Prime Retail Space For Lease!

Transcription

1 Prime Retail Space For Lease! Enroute to Fast Growing Clovis Housing Developments Located on Heavily Trafficked Herndon Arterial Close to Highway 168 On/Off Ramps Adjacent to High Profile Centers NOW OPEN! Call (559) Buchanan Crossroads 2 Shopping Center NWC Fowler & Herndon Avenues Clovis, California AVAILABLE NOW! Pete Orlando petero@retailcalifornia.com Michael Arfsten michael@retailcalifornia.com Location, demographics and site plan information is supplied by sources believed to be reliable. However, we can not guarantee its accuracy and make no warranty or representation as to its veracity. It is presented here with the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and these may not represent current or future performance of the property.

2 General Overview Buchanan Crossroads 2 NWC of Fowler & Herndon Clovis, California Project Summary The shopping center being developed on the northwest corner of Fowler and Herndon is a new center to be located within the City of Clovis, one of the fastest growing areas in Fresno County, California. The center will consist of approximately 34,000 sq. ft. of retail, financial services, and restaurant venues. As of May 1st 2005, the City of Clovis had a population of 68,015 people. It has been steadily growing at an average rate of 6% per year for the past 3 years. In 2003, an analysis of new Clovis residents determined that of the 9,086 new residents from , 3.3% moved from within Clovis; 57% moved from outside of Clovis but from somewhere within Fresno County; and 43% moved from outside of the Fresno area (2,100 moved from areas such as the San Francisco Bay area, San Jose/ Silicon Valley and northern California; 1,853 move from the Los Angeles/Orange County, southern California areas; 960 moved from other parts of the United States; and 50 moved from outside of the United States). Many of these residents moved to Clovis for a higher quality of life with a lower cost of living, a high quality Unified School district, and an environment conducive to raising a family. The San Joaquin Valley s rich, fertile soil is the primary reason it is one of the highest producers of agricultural products in the world. Fresno s economic area is led by agricultural users and employees of the ag force, however, the construction industry is a close second. As a result, the housing and commercial boom has led to an increase in employment in the area. The City of Clovis is taking a proactive approach to attract the tech sector. A site of approximately 180 acres is under construction immediately east of the Buchanan Crossroads Shopping Center. It is anticipated that the initial tenants of this subdivision will occupy the space within the next two or three years. (Sources: City of Clovis website: and Community Planning and Development and Housing Destination Clovis, August 2003). Location The Shopping Center is situated on the northwest corner of Fowler and Herndon Avenues. This intersection is the key intersection in the City of Clovis as it offers heavy traffic along Herndon Avenue and an interchange to Freeway 168. Freeway 168 carries approximately 16,000 commuters to and from the mountain communities of north Clovis and Fresno on a daily basis. Herndon Avenue continues to represent the most primary east-west arterial in Fresno. It is the growth corridor for Clovis. The axiom retail follows rooftops is very appropriate for Herndon Avenue. Fowler Avenue is the only arterial stretching from the northern most point of Clovis to southern Fresno County. This new shopping center attracts many consumers from the east end of town It is located on the east-most intersection on Herndon, enroute from one of the fastest growing housing development areas in Clovis. As a result, the center is exposed to great traffic volumes and has an enormous upside with the population growth taking place around it.

3 Buchanan Crossroads 2 NWC of Fowler & Herndon Clovis, California Project Summary (continued) Subdivision Activity Housing development in Clovis is very strong and there is no evidence of a slowdown. Low interest rates, quality of construction, and the attraction to Clovis schools has led to an increased demand for housing. Approximately 8,900 homes located immediately north and east of the subject center are in the development, planning, or final approval phases. This growth equates to an additional 26,225 people in the area (a multiplication factor of 2.95 persons per household). Subdivision land continues to be acquired at an unusually rapid pace. The average price for a new home in Clovis in 2002 was $221,900, and the average price for a used home was $136,000. In 2004, the average new subdivision home priced $333,789 and the average used home sold between $206,200 and $321,651 (depending on the size of the house). Currently, greater than 71,000 people are resident within a 3 mile radius of the subject center and approximately 163,000 people are within a five mile radius. Area Highlights Approximately two miles northwest of the site is an existing 5,000 student school complex (Buchanan Complex), a 3,000 student high school (Clovis West) and a planned site for a second Community College facility to be located at Shepherd and Willow. Clovis schools are ranked among the highest in the United States with their higher than average test scores and newer schools. Cal State University Fresno (25,000 students) and a new 16,000 square foot multipurpose on-campus arena are located approximately two (2) miles south of the subject site. The largest and most comprehensive medical hospital in the San Joaquin Valley, employing more than 6,200 employees and 1,100 physicians, is only one (1) mile east of the subject shopping center.

4 Buchanan Crossroads 2 NWC of Fowler & Herndon Clovis, California Fact Sheet Location Northwest Corner of Fowler and Herndon Avenues, Clovis, California - enroute to one of the fastest growing areas in the City of Clovis. Total Building Area Approximately 36,698 sq. ft Zoning Designated for Commercial by the City of Clovis Population (2006) (2011) 1 mile radius = 13,423 1 mile radius = 14,570 3 mile radius = 78,044 3 mile radius = 83,280 5 mile radius = 173,716 5 mile radius = 186,764 Average Household Income (2006) Traffic Counts 1 mile radius = $76,631 3 mile radius = $69,605 5 mile radius = $68,407 Fowler Avenue: Herndon Avenue: Fowler / Highway 168 E: Total: 20,796 ADT 19,637 ADT 15,200 ADT 55,633 ADT Source: (Demographic and Traffic Count Source: 2004-Anysite Online)

5 CALIFORNIA STATE MAP

6

7

8

9 Demographics Updated Summary Report N Fowler Ave & E. Herndon Ave Clovis, CA Site Coordinates Longitude: Latitude: Mile 3.0 Mile 5.0 Mile Ring Ring Ring 3.14 sq/mi sq/mi sq/mi POPULATION 1990 Total Population 5,427 48, , Total Population 10,276 64, , Total Population 13,423 78, , Total Population 14,570 83, ,764 % Population Change % 33.30% 29.70% % Population Change % 21.35% 17.39% % Population Change % 6.71% 7.51% HOUSEHOLDS 1990 Total Households 1,790 16,988 40, Total Households 3,422 22,660 52, Total Households 4,471 27,439 62, Total Households 4,799 29,095 66,103 % Households Change % 33.39% 29.64% % Households Change % 21.09% 17.37% % Households Change % 6.04% 6.36% 2006 RACE % 2006 White Population 78.70% 75.45% 69.77% % 2006 Black Population 1.24% 1.72% 3.04% % 2006 American Indian/Alaska Native 1.46% 1.47% 1.32% % 2006 Asian/Hawaiian/Pacific Islander 5.76% 6.68% 9.09% % 2006 Other Population (Incl 2+ Races) 12.84% 14.68% 16.78% % 2006 Hispanic Population 21.51% 22.77% 24.98% % 2006 Non-Hispanic Population 78.49% 77.23% 75.02% INCOME 2006 Per Capita Income $25,525 $24,472 $24, Median Household Income $66,862 $54,696 $53, Average Household Income $76,631 $69,605 $68,407 % 2006 Household Income < $10, % 5.14% 6.41% % 2006 Household Income $10,000-$14, % 5.28% 5.56% % 2006 Household Income $15,000-$19, % 6.22% 5.75% % 2006 Household Income $20,000-$24, % 6.10% 5.79% % 2006 Household Income $25,000-$29, % 5.12% 5.01% % 2006 Household Income $30,000-$34, % 5.15% 5.29% % 2006 Household Income $35,000-$39, % 4.51% 4.54% % 2006 Household Income $40,000-$44, % 4.69% 4.66% % 2006 Household Income $45,000-$49, % 4.30% 4.57% % 2006 Household Income $50,000-$59, % 7.45% 7.56% % 2006 Household Income $60,000-$74, % 12.24% 12.52% (cont.)

10 Demographics Updated Summary Report (cont.) N Fowler Ave & E. Herndon Ave Clovis, CA Site Coordinates Longitude: Latitude: Mile 3.0 Mile 5.0 Mile Ring Ring Ring 3.14 sq/mi sq/mi sq/mi INCOME (cont.) % 2006 Household Income $75,000-$99, % 17.72% 17.15% % 2006 Household Income $100,000-$124, % 7.45% 6.72% % 2006 Household Income $125,000-$149, % 4.23% 3.88% % 2006 Household Income $150,000-$199, % 2.30% 2.34% % 2006 Household Income $200,000-$249, % 0.51% 0.56% % 2006 Household Income $250,000-$499, % 1.54% 1.64% % 2006 Household Income $500, % 0.05% 0.06% 2006 Average Household Size Total Daytime Population 10,525 60, , Total Daytime Work Population 3,321 22,205 50,220 Source: MapInfo Corporation

11