OFFERING MEMORANDUM PIKE PLACE AT OLD NORCROSS NATIONAL RETAIL GROUP

Transcription

1 OFFERING MEMORANDUM PIKE PLACE AT OLD NORCROSS NATIONAL RETAIL GROUP

2 TABLE OF CONTENTS THE OFFERING Disclaimer & Limiting Conditions 3 Executive Summary 4 Property Overview & Terms 5 THE PROPERTY Floor Plans 6 Property Photos 7 Area Location Maps 11 Area Highlights 12 Demographics & Traffic Count 13 Survey 14 THE MARKET About The Area 15 PIKE PLACE AT OLD NORCROSS Georgia Broker Profiles 16 Team Profiles 17 PAGE 2 OF 17

3 DISCLAIMER & LIMITING CONDITIONS This Confidential Offering Memorandum contains selected information pertaining to the Property but does not purport to be all-inclusive or to contain all of the information that a prospective purchaser may require. All financial projections are provided for general reference purposes only and are based upon assumptions relating to the general economy, competition and other factors, which therefore, are subject to material change or variation. Prospective purchasers may not rely upon the financial projections, as they are illustrative only. An opportunity to inspect the Property will be made available to qualified prospective purchasers. In this Confidential Memorandum, certain documents, including financial information, are described in summary form and do not purport to be complete or accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to review independently all documents. This Confidential Memorandum is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by Bull Realty Inc. or the current Owner/Seller. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property described herein. Owner/Seller expressly reserve the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any party at any time with or without notice. Owner/Seller shall have no legal commitment or obligation to any purchaser reviewing this Confidential Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered and approved by the Owner/Seller and any conditions to the purchaser s obligations therein have been satisfied or waived. The Seller reserves the right to move forward with an acceptable offer prior to the call for offers deadline. This Confidential Memorandum may be used only by parties approved by the Owner. The Property is privately offered, and by accepting this Confidential Memorandum, the party in possession hereof agrees (i) to return it if requested and (ii) that this Confidential Memorandum and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Confidential Memorandum may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Bull Realty, Inc. or Owner/Seller. The terms and conditions set forth above apply to this Confidential Memorandum in its entirety and all documents, disks and other information provided in connection therewith. PIKE PLACE AT OLD NORCROSS Georgia PAGE 3 OF 17

4 THE OFFERING EXECUTIVE SUMMARY PIKE PLACE AT OLD NORCROSS PIKE PLACE AT OLD NORCROSS Georgia PAGE 4 OF 17 Great lease opportunity perfectly situated near downtown Lawrenceville in close proximity to the busy intersection at Pike and Old Norcross. Property is located across the street from several office and medical buildings and just down the road from numerous industrial tenants and industrial parks and a short drive off of 316. Demographics solid with over 75,000 residents within a 3-mile radius and with household incomes in the $68,000+. Property Notes: Total building size 19,200 SF Individual available spaces range from 1,200 to 1,800 SF Up to 5,400 SF Contiguous 4,200 SF Medical Space Available Only 40% vacancy rate Ideal, but not limited tenants: Limited Service Restaurant or QSR Bakery Nail Salon Chiropractor or High-end Massage Establishment Medical Office General Office Financial or Insurance Provider Owner willing to offer free rent and possibly a generous allowance for credit worthy or financially sound tenants. Will consider startup business with business plan, financial pro-forma, and business experience. LEASE RATE $13/SF NNN

5 PROPERTY OVERVIEW & TERMS THE OFFERING PIKE PLACE AT OLD NORCROSS Address 558 Old Norcross Lawrenceville, GA County Gwinnett Square Footage 19,200 SF Assessor s Parcel A Acreage 1.59 AC Zoning BG (Business General) Number of Buildings 2 Number of Stories 1 PIKE PLACE AT OLD NORCROSS Georgia PAGE 5 OF 17

6 FLOOR PLANS BUILDING 1 THE PROPERTY SUITE 101 SUITE 102 SUITE 103 SUITE 104 SUITE 105 SUITE 106 SUITE 107 BUILDING 2 SUITE 201 SUITE 202 SUITE 203 SUITE 204 SUITE 205 SUITE 206 SUITE 207 PIKE PLACE AT OLD NORCROSS Georgia PAGE 6 OF 17 CURRENT TENANTS & VACANCIES BUILDING 1 Suite 101 Vacant 1,500 SF Suite 102 Johana s Peluqueria 1,200 SF Suite Dr. Yvonne Scott-Miller 4,200 SF Suite 106 Vacant 1,200 SF Suite 107 Wilkes Finance 1,500 SF BUILDING 2 Suite 201 Vacant 1,500 SF Suite 202 A1M Staffing 1,200 SF Suite 203 Aseguranzas Insurance 1,200 SF Suite 204 Vacant 1,800 SF Suite LDI Printing 2,400 SF Suite 207 Vacant 1,500 SF

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11 AREA LOCATION MAPS 558 OLD NORCROSS ROAD NELSON 575 GAINESVI DALLAS CANTON LAKE LANIER CUMMING 985 CARTERSVILLE HOLLY SPRINGS MILTON 400 BUFORD BRASELTON ACWORTH WOODSTOCK ALPHARETTA DOUGLASVILLE KENNESAW 75 MARIETTA POWDER SPRINGS MABLETON 20 SMYRNA ROSWELL SANDY SPRINGS DORAVILLE SUWANEE NORCROSS NORTH TUCKER ATLANTA 285 ATLANTA DECATUR JOHNS CREEK 85 LILBURN LAWRENCEVILLE SNELLVILLE PEACHTREE DEKALB AIRPORT WINDER MONROE HARTSFIELD-JACKSON INTERNATIONAL AIRPORT UNION CITY FAIRBURN EAST POINT FOREST PARK RIVERDALE STOCKBRIDGE CONYERS 20 COVINGTON 85 JONESBORO FAYETTEVILLE 75 MCDONOUGH PEACHTREE CITY PAGE 11 OF 17

12 AREA HIGHLIGHTS APPLEBEE S STEVI B S PIZZA KFC TACO BELL IHOP CHILI S PANERA BREAD DOLLAR TREE AMC POLLO TROPICAL PETSMART HOME DEPOT ROSS TARGET MARSHALLS PAYLESS GNC SALLY S HOBBY LOBBY BATH & BODY WORKS VERIZON STEAK N SHAKE LONGHORNS NEWK S MELLOW MUSHROOM WELLS FARGO PUBLIX SUNTRUST OFFICE DEPOT CVS PEP BOYS BURGER KING BIG 10 TIRES AMERICAN EXPRESS PAPA JOHNS KRYSTALS AAMCO RACE TRAC STATE FARM BANK OF AMERICA TITLE MAX HERTZ DUNKIN DONUTS ZAXBYS JIMMY JOHNS CAPTAIN D S SUBWAY SHERWIN WILLIAMS 558 OLD NORCROSS ROAD ARBYS LONG JOHNS SILVER DOLLAR GENERAL EXXON WENDYS Situated across from medical and office buildings Short drive from numerous industrial headquarters 45,000+ employees in a 3-mile radius comprising over 4,000 businesses Property is situated near numerous national retailers including fast food, banks, and restaurants Great signage exposure on busy Old Norcross Road, less than one block from 40,000 VPD intersection PAGE 12 OF 17

13 DEMOGRAPHICS & TRAFFIC COUNT THE PROPERTY 7,694 38, DEMOGRAPHICS (esri) 1 MILE Population 4,469 Households 1,765 Average Household Income $48,250 3 MILES Population Households Average Household Income Population Households Average Household Income 75,370 24,486 $68,186 5 MILES 201,463 64,563 $79,453 40,410 PIKE PLACE AT OLD NORCROSS Georgia PAGE 13 OF 17

14 SURVEY THE PROPERTY PIKE PLACE AT OLD NORCROSS Georgia PAGE 14 OF 17

15 ABOUT THE AREA LOCATION GWINNETT COUNTY Gwinnett County was created on December 15, 1818, and named for Button Gwinnett, one of the three Georgia signers of the Declaration of Independence. The county was formed from the combination of land that was ceded to the state of Georgia by the Cherokee and Creek Indians and a portion of Jackson County. Gwinnett was the 50th county to be organized in the state. The county currently covers 437 square miles and includes approximately 280,000 acres of land. This makes Gwinnett the 50th largest county in the state in landmass. New figures from the U.S. Census show Gwinnett County as one of the top 5 fastest growing counties in Georgia and among the nation s 100 fastest growing. The County constructed its major water and sewer main lines in the 1970s, which proved to be an essential step in preparing for the next decade. For three consecutive years, 1986 through 1988, Gwinnett ranked as the fastest growing county in the U.S. among counties with a population greater than 100,000. During that period, voters passed the 1986 bond issue, and the 1985 and 1988 one-percent special purpose local option sales tax programs, mechanisms which provided funds for significant capital investments. The late 1980s witnessed a dramatic increase in the County s road construction program, the development of a countywide Parks and Recreation program, construction of the Gwinnett Justice and Administration Center, renovation of the historic courthouse, construction of new public libraries, and other capital improvements. Gwinnett has many advantages, beginning with its location and road system. The county is just 45 minutes from Hartsfield International Airport and 30 minutes from downtown Atlanta. Georgia Highway 316 has been extended to Athens, reducing travel time to the University of Georgia to 25 minutes. Gwinnett s infrastructure includes more than 2,750 miles of roadways to provide excellent mobility for our citizens. THE MARKET PIKE PLACE AT OLD NORCROSS Georgia PAGE 15 OF 17

16 BROKER PROFILES CRAIG CALDWELL V.P. National Retail Group Craig Caldwell serves as Vice President of the National Retail Group at Bull Realty. Mr. Caldwell delivers years of retail experience to Bull Realty as an experienced real estate advisor as well as an entrepreneur on numerous successful ventures. His expertise includes project leasing of retail properties, Single Tenant site selection, ground leases and tenant representation. Mr. Caldwell works with numerous franchisees including but not limited to tax, fast food, home improvement and restaurant. His strengths include site selection, financial analysis, marketing, and contract negotiations. He combines ongoing communications with reliable and consistent high levels of customer service and care. Mr. Caldwell s experience as an entrepreneur provides him the understanding for successful business operations while consulting and advising his clients regarding the real estate knowledge necessary for operating a business. Craig attended Truett-McConnell College where he studied business. He lives in the Buckhead community of Atlanta where he attends Buckhead Church. In his free time he enjoys playing tennis and being on the water. DANNY GLUSMAN V.P. National Retail Group Danny Glusman is Vice President of the National Retail Group at Bull Realty, where his practice is focused on retail real investment property sales and consulting. Danny has proven experience adding value for clients in both acquisition and disposition of all types of retail properties and sites. Prior to joining Bull Realty, Danny was the lead project manager for a boutique Atlanta developer. He managed a portfolio valued over $120 million, which included 600 residential units, 400,000 square feet of office space and 25 single tenant hospitality properties. He also managed projects that included condominium conversions, tenant negotiations, construction management, zoning entitlements, design consultation, hotel design, and disposition consulting as well as managing the marketing and social media for the firm. Danny is a member of the International Council of Shopping Centers (ICSC). He graduated from Georgia State University with a B.A. in Marketing. He lives in Atlanta with his wife and their four children. PAGE 16 OF 17

17 TEAM PROFILES MICHELLE MEHRJERDIAN Marketing RICK LEWIS Marketing SCOTT JACKSON Analyst EXCLUSIVELY LISTED BY: Craig Caldwell Danny Glusman V.P. National Retail Group V.P. National Retail Group x x 116 CCaldwell@BullRealty.com DGlusman@BullRealty.com PAGE 17 OF 17