Bob Havasi - LoopNet€¦ · Between the current national tenants, pivotal location in the ... has...
Transcript of Bob Havasi - LoopNet€¦ · Between the current national tenants, pivotal location in the ... has...
Cooper Commercial Investment Group 6120 Parkland Blvd., Suite 206 Cleveland, OH 44124 www.coopergrp.com
Bob Havasi [email protected] (888) 525-5695 x10
Dan Cooper [email protected] (888) 525-5695 x12
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Table of Contents
INVESTMENT SUMMARY
Investment Highlights ………...…………….. 4
Investment Overview ……………………….. 5
Location Overview…………………………….. 6
Offering Summary …….……………………… 7
FINANCIAL ANALYSIS
Rent Roll ……………….…………………….…… 9
Financial Analysis …...………………….…….. 10
PROPERTY ANALYSIS
Site Plans ..….…………………………………….. 12
Aerial Map ……………………………………….. 13-14
Location Maps .…………………………………. 15
Demographics ..………………………………… 16
TENANT ANALYSIS
Tenant Profiles ……….………….…………….. 18-28
Disclosure & Confidentiality …..….……… 29
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INVESTMENT HIGHLIGHTS
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Salem Market Place
• 100% Occupied Center Shadow Anchored by Walmart Supercenter and Directly Across from Home Depot
• Advantageously Located in Growing Area Between Major Cities: Youngstown (20 Miles) and Akron/Canton (25 Miles) with Average Household Incomes Over $54,500 within a 1-Mile Radius
• Newly Executed Leases, Lease Renewals and Tenured Tenants Proving Commitment and Desire to Location and Market
• Main Retail Corridor Surrounded by Complimentary Retailers Along Most Heavily Traveled Roadway
• Direct Vicinity of Major Employers: Salem Community Hospital (Major Growth & Expansion Over the Past 3 Years), American Standard Brands and Kent State University Salem Campus (1,134+ Students)
• Recent Capital Improvements: New Exterior Paint, New Facade, Dryvit Repairs and a Newly Striped & Resealed Parking Lot
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The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in the Walmart Supercenter Shadow Anchored Salem Marketplace in Salem, Ohio. The property is being offered for $2,275,000, representing an 8.20% CAP Rate. The center also sits directly across from a high-traffic Home Depot and is positioned along Main Street, the main retail corridor throughout the city. Salem Marketplace boasts well-known tenants, many on Triple Net (NNN) lease structures, including: Best Cuts (NYSE: “RGS”), Sally Beauty Supply (NYSE: “SBH”/S&P “BB+”), GameStop (NYSE: “GME”), Little Caesar's, Boost Mobile, Hibachi Express, Burrito Loco and Drayer Physical Therapy. The 100% occupied center has had excellent leasing traction and now with tenured and new tenants, the rent roll benefits from staggered lease expirations. Between the current national tenants, pivotal location in the market and long-term leases in place, this asset is an unbeatable investment.
Located in the main shopping corridor of Salem, the 16,252 S.F. property has an inviting appearance that draws customers to popular tenants that are present in the center. In the recent years, the center has recently undergone many capital improvements, including: new exterior paint, new façade, Dryvit repairs and a newly striped and resealed parking lot. All of the tenants benefit from the daily traffic to the Walmart Supercenter that provides a constant flurry of activity around the featured center. Salem Marketplace is ideally positioned in a strong residential community, within close proximity to major employers and surrounded by complimentary national retailers, including Home Depot, Salem Plaza Shopping Center (Tractor Supply, Dollar General and Peebles) and Eastgate Plaza Shopping Center (Giant Eagle, GetGo, Bob Evans, Marc’s Discount and Aldi).
Salem Marketplace is also positioned near major employers which bring residents to the area. Salem Regional Medical Center is located along State Street just 2 miles west and employs over 500 people. American Standard Brands (2 miles) and Kent State University’s Salem Campus (4 miles) are also in close proximity. American Standard is a leading North American manufacturer of bath and kitchen products and Kent State’s Salem Campus is home to more than 1,134 students in addition to the campus’ faculty and staff.
Salem is nestled in the beautiful rolling hills of Northeastern Ohio. Salem is advantageously located about 65 miles from both Pittsburgh and Cleveland, 20 miles southwest of Youngstown, and 25 miles east of Akron/Canton. Being positioned between the two major cities is also an advantage for commuters. With the building’s desirable location and inviting appearance, the asset is positioned to be a solid investment well into the future.
INVESTMENT OVERVIEW
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Salem is nestled in the beautiful rolling hills of Northeastern Ohio. It is centrally located about 65
miles from both Pittsburgh and Cleveland, and is about 20 miles southwest of Youngstown, and 25
miles east of Akron/Canton. The retail center is located on the main east-west roadway, State Street,
through Salem and is in the main retail corridor of the city. The main roadway is also the direct route
to Youngstown to the east and Akron to the west.
Salem has thrived on an industrial-based economy, advantageously located between Cleveland and
Pittsburgh. American Standard Brands (2 miles), MAC Trailer Manufacturing and several tool-and-die
manufacturers are the main industrial companies in the city. Additionally, Salem Regional Medical
Center is a general medical and surgical hospital serving the surrounding communities and located
less than 2 miles west on State Street. The hospital has 116–beds and over 500 employees. The
region is also home to several colleges and universities that are within close proximity to Salem which
makes this a convenient place to live for faculty and individuals that are working and going to school
in the area. Some of the higher education options include: Kent State University Salem Campus (4
miles, 1,134+ students), Mount Union College (14 miles, 2,167+ student) and Youngstown State
University (18 miles, 10,872+ students).
Being positioned between Youngstown and Akron-Canton, Salem is an excellent center point for
commuters. Youngstown offers several major employers, including General Motors, Infocision, Mercy
Health, Trumbull County Government, Youngstown City Schools and Youngstown State University,
whom all have over 1,000 employees. Additionally, Youngstown is home to Vallourec and
Mannesman, who recently broke ground for a $620 million-dollar pipe mill north of its existing
business V&M Star, the facility is 1 million square feet and produces tube goods to service natural gas
exploration in the Marcellus Formation, an AT&T call center, AVI Food Systems, Covelli Enterprises,
Delphi Packard Electric Systems, Alcoa Engineered Products and many more companies with over 500
employees. The Akron-Canton area's economy is diverse and offers everything from retail, industrial,
and agricultural segments. Canton is home to the Timken Company and Timken Steel, a major
manufacturer of tapered roller bearings and specialty steel. Several other large companies operate in
the greater-Canton area, including the Belden Brick Company, Daimler, one of the biggest producers
of premium cars and the world's biggest manufacturer of commercial vehicles. The area is also home
to several regional food producers, including Nickel’s Bakery, Park Farms and Shearer's Foods.
Canton is also home to Aultman Hospital, the largest hospital and largest employer in Stark County
with over 5,000 employees and Mercy Medical Center, which operates a 476-bed hospital serving
surrounding counties. It has 620 members on its Medical Staff and employs 2,500 people.
Furthermore, the Akron employment landscape is certainly within reach with major companies like
Goodyear, America's biggest tire manufacturer, with approximately 3,000 employees and the
company recently built a new world headquarters. Furthermore, Akron is home to Fortune 500
Company, FirstEnergy, who employs approximately 2,500 people. Akron is also home to The
University of Akron (26,500+ students and 2,500 employees on the academic staff) and the
headquarters to Sterling Jewelers, Spectrum (formerly Time Warner Cable) and the well-known
Firestone Country Club that hosts the PGA Bridgestone Invitational.
LOCATION OVERVIEW
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Loan Amount:
Loan Type:
Interest Rate:
Amortization:
Term:
Loan-to-Value (LTV):
Monthly Debt Payment:
$1,706,250
New Loan
4.50%
25 Years
5 Years
75.00%
$9,484
Anticipated New Financing
Rental Income:
Tenant Reimbursements:
Potential Gross Income:
Vacancy (Actual):
Vacancy for Reimbursements:
Effective Gross Income:
Expenses:
NOI:
Annual Debt Service:
Structural Reserve ($0.10/S.F.):
Cash Flow After Reserves:
Cash-on-Cash Return:
$225,446
$28,493
$253,939
($0)
($0)
$253,939
$67,478
$186,461
$113,807
$1,625
$71,029
12.49%
Operating Data
Price:
Down Payment:
Gross Leasable Area:
Price/SF:
NOI:
CAP Rate:
Year Built:
Lot Size:
Foundation:
Exterior:
$2,275,000
$568,750
16,252 S.F.
$139.98
$186,461
8.20%
2003
Approx. 1.345 Acres
Concrete
Concrete Block/Metal
SUMMARY
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% of Tenant Lease Lease Rent/ Annual Lease Rental Option
Tenant GLA Total Since Start Expiration S.F. Rent Type Bumps Rate/S.F.
Best Cuts/Regis Corp. (1)
1,200 7.38% 2003 2/1/2013 1/31/2018 $19.00 $22,800 NNN None N/A
Sally Beauty 1,350 8.31% 2003 1/1/2017 12/31/2021 $15.00 $20,250 NNN None (1) 5-Yr.
Option 1: $16.50/SF
GameStop 1,599 9.84% 2003 2/1/2017 1/31/2020 $15.00 $23,985 NNN None (1) 3-Yr.
Option 1: $15.75/SF
Little Caesars 1,800 11.08% 2016 4/1/2016 3/31/2021 $14.50 $26,100 NNN None (1) 5-Yr.
Option 1: $13.00/SF
The Gadget Lab 980 6.03% 2015 7/1/2017 6/30/2019 $11.02 $10,800 Modified Gross
(Pays In-Suite Utilities) None N/A
Alternative Smokes, LLC
1,073 6.60% 2014 12/1/2014 11/30/2018 $12.30 $13,200 Modified Gross
(Pays In-Suite Utilities) None
(1) 4-Yr. Option 1:
Years 1-2 = $12.30/SF Years 3-4 = $13.84/SF
Boost Mobile 1,536 9.45% 2015 9/1/2015 9/30/2020 $10.16 $15,600 Modified Gross
(Pays In-Suite Utilities) None N/A
Hibachi Express 1,287 7.92% 2017 4/1/2017 1/31/2027 $17.11 $22,021 Modified Gross
(Pays In-Suite Utilities, Janitorial & Trash Removal)
None (2) 5-Yr.
Option 1: $19.00/SF Option 2: $21.00/SF
One Main Financial (2)
1,287 7.92% 2017 3 Years 3 Years $11.50 $14,801 NNN None (2) 3-Yr.
Option 1: $12.50/SF Option 2: $13.50/SF
Drayer Physical Therapy Institute
4,140 25.47% 2017 10/11/2017 10/10/2022 $13.50 $55,890 Modified Gross
(Pays In-Suite Utilities, Janitorial & Trash Removal)
Year 2: $13.77/SF Year 3: $14.05/SF Year 4: $14.33/SF Year 5: $14.61/SF
(2) 3-Yr. Option1:
Year 1 = $15.65/SF Year 2 = $15.96/SF Year 3 = $16.28/SF
Option 2: Year 1 = $16.61/SF Year 2 = $16.94/SF Year 3 = $17.28/SF
Total Building 16,252 100.00% $13.87 $225,446
Vacancy - 0.00% $ - $ -
(1) Renewal paper work is in progress. (2) Commencement is 90 days from Effective Date or Tenant Opens for Business.
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Pro Forma 2017-2018
2016 2017-2018 $/SF
INCOME:
Potential Rental Income
Rental Income $ 118,117 $ 225,446 $ 13.87
Tenant Reimbursements
Real Estate Taxes 4,387 6,460 0.40
Insurance 2,969 3,117 0.19
CAM (1) 12,870 15,496 0.95
Management (1) - 3,128 0.19
Admin Fee (1) - 292 0.02
Gross Potential Rental Income $ 138,344 $ 253,939 $ 15.63
Vacancy Factor (Actual) 0.00% - -
Reimbursements From Vacancy 0.00% - -
Effective Gross Income $ 138,344 $ 253,939 $ 15.63
OPERATING EXPENSES:
Management Fee 4% $ 8,617 $ 9,018 $ 0.55
Real Estate Taxes 13,300 14,510 0.89
Insurance 6,465 7,000 0.43
Landscaping Maintenance 3,804 4,000 0.25
Utilities
Electric - Billable 3,152 2,000 0.12
Water/Sewer 1,222 1,550 0.10
Lot Sweeping 1,010 1,400 0.09
Trash Removal 5,381 5,500 0.34
Snow/Ice Removal 4,864 5,500 0.34
Parking Lot Repairs 2,250 3,500 0.22
Repair & Maintenance (2) 4,566 6,250 0.38
Non-CAM Electric 1,197 750 0.05
Non-Reimbursable General Repairs (3) 6,655 6,500 0.40
Total Expenses $ 62,482 $ 67,478 $ 4.15
Net Operating Income $ 75,862 $ 186,461 $ 11.47
Loan Analysis
Cash Flow Available Before Debt Service $ 186,461 $ 11.47
CAP Rate 8.20% 8.20%
Valuation $ 2,275,000 $ 139.98
Loan to Value 75.00% 75.00%
Loan Amount $ 1,706,250 $ 104.99
Rate 4.50% 4.50%
Term 5 5
Amortization 25 25
Annual Debt Service $ 113,807 7.00
Debt Service Coverage Ratio 1.64 1.64
* The owner changed management companies in the middle of 2016 and the numbers shown are a collection/combination of both financial records.
(1) Historically, Admin. and Management reimbursements have been included in CAM. We have separated for Pro Forma purposes.
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2955 E State St 1 mi radius 3 mi radius 5 mi radius 10 mi radius
Salem, OH 44460
POPULATION
2017 Estimated Population 1,889 16,933 25,314 70,315
2010 Census Population 1,937 17,444 26,169 72,851
2000 Census Population 2,113 17,783 26,553 72,115
2017 Median Age 52 44.5 44.2 44.8
HOUSEHOLDS
2017 Estimated Households 840 7,382 10,771 29,299
2022 Projected Households 836 7,364 10,733 29,203
2010 Census Households 836 7,368 10,788 29,437
2000 Census Households 830 7,277 10,581 28,021
Historical Annual Growth 2000 to 2017 0.1% 0.1% 0.1% 0.3%
RACE AND
ETHNICITY
2017 Estimated White 96.9% 95.6% 96.2% 96.4%
2017 Estimated Black or African American 0.8% 0.8% 0.8% 1.0%
2017 Estimated Asian or Pacific Islander 0.3% 0.5% 0.5% 0.8%
2017 Estimated American Indian or Native Alaskan 0.1% 0.2% 0.2% 0.1%
2017 Estimated Other Races 1.9% 2.9% 2.3% 1.7%
INCOME
2017 Estimated Average Household Income $58,722 $61,704 $61,628 $68,567
2017 Estimated Median Household Income $43,956 $47,517 $49,056 $54,928
2017 Estimated Per Capita Income $26,661 $27,101 $26,378 $28,744
EDUCATION
(AGE 25+)
2017 Estimated Elementary (Grade Level 0 to 8) 2.9% 2.6% 2.3% 2.0%
2017 Estimated Some High School (Grade Level 9 to 11) 14.4% 9.5% 8.9% 6.8%
2017 Estimated High School Graduate 41.8% 45.0% 45.0% 42.1%
2017 Estimated Some College 21.5% 20.3% 19.2% 19.2%
2017 Estimated Associates Degree Only 5.1% 7.8% 8.4% 8.4%
2017 Estimated Bachelors Degree Only 8.1% 10.0% 11.2% 13.6%
2017 Estimated Graduate Degree 6.2% 4.7% 5.0% 7.9%
BUSINESS
2017 Estimated Total Businesses 219 823 1,077 3,298
2017 Estimated Total Employees 3,981 11,566 14,462 35,638
2017 Estimated Employee Population per Business 18.2 14.1 13.4 10.8
2017 Estimated Residential Population per Business 8.6 20.6 23.5 21.3
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Website:
Headquartered:
# of Locations:
Ticker Symbol:
Credit Rating:
www.walmart.com
Bentonville, AR
10,773
NYSE: “WMT”
S&P “AA”
Moody’s “Aa2”
Walmart Stores, Inc. operates retail stores in various formats worldwide. The company operates in three segments: Walmart U.S., Walmart International, and Sam's Club. The company operates retail stores, restaurants, discount stores, grocery, supercenters, hypermarkets, warehouse clubs, apparel stores, Sam’s Clubs, neighborhood markets, and other small formats. The company’s stores offer groceries, floral, health and beauty aids, baby products, home supplies, electronics, toys, photo processing services, cellular phones and services, automotive accessories, hardware and paint, pharmacy and optical services, along with apparel for women, girls, men, boys, and infants.
*Source - www.walmart.com
Shadow Anchor Tenant
Website:
Headquartered:
# of Locations:
Ticker Symbol:
Credit Rating:
www.homedepot.com
Atlanta, GA
2,278+
NYSE: “HD”
S&P “A-”
Moody’s “A2”
Shadow Anchor Tenant
The Home Depot, Inc. operates as a home improvement retailer. The company’s stores sell building materials, home improvement products, and lawn and garden products, as well as provide installation, maintenance, and professional service programs to do-it-yourself, do-it-for-me, and professional customers. The Home Depot’s installation programs include products, such as carpeting, flooring, cabinets, countertops, and water heaters. The company serves home owners, professional remodelers, general contractors, repairmen, small business owners, and tradesmen.
*Source - www.homedepot.com
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Regis Corporation (NYSE: RGS) owns, operates, and franchises hairstyling and hair care salons for men, women, and children in the United States, the United Kingdom, Canada, and Puerto Rico. The company’s salons offer haircutting and styling, including shampooing and conditioning; custom styling, cutting, and hair coloring; and other services, as well as professional hair care products. It operates salons under a division called Signature Style, which include MasterCuts, Cost Cutters, Hair Masters, Borics Hair Care, Famous Hair, TGF Hair Salon, Holiday Hair, Fiesta Salons and more in enclosed mall shopping centers, strip shopping centers, Walmart Supercenters, department stores, mass merchants, and high-street locations.
www.signaturestyle.com Source: www.signaturestyle.com; www.regiscorp.com
Tenant Base Rent Schedule
Current:
Monthly
$1,900.00
PSF
$19.00
Common Area Maintenance:
Cap:
Insurance:
Real Estate Taxes:
Admin. Fee:
Mgmt. Fee:
Pro Rata Share
105% Over Previous Year
on CAM, Excluding Utilities,
Insurance & Security
Pro Rata Share
Pro Rata Share
None
Pro Rata Share
Tenant Recapture
Annual
$22,800.00
Headquarter:
# of Total Locations:
Type:
Ticker Symbol:
GLA:
Tenant Since:
Current Term Start:
Lease Expiration*:
Rental Bumps:
Options:
Exclusive Use:
Co-Tenancy:
Termination Clause:
Edina, MN
9,008+
Corporate (Regis)
NYSE: RGS
1,200
2003
02/01/2013
01/31/2018
None
None
Hair Salon
Walmart
None
Tenant Lease Abstract
* Renewal paper work is in progress.
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Sally Beauty (NYSE: SBH/S&P “BB+”/Moody’s “Ba2”) sells to both consumer and professional customers. The company sells hair color and care, skin and nail care, beauty sundries, and styling tools for retail customers and salon professionals. This segment also provides products under third-party brands, such as Clairol, CHI, China Glaze, OPI, and Conair, as well as exclusive-label merchandise Every Sally store carries more than 5,000 professional salon products for hair, nails and skin, plus the latest in beauty trends and accessories. There are also complete ethnic offerings in every store, and expanded ethnic sections in appropriate areas. Sally Beauty’s store associates are trained professionals, many of whom are licensed hair stylists.
www.sallybeauty.com
Source: www.sallybeauty.com
Tenant Base Rent Schedule
Current:
Option 1:
Monthly
$1,687.50
$1,856.25
PSF
$15.00
$16.50
Common Area Maintenance:
Cap:
Insurance:
Real Estate Taxes:
Admin. Fee:
Mgmt. Fee:
Pro Rata Share
5% Over Previous Year
on All Operating Expenses (Including Real Estate Taxes) Pro Rata Share
Pro Rata Share
None
Pro Rata Share
Tenant Recapture
Annual
$20,250.00
$22,275.00
Headquarter:
# of Total Locations:
Type:
Ticker Symbol:
S&P Credit Rating:
Moody’s Credit Rating:
GLA:
Tenant Since:
Current Term Start:
Lease Expiration:
Rental Bumps:
Options:
Exclusive Use:
Co-Tenancy:
Termination Clause:
Edina, MN
3,700+
Corporate
NYSE: SBH
BB+
Ba2
1,350
2003
01/01/2017
12/31/2021
None
(1) 5-Yr.
None
Walmart
None
Tenant Lease Abstract
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Drayer Physical Therapy Institute ®, LLC (DPTI) is a leading owner and operator of outpatient physical therapy clinics in the United States. Founded in 2002 with a single center in Bel Air, Maryland, DPTI quickly grew to deliver physical therapy services through an expanding network of over 130 clinics in sixteen states. Drayer commits to provide the most effective, clinically superior physical therapy humanly possible at a fair price. The measure of the company’s success is found in the trust built and in the hearts of those that are healed.
www.drayerpt.com Source: www.drayerpt.com
Tenant Base Rent Schedule
Current:
Bump Year 2:
Bump Year 3:
Bump Year 4:
Bump Year 5:
Option 1
Year 1:
Year 2:
Year 3:
Option 2
Year 1:
Year 2:
Year 3:
Monthly
$4,657.50
$4,750.65
$4,845.66
$4,942.58
$5,041.43
$5,399.25
$5,507.24
$5,617.38
$5,729.73
$5,844.32
$5,961.21
PSF
$13.50
$13.77
$14.05
$14.33
$14.61
$15.65
$15.96
$16.28
$16.61
$16.94
$17.28
Tenant Recapture
Annual
$55,890.00
$57,007.80
$58,147.96
$59,310.92
$60,497.13
$64,791.00
$66,086.82
$67,408.56
$68,756.73
$70,131.86
$71,534.50
Headquarter:
# of Total Locations:
Type:
GLA:
Tenant Since:
Current Term Start:
Lease Expiration:
Rental Bumps:
Options:
Exclusive Use:
Co-Tenancy:
Termination Clause:
Hummelstown, PA
130+ in 16 States
Corporate
4,140
2017
10/11/2017
10/10/2022
Annual
(2) 3-Yr.
Physical Therapy
None
None
Tenant Lease Abstract
Common Area Maintenance:
Insurance:
Real Estate Taxes:
Admin. Fee:
Mgmt. Fee:
Modified Gross (Pays In-Suite Utilities, Janitorial &
Trash Removal)
Gross
Gross
None
None
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GameStop Corp. (NYSE: GME/S&P “BB”/Moody’s “Ba1”)
operates as an omnichannel video game retailer. It sells new
and pre-owned video game hardware; video game software;
pre-owned and value video game products; video game
accessories. The company also sells mobile and consumer
electronics, including wireless products and services, and
accessories, as well as new and pre-owned smart phones;
personal computer (PC) entertainment software in various
genres, including sports, action, strategy, adventure/role
playing, and simulation; and strategy guides, magazines, and
interactive game figures. In addition, it offers collectibles that
include licensed merchandise related to the video game,
television, and movie industries, as well as pop culture
themes.
www.gamestop.com
Source: www.gamestop.com
Tenant Base Rent Schedule
Current:
Option 1:
Monthly
$1,998.75
$2,098.68
PSF
$15.00
$15.75
Tenant Recapture
Annual
$23,985.00
$25,184.25
Headquarter:
# of Total Locations:
Corporate:
Ticker Symbol:
S&P Credit Rating:
Moody’s Credit Rating:
GLA:
Tenant Since:
Current Term Start*:
Lease Expiration:
Rental Bumps:
Options:
Exclusive Use:
Co-Tenancy:
Other Termination Clause:
Grapevine, TX
7,535+
GameStop Inc.
NYSE: GME
BB
Ba1
1,599
2003
02/01/2017
01/31/2020
None
(1) 3-Yr.
Video Game Sales
Single Price Point
Walmart
None
Tenant Lease Abstract
Common Area Maintenance:
Cap:
Insurance:
Real Estate Taxes:
Admin. Fee:
Mgmt. Fee:
Pro Rata Share
5% Over Previous Year on
CAM, Including Insurance
Pro Rata Share
Pro Rata Share
10% on CAM Expenses
None
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As one of the fastest growing pizza chains in the U.S. (based on net number of stores added each year 2008-2015), there’s no denying that Little Caesars is doing something right. The company is an international brand and household name – and it has come a long way since its start as a single store in metro Detroit in 1959 and the opening of its first franchise in 1962. The company began offering HOT-N-READY® pizzas for $5 and the concept was enough to become a permanent trademark for the company and produce significant growth.
www.littlecaesars.com
Source: www.littleceasars.com
Tenant Base Rent Schedule
Current:
Option 1:
Monthly
$2,175.00
$1,950.00
PSF
$14.50
$13.00
Common Area Maintenance:
Insurance:
Real Estate Taxes:
Admin. Fee:
Mgmt. Fee:
Pro Rata Share
Pro Rata Share
Pro Rata Share
None
None
Tenant Recapture
Annual
$26,100.00
$23,400.00
Corp. Headquarter:
# of Total Locations:
Lease Type:
GLA:
Tenant Since:
Current Term Start:
Lease Expiration:
Rental Bumps:
Options:
Exclusive Use:
Co-Tenancy:
Termination Clause:
Detroit, MI
Worldwide
Franchise
1,800
2016
04/01/2016
03/31/2021
None
(1) 5-Yr.
None
None
None
Tenant Lease Abstract
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Boost Mobile, is one of Sprint Corporation’s (NYSE: “S”/S&P “B”/Moody’s “B2”) award-winning prepaid brands. The company offers premium products and services on the nationwide Sprint 4G LTE network with no annual contracts and unlimited plans starting at just $35 a month. The growing brand now offers flip to 4G LTE, including iPhones.
www.boostmobile.com
Source: www.boostmobile.com
Tenant Base Rent Schedule
Current:
Monthly
$1,300.00
PSF
$10.16
Tenant Recapture
Annual
$15,600.00
Corp. Headquarter:
# of Total Locations:
Lease Type:
GLA:
Tenant Since:
Current Term Start:
Lease Expiration:
Rental Bumps:
Options:
Exclusive Use:
Co-Tenancy:
Termination Clause:
Overland Park, KS
Worldwide
Franchise
1,536
2015
09/01/2015
09/30/2020
None
None
Cell Phone Retail
Store
None
None
Tenant Lease Abstract
Common Area Maintenance:
Insurance:
Real Estate Taxes:
Admin. Fee:
Mgmt. Fee:
Modified Gross (Pays In-Suite Utilities)
Gross
Gross
None
None
25
Contact the Gadget Lab for any electronic repair needs. The company offers smart phone/tablet repairs, microsoldering, computer/laptop repairs and maintenance and TV/LCD/PLASMA/LED repairs.
http://lnlkustomz2007.wixsite.com/thegadgetlab
Source: http://lnlkustomz2007.wixsite.com/thegadgetlab
Tenant Base Rent Schedule
Current:
Monthly
$900.00
PSF
$11.02
Common Area Maintenance:
Insurance:
Real Estate Taxes:
Admin. Fee:
Mgmt. Fee:
Modified Gross (Pays In-Suite Utilities)
Gross
Gross
None
None
Tenant Recapture
Annual
$10,800.00
Headquarter:
# of Total Locations:
GLA:
Tenant Since:
Current Term Start:
Lease Expiration:
Rental Bumps:
Options:
Exclusive Use:
Co-Tenancy:
Termination Clause:
Salem, OH
1
980
2015
07/01/2017
06/30/2019
None
None
None
None
None
Tenant Lease Abstract
26
Tenant Base Rent Schedule
Current:
Option 1
Years 1-2:
Years 3-4:
Monthly
$1,100.00
$1,100.00
$1,237.53
PSF
$12.30
$12.30
$13.84
Common Area Maintenance:
Insurance:
Real Estate Taxes:
Admin. Fee:
Mgmt. Fee:
Modified Gross (Pays In-Suite Utilities)
Gross
Gross
None
None
Tenant Recapture
Annual
$13,200.00
$13,200.00
$14,850.32
Headquarter:
# of Total Locations:
GLA:
Tenant Since:
Current Term Start:
Lease Expiration:
Rental Bumps:
Options:
Exclusive Use:
Co-Tenancy:
Termination Clause:
Salem, OH
1
1,073
2014
12/01/2014
11/30/2018
None
(1) 4-Yr.
None
None Right to Terminate Due
to Legislative Action -
E-Cigarette Business - if
termination for such
cause, tenant to pay 2
months rent or the
balance of lease if less
than 2 months;
Tenant Lease Abstract
27
One Main provides loans and other credit-related products to more than 10 million customers in 44 states. For more than 100 years, the company has provided the personal lending products that customers need when they need them. One Main Holdings, Inc., provides consumer finance and insurance products and services. The company provides secured and unsecured personal loans; credit insurance products, such as life insurance, disability insurance, protection, and involuntary unemployment insurance products; non-credit insurance; and ancillary products, such as auto membership plans. The company also services and holds real estate loans secured by first or second mortgages on residential real estate. One Main Financial was formerly known as Springleaf Holdings, Inc. and changed its name to One Main Holdings, Inc. in November 2015.
www.onemainfinancial.com
Source: www.onemainfinancial.com;
Tenant Base Rent Schedule
Current:
Option 1:
Option 2:
Monthly
$1,233.42
$1,340.62
$1,447.87
PSF
$11.50
$12.50
$13.50
Common Area Maintenance:
Cap:
Insurance:
Real Estate Taxes:
Admin. Fee:
Mgmt. Fee:
Pro Rata Share
TBD
Pro Rata Share
Pro Rata Share
None
None
Tenant Recapture
Annual
$14,801.00
$16,087.50
$17,374.50
Headquarter:
# of Total Locations:
Type:
Ticker Symbol:
GLA:
Tenant Since:
Current Term Start:
Lease Expiration*:
Rental Bumps:
Options:
Exclusive Use:
Co-Tenancy:
Termination Clause:
Evansville, IN
1,800 in 44 States
Corporate
NYSE: OMF
1,287
2017
3 Years
3 Years
None
(2) 3-Yr.
TBD
TBD
TBD
Tenant Lease Abstract
* Commencement is 90 days from Effective Date or Tenant Opens for Business.
28
Tenant Base Rent Schedule
Current:
Option 1:
Option 2:
Monthly
$1,835.08
$2,037.75
$2,252.25
PSF
$17.11
$19.00
$21.00
Common Area Maintenance:
Insurance:
Real Estate Taxes:
Admin. Fee:
Mgmt. Fee:
Modified Gross (Pays In-Suite Utilities)
Gross
Gross
None
None
Tenant Recapture
Annual
$22,021.00
$24,453.00
$27,027.00
Headquarter:
# of Total Locations:
GLA:
Tenant Since:
Current Term Start:
Lease Expiration:
Rental Bumps:
Options:
Exclusive Use:
Co-Tenancy:
Termination Clause:
Salem, OH
1
1,287
2017
04/01/2017
01/31/2027
None
(2) 5-Yr.
None
None Right to Terminate Due
to Legislative Action -
E-Cigarette Business - if
termination for such
cause, tenant to pay 2
months rent or the
balance of lease if less
than 2 months;
Tenant Lease Abstract
29
DISCLOSURE, CONFIDENTIALITY & DISCLAIMER
CONFIDENTIALITY AGREEMENT DISCLOSURE & DISCLAIMER The information within this Offering Memorandum will set forth an understanding regarding the relationship between the Recipient of this package (the “Recipient”) and The Cooper Group and the confidentiality of the investment information to be supplied to you and your organization for use in considering, evaluating and/or purchasing this property (the “Property”). The recipient acknowledges that all financial, contractual, marketing, and informational materials including but not limited to lease information, occupancy information, financial information, projections, data information and any other similar information provided by The Cooper Group which relates to the Property (collectively, the Confidential Information), whether said information was transmitted orally, in print, in writing or by electronic media is confidential in nature and is not to be copied or disseminated to any party without the prior consent of The Cooper Group. The Recipient acknowledges and agrees that the Confidential Information is of such a confidential nature that severe monetary damage could result from dissemination of that information to unauthorized individuals. The Recipient shall limit access to the Confidential Information to those individuals in the Recipient’s organization with a “need to know” and shall take all precautions reasonably necessary to protect the confidentiality of the Confidential Information. The Recipient acknowledges and agrees that the Confidential Information and any copies thereof are the property of The Cooper Group and that all such information will be returned to The Cooper Group upon written request. Any offers or inquiries from Recipient in connection with this investment proposal shall be forwarded, confidentiality, to The Cooper Group. Other than The Cooper Group, recipient agrees that neither Recipient nor The Cooper Group shall be obligated to pay any procuring broker fees in connection with this investment unless a separate written Brokerage Agreement is entered into and written acknowledgement of any procuring Brokerage Agreement is received from all parties to the investment transaction. Procuring brokers must provide written introductions of potential investors and receive written acknowledgment from The Cooper Group for representation to be recognized. This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.
The Memorandum contains selected information pertaining to the property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property, to be all-inclusive or to contain all or part of the information which perspective Recipients may require to evaluate the purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the owner or The Cooper Group. All references disclosed herein related to acreage, square footages and/or other measurements may be approximations and the best information available. The summaries of information included herein do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Photos herein are the Property and respective owners and use of these images without the express written consent of the owner is prohibited. The owner and the Cooper Group expressly reserve the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or terminate discussions with any entity and any time with or without notice which may arise as a result of review of this Memorandum. Neither the owner or the Cooper Group, nor any of their respective directors, officers, affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or its contents; and you are to rely solely on your investigators and inspections of the property in evaluating a possible purchase of the Property. The information contained in this document has been obtained from sources to be reliable. While the Cooper Group does not doubt its accuracy, the Cooper Group has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm the accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the Property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors.
Cooper Commercial Investment Group 6120 Parkland Blvd., Suite 206 Cleveland, OH 44124 www.coopergrp.com
Bob Havasi [email protected] (888) 525-5695 x10
Dan Cooper [email protected] (888) 525-5695 x12