Offering Memorandum
TABLE OF CONTENTS: Company Overview 3 Disclaimer 3 Investment Overview Property Highlights 4 Lease Information 5 Regional Map 6 Regional Map 7 Local Aerial 8 Site Aerial 9 Okatie, South Carolina 10 Tenant Summary 11 Demographics 12 PRESENTED BY: James C. Harrison, III, CCIM Senior Investment Broker 803 834.7014 Ext. 5 (o) 803 331.8088 (c) jharrison@cypresscommercial.com ADDRESS: Cypress Commercial & Investment Real Estate 3101 Devine Street Columbia, SC 29205 cypresscommercial.com PAGE 2
COMPANY OVERVIEW: Cypress Real Estate Partners, LLC d/b/a Cypress Commercial & Investment Real Estate is an investment real estate brokerage firm that exclusively represents buyers and sellers of single-tenant income producing properties and shopping centers in the Carolinas and southeastern United States. With over 80 years of investment real estate experience, Cypress has emerged as one of the top boutique investment real estate firms. Cypress brokerage team prides itself on delivering superior client service while offering the most current and advanced marketing techniques in today s marketplace. Cypress has sold over $1 billion in investment properties throughout the Carolinas and eastern half of the United States, representing both buyers and sellers in both metropolitan and rural DISCLAIMER: It is the prospective purchaser s responsibility to conduct its own due diligence. The information contained in this brochure does not purport to be all-inclusive or to contain all of the information that a prospective purchaser may desire. Additional information and an opportunity to inspect the property will be made available to interested, qualified prospective purchasers. Owner and its representatives make no representation or warranty, express or implied, as to the accuracy or completeness of this information, and no legal commitments or obligations shall rise by reason of the contents herein. Cypress Real Estate Partners d/b/a Cypress Commercial & Investment Real Estate represents the seller in this transaction. marketplaces. The owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest by any entity at any time with or without notice. The owner shall have no legal commitment or obligation to any entity reviewing this information or making an offer to purchase subject property unless and until a written agreement for the purchase of the property has been fully executed, delivered and approved by the owner. PAGE 3
Investment Overview / Property Highlights INVESTMENT HIGHLIGHTS: All Brick DG NN Lease with Corporate Guaranty by Dolgencorp, LLC Fully Leased With Good Tenant Mix Easy Access To Both Lewiston & Fleming Road Excellent Location In Dense Residential Area Dollar General has over 14,500 locations in 44 states DG is S&P BBB Investment Grade Credit PROPERTY HIGHLIGHTS: Location: 3405 Lewiston Rd, Greensboro, NC 27410 (Fleming Road @ Lewiston Road w/access to both streets; Frontage on Lewiston Road) Building: 17,414+/- SF (GLA); 17,546+/- SF (GBA) Built in 2008 Land Area: Parking Spaces: Zoning: Construction: 2.76+/- Acres 70 Spaces CD-C-L (Commercial Low District) 2008 Construction; Metal Siding With Brick Front On Concrete Slab. Steel roof beams and steel decking. Standing Seam Pitched Metal Roof. Information: The Dollar General anchored retail center is in NW Greensboro in a densely populated area. It is located across from the Cardinal Crossing Food Lion Shopping Center. Retail tenants in the direct vicinity are: McDonald s, CVS, Domino s, Great Clips, Circle K, Subway, Taco Bell, BP, Amercian Flag Storage and many others. PAGE 4
Lease Information TENANT TERM EXPIRATION SQ FOOT RATE BASE RENT CAM INSURANCE TAX ANNUAL PAYMENTS Dollar General (1) 5 6/30/23 9,014 $9.74 $87,780 $4,500 $949 $10,432 $103,664 New Rent Started On 7/1/18 Flea Market 1 M-to-M 1,400 $6.86 $9,600 Gross $9,600 Flea Market 1 M-to-M 1,400 $6.86 $9,600 Gross $9,600 Awaken Church 1 M-to-M 1,400 $7.29 $10,200 Gross $10,200 Gym (2) 5 6/30/23 4,200 $7.14 $30,000 Gross $30,000 TOTALS 17,414 $147,180 $4,500 $949 $10,435 $163,064 Note: 1) DG will execute a five year option on 7/1/18 at an annual rent of $7,315.00 which is reflected on the rent roll. 2) Vape Shop evicted 3/31/18; gym took over space as of 4/1/18 and a revised lease was executed for both spaces reflected on rent roll. Combined rent commences 7/1/18 Gym has annual rent increases. PAGE 5
Dollar General Greensboro, cypresscommercial.com North Carolina INCOME ANALYSIS Current Rental Income Dollar General Shops $87,780 $59,400 Effective Rental Income $147,180 Expense Reimbursement Income $15,884 Representative Photo Total Rental Income $163,064 Operating Expenses Tax Insurance Utilities Landscape/Parking Lot Maintenance/Misc Management (3%) Total Operating Income Effective Rental Income Vacancy (5% on Local Shops) ($20,160) ($3,982) ($5,710) ($10,575) ($800) ($4,891) ($46,118) $116,946 ($2,970) Representative Photo Net Operating Income (NOI) $113,976 Sales Price: $1,470,658 CAP Rate: 7.75% Representative Photo PAGE 6
Regional Map Greensboro PAGE 7
Regional Map Greensboro PAGE 8
Local Aerial Collins Grove United Methodist Church Fleming Road ABC Liquor G Nails & More! SUBJECT Lewiston Road Cardinal Crossing Cornerstone Baptist Church Cardinal Water Works Inman Road & More! PAGE 9
Site Aerial Lewiston Road Cardinal Crossing 12,000 VPD Fleming Road & More! PAGE 10
Dollar General Greensboro, cypresscommercial.com North Carolina GREENSBORO, NORTH CAROLINA Greensboro, the county seat of Guilford County, is located in the Piedmont Triad Region of North Carolina. This eleven-county area is in the central section of the state. Greensboro is a part of the Combined Metropolitan Statistical Area (CSA) of Greensboro, Winston-Salem, and High Point, which is defined as an aggregate of adjacent metropolitan statistical areas (MSA) and micropolitan statistical areas linked by commuting ties. The CSA is comprised of Greensboro-High Point MSA, Burlington MSA, Winston-Salem MSA, and Thomasville-Lexington Micropolitan Statistical Area (MSA) as defined by the United States Office of Management and Budget (OMB). The Greensboro-High Point MSA includes the counties of Guilford, Randolph and Rockingham. This area is centrally located in the state. Winston-Salem is 27 miles west of Greensboro and High Point is adjacent to the southwest. Raleigh, the state capital, is located approximately 75 miles southeast. Charlotte, a major national financial center, is located approximately 100 miles southwest. THe Virginia state line is 40 miles north of Greensboro. The SOuth Carolina state line is 80 miles south. The distance to the western boundary of North Carolina is 255 miles. The eastern coastal boundary is 233 miles east of Greensboro. Major nearby ports include Wilmington (203 miles), Morehead City (219 miles), Charleston (301 miles), Norfolk (247 miles) and Savannah (346 miles). PAGE 11
Tenant Summary Dollar General is a 75 year old company and is the nation s largest small-box discount retailer with more than 14,500 stores located in 44 states with 15 Distribution Centers and 130,000 plus employees. Dollar General helps shoppers Save Time. Save Money. Every Day. by offering national branded items that are frequently used and replenished such as food, snacks, health and beauty aids, cleaning supplies, basic apparel, house wares and seasonal items at everyday low prices in convenient neighborhood stores. Dollar General is among the largest retailers of top-quality products made by America s most trusted manufacturers such as Procter and Gamble, Kimberly Clark, Unilever, Kellogg s, General Mills, Nabisco, and Fruit of the Loom. On October 15, 2015, Standard & Poor s rating services upgraded its rating of DG from BBB- to BBB. In June 2016, Moody s upgrades DG to Baa2. For more detailed information, see the company s web site at dollargeneral. 2017-2018 FAST FACTS: $23.5 billion in sales in fiscal 2017 an increase of 6.8% over 2016 Same store sales grew 2.7% over previous year Reported $1.54 billion, or $5.63 per diluted share Cash flow from operations were $1.8 billion, increase of 12.3% Record opening of 1,315 new stores Remodeled or relocated 764 locations 14,609 retail locations as of March 2, 2018 15 distribution centers throughout United States Ranked #128 on the Fortune 500 list as of June 2017 PAGE 12
Demographics POPULATION 1 mile 3 miles 5 miles 2022 Projection 5,492 43,582 106,885 2017 Estimate 5,267 41,513 102,608 2010 Census 5,003 38,756 97,312 2000 Census 4,471 33,190 85,219 Growth Rate 2000-2010 1.13% 1.56% 1.34% Growth Rate 2010-2017 0.71% 0.95% 0.73% Growth Rate 2017-2022 0.84% 0.98% 0.82% HOUSEHOLDS 2017 Total Households 2,086 18,129 45,536 2022 Total Households 2,176 19,053 47,413 2000-2010 Annual Rate 1.16% 1.82% 1.60% 2010-2017 Annual Rate 0.69% 0.97% 0.72% 2017-2022 Annual Rate 0.85% 1.00% 0.81% 2017 Median Household Income $81,459 $67,615 $57,914 2017 Average Household Income $95,076 $92,385 $85,264 PAGE 13
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