rad wiseman 880 9900 - loopnet...year uilt 2002 lot size (acres) .57 mission plaza ommunity shopping...
TRANSCRIPT
STARBUCK’S & SUPERCUTS
2-TENANT NET LEASED INVESTMENT
MAJOR INTERSECTION
LOMPOC, CALIFORNIA
OFFERED AT: $2,200,000
PROPERTY CONSISTS OF A RETAIL PAD
ON THE FRONTAGE OF A
COMMUNITY SHOPPING CENTER
ANCHORED BY:
ROSS DRESS 4 LESS
&
ALBERTSONS
FOR MORE INFORMATION, CONTACT:
BRAD WISEMAN
818-880-9900
PINNACLE COMMERCIAL
The information contained herein is deemed reliable. Neither owner or agent herein makes any warranties or rep-
resentations as the the accuracy of the information contained herein. Buyer is strongly advised to verify all infor-
mation pertaining to this offering with the consultation of applicable professionals (property inspectors, account-
FOR MORE INFORMATION, CONTACT:
BRAD WISEMAN
818-880-9900
PINNACLE COMMERCIAL
The information contained herein is deemed reliable. Neither owner or agent herein makes any warranties or rep-
resentations as the the accuracy of the information contained herein. Buyer is strongly advised to verify all infor-
mation pertaining to this offering with the consultation of applicable professionals (property inspectors, account-
OFFERING SUMMARY
Location
Starbuck’s & Supercuts
1436 N. H Street
Lompoc, CA 93436
Offering Summary
Price $2,200,000
Current N.O.I. @ 100% Occupancy
$99,000
Capitalization Rate 4.5%
Net Rentable Area 2,218
Year Built 2002
Lot Size (Acres) .57
Mission Plaza Community Shopping Center
Surrounding Subject Property (Not a part of)
FOR MORE INFORMATION, CONTACT:
BRAD WISEMAN
818-880-9900
PINNACLE COMMERCIAL
The information contained herein is deemed reliable. Neither owner or agent herein makes any warranties or rep-
resentations as the the accuracy of the information contained herein. Buyer is strongly advised to verify all infor-
mation pertaining to this offering with the consultation of applicable professionals (property inspectors, account-
INVESTMENT HIGHLIGHTS
Two-Tenant Starbuck’ Drive-Thru & Supercuts
2,218 square foot two-tenant NNN Investment
Approximately 4 years remaining on Starbuck’s
Starbuck’s corporate guaranty. Starbuck’s has 28,720 locations in 77 countries
Preferred Café with Drive-Thru Starbuck’s Format with 50% greater sales, typically
Approximately 1 year remaining on Supercuts
Supercuts corporate guaranty. Supercuts has 2,600 locations around the county
FOR MORE INFORMATION, CONTACT:
BRAD WISEMAN
818-880-9900
PINNACLE COMMERCIAL
The information contained herein is deemed reliable. Neither owner or agent herein makes any warranties or rep-
resentations as the the accuracy of the information contained herein. Buyer is strongly advised to verify all infor-
mation pertaining to this offering with the consultation of applicable professionals (property inspectors, account-
LEASE SUMMARY
TENANT LEASE START LEASE END RENT TYPE OPTIONS
Starbuck’s 11/2001 04/2022 $26,906 NNN 1-5/Year
Supercuts 02/2002 07/2019 $73,145 NNN 1-2/Year
Total: $100,051 NNN
Tenants have well-established tenancies at the property. They have both been there since
2002 or for 16+years. Starbuck’s exercised their 1st 5-Year Option in 2017 and subsequently
remodeled their Premises. Supercuts exercised their 1st 2-Year Option in 2017.
LOMPOC
Lompoc (/ˈlɒmpoʊk/, LOM-poke) (Purisimeño: Lompo', "Stagnant Water" [10]) is a city in Santa Barbara Coun-ty, California, on the west coast of the United States. The city was incorporated on August 13, 1888. The popula-tion was 42,434 at the 2010 census, up from 41,103 at the 2000 census.
Before European settlers arrived, the area around Lompoc was inhabited by the Chumash people. The name of the city is derived from a Purisimeño term, "Lum Poc", which means "stagnant waters" or "lagoon". The Spanish called it "Lumpoco". In 1837, the Mexican government sold the area as the Rancho Lompoc land grant. After the United States gained control of California in the Mexican–American War (1846–48), the valley was acquired by Thomas Dibblee, Albert Dibblee and William Welles Hollister. Hollister sold his share to the Lompoc Valley Land Company, and it was on that portion of the land that the present-day Lompoc was established as a temperance colony.
Lompoc was originally intended to be named New Vineland, after the temperance colony in New Jersey. It then became a military town with the completion of nearby Camp Cooke (now Vandenberg Air Force Base). The city is known as the flower seed capital of the world.
HISTORY
Prior to the Spanish conquest, the area around Lompoc was inhabited by the Chumash people. La Purisima Mis-sion was established in 1787 near what is now the southern edge of the city. Purisimeño, a Chumashan language, was spoken in the region during the mission period.[11] After an earthquake destroyed the mission in 1812, it was relocated to its present location 1 mile (1.6 km) northeast of the present city. After independence from the Spanish Empire, the First Mexican Empire was established in 1821. The Mexicans secularized the Spanish missions in 1833, and La Purisima Mission gradually fell into ruins.
In 1893, a diatomaceous earth mine opened in the southern hills in Miguelito Canyon. It became (and still is) the largest marine diatomite mine in the world, and at one time was the largest employer in the valley. In the 1940s, Grefco, another diatomaceous earth company, moved to Lompoc. It ceased operations in 1998, but the remnants of its mine can still be seen at the northeast end of town.
In 1909, the Sibyl Marston—at the time, the largest steam schooner built on the West Coast—sank nearby while carrying 1,100,000 board feet (2,600 m3) of lumber. Many of the older Lompoc homes were built with lumber from the shipwreck. The wreckage can still be seen south of Surf Beach.[12]
The coastal branch of the Southern Pacific Railroad opened around 1900 and eventually replaced ship transporta-tion. A paved road linked Lompoc to Buellton and the rest of California around 1920. In 1923, the Honda Point dis-aster, the U.S.'s largest peacetime naval accident, occurred just off the coast; nine U.S. destroyers ran aground, killing 23 people. During the Great Depression, La Purisima Mission was restored by the Civilian Conservation Corps (CCC). During World War II, the coast west of Lompoc was the site of Camp Cooke, a United States Ar-my training camp where large units could practice maneuvers.
Lompoc grew slowly until 1958, when the United States Air Force announced that the former Camp Cooke would be a test site for the Thor family of intermediate-range ballistic missiles and the first operational base for the SM-65 Atlas, an intercontinental ballistic missile. The city then began to grow rapidly to provide housing for thousands of civilians and contractors employed at what was soon renamed Vandenberg Air Force Base. It was the first missile base of the United States Air Force.
The Space Shuttle program was slated to begin launches in the late 1980s, and the city experienced a boom in restaurant and hotel construction in anticipation of tourists coming to see shuttle launches. However, when the Challenger exploded during take-off from Cape Canaveral in 1986, the West Coast shuttle program was terminat-ed, sending Lompoc into a severe recession.
Today, Lompoc is called "The City of Arts and Flowers" and is also becoming known for its wines.
LOMPOC—AREA INFORMATION
DEMOGRAPHICS
In the 2010 United States Census,[17] Lompoc had a population of 42,434. The population density was 3,634.7 people per square mile (1,403.4/km²). The racial makeup was 25,950 (61.2%) White; 2,432 (5.7%) African American; 750 (1.8%) Native American; 1,615 (3.8%) Asian; 186 (0.4%) Pacific Islander; 9,020 (21.3%) from other races; and 2,481 (5.8%) from two or more races. There were 21,557 Hispanics or Latinos of any race (50.8%).
The Census reported that 38,778 people (91.4% of the population) lived in households, 99 (0.2%) lived in non-institutionalized group quarters, and 3,557 (8.4%) were institutionalized.
There were 13,355 households, of which 5,481 (41.0%) had children under the age of 18 living in them; 6,323 (47.3%) were opposite-sex married couples living together; 2,061 (15.4%) had a female householder with no husband present; and 913 (6.8%) had a male householder with no wife present. There were 949 (7.1%) unmarried opposite-sex partnerships and 75 (0.6%) same-sex married couples or partnerships. 3,304 households (24.7%) were made up of individuals, and 1,187 (8.9%) had someone living alone who was 65 years of age or older. The average household size was 2.9. There were 9,297 families (69.6% of all house-holds); the average family size was 3.48.
The population included 11,188 people (26.4%) under the age of 18, 4,452 people (10.5%) aged 18 to 24, 12,233 people (28.8%) aged 25 to 44, 10,338 people (24.4%) aged 45 to 64, and 4,223 people (10.0%) who were 65 or older. The median age was 33.9 years. For every 100 females, there were 114.9 males. For every 100 females age 18 and over, there were 118.7 males.
There were 14,416 housing units at an average density of 1,234.8 per square mile (476.8/km²), of which 6,493 (48.6%) were owner-occupied and 6,862 (51.4%) were occupied by renters. The homeowner vacancy rate was 2.2%; the rental vacancy rate was 7.1%. 18,534 people (43.7% of the population) lived in owner-occupied housing units, and 20,244 people (47.7%) lived in rental housing units.
ECONOMY
Vandenberg Air Force Base dominates the economy, directly employing a large percentage of Lompoc's resi-dents and contributing $1.7 billion to the regional economy.[21]Vandenberg Air Force Base employs the most residents of Lompoc. They employ 6,889 residents. http://www.cityoflompoc.com/EconDev/majorindustries.htm Other mainstays of the economy include the Federal Correctional Institution, the diatoma-ceous earth mine (today owned by Imerys), the Lompoc Oil Field and associated oil processing facilities north of town, and agriculture (especially seed flowers and vegetables).
Wine production and wine tourism make up the rapidly expanding value-added agricultural sector of the Lompoc economy. Lompoc Valley is the gateway to the Sta. Rita Hills AVAwine appellation, internationally recognized for premium pinot noir and chardonnay. Thirty premium boutique wine labels are produced in Lompoc, at wineries in the "wine ghetto" industrial park and other locations. Numerous other wineries are lo-cated along State Route 246 and on Santa Rosa Road. Tasting rooms are located in the "wine ghetto" and other parts of Lompoc.[21]
Since the end of the Cold War, many workers employed in Santa Barbara have moved to Lompoc to take ad-vantage of lower housing costs, effectively making Lompoc a bedroom community of Santa Barbara. The character of the town has changed considerably with the growth associated with this demographic shift. In addition, new housing developments are spreading into the adjacent hills on the north side of town.
LOMPOC—AREA INFORMATION
LOCAL NATIONAL TENANTS
LOMPOC—AREA MAPS
Walmart Supercenter
Albertsons
Ross Dress for Less
Taco Bell
Big 5 Sporting Goods
CVS Pharmacy
Walgreens
McDonald’s
Chase Bank
Bank of America
Holiday Inn
Appelbee’s
99 Cents Only Store
Marshall’s
Dollar Tree
The UPS Store