Exclusive Offer: Investment Opportunity

Transcription

1 E. Broad Street Columbus, Ohio $3,500, % Cap Rate Exclusive Offer: Investment Opportunity Matt Cooper Equity, LLC 4653 Trueman Blvd. Suite 100 Hilliard, OH Austin Wathen Equity, LLC 4653 Trueman Blvd. Suite 100 Hilliard, OH Jim Perry Equity, LLC 4653 Trueman Blvd. Suite 100 Hilliard, OH

2 Confidentiality, Disclaimer and Exclusive Agency Agreement Seller ( Disclosing Party ) has decided to market the Building for a potential sale and has engaged Equity as its exclusive listing broker for such marketing and potential sale. Equity, prior to providing sales and marketing materials, and other data, documents, and information related thereto, requires that the Receiving Party execute this Confidentiality, Disclaimer and Exclusive Agency Agreement (the Agreement ) in order for the parties hereto to engage in discussions concerning a possible purchase of the Building by the Receiving Party (the "Proposed Transaction"). Disclosing Party desires that all inquiries and communications concerning the Proposed Transaction be directed to Equity. Disclosing Party, through Equity, is only willing to disclose such Information (as defined below) to Receiving Party for the limited purpose of assisting Receiving Party in the evaluation of the Proposed Transaction, all in accordance with and subject to the terms and conditions of this Agreement. The term "Receiving Party" shall include the Receiving Party s subsidiaries, parents or affiliates, its directors, officers, shareholders, members, managers, employees, agents, consultants, legal counsel, accountants and other representatives. Upon the execution of this Agreement by Receiving Party and the receipt of the same by Equity, Equity shall provide the Receiving Party with the Offering Memorandum. This Memorandum was prepared solely to assist prospective purchasers in their evaluation of the Proposed Transaction. It is intended to be a summary of the transaction to assist prospective purchasers in determining whether to engage in more detailed investigation. Financial projections are provided as a reference and are based upon assumptions made by Seller and other reliable sources. The Receiving Party understands, acknowledges, and agrees that the Building is being offered as is and that while Equity believes the Information disclosed to Receiving Party is accurate and complete, Equity does not make any representation or warranty as to the accuracy or completeness of the Information disclosed to Receiving Party pursuant to this Agreement and that the Information was furnished to Equity by others and has not been independently verified and is not guaranteed as to completeness or accuracy. The providing of the Information to Receiving Party does not constitute an offer to sell. The purchase opportunity being offered by Disclosing Party is subject to withdrawal from the market, change in offering price, prior sale or rejection of any offer because of the terms thereof, lack of satisfactory credit references of buyer, or for any other reason whatsoever, without notice. The Receiving Party will maintain all Information in confidence and will neither disclose any Information to any third person or entity including, but not limited to, any third party financing broker, finder or sales agent, nor make use of any Information for any purpose other than the purposes described herein without the prior written consent of the Disclosing Party. The Receiving Party will restrict access to the Information to only those authorized employees and other agents who must have access to the Information for the limited purpose of evaluating the Proposed Transaction, and the Receiving Party will advise all persons to whom it provides information that they are bound by this Agreement. Notwithstanding the foregoing, the Receiving Party will have no confidentiality obligation with respect to any Information which: is already known to the public prior to the date of this Agreement; becomes known to the public through authorized publication or otherwise through no breach of this Agreement by the Receiving Party; can be established by the Receiving Party by documentary evidence to have been in the legitimate and lawful possession of the Receiving Party at the time revealed by the Disclosing Party to the Receiving Party; is lawfully received by the Receiving Party without restriction from a third party subsequent to this Agreement, which third party did not obtain the Information through improper means; or is developed by the Receiving Party independently and without benefit of the Information received pursuant to this Agreement.

3 Confidentiality, Disclaimer and Exclusive Agency Agreement All materials and documents containing Information provided by the Disclosing Party to the Receiving Party will remain the property of the Disclosing Party. The transmission of Information to the Receiving Party does not constitute the grant to the Receiving Party of a license of any type. At such time as the parties may choose to cease consideration of the Proposed Transaction or otherwise at the Disclosing Party's request, Receiving Party shall use its best efforts to immediately either destroyed the Information received by the Receiving Party or return the Information to the Disclosing Party, together with all copies, abstracts and summaries thereof. All Information stored in electronic media will be destroyed, except that which is maintained in system backups or for archival purposes. Upon request of the Disclosing Party, the Receiving Party shall certify in writing to the Disclosing Party that Receiving Party has used its best efforts to either return the Information to the Disclosing Party or to destroy the same. The Receiving Party's obligations to maintain the Information in confidence will continue until the earlier of two (2) years from the date of this Agreement or at such time as any such Information becomes generally available to the public. If any Information becomes generally available to the public, the Receiving Party's obligations will continue only with respect to Information which has not become generally available to the public. In the event that the Receiving Party is requested or required (by oral questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or other process) to disclose any Information, the Receiving Party agrees that it will provide the Disclosing Party with prompt written notice of any such request or requirement so that prior to such disclosure the Disclosing Party may obtain an appropriate protective order or waive compliance with the provisions of this Agreement. The Receiving Party, its subsidiaries, parents or affiliates, and its directors, officers, shareholders, members, managers, employees, agents, consultants, legal counsel, accountants and other representatives shall keep confidential the fact that the parties are reviewing Information and discussing the Proposed Transaction and no such individuals or entities will issue any press release or announcement relating to the Proposed Transaction or the negotiation thereof without the prior written approval of the Disclosing Party; provided, however, that any party to this Agreement may make any public disclosure it believes in good faith is required by law or regulation (in which case the disclosing party will advise the other interested party in writing prior to making a disclosure). The waiver by a party of a breach of any provision of this Agreement by the other party shall not operate or be construed as a waiver of any subsequent breach by such party. In the event any provision of this Agreement is found to be invalid or unenforceable, it may be severed from the Agreement, and the remaining provisions of the Agreement shall continue to be binding and effective. This Agreement may be executed in two or more counterparts, each of which will be deemed to be an original copy of this Agreement but all of which together shall constitute one and the same instrument. This Agreement may be executed and delivered by facsimile or portable document format (.pdf). This Agreement contains the entire agreement between the parties with respect to the subject matter hereof. All representations, promises, and prior or contemporaneous understandings between them are merged into and expressed in this Agreement and any and all such prior agreements are hereby canceled and integrated herein. This Agreement may not be amended, modified or supplemented except by written agreement of the parties at the time of such amendment, modification, or supplement. This Agreement will inure to the benefit of, and be binding upon, the respective legal representatives, successors and assigns of the parties hereto. This Agreement will be governed by and construed in accordance with the laws of the State of Ohio. Please sign below to acknowledge that you have received and read the above information and agree to the terms of the agreement thereto. Agreed: PROPOSED PURCHASER: By: Print Name: Title: Date: BUYER BROKER (if applicable): By: Print Name: Title: Date:

4 The Offering Eastglen Exchange is a multi-tenant retail center located at E. Broad Street in Columbus, Ohio. The subject property is comprised of an impressive array of national and regional tenants all with NNN leases and ample parking. The 10,385 sq. ft. building () is occupied by Noodles & Co., Sunny Street Café, Avail Vapor, and Hot Head Burrito. The subject parcels are a portion of a mixed use development identified as Eastglen Exchange which includes a 45,000 sq. ft. freestanding L.A. Fitness, a 6,500 sq. ft. medical office building, as well as approximately 2.0 acres of land positioned for future development. The offering represents a unique opportunity to acquire a well-located 100% leased stabilized asset in an established retail/commercial corridor. East Broad Street is a prominent commercial thoroughfare through Columbus with incredible traffic counts. Major traffic generators in the area include Mount Carmel East Hospital at I-270 and The Limited Brands distribution headquarters. Property Detail Address: E. Broad Street, Columbus, OH Rentable Area: 10,385 GLA Year Built: 2014 Occupancy: 100% Number of Tenants: 4 Ownership: Fee simple

5 The Investment Investment Summary Stabilized Retail Strip Center buildings commonly referred to as Eastglen Exchange 100% Leased Shadow anchored by a new 45,000 square foot LA Fitness facility Signalized access to East Broad Street with nearly 50,000 vehicles per day Price: $3,500,000 Cap Rate: 7.24% NOI - $253,539 (includes 1% vacancy allowance) Price Per Square Foot: $346.65

6 Location Retail Corridor The corridor containing Eastglen Exchange is a large retail corridor in Columbus and houses multiple national retail tenants such as Target, Lowe s, Menards, Kroger, and Meijer. The vacancy rate along the retail corridor is 2.8% and the Average Daily Traffic (ADT) of East Broad Street approaches 50,000 vehicles per day.

7 E. Broad Street Location

8 E. Broad Street Market Overview Columbus, Ohio is comprised of portions of eight counties in central Ohio. Columbus is Ohio s most populated metropolitan area and is the county seat of Franklin County and the capital of Ohio. Nearly 1.9 million people live in the metro and this number is projected to increase by 5.2 percent over the next five years (slightly above the national rate.) Columbus itself is home to 805,500 residents. Diverse employment opportunities are provided by the presence of state and local governmental entities, The Ohio State University, and numerous major corporations. Among these are Cardinal Health, American Electric Power, Nationwide Insurance, Wendy s, L Brands, Honda of America, JP Morgan Chase, and many others. (Logos are for identification purposes only and may be trademarks of their respective companies.) The trade, transportation, and utilities sector is a key industry to the local economy accounting for 19 percent of total employment. The sector s dominance is linked to the metro s central U.S. location, its well-developed infrastructure, and the presence of major corporations that ship worldwide. The metro is relatively young, largely the result of the presence of The Ohio State University. The median age is 35.4 years below the U.S. median age of 37.7 years. Residents under the age of 20 make up 27 percent of the population, while those aged 65 years and older comprise just 11 percent. Median Household Income is $55,200 above the national average of $52,400 per year. High earnings and affordable home prices have enabled a 63 percent home ownership rate. Local entertainment amenities include two major league franchises (NHL team Blue Jackets and MLS team Crew).

9 Sub-Market Area Sub-Market Narrative The East Broad Street corridor has seen significant development over the past several years. Key retailers opening recently in the area include Menard s, Raising Canes, Dunkin Donuts, AT&T, Salon Lofts, Rite Rug, Charley s, Bibibop, Krispy Kreme, Discount Tire and others. Eastglen Exchange has added to the list of retailers opening in the corridor with the addition of LA Fitness, Potbelly, Noodles, Sunny Street Café, and Hot Head Burrito. Established retail in the area includes a Kroger anchored shopping Center and a Giant Eagle anchored shopping to the East of the subject parcel. Major traffic generators in the area include Mount Carmel East Hospital at I-270 and The Limited Brands distribution headquarters. The East Broad Street corridor continues retail development with a 205,000 square foot development including Hobby Lobby and TJ Maxx planned for completion in 2016.

10 Demographics 1 mile 3 miles 5 miles Population (2015) 8,979 78, ,554 Daytime Population 8,951 45,354 92,645 Households 4,163 33,393 81,175 Avg. HH Income $63,574 $68,025 $67,807

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14 Site Plan Parcel # Parcel # MOB

15 Tenant Summaries Founded in 1995 in Denver, Colorado, Noodles & Company now has 472 stores in the United States and Canada. Specializing in noodles, soups, and sandwiches. NASDAQ: NDLS Sunny Street Café is an all-day breakfast and lunch restaurant and was founded in Columbus, Ohio. With stores in Ohio, Texas, Missouri, and Western Canada, Sunny Street Café is also under development in Alabama and Florida. Founded in 2006 in Kettering, Ohio, Hot Head Burritos has more than 60 locations in Ohio, Kentucky, Pennsylvania, and Florida. Planned locations include Las Vegas and New England. Hot Head Burritos was named 41st on FastCasual's list of 2011's Top 100 Movers and Shakers. [ Rapidly growing electric cigarette / vapor retail store with 55+ locations across several states. Stores have a high end build out and sell premium e- liquid and vaporizers with an emphasis on education and customer service.

16 Primary Agent Contact: Matt Cooper Equity Inc Trueman Blvd. Suite 100 Hilliard, OH Austin Wathen Equity Inc Trueman Blvd. Suite 100 Hilliard, OH Jim Perry Equity Inc Trueman Blvd. Suite 100 Hilliard, OH Exclusive Offer & Advisory This investment opportunity is exclusively offered by Equity Inc, a licensed real estate broker. All information contained herein is deemed to be from reliable sources. Interested investors should independently verify information and rely on their own investment advice from qualified professionals in making decisions regarding this investment.