1070 E TUCSON MARKETPLACE BOULEVARD, TUCSON, ARIZONA
OFFERING MEMORANDUM
44,800 STUDENTS
DOWNTOWN
WEST CAMPUS
TUCSON
PARK PLACE MALL
SUBJECT
PROPERTY
19
MCDONALD'S
DAVIS MONTHAN
AIR FORCE BASE
10
The information in this package has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the
property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus Millichap. ACT ID Z0070501
MARCUS & MILLICHAP 2 // Smoothie King Drive-Thru Shops
Rent Roll
Lessee Information as of September 2020
1070 East Tucson Marketplace Boulevard, Tucson, AZ 85713
APPROX. PERCENT EST. LEASE EST. LEASE APPROX. BASE RENT ANNUAL LEASE LEASE RENTAL RENEWAL
SUITE TENANT NAME
RENTABLE SF OCCUPANCY COMMENCEMENT EXPIRATION RENT PSF PER MONTH RENT TYPE GUARANTOR INCREASES OPTIONS
B3100 Vacant 1,337 18.7% - - - - - - - - -
15% Every 5 Three, Five
B100 Smoothie King 1,200 16.8% 2/24/2017 2/28/2027 $34.00 $3,400.00 $40,800.00 NNN Personal
Years Year Options
B104 Vacant 1,200 16.8% - - - - - - - - -
2.5% Annual
B120 Bella Nails & Spa 1,905 26.7% 4/1/2015 5/31/2025 $28.00 $4,444.87 $53,338.44 NNN Personal None
Increases
3% Annual Two, Five
B130 Planet Sub 1,500 21.0% 10/14/2017 10/31/2022 $30.77 $3,845.76 $46,149.12 NNN Personal
Increases Year Options
Total SF 7,142 100% Monthly Income $11,691
Occupied SF 4,605 64% Annual Income $140,288
Available SF 2,537 36% Average Rent PSF $30.46
MARCUS & MILLICHAP 3 // Smoothie King Drive-Thru Shops
Income & Expense
Summary
Total Square Feet Per Leases 7,142
Lot Size 1.04 Acres
Year Built 2013
Occupancy as of September 2020 64.48%
INCOME
Scheduled Base Rent $140,288
Estimated Total Potential Base Rent $140,288
Plus Expense Reimbursements $36,469
EFFECTIVE GROSS INCOME $176,756
ESTIMATED OPERATING EXPENSES PSF
CAM Expense $19,630 $2.75
Insurance $2,383 $0.33
Property Taxes $29,000 $4.06
Management Fee $8,000 $1.12
TOTAL OPERATING EXPENSES $59,013 $8.26
NET OPERATING INCOME $117,743
OFFERING PRICE $2,099,000
CAPITALIZATION RATE 5.61%
PRICE PER SF $293.90
MARCUS & MILLICHAP 4 // Smoothie King Drive-Thru Shops
SUBJECT MASTER-PLANNED
COMMUNITY
PROPERTY
MOSAIC
Office & Educational District Home
to JTED's Newest Technical
Education Campus
10
JIMMY JOHN'S
MARCUS & MILLICHAP 5 // Smoothie King Drive-Thru Shops
JIMMY JOHN'S
FUTURE DEVELOPMENT
10
CORPORATE
OFFICE
100,600 CPD
I-10 FWY
SUBJECT
PROPERTY
EAST TUCSON
MARKETPLACE BLVD
*Deal Pending
MARCUS & MILLICHAP 6 // Smoothie King Drive-Thru Shops
FUTURE DEVELOPMENT DOWNTOWN
TUCSON
MOSAIC 18,340 CPD
Office & Educational District Home S PARK AVE
to JTED's Newest Technical
Education Campus
MASTER-PLANNED
MCDONALD’S COMMUNITY
SUBJECT
PROPERTY
*Deal Pending
EAST TUCSON
MARKETPLACE BLVD
MARCUS & MILLICHAP 7 // Smoothie King Drive-Thru Shops
Property Description DEMOGRAPHICS 1-mile 3-miles 5-miles
Population
2025 Projection 8,394 109,751 277,535
2020 Estimate 8,365 108,090 274,183
Growth 2020 – 2025 0.34% 1.54% 1.22%
Households
2025 Projection 2,691 36,544 100,859
2020 Estimate 2,658 35,607 98,950
Growth 2020 – 2025 1.25% 2.63% 1.93%
Income
2020 Est. Average
$37,393 $46,506 $51,232
Household Income
INVESTMENT HIGHLIGHTS
2020 Est. Median
$28,501 $34,648 $37,289
» 64% Occupied with Diverse Tenant Profile - Significant Upside in Lease-Up of Existing Household Income
Vacancy 2020 Est. Per
$12,267 $16,369 $19,142
Capita Income
» Dense Infill Location in South Tucson - 274,183 Residents within a 5-Mile Radius
» Outparcel to Walmart Supercenter
» Located in Tucson Marketplace, an 850K SF Regional Super Center - Walmart
Supercenter, Planet Fitness, Costco, Dave & Buster's, Century Theatres, McDonald's,
and More
» Situated within The Bridges Master-Planned Community, Includes UA Tech Park at
The Bridges (Home to Geico Regional Headquarters), Tucson Marketplace, Residential,
and Office
» Immediately Off the I-10 Freeway (100,600+ Cars/Day)
» Within 5 Miles of Downtown Tucson, The University of Arizona, and Tucson
International Airport
MARCUS & MILLICHAP 8 // Smoothie King Drive-Thru ShopsTenant Overviews
Smoothie King Private Dallas, Texas 1,000+ www.smoothieking.com
Company Company Type Headquarters Locations Website
Smoothie King Franchises, Inc. is a privately held, Dallas, Texas-based fran- energy bars, and vitamin supplements.
chise company with more than 1,000 units worldwide. Smoothie King offers Smoothie King was founded in 1973, and today there are over 1,000 loca-
a menu with countless combinations of whole fruits, organic veggies, and tions throughout the U.S., the Republic of Korea, Trinidad & Tobago, and the
nutritional enhancers. In addition to smoothies, stores offer sports beverages, Cayman Islands.
Bella Nails & Spa 2015 1
Bella Nails & Spa
Company Founded Locations
Bella Nails & Spa is a nail salon and day spa local to the Tucson area. The Bella Nails & Spa offers relaxing, affordable, and personalized spa treatments,
owners have been in the industry for over 20 years, and opened their salon in along with manicures, pedicures, and more.
Tucson in June 2015.
Planet Sub Private Kansas City, Missouri 50+ www.planetsub.com
Company Company Type Headquarters Locations Website
Planet Sub is a fast food sandwich chain based in Kansas City, Missouri and Planet Sub locations offer a full sandwich menu with ingredients that are au-
founded in 1979. Planet Sub has over 50 stores open or under construction thentic, healthy, and delicious. From fresh-baked, made-from-scratch bread
with 30 more locations scheduled to open within the next five years. to the fresh veggies that top the handmade sandwiches, Planet Sub is pas-
sionate about creating quality food.
MARCUS & MILLICHAP 9 // Smoothie King Drive-Thru ShopsSite Plan
Recreated PMS
MCDONALD’S
SUBJECT
*Deal Pending PROPERTY
JIMMY
JOHN'S
N
MARCUS & MILLICHAP 10 // Smoothie King Drive-Thru ShopsSite Plan
MCDONALD’S
SUBJECT
Recreated PMS
*Deal Pending
PROPERTY
N
MARCUS & MILLICHAP 11 // Smoothie King Drive-Thru ShopsLocation Overview 3 Miles
to Downtown Tucson
4 Miles
to The University of
Arizona
5 Miles
to Tucson International
SUBJECT Airport
PROPERTY
8 Miles
to Davis Monthan Air
Force Base
Tucson is the second largest metropolitan area in Arizona with just over one HomeGoods, all Fortune 500 companies, have added Tucson locations recently.
million residents and serves as an anchor to businesses located in the Southern The University of Arizona is an integral part of Tucson. It has been named a Top
Arizona corridor. Tucson offers its community an outstanding quality of life along 15 US public research institution, and enjoys a large student enrollment of 44,800
with a low cost of doing business. students and 11,000 administration staff members and faculty. The University
Tucson is known for an innovative manufacturing industry in a variety of of Arizona’s science center in Tucson continues to graduate more students in
different sectors such as biotech, aerospace, healthcare, defense, optics, solar, the optics field than any other similar program in the world. Tucson International
information technology and water. Amazon, Raytheon Missile Systems, IBM, Airport (TUS) serves as an international port of entry and offers non-stop service
Texas Instruments, Intuit Inc., Universal Avionics and the University of Arizona to Phoenix, Los Angeles, San Diego, Las Vegas, San Francisco, Seattle, Salt Lake
are some of the top employers in Tucson where each has a significant presence City, Denver, Minneapolis, Milwaukee, Chicago, Atlanta, Houston, Dallas and
within the community. In addition to Caterpillar and Amazon, Comcast and Albuquerque.
MARCUS & MILLICHAP 12 // Smoothie King Drive-Thru Shops[ exclusively listed by ]
Mark J. Ruble Jamie A. Medress Chris N. Lind
Executive Managing Director Executive Managing Director Senior Vice President
602 687 6766 602 687 6778 602 687 6780
mruble@marcusmillichap.com jmedress@marcusmillichap.com chris.lind@marcusmillichap.com
Offices Nationwide
www.marcusmillichap.com
NET LEASED DISCLAIMER entity without the written consent of Marcus & Millichap. By taking possession of and reviewing the information contained
Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows: herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees
By accepting this Marketing Brochure, you agree to treat the information contained herein regarding the lease terms as that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject
confidential and proprietary and to only use such information to evaluate a potential purchase of this net leased property. property at this time, please return this offering memorandum to Marcus & Millichap.
The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, This offering memorandum has been prepared to provide summary, unverified financial and physical information
Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information
investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any
about the accuracy or completeness of any information provided. 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,
As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal
of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any
due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in
due diligence examination of this Property for Buyer. this offering memorandum has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not
verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation
Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of
represent the current or future performance of this property. The value of a net leased property to you depends on factors the information provided. All potential buyers must take appropriate measures to verify all of the information set forth
that should be evaluated by you and your tax, financial and legal advisors. herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.
Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE MARCUS & MILLICHAP AGENT FOR MORE
of any net leased property to determine to your satisfaction with the suitability of the property for your needs. Like all DETAILS.
real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must
request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past SPECIAL COVID-19 NOTICE
performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due
the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting
on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due
not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment
other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals
or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his her own cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and
investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions
the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not
terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely
Buyer’s legal ability to make alternate use of the property. solely on their own projections, analyses, and decision-making.
CONFIDENTIALITY AGREEMENT
The 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 Marcus & Millichap and it should not be made available to any other person orYou can also read
