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O F F E R I N GM E M O R A N D U M
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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
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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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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
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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
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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
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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
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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).
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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
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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
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