1451 WOODRUFF ROAD | GREENVILLE, SC€¦ · healthcare and pharmaceuticals. ... Walmart...

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E X C L U S I V E L Y L I S T E D B YEL WARNER

EVP & NATIONAL DIRECTOR Direct 1.949.873.0507

Mobile 1.858.752.3078 [email protected]

Lic. No. 01890271 (CA)

SCOTT HENARD SVP & REGIONAL DIRECTOR

Direct 1.214.692.2046 Mobile 1.972.998.7373

[email protected] Lic. No. 684841 (CA)

KYLE MATTHEWSCEO & CHAIRMAN Direct 1.310.919.5757 Mobile 1.310.622.3161

[email protected] Lic. No. 01469842 (CA)

LAWRENCE SHAWBROKER OF RECORD

Lic. No. 26145

CONTENTS05131925

EXECUTIVE SUMMARY

FINANCIAL OVERVIEW

AREA OVERVIEW

TENANT OVERVIEW

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Matthews Real Estate Investment Services is pleased to present the fee simple sale of a freestanding Walmart Supercenter, located at 1451 Woodruff Road in the city of Greenville, South Carolina.

The property is strategically located along the strongest retail corridor within the densely-populated Greenville submarket. Greenville is the sixth largest city in South Carolina and the largest city in the Greenville-Anderson-Mauldin MSA consisting of 885,000 people.

This property is an excellent opportunity for an investor to acquire a publicly traded investment grade tenant (NYSE: WMT), 100% leased to Walmart with no landlord responsibility. Walmart has operated out of this location for over 20 years and just recently extended their lease for an additional 5 years by exercising their renewal option 5 months early, demonstrating the strength of this location and commitment to this store. Providing stability of income stream and ease of management, this property is an ideal exchange candidate within a growing Greenville MSA.

OFFERING SUMMARY WALMART SUPERCENTER1451 Woodruff RdGreenville, SC 29607

List Price ................................................................................................... Best Offer

Gross Leasable Area .......................................................................± 200,084 SF

Lot Size ................................................................ ±1,028,887 SF (±23.62 Acres)

Year Built ..............................................................................................................1997

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SIGNALIZED INTERSECTION Great visibility and signage

RECENT STORE RENOVATION Walmart added online grocery store pickup in 2016

STRONG DENSITY Growing Community: 5-mile population of over 136,000 residents

INVESTMENT HIGHLIGHTS

SITUATED ALONG DOMINANT RETAIL CORRIDOR Strong neighboring tenants in the trade area include Lowe’s, Whole Foods, Petco, Sam’s Club, Costco, Home Depot, Bed, Bath & Beyond, Marshalls, HomeGoods, Total Wine, Hobby Lobby, Best Buy, Staples, and more.

PROVIDED FREE AND CLEAR OF DEBT Ability to take advantage of low financing costs

STRONG DAYTIME POPULATION AND HIGHEST TRAFFIC COUNTS IN GREENVILLE SUBMARKET Over 34,000 cars per day in front of the property on Woodruff Road, over 90,000 on nearby I-385 and over 100,000 cars per day on nearby I-85

AFFLUENT LOCATION Incomes in the 3-mile and 5-mile are $90K and $87K

LONG TERM COMMITMENT Walmart has shown long term commitment to the location for over twenty-five (25) years with their recent renewal

NATIONALLY RECOGNIZED INVESTMENT GRADE TENANT Lease is guaranteed by Walmart which is the world’s largest retailer with investment grade credit and sales exceeding $482 billion in 2016. (Standard & Poor’s: AA; Moody’s: Aa2)

EASE OF MANAGEMENT WITH ABSOLUTE NNN LEASE No landlord responsibilities with tenant financially responsible for NNN expenses and capex

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SURROUNDING TENANTS

Woodru� Road ±3

4,000 ADT

±91,000 ADT

THE SHOPSAT GREENRIDGE

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Woodru� Road ±3

4,000 ADT

±91,000 ADT

THE SHOPSAT GREENRIDGE

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WO

ODRU

FF RO

AD ±34,000 AD

T

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SURROUNDING TENANTS

WO

ODRU

FF RO

AD ±34,000 AD

T

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MARKET DEBT QUOTE

Loan to Value 70%

Interest Rate 4.20%

Term 10 Years

Amortization 25 Years

Loan quote provided by Barrington Capital based on market conditions at this time. Actual rates and terms will vary based on market conditions at closing. Please contact Brian Krebs at the information below:

Phone: (949) 777-5988Email: [email protected]

WALMART SUPERCENTER1451 Woodruff RdGreenville, SC 29607

List Price ................................................................................................... Best Offer

Gross Leasable Area .......................................................................± 200,084 SF

Lot Size ................................................................ ±1,028,887 SF (±23.62 Acres)

Year Built ..............................................................................................................1997

TERMMONTHLY RENT

ANNUAL RENT

ANNUAL RENT/SF

Current - 2/10/2023 $106,045 $1,272,534 $6.36

Option 2: 2/11/2023 - 2/10/28 $106,045 $1,272,534 $6.36

Option 3: 2/11/2028 - 2/10/33 $106,045 $1,272,534 $6.36

Option 4: 2/11/2033 - 2/10/38 $106,045 $1,272,534 $6.36

Option 5: 2/11/2038 - 2/10/43 $106,045 $1,272,534 $6.36

Option 6: 2/11/2043 - 2/10/48 $106,045 $1,272,534 $6.36

Tenant Wal-Mart Real Estate Business Trust

Tenant Trade Name Wal-Mart

Type of Ownership Fee Simple

Lease Type Absolute NNN

Landlord Responsibility None

Lease Date 12/31/97

Lease Expiration Date 2/10/23

Term Remaining on Lease 5+ Years

Increases None

Options Remaining Five (5), 5-Year Options

ANNUALIZED OPERATING DATA

TENANT SUMMARY


PHYSICAL DESCRIPTION

Property Name Walmart

Property Address1451 Woodruff Road,

Greenville, SC 29607

Assessor's Parcel Number 0547.03-01-001.24

Zoning C2, (Highway Commercial)

SITE DESCRIPTION

Number of Stories 1

Year Built 1997

Gross Leasable Area (GLA) ±200,084

Lot Size ±1,028,887 SF (±23.62 Acres)

Type of Ownership Fee Simple

Parking ± 1,002

Parking Ratio 5.00:1,000

CONSTRUCTION

Foundation Slab-on-grade

Framing Steel

Exterior Concrete façade

Parking Surface Asphalt

Roof Rubber membrane

PARCEL MAP


LEASE ABSTRACT

Tenant: Wal-Mart Real Estate Business Trust

Tenant Trade Name: Wal-Mart

Address: 1451 Woodruff Road Greenville, SC 29607

Size: 200,084 SF

Lease Date: 12/31/1997

Lease Expiration: 2/10/2023

Renewal Options: Five (5) separate Five (5) year options

Required Advance Notice of Exercise Options:

Sixty (60) days prior to the end of the initial Term or then effective Extension term

Current Rent (annually): $1,272,534

Rent Increases: None

Real Estate Taxes: Tenant responsible to pay real estate taxes

Insurance: Tenant responsible for payment of insurance

Utilities: Tenant to pay all utilities

Repair and Maintenance:

Tenant, at it's sole cost and expense, shall keep all building, structures, and improvements erected at the Subject Property in good working order and repair including and without limitation, the roof and HVAC and other electrical and mechanical systems.

Landlord Responsibility None

Percentage Rent: None

Right of First Refusal / Right to Purchase None

EstoppelTenant is required to execute an estoppel certificate within thirty (30) days upon written request from the Landlord.

Exclusive Use: None

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GREENVILLE, SOUTH CAROLINANestled in the foothills of the Blue Ridge Mountains in South Carolina, the city of Greenville combines traditional southern charm, stunning natural beauty, and modernism to create a popular emerging destination. Greenville is in the mountainous northwest, or “upstate”, of South Carolina, in the center of an old textile and agricultural region. With an increasing population, Greenville is the largest city in the region. Living costs in the city are low and there is abundant quality housing close to the city.

3-MILE DEMOGRAPHICS

21,1872017 Population

15.66%2010 - 2017 Population Growth

$90,445Average Household Income


ATTRACTIONSGreenville offers many activities and attractions from a world-class collection of museums, galleries, and theaters to plentiful outdoor activities in the Blue Ridge Mountains to the north. With quaint shops, boutiques and excellent restaurants, Greenville’s downtown area houses the largest concentration of the city’s businesses and financial institutions. It maintains its vibrant, revitalized downtown area, which has been ranked among “America’s Ten Best” by Forbes. The BMW plant and several other new manufacturing entities have sprung up mostly to the east towards Spartanburg, all of which have contributed to a vibrant economy and new infrastructure.

ACCOLADES

Top 10 Cities for Millennials to Live

2017 Top Summer Vacation Spot

Top 10 Small Cities Where Business is Thriving


GREENVILLE HOUSING INDUSTRY BOOMSThe housing market in Greenville is growing at an excellerated rate of 12.9%. Homebuyers in the area have been routinely reporting a hyper-competitive market where homes often last fewer than three days on the market.

ECONOMIC SNAPSHOTOnce known for textile manufacturing, Greenville has become an international powerhouse, hosting companies from all parts of the globe.

The city, along with Spartanburg, Anderson, and other nearby towns known as “The Upstate,” boasts more than 250 international firms, including BMW (Germany), Michelin (France), GlaxoSmithKline (United Kingdom) and Kyocera (Japan).


UPSTATE SOUTH CAROLINASituated between Atlanta and Charlotte, Upstate is the fastest-growing region in South Carolina. As a loosely defined term among locals, Upstate refers to the area in the westernmost part of the state, which includes the Greenville-Spartanburg-Anderson Combined Statistical Area. Propagated by BMW, many foreign companies have established a significant presence in Upstate. Adidas, Bank of America, Bi-Lo, Suntrust, Bausch & Lomb, IBM and Lockheed Martin are just a few of the numerous corporations.

Greenville is the largest city in Upstate and is the base of most commercial activity in the area. The city was long known as “The Textile Capital of the World” due to the textile manufacturing industry being the backbone of the economy. Favorable wages and tax benefits continue to attract companies to the area, thereby diversifying the economy. Today, major industries of commerce include the auto industry, which is mainly concentrated along the corridor between Greenville and Spartanburg, healthcare and pharmaceuticals.

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Walmart is a multinational retailing corporation that operates as a chain of hypermarkets, discount department stores, and grocery stores. The company is the world’s #1 retailer with more than 5,300 stores. The company has the largest annual revenue in the world, more than Europe’s Carrefour, Metro AG and Tesco combined.

Walmart Supercenters vary in size from 69,000 to 260,000 square feet. These stores stock general merchandise and a full-service supermarket with many that include a garden center, pet shop, pharmacy, Tire & Lube Express, optical center, photo processing lab, portrait studio, and various small shops such as cell phone stores and local bank branches.

Walmart employs 2.3 million associates worldwide with about 75% of store management starting as hourly employees. The company cares about their employees and is investing $2.7 billion over the next two years in higher wages, education, and training.

Company Name Wal-Mart Stores, Inc.

Industry Warehouse Clubs & Superstores

S&P Credit Rating AA

Company Type Public

# of Employees 2,300,000

Year Founded 1945

2017 Sales $485.87 Billion

www.walmart.com


WORLDWIDE RETAIL SALES OF THE LEADING U.S. RETAILERS IN 2017* (IN BILLION U.S. DOLLARS)

WALMART STATISTICS AT A GLANCE

28 countries

OPERATES IN

2.3 Mil.EMPLOYEES WORLDWIDE

260 Mil.WEEKLY CUSTOMERS

0 100 200 300 400 500 600BILLIONS U.S. DOLLARS

WALMART 511.37

138.02AMAZON.COM

120.89COSTCO

71.31TARGET

80.75CVS

97.19WALGREENS

BOOTS ALLIANCE

97.66HOME DEPOT

115.4KROGER

CONFIDENTIALITY AND DISCLAIMER STATEMENT

This Offering Memorandum contains select information pertaining to the business and affairs of Walmart located at 1451 Woodruff Road, Greenville, SC (“Property”). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive or contain all of the information a

prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for

any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part upon

financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers

should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence. By acknowledging your receipt of this Offering Memorandum for the Property, you

agree: The Offering Memorandum and its contents are confidential;You will hold it and treat it in the strictest of confidence; and You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any

fashion or manner detrimental to the interest of the Seller. Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate

discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered. If you wish not to pursue

negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum. A prospective purchaser’s sole and exclusive rights with respect

to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective

purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or

the marketing or sale of the Property. This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.

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E X C L U S I V E L Y L I S T E D B YEL WARNER

EVP & NATIONAL DIRECTOR Direct 1.949.873.0507

Mobile 1.858.752.3078 [email protected]

Lic. No. 01890271

SCOTT HENARD SVP & REGIONAL DIRECTOR

Direct 1.214.692.2046 Mobile 1.972.998.7373

[email protected] Lic. No. 684841

KYLE MATTHEWSCEO & CHAIRMAN Direct 1.310.919.5757 Mobile 1.310.622.3161

[email protected] Lic. No. 01469842

LAWRENCE SHAWBROKER OF RECORD

Lic. No. 26145

1451 WOODRUFF ROAD | GREENVILLE, SC€¦ · healthcare and pharmaceuticals. ... Walmart...

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