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Offering Memorandum
EAGLE PROMENADE2976 E STATE STREET | EAGLE, ID 83616
This document has been prepared by Colliers International for
advertising and general information only. Colliers International
makes no guarantees, representations or warranties of any kind,
expressed or implied, regarding the information including, but not
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interested party should undertake their own inquiries as to the
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copyrighted property of Colliers International and/or its
licensor(s). ©2015. All rights reserved
LEW GOLDMAN208 472 [email protected]
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COLLIERS INTERNATIONAL P. 2EAGLE PROMENADE | OFFERING
MEMORANDUM
PROPERTY OVERVIEWAddress 2976 E State Street Eagle, ID 83616
Year Built 2005
Size 7,289 SF
Land Size .56 Acres
Anchor Winco Foods, Petco & Home Depot
Occupancy 86%
Lease Type NNN
Price $1,730,945.00 | $237.50 psf
NOI $108.184.08
Cap Rate 6.25% on projected NOI
Rent Guarantee Seller will guarantee rent on the vacancy for 6
months following the close of escrow
This investment offers an opportunity to acquire an established
multi-tenant retail center located directly on State Street in
Eagle, ID. Eagle is an upscale market which neighbors Boise. Eagle
has strong demographics and has experienced incredible growth, it
is one the most desirable places to live in the state of Idaho.
Eagle Promenade is anchored by Home Depot, Petco and a high volume
Winco Foods grocery store.
Eagle Promenade is the dominate shopping center in the direct
periphery, it is a dynamic experience for the consumer with a
multitude of offerings. This center has room for upside based on
below market rates. Due to the velocity of activity in the greater
Boise area and the core anchors in place there is no question the
buyer of this property will realize significant gains short term.
This is a low maintenance stabilized shopping center that is
perfect for a passive or opportunistic landlord.
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COLLIERS INTERNATIONAL P. 3EAGLE PROMENADE | OFFERING
MEMORANDUM
TENANT INFORMATIONTenant Name Taco Del Mar VACANT Postal Annex
T-Mobile Diamond Nials Vapor Lounge Totals / Average
Suite # 100 110 120 130 140 150
Square Feet 1,514 1,016 1,242 1,242 1,087 1,190 7,291
% of GLA 20.77% 13.93% 17.03% 17.03% 14.91% 16.32% 100.00%
Date of Occupancy 4/23/2005 TBD 4/23/2005 06/05/17 11/1/2014
12/30/2016
Last Renewal Date 3/1/2017 TBD 11/18/2014 04/01/17 8/16/2014
12/15/2016
Lease Expiration Date 3/1/2022 TBD 12/31/2019 06/05/22 1/31/2020
12/30/2021
Security Deposit $0.00 TBD $2,187.50 $0.00 $1,750.00 $1,586.67
$5,524.17
Lease Type NNN NNN NNN NNN NNN NNN
Current Rent Sq Ft / Yr $16.00 $14.00 $13.50 $15.25 $15.25
$13.79 $92.79
Current Monthly Rent $2,018.67 $1,185.33 $1,397.00 $1,578.38
$1,249.30 $1,586.67 $9,438.67
Annual Rent Increase $0.50 / SF $0.50 / SF $0.50 / SF 2.00%
3.00% 2.50% $0.08
NNN Share 20.77% 13.93% 17.03% 17.03% 14.91% 16.32%
Current NNN / Month $656.02 $441.37 $539.55 $539.55 $472.21
$516.96 $3,167.36
Current NNN / Year $7,872.24 $5,282.82 $6,457.94 $6,457.94
$5,652.00 $6,187.56 $37,910.50
Total Monthly Charges $2,676.38 $2,050.03 $1,936.55 $2,117.93
$1,721.51 $2,103.63 $13,047.40
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COLLIERS INTERNATIONAL P. 4EAGLE PROMENADE | OFFERING
MEMORANDUM
PROPERTY AERIAL
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COLLIERS INTERNATIONAL P. 5EAGLE PROMENADE | OFFERING MEMORANDUM
COLLIERS INTERNATIONAL P. 4EAGLE PROMENADE | OFFERING
MEMORANDUM
PROPERTY AERIAL
SITE
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COLLIERS INTERNATIONAL P. 6EAGLE PROMENADE | OFFERING
MEMORANDUM
KEY tenant profile
The TACO DEL MAR® menu offers a fast, fun and delicious
alternative to traditional Mexican food. We feature large,
hand-rolled burritos and rippin’ fish tacos made to order just the
way you want them. The service is fast, the people are
enthusiastic, and the restaurants are inspired by beach culture. So
grab your surfboard and let’s head out to grab the next wave
together!
The mission of Annex Brands, Inc., is to develop a global
network of retail and commercially-located franchised
establishments to provide complete shipping and business-services
solutions for consumers and business alike. We accomplish this by
offering transportation services from moving vans to freight
shipping via air, land and sea. In addition, we also offer small
package and document shipping via a choice of UPS, FedEx and USPS.
We also serve the consumer and small-office, home-office user with
a variety of business services.
At Diamond Nails, we focus on the art of a quality manicure and
pedicure with the products that you can trust. We specialized in
hard gel glitters, soak-off gel, shellac, pink & white acrylic
and gel overlay.
At AT&T, we’re bringing it all together. We’re helping
people connect with advanced mobile services, next-generation TV,
high-speed Internet services and smart solutions for businesses.
Fast, highly secure and mobile connectivity – to everything on the
Internet, everywhere, at every moment and on every device – is what
drives us at AT&T.
TENANT PROFILE
COLLIERS INTERNATIONAL P. 6EAGLE PROMENADE | OFFERING
MEMORANDUM
KEY tenant profile
The TACO DEL MAR® menu offers a fast, fun and delicious
alternative to traditional Mexican food. We feature large,
hand-rolled burritos and rippin’ fish tacos made to order just the
way you want them. The service is fast, the people are
enthusiastic, and the restaurants are inspired by beach culture. So
grab your surfboard and let’s head out to grab the next wave
together!
The mission of Annex Brands, Inc., is to develop a global
network of retail and commercially-located franchised
establishments to provide complete shipping and business-services
solutions for consumers and business alike. We accomplish this by
offering transportation services from moving vans to freight
shipping via air, land and sea. We offer small package and document
shipping via a choice of UPS, FedEx and USPS and offer a variety of
business services for small and home businesses.
At Diamond Nails, we focus on the art of a quality manicure and
pedicure with the products that you can trust. We specialized in
hard gel glitters, soak-off gel, shellac, pink & white acrylic
and gel overlay.
TENANT PROFILE
T-Mobile US provides wireless voice, messaging, and data
services under the T-Mobile, MetroPCS and GoSmart Mobile brands.
The company operates the third largest wireless network in the U.S.
market with over 65.5 million customers and annual revenues of $32
billion. Its nationwide network reaches 98 percent of Americans and
is ranked highest among major wireless carriers for retail-store
satisfaction four years consecutively and highest for wireless
customer care two years consecutively.
Vapor Lounge® is a locally owned company in the Pacific
Northwest with seven retail outlets as of 2017. Each of our Vapor
Lounge® stores has all of the latest electronic cigarettes and
e-liquid refills at the best prices you will find online or
anywhere else. We only offer products of the highest quality, and
customer satisfaction is our top priority. Come on in and visit us
at one of our seven area locations today. We love seeing our
customers!
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COLLIERS INTERNATIONAL P. 7EAGLE PROMENADE | OFFERING
MEMORANDUM
1 Mile 3 Miles 5 Miles
POPULATION
2015 Estimated Population 4,342 49,830 138,161
2020 Projected Population 4,630 53,089 147,031
2010 Census Population 3,964 46,098 126,654
2000 Census Population 2,720 37,630 100,814
Projected Annual Growth 2015 -2020 1.3% 1.3% 1.3%
Historical Annual Growth 2000-2015 4.0% 2.2% 2.5%
2015 Median Age 43.6 41.5 38.6
HOUSEHOLD
2015 Estimated Households 1,744 19,273 53,179
2020 Projected Households 1,908 21,055 58,024
2010 Census Households 1,545 17,400 47,724
2000 Census Households 1,052 13,353 36,751
Projected Annual Growth 2015 to 2020 1.9% 1.8% 1.8%
Historical Annual Growth 2000 to 2015 4.4% 3.0% 3.0%
INCOME
2015 Estimated Average Household Income $84,675 $86,010
$78,719
2015 Estimated Median Household Income $62,327 $67,754
$63,646
2015 Estimated Per Capita Income $34,010 $33,305 $30,339
EDUCATION (AGE 25+)
2015 Estimated Elementary (Grade Level 0 to 8) 1.2% 1.1%
1.5%
2015 Estimated Some High School (Grade Level 9 to 11)
3.2% 2.9% 3.9%
2015 Estimated High School Graduate 16.8% 17.3% 20.7%
2015 Estimated Some College 23.5% 25.8% 26.5%
2015 Estimated Associates Degree Only 9.0% 8.9% 8.8%
2015 Estimated Bachelors Degree Only 27.1% 29.1% 25.5%
2015 Estimated Graduate Degree 19.2% 14.9% 13.1%
DEMOGRAPHICS
COLLIERS INTERNATIONAL P. 7EAGLE PROMENADE | OFFERING
MEMORANDUM
1 Mile 3 Miles 5 Miles
POPULATION
2017 Estimated Population 4,639 51,669 142,384
2022 Projected Population 5,031 55,954 154,400
2010 Census Population 4,017 47,898 126,843
2000 Census Population 2,747 38,348 101,148
Projected Annual Growth 2017 to 2022 1.7% 1.7% 1.7%
Historical Annual Growth 2000 to 2017 4.1% 2.0% 2.4%
2017 Est. Median Age 42.5 41.1 38.9
HOUSEHOLD
2017 Estimated Households 1,868 19,940 54,438
2022 Projected Households 2,050 21,885 59,773
2010 Census Households 1,568 17,971 47,815
2000 Census Households 1,064 13,587 36,879
Projected Annual Growth 2017 to 2022 1.9% 2.0% 2.0%
Historical Annual Growth 2000 to 2017 4.4% 2.8% 2.8%
INCOME
2017 Est. Average Household Income $92,996 $89,988 $83,364
2017 Est. Median Household Income $72,909 $73,420 $69,021
2017 Est. Per Capita Income $37,440 $34,766 $31,912
MISC.
2017 Est. HH Income $100,000 and abpve 34.7% 33.6% 29.5%
2010 Median Home Value $253,668 $248,867 $231,512
2010 Median Rent $776 $895 $833
2017 Est. Labor Population Age 16 Years or Over 3,732 40,857
111,761
2017 Est. Bachelor Degree Only 24.6% 29.9% 26.2%
2017 Est. Graduate Degree 19.4% 14.2% 12.6%
2017 Est. Total Household Expenditure $126 M $1.31 B $3.37 B
DEMOGRAPHICS
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COLLIERS INTERNATIONAL P. 8EAGLE PROMENADE | OFFERING
MEMORANDUM
EAGLE, IDAHOLying just eight miles west of Boise, Eagle has all
the modern shopping amenities and services of a large metropolitan
city at its disposal. However, Eagle itself touts a quieter
landscape, where tree lined streets and modest, historic
architecture tell tales of simpler times. Downtown, buildings
dating back to the early 1900’s enjoy reemergence as a destination
and gathering place for residents – an anti-dote for the strip
malls and modern retail centers in nearby suburban cities.
Landmarks such as the town’s first bank (now home to a locally
owned – and neighborhood favorite – Italian restaurant) and a
saloon era building, originally called “Orville Jackson’s”
drugstore, serve as daily reminders of this grass-roots community’s
early western beginnings.
Eagle has art galleries, wineries, a museum and a library. It
even has a seasonal Farmer’s Market where locals gather to share
their produce, crafts and one another’s company. However, what
makes Eagle uniquely different is the city’s
atmosphere, where genuine friendliness is evident. In addition,
Ada County (commonly referred to as the “Treasure Valley”) has
repeatedly been recognized in many top 10 lists including “Best
Places to Live”, “Best State for Business”, “Best Place to Invest
in Housing” and “Best State for Expected Job Growth” as reported by
CNN, Forbes and Sunset Magazine. Eagle is one of the most desirable
communities in the highly-regarded Treasure Valley.
The south channel of the Boise River stretches the length of the
city, bringing wildlife, lush trees and breathtaking views along
with it. Twenty-three miles of greenbelt paths follow the river,
connecting Eagle and Boise, attracting pedestrians and bicyclists
year-round. To the north, the foothills provide a picture-perfect
backdrop and host miles of intricate trails for mountain bikers,
equestrians and hikers. Recreation of all types, including fishing,
camping and skiing are literally right outside the front door.
BOISE METRO AREA NATIONAL RECOGNITION
#1 State for Job GrowthMay 2015 | Governing.com
#2 Best City to Move to in 2015 March 2015 |
Simplemovinglabor.com
#1 City “Where the jobs will be this Spring” March 2015 |
Forbes
Best Under-the-Radar Destinations of 2015 Nov. 2014 | Huffington
Post
#1 Lowest Cost of Doing Business in the Pacific U.S. 2014 |
KMPG’s Competitive Alternatives
#10 Best Place to Invest in Housing2014 | Forbes
Top 10 Best Places to LiveSept. 2014 | Livability.com
Top 10 Best Cities for Active Families2014 | Outside
Magazine
AREA OVERVIEW
Phoenix
Salt Lake City
Las Vegas
San Francisco
Portland
Seattle
BOISE
1 84
84
18455
55
9Caldwell Star
Emmett
Eagle
MeridianBoise
Garden City
Mountain Home*
Nampa 21
Horseshoe Bend
Kuna
*Note: 40 miles from Boise to Mountain HomeSourse: Boise Valley
Economic Partnership
COLLIERS INTERNATIONAL P. 8EAGLE PROMENADE | OFFERING
MEMORANDUM
EAGLE, IDAHO
Lying just eight miles west of Boise, Eagle has all the modern
shopping amenities and services of a large metropolitan city at its
disposal. However, Eagle itself touts a quieter landscape, where
tree lined streets and modest, historic architecture tell tales of
simpler times. Downtown, buildings dating back to the early 1900’s
enjoy reemergence as a destination and gathering place for
residents – an anti-dote for the strip malls and modern retail
centers in nearby suburban cities. Landmarks such as the town’s
first bank (now home to a locally owned – and neighborhood favorite
– Italian restaurant) and a saloon era building, originally called
“Orville Jackson’s” drugstore, serve as daily reminders of this
grass-roots community’s early western beginnings.
Eagle has art galleries, wineries, a museum and a library. It
even has a seasonal Farmer’s Market where locals gather to share
their produce, crafts and one another’s company. However, what
makes Eagle uniquely different is the city’s atmosphere, where
genuine friendliness is evident. In addition, Ada County (commonly
referred to as the “Treasure Valley”) has repeatedly been
recognized in many top 10 lists including “Best Places to Live”,
“Best State for Business”, “Best Place to Invest in Housing” and
“Best State for Expected Job Growth” as reported by CNN, Forbes and
Sunset Magazine. Eagle is one of the most desirable communities in
the highly-regarded Treasure Valley.
The south channel of the Boise River stretches the length of the
city, bringing wildlife, lush trees and breathtaking views along
with it. Twenty-three miles of greenbelt paths follow the river,
connecting Eagle and Boise, attracting pedestrians and bicyclists
year-round. To the north, the foothills provide a picture-perfect
backdrop and host miles of intricate trails for mountain bikers,
equestrians and hikers. Recreation of all types, including fishing,
camping and skiing are literally right outside the front door.
AREA OVERVIEW
Sourse: Boise Valley Economic Partnership