Chuck E. Cheese’s€¦ · 2 6/1/2035 $12,128 5.0% $145,530 3 6/1/2040 $12,734 5.0% $152,806...
Transcript of Chuck E. Cheese’s€¦ · 2 6/1/2035 $12,128 5.0% $145,530 3 6/1/2040 $12,734 5.0% $152,806...
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Chuck E. Cheese’sSPOKANE, WASHINGTON
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Chuck E. Cheese’s10007 N. NEVADA ST, SPOKANE, WA 99218
6.70%CAP
$1,680,000PRICE
Overview
https://goo.gl/maps/mdVjsFGPZz4mhEfMA
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■ TENANT EXECUTED AN 8-YEAR EXTENSION EARLY, PROVIDING A 10.5-YEAR REMAINING FIRM TERM.
■ THREE, 5-YEAR OPTIONS WITH SCHEDULED INCREASES.
■ NEW ROOF INSTALLED IN 2018 WITH A 20-YEAR WARRANTY ON THE MEMBRANE.
■ LOCATED ADJACENT TO NORTHPOINTE PLAZA - A LARGE DAILY NEEDS SHOPPING CENTER.
■ HIGH-DENSITY RESIDENTIAL WITH 165,000+ RESIDENTS WITHIN A 15-MINUTE RADIUS.
■ DIRECT EXPOSURE TO NEVADA STREET WITH DAILY TRAFFIC COUNTS OF OVER 17,300.
■ SITUATED NEAR A MAJOR INTERSECTION ONLY 3 BLOCKS FROM NEWPORT HIGHWAY, CONNECTING TO NEARBY FREEWAYS AND DIVISION ST., SPOKANE’S DOMINANT COMMERCIAL THOROUGHFARE.
■ TENANT HAS 600 CORPORATE LOCATIONS ACROSS THE US.
LEASEABLE SF11,331 SF
LAND AREA93,654 SF
YEAR BUILT1999
PARKING±142 Spaces; 12.5/1,000 SF
Investment Summary
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Overview
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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.
Income & Expense
PRICE $1,680,000CAPITALIZATION RATE 6.70%PRICE PER FOOT $148
CASH FLOW SUMMARY
SCHEDULED INCOME Per SFBase Rent for the Period of: 1/1/2020 - 12/31/2020 $11.97 $135,600Total Effective Gross Income (EGI) $11.97 $135,600
OPERATING EXPENSES CAMS NNNInsurance1 $0.33 $3,727Property Taxes2 $1.72 $19,456Total Operating Expenses $2.05 $23,183
NET OPERATING INCOME $112,4171) Based on Seller's 2018 Property and Liability insurance premium. 2) Based on 2019 Spokane County Tax Assessment.
10/16/2019 [ ]
Financial Summary
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Rent Roll
5/29/2017 - 5/31/2030
11,331
MONTHLY BASE RENT
% INCREASEANNUAL
RENT
5/29/2017 $11,300 $135,600
1 6/1/2030 $11,550 2.2% $138,600
2 6/1/2035 $12,128 5.0% $145,530
3 6/1/2040 $12,734 5.0% $152,806
CURRENT $11,300 $135,600
Chuck E. Cheese's
Lease Term:
Size (SF):
RENT SUMMARY
DATE
OPTIONS
Lease NotesComments: MG Lease - Tenant is responsible for all non-structural maintenance and repair and pays utilities directly to billing authority. The Landlord is responsible for taxes and property/liability insurance. ROFR to purchase the Property. Tenant has 3, 5-Year options, requiring 180 days' notice.
10/16/2019 [ ]
RentRoll
Financial Summary
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Premise & Term
Maintenance & Repair
TENANT CEC Entertainment, Inc. dba Chuck E. Cheese’sBUILDING SF 11,331 SFLEASE TYPE Modified Gross LeaseLEASE COMMENCEMENT May 29, 2017EXPIRATION May 31, 2030OPTIONS 3, 5-YR Options; 180-Day Notice
TENANT’S OBLIGATIONSTenant is responsible for all maintenance and repair to the interior of the premise, as well as parking and service facilities, snow removal, signage, sprinkler mains, gutters, downspouts, wiring, HVAC, plumbing, and landscaping.
LANDLORD’S OBLIGATIONSLandlord is responsible for all structural repairs and maintenance of the building, including the roof, foundation, sidewalks, walkways, exterior walls and doors, store front, and floors.
Lease Abstract
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TAXESLandlord is responsible for property taxes, while tenant reimbursement is built into the rent.
INSURANCELandlord shall maintain their own public liability and property insurance. Tenant must also maintain public liability insurance protecting the Landlord and Tenant for injury and damage to the property.
UTILITIESTenant is responsible for direct payment of all utilities.
ASSIGNMENT/SUBLETTINGTenant may not assign or sublease without the prior written consent of Landlord, which shall not be unreasonably withheld. Tenant may assign this lease pursuant to a merger, acquisition, or sale of at least 50% of its assets without Landlord’s consent.
RADIUS RESTRICTIONThe Landlord will not sell, lease, or permit the use of any land controlled by the Landlord within 2 miles of the property to a restaurant or other business primarily serving pizza, providing arcade games or physical play to minors.
RIGHT OF FIRST REFUSALTenant has the ongoing right to purchase land at the same terms and conditions set forth in an offer to purchase Landlord would like to accept. Tenant has 30 days from receiving notice to choose to purchase or not, and Landlord has 180 days to sell to the buyer named in the notice.
LeaseProvisions
Expenses
Lease Abstract
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About Chuck E. Cheese’s
CEC Entertainment and its franchisees operate over 600 Chuck E. Cheese’s throughout 47 states and 14 countries. CEC has 17,000 employees, and has proudly served as a nationally recognized leader in the family dining/entertainment industry for approximately 40 years.
About the Tenant
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N N
EVA
DA
ST
ACCE
SS LA
NE
17,300VPD
CROSS-EASEMENT ACCESS & PARKING
An agreement running with the land of the Subject parcel and the parcel immediately south permits cross-parcel parking and ingress/egress; this agreement will run with the land until either building is rebuilt.
Site
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MAJOR RETAILAaron’sACE HardwareAt HomeAlbertsonsAutoZoneBed Bath & BeyondBig 5 Sporting GoodsBurlingtonDollar TreeFred MeyerGoodwill
Grocery OutletHarbor Freight ToolsHobby LobbyHome DepotJoAnn Fabric and CraftsLowe’sMichaelsPetSmartRite AidRoss Dress for LessSafeway
Sportsman’s WarehouseStarbucksTrader Joe’sWalmart SuperstoreWinCo Foods
TOTAL 1-MILE 3-MILES 5-MILES
Businesses 3,137 6,304 9,882
Employees 71,974 105,019 146,940
Population 14,235 108,745 219,861
KEY 1-MILE 3-MILES 5-MILES
BusinessSummary
Surrounding Retail
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NORTHTOWNMALL
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ION
STR
EET
42,400 VPD
CHUCK E. CHEESE’S
DENSE SURROUNDING
RESIDENTIAL BASE OF 165,000 RESIDENTS
WITHIN A 15-MINUTE DRIVE.
Surrounding Retail
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The information in this Executive Summary 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. All rights reserved to Capital Pacific, LLC.
Contact Us
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DAVID [email protected]: 206.693.3349
Contact the listing team:
Our brokers collaborate:
MEET THE ENTIRE TEAM HERE.
MICHAEL HORWITZ
KEVIN ADATTO
SEAN TUFTS
SCOTT FRANK
SEAN MACK
PETER DUNN
DAVID GELLNER
LANCE SASSER
MICHAEL LOWES
Contact Us
https://capitalpacific.com/team/mailto:mhorwitz%40capitalpacific.com?subject=mailto:kadatto%40capitalpacific.com?subject=mailto:stufts%40capitalpacific.com?subject=mailto:sfrank%40capitalpacific.com?subject=mailto:smack%40capitalpacific.com?subject=mailto:pdunn%40capitalpacific.com?subject=mailto:dgellner%40capitalpacific.com?subject=mailto:lsasser%40capitalpacific.com?subject=mailto:mlowes%40capitalpacific.com?subject=
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