The information contained in this marketing brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Commercial Integrity, NW and should not be made available to any other persons or entities without written consent of Commercial Integrity, NW.The information contained herein has been prepared to provide summary, unverified financial and physical information to prospective purchasers to establish a preliminary level of interest in the Subject Property.
THE INFORMATION CONTAINED HEREIN SHALL NOT BE A SUBSTITUTE FOR A THOROUGH DUE DILIGENCE INVESTIGATION.
Commercial Integrity, NW has not made any investigation, and makes no warranty or representation with respect to the income or expense for the Subject Property, the future projected financial performance of the Subject Property, the size or square footage and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or financial condition or business prospects of any tenant, or any tenant’s plan or intentions to continue to occupy the Subject Property. The information contained herein has been obtained from sources we believe to be reliable; however, Commercial Integrity, NW has not verified and will not verify, any of the information contained herein, nor has Commercial Integrity, NW conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided.All potential purchasers must take appropriate measures to verify all of the information set forth herein.
• Shari's Is a 3,931 SF Single-Tenant Absolute Triple Net Lease Investment Opportunity in the City of Troutdale, Oregon.
• Shari's Property Was Originally Built in 1994 and Sits on a Large 0.94-acre Parcel. Situated A Block From Columbia Gorge Outlets .
• Shari's Is an Established Tenant Within the Community and is Nestled Comfortably Between Some of the Area's Best Retailers Retailers Including McDonald's, Starbuck's, popeye's, Subway, Arby's, Levi's, GAP, Adida's, Coach, and Pendelton.
• The largest employers within a 1 mile radius of the subject property are Amazon & FedEx in their new Troutdale facilities.
• Tenant plans to upgrade facility with at least $50,000 in improvements within the next year.
• Troutdale is a Community With Vibrant Outdoor Focus. The Gateway to the Gorge Which is Draws a Steady Traffic from the 102,789 VPD+ Traveling Along Interstate 84.
• Excellent Neighborhood for Retail, With $4.6B Annual Consumer Spending in the Surrounding 5 Mile Radius.
TENANT PROFILE
SHARI'S
Founded in 1978, Shari's is the largest family-style brand in the Pacific Northwest. We’re famous for our fresh Northwest comfort food, welcoming service, and grand selection of award-winning pies!
2018 REBRAND
On November 10, 2018, Shari’s re-opened its doors at its Halsey Crossing location with a complete brand refresh. This is the first in a series of restaurant renovations that will become the next generation of Shari’s in 2019. Led by CEO Sam Borgese, it is part of the Beaverton, Oregon based chain’s revitalization plan. In an effort to take the 40-year-old family-dining chain to be more relevant to today’s consumers, Borgese and his team developed Shari’s 2.0, a reimagined restaurant design and enhanced menu item.
Now guests will experience a new open interior design that complements the upgraded heritage architecture and new Shari’s signage. In addition, the kitchen redesign created higher efficiency in food preparation and improved speed of service by 40%. The team also designed a separate area exclusively dedicated to delivery orders to reduce guest confusion while improving guest service.
The biggest unveiling was the menu redesign. Older slowselling menu items were replaced with exciting new Northwest Fresh entrees, including a new line of savory pies, melts, and open-faced sandwiches. Shari’s is known for its “comfort food” and as Borgese put it “Going into savory pies was natural” for them.
Real Estate Taxes
Insurance
Utilities
Tenant R&M
Expense CAP
CURRENT TERM: RENT ESCALATION SCHEDULE
DATE BASE MONTHLY BASE ANNUAL PSF
10/21/21-10/20/22 $13,303.40 $159,640.80 $40.61
10/21/22-10/20/23 $13,702.50 $164,430.02 $41.83
10/21/23-10/20/24 $14,113.57 $169,362.92 $43.08
10/21/24-1020/25 $14,536.98 $174,443.81 $44.38
10/21/25-10/20/26 $14,973.09 $179,667.13 $45.71
10/21/21-10/20/27 $15,422.29 $185,067.44 $47.08
10/21/21-10/20/28 $15,884.96 $190,619.46 $48.49
10/21/21-10/20/29 $16,361.50 $196,338.05 $49.95
10/21/21-10/20/30 $16,852.35 $202,228.19 $51.44
10/21/21-10/20/31 $17,357.92 $208,295.03 $52.99
10/21/21-10/20/32 $17,878.66 $214,543.89 $54.58
10/21/21-10/20/33 $18,415.02 $220,980.20 $56.21
10/21/21-10/20/34 $18,967.47 $227,609.61 $57.90
10/21/21-10/20/35 $19,536.49 $234,437.90 $59.64
PRICING MODEL
INCOME DATA
CURRENT PSF
Gross Rental Income $176,029.68 $43.56
Total Income $176,029.68 $43.56
Vacancy ($0) (0.00%)
Effective Gross Income $176,029.68 $43.56
EXPENSES
CURRENT PSF
Net
$176,029.68 $43.56
BUILDING PROFILE
ABOUT the SHARI's Building
Built in 1994, The Troutdale Shari's Building is one of the octogon restaurants this chain is known for. The iconic, 3,913 SF building stands a modest single story on it's 41,014 SF (0.94 AC) lot. The remaining portion of this 41,014 SF property is primerily parking lot with 57 surface stalls and 2 ingress/ egress' allowing easy traffic flow.
VPD ON 1-84 AND 19,080+ VPD ON FRONTAGE RD
ABOUT TROUTDALE, OR
Troutdale has anchored the eastern end of the Portland metropolitan area for more than 100 years. As the “Gateway to the Gorge” its residents, choose Troutdale as the place to raise their families. Additionally, businesses locate here because of the outstanding combination of small-town America feel and friendliness ready access to the amenities of the Portland area. With easy access to the breathtaking natural beauty and recreational opportunities offered by the Columbia River Gorge and Mt. Hood, its no wonder why people flock to the area.
Boasting a high quality and affordable housing, high incomes, good schools, great parks and convenient access to employment centers in Troutdale, Gresham and Portland. Troutdale’s historical sites and the scenic beauty of the Columbia River Gorge provide opportunities to learn from and become part of a community.
Multnomah Falls
Troutdale Arch
McmenaminsEdgefield image: mcmenamins.com
image: troutdaleoregon.gov
image:Mickey Shannon Photography
