Rare Commercial Investment Opportunity Triple Net Land Lease with BestBuy Free Standing Building Approx. 37,080 SF Approx. 3.

Transcription

1 Rare Commercial Investment Opportunity Triple Net Land Lease with BestBuy Free Standing Building Approx. 37,080 SF Approx. 3.2 Acres 1080 Wellington Road - London, Ontario Subject Property 620A Richmond Street, 2 nd Floor, Box 19 London, Ontario N6A 5J Telephone Fax

2 COMMERCIAL INVESTMENT OPPORTUNITY ASKING PRICE $10,590,000 Address : 1080 Wellington Road, London Property Tax : $182,199 (2016) Legal Description : Site Area : Frontage : Zoning : Property Type : Number of Units : Coverage : PT LT 25 CON 2, PT 3 33R7922 LONDON / WESTMINSTER 3.2 acres approximately Feet frontage along Wellington Road ASA 1, 2, 3, 5, 6 Associated Shopping Area Single Tenant Free Standing Building One 53.8% approximately PROPERTY HIGHLIGHTS 37,080 sf Buidling Leased to BestBuy 100% leased building Located in South London, strong Tenant covenant Significant frontage onto Wellington Road and located directly across the street from WhiteOaks Mall Year Built : Building Area: +/- 15 years old approximately Approximately 37,080 sq.ft. On-site parking, up to Approx. 195 vehicles Roof : Flat Roof Tar and Gravel, replaced approximately 5 years ago Clear Height : 20 ft feet plus Shipping : Dock loading door Power : 3 Phase (buyer to verify) HVAC : Fully air conditioned Surface Parking : Approximately 195 parking stalls Ingress / Egress Points : Wellington Road and Dearness Drive Tenants : BestBuy Corporate Lease Occupancy Rate : 100% Bid Submission Deadline December 11 th, 2017 at 2pm, Eastern Time. CUSHMAN & WAKEFIELD SOUTHWESTERN ONTARIO 2

3 THE OFFERING PROCESS Cushman & Wakefield, as exclusive investment advisor and broker, is pleased to offer for sale 1080 Wellington Road, London, a commercial property located in south London, Ontario (the Property ). The Seller has adopted is a Modified Bid process and will entertain offers for the Property. Interested parties are invited to submit an Offer that addresses the requirements outlined below. From the submissions, one or more of the Offers may be short listed to proceed to the next stage of the process where it is the intent of the Seller to enter into a binding Agreement of Purchase and Sale for the subject property. The Seller is not obligated to accepted any of the submissions if they so choose. Bid Submission Deadline: All Offers are to be submitted by December 11 th, 2017 at 2pm, Eastern Time, either via to: tyler.desjardine@cushwakeswo.com or bob.vrenjak@cushwakewr.com or delivered to: Cushman & Wakefield Southwestern Ontario, Brokerage Attn: Tyler Desjardine 620A Richmond Street, 2 nd Floor, Box 19, London, Ontario, N6A 5J9 Upon the Buyer signing a Confidentiality Agreement, a full Marketing Package and Financial Information can be provided to the Buyer for their review. All Offer s must include, at a minimum, the following: Offering Purchase Price Buyer Conditional Period timeline / structure Deposit Structure Buyer s suggested Closing Date Any material terms or conditions required by the Buyer; Names of the ultimate beneficial owners of the Buyer, including their respective percentage interests; Adequate evidence of the Buyer s financial ability to complete the transaction. CUSHMAN & WAKEFIELD SOUTHWESTERN ONTARIO 3

4 1080 Wellington Road, London, Ontario Current Net Operating Income: Approx. $495,000 per Year Net Income for the Land Lease with BestBuy As of Feb 2018, the rent increases to $530,000 Net (NNN) per year Triple NNN Land Lease with BestBuy. Tenant looks after all maintenance, repairs etc.. Current Net Operating Income: Original Lease was signed for 20 Years Current Term End Date: January 31, 2023 Renewal Options: Four Renewal options of 5 years each Rent increases for Each Renewal Option Phase 1 Environmental Report available for Review Kenn Poore, Broker ext. 224 Kenn.poore@cushwakeswo.com Subject PropertyTyler Desjardine, Sales Representative ext. 232 tyler.desjardine@cushwakeswo.com Bob Vrenjak, Sales Representative Bob.vrenjak@cushwakewr.com CUSHMAN & WAKEFIELD SOUTHWESTERN ONTARIO 4

5 LOCATION HIGHLIGHTS Located in the heart of southwestern Ontario, London has witnessed significant economic growth in the past years. Situated between Toronto and Detroit, London is Canada s 10 th largest City, and is positioned to provide many benefits to businesses and boasts an increasingly diverse economy. Many national and international businesses have chosen London as a Canadian home due to its strategy location to NAFTA super highways and border crossings, accessible pool of skilled labour, comparatively lower costs of doing business and a highly desirable quality of life. Population+ City 366,151 Census Metropolitan Area 474,786 Workforce Demographics Labour Force 260,700 Unemployment Rate 8.2% Manufacturing employment 27,700 Automotive employment 15,800 Life Science employment 18,000 IT employment 8,000 Agr-Food processing 7,000 Contact Us DAILY TRAFFIC COUNT: Approximately 35,000 vehicle per day Kenn Poore, Broker ext. 224 Kenn.poore@cushwakeswo.com Subject Property Tyler Desjardine, Sales Representative ext. 232 tyler.desjardine@cushwakeswo.com Bob Vrenjak, Sales Representative Bob.vrenjak#@cushwakewr.com Disclaimer Although the information contained within is from sources believed to be reliable, no warranty or representation is made as to its accuracy being subject to errors, omissions, conditions, prior lease, withdrawal or other changes without notice and same should not be relied upon without independent verification. Cushman & Wakefield Southwestern Ontario, Real Estate Brokerage CUSHMAN & WAKEFIELD SOUTHWESTERN ONTARIO 5

6 LOCATION ZONING The following are permitted uses in the ASA1 Zone variation in the form of a shopping centre: a) Animal hospitals; b) Convenience service c) Convenience stores; d) Dry cleaning and laundry plants; e) Duplicating shops; f) Financial institutions; g) Grocery stores; h) Restaurants; i) Retail stores; j) Personal service k) Pharmacies; l) Printing m) Video rental n) Brewing on premises establishment. Z ) The following are permitted uses in the ASA2 Zone variation: a) (Hardware stores deleted by Z ) b) (Home and auto supply stores deleted by Z ) c) Home improvement/furnishings stores deleted by Z ) d) Repair and rental e) Restaurants; f) Retail stores; g) Service and repair h) Studios; i) Supermarkets; j) Video rental k) Brewing on Premises Establishment.(Z ) The following are permitted uses in the ASA3 Zone variation: a) Clinics; b) Day care centres; c) Laboratories; d) Medical/dental offices; e) Offices, professional; f) Offices, service. The following are permitted uses in the ASA5 Zone variation: a) Automobile repair garages; b) Automotive uses, restricted; c) Restaurants; d) Taxi establishments. The following are permitted uses in the ASA6 Zone variation: a) Commercial recreation b) Restaurants; c) Taverns. Contact Us Kenn Poore, Broker ext. 224 Kenn.poore@cushwakeswo.com Tyler Desjardine, Sales Representative ext. 232 tyler.desjardine@cushwakeswo.com Bob Vrenjak, Sales Representative Bob.vrenjak#@cushwakewr.com CUSHMAN & WAKEFIELD SOUTHWESTERN ONTARIO 6