Verizon Wireless - Commercial Brokers Association ... · continue to receive excellent service and...

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Verizon Wireless Coos Bay, OR C o o s B a y , O R Highly visible retail store on Highway 101 85 Hall Avenue, Coos Bay, OR 97420 [ www.CapitalPacific.com ]

Transcript of Verizon Wireless - Commercial Brokers Association ... · continue to receive excellent service and...

Verizon WirelessCoos Bay, OR

Coos Bay, OR

Highly visible retail store on Highway 10185 Hall Avenue, Coos Bay, OR 97420

[ www.CapitalPacific.com ]

Moorehead Communications, doing business as The Cellular Connection, recently signed a brand new five year NNN lease after buying the operations from previous operator Phones Plus Inc. Moorehead Communications is the largest Verizon Wireless Master Agent in the nation, operating 395 of their own “Premium Retailer” Verizon Wireless stores. Along with other partners and affiliates, Moorehead supports over 550 locations under The Cellular

Connection (TCC) banner. TCC was recently recognized by Inc. magazine as one of America’s fastest-growing private companies for the fifth consecutive

year.

Rebuilt in 2014, the building is located in downtown Coos Bay where Hwy 101 becomes a divided commercial street. The Property enjoys direct access to Highway 101 northbound and excellent visibility from Highway 101 southbound as well. The surrounding area includes varied street retail buildings, quick serve restaurants, grocery stores, and other city service and industrial business services. As the largest city in Coos County and on the Oregon Coast, Coos Bay serves the broad population and tourists of the south coast region.

LEASABLE SF . . . . . . . . . . . ±2,000 SF

LAND AREA . . . . . . . . . . . . ±6,970 SF

LEASE TYPE . . . . . . . . . . . . NNN

YEAR BUILT . . . . . . . . . . . . 1975/2014 Remodel

PARKING . . . . . . . . . . . . . . . ±9 Spaces; 4.5 per 1,000 SF

VERIZON WIRELESS – COOS BAY IS A 2,000 SF SINGLE TENANT BUILDING LOCATED ON HIGHWAY 101.

PRICE: $905,000CAP: 6.00%

NEW 5 YEAR NNN LEASETenant responsible for taxes, insurance, and maintenance, including roof repairs. Landlord responsible for roof replacement and structure.

LEASE SIGNED BY NATIONAL VERIZON WIRELESS PREMIUM RETAILERMoorehead Communications (dba The Cellular Connection) is the largest Verizon Wireless Master Agent in the nation. See page 3 for article on The Cellular Connection acquisition of Phones Plus.

2014 COMPLETE REMODELBuilding reduced to studs and most systems replaced (wiring, siding, roof, HVAC, plumbing, etc).

Investment Highlights

ADDRESS:

85 Hall Avenue, Coos Bay, OR 97420 VERIZON WIRELESS - COOS BAY | 2

The Cellular Connection, the largest Verizon Premium Wireless Retailer in the U.S., announced it has acquired the Phones Plus chain of Verizon Wireless Premium Retailers with 18 stores located across Idaho, Washington, Oregon and Alaska.

With the acquisition, Phones Plus will rebrand as TCC, and all 90 of the Verizon retailer’s employees will continue serving the newly-acquired TCC stores, including those in Idaho in Coeur d’Alene, Hayden, Post Falls, Lewiston, Sandpoint and Ponderay.

“We warmly welcome these new employees and stores into the TCC family,” said Scott Moorehead, president and CEO of TCC, in the company’s press release. “These stores are well run and their dedicated teams share our values for serving the community and delivering superior customer service. We want to retain these teams and build on their

past successes as we introduce many more customers to the TCC experience.”

TCC was recently recognized by Inc. magazine as one of America’s fastest-growing private companies for the fifth consecutive year. Its long-standing relationship with Verizon Wireless coupled with its buying power allows the company to make its services more accessible to

customers while offering unparalleled customer service and competitive pricing.

“We have known and respected TCC for years and believe this combination is the next logical step for our business,” said Chris Cheeley, former president of Phones Plus. “Joining TCC presents excellent opportunities for our employees and ensures that our customers continue to receive excellent service and high quality products.”

WITH THE ACQUISITION, PHONES PLUS WILL REBRAND AS TCC, AND ALL 90 OF THE VERIZON RETAILER’S EMPLOYEES WILL CONTINUE SERVING THE NEWLY-ACQUIRED TCC STORES, INCLUDING THOSE IN IDAHO IN COEUR D’ALENE, HAYDEN, POST FALLS, LEWISTON, SANDPOINT AND PONDERAY.

In The News

CELLULAR CONNECTION ACQUIRES PHONES PLUS RETAILERS

May 29, 2015 - CDAPress.com

Link to article

VERIZON WIRELESS - COOS BAY | 3

Aerial

Best Western Bi-MartBurger King Cash & Carry City Hair City Subs Coos Cycle Supply Dairy Queen Dollar Tree Enterprise Rent-A-Car Fred Meyer Golder's Auto Parts Harley Davidson Joey's Arcade Kim's Oriental Market Little Caesars Pizza McDonald's Oregon Tool & Supply

Porter's R.V. Safeway Salvation Army Shell Smith's Bayway Market Starbucks Subway Taco Bell Tower Ford CollisionTrue Value U-Haul Umpaqua Bank Wells Fargo Bank Wendy's 7 Devils Brewing Company

ADDITIONAL RETAIL

JOHNSON AVE

ELROD AVE

101

101

MARSHFIELD HIGH SCHOOL

BLOSSOM GULCH ELEMENTARY

VERIZON WIRELESS

16,800 DAILY

15,400 DAILY

Verizon Wireless is located on northbound Highway 101 (VPD 15,400) with visibility from southbound Highway 101 (VPD 16,800) where the highway becomes a divided commercial street in downtown Coos Bay.

LOCATION

VERIZON WIRELESS - COOS BAY | 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.

Coos (5) I&E

PRICE $905,000Capitalization Rate: 6.00%

NET OPERATING INCOME SUMMARYSCHEDULED INCOME Per SFScheduled Rent: 8/1/2015 $27.00 $54,000Rent Increases Through: 8/1/2016 $0.14 $270Equals: Effective Gross Income $27.14 $54,270

Less: OPERATING EXPENSES Per SFCAMS NNNProperty Taxes NNNInsurance NNNTotal Operating Expenses NNN -

Equals: NET OPERATING INCOME $54,270

8/3/2015 [ <www.CapitalPacific.com> ]

Financial Analysis

VERIZON WIRELESS - COOS BAY | 5

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.

Coos (5) RR

TENANT INFO TERM

Tenant Name Size Date Monthly Rent Percent Increase Annual Rent PSF Cap Rate

Verizon - The Cellular Connection (Moorehead Communications, Inc.) 2,000 5/1/2015 $4,500 $54,000 $27.00 5.97%

5/1/2016 $4,590 2.0% $55,080 $27.54 6.09%Occupancy Date : 5/1/2015 5/1/2017 $4,682 2.0% $56,182 $28.09 6.21%Lease Expiration : 4/30/2020 5/1/2018 $4,775 2.0% $57,305 $28.65 6.33%

5/1/2019 $4,871 2.0% $58,451 $29.23 6.46%

Option 1 5/1/2020 $4,968 2.0% $59,620 $29.81 6.59%5/1/2021 $5,068 2.0% $60,813 $30.41 6.72%5/1/2022 $5,169 2.0% $62,029 $31.01 6.85%5/1/2023 $5,272 2.0% $63,270 $31.64 6.99%5/1/2024 $5,378 2.0% $64,535 $32.27 7.13%

Lease Notes

Current Totals: 2,000 $4,500 $54,000 $27.00 5.97%

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 SUMMARY

Comments: Landlord reponsible for roof replacement and maintenance and repair of foundation and structure.

8/3/2015 [ <www.CapitalPacific.com> ]

Rent Roll

VERIZON WIRELESS - COOS BAY | 6

Site Plan Not To Scale

Site Plan

SITE PLAN KEY

PARCEL OUTLINE:

LAND AREA: ±2,000 SF

BUILDING AREA: ±6,970 SF

INGRESS/EGRESS:

101

E HALL AVE

OREG

ON C

OAST

HW

Y16

,800

DAI

LY

COMPACT COMPACT COMPACT COMPACT

VERIZON WIRELESS - COOS BAY | 7

Coos Bay

BendEugene

Portland

3 Hrs 59 Mins224 Miles

COOS BAY AREA OVERVIEW

Coos Bay is the largest city in both Coos County and on the Oregon Coast. It serves the medical, education, retail, and professional center for the south coast region.

Coos Bay is located in Coos County, Oregon, where the Coos River enters Coos Bay on the Pacific Ocean. The Bay, with its sloughs and inlets, is the largest coastal estuary in the state and is the largest deep‐draft maritime commerce center between the Columbia River and San Francisco Bay.

Coos Bay and its sister city, North Bend, form a commercial and retail center with professional, medical, educational, and media services. Together Coos Bay and North Bend are often referred to as one entity called either Coos Bay-North Bend or the Bay Area.

1-Mile 3-Mile 5-MileMedian $35,000 $36,559 $36,296Average $45,246 $49,051 $49,028

2015 HOUSEHOLD INCOMES

1-Mile 3-Mile 5-Mile2010 4,923 18,699 34,5392015 4,899 18,572 34,5982020 4,899 18,467 34,602

POPULATION

2 Hrs 11 Mins117 Miles

4 Hrs 29 Mins242 Miles

In The News

5 Miles

3 Miles

1 Mile

VERIZON WIRELES

VERIZON WIRELESS - COOS BAY | 8

MICHAEL [email protected] | (503) 675-8381

PETER [email protected] | (503) 607-0197

KEVIN ADATTO [email protected] | (503) 675-7726

SEAN MACK [email protected] | (503) 675-8378

SEAN TUFTS [email protected] | (206) 743-8468

A unique HUMANRESULTS-DRIVEN client experience

THE CAPITAL PACIFIC EXPERIENCE - OUR DAILY COMMITMENT TO OUR CLIENTS

[ www.CapitalPacific.com ]

[ Copyright © 2015 Capital Pacific LLC ]

SCOTT FRANK [email protected] | (503) 675-8383

DAVID GELLNER [email protected] | (206) 913-2842