$896, % CAP 6,080 SF $147 PSF

Transcription

1 Subject Property New Corporate Sale-Leaseback 25 Stand Alone Stores Available Throughout the Southeastern U.S. BLOCKBUSTER 315 Greenville 3125 Dr ML Blvd. King SE, Jr. Greenville, Blvd., New NC Bern, NC $896, % CAP 6,080 SF $147 PSF Priced Well Below Replacement Cost Brand New 10-Year Corporate Sale-Leaseback with BLOCKBUSTER Inc. (NYSE: BBI) BLOCKBUSTER Inc.: 6,000+ Stores Worldwide Revenues $4.6+ Billion in January 2010 Strategically Located Along MLK Jr. Blvd. & Hwy. 70 Traffic: 63,000+ Cars / Day Pad Site To Wal-Mart Supercenter Anchored Shopping Center Directly Across from the 361,000+ SF Twin Rivers Mall Anchored By J.C. Penney And Belk Other Tenants In the Immediate Area Include Lowes, Target, Food Lion and Staples New Bern, NC is the Premier Shopping Destination for Residents in a 5 County Radius - 133,000+ People Exclusive Listing Agents: Bob Moorhead Joe Caputo joe@exp1031.com In association with North Carolina Broker of Record: Marc Liles License #

2 3125 Dr. MLK Jr. Blvd., New Bern, NC AT HWY 70 EXP Realty Advisors and Retail Resource Group as exclusive advisors are pleased to present for sale a single tenant corporate sale-leaseback BLOCKBUSTER. This offering provides investors the unique opportunity of owning net leased real estate, priced below the building s replacement cost, with a double digit investment yield and potential upside in the event BLOCKBUSTER were to vacate. This location is being sold as a part of a 25 store offering which can be purchased individually or as a portfolio. For additional information on other available BLOCKBUSTER properties please visit IMMEDIATE TRADE AREA The subject property is strategically located along a highly traveled Dr. MLK Jr. Blvd (average traffic: 32,000+ cars/day) just off the highly traveled US Highway 70. The property is a pad site to a Wal-Mart Supercenter anchored shopping center. Other tenants in the center include Petsmart and Books-A-Million. It is located directly across the street from the 361,000 SF New Bern Mall which recently underwent extensive renovations. The mall is anchored by J.C. Penney and Belk. Other tenants in the immediate trade area include Lowes, Staples, Target, Sears, Food Lion and McDonald s among others. NEW BERN, NC Located 110 miles east of Raleigh on Pamlico Sound, which feeds into the Atlantic Ocean. The trade area includes five counties (Craven, Pamlico, Jones, Carteret and Onslow), and has a retail trade area population in excess of 133,000 people. Average household income in the primary market is in excess of $50,000 per year, and the average age of the residents is 40 years old. Major employers in the area are the Craven Regional Medical Center, Cherry Point Marine Corps Air Station, Naval Aviation Depot, and Weyerhaeuser. The medical community, which includes two hospitals, employs more than 1,500 area residents. Five colleges and universities are located within a 90 mile radius of New Bern, including East Carolina University and the University of Wilmington. New Bern is the second oldest town in North Carolina, and where Pepsi Cola was invented in List Price: $896,000 CAP Rate (Existing): 9.5% Building Area: Building Price / SF: Land Area: Land Price / SF: Year Built: 1990 Ownership: Base Rent: LEASE OVERVIEW Annual Rental Rate: 6,080 + SF $147 + PSF Acre $ PSF Fee Simple $85,120 / Year $14 PSF Rent Commencement: Close of Escrow Primary Term: 10 Years* Options to Renew: 2, 5-Year Rent Increases: Tenant: Lease Type: 10% Every 5 Yrs. BLOCKBUSTER Inc. Absolute NNN * Tenant has a right to terminate their lease after year 5. COPYRIGHT ALL USE, DISCLOSURE AND/OR REPRODUCTION NOT SPECIFICALLY AUTHORIZED IS PROHIBITED. ALL RIGHTS RESERVED. Retail Real Estate Group dba Retail Resource Group and EXP Realty Advisors ( Agent ) has presented this confidential Investment Memorandum to assist the recipient in evaluating the Property and it is intended for your use only. This confidential material contains brief, selected information pertaining to the Property and shall not be considered all-inclusive or unchanged since the date of preparation. No warranty as to the accuracy or completeness is expressed or implied. The information has been received from sources believed to be reliable but is not guaranteed. Agent disclaims all liabilities in connection with any inaccuracies or incompleteness. The Buyer should independently verify each item of information and have the same reviewed by its tax advisor and/or legal counsel. The Buyer agrees that (a) the materials are of a highly confidential nature and will be held in the strictest confidence or shall be returned to Agent upon request; (b) the Buyer shall not contact any property manager, employee or tenant of the Property regarding the enclosed materials or the Property, without prior approval of Agent; and (c) the Buyer understands and agrees that Agent represents the seller and not the Buyer. Neither the seller nor Agent shall have any obligation to pay any commission, finder s fee, or other compensation to any broker or other person dealing with the Buyer. The Buyer may provide information to persons retained for the purpose of evaluating the Property after first obtaining a signed confidentiality agreement from such persons to keep such information confidential. The Buyer shall defend, indemnify and hold harmless the seller, Agent and its affiliates from and against any claims, demands, This information damages, liabilities, has been costs obtained or expenses, from sources including deemed reasonable reliable, attorneys however fees, neither relating EXP to any Realty claim for Advisors, a commission, Inc. nor finder s Retail fee Resource or other Group guarantee, warranty or represent its accuracy. Subject Property compensation by any broker or other person dealing with the Buyer. The Property is being sold on an as-is, where-is and with all faults basis.

3 Subject Property Subject Property

4 Tenant Overview Founded: 1985 Locations: 6,000+ Headquarters: Dallas, TX 2009 Revenue: $4+ Billion BLOCKBUSTER INC. BLOCKBUSTER Inc. (NYSE: BBI, BBI.B), is a leading global provider of in-home movie and game entertainment with over 6,000 stores throughout the Americas, Europe, Asia and Australia. The Company, one of the strongest and most recognizable entertainment brands in the world. BLOCKBUSTER's stores are a ubiquitous neighborhood feature attracting nearly 47 million customers annually. Company-operated stores are open 365 days a year generally from 10 a.m. to midnight. Merchandise selection, quantity and formats are customized at the store level to meet the needs and preferences of local customers. As the media entertainment industry has evolved, so too has BLOCKBUSTER. The Company is no longer just a chain of video stores. While transforming and diversifying its store-base continues as a company priority, BLOCKBUSTER now offers convenient access to media entertainment any where and any way consumers want it whether in stores, by mail, through vending / kiosks or digitally. BLOCKBUSTER is the only company able to provide convenient access to media entertainment across multiple channels, recognizing that the same customer may choose different ways to access media entertainment on different nights. Whether a customer selects traditional stores, by-mail, vending or digital, BLOCKBUSTER is uniquely positioned as the only provider to deliver entertainment content across all channels. On November 1, 2006, the Company introduced BLOCKBUSTER Total Access, a movie rental program that gives online customers the option of exchanging their DVDs through the mail or returning them to a nearby participating BLOCKBUSTER store in exchange for free in-store movie rentals. With BLOCKBUSTER Total Access, customers no longer have to choose between renting online or renting in-store, and they never have to be without a movie. BLOCKBUSTER has the largest in-store presence of any company in the movie rental business, a growing online presence, and the capability -- currently, the only capability in the marketplace -- to integrate bricks-and-mortar with online. The Company continues to broaden its points of presence. In 2008 BLOCKBUSTER announced an alliance with NCR (NYSE: NCR) for vending, providing customers with a new and convenient option for accessing media entertainment. There are now over 2,000 BLOCKBUSTER Express branded kiosks in the market today. Thinking beyond the box - in the first half of 2009 the Company announced strategic alliances with TiVo (NASDAQ: TIVO), Samsung and Motorola (NYSE: MOT). BLOCKBUSTER anticipates similar opportunities to position the Company as a leader in the distribution of digital entertainment. File Photo File Photo File Photo

5 Site Plan

6 Aerial Photograph Twin Rivers Mall M. L. K. JR. Blvd. ADT: 32,000 Subject Property

7 Location Map

8 Demographic Snapshot Category 1-Mile 3-Mile 5-Mile Population: Total Population 3,496 29,432 42,230 Male Population 45.7% 45.5% 46.1% Female Population 54.4% 54.5% 53.9% Median Age Population Density (per sq. mi.) 1, , Employees 4,876 20,371 26,243 Establishments 420 1,790 2,339 Income: Median HH Income $45,581 $42,591 $45,473 Per Capita Income $29,614 $29,098 $30,271 Average HH Income $61,017 $60,247 $62,935 Households: Total Households 1,743 14,173 20,033 Average Household Size Household Growth % 15.4% 18.3% Housing: Owner Occupied Housing Units 59.8% 57.7% 60.4% Renter Occupied Housing Units 34.3% 34.1% 30.8% Vacant Housing Units 5.9% 8.2% 8.8%