ASHLEY FURNITURE HOMESTORE - LoopNet · shley Furniture HomeStore is a global furniture store chain...
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ASHLEY FURNITURE HOMESTORE 350 US-22 West - Green Brook, NJ 08812 OFFERING MEMORANDUM EXCLUSIVE NET-LEASE OFFERING
Transcript of ASHLEY FURNITURE HOMESTORE - LoopNet · shley Furniture HomeStore is a global furniture store chain...
ASHLEY FURNITUREHOMESTORE 350 US-22 West - Green Brook, NJ 08812
OFFERING MEMORANDUMEXCLUSIVE NET-LEASE OFFERING
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OFFERED EXCLUSIVELY BY Derrick DoughertyFirst Vice PresidentPhiladelphia, PACell: 610.329.5886 Office: 215.531.7026Email: [email protected] License: PA RS305854
Scott WoodardNational Retail GroupPhiladelphia, PACell: 215.595.6214Office: 215.531.7058Email: [email protected] License: PA RS329242
Mark KrantzNational Retail GroupPhiladelphia, PACell: 610.322.8471Office: 215.531.7056Email: [email protected] License: PA RS336064
Steven GarthwaiteNational Retail Group Philadelphia, PACell: 215.390.4549Office: 215.531.7025Email: [email protected] License: PA RS332182
TABLE OF CONTENTSSection 1: Investment SummaryThe Offering............................................................4Investment Highlights................................................5Rent Schedule..........................................................6Lease Abstract.........................................................7
Section 2: Tenant OverviewAshley Furniture Homestore....................................10Regency................................................................11Regency Brands.....................................................12
Section 3: Location OverviewRegional Map.......................................................14Site Plan...............................................................15Aerial Map...........................................................16Location Overview............................................17-18Demographic Summary.....................................19-20
Broker of Record: J.D. Parker License: 1539141
NON-ENDORSEMENT AND DISCLAIMER NOTICENON-ENDORSEMENTSMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing
package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or
endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial
listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to
prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE
DETAILS.
DISCLAIMERThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only
by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written con-
sent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective pur-
chasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute
for a thorough due diligence investigation. Marcus & Millichap and the property owner have not made any investigation, and makes no
warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance
of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances,
PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the finan-
cial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property.
The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus &
Millichap and the property owner have not verified, and will not verify, any of the information contained herein, nor has Marcus & Milli-
chap or the property owner conducted any investigation regarding these matters and makes no warranty or representation whatsoever
regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all
of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. ©
2017 Marcus & Millichap. All rights reserved.
Marcus & Millichap2005 Market Street #1510
Philadelphia, PA 19103
P: 215.531.7000
www.marcusmillichap.com
P H I L AM a r c u s & M i l l i c h a p
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INVESTMENT SUMMARY
ASHLEY FURNITURE HOMESTORE
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THE OFFERING
ASHLEY FURNITURE HOMESTORE
Offering Summary
Price $8,000,000
Cap Rate 7.50%
Ownership Interest Fee Simple
350 US-22 West - Green Brook, New Jersey 08812
Property Type Home Furnishing Retailer
Building Size (SF) 30,000 +/-
Land Area (acres) 2.16 +/-
Year Built 2014
Marcus & Millichap, on behalf of ownership as its
exclusive advisor, is pleased to offer for sale the
opportunity to acquire the 100 percent fee simple
interest in the Ashley Furniture HomeStore located at
350 US-22 West Green Brook, NJ (the “Property”).
The tenant is an experienced Ashley Furniture licensee (40 furniture stores,
18 of the 40 are branded as Ashley Furniture) who just executed a brand
new 15-year absolute triple-net lease effective as of January 10, 2018. The
base annual rent will be $600,000 and is scheduled to increase 1.5 per-
cent annually throughout the first four years of the base term and 3 percent
annually throughout years 5 to 15. The Property is strategically located along
US-22 with traffic counts exceeding 44,000 vehicles per day with excel-
lent visibility and signage. Green Brook is located 35 miles from downtown New York and is considered a very dense infill submarket
(190,000 People) with a affluent consumer base ($117K AHHI).
The tenant on the lease is Sammy Furniture of Green Brook Inc, a licensee of Ashley Furniture HomeStore. The lease is guaranteed by
certain tenant affiliates for the first 3 lease years. The parent company of the licensee has over 20 Years of operating experience and
is based in Brandywine, MD. Currently, they own and operate a total of 40 furniture stores throughout the Northeast and Mid-Atlantic
under a total of 5 different furniture brands.
Ashley Furniture HomeStore is a global furniture store chain that sells Ashley Furniture brand products. The chain comprises over 450
HomeStore locations in North America and 750 locations worldwide. The chain has both corporate and independently owned and
operated furniture stores. The company earned an estimated FY2016 total revenue of $3.8 billion and employs 40,000. Ashley
Furniture HomeStores is the number one selling furniture store brand in the world and is the number one retailer of furniture and
bedding in the United States.
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INVESTMENT HIGHLIGHTS
Strong Brand RecognitionAshley Furniture Home Stores is the number one selling furniture store brand in the world and is the
number one retailer of furniture and bedding in the United States.
Experienced Ashley Furniture LicenseeRegency Furniture Corp has 20 Years of experience and now operates 40 Furniture Stores under 5 Different
Brands with over 200,000 deliveries per year. Recently named one of the most influential furniture retailers in the US
by Furniture Today.
Long Term Triple-Net (NNN) LeaseTenant executed a 15-year absolute triple-net lease effective on January 10, 2018. The lease has two, 5-year renewal options.
Strong Inflation Hedge | Attractive Rental EscalationsThe lease calls for 1.5 percent rental escalations annually throughout the first 4 years of the base term and 3 percent throughout
years 5 to 15. Base rent also increases 3 percent during each option year.
Well-Positioned Asset on Major Retail Corridor with High Traffic CountsStrategically positioned along US-22 West with traffic counts exceeding 44,000 vehicles per day with strong visibility and signage.
Ideal Local Demographics | 35 Miles from Downtown New YorkThe Green Brook location serves a trade area of 190,000+ people with an average household income of $117,000+ within five miles
of the site.
Annual Financial ReportingThe lease requires the tenant to deliver annual financials which provides ultimate transparency for investors.
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RENT SCHEDULE
4.60% CAP5.06%
CAPCAP
CAP
Cap
Rate
Year 1 Year 15Year 9Year 8Year 7Year 6Year 5Year 4Year 3Year 2 Year 14Year 13Year 12Year 11Year 10
7%
8%
9%
10%
10.06%CAP
7.00%CAP
7.11%CAP
7.19%CAP
7.27%CAP
7.49%CAP
7.71%CAP
7.94%CAP
8.18%CAP
8.43%CAP
8.68%CAP
8.94%CAP
9.21%CAP
9.48%CAP
9.77%CAP
PROPERTYBUILDING
SFLOT SIZE(ACRES)
LEASE TERM REMAINING
YEARS ANNUAL RENT
MONTHLY RENT RENT PSF INCREASE
LEASE TYPE
RENEWAL OPTIONS
350 US-22 WestGreen Brook, NJ
0881230,000 +/- 2.16 +/- 15 Years
(Option 1)
(Option 2)
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$600,000.00
$609,000.00
$618,135.00
$627,407.03
$646,229.24
$665,616.11
$685,584.60
$706,152.13
$727,336.70
$749,156.80
$771,631.50
$794,780.45
$818,623.86
$843,182.58
$868,478.05
$894,532.40
$921,368.37
$949,009.42
$977,479.70
$1,006,804.09
$1,037,008.22
$1,068,118.46
$1,100,162.02
$1,133,166.88
$1,167,161.88
$50,000.00
$50,750.00
$51,511.25
$52,283.92
$53,852.44
$55,468.01
$57,132.05
$58,846.01
$60,611.39
$62,429.73
$64,302.63
$66,231.70
$68,218.66
$70,265.21
$72,373.17
$74,544.37
$76,780.70
$79,084.12
$81,456.64
$83,900.34
$86,417.35
$89,009.87
$91,680.17
$94,430.57
$97,263.49
$20.00
$20.30
$20.60
$20.91
$21.54
$22.19
$22.85
$23.54
$24.24
$24.97
$25.72
$26.49
$27.29
$28.11
$28.95
$29.82
$30.71
$31.63
$32.58
$33.56
$34.57
$35.60
$36.67
$37.77
$38.91
1.50%
1.50%
1.50%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
NNN2 5-YearOptions
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LEASE ABSTRACTTenant
Sammy Furniture of Green Brook Inc. d/b/a
Ashley Furniture Homestores
GuarantorRegency Furniture Distributing Inc. and
Regency Management Services Inc.: (First three (3) lease years)
Address 350 US-22 West, Green Brook, NJ 08812
Building Size 30,000 SF +/-
Lot Size 2.16 Acres +/-
Year Built 2014
Lease/ Rent Commencement 1/10/2018
Lease/ Rent Expiration 1/31/2033
Base Lease Term 15 Years
Lease Term Remaining 15 Years
Annual Base Rent $600,000.00
Rent Increases *Years 2-4: 1.5% Annual Bumps. *Years 5-15: 3% Annually
Renewal Options Two (2) Five (5) year options
Renewal Notice 9 months
Option Increases 3% Annual
Lease Type NNN
Landlord Responsibility Property Insurance (Pass through to tenant)
Insurance Tenant Responsible
Taxes Tenant Responsible
CAM Tenant Responsible
Utilities Tenant Responsible
Financial/Sales Reporting Tenant has 90 days to deliver annual financials
ROFR None
Estoppel 10 business days
Parking 28 spaces (1 Truck Height Loading Dock)
Ownership Interest Fee Simple
Encumbrances None, Delivered Free and Clear
Loan Information: 65%-70% LTV5 Year Fixed 4.25%7 Year Fixed 4.5%10 Year Fixed 4.75%25 Year AmortizationRecourse
Stephen Filippo Associate Director Marcus & Millichap Capital Corporation 260 Madison Avenue 5th Floor New York, NY 10016
ACTUAL LOCATION
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TENANT OVERVIEW
ASHLEY FURNITURE HOMESTORE
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OWNERSHIP:Ashley Furniture industries
NO. OF LOCATIONS750
WEBSITE:AshleyFurnitureHomeStore.com
TENANT OVERVIEW
Tenant Name Ashley Homestore
Company Revenues $3.8B +/-
No. Of Locations 750
Headquartered Arcadia, WI
Web Site AshleyFurnitureHomeStore.com
Ashley Furniture Home Store is a furniture store chain that sells Ashley Furniture
products. Opened in 1997, the chain comprises over 450 Home Store locations
in North America and 750 locations worldwide. The chain has both corporate and
independently owned and operated furniture stores.
The first Ashley Home Store opened in Anchorage, Alaska in 1997. They have
stores located throughout the world. Though many Ashley Home Stores are inde-
pendently owned and operated, all of the furniture sold is manufactured by Ashley.
In 2003 the company opened it’s 100th Homestore, and in 2005 it’s 200th. Since
then it has become the fastest growing furniture chain and is the number one furni-
ture manufacturer in the world. As of 2017 the company now operates 750 home-
stores world wide.
The parent company of Ashley Homestore, Ashley Furniture Industries,
headquartered in Arcadia, Wisconsin, is the world’s largest home furniture
manufacturer. Owned by father and son team, Ron and Todd R. Wanek, the
company manufactures and distributes home furnishings throughout the globe.
The company employs more than 40,000.
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OWNERSHIP:regency MAnAgeMent services inc.
NO. OF LOCATIONS40
WEBSITE:regencyfurniture.com
REPRESENTATIVE PHOTO
Sammy Furniture of Green Brook, Inc. is part of the Regency Furniture Corp. family
of entities. Regency Furniture Corp. was founded in 1999 with the mission and
absolute focus on striving for excellence while growing their brands and welcoming
new ones to the current portfolio.
Regency Furniture Corp. has a centralized focus on innovation and sustainability
within the business as the company grows stronger and larger. With a total of 40
stores Regency Furniture Corp. has been named one of the most influential
furniture retailers in the United States by Furniture Today in 2014 and is known as
one of the fastest growing furniture dealers in the United States.
FURNITURE SHOWROOMS
ONE MISSION
FIVEBRANDSTo set the standard for service and selection in the furniture industry
OUR SUPPORT SYSTEMREGIONAL WAREHOUSES
Each area we serve has its own warehouse and delivery facility. Suburban Maryland,
Northern Virginia and Fredericksburg, Virginia are serviced by a 1,000,000 square foot
warehouse in Brandywine, Maryland. Ashley HomeStores in Baltimore, Eastern Shore,
Frederick, Hagerstown and the greater Washington D.C. are serviced from our 250,000
square foot warehouse in Middle River, Maryland. Our Mealey’s Furniture showrooms in
Philadelphia and our recent acquisition of six Ashley Homestores located in New Jersey will
be serviced by a completely renovated 370,000 square foot distribution center located in
Northeast Philadelphia.
With over 200,000 deliveries per year, our service center and branches manage thousands
of inquiries daily.
SERVICE CENTER
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FURNITURE SHOWROOMS
8 STORES SERVING 4 MARKETS
Suburban MarylandBaltimore, MarylandNorthern VirginiaFredericksburg, VA
18 STORES SERVING 8 MARKETS
Baltimore, MDSuburban MarylandNorthern VirginiaFrederick, MDHagerstown, MDEastern Shore, MD
5 STORES SERVING 3 MARKETS
Suburban MarylandNorthern VirginiaFredericksburg, MD
7 STORES SERVING 2 MARKETS
Chester County, PABucks County, PAPhiladelphia County, PABurlington County, PALehigh County, PA
2 STORES SERVING SOUTHERN MARYLAND
Charles CountySt. Mary’s County
Monmouth County, NJMiddlesex County, NJSomerset County, NJUnion County, NJStaten Island, NY
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LOCATION OVERVIEW
ASHLEY FURNITURE HOMESTORE
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REGIONAL MAP
ASHLEY FURNITURE HOMESTORE 1 MILE 3 MILES 5 MILES
Population 9,212 77,433 190,194
Households 3,453 27,500 64,854
Household Income $133,741 $120,491 $117,558
Per Capita Income $50,188 $42,862 $40,378
Vehicles Per Day 44,835 VPD
35 Miles to New York
70 M
iles
to P
hila
delp
hia
Allentown
Kin
g
of Prussia
Trenton
US
- 22 (4
4,8
35 V
PD
)
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$120,491AVERAGE HOUSEHOLD INCOME
35 MilesTO DOWNTOWN NEW YORK
44,835VEHICLES PER DAY
US - 22
US - 22
US - 22
Sal’s Auto Body
MiddlesexHigh School
44,835 Vehicles Per Day
GreenbrookRegional Center
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LOCATION OVERVIEW
Northern New Jersey consists of Bergen, Hudson, Passaic, Essex, Morris and Union
counties. The region contains roughly 4 million residents in more than 200
municipalities. Bergen county is home to roughly 1 million people, while Essex
County, which includes the city of Newark, is at approximately 800,000 citizens.
The region is bordered to the east by the Hudson River and New York City, to the
south by Middlesex and Somerset counties, to the west by Warren and Sussex
counties, and to the north by New York state. A large portion of the area is almost
fully developed and densely populated. The region is a part of the New York metro
and is linked to the city by the George Washington Bridge, the Lincoln Tunnel, the
Holland Tunnel, several ferries and commuter rail tunnels.
SHARE OF 2016 TOTAL EMPLOYMENT
MANUFACTURING6%
GOVERNMENT
HEALTH SERVICESEDUCATION AND
+OTHER SERVICES
4%
LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES
18%AND UTILITIES
TRADE, TRANSPORTATION CONSTRUCTION
PROFESSIONAL ANDBUSINESS SERVICES
2%INFORMATION
16%
4%
12% 9% 7%
21%
6% 17% 14% 8% 7%
4%2%16%4%22%
� Northern New Jersey is home to numerous Fortune 500 companies includingPrudential Financial, Merck, PBF Energy and Honeywell International.
� The airline industry accounts for a significant share of jobs in the region.United Airlines has a major presence at Newark Liberty International Airport.
� Trade is a key employment sector, at Port Newark-Elizabeth Marine Terminalwith vehicle imports accounting for a substantial amount of the port’s business.
� Spillover from Wall Street bolsters finance jobs in Essex, Hudson and Bergencounties
METRO
ECONOMY
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Central New Jersey consists of Mercer, Middlesex, Monmouth,
Ocean and Somerset counties. The region includes more than
150 municipalities, of which the city of Edison in Middlesex
County is the largest. The state capital, Trenton, is located in
Mercer County. The Central New Jersey region is convenient to
both the New York City metro and the Philadelphia metro and
contains a well-developed interstate network and mass-transit
opportunities.
DEMOGRAPHICS
LOCATION OVERVIEW
CENTRAL NEW JERSEYMETRO HIGHLIGHTS
The economy is diversifying from its manufacturing base to include energy, healthcare, pharmaceuticals, tourism, logistics and distribution.
Roughly 40 percent of residents age 25 and older have a bachelor’s degree; of these, 16 percent also hold a graduate or professional degree.
Expensive land costs, dense development and strict governmental regulations moderate additional development.
2.8M2016
POPULATION:
1M2016
HOUSEHOLDS:
40.42016
MEDIAN AGE:
$78,2002016 MEDIAN
HOUSEHOLD INCOME:
DEMOGRAPHICS
U.S. Median:
37.7U.S. Median:
$57,2003.2%
Growth2016-2021*:
2.9%
Growth2016-2021*:
DIVERSIFYING EMPLOYMENT
EDUCATED LABOR FORCE
HIGH BARRIERS TO ENTRY
� Many counties in the region consistently rank among the nation’s top 50 for per cap-ita income. Elevated incomes produce strong retail sales and support a healthy serviceindustry.
� New Jersey is home to 20 Fortune 500 companies in diverse industries from health-care to energy. Three Fortune 500 companies operate out of Central Jersey: Johnson& Johnson in New Brunswick, Chubb in Warren and NRG Energy in Princeton. KinderMorgan also operates locally.
� Amazon opened a fulfillment center last year in Carteret in Middlesex County; it’sAmazon’s second facility in the market, growing the region’s distribution sector.
ECONOMY
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DEMOGRAPHIC SUMMARY
POPULATION 1 MILE 3 MILES 5 MILES
2021 Projection 9,548 79,749 194,551
2016 Estimate 9,212 77,433 190,194
2010 Census 8,983 73,419 181,013
2000 Census 8,217 68,842 170,093
Current Daytime Population 7,007 60,241 198,621
HOUSEHOLDS 1 MILE 3 MILES 5 MILES
2021 Projection 3,586 28,422 66,640
2016 Estimate 3,453 27,500 64,854
2010 Census 3,352 25,939 61,456
2000 Census 3,067 24,408 58,552
POPULATION BY PROFILE 1 MILE 3 MILES 5 MILES
Population By Age
2016 Estimate Total Population 9,212 77,433 190,194
Under 20 24.58% 24.40% 25.02%
20 to 34 Years 16.10% 19.06% 20.39%
35 to 39 Years 5.75% 6.74% 6.78%
40 to 49 Years 15.47% 15.05% 14.44%
50 to 64 Years 23.19% 21.54% 20.41%
Age 65+ 14.93% 13.22% 12.95%
Median Age 42.67 39.85 38.39
Population 25+ by Education Level
2016 Estimate Population Age 25+ 6,450 54,078 130,161
Elementary (0-8) 3.88% 3.65% 5.45%
Some High School (9-11) 4.94% 5.19% 5.71%
High School Graduate (12) 28.64% 29.75% 27.64%
Some College (13-15) 15.93% 16.31% 16.15%
Associate Degree Only 5.75% 6.40% 6.04%
Bachelor’s Degree Only 23.05% 24.19% 23.39%
Graduate Degree 15.05% 13.08% 14.04%
INCOME 1 MILE 3 MILES 5 MILES
2016 Housing Income
$150,000 or More 19.77% 16.36% 15.88%
$100,000 - $149,000 21.86% 21.43% 20.51%
$75,000 - $99,999 11.60% 14.88% 13.82%
$50,000 - $74,999 13.86% 16.03% 16.34%
$35,000 - $49,999 8.41% 10.22% 9.99%
Under $35,000 17.76% 16.45% 19.12%
Average Household Income $133,741 $120,491 $117,558
Median Household Income $96,377 $86,879 $82,706
Per Capita Income $50,188 $42,862 $40,378
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DEMOGRAPHIC SUMMARY
POPULATIONIn 2016, the population in your selected geography is 9,212. The
population has changed by 12.11% since 2000. It is estimated
that the population in your area will be 9,548.00 five years from
now, which represents a change of 3.65% from the current year.
The current population is 48.71% male and 51.29% female. The
median age of the population in your area is 42.67, compare this
to the US average which is 37.68. The population density in your
HOUSEHOLDS There are currently 3,453 households in your selected geography.
The number of households has changed by 12.59% since 2000.
It is estimated that the number of households in your area will be
3,586 five years from now, which represents a change of 3.85%
from the current year. The average household size in your area is
2.76 persons.
INCOME In 2016, the median household income for your selected geog-
raphy is$96,377, compare this to the US average which is cur-
rently $54,505. The median household income for your area has
changed by 42.94%since 2000. It is estimated that the median
household income in your area will be $118,800 five years from
now, which represents a change of 23.27% from the current year.
The current year per capita income in your area is $50,188, com-
pare this to the US average, which is $29,962. The current year
average household income in your area is $133,741, compare this
to the US average which is $78,425.
RACE AND ETHNICITY The current year racial makeup of your selected area is as fol-
lows: 74.17% White, 4.51% Black, 0.01% Native American and
14.40%Asian/Pacific Islander. Compare these to US averages which
are: 70.77% White, 12.80% Black, 0.19% Native American and
5.36%Asian/Pacific Islander. People of Hispanic origin are counted
independently of race.
People of Hispanic origin make up 14.86% of the current year
population in your selected area. Compare this to the US average of
17.65%.
HOUSING The median housing value in your area was $359,422 in 2016,
compare this to the US average of $187,181. In 2000, there were
2,326 owner occupied housing units in your area and there were
741 renter occupied housing units in your area. The median rent at
the time was $774.
EMPLOYMENT In 2016, there are 3,465 employees in your selected area, this is
also known as the daytime population. The 2000 Census revealed
that 68.60% of employees are employed in white-collar occupations
in this geography, and 31.67% are employed in blue-collar occupa-
tions. In 2016, unemployment in this area is 3.53%. In 2000, the
average time traveled to work was 32.00 minutes.
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