SPRINGFIELD, IL OFFERING MEMORANDUM

Transcription

1 OFFERING MEMORANDUM

2 CONFIDENTIALITY AND DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

3 TABLE OF CONTENTS Section 1 PRICING AND FINANCIAL ANALYSIS Section 2 PROPERTY DESCRIPTION Section 3 RECENT SALES Section 4 DEMOGRAPHIC ANALYSIS

4 PRICING AND FINANCIAL ANALYSIS Lincoln Center

5 PRICING AND FINANCIAL ANALYSIS OFFERING SUMMARY Major Tenants Tenant Name First Payday Loans Papa John's Liberty Tax Service The Medicine Shoppe Major Employers Price $925,000 Down Payment 30% $277,500 Price per Square Foot (GLA) $77.11 Gross Leasable Area (GLA) 11,996 Year Built 1992 Lot Size 0.69 AC VITAL DATA CAP Rate - Current 10.21% Net Operating Income - Current $94,398 Net Cash Flow After Debt Service - Current $45,976 Total Return - Current 21.38% / $59,327 Company Local Employees Saint Johns Hospital 2,900 Memorial Medical Center 2,515 Division Infectious Diseases 2,450 Div of Air Pollution 1,200 Air National Guard 183rd Wing 1,135 Illinois Dept Transportation 1,125 National Inst Standards & Tech 1,123 Finance & Administration Dept 1,100 US Post Office 1,004 Walmart 876 State Police Illinois State 846 Illinois Dept Public Health 764 Demographics 3-Miles 5-Miles 7-Miles 2014 Total 70, , ,501 Population 2019 Total 68, , ,302 Population 2014 Total 31,277 51,349 62,972 Households 2019 Total 30,695 51,077 63,606 Households Median HH Income $39,532 $44,414 $50,232 Per Capita Income (based on Total Population) Average (Mean) HH Income $24,667 $28,140 $29,828 $54,923 $62,476 $68,103 1

6 PRICING AND FINANCIAL ANALYSIS RENT ROLL A First Payday Loans % 3/14/2001 4/30/2019 $15, $16.30 NN B Papa John's 1, % 8/28/1992 8/31/2022 $21, $11.58 NN C Liberty Tax Service 1, % 12/1/2013 4/30/2018 $14, $14.55 NN D **Vacant 4, % $37, $ E The Medicine Shoppe 3, % 9/13/ /31/2024 $35, $10.11 NN TOTAL VACANT 4, % $37, TOTAL OCCUPIED 7, % $86, **Landlord will master lease the entire vacant space at $8 PSF and $2.75 PSF for operating expenses for three years. He will escrow the entire sum at closing. 2

7 PRICING AND FINANCIAL ANALYSIS EXPENSES Current Per SF Real Estate Taxes $14,275 $1.19 Insurance $1,634 $0.14 CAM Utilities $13,833 $1.15 Parking Lot Maintenance $660 $0.06 Plumbing $690 $0.06 Tools & Materials $814 $0.07 Repair/Maintenance - Other $4,878 $0.41 Fire Alarm Monitoring $359 $0.03 Landscaping Maint. $1,295 $0.11 TOTAL CAM $22,529 $1.88 Management Fee $5,500 $0.46 TOTAL EXPENSES $43,938 $3.66 Liberty Tax Service: 8.34% First Payday Loans: 7.67% Papa John's: 15.84% **Vacant: 39.18% The Medicine Shoppe: 28.98% 3

8 PRICING AND FINANCIAL ANALYSIS INCOME & EXPENSES Gross Leasable Area (GLA) 11,996 SF Base Rent Current Per SF Occupied Space $124,301 $10.36 GROSS POTENTIAL RENT $124,301 $10.36 Expense Reimbursements CAM, Taxes, Insurance $26,465 $2.21 GROSS POTENTIAL INCOME $150,766 $12.57 Vacancy/Collection Allowance (% of GPR) 10% / $12,430 $1.04 EFFECTIVE GROSS INCOME $138,336 $11.53 Total Expenses $43,938 $3.66 NET OPERATING INCOME $94,398 $7.87 Reserves / Replacements $2,999 $0.25 NET CASH FLOW BEFORE DEBT SERVICE $91,399 $7.62 4

9 PRICING AND FINANCIAL ANALYSIS FINANCING Existing Financing Loan Type Free and Clear Proposed Financing First Trust Deed Loan Amount $647,500 Loan Type Proposed New Interest Rate 5.0% Amortization 25 Years Debt Coverage Ratio

10 PRICING AND FINANCIAL ANALYSIS FINANCIAL OVERVIEW Location 121 N Grand Avenue East Springfield, IL Price $925,000 Down Payment 30% $277,500 Gross Leasable Area (GLA) 11,996 Price/SF $77.11 CAP Rate - Current 10.21% Lot Size 0.69 AC Year Built 1992 Financing FIRST TRUST DEED Loan Amount $647,500 Loan Type Proposed New Interest Rate 5.0% Amortization 25 Years Loan information is time sensitive and subject to change. Contact your local Marcus & Millichap Capital Corporation representative. Annualized Operating Data Income Current Base Rent Occupied Space $124,301 Gross Potential Rent $124,301 Expense Reimbursements $26,465 Gross Potential Income $150,766 Vacancy/Collection Allowance 10% / $12,430 Effective Gross Income $138,336 Total Expenses $43,938 Net Operating Income $94,398 Reserves / Replacements $2,999 Net Cash Flow Before Debt Service $91,399 Debt Service $45,423 Debt Coverage Ratio 2.08 Net Cash Flow After Debt Service 16.57% / $45,976 Principal Reduction $13,351 Total Return 21.38% / $59,327 Expenses Real Estate Taxes $14,275 Insurance $1,634 CAM Utilities $13,833 Parking Lot Maintenance $660 Plumbing $690 Tools & Materials $814 Repair/Maintenance - Other $4,878 Fire Alarm Monitoring $359 Landscaping Maint. $1,295 TOTAL CAM $22,529 Management Fee (% of EGI) 4.0% / $5,500 TOTAL EXPENSES $43,938 EXPENSES/SF $3.66 6

11 PROPERTY DESCRIPTION Lincoln Center

12 PROPERTY DESCRIPTION INVESTMENT OVERVIEW Investment Highlights 61% Occupied Retail Center - With Significant Upside Potential All Leases Are Structured As Double Net - All Tenants Reimburse A Fixed Amount Yearly (Upside In Restructuring Leases) Three Of Four Tenants Have Extended Their Initial Terms Building Has Roof Warranty Until May 2018 Traffic Counts of 15,500 per 2015 IDOT Parking Lot Was Just Resealed & Restriped Marcus & Millichap is pleased to present for your review Lincoln Center in Springfield, Illinois. This investment consists of a 11,996 square foot retail center built in The center is 61% occupied with Papa John s, The Medicine Shoppe Holistic Pharmacy, First Payday Loans, Liberty Tax Services. All tenants operate on a double net lease whereas all current tenants reimburse a fixed amount yearly. Leaving Landlord responsible for Roof, Structure and unreimbursed expenses. Landlord will master lease the entire vacant space at $8 PSF and $2.75 PSF for operating expenses for three years. He will escrow the entire sum at closing. Lincoln Center provides great tenant history; Papa John s has been a tenant since the building was built in 1992 and exercised their option to extend their lease for an additional 5 year period which will carry through August of Liberty Tax Services has been a tenant since 2001 and has extended their lease term 4 times. Holistic Pharmacy has also extended their lease term since they started leasing space in The property sits just off North Grand Avenue East which has traffic counts of 15,500 vehicles per day in 2015 according to IDOT. Springfield is the capital of the U.S. state of Illinois and the county seat of Sangamon County. The city has a population of 116,250, as of the 2010 U.S. Census, making it the sixth most populated city in the state. It is the largest city in central Illinois. As of 2013, the city's population was estimated to have increased to 117,006, with just over 211,700 residents living in the Springfield Metropolitan Area. 8

13 PROPERTY DESCRIPTION TENANT OVERVIEWS First Payday Loans QC Holdings is a customer-focused provider of convenient financial solutions that meet the immediate needs of mainstream consumers. Based in Overland Park, Kansas, QC operates about 500 branch locations across the United States, offering a variety of financial services that include short-term loans, check cashing, money orders and money transfers. Our company started in 1984 with the opening of a rent-to-own store near Kansas City, Missouri. To meet customer needs, co-founders Don Early and Mary Lou Andersen began offering check cashing services in 1989, and short-term loans in Recognizing the strong demand for financial products and services, the company in 1994 sold the rent-toown stores to focus on check cashing and short-term lending. Within two years, QC grew from 48 to more than 150 locations through new store openings and acquisitions as QC capitalized on strong consumer demand and used its talented regional management group to open new branches across the country. Recognizing that its growth could be fueled by new investment, QC became one of a few publicly traded payday loan companies on July 16, QC trades stock on the NASDAQ under the symbol QCCO. From 2007 through 2010, QC diversified to offer a wider variety of consumer-directed products and services, including longer term installment loans, automotive sales and financing via its AutoStart USA subsidiary, and small business loans via its QC Capital Solutions unit. In 2011 QC acquired Vancouver, Canada-based Direct Credit Holdings, owner of Credilogic, a leading provider of online loans to Canadian consumers. Papa John s The secret to success is much like the secret to making a better pizza - the more you put into it, the more you get out of it. We re as hungry for perfection today as we were when we first opened our doors more than 30 years ago. And we're driven to be the best at making innovative new products and recipes. Quality is at our core. It s the foundation we started with, from the first Papa John's pizza that was made in a broom closet in Jeffersonville, IN, to now more than 4,900 locations in 37 countries around the world. Whether it's our signature sauce, toppings, our original fresh dough, or even the box itself, we invest in our ingredients to ensure that we always give you the finest quality pizza. For you, it s not just a better pizza. It s a family gathering, memorable birthday, work celebration or simply a great meal. It s our goal to make sure you always have the best ingredients for every occasion. 9

14 PROPERTY DESCRIPTION TENANT OVERVIEWS Liberty Tax Service Every year, Americans are faced with the prospect of tax return preparation. Although many will try to go it alone, every year more turn to a tax consultant like Liberty Tax. Our goal is to provide the feeling of a personal tax consultant alongside the security, confidence, and protection that a large company can provide. Liberty Tax continues to firmly establish its growing presence and increasing market share in the personal income tax industry. There are over 4,000 Liberty Tax Service offices operating in the United States and Canada, where we operate as Liberty Tax Service Canada. Liberty Tax Service started in Canada on September 1, 1997 when CEO John Hewitt acquired a Canadian tax franchisor, U&R Tax Depot. In 1998, the company became Liberty Tax Service and opened 5 offices in the United States. Liberty Tax Service is headquartered in Virginia Beach, Virginia and continues to expand, offering personal income tax service and more in an ever-growing list of locations nationwide. The Medicine Shoppe The Medicine Shoppe pharmacy in Springfield wants to personalize your experience from the moment you walk through the door. As a customer of ours you are not just a name, our friendly staff always welcomes each customer with a warm friendly greeting. In-between our three pharmacists there are over 100 years of experience. The Medicine Shoppe Pharmacy possesses a constant dedication to the Springfield Communities health, and puts on a free seminar every month containing important information a wide variety of health topics, including: Bio-Identical Hormone Replacement, Detoxification, Autism, and many more different topics. Since the Medicine Shoppe has been creating compound medication since 1986, so you can be confident that it was prepared by experts, and have confidence in the product with the Quality Assurance and Quality control program that are in place. 10

15 PROPERTY SUMMARY The Offering Property Property Address PROPERTY DESCRIPTION Lincoln Center 121 N Grand Avenue East Springfield, IL Site Description Year Built 1992 Gross Leasable Area (GLA) 11,996 SF Lot Size 0.69 AC Type of Ownership Fee Simple 11

16 PROPERTY DESCRIPTION PROPERTY PHOTOS 12

17 PROPERTY DESCRIPTION AREA MAPS Local Map Regional Map 13

18 PROPERTY DESCRIPTION SITE PLAN the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any 14

19 PROPERTY DESCRIPTION AERIAL PHOTO 15

20 RECENT SALES Lincoln Center

21 RECENT SALES RECENT SALES MAP 1) 2) 3) 4) 5) 6) 7) 8) Lincoln Center 2321 Ogden Ave Shops of Orland Westside Plaza Hillside Square Shopping Center North Plaza North Grove Center 11th Street Plaza Maywood Plaza 17

22 RECENT SALES CAP RATE AND PRICE PER SF Average Cap Rate Subject 2321 Ogden Ave Shops of Orland Westside Plaza Hillside Square Shopping Center North Plaza North Grove Center 11th Street Plaza Maywood Plaza Average Price per Square Foot Subject 2321 Ogden Ave Shops of Orland Westside Plaza Hillside Square Shopping Center North Plaza North Grove Center 11th Street Plaza Maywood Plaza 18

23 RECENT SALES RECENT SALES Lincoln Center 121 N Grand Avenue East Springfield, IL Subject Property Year Built: 1992 Gross Leasable Area (GLA): 11,996 SF Offering Price: $925,000 Percent Down 30% CAP Rate: 10.21% Price/SF (GLA): $77.11 Lot Size: 0.69 AC Ogden Ave Downers Grove, IL Close of Escrow: 1/28/2015 Major Tenants Year Built: 2005 AT&T Wireless Gross Leasable Area (GLA): 10,720 SF Jimmy John's Sale Price: $2,159,000 Battery Giant Percent Down: N/A Edward Jones CAP Rate: 9.12% Four Star Framing Price/SF (GLA): $ Maidpro of Naperville Lot Size:.96 AC Tobbacco Discounts Comments On January 28, 2015, the 10,720 SF general retail building located at 2321 Ogden Avenue in Downers Grove, Illinois sold in an investment sale for $2,159,000, or $ per square foot. The one-story building was built in Shops of Orland W 143rd St Orland Park, IL Close of Escrow: 5/21/2015 Major Tenants Year Built: 2003 Sprint Store Gross Leasable Area (GLA): 15,887 SF Bloomingfields Florist Sale Price: $1,718,000 Dry Cleaners Percent Down: N/A Hair Cuttery CAP Rate: 9.37% Rocco Vino's II Price/SF (GLA): $ Lord & Hunt Jewelers Lot Size: 1.95 AC Comments On May 21, 2015, the 15,887 SF general retail building located at W 143rd Street in Orland Park, Illinois sold in an investment sale for $1,718,000, or $ per square foot. The one-story building was built in 2003 and zoned LSPD. 19

24 RECENT SALES RECENT SALES 3 Westside Plaza 4200 II Route 173 Zion, IL Close of Escrow: 3/29/2016 Major Tenants Year Built: 2004 Cricket Wireless Gross Leasable Area (GLA): 12,000 SF Great Wall Chinese Sale Price: $1,100,000 Green Cleaners Percent Down: N/A JJ Fish & Chicken CAP Rate: 9.40% Potestas Pizza Price/SF (GLA): $91.67 Quick Pantry Lot Size: 3.25 AC Comments On March 29, 2016, the 12,000 SF property at 4200 IL RT 173 sold for $1.1M, or roughly $91.67 per SF. The seller was represented by Daniel Plotnick of Landstar Realty Group and the deal was under contract for about 45 days. There was a 9.40% cap at the time of the sale. 4 Hillside Square Shopping Center N Mannheim Road Hillside, IL Close of Escrow: On Market Major Tenants Year Built: 2006 Little Caesars Gross Leasable Area (GLA): 15,929 SF O'Reilly Auto Parts Sale Price: $2,648,000 Subway Percent Down: 25% CAP Rate: 7.80% Price/SF (GLA): $ Lot Size: 0.76 AC Comments Marcus & Millichap is pleased to present Hillside Square, a 100 percent occupied 15,913-square-foot GLA shopping center located in Hillside, Illinois. Hillside is approximately 20 minutes from downtown Chicago s loop, O'Hare, and Midway airports. This stabilized shopping center is occupied with a strong mix of national and local tenants with staggered lease expirations. 5 North Plaza East North Avenue Northlake, IL Close of Escrow: On Market Major Tenants Year Built: 2007 Family Dentistry Gross Leasable Area (GLA): 5,506 SF Northlake Animal Sale Price: $995,000 Northlake Chiropractic Percent Down: 30% CAP Rate: 7.79% Price/SF (GLA): $ Lot Size: 0.29 AC Comments The property is comprised of three medical tenants: Family Dentistry, Northlake Chiropractic, and Northlake Animal Hospital. Family Dentistry has been operating in the immediate area for over 25 years. Family Dentistry and Northlake Animal Hospital recently exercised their five-year option, showing their commitment to this location. The other tenant, Northlake Chiropractic, 20

25 RECENT SALES RECENT SALES 6 North Grove Center 810 E Higgins Rd Elk Grove Village, IL Close of Escrow: 9/25/2015 Major Tenants Year Built: 1986 Carquest Gross Leasable Area (GLA): 14,030 SF Higgins Spa Sale Price: $1,100,000 Doggit Hot Dogs Percent Down: N/A Jedrex Fishing, Tackle & CAP Rate: 9.10% Start Farm Price/SF (GLA): $78.40 US Staffing Lot Size: 1.49 AC Comments On September 25, 2015 the 14,030 sf retail building at E Higgins Road was sold for $1,100,000, or $78.40 a square foot. The property was on the market since June 9, 2011, or 4 years, 3 months, 16 days. 7 11th Street Plaza th Street Rockford, IL Close of Escrow: 8/17/2015 Major Tenants Year Built: 1998 Rockford Public Library Gross Leasable Area (GLA): 13,200 SF Family Hair Cutting Sale Price: $425,000 H&R Block Percent Down: N/A CAP Rate: 9.00% Price/SF (GLA): $32.20 Lot Size: 1.55 AC Comments On 8/17/15, the 13,200sf general retail building located at th St in Rockford, IL was sold for $425,000, or $32.20 per sf. The property is class C, it is in adequate condition and it was built in Maywood Plaza 715 S 5th Ave Maywood, IL Close of Escrow: 2/25/2016 Major Tenants Year Built/Renovated: 1947 / 2007 Liberty Tax Service Gross Leasable Area (GLA): 7,800 SF Sharks Fish & Chicken Sale Price: $230,000 African Hair Braiding Percent Down: N/A CAP Rate: 10.40% Price/SF (GLA): $29.49 Lot Size: 0.38 AC Comments On 2/25/2016 the 7,800sf retail property located at 715 S 5th Ave in Maywood IL also known as the Maywood Plaza was sold for $230,000. The property was sold after being on the market for 4 years. The building was renovated in

26 DEMOGRAPHIC ANALYSIS Lincoln Center

27 DEMOGRAPHIC ANALYSIS DEMOGRAPHIC REPORT 3 Miles 5 Miles 7 Miles 2000 Population 74, , , Population 70, , , Population 70, , , Population 68, , , Households 33,149 52,260 61, Households 31,150 50,930 62, Households 31,277 51,349 62, Households 30,695 51,077 63, Average Household Size Daytime Population 61,120 84,470 96, Owner Occupied Housing Units 53.67% 57.86% 60.56% 2000 Renter Occupied Housing Units 35.25% 32.75% 30.67% 2000 Vacant 11.08% 9.39% 8.77% 2014 Owner Occupied Housing Units 57.95% 62.35% 66.13% 2014 Renter Occupied Housing Units 42.05% 37.65% 33.87% 2014 Vacant 10.51% 8.99% 8.00% 2019 Owner Occupied Housing Units 58.00% 62.54% 66.63% 2019 Renter Occupied Housing Units 42.00% 37.46% 33.37% 2019 Vacant 10.36% 8.88% 7.79% $ 0 - $14, % 14.8% 13.0% $ 15,000 - $24, % 13.4% 12.1% $ 25,000 - $34, % 12.3% 11.1% $ 35,000 - $49, % 14.3% 13.6% $ 50,000 - $74, % 18.6% 19.3% $ 75,000 - $99, % 11.7% 13.1% $100,000 - $124, % 6.2% 7.3% $125,000 - $149, % 3.5% 4.2% $150,000 - $199, % 2.5% 3.2% $200,000 - $249, % 1.1% 1.2% $250, % 1.6% 1.9% 2014 Median Household Income $39,532 $44,414 $50, Per Capita Income $24,667 $28,140 $29, Average Household Income $54,923 $62,476 $68,103 Demographic data 2012 by Experian. 23

28 DEMOGRAPHIC ANALYSIS SUMMARY REPORT Geography: 7 miles Population In 2014, the population in your selected geography is 145,501. The population has changed by 1.98% since It is estimated that the population in your area will be 146,302 five years from now, which represents a change of 0.55% from the current year. The current population is 47.48% male and 52.51% female. The median age of the population in your area is 39.1, compare this to the Entire US average which is The population density in your area is people per square mile. Households There are currently 62,971 households in your selected geography. The number of households has changed by 2.70% since It is estimated that the number of households in your area will be 63,605 five years from now, which represents a change of 1.00% from the current year. The average household size in your area is 2.24 persons. Income In 2014, the median household income for your selected geography is $50,231, compare this to the Entire US average which is currently $51,972. The median household income for your area has changed by 25.10% since It is estimated that the median household income in your area will be $58,919 five years from now, which represents a change of 17.29% from the current year. The current year per capita income in your area is $29,827, compare this to the Entire US average, which is $28,599. The current year average household income in your area is $68,103, compare this to the Entire US average which is $74,533. Race & Ethnicity The current year racial makeup of your selected area is as follows: 78.45% White, 15.99% Black, 0.02% Native American and 1.91% Asian/Pacific Islander. Compare these to Entire US averages which are: 71.60% White, 12.70% Black, 0.18% Native American and 5.02% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin make up 2.23% of the current year population in your selected area. Compare this to the Entire US average of 17.13%. Housing In 2000, there were 40,700 owner occupied housing units in your area and there were 20,615 renter occupied housing units in your area. The median rent at the time was $426. Employment In 2014, there are 96,533 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 68.88% of employees are employed in white-collar occupations in this geography, and 31.08% are employed in blue-collar occupations. In 2014, unemployment in this area is 8.82%. In 2000, the average time traveled to work was 18.5 minutes. Demographic data 2012 by Experian. 24

29 DEMOGRAPHIC ANALYSIS POPULATION DENSITY Demographic data 2012 by Experian. Number of people living in a given area per square mile. 25

30 DEMOGRAPHIC ANALYSIS EMPLOYMENT DENSITY Demographic data 2012 by Experian. The number of people employed in a given area per square mile. 26

31 DEMOGRAPHIC ANALYSIS AVERAGE HOUSEHOLD INCOME Demographic data 2012 by Experian. Average income of all the people 15 years and older occupying a single housing unit. 27

32 DEMOGRAPHIC ANALYSIS TRAFFIC COUNTS Traffic Count data 2012 by TrafficMetrix. All rights reserved. Two-way, average daily traffic volumes. * Traffic Count Estimate 28

33 OFFERING MEMORANDUM Offices Throughout the U.S and Canada