LIVE OAK PLAZA 1275 East F Street Oakdale, CA 95361 20 year leased anchored strip center Chris Peters | cpeters@capitalpacific.com [415] 274-2703 CA DRE#: 01339983 Zeb Ripple | zripple@capitalpacific.com [415] 274-2702 CA DRE#: 01242540 Chris Kostanecki | ck@capitalpacific.com [415] 274-2701 CA DRE#: 01002010 Dave Lucas | dlucas@capitalpacific.com [415] 274-7390 CA DRE#: 01389761 John Andreini | jandreini@capitalpacific.com (415) 274-2715 CA DRE#: 01440360
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LIVE OAK PLAZA - Capital Pacific · Investment Highlights PRICE: $5,855,000 CAP: 7.75% THE STORY Live Oak Shopping Center is a high quality, well maintained anchored strip retail
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LIVE OAK PLAZA
1275 East F StreetOakdale, CA 95361
20 year leased anchored strip center Chris Peters | [email protected] [415] 274-2703
YEAR BUILT . . . . . . . . . . 1973 YEAR REMODELED . . . 2008
OCCUPANCY . . . . . . . . . . 93%
Investment HighlightsPRICE: $5,855,000
CAP: 7.75%
THE STORY Live Oak Shopping Center is a high quality, well maintained anchored strip retail center in Oakdale, California.
Fitness Evolution is an established chain of health clubs with over 40 locations in 7 states. The guarantor is the largest operator in the system with over 100,000 members and 20 stores in Northern California (projected to be 24 stores by the end of 2014).
The center recently had the parking lot stripped and resealed. The roof was replaced completely in 2006 and has two years remaining on a 20 year warranty.
TENANTSMany of the tenants have been at the center for over 10 years. Fitness Evolution has been operating as a gym tenant at the center since 2008. This flagship location for the Fitness Evolution chain of health clubs is “state of the art” and has long been amongst the best performers in the gym chain.
LOCATIONThe shopping center is located on Highway 120/108, the main retail arterial through Oakdale. The property enjoys excellent visibility and signage from the street and benefits from contemporary architectural design.
This offering represents the opportunity for an investor to acquire a seasoned, well maintained shopping center in an excellent Central Valley city, with a long term leased anchor.
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INVESTMENT HIGHLIGHTS: > New 20-year triple net lease with anchor tenant, Fitness Evolution and10% increases every 10 years.
> Majority of shop leases have been renegotiated within the last 24 months.
> One inline adjacent suite available for immediate lease representing upside for an investor, can easily be split.
> Attractive long-term, fixed rate purchase money financing available on the property.
> The shopping center was completely rehabbed in 2008 and is very well maintained.
> Excellent visibility and signage from Highway 108, the main retail corridor through Oakdale.
> The tenant roster is a synergistic mix of tenants that consists of predominantly local and regional businesses with long operating histories in Oakdale and at the subject property.
> Large pylon sign at the entrance to the center visible from Highway 108.
ANCHOR (FITNESS EVOLUTION) HIGHLIGHTS: > Long-term absolute net lease to proven operator.
> Very strong unit level and company level sales (available with bona fide offer & NDA).
> Fitness Evolution as a brand has over 40 stores in 7 states.
> Guarantor is the largest operator in the system with 20 stores in Northern California, projected to be 24 stores by end of 2014.
> Invested over seven figures in equipment, HVAC, paint , executive locker rooms, electrical, and many other items over the past 5 years.
Core Characteristics
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This information 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. Buyer must verify the information and bears all risk for any inaccuracies.
Landscape -$0.12 ($4,800) ($4,800) Total Lease Up Costs $35,910
Management Fee -$0.16 ($6,000) ($6,000)
TOTAL OPERATING EXPENSES -$2.73 ($111,010) ($111,010)
NET OPERATING INCOME $453,548 $472,644
*Tenants pay a base CAM of $3/sf annual or actual, whichever is greater.
CA
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Trade Name Suite Sq. Ft. Percent of GLA Lease Start Lease Expiration Monthly Base Rent *Monthly Rent/SF *Annual Rent/SF *Annual Rent Comments CAM Payments
Current Totals: 38,490 100.00% $37,889.01 Annual Rent $457,263.13 CAM $107,295.00
Occupied 35,790 92.99%
Vacant 2,700 7.01% Proforma rent $41,640.00
Have been a tenant at the property since 2004. Recently
rengotiated a new lease.
Have been a tenant at the property since 2005. Recently
rengotiated a new lease.
Have been a tenant at the property since 2008. Recently
Rengotiated new lease.
Have been a tenant at the property since 2008.
Monthly Rent
Have been a tenant at the property since 2004. Recently
rengotiated a new lease.
Have been a tenant at the property since 1999. Recently
rengotiated a new lease.
Have been a tenant at the property since 2008.
This information 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. Buyer must verify the information and bears all risk for any inaccuracies.
Rent Roll
LIVE OAK PLAZA | 5
E F Street
120108
VACANT2,700 SF
CIRCLE D LIQUORS
2.700 +/- SF
OAKIES1,000 SF
CAFE BRAVO3,500 +/- SF
OAKD
ALE
IRRI
GATI
ON
DIST
RICT
1,50
0 +/
- SF
CORP
ORAT
E OF
FICE
1,
080
+/- S
F
FASH
ION
NAI
LS
1,00
0 +/
- SF
VACANTCOFFEE KIOSK
Site Plan
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Close Aerial
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E F Street
E G Street
W G Street
E J Street
W F Street
120
120
120108
108
108
N Yosemite Avenue
S Yo
sem
ite A
venu
e
Johnson Avenue
N Maag Avenue
Cloverland Elementary
Magnolia Elementary
Fair Oaks Elementary Sierra View
Elementary
Oakdale High School
Oakdale Jr. High School
Foster Moore
Christian School
LIVE OAK PLAZA
FITNESS EVOLUTION FASHION NAILS
CAFÉ BRAVO CIRCLE D LIQUORS
Valley Oak High School
East Stanislaus High School
SAN FRANCISCO
20,200 DAILY
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Tenants
Fitness Evolution is a chain of gymnasiums that prides itself on offering low-cost and contract-free memberships, with state-of-the-art facilities. It offers state of the art facilities at an affordable price. The company is run by a team of lifelong fitness business operators that have constructed, owned, developed, managed, and operated facilities nationwide.
Currently, Fitness Evolution has locations in Arizona, California, Maryland, Nevada, Minnesota, Virginia, and Washington. Fitness Evolution aims for their gyms to feel like a “home away from home”, so members always feel comfortable and are encouraged to visit regularly. All Fitness Evolution facilities offer exciting colors, industry leading entertainment, and luxurious interiors – all offered at a value price point that has the effect of what they refer to as a market “reset”.
Fitness Evolution
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Oakies
Tenants
Oakies is a unique and thriving board and clothing boutique. Focused on bridging the gap between function and fashion, Oakies was established in 1996 and remains the perfect one-stop shop for your boarding needs and every day wear. From skateboards, to wakeboards, to snowboards, Oakies offers a variety of sporting equipment, both for rental and for purchase. On the clothing front, Oakies also carries a number of name brands such as Fox, Hurley, RVCA, Element, Dakine, and Roxy (to name a few) allowing boarders of every age to compete, lounge, or go out on the town in style.
Cafe Bravo
Café Bravo is a Latin infused kitchen, offering a variety of fresh and unique dishes. Known for a creative combination of spices and sauces, Café Bravo boasts rave reviews from customers for its mouth-watering menu, welcoming atmosphere, and affordable pricing. Café Bravo’s exceptional service and outstanding, diverse cuisine make for ideal dining location.
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Circle D Liquors
Tenants
Circle D Liquors offers beer, wine, and spirits, and is known for its wide selection, clean store, and friendly, helpful staff.
Fashion Nails is the place for all of your spa needs, offering both basic and deluxe manicures and pedicures, facials, haircuts, waxing, and much more. Fashion Nails carries a variety of products of the best brands, and is well-reviewed for its friendly service, relaxing atmosphere, and professional services.
Fashion Nails
The Oakdale Irrigation District was established in 1909 under the Wright Act. Today, it still strives to provide reliable irrigation and domestic water service, both efficiently and at the lowest cost possible. Oakdale Irrigation District seeks to serve the public interest as a mere extension of the community that it was established for. As a community known for its agricultural production, and as a community ever growing, the Oakdale Irrigation District is absolutely vital to the public it serves.
The Oakdale Irrigation Water District
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Photos
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Photos
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LIVE OAK PLAZA
Regional Map
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The City of Oakdale is located in Stanislaus County, California, approximately 15 miles northeast of Modesto at the base of the foothills of the Sierra Nevada Mountains. With a current city population of approximately 21,200 Oakdale takes pride in its small-town atmosphere and is a balanced community of residential and commercial properties with a full range of services, shopping, and recreation. Oakdale is the gateway to Yosemite National Park and the Sierra Nevada foothills from Highway 120. The Stanislaus River winds through town offering opportunities for water sports and fishing. Nearby lakes are popular destinations for boating and water skiing, while camping, hiking, and hunting are all available within an hour’s drive in the nearby Sierra’s. The Oakdale economy centers on agriculture, food manufacturing, and tourism. Previously it was home to a satellite plant of Hershey’s Chocolate, which in 2008 was purchased by Sconza Candy Company. Other large manufacturing operations nearby include a ConAgra Foods Hunt’s plant, which is one of the largest tomato processing plants in the world, as well as a Del Monte Foods plant. Cattle ranching is common in the surrounding areas, adding to the diversity and character of the local economy.
Demographics Top Employers in Modesto, CA
Oakdale, CA
Population 1 Mile 3 Miles 5 Miles
2010 Population 10,600 24,876 29,0342013 Population 10,754 25,223 29,4122018 Population (Projection) 11,092 25,984 30,264
2013 Income
2013 Average Household Income $60,983 $77,890 $79,2602013 Median Household Income $49,656 $58,875 $59,330