RACETRAC - LoopNet...Racetrac is just south of University of Georgia with nearly 40,000 students...

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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap

1BANK OF AMERICA

3303 SOUTH TAMIAMI TRAIL | SARASOTA, FL

Offering Memorandum

RACETRAC 7921 MACON HWY WATKINSVILLE, GA 30677

STEVEN J. SIEGEL | SENIOR MANAGING DIRECTORExecutive Director - Institutional Property Advisors (IPA)

Senior Managing Director - Investments

National Retail Group

Net Leased Properties Group

Office: (212) 430-5166Cell: (646) 996-3709E-mail: [email protected] License: NY: 30SI0857139 NJ: 0015107 CT: REB.0754170

EXCLUSIVELY LISTED BY :

BORMICHAEL J. FASANO

Licence: 352663

7921 MACON HWY | WATKINSVILLE, GA


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Investment Contacts

STEVEN J. SIEGELExecutive DirectorInstitutional Property Advisors (IPA)Senior Managing Director - Investments

Office: (212) 430-5166Cell: (646) 996-3709E-mail: [email protected] License: NY: 30SI0857139

NJ: 0015107CT: REB.0754170

M&M CAPITAL CORPCHRISTOPHER MARKSFirst Vice President - Capital Markets, Origination

Office: (212) 430-5137Cell: (516) 448-3293E-mail: [email protected]

PHIL BIANCAVILLAAssociate DirectorSJS & Partners LLC

Office: (212) 430-5293Cell: (914) 525-7735E-mail: [email protected] License: NY: 10401253283

NICHOLAS GILLOTTSenior Financial Analyst

Office: (646) 805-1455E-mail: [email protected]

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Investment Overview

Offering Summary

Property Details

Tenant & Lease Overview

Maps

Demographic & Location Overview

Table of Contents



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SUBJECT PROPERTY

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Marcus & Millichap is pleased to present for sale a RaceTrac located at 7921 Macon Highway in Watkinsville, Georgia. RaceTrac has a gross leasable area (GLA) of 3,952 square feet and is situated on a 1.98-acre lot. The subject property has 11 years remaining in the base term of a NNN lease with 7.50% increases every 5 years. RaceTrac Petroleum operates over 670 convenience stores and gasoline service stations, across the southern U.S. They are ranked #39 on the list of America’s largest private companies by Forbes with $8.7 Billion in sales for the fiscal year of 2017. The company continues to rapidly expand and recently entered the Nashville market where it plans to open 30 new stores by 2023.

RaceTrac is located at the intersection of Macon Highway (15,943 Vehicle Per Day (VPD)) and Hog Mountain Road (8,880 VPD).

Racetrac is just south of University of Georgia with nearly 40,000 students currently enrolled and home to the Georgia Bulldogs and Sanford Stadium. Other major retailers surrounding RaceTrac include The Markets at Epps Bridge Shopping Center with tenants such as Best Buy, Dicks, Marshalls, Chick Fil A, Bank of America and many others, The College Station Shopping Center with tenants such as Publix, Kroger, KFC, Burger King Rite Aid and many others, Lowe’s Kohl’s, Target, Walmart, CVS, Outback Steakhouse, Mattress Firm, TJ Maxx and many others. RaceTrac is in an affluent and dense location with the average household income within a 3-mile radius being $90,000 and has over 78,800 people living within a 5-mile radius. RaceTrac presents investors with an opportunity to invest in a stable and well-located property tenanted by a healthy and continuously

growing company.

Investment Overview

NNN RaceTrac Located at 7921 Macon Highway in Watkinsville,

Georgia at the Intersection of Macon Highway (15,943 VPD)

and Hog Mountain Road (8,880 VPD).

Subject Property has a GLA of 3,952 SF and is Situated on a

1.98-Acre Lot.

11 Years Remaining in the Base Term of a NNN Lease with 7.50%

Increases every 5 Years.

RaceTrac Ranked #39 on the List of America’s Largest Private

Companies by Forbes with $8.7 Billion in Sales.

Racetrac is just South of University of Georgia with nearly

40,000 Students Currently Enrolled and Home to the Georgia

Bulldogs and Sanford Stadium.

Other Major Retailers Surrounding RaceTrac Include The

Markets at Epps Bridge Shopping Center with Tenants Such

as Best Buy, Dicks, Marshalls, Chick Fil A, Bank of America

and Many Others, The College Station Shopping Center with

Tenants Such as Publix, Kroger, KFC, Burger King Rite Aid and

Many Others, Lowe’s Kohl’s, Target, Walmart, CVS, Outback

Steakhouse, Mattress Firm, TJ Maxx and Many Others.

RaceTrac is in an Affluent and Dense Location with the Average

Household Income within a 3-Mile Radius being $90,000 and

has over 78,800 People Living within a 5-Mile Radius.

Investment Highlights



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PERIOD COMMENCEMENT DATE EXPIRATION DATE ANNUAL RENT MONTHLY RENT RPSF PERCENTAGE INCREASE

Years 1-5 6/18/2015 6/17/2020 $223,200 $18,600 $56 fdf

Years 6-10 6/18/2020 6/17/2025 $239,940 $19,995 $61 7.50%

Years 11-15 6/18/2025 6/17/2030 $257,936 $21,495 $65 7.50%

Offering Summary

TOTAL PRICE $4,173,000

Gross Leasable Area

Price Per SF $1,029NOI as of 6/18/2020**

Cap Rate$239,940

Lease Years RemainingExpiration 11Lot Size

5.75%* 3,952 SF

June 17, 2030 1.98 Acres Lease Type NNN

Rent Schedule

**Seller will credit buyer the difference in the current rent and the increased rent in 6/17/2020 times the number of months from closing until the increase. *Based on 6/18/2020 Annual Rent of $239,940

Option 1 6/18/2030 6/17/2035 $277,281 $23,107 $70 7.50%

Option 2 6/18/2035 6/17/2040 $298,077 $24,840 $75 7.50%

Option 3 6/18/2040 6/17/2045 $320,432 $26,703 $81 7.50%

Option 4 6/18/2045 6/17/2050 $344,465 $28,705 $87 7.50%

Option 5 6/18/2050 6/17/2055 $370,300 $30,858 $94 7.50%

Option 6 6/18/2055 6/17/2060 $398,072 $33,173 $101 7.50%

Option 7 6/18/2060 6/17/2065 $427,928 $35,661 $108 7.50%

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Property Details

Street Address 7921 Macon Hwy

City State Zip Watkinsville, GA 30677

Building SF 3,952

Lot Size 86,250 SF (1.98 Acres)

Tax ID C-03-017-HA

Zoning B-2

SUBJECT PROPERTY

SUBJECT PROPERTY



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Headquartered in Atlanta, GA, RaceTrac operates a chain of convenience stores and gasoline service stations across the Southern United States. RaceTrac Petroleum Inc.

operates over 670 convenience stores and gaso-line stations under the RaceTrac and RaceWay banners. RaceTrac stores are company owned and operated while RaceWay

stores are leased to a third party contractor.

RaceTrac Petroleum is ranked #39 on the list of America’s 100 Largest Private Companies by Forbes with $8.7 Billion in sales for the fiscal year of 2017 and 8,716 employees.

Convenience Store News rates RaceTrac Petroleum as #18 and Raceway as #33 on their list of the Top 202 Convenience Stores of 2018.

Most RaceTracs feature 20 to 24 fueling positions and a 5,000+ sq. ft. conve-nience store offering over 4,000 items. In January 2012, RaceTrac introduced its new 6,000

square-foot store design, the RT6K, which features Swirl World frozen yogurt and toppings, free wi-fi internet, 360-degree brick walls and in-door and outdoor seating. A key

feature of the RT6K model is also more back-room space allowing for more storage and room to move around. Check out is located in the center of the store for easy access.

Raceway locations operate as a franchisee of RaceTrac Petroleum Inc. Race-Trac owns the site, the building and gas facility. Each store is modeled after and offers products

reflecting the local culture of the surrounding area. The operators must use the company’s proprietary gasoline brand and pay a com-mission per gallon sold. The inside

inventory and sales are the responsibility of the operator.

RaceTrac is rapidly expanding. The chain recently entered the Nashville market, where it plans to open 30 news stores by 2023. Nashville marks the chain’s first expansion into

a new market in more than 15 years, company officials said. They have also opened dozens of new stores in Florida in recent years, making it home to nearly half of RaceTrac’s

entire network.

Tenant Overview - RACETRAC PETROLEUM, INC. RACETRAC PETROLEUM, INC. Lease Abstract

Tenant RaceTrac

Industry Gas/Convenience

Public/Private Private

Revenue $9.1B

Number of Stores 670

Headquarters Atlanta, GA

Website www.racetrac.com

Year Founded 1934

Tenant & Lease Overview

Original Lease Term 15 Years

Remaining Term 11 Years

Lease Expiration June 17, 2030

Lease Type Triple Net (NNN)

Ownership Interest Fee Simple

Rent Escalations 7.5% Every 5 Years

Rent as of 6/18/2020 $239,940

Rent per GLA $56.00

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*Borders are approximate and to be used for reference purposes only.

Parcel Map

HOG MOUNTAIN RD | 8,880 VPD

SUBJECT PROPERTY

MAC

ON

HW

Y | 1

5,94

3 VP

D



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Parcel Map

SUBJECT PROPERTYHOG MOUNTAIN RD | 8

,880 VPD

MA

CO

N H

WY

| 15,943 V

PD

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Regional Map

SUBJECT PROPERTY



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Retail Map

SUBJECT PROPERTY

N

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SUBJECT PROPERTY



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Location Overview

5 MILE RADIUS OF 7921 MACON HWY | WATKINSVILLE, GA 30677

<$15 ,000

$1 5,000 - $24,999

$25,000 - $34,999

$35,000 - $49,999

$50,000 - $74,999

21.1%

$75,000 - $99,999

11.2%

$1 00,000 - $149,999

7.9%

$1 50,000 - $199,999

11.2%

$200,000+

14.2%

-2.9%

9.7%

-2.3%

11.2%

-1.7%

5.9%

-1.5%

7.6%

-1.4%

+1 .1%

+3.0%

+2.4%

+3.3%

72%White Collar

13%Blue Collar

16%Services

3.5%

UnemploymentRate

Average HouseholdIncome

Bachelor's/Grad/ProfDegree

High SchoolGraduate

78,846

$24,418

3,025

KEY FACTS

Population26.2

Median Age

2.4

AverageHousehold Size

EDUCATION

8%

No HighSchool

Diploma 15%

22%Some College 55%

BUSINESS

Total Businesses

38,216Total Employees

EMPLOYMENT

INCOME

$47,533Median Household

Income

$29,718Per Capita Income Median Net Worth

Households By IncomeThe largest group: <$15,000 (21.1%)The smallest group: $150,000 - $199,999 (5.9%)Indicator Value

Bars show deviation fromClarke County

$77,073

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About WATKINSVILLE, GEORGIA

Watkinsville, GA has a population of 2,872 people with a median age of 36.5. he economy of Watkinsville, GA is specialized in EducationalServices; Manufacturing; and Real Estate, Rental & Leasing, which employ respectively 2.21; 1.52; and 1.45 times more people than what would be expected in a location of this size. The homeownership rate of Watkinsville, GA is 71.7%, which is higher than the national average of 63.6%. (source: https://datausa.io/profile/geo/watkinsville-ga/).

Watkinsville, known as the Artland of Georgia, is the county seat of Oconee located approximately 8 miles south of Athens and 60miles east of Atlanta. The population Watkinsville was named the

Artland of Georgia for having more artists per capita than any other city in the state. Supported by numerous artists, art galleries, museums, and events, you can experience the ultimate art experience in Watkinsville by shopping galleries, viewing exhibits, touring studios, witnessing demonstrations, and creating art. (source: https://www.exploregeorgia.org/city/watkinsville).

DOWNTOWN WATKINSVILLE DOWNTOWN WATKINSVILLE



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2018 Summary 1 Mile 3 Miles 5 MilesPopulation 1,640 19,661 78,846

Households 559 7,156 29,518

Families 441 4,400 14,387

Average Household Size 2.93 2.74 2.37

Owner Occupied Housing Units 405 4,164 12,927

Renter Occupied Housing Units 154 2,992 16,592

Median Age 41.8 30.1 26.2

Median Household Income $103,867 $62,012 $47,533

Average Household Income $136,752 $90,184 $77,073

Pulled from STDB.com

SUBJECT PROPERTY

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Pulled from STDB.com

RACETRAC - LoopNet...Racetrac is just south of University of Georgia with nearly 40,000 students...

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