offering memorandum: gardner center, battle ground, wa

OFFERING MEMORANDUM

BATTLEGROUND CINEMA & TWO MULTI-TENANT BUILDINGSA PORTION OF GARDNER CENTER • 1710 SW 9th Avenue • Battle Ground, Washington • 98604

In Conjuntion With:

Tim BurTon | Texas Broker

800.261.5953 • [email protected]

arvin vander veen206.654.0521 • [email protected]


Information contained herein has been obtained from reliable sources, however, we do not guarantee its accuracy. Battleground Cinema & Two Multi-Tenant Buildings • 2

This Offering Memorandum has been prepared by Tim Burton and is proprietary and strictly confidential. While we do not doubt its accuracy, we have not verified it, and make no guarantee, warranty or representation about it. It is the responsibility of the prospective Buyer to confirm, independently, its accuracy and completeness. It is intended to be reviewed only by the party receiving it from Tim Burton and should not be made available to any other person or entity without the written consent of Tim Burton. The information contained herein is not a substitute for thorough due diligence on the part of prospective Buyer’s. Tim Burton makes no warranty or representation with respect to the size and square footage of the property, the improvements, the presence or absence of contaminating substances, the compliance with State and Federal regulations and the physical condition of the improvements. All potential Buyer’s must take appropriate measures to verify all the information set forth herein.

Disclaimer


Property Overview


This multi-tenant retail property is anchored by Battleground Cinema, an 8-Screen first run movie theatre. This offering includes the cinema and Buildings “B” and “D” totaling 42,450 SF GLA. The site is located in the NEQ of Highway 503 and SW Eaton Boulevard. One block to the north is a new Super Walmart with Panda Express and Wendys on outparcels. Highway 503 (SW 10th Avenue) is a main thoroughfare from Vancouver, Washington to Battleground. Daily traffic counts are 18,000 - 22,000 vehicles per day on Highway 503.

Built in 2004, the property is 93% leased to Battlegroun Cinema, Mill Creek Pub, Subway and 6 other tenants. This is a NNN lease property with minimal landlord responsibility.

2015 Highlights includes new roofing on Building B and D.

THEATRE | Battleground CinemaSIZE 18,000 SF

BUILDING B | Mill Creek Pub Richardson Eye Rising Sun Teriyaki Grill Urban Styles Salon & Spa Family Insurance Gentle DentalSIZE 19,161 SF

BUILDING D | Subway Keo Thai CuisineSIZE 5,289 SF

TOTAL GLA 42,450 SF

YEAR BUILT 2004

OCCUPANCY 92.84%

LOT SIZE 186,437 SF OR 4.28 Acres

PARKING 296 Spaces


Offering Summary


PRICE | $13,000,000

CAP RATE | 6.5%

CURRENT NOI | $850,142

LEASE TYPE | NNN

Click Here For The Clark County Appraisal Information

INVESTMENT HIGHLIGHTS

NEW ROOF The owners replaced the roof and substructure on building B and D in 2015 at a cost of $1.0MM. Future Landlord responsibility for Capital Expenditures is limited.

MOVIE THEATRE ANCHORED CENTER This property (Gardner Center) has the only 1st run movie theatre in the town of Battle Ground. No other theatre exists within a 5-mile radius. This center has become a gathering place for “dinner & a movie”.

INGRESS & EGRESS Ingress and egress significantly improved with the completion of the signalized intersection at SW Scotton to the north in 2015. Southern access remains the same from a designated L-turn at SW Eaton Blvd. All access in the trade area is the same from Highway 503.

ABUNDANT PARKING 296 Parking Spaces for a ratio of 6.97 spaces per 1,000 SF of GLA.

http://gis.clark.wa.gov/gishome/Property/?pid=findSN&account=91103176

Regional Map

Information contained herein has been obtained from reliable sources, however, we do not guarantee its accuracy.

DeLorme Street Atlas USA® 2012

Data use subject to license.

© DeLorme. DeLorme Street Atlas USA® 2012.

www.delorme.com

TN

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Scale 1 : 800,000

1" = 12.63 mi Data Zoom 9-0

SITE


Battleground Cinema & Two Multi-Tenant Buildings • 5

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Site Plan


SW 10th Ave

BATTLE GROUNDCINEMAS17,800 SF

BUILDING B19,253 SF

296 PARKING SPACES

BUILDING D5,289 SF


Rent Roll


TENANT NAME SF PRORATA LEASE MONTHLY ANNUAL ANNUAL REIMBURSEMENT METHOD SHARE START EXPIRE RENT $ RENT $ RENT PSF COMMENTS

Battle Ground Cinema 18,000 42.40% 5/1/2005 4/30/2030 $29,255.87 $351,070.44 $19.50 2% BUMPS Annually

BUILDING “B”

Mill Creek Pub 6,219 14.65% 11/1/2011 10/31/2021 $8,000.00 $96,000.00 $11.38

Mill Creek Catering 2,220 5.23% MTM $1,000.00 $12,000.00

Mill Creek Pub % Rent $8,356.43 $100,277.13 $11.88 6% of Gross Sales

Edward Jones 1,152 2.71% 9/1/2006 8/31/2016 $2,068.61 $24,823.32 $21.55 (1) 5-Year Renewal Option

Richardson Eye 1,685 3.97% 7/1/2014 6/30/2021 $2,387.08 $28,644.96 $17.00 (1) 5-Year Renewal Option

Rising Sun Teriyaki 998 2.35% 6/1/2005 7/31/2021 $1,996.00 $23,952.00 $24.00 2% Bumps Annually

Urban Styles Salon 1,046 2.46% 8/1/2007 8/31/2016 $1,600.00 $19,200.00 $18.36 In Renewal Negotiations

Gentle Dental 4,641 10.93% 6/29/2005 5/31/2022 $10,135.35 $121,624.20 $26.21 (1) 5-Year Renewal Option

Vacant 1,200 2.83%

BUILDING “D”

Keo Thai Cuisine 1,750 4.12% 4/1/2006 7/31/2021 $3,354.17 $40,250.04 $23.00 2% Bumps Annually (1) 5-Year Renewal Option

Subway 1,700 4.00% 10/1/2005 9/30/2020 $2,691.67 $32,300.04 $19.00 5% Bumps Yr. 2017 & 2019

Vacant 1,839 4.33%

TOTAL SF GLA 42,450

% Leased 92.8%

% Vacant 7.2%

Annualized NOI $70,845.18 $850,142.13


Market Overview


DEMOGRAPHICS

1 Mile 3 Miles 5 Miles

Population 9,110 27,281 47,107 Average Household Income $70,536 $76,476 $84,371Households 3,122 9,065 16,005Businesses 369 916 1,491Daytime Population 2,756 6,745 10,461

BATTLEGROUND, WASHINGTON

The city of Battle Ground lies near the geographical center of Clark County, 16 miles northeast of Vancouver in the southwestern part of the Washington State. It the fifth-most populous county in Washington (2010 Census). Battle Ground’s estimated 2014 population was 18,680 up 6.3% from the previous census. Vancouver is the county seat and largest city in Clark County. All real estate sectors of Battle Ground have benefited in recent years from residential development as the greater Vancouver urban area expands east. Single-family residential development in Battle Ground is newer suburban style subdivisions, marketed as affordable alternatives to closer-in locations.

ACCESS & ROAD IMPROVEMENTS

Located approximately five miles east of Interstate 5, regional access to the south is direct via SR-503, which was recently improved to four lanes between Battle Ground and SR-500 in Vancouver. WSDOT is widening SR-502 between I-5 east to the City of Battle Ground. SR-502 will be a four lane highway with median barrier and 10-foot shoulders for bicycles and pedestrians.

Battle Ground School District contains three schools that received gold, silver or bronze medals in the U.S. News Best High Schools rankings.

REAL ESTATE

The median home value in Battle Ground is $305,100. Battle Ground home values have gone up 9.8% over the past year and Zillow predicts they will rise 4.2% within the next year.


Additional Photos


Broker Concession: 2%

Additional Documents Available To Qualified Investors: • Detailed Rent Roll • Lease Abstracts

In Conjuntion With:

Tim BurTon | Texas Broker

800.261.5953 • [email protected]

arvin vander veen206.654.0521 • [email protected]

offering memorandum: gardner center, battle ground, wa

Real Estate