The Shops at Lake Havasu I Lake Havasu, AZ

Transcription

1 The Shops at Lake Havasu I Lake Havasu, AZ cyoung@capital-rev.com 1

2 Investment Summary Location: 5601 N. Highway 95 South Lake Havasu, AZ Price: $5,125, Lot Size Acres Price Per Sq. Ft. Pads $9.50 Price Per Sq. Ft. Outparcel: Comments: $2.00 The Pads are located in front of The Shops at Lake Havasu Lifestyle shopping Mall. This center was built in 2009 with over 700,000 square feet of commercial space. The mall is anchored by Super Walmart 195,912 SF, Dillard s 98,080 SF, J.C. Penney's 105,422 SF, PetSmart 17,856 SF, Ultrastar Cinemas 43,254 SF and 261,552 SF of inline space. Directly across the street from the center is the Lake Havasu City Airport, and other national retailers such as Home Depot and Lowes are located ¼ mile from the site. cyoung@capital-rev.com 2

3 Parcel Breakdown Pad Number Parcel Land Size Acres Zoning Price Per SF List Price , C2/PD $ 9.50 $ 571, , C2/PD $ 9.50 $ 732, , C2/PD $ 9.50 $ 571, , C2/PD $ 9.50 $ 571, , C2/PD $ 9.50 $ 471, , C2/PD $ 9.50 $ 641, Outparcel , C2/PD $ 2.00 $ 1,566, Total Pads & Outparcel 1,157, $ 4.43 $ 5,125, cyoung@capital-rev.com 3

4 Map Overview LOT ACRES cyoung@capital-rev.com 4

5 Zoning Zoning: The subject is located within the C2 / PD General Commercial zoning district of the Lake Havasu City, Arizona. The subject is a portion of the planned development known as The Centre. According to a city planner, the city had approved the subject project based on plans submitted by the developer. The district requires that each plan be submitted to the city for review and approval on an individual basis. Since the subject was recently constructed, we assume that the property is a legal and conforming use of the site. Conclusion Based upon a review of the zoning regulations and development standards in conjunction with an interview of planning officials, it appears that the subject s use as lifestyle shopping center represents a legal and conforming use of the site. Contact Info: Planning and Zoning Division 2330 McCulloch Blvd N. Lake Havasu City, AZ Phone: (928) Fax: (928) /8502 Hours of Operation Monday through Friday, 8:00 a.m. to 5:00 p.m. cyoung@capital-rev.com 5

6 The Shops at Lake Havasu I Lake Havasu, AZ cyoung@capital-rev.com 6

7 About Lake Havasu Lake Havasu City, home of the historic London Bridge, is situated on the eastern shore of Lake Havasu on the Colorado River border of California and Arizona. The City was established in 1963 by Robert P. McCulloch as a self-sufficient, planned community. McCulloch purchased the London Bridge for $2,460,000. Moving the bridge to Lake Havasu City and reconstructing it in the middle of a desert cost an additional $7 million. The bridge was dismantled and shipped by boat from England to the United States and rebuilt on a peninsula on Lake Havasu. A channel was excavated under the bridge and an English Village replication was built next to it. The opening of the London Bridge in October 1971 brought a unique attraction to Lake Havasu City, which was incorporated in Lake Havasu City is located in Mohave County, Arizona, and encompasses 42 square miles with 428 miles of streets. Situated off of Arizona Highway 95, an 18-mile drive north leads to Interstate 40, and a 65-mile drive south leads to Interstate 10. Lake Havasu City offers a broad range of community facilities including an airport, regional parks and amenities, two movie theater complexes, a library, and historical museum. The City is proud to be the home of a shopping mall, The Shops at Lake Havasu, which opened in 2008 with over 720,000 square feet of commercial space available. The mall is anchored by Dillard's, J.C. Penney's, and Super Walmart. Additional shopping can be found in the Channel Riverwalk District and the Uptown McCulloch Main Street District which also is host to many special events throughout the year. Unique boutiques, salons, night clubs, restaurants, and performing arts facilities can be found throughout the community. cyoung@capital-rev.com 7

8 About Lake Havasu High Growth Trade Area The Lake Havasu-Kingman CBSA (Core Based Statistical Area) is ranked as one of the Top 20 Fastest Growing Micromarkets in the US, and has enjoyed an unprecedented average annual growth rate of 9.5% since Intensive Residential Development Since 2000, over 15,700 homes have been sold in Lake Havasu City alone, with an additional 5,792 single family permits issued. The average new home sales price has also doubled to $288,089 during the past five years. Vibrant Demographics The trade area is home to 222,857 people across 92,226 households, with an average family income of $58,991. Since 1990 the number of households has increased 128%, while the population has increased 118%, and this vibrant market shows no signs of slowing down. Superior Consumer Expenditures 2008 consumers expenditures are estimated to exceed $3.73 billion, an increase of 34% since 2005 that s 42% greater than Flagstaff; 18% greater than Prescott; 29% greater than Yuma; and 55% greater than El Centro. Tremendous Untapped Retail Potential An estimated 33% of total household spending leaks outside the trade area, representing untapped retail sales of more than $900,000,000. Top Tourist Destination Over 2.3 million tourists, possessing median household incomes in excess of $80,000, pump over half billion dollars in additional spending into the Lake Havasu-Kingman trade area annually, with over one-third exceeding $95,000+ cyoung@capital-rev.com 8

9 The Shops at Lake Havasu I Lake Havasu, AZ cyoung@capital-rev.com 9

10 The Shops at Lake Havasu I Lake Havasu, AZ cyoung@capital-rev.com 10

11 The Shops at Lake Havasu I Lake Havasu, AZ cyoung@capital-rev.com 11

12 Location Maps 12