Pocatello Square Retail Center · Pocatello Square Retail Center POCATELLO SQUARE RETAIL CENTER is a 9,402 SF center located off I-86 in Pocatello, Idaho. The offering provides an

Pocatello Square Retail CenterPOCATELLO, IDAHO

Pocatello Square Retail Center1799 HURLEY DRIVE, POCATELLO, ID 83202

Overview

Pocatello Square Retail Center

POCATELLO SQUARE RETAIL CENTER is a 9,402 SF center located off I-86 in Pocatello, Idaho. The offering provides an opportunity to acquire a 100% occupied four tenant retail center with minimal near-term lease expiration. Over 75% of the NOI is comprised of two national tenants with 3-5 years remaining on both leases. The center is near Pine Ridge Mall located within a thriving retail corridor. The Property benefits from increased development in the immediate area including major retailers, restaurants, and auto dealerships.

LEASEABLE SF9,402 SF

LAND AREA32,670 SF

OCCUPANCY100%

PRICE PER SF $238

YEAR BUILT2007

AVG CURRENT RENTS$18.88/SF

Investment Summary

7.25%CAP

$2,240,000PRICE

PAGE 3

Overview

FULLY OCCUPIED RETAIL STRIP WITH ALL TENANTS ON NNN LEASES.

STAGGERED LEASE EXPIRATIONS CREATE POTENTIAL BACKFILL

FLEXIBILITY.

40% OF THE TENANTS ARE BELOW MARKET RENTS

TENANT MIX HIGHLIGHTED BY NATIONAL BRANDS AMERICA’S BEST

AND T-MOBILE.

TheHighlights

Investment Highlights

AMERICA’S BEST RECENTLY EXECUTED A 5-YEAR EXTENSION.

SIGNIFICANT SURROUNDING DEVELOPMENT INCLUDING RED ROBIN,

PETSMART, CHRYSLER & HONDA DEALERSHIPS.

THE PROPERTY BENEFITS FROM THE RECENT REVITALIZATION/

REPURPOSING OF PINE RIDGE MALL.

Investment Highlights

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MAJOR RETAILAlbertsonsBed Bath & BeyondBig 5 Sporting GoodsCostco WholesaleDick’s Sporting GoodsDollar TreeFamily DollarFred Meyer

GoodwillGrocery OutletHarbor Freight ToolsHome DepotJoAnn Fabric and CraftsLowe’sRite AidRoss Dress for Less

Sportsman’s WarehouseStarbucksTJ MaxxTractor SupplyULTA BeautyWalgreensWalmart SupercenterWinCo

TOTAL 1-MILE 3-MILES 5-MILES

Businesses 454 1,911 2,569

Employees 6,775 21,220 29,024

Population 8,011 53,122 70,202

KEY 1-MILE 3-MILES 5-MILES

BusinessSummary

PINE RIDGE MALLBath & Body WorksBuckleC-A-L RanchDiscount Tire

GNC Hobby LobbyJCPenneyMaurices

Panera BreadPlanet FitnessRed LobsterRed Robin

Surrounding Retail

26,579 VPD

PINE RIDGEMALL

86 86

POCATELLOSQUARE RETAIL

CENTER

YELLOW

STON

E AVE.

W QUINN RD.

THE NORTHGATE DISTRICT THE NORTHGATE DISTRICT IS A MASTER PLANNED DEVELOPMENT that will include residential, a technology park, and shopping district.

The new development, which broke ground in 2018, will include the following:• A true live, work, and play community design• Excellent quality, affordable homes in a walkable and bikeable neighborhood• 1 Million square-foot office/tech park that will ultimately support 6,000 jobs• Integrated retail and shopping district• 10,000 residential units at build-out

The project is being spearheaded by Millennial Development Partners and Portneuf Development.

THE NORTHGATE DISTRICT

New Developments

64

7

1

58

POCATELLOSQUARE RETAIL

CENTER

86 86

YELLOW

STON

E AVE.

W QUINN RD.

2

9

10 1112

3PINE RIDGE

MALL

1. FREDDY’S/ COSTA VIDA 2. CHRYSLER JEEP DODGE3. HONDA4. PETSMART

5. MATTRESS FIRM6. MACKENZIE RIVER PIZZA7. NAPA AUTO PARTS 8. MOD PIZZA

9. PANERA BREAD10. HOBBY LOBBY11. RED ROBIN12. CHIPOTLE & NOODLES

Surrounding Developments

New Developments

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HU

RLEY DRIV

E

35 SPACES;3.7/1,000 SF

0.75ACRES

9,402LEASEABLE SF

POLE LINE ROAD

21,740 VPD

W QUINN ROAD

Site Plan

SITE PLAN NOT TO SCALE

INSTALLER DIRECT

FLOORING

WANDERLUST

Site Plan

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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.

Income & Expense

PRICE $2,240,000

CAPITALIZATION RATE 7.25%PRICE PER FOOT $238

CASH FLOW SUMMARY

SCHEDULED INCOME PER SFBase Rent for the Period of: 1/1/2020 - 12/31/2020 $18.88 $177,465Rent Increases Over Base Rent $0.05 $497Operating Expense Reimbursement $5.10 $47,957Equals: Scheduled Gross Income $24.03 $225,919Market Vacancy 5% ($1.20) ($11,296)Total Effective Gross Income (EGI) $22.83 $214,623

OPERATING EXPENSES Per SFCAMS $2.16 $20,275Property Taxes $2.14 $20,077Insurance $0.33 $3,093Management Fee of EGI $0.82 $7,749Reserves $0.10 $940Total Operating Expenses $5.54 $52,134

NET OPERATING INCOME $17.28 $162,489

3.5%

9/23/2019 [ <www.CapitalPacific.com> ]

40% OF TENANTS ARE BELOW MARKET RENT

Financial Summary

RentRoll

TO ACCESS THE FULL FINANCIAL SUMMARY INCLUDING RENT ROLL, PLEASE EXECUTE THIS FORM.

Financial Summary

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DATE RANGE MONTHLY RENT ANNUAL RENT

9/1/2015 - 1/31/2020 $5,091 $61,094

2/1/2020 - 1/31/2025 $5,091 $61,094

OPTIONS 1, 5-YR Option with a 10% Increase

TENANT National Vision, Inc. dba America’s BestBUILDING SF 2,777 SFLEASE TYPE NNNLEASE COMMENCEMENT February 1, 2010LEASE EXPIRATION January 31, 2025OPTIONS 1, 5-YR Option; 180-Day Notice

Premise & Term

Rent

LeaseProvisionsASSIGNMENT/SUBLETTINGTenant may not assign or sublease without the prior written consent of Landlord, which shall not be unreasonably withheld.

EXCLUSIVE USETenant shall have the exclusive right in the property or any adjoining property owned by Landlord for optometric and ophthalmological practice and procedures including the sale of eye wear and accessories.

CO-TENANCYIf, at any time 75% or more of the Shopping Center or 2 of the major tenants close for business for a period in excess of ninety (90) consecutive days (“Abatement Event”) tenant shall have the right to abate rent in full for 12 months until such Abetment Event is cured. After twelve months tenant has the option to terminate.

Lease Abstract

COMMON AREASTenant agrees to pay Landlord as additional rent Tenant’s pro rata share of all common area costs as defined in the lease. Tenant’s pro rata share shall not increase more than 5% over the charge for the previous calendar year.

MASTER COMMON AREA EXPENSESTenant is responsible for Tenant’s pro rata share of the Common and Limited Common Area expenses assessed to Landlord for Common and Limited Common area Maintenance associated with the Premises for each Lease Year as provided in the Declaration.

TAXESTenant is responsible for Tenant’s pro rata share of any real estate taxes.

INSURANCETenant is responsible for Tenant’s pro rata share of the premium costs incurred by Landlord for insurance coverage.

UTILITIESTenant is responsible for direct payment of gas and electricity and reimbursement to Landlord for water, sewer, and trash removal as part of Common Area Expenses.

MANAGEMENT FEETenant is not responsible for the reimbursement of management fees.

ADMINISTRATIVE FEETenant is not obligated to pay any administrative fee in excess of 10% of the other Common Area Expenses.

LANDLORD’S OBLIGATIONSLandlord is responsible for the roof, foundation, concrete slab floor, structural joints, exterior walls, utility systems and sewer lines, and sprinkler system.

TENANT’S OBLIGATIONSTenant is responsible for all maintenance and repair to the interior of the Premises including the plumbing, electrical, and HVAC (up to $500/occurrence) that are exclusive to the Premises.

Expenses

Lease Abstract

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DATE RANGE MONTHLY RENT ANNUAL RENT

9/1/2017 - 8/31/2022 $6,088 $73,053

OPTIONS 2, 5-YR Options

OPTION RENTDATE RANGE MONTHLY RENT ANNUAL RENT

9/1/2022-8/31/2027 $7,107 $85,2809/1/2027-8/31/2032 $8,279 $99,352

TENANT Express Locations, LLC SUBLEASE TENANT T-Mobile West Corporation dba T-MobileBUILDING SF 2,837 SFLEASE TYPE NNNLEASE COMMENCEMENT September 1, 2012LEASE EXPIRATION August 31, 2022OPTIONS 2, 5-YR Options; 90-Day Notice

Premise & Term

Rent

Lease ProvisionsASSIGNMENT/SUBLETTINGTenant may not assign or sublease without the prior written consent of Landlord, which shall not be unreasonably withheld.

EXCLUSIVE USETenant shall have the exclusive right to sell wireless products and services on the Property.

ANTENNATenant shall have the right to place communications dishes, antennae and related equipment (collectively the “Antenna Equipment”) on the roof of the Building over the Premises for its own use.

Lease Abstract

ExpensesCOMMON AREASTenant agrees to pay Landlord as additional rent Tenant’s pro rata share of all common area costs as defined in the lease. Tenant’s pro rata share shall not increase more than 5% over the charge for the previous calendar year.

MASTER COMMON AREA EXPENSESTenant is responsible for Tenant’s pro rata share of the Common and Limited Common Area expenses assessed to Landlord for Common and Limited Common area Maintenance associated with the Premises for each Lease Year as provided in the Declaration.

TAXESTenant is responsible for Tenant’s pro rata share of any real estate taxes.

INSURANCETenant is responsible for Tenant’s pro rata share of the premium costs incurred by Landlord for insurance coverage.

UTILITIESTenant is responsible for all utility charges of the Premises.

MANAGEMENT FEETenant is not responsible for the reimbursement of management fees.

ADMINISTRATIVE FEETenant is not obligated to pay any fee for supervision, administration, or management in excess of 5% of the total Common Area Costs.

TENANT’S OBLIGATIONSTenant is responsible for all maintenance and repair to the interior of the Premises including the plumbing, electrical, and HVAC that are exclusive to the Premises.

LANDLORD’S OBLIGATIONSLandlord is responsible for the maintenance, repair and replacement of the foundations, footings, exterior surfaces and paint, all utility systems to the point of distribution within the Premises, sprinkler mains and monitoring systems, if any, all structural systems, including without limitation, the roof, roof membrane, roof covering, load bearing walls, floors, slabs, and masonry walls. Landlord shall be responsible for replacement, when indicated, of the HVAC system at Landlord’s sole cost and expense.

Lease Abstract

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Featured Photography

Featured Photography

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Q: DO ANY TENANTS HAVE A CO-TENANCY CLAUSE?

A: Yes, America’s Best has a co-tenancy clause with Lowe’s and Walmart.

Q: DO ANY OF THE TENANTS HAVE A PERSONAL GUARANTY ON THEIR LEASE?

A: Yes, both Wanderlust and Direct Flooring are personally guaranteed leases.

Q: DO ANY TENANTS HAVE EXCLUSIVE USE CLAUSES?

A: Yes, America’s Best has an exclusive use for ophthalmology and T-Mobile has an exclusive use for the sale of wireless products and services.

Q: IS POCATELLO SQUARE RETAIL CENTER PART OF A LARGER DEVELOPMENT?

A: Yes, Pocatello Square Pad falls under the Master Common Area of Pocatello Square

Pocatello Square Subdivision - Declaration of Covenants, Conditions and Restrictions Pocatello Square Retail Center referenced as Parcel A in CC&Rs Declarant – Trevision Development, LLC

COMMON AREA MAINTENANCE Maintaining, repairing, seal coating, and resurfacing, common ingress and egress private roadways and removing snow, debris, and refuse and thoroughly sweeping the road area.

COMMON AREA EXPENSEThe amounts to be assessed to the Members for their proportionate share of the cost and expense of the Common Area Maintenance. Limited Common Area – The private easement for water and sewer system. LIMITED COMMON AREA EXPENSEEach parcel’s proportionate share, of the three Parcels in the Project which abut Hurley Drive, of expenses for the water and sewer system.

Questions & Answers

EASEMENTSBuilding encroachments:Easement for any building or structure located on any Owner’s Parcel which may encroach into or over the grantor’s adjoining Parcel(s) providing encroachment does not exceed two feet and easement for canopies, eaves, and roof overhangs does not exceed four feet.

PARKING No Common Area Parking is available in the Project for use by the Owners of the Parcels

RESTRICTED USES• Night club, stand alone bar, or tavern• Billiard or pool hall, gambling• Amusement park, carnival, or indoor children’s rec facility• Bowling alley or skating rink• Pawn shop or check cashing facility• Drive-through – Must be fast food and shall not exceed 3,700 SF and must have

a parking ratio of at least 10:1

MANAGEMENT Except for the Declarant’s right reserved in the Declaration, theBoard shall have the duty to manage the Common Area and Limited Common Area in the Project.

Questions & Answers

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POCATELLO is known as the “Gateway to the Northwest.” Founded in 1889 and located in southeast Idaho, Pocatello is the county seat and largest city of Bannock County, Idaho. It is the principal city of the Pocatello metropolitan area, which encompasses all of Bannock and Power counties, and is the fifth largest city in Idaho. Pocatello has a four-season climate where clear, sunny and dry is the norm. The area is popular for its numerous outdoor activities including hiking, biking, fishing, skiing and riding ATV’s. Employment in Pocatello is anchored by education, health and social services. The city’s largest employer is Idaho State University, a public university with over 15,000 students.

Pocatello,Idaho

Location

1 HR 45 MINS114 MILES

KEY 5 MINS 10 MINS 15 MINS

POPULATION

5 MINS 10 MINS 15 MINS

2010 11,169 50,104 70,174

2018 11,640 52,442 73,586

2023 11,947 53,818 75,504

2018 HH INCOME

5 MINS 10 MINS 15 MINS

Average $52,240 $59,437 $60,576

Median $41,081 $46,033 $46,965

DriveTime

Distanceto

Jackson,Wyoming

Twin Falls, Idaho

2 HRS 34 MINS140 MILES

Location

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Contact Us

PETER [email protected]: 503.607.0197

LANCE [email protected]: 503.607.0207

SEAN [email protected]: 503.675.8378

We’d love to hearfrom you.

The information in this Executive Summary 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. All rights reserved to Capital Pacific, LLC.

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