GROCERY ANCHORED NET LEASED RETAIL CENTER FOR SALE

Transcription

1 GROCERY ANCHORED NET LEASED RETAIL CENTER FOR SALE *Actual Location Is Shown* PROPERTY HIGHLIGHTS 100% Occupied By National And Local Tenants New Construction In 2006 Dollar General Market - Corporate Guaranteed Lease for 80% of Gross Income Located On Main Retail Corridor With AutoZone Outparcel Located in Shelbyville, TN Close To Nashville, TN And Chattanooga, TN Nashville, TN Chattanooga, TN Dollar General Market Shelbyville, TN CONTACT INFORMATION Bill Weitzenkorn, CCIM Tri-Oak Consulting Group W (678) F (678) bweitz@tri-oak.com * The above information has been secured by sources deemed to be reliable, Tri-Oak Consulting Group makes no representations or warranties expressed or implied as to the accuracy

2 DOLLAR GENERAL MARKET RETAIL CENTER 721 North Main Street - Shelbyville, TN Actual Location Is Shown Purchase Price: Building Size: Land Size: Gross Scheduled Income: Operating Expenses: Net Operating Income: $ 3,316,571 ($ per Building SF) 30,341 SF New Construction in Acres (Approx.) 134,679 SF (Approx.) $339, (with DGM & 6,000 SF of retail shops 100% Leased) $49, (fully reimbursed by tenants) $290, (with DGM & 6,000 SF of retail shops 100% Leased) Demographics: 1-MILE 3-MILE 5-MILE Population: 6,005 21,155 25,613 Median Income: $39,739 $43,425 $43,857 Average Income: $46,924 $51,310 $52,306 Tenants: Dollar General Market 24,341 SF Star Nails 1,200 SF A-1 Quick Cash 1,200 SF Yamato Restaurant 2,400 SF Cynthia s Hair Salon 1,200 SF CONTACT INFORMATION Tri-Oak Commercial Group Bill Weitzenkorn, CCIM W (678) F (678) bweitz@tri-oak.com * The above information has been secured by sources deemed to be reliable, Tri-Oak Consulting Group makes no representations or warranties expressed or implied as to the accuracy of the above information. References to square footage or age are approximate. Purchaser must verify the accuracy of the above information and bears all risks for any

3 INCOME SCHEDULE Tenant Total SF SF % Rent PSF Monthly Rent Gross Scheduled Rent Expense Reimbursement Gross Scheduled Income Dollar General Market 24, % $8.91 $18, $217, $39, $256, Yamato Restaurant 2, % $13.00 $2, $31, $3, $35, Star Nails 1, % $11.00 $1, $13, $1, $15, A-1 Quick Cash 1, % $12.00 $1, $14, $1, $16, Cynthia s Hair Salon 1, % $12.00 $1, $14, $1, $16, TOTAL 30, % $290, $49, $339, LEASE SYNOPSIS Tenant Total SF SF % Tenant Since Lease Comm. Lease Exp. Renewal Options CAM Utilities Taxes HVAC Maint. Insurance Rent Increases Dollar General Market Yamato Restaurant 24, % /1/06 2/28/21 (6) 5 Year Pro Rata Tenant Pro Rata Tenant Pro Rata 2, % /1/11 2/28/16 (2) 5 Year Pro Rata Tenant Pro Rata Tenant Pro Rata 10% in Year 11 and Options $1.00 psf per Option Star Nails 1, % /1/06 5/30/16 (1) 5 Year Pro Rata Tenant Pro Rata Tenant Pro Rata $1.00 psf per Option A-1 Quick Cash 1, % /1/10 7/31/12 (5) 1 Year Pro Rata Tenant Pro Rata Tenant Pro Rata $0.50 psf per Option Cynthia s Hair Salon 1, % /1/11 3/31/13 (1) 2 Year Pro Rata Tenant Pro Rata Tenant Pro Rata $1.00 psf per Option TOTAL 30, % Landlord is responsible for all CAM service contracts. All leases are NNN Leases with respect to RE Taxes, Ins. & CAM All tenants responsible for maintaining HVAC Landlord is responsible for HVAC capital replacement for small spaces All tenants pays their pro-rata share of RE Taxes, CAM & Insurance Landlord is responsible for entire Roof and Structure of building. * The above information has been secured by sources deemed to be reliable, Tri-Oak Consulting Group makes no representations or warranties expressed or implied as to the accuracy of the above information. References to square footage or age are approximate. Purchaser must verify the accuracy of the above information and bears all risks for any

4 DETAILED ANNUAL EXPENSES Year 2009 Year 2010 Property Management**** $ - $ - Replacement Reserves**** $ $ Operating Expenses Accounting $ $ Advertising $ - $ - Landscaping $10, $10, Legal $ - $ - Repairs & Maintenance $ $ Management Fees $ $ Miscellaneous $ - $ - Utilities - Electric $2, $2, Utilities - Water & Sewer $1, $1, Sanitation $ $ Rental Commission $ $ Total Operating Expenses $14, $14, Building Insurance $8, $8, Taxes - Real Estate $25, $25, TOTAL EXPENSES $48, $49, **** Note: Current Owner Does Not Apply Property Mgmt nor Replacement Reserves against the Gross Income ***** Year 2010 are estimates only and shows a 1% increase in expenses across the board as an estimate only * The above information has been secured by sources deemed to be reliable, Tri-Oak Consulting Group makes no representations or warranties expressed or implied as to the accuracy

5 AERIAL AutoZone outparcel (not included in sale) New construction in 2006 building and parking lot in good condition Access from two streets Major national retail tenants surround Site cuts off grocery competitors to the North Close to the center of town

6 TRAFFIC COUNTS

7 Aerial with Area Tenants

8 Demographic Summary Report

9 Excerpted from the Dollar General website: DollarGeneralMarket.aspx