OFFERING MEMORANDUM · 2020. 3. 12. · FOR SALE - 22,689 SF Single Credit Tenant Medical...
9
FOR SALE - 22,689 SF Single Credit Tenant Medical Investment PRICE REDUCED! OFFERING MEMORANDUM GRIFOLS BIOMAT USA PLASMA CENTER 858. 360. 3000 | caacre.com This information above was obtained from sources deemed reliable. No warranties or representations, expressed or implied, are made as to the accuracy of the information contained herein, and same is submitted subject errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. This information is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described herein shall be conducted through Commercial Asset Advisors. MIKE CONGER Principal [email protected] BRE Lic # 01381193 BRIAN JENKINS Principal [email protected] BRE Lic # 01814828 - 7150 EL CAJON BOULEVARD, SAN DIEGO, CA 92115
Transcript of OFFERING MEMORANDUM · 2020. 3. 12. · FOR SALE - 22,689 SF Single Credit Tenant Medical...
FOR SALE - 22,689 SF Single Credit Tenant Medical Investment
PRICEREDUCED!
OFFERING MEMORANDUMGRIFOLS BIOMAT USA PLASMA CENTER
858. 360. 3000 | caacre.comThis information above was obtained from sources deemed reliable. No warranties or representations, expressed or implied, are made as to the accuracy of the information contained herein, and same is submitted subject errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. This information is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described herein shall be conducted through Commercial Asset Advisors.
MIKE [email protected] Lic # 01381193
BRIAN [email protected] Lic # 01814828
- 7150 EL CAJON BOULEVARD, SAN DIEGO, CA 92115
THE OFFERINGCommercial Asset Advisors, as the exclusive marketing advisor to the Seller, is pleased to present to qualified investors, the outstanding opportunity to acquire the Grifols BioMat USA Plasma Center, a 22,689 SF single tenant mission critical medical building leased by a subsidiary of Grifols (NASDAQ-GRFS & BMAD-GRF) a $16.5 Billion Multinational Specialty Biopharmaceutical Company.
Originally built in 1973, ownership completely overhauled the building in 2008 with significant capital expenditure renovations. The tenant subsequently invested over $2,700,000 in specialty medical improvements for its use of the property.
The subject property is located on the north side of El Cajon Blvd. and is within the City of San Diego’s College submarket. The College area is centrally located off of the interstate 8 freeway. Median household income within the 3 mile radius of the property is $62,976 outpacing both the National average of $50,502 and the average in California $57,287 from 2011. With approximately 20,000 cars per day average traffic volume, incredible access to public transportation, and benefiting from its close proximity to San Diego State University, dense infill housing developments, and the city of La Mesa to it’s east, the property is primed to continue growing in value for generations to come.
OFFERING MEMORANDUMGRIFOLS BIOMAT USA PLASMA CENTER
This information above was obtained from sources deemed reliable. No warranties or representations, expressed or implied, are made as to the accuracy of the information contained herein, and same is submitted subject errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. This information is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described herein shall be conducted through Commercial Asset Advisors.
- 7150 EL CAJON BOULEVARD, SAN DIEGO, CA 92115
TENANT PROFILEBioMat USA is a division of Grifols, S.A., (www.grifols.com) a specialty pharmaceutical company, develops, manufactures, and distributes a range of biological medicines on plasma derived proteins worldwide. The company operates through five segments: Bioscience, Diagnostic, Hospital, Bio Supplies, and Others. The Bioscience segment manufactures plasma derivatives for therapeutic use; and sells and distributes end products. It offers plasma products, such as intravenous immune globulin, Factor VIII, alpha-1 proteinase inhibitor, and albumin; and intramuscular immunoglobulins, antithrombin III, Factor IX, and plasma thromboplastin components. The Diagnostic segment focuses on researching, developing, manufacturing, and marketing in vitro diagnostics products, including analytical instruments, reagents, software, and related products for use in clinical and blood bank laboratories. It serves blood donation centers, clinical analysis laboratories, and hospital immunohematology services. The Hospital segment offers products used by hospitals, as well as parenteral solutions and enteral nutritional fluids. The Bio Supplies segment provides biological products for non-therapeutic uses. The Others segment renders manufacturing services to third party companies. The company also provides infusion solutions, nutrition products, and medical devices for use in hospitals and clinics; and engineering services. Its products and services are used by healthcare providers to diagnose and treat patients with hemophilia, immune deficiencies, infectious diseases, and other medical conditions. The company serves hospitals and clinics, group purchasing organizations, governments, and other distributors through sales representatives, marketing partners, and third-party distributors. The company was founded in 1940 and is headquartered in Barcelona, Spain. (Source Yahoo Finance)
• S&P Corporate Rating BB
• Market Cap $16.53 Billion
• On Forbes List of Largest Global 2,000 Companies
• 2017 Revenue $4.32 Billion
• 2nd Most Plasma Centers in the US
Comparable Credit Rating to the following Corporations:
OFFERING MEMORANDUMGRIFOLS BIOMAT USA PLASMA CENTER
This information above was obtained from sources deemed reliable. No warranties or representations, expressed or implied, are made as to the accuracy of the information contained herein, and same is submitted subject errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. This information is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described herein shall be conducted through Commercial Asset Advisors.
- 7150 EL CAJON BOULEVARD, SAN DIEGO, CA 92115
EXECUTIVE SUMMARY
• $2.7 MILLION IN MISSION CRITICAL IMPROVEMENTS COMPLETED BY TENANT IN 2008
• LIMITED MEDICAL OFFICE AVAILABILITY IN THE AREA AND SIGNIFCANT BARRIERS TO ENTRY AND/OR RELOCATION
• SIGNIFICANT GROWTH AND DEMAND FOR PLASMA CENTERS WITH 64% OF PLASMA BEING SOURCED IN THE USA
• SIGNIFICANTLY BELOW MARKET RENT
TENANTBiomat USA Inc. A Delaware Corporation
LEASE TYPESingle Tenant Gross Lease (Landlord Pays Maintenance (Structural and Common Areas), Insurance, Taxes)Tenant Pays Utilities and Premises Maintenance
LEASE COMMENCE - EXPIRESLease Commenced April 1, 2008 – Two, 5-year Options to Extend have been exercised. Current Term Expires March 31, 2023.
REMAINING OPTIONSTwo, 5-year extensions left until 2033
PROJECTED YEAR 1 NOI$374,544
ANNUAL INCREASES 3%
ASKING PRICE$ 6,750,000 ($316/SF)
AVERAGE CAP5.72% - Over the Remaining Lease Term
OFFERING MEMORANDUMGRIFOLS BIOMAT USA PLASMA CENTER
This information above was obtained from sources deemed reliable. No warranties or representations, expressed or implied, are made as to the accuracy of the information contained herein, and same is submitted subject errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. This information is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described herein shall be conducted through Commercial Asset Advisors.
- 7150 EL CAJON BOULEVARD, SAN DIEGO, CA 92115
PROPERTY DESCRIPTIONPROJECT7150 El Cajon Blvd, San Diego, CA 92115
DESCRIPTIONGrifols BioMat USA Plasma Center, a 22,689 SF single tenant medical building
PARCEL NUMBER(2) 469-071-23, 469-071-20
BUILDING SIZE22,689 SF
LOT SIZE34,995 SF (.8 Acres)
YEAR BUILT / RENOVATED1973 / 2008
LEASED100%
PARKINGApproximately 49 Spaces
ELEVATORSOne (1)
ZONINGCUPD-CU-2-3
HVACRoof-mounted HVAC units provide heating and air conditioning
OFFERING MEMORANDUMGRIFOLS BIOMAT USA PLASMA CENTER
This information above was obtained from sources deemed reliable. No warranties or representations, expressed or implied, are made as to the accuracy of the information contained herein, and same is submitted subject errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. This information is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described herein shall be conducted through Commercial Asset Advisors.
- 7150 EL CAJON BOULEVARD, SAN DIEGO, CA 92115
RETAILER | CORPORATE NEIGHBORHOOD
EL CAJON BLVDEL CAJON BLVD
MONTEZUMA RDMONTEZUMA RD
70TH
ST
70TH
ST
7150 EL CAJON BLVD
Northeast San Diego County Family
Resource Center
EL CAJON BLVD
EL CAJON BLVD
NEIGHBORHOOD AREA MAP
OFFERING MEMORANDUMGRIFOLS BIOMAT USA PLASMA CENTER
858. 360. 3000 | caacre.comThis information above was obtained from sources deemed reliable. No warranties or representations, expressed or implied, are made as to the accuracy of the information contained herein, and same is submitted subject errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. This information is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described herein shall be conducted through Commercial Asset Advisors.
MIKE [email protected] Lic # 01381193
BRIAN [email protected] Lic # 01814828
- 7150 EL CAJON BOULEVARD, SAN DIEGO, CA 92115
SALES COMPARABLES
5670 OBERLIN DR., SAN DIEGO 145 THUNDER DR., VISTA 1951 CITRACADO PKWY., ESCONDIDO
Address Size Price Price/SF COE Date Tenant Property Type Class5670 Oberlin Dr.San Diego CA 92121 19,894 9,250,000$ 465$ 8/24/2018 Exp US Svc Inc. Flex B
145 Thunder Dr.Vista CA 92083 16,486 7,570,000$ 459$ 3/9/2018 United Health Group Medical Office B
1951 Citracado Pky. Escondido CA 92029 15,000 10,325,000$ 688$ 5/11/2018 DaVita Dialysis Medical Office B
*Not subject property
OFFERING MEMORANDUMGRIFOLS BIOMAT USA PLASMA CENTER
This information above was obtained from sources deemed reliable. No warranties or representations, expressed or implied, are made as to the accuracy of the information contained herein, and same is submitted subject errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. This information is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described herein shall be conducted through Commercial Asset Advisors.
- 7150 EL CAJON BOULEVARD, SAN DIEGO, CA 92115
San Diego County with more than 3.3 million residents is the fifth largest county in America. Bordered by the Pacific Ocean to the west, the Anza-Borrego Desert and the Laguna Mountains to the east, Marine Corps Base Camp Pendleton to the North and Mexico to the south, the diverse neighborhoods of San Diego are spread out over 4,200 square miles. With its year-round warm climate, 60 miles of coastline and appealing work, live, play lifestyle, the city is highly desirable. Referred to as America’s finest City, the City of San Diego boasts a citywide population of nearly 1.3 million residents and more than 3 million residents county-wide. It encompasses 18 incorporated cities and numerous other charming neighborhoods and communities, including downtown’s historic Gaslamp Quarter, Little Italy, Coronado, La Jolla, Del Mar, Carlsbad, Escondido, La Mesa, Hillcrest, Barrio Logan and Chula Vista just to name a few. The city is the heart of San Diego County and is the economic center of the region as well as the San Diego–Tijuana metropolitan area. San Diego’s main economic engines are military and defense-related activities, tourism, international trade, manufacturing and the especially rapidly growing high tech industry. San Diego hosts several major producers of wireless cellular technology. Qualcomm was founded and is headquartered in San Diego and is one of the largest private-sector employers in San Diego. The presence of the University of California, San Diego (UCSD), with the affiliated UCSD Medical Center, has helped make the area a center of research in biotechnology. Recently, San Diego was designated by a Forbes columnist as the best city in the country to launch a small business or startup company. San Diego is the fifth largest county in the United States and the second largest in California with a population in 2014 of 3.21 Million. By 2020, the County’s population is forecasted to be 3.54 million people. TRANSPORTATION - According to most recent US Internal Revenue Service data, the median household income in San Diego County is $59,414. The California Department of Transportation is forecasting real average salaries rising by an average of 1.4 percent per year from 2014 to 2019. San Diego is served by a network of freeways and highways, the San Diego Trolley light rail system, the SDMTS bus system, and Coaster and Amtrak Pacific Surfliner commuter rail. There are two Amtrak stations in San Diego, in Old Town and the Santa Fe Depot downtown. The city’s primary commercial airport is the San Diego International Airport, also known as Lindbergh Field. It is located along the San Diego Bay, 11.5 miles from the subject property in Kearny Mesa. In addition, the city itself operates two general-aviation airports, Montgomery Field and Brown Field.
SAN DIEGO OFFICE MARKET - According to CoStar, the San Diego Office market ended the 1st quarter 2018 with a vacancy rate of 9.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 46,300 square feet in the first quarter.
SAN DIEGO COUNTY MARKET OVERVIEW
OFFERING MEMORANDUMGRIFOLS BIOMAT USA PLASMA CENTER
858. 360. 3000 | caacre.comThis information above was obtained from sources deemed reliable. No warranties or representations, expressed or implied, are made as to the accuracy of the information contained herein, and same is submitted subject errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. This information is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described herein shall be conducted through Commercial Asset Advisors.
MIKE [email protected] Lic # 01381193
BRIAN [email protected] Lic # 01814828
- 7150 EL CAJON BOULEVARD, SAN DIEGO, CA 92115
For Sale - 22,689 SF Single Credit Tenant Mission Critical Medical
OFFERING MEMORANDUMGRIFOLS BIOMAT USA PLASMA CENTER
858. 360. 3000 | caacre.comThis information above was obtained from sources deemed reliable. No warranties or representations, expressed or implied, are made as to the accuracy of the information contained herein, and same is submitted subject errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. This information is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described herein shall be conducted through Commercial Asset Advisors.
MIKE [email protected] Lic # 01381193
BRIAN [email protected] Lic # 01814828
- 7150 EL CAJON BOULEVARD, SAN DIEGO, CA 92115
