The Roomstore at Prescott Gateway Mallvoit.reapplications.com/filecabinet/Property/169200...Lease Type: NNN Occupancy 100% Lease Term Remaining: 18.5 Years Primary Lease Term: 20 Years

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MThe Roomstore at Prescott Gateway Mall

FOR SALE | SINGLE TENANT NNN INVESTMENT OPPORTUNITY$6,350,000 / 7.80% CAP

3090 Gateway Blvd.Prescott, Arizona

TOM RICHARDSVice PresidentP 602.952.8648C [email protected]

Exclusively Offered by: DARREN TAPPENSenior Vice [email protected]

TOM RICHARDSVice [email protected]: 480.628.5331O: 602.513.5122

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CONFIDENTIALITY & DISCLAIMER STATEMENT

This Exclusive Offering Package (“Package”) was prepared by Voit Real Estate Services (“VRES” or “Voit”) on behalf of the Owner of 3090 Gateway Boulevard (“Owner”) and is

confidential and furnished to prospective purchasers of the property described herein subject to the terms of the Prospective Purchaser Confidentiality Agreement (“Agreement”)

previously provided to and executed by such prospective purchasers. This Package is intended solely to assist prospective purchasers in their evaluation of the property and their

consideration of whether to the purchase the property. It is not to be used for any other purpose or made available to any other person without the prior written consent of Voit.

This Package is subject to errors, omissions, changes or withdrawal without notice and does not constitute a recommendation or endorsement as to the value of the property by Owner/

Voit and their sources. Financial projections are provided as reference and are based on assumptions made by Owner/Voit and their sources. Prospective purchasers should make

their own projections and reach their own conclusions of value. Certain portions of this Package merely summarize or outline property information and are not intended to be complete

descriptions.

This Package was prepared on the basis of information available to the Owner and Voit in connection with the sale of the property. It contains pertinent information about the property

and the surrounding area but does not contain all the information necessary for a complete evaluation of the property. The projected cash flow and other financial information contained

herein are for general reference only.

Although the information contained in this Package is believed to be accurate and reliable, neither the Owner nor Voit guarantees its accuracy or completeness. Because of the

foregoing and because the property will be sold on an “as-is” basis, prospective purchasers should make their own independent assessments, investigations, and projections regarding

the property. Although additional material, which may include engineering, environmental, or other reports, may be provided to certain prospective purchasers as appropriate, such

parties should confer with their own engineering and environmental experts, counsel, accountants and other advisors and should not rely upon such material provided by Owner or Voit.

Neither Owner nor Voit nor any of their respective officers, advisors, agents, shareholders or principals, has made or will make any representation or warranties, express or implied,

as to the accuracy or completeness of the Package or any of the contents, and no legal commitment or obligation shall arise by reason of the Package or the contents. Analysis and

verification of the information contained in the Package is solely the responsibility of the prospective purchaser. The Owner expressly reserves the right, in its sole discretion, to reject

any offer to purchase the property or to terminate any negotiation with any party or any time, with or without notice. The Owner shall have no legal commitment or obligation to any

prospective purchaser unless and until a written purchase and sale agreement has been fully executed and delivered and any and all conditions to the Owner’s obligations thereunder

have been fully satisfied or waived. The Owner is responsible for any commission due to Voit in connection with the sale of the property. No other party, including Voit, is authorized to

make any representation or agreement on behalf of the Owner. This Package remains the property of the Owner and Voit and may be used only by parties approved by the Owner and

Voit. No portion of this Package may be copied or otherwise reproduced or disclosed to anyone except as provided herein and as permitted by the express terms of the Agreement.

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Table of Contents

EXECUTIVE SUMMARY

Investment Summary ..................................................................................................................................1

Investment Highlights ..................................................................................................................................1

PROPERTY OVERVIEW

Property Highlights .........................................................................................................................................2

Proposed Annual Financial Summary ......................................................................................2

Tenant Bio ................................................................................................................................................................3

Close Aerial ............................................................................................................................................................4

Area Map ...................................................................................................................................................................5

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Executive Summary

INVESTMENT SUMMARY

INVESTMENT HIGHLIGHTS

• Single Tenant NNN Lease with 18.5 years Remaining - Provides long term income stability and simplicity for the property owner where tenant pays property taxes, common area maintenance, and insurance.

• Tenant - Experienced operator in the furniture store business on a regional and national scale. Largest furniture retailer in Arizona.

• Surrounding Retailers - Strategic location in immediate proximity to Dillards, JC Penny, Sears, Michaels, WalMart, Best Buy, Costco, Petsmart, In-N-Out Burger, Olive Garden, Red Robin, Chase Bank, and dozens more serving a regional trade area.

• Traffic Counts - The property benefits from its hard corner location resulting in daily traffic counts of 40,557 vehicles per day.

• Value - At market rent combined with an attractive capitalization rate result in a competitive purchase price per square foot.

• Construction - High quality masonry construction completed in 2007.

3090 Gateway Boulevard in Prescott, Arizona is an attractive single tenant triple net investment located on a outparcel of the Prescott Gateway Mall. The 42,000 square foot retail building is 100% leased to The Roomstores of Arizona LLC for an additional 18.5 years. The property is conveniently located on the southeast hard corner of US69 and Gateway Boulevard. The adjacent Prescott Gateway Mall, owned by Macerich, is a regional 578,295 square foot regional mall anchored by Dillards, Sears, and JC Penney, and provides an excellent, long term draw for the trade area. The Roomstore operates 11 stores in Arizona and has an excellent track record in the business as a high quality furniture sale operator. The existing traffic pattern along US69 provides excellent traffic counts of 40,557 vehicles per day.

Demographics 3 Mile 5 Mile 10 MilePopulation 27,410 46,142 81,541

Average Household Income $66,063 $66,201 $64,589

PopulationTotal Regional Trade Area 192,000

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Property Overview

PROPERTY HIGHLIGHTS

PROPOSED ANNUAL FINANCIAL SUMMARY

List Price: $6,350,000

Cap Rate: 7.80%

Lease Type: NNN

Occupancy 100%

Lease Term Remaining: 18.5 Years

Primary Lease Term: 20 Years

Tenant: The Roomstores of Arizona, LLC

Net Operating Income: $495,600

Base Rent Per Square Foot: $12.00 NNNPurchase Price Per Square Foot: $151/SF

Total Square Feet: 42,000 SF

Options to Extend: (2) 10 year options

Parcel: Outparcel at Prescott Gateway Mall

Assessor Parcel Number: 103-20-570-J, Yavapai County

Year Built: 2007

Annual Base Rent Income $504,000

Operating Expense Reimbursement $84,296

Gross Potential Income $588,296

LESS Operating Expense ($84,296)

LESS $.20 PSF Reserves ($8,400)

Net Operating Income $495,600

Capitalization Rate 7.80%

Purchase Price $6,350,000

TENANT BIO

The Roomstores of Phoenix was founded in 1993 by Phillip Levitz, Dan Selznick, and Alan Levitz. Both Phillip and Dan were heavily involved in the early growth of Levitz Furniture Corporation and felt that by the early 1990’s the concept of selling furniture in predesigned rooms would be the next big trend in furniture retailing. The RoomStore also chose to partner with the largest nationally known furniture brands including Lane, Broyhill, Sealy, Posturepedic, Natuzzi and Cindy Crawford Home. The RoomStore’s core philosphy revolves around having the best selection, service and price coupled with immediate delivery. This direction has led to great success for The RoomStore with over $1.3 billion worth of furniture sold over The RoomStore’s 18 year history, making the company the largest furniture retailer in Arizona. The company started with two stores in the Phoenix metro area and now totals 11 stores, including stores in Prescott and Casa Grande.

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Property Overview

CLOSE AERIAL

SITEState Highway 60

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Gateway Blvd

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Property Overview

AREA MAP

Map Search For Property Located At

3090 GATEWAY BLVD PRESCOTT AZ

Page 1 of 1RealQuest.com ® - Map Search

12/22/2011http://pro.realquest.com/gpl/printRQMap?lat=34.55152860337928&lon=-112.423954010...

2375 E. Camelback Rd. Suite #150, Phoenix, AZ 85016 • 602.952.8648 • Lic #CO0638277000 • www.voitco.com

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Exclusively Offered by:

The Roomstore at Prescott Gateway Mallfor sale | single tenant nnn investment opportunity

DARREN TAPPENSenior Vice [email protected]

TOM RICHARDSVice [email protected]: 480.628.5331O: 602.513.5122