Fully Leased Investment Property 26 Main Street Westport, Connecticut

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1 26 Main St Bedford Square Fully Leased Investment Property 26 Main Street Westport, Connecticut Fairfield C o u n t y

2 Executive Summary HK Group is pleased to exclusively offer for sale the property located at 26 Main Street downtown Westport, CT. The property s paramount location is on the right side at the very beginning of Main Street, directly next to the $100 million Bedford Square development, with Anthropologie, Tiffany s, Patagonia, Paper Source, Benefit Cosmetics, Ann Taylor Loft, Shoe Inn, Pottery Barn, West Elm and a number of other very successful national and regional retailers as neighbors. The Bedford Square development altered the dynamics of foot traffic on Main Street. 26 Main Street is a net beneficiary of that change, as the new development next door increased foot traffic in the retail triangle enclosed by Main Street, Elm Street and Church Lane, precisely where 26 Main Street is located and all the action is today. This is where guaranteed foot traffic is in Westport. The property has been fully leased since 2004 (15 years) to LF Stores, a fashion trendsetter catering to young women that want to look different and very fashionable, but at an affordable price. LF Stores is a privately held company that operates 35 stores across the United States, with high profile locations on Robertson Boulevard in Los Angeles, Spring Street in SOHO, Collins Avenue in Miami, Newbury Street in Boston and McKinney Avenue in Dallas. Additionally, it has a strong online presence. The Los Angeles store is a celebrities favorite, frequented by many Hollywood stars including Scarlett Johansson, Mischa Barton, Brittany Snow, Amanda Bynes and Lindsay Lohan. At 26 Main Street in Westport, LF Stores just signed a new 5-year lease at market rate with 2.50% yearly increases and a 5-year option to renew at Fair Market Rent. The lease is Triple Net: the only Landlord s responsibilities are roof and structural. Because of its location, the property has a strong history of uninterrupted tenancy for the last 30+ years. Previous tenants at the space were Joan and David and before that Benetton. 26 Main Street represents a unique opportunity to acquire a very high quality, perfectly located investment asset in a premium market, with exceptional demographics and annual rent increases, ideal for a long-term income stream. All information is subject to errors and omissions.

3 About the Property Address: 26 Main Street, Westport, CT Land Area: 0.04 Acres Frontage: 25 on Main Street Building Size: First Floor 1,627 SF Second Floor 1,627 SF Total 3,254 SF Zoning: Business Center District No parking requirement zone RE Taxes: $41, ( ) Sewer: $350 / Year Asking Price: $3,950,000 Permitted Use: Retail (1 st and 2 nd floor), medical, office, residence, restaurant Year Built: 1929 Renovated multiple times HVAC Roof: Gas heat and central A/C Flat, rolled composite Contact broker for complete offering package. All information is subject to errors and omissions.

4 Downtown Westport Retail 26 Main St

5 About the Tenant

6 LF Stores is a very successful new generation retailer that targets young women that want to be trendy and fashionable, but at an affordable price point. Since LF opened its doors, they had a finger on the pulse in terms of women s clothing in their demographic. Phillip L. Furst s family has been in the fashion industry since 1978: in 2004 he started LF Stores, a privately owned business, that grew to the current 35 stores nationwide. Many LF Stores are in very prominent locations: Robertson Boulevard in Los Angeles, Spring Street in SOHO, Collins Avenue in Miami, Newbury Street in Boston, McKinney Avenue in Dallas, Newton Lane in East Hampton, Greenwich Avenue in Greenwich and, obviously, Main Street in Westport for the last 15 years. Additionally, LF has a strong online presence. The business model that led to LF Stores success is quite unique: they have been able to harness the enormous power of social media through their own clients at little or no cost. They do not spend on traditional marketing methods with advertising in magazines, typical photoshoots with models or other: they use their own clients as models, do in store photoshoots and post images on social media that reach a very large number of new prospects at no cost. LF Stores has a very strong presence on Instagram, where they currently have 266,800+/- followers as a company: additionally, each individual store has its own followers. An example: East Hampton store 4,135 followers, Dallas 5,157 followers, Boston 8,855 followers, Miami 17,100 followers. This social media reach acts as a multiplier for the brand s image and as a showcase for their clients that are photographed, posted on social media and then tagged by their peers. It has become fashionable for young women to stop at an LF Store, do a shoot at the store and then be posted on Instagram for her and her friends' enjoyment.

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8 26 Main St The Hundred Million Dollar Bedford Square Project Next Door

9 Demographics

10 In 2017, Westport had the second highest Median Household Income of all towns in the United States with populations over 25,000 Westport continuously ranks among the most affluent and educated towns in the country Westport, CT 1 Mile 3 Mile 5 Mile Population 6,318 46, ,785 Households 2,356 17,526 48,969 Average Household Income Traffic Counts $227,612 $204,343 $166,491 2,600 (Main Street) / 25,000 VPD (Post Rd East US-1) All information is subject to errors and omissions

11 First Floor Plan

12 Second Floor Plan

13 Land Survey

14 26 Main Street

15 26 Main Street

16 For additional information, please contact: Franco Fellah Executive Vice President H K G r o u p C o m m e r c i a l R e a l E s t a t e 253 Riverside Avenue W e s t p o r t, C T O: C: