O F F E R I N G M E M O R A N D U M Click Image For Online Property Map
DISCLOSURE : All materials and information received or derived from Fortis Net Lease (hereinafter collectively referred to as FNL ), its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty by FNL its directors, officers, agent s, advisors, or affiliates as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, suitability, financial performance of the property, projected financial performance of the property for any party s intended use or any and all other matters. Neither FNL its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party s active conduct of its own due diligence to determine these and other matters of significance to such party. FNL will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. ALL PARTIES SHALL CONDUCT THEIR OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE: Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. FNL makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. FNL does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by FNL in compliance with all applicable fair housing and equal opportunity laws. E XC LU S I V E LY L I S T E D BY: DOUG PASSON ROBERT BENDER Managing Partner Managing Partner Fortis Agents Cooperate Click Here To Meet The Team 248.254.3407 248.254.3406 dpasson@fnlre.com rbender@fnlre.com O REILLY AUTO PARTS
INVESTMENT SUMMARY List Price: $2,178,000 Current NOI: $123,072 Initial Cap Rate: 5.65% Land Acreage: Verify with Seller Year Renovated to Suit: 2017 Building Size: 6,864 SF Construction Type: Four Sided Brick & Block Roof: Rubber Membrane Google Aerial Map: Click HERE Google Street Map: Click HERE LEASE SUMMARY Lease Type: NN Taxes/CAM/Insurance: Tenant Responsibility Structure/Roof/Parking: Landlord Responsibility Lease Term: 15 Years Rent Commencement: December 1, 2017 Rent Expiration: November 30, 2032 Term Remaining: 15 Years Rent Increases: 6% Increases Every 5 Years Including Options Option Periods: Four, Five Year Options INVESTMENT HIGHLIGHTS Redeveloped Ground Up 6,864 SF O Reilly Auto Parts Store 15 Year NN Lease Minimum Landlord Responsibilities 6% Increases Every 5 Years Including Options Downtown Plymouth Location LOCATION HIGHLIGHTS Corner of Ann Arbor Road ( 27,800+ VPD) and S Main Street (9,800+ VPD) Major Retail Corridor Excellent Access and Visibility Just South of Historic Downtown Plymouth & North of Ford Road in Canton Very Densely Populated Area with Over 191,600 Residents Within 5 Miles Average Household Income Exceeds $98,000 Within 5 Miles Median Home Value Within 1 Mile Exceeds $222,000 Positioned Near National Retail Tenants Including; Walmart, Target, Sam s Club, Best Buy, Lowe s, Home Depot, LA Fitness, IKEA, Dollar Tree, Meijer and more Year Monthly Rent Annual Rent Rent Increase % Increase 1-5 Years $10,255.96 $123,071.52 7,384 6.00% 6-10 Years $10,871.32 $130,455.84 7,827 6.00% 11-15 Years $11,523.60 $138,283.20 8,297 6.00% Option 1 $12,215.01 $146,580.12 8,795 6.00% Option 2 $12,947.91 $155,374.92 9,323 6.00% Option 3 $13,724.79 $164,697.48 9,882 6.00% Option 4 $14,548.28 $174,579.36
INVESTMENT OVERVIEW Fortis Net Lease is proud to present a brand new O Reilly Auto Parts store at 875 W Ann Arbor Road in Plymouth, MI. The 15 year NN lease will commence on December 1, 2017 when the store opens for business. The lease has four, five year options with 6 percent rent increases every five years. The subject property is situated in a large retail area and is surrounded by many national tenants including: Walmart, Target, Sam s Club, Best Buy, Lowe s, Home Depot, LA Fitness, IKEA, Dollar Tree and Meijer. The subject property is south of historic downtown Plymouth and north of Ford Road in Canton. It is located in a densely populated area with over 191,600 residents within five miles. The average household income within five miles is $98,000 and the median home value within one mile exceeds $222,000. COMPANY OVERVIEW O'Reilly Automotive, Inc. (NASDAQ: ORLY) is one of the largest specialty retailers of automotive aftermarket parts, tools, supplies, equipment, and accessories in the United States, serving both professional service providers and do-it-yourself customers. O'Reilly's initial public stock offering in April 1993 was well received by investors as a welcome addition to publicly traded companies in the automotive aftermarket industry. O'Reilly Auto Parts intends to be the automotive aftermarket industry leader, and realizes that this goal can only be accomplished with the help of their team members. A philosophy has evolved within O'Reilly with regard to how team members are treated and how they treat others. This is the "O'Reilly Culture" and it can be summed up by the following business philosophy: We are enthusiastic, hardworking professionals who are dedicated to teamwork, safety and excellent customer service. We will practice expense control while setting an example of respect, honesty, and a win-win attitude in everything we do.
Plymouth, MI Plymouth is a city in Wayne County in the U.S. state of Michigan. The population was 9,132 at the 2010 census. The City of Plymouth is landlocked, being entirely surrounded by the Charter Township of Plymouth. The city of Plymouth has a variety of shops and restaurants surrounding Kellogg Park, the de facto center of town. The Inn at St. John's, a hotel conference center and golf resort, is located in Plymouth. The city offers more than fifty recreation programs for all age groups, an NHL-size ice arena and twelve parks. It also organizes major community events such as the popular Fall Festival, Ice Sculpture Spectacular and the Art in the Park, and access to the Plymouth-Canton school district, with a unique complex composed of three high schools located on one 305-acre campus and is now one of the highest populated high school campuses in the country with close to 6500 students and over 800 faculty members. The Plymouth Ice Spectacular, the largest and oldest ice carving festival in North America, is held every year in Plymouth in late January. Founded in 1982 by then 25-year-old Scott Lorenz, the weekend-long event draws an average of 500,000 people to Plymouth each year and has helped establish ice carving as a world-class competitive event. Plymouth's "Art in the Park" is Michigan's second largest art fair. Visitors have enjoyed Plymouth Art in the Park since its inaugural event in 1980. Plymouth Art in the Park, founded, directed and managed by mother and daughter team Dianne Quinn and Raychel Rork, celebrated its 33rd show in 2012. The event hosts over 450 artists and 300,000 attendees each year.
Construction Progress Photos As Of 08/25/17
Construction Progress Photos As Of 08/25/17
Construction Progress Photos As Of 08/25/17
Construction Progress Photos As Of 08/25/17
Construction Progress Photos As Of 08/25/17
Construction Progress Photos As Of 08/25/17
Ford Motor Co. Oakwood Healthcare Inc. Largest Employers in Wayne County 191,674 People Live Within 5 Miles Average Household Income Exceeds $98,000 Within 5 Miles Henry Ford Health System Johnson Controls US Steel - Great Lakes Works Dearborn Public Schools US Government Severstal Dearborn LLC Click Image For Online Property Map
Population 1 Mile 3 Miles 5 Miles 2017 Total Population: 11,236 74,283 191,674 2022 Population: 11,051 73,314 189,292 Average Age: 40.70 40.30 40.00 Households 2017 Total Households: 4,845 29,988 76,786 Median Household Inc: $79,172 $78,251 $75,914 Avg Household Size: 2.30 2.50 2.50 2017 Avg HH Vehicles: 2.00 2.00 2.00 Housing Median Home Value: $222,321 $208,631 $207,407 Median Year Built: 1966 1974 1977 Population: 1 Mile 3 Miles 5 Miles 2022 Projection 11,051 73,314 189,292 2017 Estimate 11,236 74,283 191,674 2010 Census 11,643 75,749 194,977 2017 Population Hispanic Origin 267 2,219 5,916 2017 Population by Race: White 10,371 63,037 152,493 Black 315 4,093 14,909 Am. Indian & Alaskan 40 209 525 Asian 319 5,602 19,975 Hawaiian & Pacific Island 1 14 38 Other 189 1,327 3,733 U.S. Armed Forces: 6 35 85 Households: 2022 Projection 4,769 29,614 75,839 2017 Estimate 4,845 29,988 76,786 2010 Census 5,005 30,508 78,051 Owner Occupied 3,516 21,918 55,521 Renter Occupied 1,328 8,070 21,264 2017 Avg Household Income $93,534 $97,991 $98,920 2017 Med Household Income $79,172 $78,251 $75,914 2017 Households by Household Inc: <$25,000 723 3,830 11,245 $25,000 - $50,000 863 5,616 14,151 $50,000 - $75,000 712 4,974 12,608 $75,000 - $100,000 743 4,418 10,627 $100,000 - $125,000 607 3,668 8,532 $125,000 - $150,000 405 2,390 5,542 $150,000 - $200,000 512 2,527 6,606 $200,000+ 279 2,566 7,474
E XC LU S I V E LY L I S T E D BY: DOUG PASSON Managing Partner ROBERT BENDER Managing Partner 248.254.3407 248.254.3406 dpasson@fnlre.com rbender@fnlre.com O REILLY AUTO PARTS [ www.fortisnetlease.com