Offering Memorandum Additional 2,000 SF with HVAC and Restrooms. Seller is Willing to Vacate or Stay in the Space at $500 Per Month for Up to 3 Years Holland, Michigan Subject Property
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FINANCIAL OVERVIEW Additional 2,000 SF with HVAC and Restrooms. Seller is Willing to Vacate or Stay in the Space at $500 Per Month for Up to 3 Years Overview 2451 Van Ommen Drive, Holland, Michigan 49424 Price: $917,000 Cap Rate: 8.50% Rentable Square Feet: 9,000* Annual Rent: $78,000 Rent/Square Foot: $11.14 Land Area: 1.06 Acres Year Built: 2008** Base Term Annual Rent PSF Cap Rate Current-4/30/2023 $78,000 $11.14 8.50% Option Periods Annual Rent PSF Cap Rate 5/1/2023-4/30/2028 $85,800 $12.26 9.35% 5/1/2028-4/30/2033 $85,800 $12.26 9.35% *9,000 total square feet: Aaron s occupies 7,000 square feet with an additional 2,000 square feet. **Aaron s was built in 2008 and additional 2,000 square feet constructed in approximately 1970, with roof and siding replaced in 2008. Tenant: Website: Lease Guarantor: Lease Type: Lease Term: Lease Summary Aaron s Option Periods: 2, 5-Year Options www.aarons.com Rental Increases: 10% in First Option Period Corporate Roof & Structure: Tenant NNN Rent Commencement: 5/1/2008 10 Years Lease Expiration: 4/20/2023
Investment Highlights Triple Net (NNN) Lease with Six Years Remaining Tenant Recently Renewed Lease for an Additional Five Years Two, Five-Year Renewal Options 10 Percent Rental Increase in the First Option Period Additional 2,000 Square Feet of Space with HVAC and Restrooms Location Highlights Surrounding National Retailers Include Lowe s, Sam s Club, Best Buy, Walmart Supercenter, Aldi, Meijer, Michael s, Bed Bath & Beyond, HomeGoods, Dick s Sporting Goods, Big Lots, Kohl s, Hobby Lobby, Staples, Applebee s, Steak n Shake, Arby s, Chipotle, Buffalo Wild Wings, Panera Bread and Many More One Million Tourists Visit the Holland Area Each Year Three Miles from Grand Valley State Univeristy and Hope College Six Miles from West Michigan Regional Airport Tenant Highlights Aaron s is North America s Leader in the Sales and Lease Ownership of Household Necessities More Than 1,860 Company-Operated and Franchised Stores in 47 States and Canada Ranked Number 21 in Entrepreneur Magazine s Franchise 500 out of Thousands of Franchise Concepts Ranked Number Three by Forbes Magazine Among Top 20 Franchise for the Buck 57 Years of Consistent, Reliable Financial Results A New York Stock Exchange Traded Company AAN INVESTMENT HIGHLIGHTS Additional 2,000 Square Feet of Space with HVAC and Restrooms
TENANT SUMMARY Aaron s, Inc. (NYSE: AAN), a leading omnichannel provider of leasepurchase solutions was founded in 1955, has been publicly traded since 1982, and owns the Aarons, Progressive Leasing and HELPcard brands. Aaron s engages in the sales and lease ownership and specialty retailing of furniture, consumer electronics, home appliances and accessories through its more than 1,860 company-operated and franchised stores in 47 states and Canada as well as its e-commerce platform Aarons.com. Progressive Leasing, a virtual lease-to-own company, provides lease-purchase solutions through approximately 19,000 retail locations in 46 states. Dent-A-Med, Inc., d/b/a the HELPcard, provides a variety of second-look credit products that are originated through a federally insured bank. Aaron s is North America s leader in the sales and lease ownership of household necessities - brand name furniture, appliances, electronics and computers. Compare our business model and results to any other franchise system: Ranked number 21 in Entrepreneur magazine s Franchise 500 out of thousands of franchise concepts. Ranked number three by Forbes magazine among Top 20 Franchise for the Buck More than 2,000 showrooms across the U.S. and Canada 57 years of consistent, reliable financial results A New York Stock Exchange traded company AAN A compelling Financial Disclosure Document and a solid Earnings Claim Representative Photo
AERIAL
AERIAL Additional 2,000 Square Feet of Space with HVAC and Restrooms. Seller is Willing to Vacate or Stay in the Space at $500 Per Month for Up to 3 Years
SUBJECT PROPERTY
SUBJECT PROPERTY Additional 2,000 Square Feet of Space with HVAC and Restrooms
SUBJECT PROPERTY
LOCAL & REGIONAL MAPS
LOCATION OVERVIEW Holland is a city in the western region of the Lower Peninsula of Michigan. It is situated near the eastern shore of Lake Michigan on Lake Macatawa, which is fed by the Macatawa River. The city spans the Ottawa/Allegan county line, with 9.08 square miles in Ottawa and the remaining 8.13 square miles in Allegan. Holland is the largest city in Ottawa County, and as of 2013 part of the Grand Rapids-Wyoming-Muskegon Metropolitan Statistical Area (MSA). Holland was founded by Dutch Americans, and is in an area that has a large percentage of citizens of Dutch American heritage. Holland is home to the world s largest pickle factory. The Heinz Company opened the factory at the same location since 1897 and currently processes over one million pounds of pickles per day during the green season. Other large companies headquartered in the area include Haworth, Herman Miller, Johnson Controls, Tiara Yachts, Kraft Heinz, and Yanfeng Automotive Interiors. Holland, Michigan Ottawa & Allegan Counties The city is perhaps best known for its Dutch heritage, which serves not only as a part of the city s cultural identity, but the local economy as well: the Tulip Time Festival in May and various Dutchthemed attractions augment the nearby Lake Michigan shoreline in attracting thousands of tourists annually. Each May Holland hosts an annual Tulip Time Festival. Tulip planting and the festival began in 1930 when 250,000 tulips were planted for the event. Currently six million tulips are planted throughout the city. About one million tourists visit Tulip Time each year. It has been ranked as America s third largest town festival and was named Reader s Digest s Best Small Town Festival. The Tulip Time Festival has attracted big names such as Christina Aguilera, O-Town, The Verve Pipe and many others.
DEMOGRAPHICS POPULATION 1 MILE 3 MILES 5 MILES 2010 Population 5,459 54,381 92,648 2016 Population 5,732 57,260 97,424 2021 Population 6,098 59,974 101,441 2016 Male Population 2,910 28,327 47,687 2016 Female Population 2,822 28,933 49,737 2016 Median Age 32.4 31.5 33.8 RACE & ETHNICITY 1 MILE 3 MILES 5 MILES American Indian, Eskimo 0.6% 0.6% 0.6% Asian 16.4% 8.1% 6.0% Black 4.8% 3.6% 3.0% Hawaiian/Pacific Islander 0.0% 0.1% 0.1% White 61.1% 71.5% 77.7% Other 12.3% 12.0% 9.2% Multi-Race 4.8% 4.1% 3.5% Hispanic Ethnicity 29.3% 27.0% 21.6% Not of Hispanic Ethnicity 70.7% 73.0% 78.4% HOUSEHOLD INCOME 1 MILE 3 MILES 5 MILES 2010 Avg Household Income $58,281 $59,663 $64,329 2016 Avg Household Income $60,623 $64,927 $70,303 2021 Avg Household Income $69,754 $75,091 $81,445 2010 Med. Household Income $49,356 $46,937 $48,522 2016 Med. Household Income $53,544 $52,616 $55,206 2021 Med. Household Income $60,663 $61,554 $65,068 2010 Per Capita Income $23,850 $21,255 $23,647 2016 Per Capita Income $24,842 $23,084 $25,827 2021 Per Capita Income $29,070 $26,748 $29,994 HOUSEHOLDS 1 MILE 3 MILES 5 MILES 2010 Households 2,229 18,729 33,334 2016 Households 2,344 19,765 35,126 2021 Households 2,537 20,849 36,785 View in Google Maps Or in Google Street View
The Wolfe Retail Group of Marcus & Millichap specializes in the sale of single-tenant properties and shopping centers and has successfully assisted clients in selling approximately 450 separate commercial properties with a market value exceeding $1.15 billion. Having closed sales in more than 40 states, our track record is evidence that we are one of the premier brokerage teams in the United States. With our experience and background in various fields such as law and finance, we have proved to be invaluable to our clients, earning their trust and exceeding their expectations while best assisting them in their real estate transactions. The Wolfe Retail Group has sold approx. 450 properties in more than 40 states About Marcus & Millichap Marcus & Millichap (NYSE: MMI) has established itself as a leading and expanding investment real estate company with nearly 1,500 brokers in 78 markets throughout the United States and Canada. The foundation of our investment sales is the depth of our local market knowledge. Our 44-year history of maintaining investor relationships in local markets enables us to be the best information source and transaction service provider in North America.
Barry M. Wolfe Senior Managing Director Investments Barry.Wolfe@marcusmillichap.com (954) 245-3493 Evan Whelan Associate Evan.Whelan@marcusmillichap.com (954) 245-3487 Angelica Linares Transaction Coordinator Angelica.Linares@marcusmillichap.com (954) 245-3416 Alan Lipsky Senior Associate Alan.Lipsky@marcusmillichap.com (954) 245-3595 Catie Jackson Marketing Coordinator Catherine.Jackson@marcusmillichap.com (954) 245-3592