Goodyear & Sleep Train - Capital Pacific GOODYEAR TO REBRAND WINGFOOT LOCATIONS AKRON, OH - OCTOBER...
12
Goodyear & Sleep Train For more info on this opportunity plse conct: Capital Pacific collaborates. Click here to meet the rest of our San Francisco team. Distribution center with freeway access in Northern california 1570 Charles Drive, Redding CA, 96003 JACK NAVARRA jnavarra@capitalpacific.com | (415) 274-2705 CA BRE# 01909630 CHRIS KOSTANECKI ck@capitalpacific.com | (415) 274-2701 CA BRE# 01002010 CHRIS PETERS cpeters@capitalpacific.com | (415) 274-2703 CA BRE# 01339983 DAVE LUCAS dlucas@capitalpacific.com | (415) 274-7390 CA BRE# 01389761
Transcript of Goodyear & Sleep Train - Capital Pacific GOODYEAR TO REBRAND WINGFOOT LOCATIONS AKRON, OH - OCTOBER...
Goodyear & Sleep Train
For more info on this opportunity please contact:
Capital Pacific collaborates. Click here to meet the rest of our San Francisco team.
Distribution center with freeway accessin Northern california1570 Charles Drive, Redding CA, 96003
JACK [email protected] | (415) 274-2705 CA BRE# 01909630
CHRIS [email protected] | (415) 274-2701 CA BRE# 01002010
CHRIS [email protected] | (415) 274-2703 CA BRE# 01339983
DAVE [email protected] | (415) 274-7390 CA BRE# 01389761
Investment HighlightsNEWLY RENOVATED, TWO TENANT DISTRIBUTION CENTER WITH STRATEGIC LOCATION JUST OFF OF INTERSTATE-5 IN REDDING, CALIFORNIA
The subject property is a 100% leased distribution center in Redding, CA. Sleep Train operates a distribution center servicing Northern California and Oregon at the site. Wingfoot Commercial (dba Goodyear) recently signed a 10 year lease and took possession of their space in July 2014. The property benefits from its close proximity to Interstate-5, providing excellent access to all of Northern California.
RENTABLE SF . . . . . . . . . . . . .55,200 SFPRICE PER SF . . . . . . . . . . . . .$67.30LAND AREA . . . . . . . . . . . . . . . 3.53 ACYEAR RENOVATED . . . . . . . . . 2014
PRICE: $3,715,000CAP: 6.35%
LOCATION HIGHLIGHTS
Highly desirable location for industrial users. Nearby tenants include CalTrans, FedEx Ground, Firestone and several others.
Close proximity to I-5 with excellent truck access to the property.
INVESTMENT HIGHLIGHTS
100% leased to corporate tenants
Low price per square foot
Recent capital investment of approximately $300,000 in tenant improvements for Goodyear’s space
LEASE HIGHLIGHTSNNN leases with minimal landlord responsibilities
Recently signed long terms leases at market rents
Both leases feature attractive rental increases throughout the primary term and in each option
GOODYEAR & SLEEP TRAIN | 2
Aerial
N M
arke
t Stre
et
Mountain Lakes Boulevard
Caterpillar Road
Geor
ge D
rive
Charles Drive
5
5273
273
SACRAMENTO
SUBJECT PROPERTY
GOODYEAR & SLEEP TRAIN | 3
Site Plan
CHAR
LES
DRIV
E
Dock Doors
Office Area
Delivery Office
Office 1
Office 1
RR RR
RR RR
7 Dock Doors with
Levelers
12x1
4 Su
rface
Doo
r
12x1
4 Su
rface
Doo
r
Rainwater Retention
Yard Area
Truc
k Ac
cess
Wingfoot Yard Area
Break Room
COM
MON
DEM
ISIN
G W
ALL
COM
MON
DEM
ISIN
G W
ALL
Cold Room
General Locker Room
Win
dow
Win
dow
Counter/Sink
Wash Sink
Break Room
Office Area
Entry
/Exi
t
RR
RR
COM
MON
DE
MIS
ING
WAL
LDelivery
Office
Break Room
Suite 100 Office Area
Suite 200 Office Area
Suite 100 Office Area
RR
RR
Office 1 Office 2
GOODYEAR & SLEEP TRAIN | 4
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 $3,715,000
Price Per Square Foot: $67.30
Capitalization Rate: 6.35%
Total Rentable Area (SF): 55,200
STABILIZED INCOME Per Square Foot
Scheduled Rent $4.44 $245,088
Expense Recapture $1.11 $61,031
Effective Gross Income $5.55 $306,119
LESS Per Square Foot
Taxes NNN $0.00
Insurance NNN $0.00
Operating Expenses ($1.11) ($61,031)
Management Fee (3%) ($0.17) ($9,184)
Total Operating Expenses ($1.27) ($70,215)
EQUALS NET OPERATING INCOME $235,904
GOODYEAR & SLEEP TRAIN | 5
TENANT INFO LEASE TERMS RENT SUMMARY
Tenant Name Sq. Ft. Term Current Rent
Monthly Rent
Yearly Rent
Monthly Rent/FT
Yearly Rent/FT
Sleep Train, Inc. 26,768 12/01/12 11/30/13 $9,636 $115,638 $0.36 $4.32
12/01/13 11/30/14 $118,850 $9,904 $118,850 $0.37 $4.44
12/01/14 11/30/15 $10,172 $122,062 $0.38 $4.56
12/01/15 11/30/16 $10,440 $125,274 $0.39 $4.68
12/01/16 11/30/17 $10,707 $128,486 $0.40 $4.80
12/01/17 11/30/18 $10,975 $131,699 $0.41 $4.92
12/01/18 11/30/19 $11,243 $134,911 $0.42 $5.04
12/01/19 11/30/20 $11,510 $138,123 $0.43 $5.16
12/01/20 11/30/21 $11,778 $141,335 $0.44 $5.28
12/01/21 11/30/22 $12,046 $144,547 $0.45 $5.40
Option 1 12/01/22 11/30/23 $12,407 $148,884 $0.46 $5.56
12/01/23 11/30/24 $12,779 $153,350 $0.48 $5.73
12/01/24 11/30/25 $13,163 $157,951 $0.49 $5.90
12/01/25 11/30/26 $13,557 $162,689 $0.51 $6.08
12/01/26 11/30/27 $13,964 $167,570 $0.52 $6.26
Option 2 03/01/27 02/29/32 Rent shall be equal to FMV for Redding Industrial
Wingfoot Commercial Tire Systems, LLC 28,432 09/01/14 08/31/16 $126,238 $10,520 $126,238 $0.37 $4.44
09/01/16 08/31/18 $10,993 $131,919 $0.39 $4.64
09/01/18 08/31/20 $11,488 $137,855 $0.40 $4.85
09/01/20 08/31/22 $12,005 $144,058 $0.42 $5.07
09/01/22 11/30/24 $12,545 $150,541 $0.44 $5.29
Option 1 12/01/24 11/30/29 $12,859 $154,304 $0.45 $5.43
Option 2 12/01/29 11/30/34 Rent shall be equal to 80% of FMV for Redding Industrial
Totals: 55,200 $245,088 $20,424 $245,088 $0.37 $4.44
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
GOODYEAR & SLEEP TRAIN | 6
SLEEP TRAIN, INC
Founded in 1985 by Dale Carlsen, Sleep Train is an employee owned company and is the West Coast’s number one mattress retailer and number four nationwide. Today, there are over 100 California Sleep Train locations that span from San Diego to the Oregon border. Sleep Train Mattress Centers is known for their dedication to the community with the Sleep Train Foster Kids program, as well as their commitment to providing superior service, top brand name selection and a low price guarantee. Some rewards & recognition below: • Voted “Best Mattresses” - KCRA A-List, 2013• Voted “Best Mattress Store” - San Diego Union Tribune, 2013• Voted Top “Best Beds & Mattress” Store - Bay Area A-List, 2013• “Casey Excellence for Children Award”- Casey Family Programs, 2013
Tenants
WINGFOOT COMMERCIAL TIRE SYSTEMS, LLC (GOODYEAR TIRES)
Wingfoot Commercial Tire Systems, LLC is the nation’s largest commercial tire distributor and retreader with 168 Wingfoot locations and 44 Wingfoot Truck Care locations across North America. Their infrastructure gives them the unique ability to service large nation-wide fleets and also give hometown service to regional and local fleets. Wingfoot Commercial Tire Systems offers the following services: preferred fleet program, 24-hour road service, government tales, wheel refurbishing/reconditioning, foam fill, and wheel alignment.
Wingfoot Commercial Tire Systems, LLC is a wholly-owned subsidiary of The Goodyear Tire & Rubber Company. The Goodyear Auto Service Centers are full-service tire and automotive repair stores wholly owned and operated by the Goodyear Tire & Rubber Company. Since 1924, the Goodyear Auto Service Centers have provided excellence in tire and automotive service to drivers nationwide.
GOODYEAR & SLEEP TRAIN | 7
GOODYEAR TO REBRAND WINGFOOT LOCATIONS
AKRON, OH - OCTOBER 23, 2013The Goodyear Tire & Rubber Company’s commercial tire network is getting a new identity that fully leverages the power and equity of the Goodyear brand.
Starting this month, Goodyear will begin the process of rebranding its Wingfoot locations as Goodyear Commercial Tire & Service Centers.
There are 180 tire sales, service, retread facilities and truck care centers that operate under the Wingfoot banner. (Wingfoot Commercial Tire and retread locations comprise 135 of that total. Wingfoot Truck Care Centers make up the rest.)
When the rebranding process is complete, all Wingfoot locations will operate as Goodyear Commercial Tire & Service Centers. Wingfoot Commercial Tire Systems LLC will still be a wholly owned subsidiary of Goodyear, but it will do business as Goodyear Commercial Tire & Service Centers.
“We are rebranding Wingfoot locations to utilize the strength and equity of the Goodyear brand,” said Phillip Kane, vice president, Goodyear Commercial Tire Systems.
“Our extensive research shows that fleet customers know and trust the Goodyear name. We believe we can utilize the power of the Goodyear brand to drive additional traffic to our Commercial Tire & Service Centers.”
The rebranding process will include location signage, service truck identification, employee uniforms and other items relevant to Wingfoot’s business.
Kane noted that Wingfoot’s product line-up, service menu and organizational structure will remain unchanged.
“The decision to do business as Goodyear Commercial Tire & Service Centers represents the next step in the evolution of our truck tire sales and service network,” he added.
“It reinforces our network’s position as the premier, nationwide destination for commercial tires and services for fleets of all sizes, and demonstrates our commitment to the commercial trucking industry.”
In the News
We are rebranding Wingfoot locations to utilize the strength and equity
of the Goodyear brand
GOODYEAR & SLEEP TRAIN | 8
Photos
RECENTLY RENOVATED
IMPROVEMENTS
GOODYEAR & SLEEP TRAIN | 9
Redding
Regional MapRedding, CA
Location
SUBJECT PROPERTY
Sacramento
San Francisco
GOODYEAR & SLEEP TRAIN | 10
REDDING, CA OVERVIEW
Redding is located in Northern California, just south of Shasta Lake, nestled between the Cascades and the Trinity Alps. Its central location on I-5 in Shasta County has made it the nationally recognized marketplace of northern California, serving the adjacent counties of Tehama, Trinity and Siskiyou.
The outdoor lifestyle and air quality of the metropolitan Redding area have attracted many highly skilled people from larger urban areas, creating a choice labor force.
Both Money Magazine and Expansion Management Magazine have recognized the Shasta County metro area for its quality business environment.
Favorable zoning laws and the availability of low-cost electricity in Redding give many industries a competitive advantage.
Redding also offers an extremely successful Down Payment Assistance Program to aid fi rst-time homebuyers. Affordable commercial and residential real estate, low-cost skilled labor and a low crime rate also contribute to Redding’s rapid growth.
Location & Demos
2013 HOUSEHOLD INCOMES
1-Mile 3-Mile 5-Mile
2010 2,247 28,375 71,5042013 2,232 28,304 71,0792018 2,229 28,429 71,167
1-Mile 3-Mile 5-Mile
Average $52,575 $55,849 $55,851Median $39,183 $40,691 $40,701
POPULATION
Employer # of Employees*Shasta County 1,800Mercy Medical Center 1,600City of Redding 775Shasta Regional Medical Center 700*Approximate
TOP EMPLOYERS IN REDDING
GOODYEAR & SLEEP TRAIN | 11
A unique HUMANRESULTS-DRIVEN client experience
THE CAPITAL PACIFIC EXPERIENCE - OUR DAILY COMMITMENT TO OUR CLIENTS
[ www .CapitalPacific .com ]
Copyright © 2014 [Capital Pacific Real Estate Brokerage Company]
JACK [email protected] | (415) 274-2705 CA BRE# 01909630
CHRIS [email protected] | (415) 274-2701 CA BRE# 01002010
ZEB [email protected] | (415) 274-2702 BRE# 0124540
CHRIS [email protected] | (415) 274-2703 CA BRE# 01339983
