RARE DRIVE-THROUGH
TRIPLE-NET LEASED
INVESTMENT
Bank of the West
6881 Warner Avenue
Huntington Beach, CA
Exclusively Marketed By
Charles DeSantis
Senior Managing Director
(310) 996-2232
Lic. #00961029
Kyle Gulock
Associate
(310) 492-8416
Lic. #01861385
1925 Century Park E, Ste 2350
Los Angeles, CA 90067
Direct 310.312.1800
Fax 310.312.1801
Lic. # 01201641
Table of
Contents
3
5
9
Investment
Summary
Property
Overview
Area
Overview
3
Overview
5
Details
9
Area Maps
4
Highlights
7
10
Demographics
Tenant
Profile
7
Bank of the
West
These materials are based on information and content provided by others which we believe are accurate. No guarantee, warranty or
representation is made by the Charles Dunn Company or its personnel, and all interested parties must independently verify its accuracy
and completeness. As well, any projections, assumptions, opinion, or estimates are used for example only and do not represent the
current or future performance of the identified property. Your tax, financial, legal and toxic substance advisors should conduct a careful
investigation of the property and its suitability for your needs, including land use limitations. The property is subject to prior lease, sale,
change in price, or withdrawal from the market without notice
Investment
Summary
Overview
Investment Summary
Offering Price
$4,600,000
NOI
$218,608
Building Area
4,800 SF
Land Area
23,015 SF
(0.53 acres)
Charles Dunn Company is pleased to present a retail investment
opportunity to acquire a single-tenant triple-net asset leased to
Bank of the West. This is a rare opportunity to acquire a prime
investment leased to a financial institution in the coastal community
of Huntington Beach.
Site Information
The property is located just east of Goldenwest Street (an
intersection of two main thoroughfares) with excellent visibility from
both directions on Warner Avenue. The property is situated in the
front pad of a retail strip center with a Big Lots, Wells Fargo Kiosk
and other local tenants. New retail developments in the area have
tenants such as Home Depot and Ralph’s across Goldenwest
Street. Nearby retailers and restaurants include Boston Market, El
Pollo Loco, Ross, Downey Savings, Carl’s Jr., World Savings,
Pizza Hut and AutoZone.
.
Bank of the West
6881 Warner Avenue, Huntington Beach, CA 92647
3
Investment
Summary
Subject Property: Bank of the West
6881 Warner Avenue, Huntington Beach, CA
Highlights
Whittier
Los Angeles
Cypress
Westminster
Garden Grove
PRICE
$4,600,000 (4.75% CAP rate)
Building SF
4,800 SF
Huntington Beach
Lot SF
23,015 SF (0.53 acres)
Rent/SF
$45.54/year – or $3.80/month
Year Built
1974/Remodel 2007
Investment Highlights
• Rent increases twice the CPI, but not more than 2%.
Lease
10-year lease expires Sep
2017
• Single tenant NNN lease
NOI
$218,608
• Passive income source with little management required
• Excellent Retail Location with three-lane drive-thru (two teller
lanes, one ATM lane)
Option Terms
Four (4) five (5) year options at
fair market rent
Bank of the West
6881 Warner Avenue, Huntington Beach, CA 92647
4
Property
Overview
Details
Location
Located at 6881 Warner Avenue in Huntington Beach, California
Lot Size
Approximately 0.53 acres — or approximately 23,015 square feet
Improvements
Originally constructed in 1974 and renovated in 2007, a 4,807
square foot bank branch building for Bank of the West with a two
lane drive-thru teller.
Lease
Leased to Bank of the West for 10 years from October 1, 2007,
until September 30, 2017, at the initial net rent of $198,000. The
rent is adjusted annually by twice the CPI, but not more than 2%
per year. The lease is triple net with tenant paying all expenses
including taxes, insurance, and maintenance including roof,
structure, parking, etc. The landlord has no expense obligation.
There are four five-year renewal options at fair market value.
Net Annual Income
Year
Annual Rent
1
$198,000
2
$201,960
3
$205,999
4
$210,119
5
$214,321
6
$218,608
7
$222,980
8
$227,439
9
$231,988
10
$236,629
*Annual increase assumes 2% increase. Actual increase is determined by CPI capped at 2%
Bank of the West
6881 Warner Avenue, Huntington Beach, CA 92647
5
Property
Overview
Details
Parcels
Tax Assessor’s parcel number 146-591-05
Visibility
Visibility from Warner Avenue; prominently visible from Goldenwest
Street and Edward Street
Access
Parcel has one full access point on Warner Avenue
Zone
According to the city of Huntington Beach the subject property is
Zoned for commercial use (NEC)
Bank of the West
6881 Warner Avenue, Huntington Beach, CA 92647
6
Tenant Profile
Company Profile
Bank of the West is managed through holding company BancWest
Corporation, a subsidiary of BNP Parivas, one of the six highest
rated banks in the world.
Bank of the West has more than $2 billion in assets, more than 700
banking location in 19 states, and is a subsidiary of BNP Paribas, a
top global financial institution.
2012 Financial Highlights (dollar amounts in thousands)
Net Interest Income ($ amount in thousands)
$1,900,472
Net Income ($ amount in thousands)
$555,203
Total Assets ($ amount in thousands)
$63,343,359
Credit Rating ($ amount in thousands)
Bank of the West
6881 Warner Avenue, Huntington Beach, CA 92647
Moody’s…………………..A2
Standard & Poor’s………..A
Fitch……………………...A+
7
Tenant Profile
Founded in 1874, Bank of the West is the third-largest Westernbased commercial bank in U.S., the third-largest agricultural lender
in the U.S., and the largest specialty bank lender to religious
institutions in the nation. It offers a full range of personal, business,
international, investment and trust services. The bank now serves
over three million households and businesses in hundreds of
communities in 19 Western and Midwestern states: Arizona,
California, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri,
Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon,
South Dakota, Utah, Washington, Wisconsin and Wyoming. Bank of
the West’s holding company, BANCWEST CORPORATION, is a
wholly owned subsidiary of BNP Paribas, a leading global financial
services institution.
As of December 31, 2012, Bank of the West had $555 million in net
income, and over $63 billion in total assets. More information is
available on www.bankofthewest.com
Bank of the West
6881 Warner Avenue, Huntington Beach, CA 92647
8
Area Overview
Subject Property: Bank of the West
6881 Warner Avenue, Huntington Beach, CA
Area Maps
1
2
1
3
2
4
3
5
4
7
6
5
8
9
6
7
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9
10
Bank of the West
6881 Warner Avenue, Huntington Beach, CA 92647
10
9
Area Overview
1 mi
Ring
3 mi
Ring
5 mi
Ring
2000 Total Population
23,641
172,964
420,046
2010 Total Population
23,044
175,025
423,605
2012 Total Population
23,647
178,975
430,557
2017 Total Population
23,528
179,290
429,869
2000 Total Households
8,304
60,798
142,078
2010 Total Households
8,148
61,827
142,966
2012 Total Households
8,236
62,284
143,266
2017 Total Households
8,282
63,109
144,596
2000 to 2010 Population Change
-2.5%
1.2%
.8%
2000 to 2012 Population Change
.0%
3.5%
2.5%
2010 to 2017 Population Change
2.1%
2.4%
1.5%
2012 to 2017 Population Change
-.5%
.2%
-.2%
2000 to 2010 Household Change
-1.9%
1.7%
.6%
2000 to 2012 Household Change
-.8%
2.4%
.8%
2010 to 2017 Household Change
1.6%
2.1%
1.1%
2012 to 2017 Household Change
.6%
1.3%
.9%
White alone
70.6%
63.6%
56.3%
Black or African American alone
1.5%
1.0%
1.0%
American Indian and Alaska Native alone
.6%
.5%
.5%
Asian alone
9.6%
21.9%
29.3%
Native Hawaiian and OPI alone
.4%
.4%
.4%
Some Other Race alone
11.9%
8.1%
8.5%
Two or More Races
5.3%
4.5%
4.0%
Population Trend
Huntington
Beach
Demographics
Households Trend
Population Change Trend
Household Change Trend
2012 Race
Bank of the West
6881 Warner Avenue, Huntington Beach, CA 92647
10
Area Overview
1 mi
Ring
3 mi
Ring
5 mi
Ring
Per Capita Income
$33,872
$35,293
$32,140
Household Income: Median
$75,825
$75,996
$72,770
Household Income: Average
$96,270
$100,715
$95,828
Less than $10,000
2.9%
3.3%
3.4%
$10,000 to $14,999
3.0%
3.6%
3.9%
$15,000 to $19,999
3.2%
3.2%
3.7%
$20,000 to $24,999
2.9%
3.7%
4.1%
$25,000 to $29,999
3.9%
4.1%
4.2%
$30,000 to $34,999
3.4%
4.0%
4.2%
$35,000 to $39,999
3.1%
3.4%
3.3%
$40,000 to $44,999
2.5%
3.3%
3.8%
$45,000 to $49,999
5.6%
4.5%
4.3%
$50,000 to $59,999
7.4%
6.4%
6.4%
$60,000 to $74,999
11.6%
10.0%
10.3%
$75,000 to $99,999
16.2%
13.4%
13.7%
$100,000 to $124,999
10.4%
10.6%
11.0%
$125,000 to $149,999
9.7%
9.7%
8.5%
$150,000 to $199,999
7.8%
8.4%
7.9%
$200,000 or more
6.5%
8.4%
7.4%
Average household size
2.8
2.9
3.0
Total Daytime Population
21,494
163,513
382,030
Total Daytime at Work Population
9,008
68,973
148,911
Total Daytime at Home Population
12,487
94,540
233,119
Total Daytime at Work Population (% of
Daytime Population)
41.9%
42.2%
39.0%
Total Daytime at Home Population (% of
Daytime Population)
58.1%
57.8%
61.0%
Per Capita Income
$33,872
$35,293
$32,140
Household Income: Median
$75,825
$75,996
$72,770
Household Income: Average
$96,270
$100,715
$95,828
2012 Income
Huntington
Beach
Demographics
2012 Income
Bank of the West
6881 Warner Avenue, Huntington Beach, CA 92647
11
Confidentiality
Agreement
Broker
Contacts
Charles DeSantis
Senior Managing Director
License #00961029
cdesantis@charlesdunn.com
Direct 310.996.2232
Kyle Gulock
Associate
License #01861385
kgulock@charlesdunn.com
Direct 310.492.8416
Charles Dunn Company
1925 Century Park East
Suite 2350
Los Angeles, CA 90067
Direct 310.312.1800
Fax 310.312.1801
Lic. #01201641
This is a confidential Memorandum intended solely for your limited use and
benefit in determining whether you desire to express further interest in the
acquisition of 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
Property or the owner of the Property (the “Owner”), 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 Owner and Charles Dunn
Company, Inc. 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. 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.
Neither the Owner nor Charles Dunn Company, Inc, nor any of their respective
directors, officers, Affiliates or representatives make any representation or
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; and you are to rely solely on your investigations and inspections of
the Property in evaluating a possible purchase of the Property.
The Owner expressly reserves the right, at its sole discretion, to reject any or
all expressions of interest or offers to purchase the Property, and/or to
terminate discussions with any entity at any time with or without notice which
may arise as a result of review of this Memorandum. The Owner 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 Owner and any conditions to the Owner’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 the prior written authorization of the
Owner or Charles Dunn Company, Inc. You also agree that you will not use
this Memorandum or any of its contents in any manner detrimental to the
interest of the Owner or Charles Dunn Company, Inc.
If after reviewing this Memorandum, you have no further interest in purchasing
the Property, kindly return this memorandum to Charles Dunn Company, Inc.
Bank of the West
6881 Warner Avenue, Huntington Beach, CA 92647
12