Sunnybrook Ridge

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MIXED USED INVESTMENT WITH A DEVELOPABLE LOT BLAKE D. FEDERINKO 

360.823.5111

 Blake@MAJCRE.com

MICHAEL A. JENKINS 

360.823.5102

 Mike@MAJCRE.com

SUNNYBROOK RIDGE

High Density Urban Location 24 Hour Fitness Anchored Mixed Use Investment

8720 SE Sunnybrook Blvd, Clackamas, OR

BRANDI M. HO 

360.823.5112

 Brandi@MAJCRE.com


2

6727 NE Vancouver Mall Drive – Vancouver, WA

CONFIDENTIALITY DISCLAIMER This offering has been prepared solely for informational purposes. It is designed to assist a potential investor in determining whether it wishes to proceed with an in-depth investigation of the subject property. While the information contained herein is from sources deemed reliable, it has not been independently verified by the MAJ Commercial Real Estate affiliate or by the Seller. The projections and pro forma budget contained herein represent best estimates 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 and changes in the information and is subject to modification or withdrawal. The contents herein are confidential and are not to be reproduced without the express written consent. Interested buyers should be aware that the Seller is selling the Property “AS IS” CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE. Prior to and/or after contracting to purchase, as appropriate, buyer will be given a reasonable opportunity to inspect and investigate the Property and all improvements thereon, either independently or through agents of the buyer’s choosing. The Seller reserves the right to withdraw the Property being marketed at any time without notice, to reject all offers, and to accept any offer without regard to the relative price and terms of any other offer. Any offer to buy must be: (i) presented in the form of a non-binding letter of intent; (ii) incorporated in a formal written contract of purchase and sale to be prepared by the Seller and executed by both parties; and (iii) approved by Seller and such other parties who may have an interest in the Property. Neither the prospective buyer nor Seller shall be bound until execution of the contract of purchase and sale, which contract shall supersede prior discussions and writings and shall constitute the sole agreement of the parties. Prospective buyers shall be responsible for their costs and expenses of investigating the Property and all other expenses, professional or otherwise, incurred by them.


TABLE OF CONTENTS Property Summary Tenants Lease Summary & Rent Roll

5 6-15

Site Plan/Buildable Lot

16

Aerial

17

Medical Office Building

18-19

Demographics

21

Surrounding Retailers

22

Property Photos

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Clackamas, OR

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Sunnybrook Ridge | Clackamas, OR

MAJ COMMERCIAL REAL ESTATE The opportunity to acquire a mixed-use investment in Clackamas, OR. The property is leased to office and retail tenants. The anchor tenant is 24 Hour Fitness, a Sport gym with a spacious layout filled with energy, inspiration and features thousands of square feet of spectacular workout space, complete with premium gym equipment, unmatched amenities and some of the best studio classes around Clackamas. The property has four additional tenants and includes a 200-stall parking garage for the added convenience to the building’s customers.


Sunnybrook Ridge | Clackamas, OR 5

Property Summary PROPERTY ADDRESS

YEAR BUILT

PARKING

LAND SIZE

8720 SE Sunnybrook Blvd, Clackamas, OR 2007

200 Covered & 20 Uncovered (220 Spaces Total)

+/-2.72 Acres

ADDITIONAL BUILDING PAD

+/-22,075 SqFt

TOTAL RENTABLE AREA

+/-64,355 SqFt

LEASE TYPE

OPPORTUNITY ZONE

NNN / Full Service

Yes

Investment Highlights

Initial Term Rent Increases

High Barriers to Entry Market

Anchored by 24 Hour Fitness


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Sunnybrook Ridge | Clackamas, OR

Lease Summary PROPERTY ADDRESS: 8720 SE Sunnybrook Blvd, Clackamas, OR GUARANTOR: 24 Hour Fitness USA, INC OWNERSHIP TYPE: Fee Simple SQUARE FOOTAGE: 41,775 SF TERM: See Enclosed Rent Roll EXTENDED TERMS: 2, 5-Year Options

TENANT: 24 Hour Fitness NUMBER OF LOCATIONS: 280+ WEBSITE: www.24hourfitness.com

24 Hour Fitness was founded in 1983 by Mark Mastrov and it’s headquartered in Carlsbad, California. 24 Hour Fitness is a privately owned and operated fitness center chain, it is the second largest fitness chain in the United States based on revenue after LA Fitness, and fourth

LEASE TYPE: NNN LANDLORD RESPONSIBLE: Roof and Structure

in number of clubs behind LA Fitness, Anytime Fitness & Gold’s Gym operating 286 clubs in only 11 U.S. states with four million clients. Their motto is “Improving lives through fitness.” For more that 30 years, they have held fast to their mission of helping people improve their lives through fitness. The Sunnybrook 24 Hour Fitness offers: Cardio Equipment, Circuit Training, Free Weights, Free WIFI, Full Sized Basketball Court, Group Cycling, Group Exercise, Indoor Lap Pool, Kids’ Club, Personal Training, Personal Viewing Screens, Pro Shop, Sauna, Steam Room, Strength Machines, TRX Suspension Training, Towel Service, Training Club 24-IGNITE, Whirlpool.


Sunnybrook Ridge | Clackamas, OR 7

Rent Roll - 24 Hour Fitness SqFt

Annual Rent

Monthly Rent

PSF

Term From

Term To

41,775

$986,304

$82,192

$23.60

1/1/2022

12/31/2022

$1,044,372

$87,031

$24.99

1/1/2023

12/31/2023

$1,160,509.50

$96,709.13

$27.78

2/1/2024

1/31/2026

$1,253,250.00

$104,437.50

$30.00

2/1/2026

1/31/2031

Option 2

$1,353,510.00

$112,792.50

$32.40

2/1/2031

1/31/2036

Option 3

$1,462,125.00

$121,843.75

$35.00

2/1/2036

1/31/2041

10 YEAR

Brand New Initial Term

 2, 5-YEAR OPTIONS

 NNN

Lease Type


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Sunnybrook Ridge | Clackamas, OR

Lease Summary PROPERTY ADDRESS: 8740 SE Sunnybrook Blvd, Suite 350 Clackamas, OR 97015 GUARANTOR: Clackamas Charter Alliance OWNERSHIP TYPE: Fee Simple SQUARE FOOTAGE: +/-11,209 SqFt

TENANT: Clackamas Web Academy NUMBER OF LOCATIONS: 1

TERM: See Enclosed Rent Roll EXTENDED TERMS: 2, 5-Year Options LEASE TYPE: Full Service

Clackamas Web Academy (CWA) is a public Charter School sponsored by the North Clackamas School District. CWA provides instruction to youth in Oregon though an innovative combination of online curriculum, onsite classes, labs, tutoring, activities, and access to college classes. CWA has approximately 480 students enrolled in grades K through 12 and Early College Options (ECO) program


Sunnybrook Ridge | Clackamas, OR 9

Rent Roll - Clackamas Web Academy SqFt

Annual Rent

Monthly Rent

PSF

Term From

Term To

11,209

$139,003.56

$11,583.63

$25.91*

1/1/2019

12/31/2020

$141,088.56

$11,757.38

$12.59

1/1/2020

3/31/2020

$302,090.76

$25,174.23

$26.95

4/1/2020

6/30/2020

$311,049.72

$25,920.81

$27.75

7/1/2020

6/30/2021

$318,825.96

$26,568.83

$28.44

7/1/2021

6/30/2022

$326,796.60

$27,233.05

$29.15

7/1/2022

6/30/2023

$334,966.56

$27,913.88

$29.88

7/1/2023

6/30/2024

$343,340.76

$28,611.73

$30.63

7/1/2024

6/30/2025

$351,924.24

$29,327.02

$31.40

7/1/2025

6/30/2026

$360,722.40

$30,060.20

$32.18

7/1/2026

6/30/2027

$369,740.40

$30,811.70

$32.99

7/1/2027

6/30/2028

$378,983.88

$31,581.99

$33.81

7/1/2028

6/30/2029

$388,458.48

$32,371.54

$34.66

7/1/2029

6/30/2030

Option 1

5 YEAR

Initial Term

 2, 5-YEAR OPTIONS

 FULL SERVICE Lease Type


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Sunnybrook Ridge | Clackamas, OR

Lease Summary PROPERTY ADDRESS: 8740 SE Sunnybrook Blvd, Suite 300, Clackamas, OR 97015 GUARANTOR: AAIM Care, LLC OWNERSHIP TYPE: Fee Simple TENANT: AAIM Care, LLC

SQUARE FOOTAGE: +/-4,236 SqFt TERM: See Enclosed Rent Roll LEASE TYPE: Full Service

NUMBER OF LOCATIONS: 13

Columbia Asthma & Allergy Clinics have 13 clinic locations in the Pacific Region. AAIM Care offers asthma, food allergy, environmental and seasonal allergies testing, diagnostics and treatment. The company has the expertise to provide comprehensive evaluation and treatment for both adult and pediatric patients suffering from mild to severe food and environmental allergies.


Sunnybrook Ridge | Clackamas, OR 11

Rent Roll - AAIM Care, LLC SqFt

Annual Rent

Monthly Rent

PSF

Term From

Term To

4,236

$94,556.28

$7,879.69

$22.32

6/1/2018

5/31/2019

$96,920.16

$8,076.68

$22.88

6/1/2019

5/31/2020

$99,343.20

$8,278.60

$23.45

6/1/2020

5/31/2021

$101,826.72

$8,485.56

$24.04

6/1/2021

5/31/2022

$104,372.40

$8,697.70

$24.64

6/1/2022

5/31/2023

$106,981.68

$8,915.14

$25.26

6/1/2023

5/31/2024

$109,656.24

$9,138.02

$25.89

6/1/2024

5/31/2025

$112,397.64

$9,366.47

$26.53

6/1/2025

5/31/2026

6 YEAR

Initial Term

 FULL SERVICE Lease Type


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Sunnybrook Ridge | Clackamas, OR

Lease Summary PROPERTY ADDRESS: 8740 SE Sunnybrook Blvd Suite 350, Clackamas, OR 97015 GUARANTOR: Portland Therapy Partners, LLC OWNERSHIP TYPE: Fee Simple SQUARE FOOTAGE: 4,038 SF

TENANT: Portland Therapy Partners- Team Rehab NUMBER OF LOCATIONS: 3 WEBSITE: www.myteamrehab.com/team-rehab-of-clackamas

TERM: Brand New 5 Year Term LEASE TYPE: Full Service

Team Rehab are the only integrated treatment center in the Portland area to offer an evaluation by both a physical therapist and chiropractor, this allows you to receive the best comprehensive treatment plans. Team Rehab offers same day urgent care appointments for auto and work-related injuries. With over 20 years of experience they have built a great local reputation for unmatched patient experience and clinical excellence.


Sunnybrook Ridge | Clackamas, OR 13

Rent Roll Portland Therapy Partners- Team Rehab SqFt

Annual Rent

Monthly Rent

PSF

Term From

Term To

4,038

$112,347.60

$9,362.30

$27.82

5/1/2022

4/30/2023

$113,471.04

$9,455.92

$28.10

5/1/2023

4/30/2024

$114,605.76

$9,550.48

$28.38

5/1/2024

4/30/2025

$115,751.88

$9,645.99

$28.67

5/1/2025

4/30/2026

$116,909.40

$9,742.45

$28.95

5/1/2026

4/30/2027

4/30/2027

Lease Expiration

 FULL SERVICE Lease Type


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Sunnybrook Ridge | Clackamas, OR

Operationg Statement Gross Rental Income Operating Expense Reimbursment

$1,660,059.96 $259,546

Vacancy at 3% (Office Use Only)*

($16,728)

Reserves at $.20 PSF

($12,871)

Effective Gross Income

$1,890,006

Expenses Repair & Maintenance Utilities Property Taxes Insurance Supplies

($176,123) ($81,700) ($219,000) ($24,000) ($1,540)

Administrative

($30,000)

Total Expenses

($532,363)

Net Operating Income

$1,357,643

CAP Rate

6.32%


Sunnybrook Ridge | Clackamas, OR 15

$21,500,000 PRICE

6.32% CAP

CLICK HERE TO ENTER STREET VIEW


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Sunnybrook Ridge | Clackamas, OR

Site Plan/Buildable Lot The Acquisition Will Consist of a +/-22,075 SF Buildable Pad for Future Development


Sunnybrook Ridge | Clackamas, OR 17

Aerial


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Sunnybrook Ridge | Clackamas, OR

Medical Office Building


Sunnybrook Ridge | Clackamas, OR 19

Sunnybrook Ridge is site plan approved for a 27,248 SqFt medical office building. The medical office building consists of two full floors and a penthouse third level. First Floor is 10,430 RSF, Second Floor is 9,220 RSF and the Third Floor is 5,400 RSF.


Sunnybrook Ridge | Clackamas, OR

(30,300 VPD)

20

,100 (149

213

) VPD

SUBJECT PROPERTY

224

(49 ,60 0

VP D)


Sunnybrook Ridge | Clackamas, OR 21

Demographics 

POPULATION

AVG HOUSEHOLD SIZE

11,091

109,458 287,724

1 mile

3 mile

2.3

5 mile

2.5

1 mile

3 mile

2.6

5 mile

MEDIAN AGE

AVG HOUSEHOLD INCOME

33.4 1 mile

40.0 3 mile

39.8

$70,506

5 mile

$93,041

1 mile

3 mile

$98,472 5 mile

BUSINESS 

TOTAL BUSINESSES

TOTAL EMPLOYEES

969 1 mile

4,138 3 mile

56,352

15,712

5 mile

1 mile

56,352 3 mile

99,162 5 mile

INCOME

$38,048

PER CAPITA INCOME 5 mile

 MEDIAN HOUSEHOLD INCOME

$53,641 1 mile

$70,645 3 mile

$73,249 5 mile

$163,913

MEDIAN Net Worth 5 mile


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Sunnybrook Ridge | Clackamas, OR

Surrounding Retailers


Sunnybrook Ridge | Clackamas, OR 23


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Sunnybrook Ridge | Clackamas, OR

Property Photos


Sunnybrook Ridge | Clackamas, OR 25


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Sunnybrook Ridge | Clackamas, OR

Clackamas, OR Clackamas is an unincorporated community and former census-designated place (CDP) in Clackamas County, Oregon, United States, and is a suburb of Portland. Clackamas is home to Camp Withycombe, which is a military base, and to a branch of the Kaiser Permanente Hospital. Clackamas is part of the Portland Metropolitan Area and lies approximately 10 miles southeast of downtown Portland and to the east of Interstate 205 along Oregon Routes 212 and 224 and to the north of the Clackamas River. According to the United States Census Bureau, the CDP has a total area of 2.1 square miles, all of it land.


Sunnybrook Ridge | Clackamas, OR 27

CLACKAMAS TOWN CENTER is a Shopping Mall established in 1981 in Portland, OR. It is managed and coowned by Brookfield Properties Retail Group and is currently anchored by J.C. Penny, Macy’s, Nordstrom and also includes a 20-screent Century movie theater. Clackamas Town Center is comprised of approximately +/- 1,230,000 SqFt and 172 stores.School. Lacey is also the home of Pope John Paul II High School. In September 2009, a new MAX Light Rail station opened at the mall, with the opening of the Green Line. The Clackamas Center Transit Center Station is the southern terminus of the Green Line and is located on the east side of the mall’s parking area. On the MAX Green Line you can go from downtown Portland to Clackamas Town Center in just 39 minutes. CLACKAMAS PROMENADE is an outdoor shopping center directly across from the Clackamas Town Center Mall. There are over thirty-five services, restaurants and shops conveniently located at Exit 14 off I-205 in Clackamas, Oregon with the Promenade turn off prominently marked to ensure visitors to the area find it easily. The number of retailers available makes it easier to get everything done in one stop.


Sunnybrook Ridge | Clackamas, OR 28

SUNNYBROOK RIDGE CLACKAMAS, OR

EXCLUSIVELY MARKETED BY: BLAKE D. FEDERINKO  360.823.5111  Blake@MAJCRE.com

MICHAEL A. JENKINS  360.823.5102  Mike@MAJCRE.com

BRANDI M. HO  360.823.5112  Brandi@MAJCRE.com