James Camarata, BOR Integrity Lake Minnetonka Holdings, LLC MN License #40194993
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INVESTMENT SUMMARY List Price: Current NOI: Initial Cap Rate: Land Acreage: Year Built: 1997 Building Size: 111,847 SF $24,047,100 $1,202,355 5.0% Avg. Cap: 5.34% 11.42 Acres LEASE SUMMARY Lease Type: NNN Taxes/CAM/Insurance: Tenant Responsibility Structure/Parking: Tenant Responsibility Roof: Tenant Responsibility*** Original Lease Term: 20 Years Rent Commencement: May 6, 1996 Rent Expiration: August 31, 2031 Recent Extension: 13 Years, 7 Months Term Remaining: 15+ Years Rent Increases: Variable Every 5 Years Option Periods: Four, Five Year Options Tenant: Home Depot USA, Inc. PROPERTY IMAGES Google Aerial Map: Google Street View: Drone Video: Click HERE Click HERE Click HERE *** Landlord will reimburse Tenant 80% of the unamortized cost of the roof or roof system during the last five years of the initial Lease term or any time during the Option Term should it need to be replaced. INVESTMENT HIGHLIGHTS 111,847 SF Home Depot located on 11.42 Acres Recently Extended Lease Term with 15+ Years Remaining 300 Surface Parking Spaces 625 Feet of Frontage on Annapolis Lane Four, Five Year Options Variable Rent Increases During Initial Term & Options LOCATION HIGHLIGHTS Located at the Intersection of Water Tower Circle & Annapolis Lane Just off the Exit of I-494 (95k+ VPD) & County Road 6 (12k+VPD) Average Household Income Exceeds $109,000 Within a 3 Mile Radius 5 Mile Population Exceeds 162,000 Residents 5.47% Growth Within I Mile Median Home Value Exceeds $293,000 Within a 3 Mile Radius Located Near Major Retail Tenants Including Walgreens, Discount Tire, Michael s, Starbuck s, McDonalds, Burger King, Cub Foods, Best Buy & Target Year Monthly Rent Annual Rent Rent Increase % Increase 9/1/2016-8/31/2021 $100,196.00 $1,202,355 78,300 6.51% 9/1/2021-8/31/2026 $106,721.00 $1,280,648 78,288 6.11% 9/1/2026-8/31/2031 $113,245.00 $1,358,941 78,294 5.76% 9/1/2031-8/31/2036 $119,769.50 $1,437,234 78,293 5.45% 9/1/2036-8/31/2041 $126,293.90 $1,515,527 78,293 5.17% 9/1/2041-8/31/2046 $132,818.31 $1,593,820 78,293 4.91% 9/1/2046-8/31/2051 $139,342.72 $1,672,113
INVESTMENT OVERVIEW Fortis Net Lease is proud to present the Home Depot located at 1705 Annapolis Lane in Plymouth, MN. The 20 year NNN lease was recently extended by 13 years and 7 months. The expiration date for the extended term is August 31, 2031 and there are four, five year options with variable rent increases during the initial term and options. The subject property is located at the intersection of Water Tower Circle & Annapolis Lane. It is just off the exit of I-494 (95k+ VPD) & County Road 6 (12k+VPD). The average household income within three miles of the property is over $109,000 and the median home value exceeds $293,000. The population within five miles exceeds 162,000 residents and has a 5.47% growth rate within one mile. The subject property is surrounded by retail tenants including: Walgreens, Discount Tire, Michael s, Starbuck s, McDonalds, Burger King, Cub Foods, Best Buy & Target. TENANT OVERVIEW Home Depot s vision of one-stop shopping for the do-it-yourselfer came to fruition when they opened the first two Home Depot stores on June 22, 1979, in Atlanta, Georgia. The first stores, at around 60,000 square feet each, were cavernous warehouses that dwarfed the competition and stocked 25,000 products, much more than the average hardware store at that time. Home Depot stores sell various building materials, home improvement products, and lawn and garden products, as well as provide installation, home maintenance, and professional service programs to do-it-yourself, do-it-for-me (DIFM), and professional customers. The company offers installation programs that include flooring, cabinets, countertops, water heaters, and sheds; and professional installation in various categories sold through its in-home sales programs, such as roofing, siding, windows, cabinet refacing, furnaces, and central air systems, as well as acts as a contractor to provide installation services to its DIFM customers through third-party installers. It primarily serves home owners; and renovators/remodelers, general contractors, repairmen, installers, small business owners, and tradesmen. Today, The Home Depot is the world s largest home improvement retailer with nearly 400,000 orange-blooded associates and more than 2,200 stores in the U.S., Canada and Mexico. The typical store today averages 105,000 square feet of indoor retail space, interconnected with an e- commerce business that offers more than one million products for the DIY customer, professional contractors, and the industry s largest installation business for the Do-It-For-Me customer.
LOCATION OVERVIEW Plymouth, MN Plymouth is the seventh largest city in the U.S. state of Minnesota. Located 15 miles west of downtown Minneapolis in Hennepin County, the city is the third largest suburb of Minneapolis Saint Paul, which is the sixteenth largest metropolitan area in the United States, with about 3.52 million residents. The population was 70,576 at the 2010 Census. OneBeacon, Select Comfort and Tonka Water are companies that are headquartered in Plymouth. Additional employers include: Wayzata Public Schools, Aimia, Medtronic, St. Jude Medical, Prudential, City of Plymouth, Honeywell, Nilfisk-Advance and US Foods. Plymouth was named Money magazine s number one Best Place to Live in 2008 for cities with populations of 50,000 to 300,000. The city stayed in the top dozen when the magazine repeated the rankings in 2010. Many major highways run through or are close to Plymouth, making it readily accessible to all within the metropolitan area. Interstate 494 runs through Plymouth as does Hwy. 55. Hwy. 169 is on the city s eastern border and I-394 is within four miles from the center of Plymouth. Plymouth residents also enjoy beautiful natural amenities, including more than a half a dozen sizable water bodies. Medicine Lake, the second largest lake in Hennepin County, is located in Plymouth. It is a magnet for anglers and boaters. Plymouth voters have gone to the polls twice to authorize the City of Plymouth to issue bonds to buy open space for preservation and parks. Plymouth has extensive trails and parks; picturesque open spaces; strong neighborhoods; diverse recreation programs; highly regarded school districts; a variety of local businesses; nearby shopping and entertainment districts; and easy access to downtown Minneapolis and its wide array of cultural and sports venues.
Water Tower Circle
Annapolis Lane SINGLE TENANT INVESTMENT OPPORTUNITY Subject Property Water Tower Circle County Road 6 12,700+ VPD
Ridgedale Center Mall James Camarata, BOR Integrity Lake Minnetonka Holdings, LLC MN License #40194993
Population 1 Mile 3 Mile 5 Mile 2016 Total Population: 2,927 59,933 162,705 2021 Population: 3,087 63,057 171,485 Pop Growth 2016-2021: 5.47% 5.21% 5.40% Average Age: 41.30 40.40 40.20 Households 2016 Total Households: 1,298 25,575 68,869 HH Growth 2016-2021: 5.47% 5.32% 5.45% Median Household Inc: $60,366 $79,479 $76,967 Avg Household Size: 2.30 2.30 2.30 2016 Avg HH Vehicles: 2.00 2.00 2.00 Housing Median Home Value: $223,830 $293,644 $272,565 Median Year Built: 1980 1982 1978 Population: 1 Mile 3 Mile 5 Mile 2021 Projection 3,087 63,057 171,485 2016 Estimate 2,927 59,933 162,705 2010 Census 2,720 56,363 151,508 Growth 2016-2021 5.47% 5.21% 5.40% Growth 2010-2016 7.61% 6.33% 7.39% 2016 Population Hispanic Origin 67 1,730 5,528 2016 Population by Race: White 2,527 50,775 136,960 Black 193 3,609 11,109 Am. Indian & Alaskan 10 234 602 Asian 125 3,999 10,147 Hawaiian & Pacific Island 1 16 70 Other 71 1,300 3,817 U.S. Armed Forces: 0 4 21 Households: 2021 Projection 1,369 26,935 72,621 2016 Estimate 1,298 25,575 68,869 2010 Census 1,209 23,998 64,195 Growth 2016-2021 5.47% 5.32% 5.45% Growth 2010-2016 7.36% 6.57% 7.28% Owner Occupied 1,002 17,283 47,623 Renter Occupied 296 8,292 21,245 2016 Avg Household Income $86,729 $109,335 $104,450 2016 Med Household Income $60,366 $79,479 $76,967 2016 Households by Household Inc: <$25,000 187 3,267 9,144 $25,000 - $50,000 299 4,797 13,103 $50,000 - $75,000 283 4,121 11,461 $75,000 - $100,000 156 3,360 9,239 $100,000 - $125,000 112 2,354 6,665 $125,000 - $150,000 85 1,746 4,690 $150,000 - $200,000 85 2,402 6,389 $200,000+ 91 3,527 8,179
MORE THAN $4 BILLION IN SALES Fortis Net Lease is a national investment real estate brokerage firm specializing in the acquisition and disposition of investment real estate. We help developers, franchisees, private investors and institutional funds accomplish their short and long term investment goals. The principals of Fortis Net Lease have successfully sold hundreds of properties in over three dozen states with a total transaction volume topping $4 billion. Fortis Net Lease specializes in the acquisition and disposition of the following: Net leased single tenant properties (Pharmacies, Auto Parts, Dollar Stores, Banks, QSR, Office/Industrial, Medical, Junior/Big Box, etc.) Portfolios & Corporate Sale-Leaseback Transactions (Burger King, Arby s, Tutor Time, Taco Bell, Wendy s, etc.) Multi-Tenant Retail Centers & Medical Office (Anchored or Unanchored - 5,000-1,000,000 SF) The advisors at Fortis Net Lease create long term relationships with our investors by delivering superior services and unparalleled results. When you hire Fortis Net Lease as your exclusive representative you will experience the individual attention and professionalism that you will not receive at other large brokerage firms. OUR AGENTS DOUG PASSON ROB BENDER BRYAN BENDER DENO BISTOLARIDES BRANDON HANNA RICHARD LUDWIG Managing Director Managing Director Managing Director Senior Director (248) 254.3407 (248) 254.3406 (248) 419.3810 (248) 419.3882 (248) 419.3285 (248) 419.3638 MARVIN DELAURA MIKE CARTER PAT HAMMOND MIKE JAWORSKI DANTE HARGIS MATT WEBER Senior Director Senior Associate Senior Associate OUR TEAM Senior Associate Senior Associate Senior Associate (248) 419.3811 (248) 419.3812 (248) 419.3808 (248) 419.3807 (248) 419.3886 (248) 419.3884 DOUG PASSON ROB BENDER BRYAN BENDER MIKE CARTER MARV DELAURA MIKE JAWORKSI JOSEPH WERNER MIKE GAGGO FRANK ROGERS BEN SCHULTZ KYLE CARSON ABRAHAM LEON Associate Director Senior Associate Senior Associate Senior Associate Senior (248)254.3410 Associate Associate (248) 254.3410 Associate (248) 254.3410 Associate (248) 254.3410 Associate (248) 254.3410 Associate (248) 254.3410 (732) 779.6537 (248) 419.3286 (248) 419.3741 (248) 254.3409 (248) 419.3271 (248) 419.3625 PAT HAMMOND FRANK ROGERS KYLE CARSON BEN SCHULTZ FORTIS NET LEASE DANNY SAMONA BRENT HANNA BRANDON KASSAB VINCE PIPIA ALEC MANOOGIAN JACK WARDLOW Associate Senior Associate Associate Senior Associate Associate Business Development Associate Business Development Analyst 30445 Northwestern Highway, Suite Analyst 345 (248) 419.3627 (248) 419.3284 (248) 419.3629 (586) 405.9656 (248) 807.3629 (248) 953.3508 (248) 254.3410 (248) 419.3741 (248) 254.3410 (248) 254.3410 Farmington Hills, MI 48334 DAN MILLER ANDREW BENDER TRACEY SENSING AMY JONES FORTIS NET LEASE Analyst Analyst Coordinator Office Manager 30445 Northwestern Hwy., Ste. 275 (586) 202.7168 (248) 419. 3657 (248) 419.3888 (248) 419.3631 Farmington Hills, MI 48334 This information is deemed confidential and privileged and may contain inside information. If you are not the intended receiver do not read, copy or distribute this offering memorandum, instead delete or destroy it and contact one of our representatives. This information is believe to be accurate but is not represented or warranted by Fortis Net Lease or any of our agents or contractors.