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PAUL BONANNO JEFF RAMSAY JEFF BERGER (760) 452-2402 (760) 452-2403 (760) 452-2404 [email protected] [email protected] [email protected]
Representative Photo
PROSSER, WASHINGTON
RENT SCHEDULE
Years 1-10 $290,000.00 $24,166.67 Years 11-15 $304,500.00 $25,375.00 Option 1 $313,635.00 $26,136.25 Option 2 $323,044.05 $26,920.34 Option 3 $332,735.37 $27,727.95 Option 4 $342,717.43 $28,559.79
TERM ANNUAL RENT MONTHLY RENT
LEASE SUMMARY Lease Type NN Roof & Structure Landlord Lease Term 15 Years Rent Commencement October 1, 2015 Lease Expiration October 31, 2030 Term Remaining 12+ Years Increases 5% Year 11
3% Each Option Options Four x 5 Years Right of First Refusal No
FINANCIAL OVERVIEW
ADDRESS 471 Wine Country Road Prosser, WA 99350
Price $4,142,000 Cap Rate 7.00% Net Operating Income $290,000 Rentable Square Footage 25,860 Lot Size 2.63 acres Type of Ownership Fee Simple
TENANT OVERVIEW
Ownership Private Tenant Shopko Number of Locations 357 Website www.shopko.com
Originally founded in 1961, in Green Bay, WI., Shopko Stores focuses on a select product range across smaller and more rural US areas. The company operates more than 357 +/- stores including approximately 135 Shopko Discount stores and about 180 Shopko Hometown shops (formerly known as Pamida stores). They are located in 20 states across the Midwest, mountain and Pacific Northwest regions of the Country. The company also sells goods online. Shopko offers a large selection of goods including casual apparel, health and beauty items and housewares. Most Shopko stores also have optical centers and pharmacies. The company’s parent company is Sun capital Partners having gone private in 2005.
INVESTMENT OVERVIEW
INVESTMENT HIGHLIGHTS
• 15 Year Double Net (NN) Lease commenced October 1, 2015
• Corporate Guaranteed Lease by a $3 Billion Retailer with 357Stores in 21 States, Listed on Forbes’ “America’s Largest PrivateCompanies”
• Shopko Stores Operating Co., LLC is an Affiliate of Sun CapitalPartners, Inc., a Leading Private Investment Firm
• Excellent Visibility and Easy Access along Wine Country Road,which is the main thoroughfare for both leading traffic intoDowntown Prosser and supporting Prosser’s current urbangrowth
• Just off I-82, the Major Route Westwards to Seattle andEastwards to Boise and Salt Lake City
• Close Proximity to PMH Medical Center Serving 91,000Residents of Yakima Valley
• Within 1.5 Miles of Prosser High School with Approximately1,000 Students
• Surrounded by Several National Retailers Including a Starbucks,McDonald’s, KFC, and Burger King in addition to CarDealerships and Hotels. Newest Retailers in the area includeLove’s, Carl’s Jr, Holiday Inn Express, and Dutch Brothers
• Prosser is Known as the Birthplace of the Washington WineIndustry - Numerous Wineries Directly Northeast of the Site
• Tax Free State, No Individual or Corporate State Income Tax
• Near New 11,000 S.F. Love's Travel Stop with 75 Room HolidayInn Express
DEMOGRAPHICS
Total Population (2017) 13,731 31,963 62,448
Average Household Income $59,524 $56,428 $54,293
Vehicles Per Day 18,000
POPULATION 1 Mile 3 Mile 5 Mile
TRAFFIC COUNTS I-82
INCOME
AREA OVERVIEW
The City of Prosser is located in the south-central portion of the U.S. state of Washington in Benton County along the Yakima River and serves as the county seat.
Benton County is conveniently located within 4 hours of Seattle, Portland, Boise and Spokane. The Columbia River demarcates the north, south, and east boundaries of the county.
Benton County is known as the birthplace of the Washington Wine Industry and is the foremost wine producing county in the State of Washington in terms of both, volume and quality, with nearly 40 wineries throughout the county.
Within the city of Prosser, the newest large scale community projects for the city include the redevelopment of the city streets and sidewalks entering the Commercial Area of Downtown, a water treatment plant upgrade, and a recently approved $108 million dollar project to construct a brand new high school and remodel their 3 elementary schools.
As of the 2010 census, the county’s population was 175,177 with Kennewick being the largest city in the county.
REGIONAL MAP
LOCAL MAP
AERIAL PHOTO
Prosser Airport
Lower Valley Credit Union
Vintner’s Lodge
Desert Valley power sports
& BMW Motorcycles
Airfield Estates Winery
Wine O’Clock
Thurston Wolfe Winery
Martinez & Martinez Winery
Wine Country RV Park
Wine Country Villas
Northwest Farm Supply Retail Development