JKG
VILLAGE AT TOWNE CENTRE 1201 24th Street, Bakersfield, CA 93301 Marketing Brochure
INVESTMENT HIGHLIGHTS
INVESTMENT SUMMARY
IMPRESSIVE AADT - Traffic counts exceed 26,000 on two sides of the property, Hwy 178 East and Hwy 178 West IDEALLY LOCATED - Property is positioned at the eastern gateway to downtown, between Hwy 178 East and Hwy 178 West
As the exclusive broker, Gallelli Real Estate is pleased to present this Marketing
CONNECTING THOROUGHFARES - Easily access other parts of Bakersfield
Brochure for the sale of the fee simple interest in Village at Towne Centre retail
via Hwy 178 & 204
shopping center.
360° VISIBILITY - Four signalized intersections surround the Subject
Village at Towne Centre (“Property”) is a multi-level, mixed retail and office
Property’s main parcel
center located at 1201 24th Street, Bakersfield, CA. The Property offers an
CREDIT TENANT - Starbucks and Western Dental offer national tenant
investor the opportunity to acquire a centrally located retail shopping center
recognition within the center
with exceptional traffic counts and several credit tenants in place. The asset also provides a substantial amount of upside through the lease-up of the
VALUE ADD INCENTIVE – Year 2 Proforma yield shows 195 bps lift with year
remaining vacancies and dedicating some concentration on improving the
2 cash on cash estimated at 15.77% after debt service
management of the center.
NOTABLE RETURNS – Levered proforma IRRs range from 24% to over 28%
Price
$6,050,000
BAKERSFIELD/KERN COUNTY HIGHLIGHTS
Fund Lease Up Reserve
$1,000,000
DENSELY POPULATED - Bakersfield is the 9TH most populous city in
Total Capital of Investment
$7,050,000
California and 52nd in the United States – larger than St. Louis, Pittsburgh and Tampa
Actual Cap Rate
6.63%
Year 2 Proforma Yield
8.58%
the nation, yielding 119 million BBL of oil and 129 billion CF of gas annually
$401,338
HOMEOWNERS - There are 24% more households in Bakersfield who own
NOI Actual GLA Year Built Occupancy Number of Tenants Vacant Suites
39,691 2006 71.99% 12 6
OIL PRODUCTION - Kern County was ranked the #7 oil-producing county in
their homes rather than rent (61.8% own vs 38.2% rent) HIGHLY VISITED SUB-MARKET - Almost 25,000 employees commute into the Downtown Bakersfield hub during workdays TOP AGRICULTURE PRODUCER - Kern County ranks #2 in California for agriculture production value at $7.69B CHSR PRODUCTION - California High Speed Rail is planned to have a station in Downtown Bakersfield
N
LOCATED IN THE HEART OF BAKERSFIELD, CA BUILDING B
L STREET
BUILDING C
DS 23R
BUILDING D
ET TRE
TRE E
T
HS 24T
APN 005-332-01-00-8
BUILDING A
DT
26,
100
13 A
ADT
27,0
M STREET
APN 005-212-07-00-1
CONFIDENTIALITY & DISCLAIMER STATEMENT
JKG Adam Rainey | Associate CA DRE # 02113888 | 916 784 2700 | ARainey@Gallellire.com Aman Bains | Associate CA DRE # 02101492 | 916 784 2700 | ABains@Gallellire.com Gary Gallelli | Principal CA DRE # 01099383 | 916 784 2700 | Gary@Gallellire.com Gallelli Real Estate 3005 Douglas Blvd, Ste 200, Roseville, CA 95661 916 784 2700 | GallelliRE.com
The material contained in this Marketing Brochure is confidential, furnished solely for the purpose of considering the purchase of Village at Towne Centre located at 1201 24th Street, Bakersfield, CA 93301 and is not to be used for any other purpose or made available to any other person without the express written consent of Gallelli Real Estate Services or the Owner. The material is based in part upon information supplied by the Owner’s consultants, architects, advisors, and in part upon information obtained by Gallelli Real Estate from sources it deems to be reliable. Summaries contained in the Brochure of any legal or other documents are not intended to be comprehensive statements of the terms of such documents but rather only outlines of some of the principal provisions contained therein. In accordance with our standard practice, this Brochure has been prepared solely for informational purposes and does not constitute all or any part of an offer or contract. It is designed to assist a potential investor in determining whether to proceed with an in-depth investigation of the subject project. Gallelli Real Estate strongly recommends that each potential investor review the information contained in this brochure with its accountants, attorneys and tax advisors. Any projections contained herein represent best estimates based on assumptions considered reasonable under the circumstances. No representations or warranties, expressed or implied, are made that actual results will conform to such projections. This document is provided subject to errors, omissions, prior sale or lease, change of price or terms, other changes in the information and is subject to modification or withdrawal without notice. No Warranty Or Representation Expressed Or Implied Is Made By Gallelli Real Estate Or Any Of Their Parent, Affiliated Or Subsidiary Entities As To The Accuracy Or Completeness Of The Information Contained Herein. Prospective Investors Should Make Their Own Investigations And Conclusions Without Reliance Upon The Material Contained Herein.