19 MILLARD FARMER - southwooddev.com · 19 MILLARD FARMER Newnan, GA ... Brannen Goddard with...

Retail Investment Property Group

Confidential Offering Memorandum

FAIN HICKS, Managing Director404.812.4094 // [email protected]

RETAIL INVESTMENT OPPORTUNITY

19 MILLARD FARMERNewnan, Georgia

19 MILLARD FARMER Newnan, GA

FAIN HICKS, Managing Director404.812.4094 // [email protected] Investment Property Group


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The material contained in this Investment Offering is furnished solely for the purpose of considering the purchase of 19 Millard Farmer, Newnan, GA and is not to be used for any other purpose. This information should not, under any circumstances, by photocopied or disclosed to any third party without the written consent of NAI Brannen Goddard or Owner, or used for any purpose whatsoever other than to evaluate the possible purchase of the Property.

The only party authorized to represent the Property Owner (“Owner”) in connection with the sale of the Property is NAI Brannen God-dard, and no other person is authorized by the Owner to provide any information or to make any representations other than contained in this Investment Offering. If the person receiving these materials does not choose to pursue a purchase of the Property, this Offering must be returned to NAI Brannen Goddard.

Neither NAI Brannen Goddard nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, and noth-ing contained herein is or shall be relied upon as a promise or representation as to the future performance of the Property. This Offering may

include certain statements and estimates by NAI Brannen Goddard with respect to the project-ed future performance of the Property. These Assumptions may or may not be proven to be correct, and there can be no assurance that such estimates will be achieved. Further, NAI Brannen Goddard and the Owner disclaim any and all lia-bility for representations or warranties, expressed or implied, contained in or omitted from this Investment Offering, or any other written or oral communication transmitted or made available to the recipient. The recipient shall be entitled to rely solely on those representations and war-ranties that may be made to it in any final, fully executed and delivered Real Estate Purchase Agreement between it and Owner.

The information contained herein is subject to change without notice and the recipient of these materials shall not look to Owner or NAI Bran-nen Goddard, nor any of their officers, employ-ees, representations, independent contractors or affiliates, for the accuracy or completeness thereof. Recipients of this Investment Offering are advised and encouraged to conduct their own comprehensive review and analysis of the Prop-erty.

This Investment Offering is a solicitation of inter-est only and is not an offer to sell the Property. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest to purchase the Property and expressly reserves the right, at its sole discretion, to termi-nate negotiations with any entity, for any reason, at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the Investment Offering or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate Purchase Agreement on terms acceptable to Owner, in Owner’s sole discretion. By submitting an offer, a prospective purchaser will be deemed to have acknowledged the fore-going and agreed to release the Owner and NAI Brannen Goddard from any liability with respect thereto.

To the extent Owner or any agent of Owner corresponds with any prospective purchaser, any prospective purchaser should not rely on any such correspondence or statements as bind-ing Owner. Only a fully executed Real Estate Purchase Agreement shall bind the property and each prospective purchaser proceeds at its own risk.

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SEXECUTIVE SUMMARYOffering OverviewInvestment HighlightsSite PlanAerial Photo

MARKET OVERVIEWLocation MapsRetail AerialMarket InformationDemographics

FINANCIAL INFORMATIONCash FlowRent RollTenant Profiles




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OFFERING OVERVIEW

The NAI Brannen Goddard Retail Investment Group is pleased to exclusively offer this Newnan, Georgia Shopping Center for sale.

Address 19 Millard Farmer Industrial Boulevard Newnan, Coweta County, GA 30263

Size 64,190 Square Feet

Built 1987 | Renovated 2002/2003

Occupancy Rate 91%

Land Area 7.570 Acres

Traffic Counts Bullsboro Rd: 40,180 VPD Millard Farmer Ind Blvd: 17,630 VPD

Price $3,680,000 | $57 PSF

Demographics: 1 Mile 3 Mile 5 Mile ©2013 ESRI Radius Radius Radius

2012 Population 3,785 34,720 64,657

2012 Avg. HH Income $57,361 $67,852 $68,843




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INVESTMENT HIGHLIGHTS

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KARATE Studio

• LOCATION: The subject property is located on major corner of the area’s predominate retail corridor. The high concentration of retail development in the area serves a regional customer base and generates tremendous traffic.

• UPSIDE: There is significant upside potential with the subject property through expansion and/or redevelopment. Scenarios adding significant additional shop and outparcel space have been explored.

• VALUE: At $57 PSF, this offering represents an outstanding value, and pricing is in the range of entitled commercial land costs.




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SITE PLAN

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Land Area7.57 Acres

ZoningCHV Heavy Commercial District




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AERIAL PHOTO

Bullsboro Drive (Hwy 34)

Millar

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Werz Industrial Blvd

SUBJECT

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LOCATION MAP




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RETAIL AERIAL

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1 NEWNAN CROSSINGWalmart SupercenterLowe’sHobby LobbyGNCSally Beauty SupplyCatoApplebee’sHootersPanda ExpressArby’sDunkin’ Donuts

2 IHOP

3 STARBUCKSZaxby’s

4 NEWNAN CROSSING I & IITargetBabies R UsJC Penney

Rooms To GoAshley FurnitureBen’s Brands For LessOld Navyhhgregg BJ’s WholesaleOffice DepotMichael’sTJ MaxxDollar TreeParty CityMen’s WearhouseRack Room ShoesPayless Shoe SourceShoe CarnivalHibbett SportsRadioShackOriginal Mattress FactoryVitamin ShoppeSport ClipsTaco MacGolden Corral

Starbuck’sShane’s Rib ShackChick-Fil-APlanet Smoothie

5 THE FORUM AT ASHLEY PARKDillard’sBelkBarnes & NobleBest BuyRegal CinemasDick’s Sporting GoodsMonkey Joe’sAmerican EagleAeropostaleJos. A Bankrue21DSWMotherhood MaternityBath & Body WorksYankee CandleClaire’s

Kay JewelersULTAMassage EnvyColdstone CreameryFive GuysYogli MogliHoneybaked HamFirehouse SubsVerizon Wireless

6 MATTRESS FIRMAT&TPanera BreadShoney’sO’Charley’sBurger King

7 WALGREENS

8 COWETA CROSSINGPublixUPS StoreKFC

9 SHENANDOAH PLAZA SHOPPING CENTERBig LotsDollar GeneralGoodwillTaco MacCheckersKrystal

10 FOOD DEPOTO’Reilly Auto Parts

11 FARMER’S HOME FURNITURE

12 MERCHANT’S CROSSINGKrogerAaron’s RentsCitiTrendsMetro PCSLittle Caesar’sLong John Silvers

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Exit47

SUBJECT

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MARKET INFORMATION

• Newnan, Georgia is located approximately 30 miles southwest of Atlanta, Georgia and is within the Atlanta MSA.

• It is the county seat of Coweta County and is one of the fastest growing cities in Georgia. The population has grown well over 100% since 2000.

• The area is served by Interstate 85 and several state and US highways.

Site Map19 Millard Farmer Industrial Blvd, Newnan, GA, 30263Ring: 1, 3, 5 Miles Latitude: 33.39653

Longitude: -84.76319

July 29, 2013

Made with Esri Business Analyst©2013 Esri www.esri.com/ba 800-447-9778 Try it Now! Page 1 of 1

1 mile

3 miles

5 miles




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Executive Summary19 Millard Farmer Industrial Blvd, Newnan, GA, 30263Ring: 1 mile radius Latitude: 33.39653


1 mile 3 miles 5 milesPopulation

2000 Population 1,872 18,653 41,523

2010 Population 3,700 33,020 62,001

2012 Population 3,785 34,720 64,657

2017 Population 4,304 38,714 71,226

2000-2010 Annual Rate 7.05% 5.88% 4.09%

2010-2012 Annual Rate 1.01% 2.26% 1.88%

2012-2017 Annual Rate 2.60% 2.20% 1.95%2012 Male Population 48.2% 48.1% 48.2%2012 Female Population 51.8% 51.9% 51.8%2012 Median Age 31.1 33.2 34.8

In the identified area, the current year population is 64,657. In 2010, the Census count in the area was 62,001. The rate of change since2010 was 1.88% annually. The five-year projection for the population in the area is 71,226 representing a change of 1.95% annually from2012 to 2017. Currently, the population is 48.2% male and 51.8% female.

Median Age

The median age in this area is 34.8, compared to U.S. median age of 37.3.

Race and Ethnicity2012 White Alone 55.0% 60.3% 65.1%

2012 Black Alone 29.2% 27.9% 25.3%2012 American Indian/Alaska Native Alone 0.2% 0.3% 0.3%2012 Asian Alone 4.6% 3.0% 2.1%2012 Pacific Islander Alone 0.2% 0.1% 0.1%2012 Other Race 7.4% 5.7% 4.6%2012 Two or More Races 3.4% 2.8% 2.4%2012 Hispanic Origin (Any Race) 15.8% 11.7% 9.7%

Persons of Hispanic origin represent 9.7% of the population in the identified area compared to 16.9% of the U.S. population. Persons ofHispanic Origin may be of any race. The Diversity Index, which measures the probability that two people from the same area will be fromdifferent race/ethnic groups, is 59.7 in the identified area, compared to 61.4 for the U.S. as a whole.

Households

2000 Households 795 7,087 14,9552010 Households 1,628 12,603 22,8852012 Total Households 1,675 13,229 23,8162017 Total Households 1,914 14,829 26,3512000-2010 Annual Rate 7.43% 5.93% 4.35%2010-2012 Annual Rate 1.27% 2.18% 1.79%2012-2017 Annual Rate 2.71% 2.31% 2.04%2012 Average Household Size 2.23 2.59 2.69

The household count in this area has changed from 22,885 in 2010 to 23,816 in the current year, a change of 1.79% annually. The five-yearprojection of households is 26,351, a change of 2.04% annually from the current year total. Average household size is currently 2.69,compared to 2.68 in the year 2010. The number of families in the current year is 16,943 in the specified area.

July 29, 2013


Data Note: Income is expressed in current dollarsSource: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2012 and 2017. Esri converted Census 2000 data into 2010 geography.

©2013 ESRI

DEMOGRAPHIC DETAIL




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Executive Summary19 Millard Farmer Industrial Blvd, Newnan, GA, 30263Ring: 5 mile radius Latitude: 33.39653


1 mile 3 miles 5 milesMedian Household Income

2012 Median Household Income $43,444 $51,318 $54,7052017 Median Household Income $56,084 $65,225 $67,3782012-2017 Annual Rate 5.24% 4.91% 4.26%

Average Household Income

2012 Average Household Income $57,361 $67,852 $68,8432017 Average Household Income $67,348 $78,539 $79,0112012-2017 Annual Rate 3.26% 2.97% 2.79%

Per Capita Income

2012 Per Capita Income $23,894 $26,276 $25,6072017 Per Capita Income $28,034 $30,485 $29,4562012-2017 Annual Rate 3.25% 3.02% 2.84%

Households by Income

Current median household income is $54,705 in the area, compared to $50,157 for all U.S. households. Median household income isprojected to be $67,378 in five years, compared to $56,895 for all U.S. households

Current average household income is $68,843 in this area, compared to $68,162 for all U.S households. Average household income isprojected to be $79,011 in five years, compared to $77,137 for all U.S. households

Current per capita income is $25,607 in the area, compared to the U.S. per capita income of $26,409. The per capita income is projected tobe $29,456 in five years, compared to $29,882 for all U.S. households Housing

2000 Total Housing Units 904 7,632 15,9012000 Owner Occupied Housing Units 349 3,928 9,9682000 Owner Occupied Housing Units 446 3,159 4,9872000 Vacant Housing Units 109 545 946

2010 Total Housing Units 1,797 14,022 25,2142010 Owner Occupied Housing Units 590 6,582 14,5262010 Renter Occupied Housing Units 1,038 6,021 8,3592010 Vacant Housing Units 169 1,419 2,329



Currently, 56.4% of the 26,223 housing units in the area are owner occupied; 34.4%, renter occupied; and 9.2% are vacant. Currently, inthe U.S., 56.5% of the housing units in the area are owner occupied; 32.1% are renter occupied; and 11.4% are vacant. In 2010, therewere 25,214 housing units in the area - 57.6% owner occupied, 33.2% renter occupied, and 9.2% vacant. The annual rate of change inhousing units since 2010 is 1.76%. Median home value in the area is $152,009, compared to a median home value of $167,749 for the U.S.In five years, median value is projected to change by 2.02% annually to $167,994.

July 29, 2013


Data Note: Income is expressed in current dollarsSource: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2012 and 2017. Esri converted Census 2000 data into 2010 geography.

DEMOGRAPHIC DETAIL

©2013 ESRI



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SCHEDULE OF CASH FLOW

PROJECT NAME PURCHASE PRICE 3,680,000$ ADDRESS 19 Millard Farmer Ind Blvd

Newnan, GA 30263

SIZE 64,190YEAR BUILTCURRENT OCCUPANCY 91%AVG RENT PSF 6.43$ PRICE PSF 57.33$ SITE SIZE 7.57PARKING

PRO FORMA PSFINCOME Rental Revenue 373,912$ 5.83$ RECOVERY REVENUE CAM 3,000$ 0.05$ Real Estate Taxes -$ -$ Insurance -$ -$ Percentage RentTOTAL RENTAL INCOME 376,912$ 5.87$ Vacancy -$ 0% Other income -$ -$ EFFECTIVE GROSS INCOME 376,912$ 5.87$

EXPENSES Common Area Maintenance* 25,676$ 0.40$ Real Estate Taxes 30,763$ 0.48$ Insurance 12,838$ 0.20$ Management Fee 13,192$ 3.50%

-$ TOTAL OPERATING EXPENSES 82,468$ 1.28$

NET OPERATING INCOME 294,444$ 4.59$

*All tenant spaces are separately metered for all utilities. Tentants pay all utilities directly.*All tenant spaces are separately metered for all utilities. Tenants pay all utilities directly.



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RENT ROLL

TENANTS SQUARE FEET LEASED

RENT PER SF

START DATE

END DATE

% OF GLA

MONTHLY RENT

ANNUAL RENT OPTION REIMBURSEMENTS NOTES

Edwin Watts 4,200 $11.90 12/15/15 6.54% $4,166 $49,992 1 @ 5; $4,374 Monthly

Tenant pays for all utilities either separately metered or charged

(Article XIV)

Atlanta Fitness 22,990 $6.92 9/30/18 35.82% $13,260 $159,120 1 @ 5; $14,586 Monthly

Tenant pays all charges for utilities (Article XIV) Tenant shall pay pro rata share of increases in

Real Estate Taxes over Base Yearof 2003; Tenant Pays an additional

$250 montly for water usage

Dumas Karate 6,000 $10.80 6/30/15 9.35% $5,400 $64,800 Tenant pays for all utilities (Article XVIII) Tenant shall pay pro

rata share of increases in Real Estate Taxes and Insurance over

base year of 2003.

Plato's Closet 25,000 $4.00 7/31/18 38.95% $8,333 $100,000 2 @ 5; 2% Annual Increases

Tenant shall pay all utility bills (6); Tenant shall pay pro rata

share of increases in Real Estate Taxes and Insurance over 2013

Base Year (7)

CO-TENANCY- if less than 50% of the

leasable space in the shopping center is open for business,

Tenant shall be entitled to : a)

terminate b)receive a 50% abatement

SUB TOTAL 58,190 90.65% $31,159 $373,912

TO BE LEASED 6,000 9.35% $0 $0

TOTALS 64,190 100.00% 62,319 373,912

NUMBER OF TENANTS 0

NUMBER OF VACANT SPACES

0

INCLUDED OUT PARCELS 0




TENANT PROFILES

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TENANT PROFILES

Edwin Watts Golf Shops, LLC (an affiliated portfolio company of Sun Capital Partners, Inc.), is one of the world’s premier specialty golf retailers. The company operates as an integrated, multi-channel re-tailer, offering the freshest assortment of brand name golf equipment, apparel, and accessories through its 90 domestic Retail Locations, eCommerce Internet site, Telephone/Catalog/Direct Mail sales and Digital Catalog. Edwin Watts Golf touts a team of highly experienced and knowledgeable sales associates who can assist customers of all skill levels with lessons, performance fitting, special orders and repair services.

Winmark Corporation operates as a franchisor of four retail store con-cepts that buy, sell, trade and consign merchandise. It operates in two segments, franchising and leasing. The company franchises retail stores under the Plato’s Closet, Play It Again Sports, Once Upon A Child and Music Go Round brand names. The Plato’s Closet brand stores buy and sell used clothing and accessories for the teenage and young adult market. The company was founded in 1988 and as of December 29, 2012, it had 968 franchises in operation.

605 Highway 169 North, Suite 100Minneapolis, MN 55441winmarkcorporation.comPlato’s Closet Stores: 365Corporate Employees: 1032012 Revenue: $55.09M

20 Hill Avenue NWFort Walton Beach, FL 32548edwinwattsgolf.comStores: 90

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