NWC STATE STREET & HEMMETER ROAD SAGINAW, MI

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Abner Shelton
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1 NWC STATE STREET & HEMMETER ROAD SAGINAW, MI

INVESTMENT HIGHLIGHTS S U B J E C T O F F E R I N G Mid-America Real Estate Corporation, in cooperation with Mid-America

, has been retained on behalf of the owner to sell the 100% fee simple interest in Green Acres, a 246,664 square foot

The 91% leased center provides substantial value add potential, providing investors the opportunity to purchase a

2 INVESTMENT HIGHLIGHTS S U B J E C T O F F E R I N G Mid-America Real Estate Corporation, in cooperation with Mid-America Real Estate Michigan, Inc., has been retained on behalf of the owner to sell the 100% fee simple interest in Green Acres, a 246,664 square foot food and drug-anchored community center located in Saginaw, Michigan. The 91% leased center provides substantial value add potential, providing investors the opportunity to purchase a corporately guaranteed Kroger anchored center well below replacement cost. Location: GLA: Lot Size: Anchors: NWC State Street & Hemmeter Road Saginaw, MI 246,664 SF 28.1 AC Kroger (early 10-year renewal & expansion), Rite Aid, Planet Fitness, Ollie s Bargain Outlet, CSL Plasma

3 KEY FEATURES DOMINANT GROCERY ANCHOR Green Acres offers a purchaser the opportunity to own a Kroger-anchored shopping center. In 2016, the tenant exercised an early 10-year renewal through 2033 in conunction with expanding its footprint from 72,000 square feet to 106,340 square feet, demonstrating the tenant s strength and commitment to the center. The tenant s ground lease is also accompanied by a Kroger Co. guaranty. SECURE IN-PLACE INCOME STREAM Complementing the center s grocery anchor is a diversified tenant line-up consisting of a variety of service and entertainment uses including medical retail, fitness, and restaurants, granting the center costumer draws with internet resiliency. Additionally, Green Acres has an exceptional average weighted remaining lease term of 9.88 years, with almost 58% of its current gross income coming from existing tenants who are operating at the center through 2023, which provides minimal rollover risk and a reliable income stream over a long-term hold period. DENSE RESIDENTIAL DEMOGRAPHICS The center draws its consumer base from the solid demographics of Saginaw and the surrounding Tri- Cities communities, which feature a dense residential population of 104,000 people with average household incomes of $60,700 within a 5-mile radius of Green Acres. As the only traditional grocery anchored retail center within a 3-mile radius, Green Acres capitalizes on its location within the surrounding infill neighborhoods. RECENT LEASING VELOCITY In addition to the early Kroger extension, Green Acres has experienced strong recent leasing velocity with the renewal of Renue Physical Therapy, and the addition of CSL Plasma, T-Mobile, Great Clips, Medical Weight Loss Clinic, Wild Bill s Tobacco, and Daddy s Rich Bitz, adding 24,433 square feet of newly leased space its tenant roster since Further, ownership is currently in lease negotiations with China City. VALUE ADD OPPORTUNITY At 91% occupied, the center features a value-add opportunity for the purchaser to lease-up the remaining 22,989 square feet of available leasable space, thereby increasing the cash flow generated at the property. Further, the property is being sold free and clear of any debt, affording the opportunity to enhance yields on the investment by securing an attractive market rate loan. DEMOGRAPHIC PROFILE WITHIN 3-MILE RADIUS: POPULATION 67,800 HOUSING UNITS 28,433 MEDIAN HOME VALUE $111,056 DAYTIME POPULATION 71,258 AVERAGE HH INCOME $64,097 MEDIAN AGE 39.7

4 LEASING PLAN A A 35B Hemmeter Road 38 1 FS-1 State Street (30,000 VPD) Tenant Name Unit Square Feet Kroger 1 106,340 China City (Proposed) 21 1,596 Great Clips 22 1,250 Vacant 23 2,180 Shahi Indian Cuisine 24 4,900 Vacant 25 4,900 T-Mobile 26 1,325 Medical Weight Loss Clinic 26A 1,962 Static Vacancy 26A -SV 2,313 Tenant Name Unit Square Feet Renue Physical Therapy 27 3,562 Ollie's Bargain Outlet 29 26,338 CSL Plasma 30 12,000 Nice Nails 31 1,500 Advanced Wireless 32 3,000 Good Times Pizza 33 2,200 The UPS Store 34 2,300 Planet Fitness 35 26,694 Vacant 35A 3,959 Tenant Name Unit Square Feet Wild Bill's Tobacco 35B 2,609 Static Vacancy 35B - SV 1,772 H&R Block 36 2,430 Daddy's Rich Bitz Boutique 37 4,941 Vacant 38 11,950 Rite Aid FS-1 14,564 Total 246,664

5 LOCATION & MARKET Green Acres is located at the northwest corner of State Street and Hemmeter Road in Saginaw Township, Saginaw County, Michigan. Saginaw is the county seat in Saginaw County and is approximately 100 miles northwest of Detroit, 35 miles north of Flint, and 150 miles southeast of Traverse City, and is the only regional shopping destination between Flint and Traverse City. Saginaw is part of the Tri-Cities area of Michigan, which consists of Saginaw, Bay City, and Midland. Saginaw County enoys a balanced economy with a mix of high-tech medicine, communications, industrial manufacturing, and retail. The region is home to several nationally-recognized companies, including Dow Chemical, Down Corning, General Motors, Morley Companies, and Nexteer. As the only traditional grocery anchored center within a 3-mile radius, Green Acres enoys a competitive advantage over the surrounding retail properties. The center is well situated to take advantage of the infill residential communities, which feature a dense population of 104,000 people with average household incomes of $60,700 within a 5-mile radius of Green Acres. Saginaw Bay Saginaw DEMOGRAPHICS 75 Distance from Subect: 3 Mile 5 Mile 2018 Population 67, ,957 Forecasted 2023 Population 66, , Households 28,433 43,037 Forecasted 2023 Households 27,793 41, Median Home Value $111,056 $102, Daytime Demographics 71, , Average Household Income $64,097 $60, Median Household Income $46,219 $42, Per Capita Income $27,605 $25, Median Age Grand Rapids Kalamazoo 96 Battle Creek Lansing East Lansing Jackson Flint Burton 23 Waterford Novi Dearborn Ann Arbor Detroit UNITED STATES CANADA 69 Lake St Clair Lakeshore

6 PROPERTY DESCRIPTION Green Acres is a grocery-anchored shopping center comprised of 246,664 square feet and situated on approximately 28.1 acres of land. The property features an inline center which runs parallel with State Street, and two freestanding buildings, which are occupied by Kroger/Kroger Fuel, and Rite Aid, both operating under ground leases. The subect property provides a healthy parking ratio of 6.14 spaces per 1,000 square feet. Ingress and egress to the site are provided through three points of access along State Street and Hemmeter Road respectively. State Street is a significant four-lane roadway with center turn-lanes and daily vehicle counts of 30,000. TENANCY Green Acres is an 91% leased grocery-anchored center featuring a corporately guaranteed Kroger. Headquartered in Cincinnati, the grocer operates over 4,000 stores throughout the United States. Kroger represents roughly 26% of the gross income at Green Acres, and recently expanded from 72,000 square feet to 106,340 square feet as well as executed an early 10-year renewal through The center features a complementary lineup with a great mix of national and regional tenants including Kroger, Planet Fitness, Rite Aid, CSL Plasma, and Ollie s Bargain Outlet. The subect offering provides a buyer with an excellent value-add opportunity to lease-up the remaining 22,989 square feet of vacant leasable space, thus increasing the income stream at the property. PRICING Green Acres is being offered free and clear of any existing debt, and can be acquired at below replacement cost. In-Place Net Operating Income: $1,346, Year CAGR: 4.1%

For further information contact owner s exclusive representatives. The Wrigley Building 410 North Michigan Avenue, Suite 1100 Chicago, Illinois 60611 Direct: 630.954.

7 For further information contact owner s exclusive representatives. The Wrigley Building 410 North Michigan Avenue, Suite 1100 Chicago, Illinois Direct: Rick Drogosz Principal Direct: rdrogosz@midamericagrp.com Ben Wineman Principal Direct: bwineman@midamericagrp.com Woodward Avenue, Suite 100 Bloomfield Hills, MI Direct: Richard Kerwin (Licensed MI Broker) Direct: rkerwin@midamericagrp.com 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.

SOUTHWEST CORNER OF CAPITOL DRIVE & 124TH STREET BROOKFIELD (SUBURBAN MILWAUKEE), WISCONSIN

SOUTHWEST CORNER OF CAPITOL DRIVE & 124TH STREET BROOKFIELD (SUBURBAN MILWAUKEE), WISCONSIN INVESTMENT HIGHLIGHTS S U B J E C T O F F E R I N G Mid-America Real Estate Corporation, in cooperation with