Shaw s. nnn long term ground lease. 246 Loudon Road, Concord, NH. ZANDY SMITH (415) CA BRE#

Transcription

1 Shaw s nnn long term ground lease 246 Loudon Road, Concord, NH In conjunction with NH Licensee: Rob Spalding, Berkshire Hathaway Verani Realty (603) rob.spalding@verani.com CHRIS PETERS cpeters@capitalpacific.com (415) CA BRE# CHRIS KOSTANECKI ck@capitalpacific.com (415) CA BRE# ZANDY SMITH zsmith@capitalpacific.com (415) CA BRE# ZEB RIPPLE zripple@capitalpacific.com (415) CA BRE#

2 SHAW S NNN LONG TERM GROUND LEASE LOCATED WITHIN AN EXCELLENT RETAIL AREA OF CONCORD, NH Investment Highlights PRICE: $6,780,000 CAP RATE: 5.80% RENTABLE SF ,000 SF LAND AREA ,260 SF LEASE TYPE NNN YEAR BUILT DENSE RETAIL AREA WITH CONVENIENT ACCESS Subject property sits adjacent to the Steeplegate Mall which is anchored by JC Penney and Sears Nearby retailers include Home Depot, Michaels, Target, Best Buy, Applebee s, Dunkin Donuts, Starbucks, Jos. A. Bank, and Taco Bell Convenient access and visibility from Loudon Road and D Amante Drive ADDITIONAL DEVELOPABLE LAND IS INCLUDED IN THE SALE ABOUT THE TENANT Tenant has occupied the site since 2002 Shaw s Supermarkets Inc. is a wholly owned subsidiary of Cerberus Capital Management TAX FREE STATE New Hampshire is a tax free state and Concord, NH is the state capital ABSOLUTE NNN GROUND LEASE Over 13 years remain on the primary term of the original 25 year ground lease 10% rental increases every 5 years in the primary term and option periods Six-5 year options SHAW S 2

3 Ea st 4 Broken Ground School Sid ed riv e ARENA SHOPPING CENTER STEEPLEGATE MALL d 3 N St ate St on ud Lo 132 a Ro 9 re et 106 d e Roa Pembrok FORT EDDY PLAZA Reg ion al D rive 9 CONCORD MUNICIPAL AIRPORT 93 Road Davis Man ches ter S treet Sheep t ee Str Old Tu d ain rnpi Roa SM ke R t por Air 3 oad CAPITOL SHOPPING CENTER BOSTON SHAW S 3

4 Income & Expense PRICE $6,780,000 Price Per Square Foot (Land): $18.31 Capitalization Rate: 5.80% Total Building Area (SF): 70,000 Lot Size (SF): 370,260 STABILIZED INCOME Per Square Foot Scheduled Rent $0.97 $393,250 LESS Per Square Foot Taxes NNN $0.00 Insurance NNN $0.00 Total Operating Expenses $0.00 EQUALS NET OPERATING INCOME $393,250 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. Buyer must verify the information and bears all risk for any inaccuracies. SHAW S 4

5 Rent Roll TENANT INFO LEASE TERMS RENT SUMMARY Tenant Name Sq. Ft. (LAND) Term Monthly Rent Yearly Rent Monthly Rent/ FT Yearly Rent/ FT Shaw s 370,260 03/01/02 02/28/07 $27, $325,000 $0.07 $ /01/07 02/28/12 $29,792 $357,500 $0.08 $ /01/12 02/28/17 $32,771 $393,250 $0.09 $ /01/17 02/28/22 $36,048 $432,575 $0.10 $ /01/22 02/28/27 $39,653 $475,833 $0.11 $1.29 Option 1 03/01/27 02/28/32 $43,618 $523,416 $0.12 $1.41 Option 2 03/01/32 02/28/37 $47,980 $575,757 $0.13 $1.56 Option 3 03/01/37 02/28/42 $52,778 $633,333 $0.14 $1.71 Option 4 03/01/42 02/28/47 $58,056 $696,666 $0.16 $1.88 Option 5 03/01/47 02/28/52 $63,861 $766,333 $0.17 $2.07 Option 6 03/01/52 02/28/57 $70,247 $842,966 $0.19 $2.28 Current 370,260 $32,771 $393,250 $0.09 $1.06 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. Buyer must verify the information and bears all risk for any inaccuracies. SHAW S 5

6 Tenant SHAW S AND STAR MARKET Shaw s Supermarkets is the #3 grocery bagger in New England, behind Stop & Shop and Hannaford Bros. The company operates about 160 stores (with a heavy presence in the Boston area) under the Shaw s and Star Markets banners in five New England states. Most Shaw s stores feature Wild Harvest departments, which offer organic, preservative-free foods. About 90 locations house in-store pharmacies. The company also markets products under its own brands, such as Equaline, Happy Tails, HomeLife, and Shaw s. Shaw s Supermarkets, which traces its roots to 1860, is owned by New Albertson s Inc., an entity controlled by the private equity firm Cerberus Capital Management. SHAW S 6

7 Regional Map SHAW S SHAW S 7

8 Location & Demos CONCORD, NH OVERVIEW Concord is the capital city of New Hampshire and is centered on the Merrimack River. During the 18th century, the town grew in size as transportation was made available from Boston via canals and rivers. Concord developed a city specializing in furniture-making and granite quarrying, and later the railroad industry. Today, the main industries are health care and insurance companies. It is home to one of the largest independently owned commercial printing company in the country, Concord Litho. Concord has a population of 42,625 (2010 census) and is the county seat of Merrimack County. The surrounding natural spots provide a number of outdoor recreational activities including hiking, skiing, wildlife, canoeing, golf, visiting farms, orchards and historic sites. The New Hampshire State House is the oldest state house in which the legislature meets in its original chambers. New Hampshire Technical Institute has 4,568 students, while Granite State College has 3,424 students. The University of New Hampshire School of Law is also located in Concord. POPULATION 2013 HOUSEHOLD INCOMES 1 Mile 3 Miles 5 Miles 2010 Population 5,658 21,033 40, Population 5,767 21,097 41, Population (Projection) 5,927 21,220 41, Average Household Income $53,976 $54,917 $69, Median Household Income $39,488 $39,382 $51,225 TOP EMPLOYERS IN CONCORD Employer # of Employees* State of New Hampshire 6,450 Concord Hospital 3,200 Steeplegate Mall 1,233 Genesis HealthCare 1,200 *Approximate SHAW S 8