KUHN DRIVE...TRACY CHARLES CLARK, Senior Vice President / Partner KIMBERLY C. CLARK, ESQ., Vice...
Transcript of KUHN DRIVE...TRACY CHARLES CLARK, Senior Vice President / Partner KIMBERLY C. CLARK, ESQ., Vice...
TRACY CHARLES CLARK, Senior Vice President / Partner KIMBERLY C. CLARK, ESQ., Vice President
KUHN DRIVE881 CHULA VISTA
INVESTMENT OPPORTUNITY | MULTI-TENANT OFFICE/FLEX BUILDING
Exclusively Offered By:
EXECUTIVE SUMMARYEXECUTIVE SUMMARY ............................................ 3
PROPERTY DESCRIPTIONPROPERTY SUMMARY............................................. 4
FLOOR PLANS .......................................................... 5
PARCEL MAP ............................................................ 6
FINANCIALSOPERATING EXPENSES ........................................... 7
LOCATION OVERVIEWLAND USE DISTRICTS .............................................. 8
LOCATION AERIAL .................................................... 9
SUBMARKET OVERVIEW ........................................10
LOCAL RETAILERS ..................................................11
DEMOGRAPHICS .....................................................12
KUHN DRIVE881 CHULA VISTA
TABLE OF CONTENTS
LEASED I NVESTM ENT O FFER I N GWe are pleased to announce a new acquisition opportunity for a best in class, multi-tenant office/flex building in the award winning, master-planned community of Eastlake in Chula Vista. 881 KUHN DRIVE is a 35,571 square foot project comprised of 15 individual units. The property rests on approximately 2 acres of land (approximately 87,120 square feet) in a strategic location, giving the property excellent visibility and exposure. The project is occupied by 7 tenants, with 106 parking spaces- sufficient parking to accommodate a wide variety of allowable uses. Most units are substantially improved with significant tenant improvements.
Building signage is available for tenants above each individual suite and suites can be accessed directly from the exterior. Suites range from 1,440 square feet to 3,133 square feet – a size range that is in great demand in this market. Each unit has skylights and grade level roll-up doors. 881 Kuhn Drive will make a great addition to any investment portfolio.
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EXECUTIVE SUMMARY
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ADDRESS: 881 Kuhn Drive, Chula Vista, CA 91914
SQUARE FEET: 35,571 SF
LAND: 87,120 SF (2 Acres)
APN: 595-231-08
TENANCY: Multi-Tenant 94.3% Leased
STORIES: Two (Partial)
PARKING: 106 Parking Spaces
CONSTRUCTION: Reinforced Concrete
CEILING HEIGHT: 24’
YEAR BUILT: 2004
SPRINKLERS: Yes
PROJ ECT H I G H LI G HTS » Located in Eastlake Master-Planned Community
» Easy access to Hwy-125
» High visibility location
» Numerous restaurants and retail amenities within close proximity
» Adjacent to Scobee Park, a 7 acre private park and recreation area which includes volleyball, basketball and tennis courts, soccer and softball fields and picnic areas
» Common area recreational facilities
» 24’ minimum clear height in warehouse
PROJ ECT FEATU R ES
PROPERTY SUMMARY
PU RCHASE PR I CE: $8,8 0 0,0 0 0
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SUITE 100SUITE 100
SUITE 101SUITE 102SUITE 103SUITE 104SUITE 105
SUITE 106
SUITE 207 SUITE 200SUITE 201SUITE 202SUITE 204SUITE 206 SUITE 203SUITE 204
B U I LD I N G A
M EZZAN I N E
FLOOR PLANS
B U I LD I N G B
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PARCEL MAP
APN: 595-231-0 8
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OPERATING EXPENSES
NOTE: Any increase in real estate taxes by reason of sale will be passed through to the tenants or for Learning Academy to be exempt.
ANNUAL INCOMEScheduled Gross Income (At 94% Leased) $613,200
CAM Reimbursements $79,212
Less Real Estate Tax Credit To Learning Academy -$27,072
GROSS INCOME $665,340
ACTUAL 2019 OPERATING EXPENSES
Building Maintenance & Repairs $23,007
Handyman $ $1,828
Association Assessments $3,938
Phone/Internet $2,065
Gas and Electric $4,038
Trash $10,781
Water $15,705
Landscaping $7,187
Management Fees $25,465
Pest Control $1,240
Alarm Contract $1,010
Roof Maintenance Contract $1,085
Insurance $6,830
Real Estate Property Taxes $30,817*
TOTAL OPERATING EXPENSES $134,996
NET OPERATING INCOME $530,344Price $8,800,000
Cap Rate 6.03%
*Current taxes after reduction for Learning Academy exemption
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KUHN DRIVE881
CHULA VISTA
B USI N ESS CENTER MAN U FACTU R I N G SERVI CE D ISTR I CT (B C-2) This district is intended as an area for light industrial and limited service commercial uses which can meet high performance and development standards.
ALLOWED USES » Offices, businesses, medical, professional, real estate and
research
» Retail commercial when in conjunction with a permitted or conditional use
» High-Technology Uses
» Bio-Technical Uses
» Bio-Medical Uses
» Laboratories, dental, electrical, optical, mechanical and medical
LAND USE DISTRICTS
KUHN DRIVE
KUHN DRIVE
FENTON STREET
FENTON STREET
EASTLAKE PARKWAY
EASTLAKE PARKWAY
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LOCATION | EASTLAKE
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881 Kuhn Drive is located within the Eastlake Business Center in east Chula Vista. It is an integral part of the Award winning Eastlake planned community. From 881 Kuhn Drive, there is ease of access to Highway 125, making it possible to be in Downtown San Diego within 15 minutes.
The Eastlake community has a growing business commercial district surrounded by many new residential communities. It has attracted many new businesses and many local residents have chosen to relocate their businesses to this area. Eastlake has been voted San Diego’s best new home community in the San Diego Union-Tribune since 1997.
SU B MAR KET AN D LO CATI O NLOCATION | EASTLAKE
Duncan Ran
ch Road Duncan Ranch Road
G
othan Street
Gotham Street
Chateau Court
Clubhouse Drive Clu bhouse Drive
Clubhouse Drive
R
ocki
ng H
orse
Driv
e
Lane Avenue Lane Avenue Lane Avenue
S
outh
Gree
nsvi
ew D
rive
N
orth
Gre
ensv
iew
Driv
e
North
Greensview Drive North Greensview Drive
M
iller
Driv
e
Mt M
iguel Road M
acKenzie Creek Road MacKenzie Creek Road
Harold Place
St Claire Drive Santa Paula D
rive
Eastlake Drive
Showroo m
Place
Yosemite Drive
Yose
mite
Driv
e
Stone Gate Street
North Compass Circle
Gre
enbr
iar D
ruDrive
La Costa Avenue Torrey Pines Road
Otay Lakes Road
Corral Canyon Road
Otay Lakes Road
Otay Lakes Road
Corral Canyon Road
Hunte Parkway
Hunte Pa
rkway
Hunte Parkway
Rutgers Road
Telegraph Canyo
n Road
Eastlake Parkway
East
lake
Par
kway
East
lake
Par
kway
East LakeHigh School
Chula VistaCommunity
Park
EastlakeMedical &
Professional Center
ScobeePark
AugustaPark
Salt CreekCommunity
Park
Eastlake
BonitaCanyon
Park
EastlakeLittle
LeagueEastlake GreensGolf Course
EASTLAKEGREENS
EASTLAKEBUSINESS
PARK
Ti�any Park
ROLLING HILLS RANCH
EASTLAKE
Eastlake Drive
Otay Lakes Road
Fenton StreetFenton Street
VILLAGE
CENTER
EASTLAKEWOODS
EASTLAKEWOODS WEST
SALT CREEK RANCH
Otay Lakes Road
La Media Road
EASTLAKEBUSINESS
CENTER
EASTLAKELAND SWAP
EASTLAKETRAILS
SAN MIGUELRANCH
BONITA LONGCANYON
Boswell Road
Vons Shopping
Center
BonitaHigh
School
East H Street
E
ast H Stre
et
Ea
st H
Stre
et
East H Street
Proctor Valley Road Proctor Valley Road
Proctor Valley Road
Old Janal Ranch
Road Old Janal Ran
ch Road
Northw
ood Drive Route 9
KUHN DRIVE881 CHULA VISTA
EastlakeCountry Club
125
E H ST
REET
E H ST
REET
PROCTOR VALLEY ROAD
PROCTOR VALLEY ROAD
LANE
AVE
NUE
LANE
AVE
NUE
HUNTE PARKWAY
HUNTE PARKWAY
OTAY LAKES ROAD
OTAY LAKES ROAD
OTAY LAKES ROAD
OTAY LAKES ROAD
BOSWELL ROADBOSWELL ROAD
EASTLAKE PARKWAY
EASTLAKE PARKWAY
KUHN DRIVE881
CHULA VISTA
FETNTON STREETFETNTON STREET
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LOCAL RETAILERS
KUHN DRIVE881
CHULA VISTA
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DEMOGRAPHICS
Based on a 5 mile radius
Av e ra g e H o u s e h o l d I n c o m e : $ 9 8 , 9 2 9 P o p u l at i o n : 1 9 8 , 4 1 9
Voit Real Estate Services (“Voit”) has been retained as exclusive advisor and broker to 881 Kuhn Drive,
LLC (“Seller”) regarding the sale of881 Kuhn Drive, Chula Vista, CA 91914 (“the Property”). This
memorandum contains selected information pertaining to the Property and does not purport to be a
representation of the state of affairs of the Seller or the Property, to be all-inclusive or to contain all or
part of the information which prospective investors may require to evaluate a purchase of real property.
All financial projections and information are provided for general reference purposes only and are based
on assumptions relating to the general economy, market conditions, competition and other factors
beyond the control of the Seller and Voit. Therefore, all projections, assumptions and other information
provided and made herein are subject to material variation. All references to acreages, square footages
and other measurements are approximations. Additional information and an opportunity to inspect the
Property will be made available to interested and qualified prospective purchasers. Neither the Seller nor
Voit, nor any of their respective directors, officers, affiliates or representatives make any representation
of warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its
contents and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum
or use of its contents. The Seller expressly reserves the right, at its sole discretion, to reject any or
all expressions of interest or offers to purchase the Property and/or terminate discussions with any
entity at any time with or without notice which may arise as a result of review of this Memorandum.
The Seller shall have no legal commitment or obligation to any entity reviewing this Memorandum or
making an offer to purchase the Property unless and until written agreement(s) for the purchase of the
Property have been fully executed, delivered and approved by the Seller and any conditions to the
Seller’s obligations therein have been satisfied or waived. By receipt of this Memorandum, you agree
that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the
strictest confidence and that you will not disclose this Memorandum or any of its contents to any other
entity without prior written authorization of the Seller or Voit. You also agree that you will not use this
Memorandum or any of its contents in any manner detrimental to the interest of the Seller or Voit. In
this Memorandum, certain documents, including leases and other materials, are described in summary
form. These summaries do not purport to be complete nor necessarily accurate descriptions of the
full agreements referenced. Interested parties are expected to review all such summaries and other
documents of whatever nature independently and not rely on the contents of this Memorandum in any
manner.
The Seller reserves the right to sell or withdraw the Property at any time without prior notice. It is the
Seller’s preference to close this transaction as soon as possible. All investors should base their offers
and pricing on the “as-is”, “where-is” condition of the Property. Qualified prospective investors will have
the opportunity to inspect the Property. Each prospective investor is to rely upon its own investigation,
evaluation, and judgment as to the condition of the Property. In order to expedite underwriting and upon
request, the prospective investors will be given access to due diligence information, and any information
provided by Seller to Voit.
DISCLAIMER
KUHN DRIVE
KUHN DRIVE
FENTON STREET
FENTON STREET
EASTLAKE PARKWAY
EASTLAKE PARKWAY
SCOBEE PARKSCOBEE PARK
KUHN DRIVE881
CHULA VISTA
TRACY CHARLES CLARKSenior Vice President / Partner | 858.458.3339 [Direct][email protected] | Lic. #00641800
KIMBERLY CLARK, ESQ.Vice President | 858.458.3343 [Direct][email protected] | Lic. #01439305
4180 La Jolla Village Drive, Suite 100, La Jolla, CA 92037 • 858.453.0505 • 858.408.3976 Fax • Lic #01991785 | www.voitco.com
Licensed as a Real Estate Broker and Salesperson by the DRE. The information contained herein has been obtained from sources we deem reliable. While we have no reason to doubt its accuracy, we do not guarantee it. ©2020 Voit Real Estate Services, Inc. All Rights Reserved. Real People. Real Solutions.® is a registered trademark of Voit Real Estate Services.
KUHN DRIVE881 CHULA VISTA