SPRINGS CORNER 2501 SPRINGS RD NE HICKORY, NC 28601 Spencer Crigler Associate Advisor 704.892.5653 spencer.crigler@svn.com Thomas McMahon, CCIM Managing Director 704.892.5653 tom.mcmahon@svn.com Frank Sproviero, CPM Director of Management Services 704.892.5653 x6971 frank.sproviero@svn.com
PROPERTY INFORMATION 3 Executive Summary Property Description Property Details Additional Photos LOCATION INFORMATION 8 Regional Map Location Maps Aerial Map FINANCIAL ANALYSIS 12 Income & Expenses Rent Roll SALE COMPARABLES 15 Sale Comps Sale Comps Summary Sale Comps Map DEMOGRAPHICS 20 Demographics Report Demographics Map ADVISOR BIOS 23 Advisor Bio & Contact 1 Advisor Bio & Contact 2 Advisor Bio & Contact 3 SVN Commercial Real Estate Advisors 19901 West Catawba Avenue Suite 102, Charlotte, NC 28031 OFFERING MEMORANDUM
FOR SALE RETAIL SPRINGS CORNER 2501 Springs Rd NE Hickory, NC 28601 1 PROPERTY INFORMATION 1 PROPERTY INFORMATION 2501 Springs Rd NE Hickory, NC 28601 SPRINGS CORNER 2501 SPRINGS RD NE HICKORY, NC 28601 SVN Commercial Real Estate Advisors Page 3 All SVN Offices Independently Owned and Operated The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Executive Summary OFFERING SUMMARY Sale Price: $5,899,000 Cap Rate: 8.0% NOI: $469,655 PROPERTY OVERVIEWVIEW 70,756 SF Shopping Center for sale in Hickory, NC. Shopping center is located right next to a brand new Neighborhood Walmart, and many fast-food restaurants, including McDonald's, Taco Bell, and Burger King. These restaurants help bring a high traffic count to the already, heavily traveled Springs Rd. PROPERTY HIGHLIGHTS Lot Size: 10.09 Acres Dollar Tree, Galaxy Foods and ABC store anchored center Year Built: 1995 Building Size: 70,756 Zoning: CC-1 Price / SF: $83.37 Shopping center is parallel to Springs Rd. for maximum visibility Located 10 minutes away from Lenoir-Ryne University Surrounded by many major retailers that help increase daily traffic counts Brand new Neighborhood Walmart located next to center SPRINGS CORNER 2501 SPRINGS RD NE HICKORY, NC 28601 SVN Commercial Real Estate Advisors Page 4
Property Description PROPERTY OVERVIEWVIEW 70,756 SF Shopping Center for sale in Hickory, NC. Shopping center is located right next to a brand new Neighborhood Walmart, and many fast-food restaurants, including McDonald's, Taco Bell, and Burger King. These restaurants help bring a high traffic count to the already, heavily traveled Springs Rd. LOCATION OVERVIEWVIEW Hickory, NC is situated in a friendly business town between Charlotte and Asheville. Hickory home to Lenoir-Ryne University, benefits from it's convenience off I-40 as well as the furniture industry that has been steady for many years. A recent estimate noted that 60% of the nation's furniture used to be produced in Hickory and other surrounding markets. SPRINGS CORNER 2501 SPRINGS RD NE HICKORY, NC 28601 SVN Commercial Real Estate Advisors Page 5
Property Details SALE PRICE $5,899,000 LOCATION INFORMATION Building Name Street Address Springs Corner 2501 Springs Rd NE City, State, Zip Hickory, NC 28601 County/Township Catawba PROPERTY DETAILS Property Type Retail Property Subtype Neighborhood Center Zoning CC-1 Lot Size 10.09 Acres APN# 22916688 BUILDING INFORMATION Building Size 70,756 SF Occupancy % 100% Tenancy Multiple Year Built 1995 SPRINGS CORNER 2501 SPRINGS RD NE HICKORY, NC 28601 SVN Commercial Real Estate Advisors Page 6
Additional Photos SPRINGS CORNER 2501 SPRINGS RD NE HICKORY, NC 28601 SVN Commercial Real Estate Advisors Page 7
FOR SALE RETAIL SPRINGS CORNER 2501 Springs Rd NE Hickory, NC 28601 2 LOCATION INFORMATION 2 LOCATION INFORMATION 2501 Springs Rd NE Hickory, NC 28601 SPRINGS CORNER 2501 SPRINGS RD NE HICKORY, NC 28601 SVN Commercial Real Estate Advisors Page 8 All SVN Offices Independently Owned and Operated The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Regional Map Springs Corner SPRINGS CORNER 2501 SPRINGS RD NE HICKORY, NC 28601 SVN Commercial Real Estate Advisors Page 9
Location Maps SPRINGS CORNER 2501 SPRINGS RD NE HICKORY, NC 28601 SVN Commercial Real Estate Advisors Page 10
Aerial Map Springs Corner SPRINGS CORNER 2501 SPRINGS RD NE HICKORY, NC 28601 SVN Commercial Real Estate Advisors Page 11
FOR SALE RETAIL SPRINGS CORNER 2501 Springs Rd NE Hickory, NC 28601 3 FINANCIAL ANALYSIS 3 FINANCIAL ANALYSIS 2501 Springs Rd NE Hickory, NC 28601 SPRINGS CORNER 2501 SPRINGS RD NE HICKORY, NC 28601 SVN Commercial Real Estate Advisors Page 12 All SVN Offices Independently Owned and Operated The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Income & Expenses INCOME SUMMARY SPRINGS CORNER PER SF Gross Rent $517,742 $7.32 CAM Reimbursement $79,832 $1.13 Gross Income $597,574 $8.45 EXPENSE SUMMARY SPRINGS CORNER PER SF Insurance $8,217 $0.12 Taxes $44,956 $0.64 Utilities $23,388 $0.33 Cleaning and Maintenance $22,650 $0.32 Repairs $9,999 $0.14 Management $18,709 $0.26 Gross Expenses $127,919 $1.81 Net t Operating Income $469,655655 $6.6464 SPRINGS CORNER 2501 SPRINGS RD NE HICKORY, NC 28601 SVN Commercial Real Estate Advisors Page 13
Rent Roll TENANT NAME UNIT NUMBER UNIT SIZE (SF) LEASE START LEASE END LEASE START ANNUALAL RENT % OF GLA PRICE PER SF/YR RECOVERY TYPE COMMENTS Sakura 2461 2,860 7/1/2015 7/1/2020 Current $40,200 4.04 $14.06 Subway 2465 1,391 9/1/2013 8/31/2019 Current $19,800 1.97 $14.23 Village Inn Pizza 2467 2,494 4/1/2009 3/31/2017 Current $30,000 3.52 $12.03 Nationwide 2471 1,015 5/1/2014 5/30/2019 Current $10,800 1.43 $10.64 Vacant 2473 630 Current $0 0.89 $0.00 Salon 2475 615 M2M M2M Current $9,000 0.87 $14.63 Boost Mobile 2501 900 4/1/2015 3/31/2020 Current $10,800 1.27 $12.00 1st Star Nails 2503 1,200 1/1/2007 1/1/2013 Current $14,400 1.7 $12.00 H & R Block 2505 1,200 8/1/2010 4/30/2021 Current $15,120 1.7 $12.60 Dollar Tree 2507 8,450 0/27/2014 10/1/2019 Current $67,600 11.94 $8.00 Primetime Video 2511 3,600 6/1/2010 6/1/2016 Current $42,000 5.09 $11.67 Fresh Air Galaxy 2515 44,000 11/15/2010 11/30/2020 Current $205,000 62.19 $4.66 ABC Store 2517 2,400 7/17/2012 7/17/2022 Current $42,042 3.39 $17.52 Wells Fargo ATM 1 Current $10,380 0.0 $10,380.00 Totals/Averages 70,756756 $517,142142 $7.31 $0 $0 SPRINGS CORNER 2501 SPRINGS RD NE HICKORY, NC 28601 SVN Commercial Real Estate Advisors Page 14
FOR SALE RETAIL SPRINGS CORNER 2501 Springs Rd NE Hickory, NC 28601 4 SALE COMPARABLES 4 SALE COMPARABLES 2501 Springs Rd NE Hickory, NC 28601 SPRINGS CORNER 2501 SPRINGS RD NE HICKORY, NC 28601 SVN Commercial Real Estate Advisors Page 15 All SVN Offices Independently Owned and Operated The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Sale Comps SUBJECT PROPERTY 2501 Springs Rd NE Hickory, NC 28601 Sale Price: $5,899,000 Lot Size: 10.09 AC Year Built: 1995 Building SF: 70,756 SF Price PSF: $83.37 Cap: 8.0% NOI: $469,655 1 MOUNTAIN VIEW MARKETPLACE 2653 S NC 127 Hwy Hickory, NC 28602 Sale Price: $6,100,000 Lot Size: 0 AC Year Built: 2001 Building SF: 53,445 SF Price PSF: $114.14 Closed: 06/26/2014 1 2 2204 UNION ROAD Gastonia, NC 28054 Sale Price: $5,475,000 Lot Size: 0 AC Year Built: 1993 Building SF: 59,870 SF Price PSF: $91.45 Closed: 09/13/2013 2 SPRINGS CORNER 2501 SPRINGS RD NE HICKORY, NC 28601 SVN Commercial Real Estate Advisors Page 16
Sale Comps 3 MARKET SQUARE 1700-1746 S Cannon Blvd Kannapolis, NC 28083 Sale Price: $4,725,000 Lot Size: 0 AC Year Built: 1989 Building SF: 51,018 SF Price PSF: $92.61 Closed: 05/26/2016 3 SPRINGS CORNER 2501 SPRINGS RD NE HICKORY, NC 28601 SVN Commercial Real Estate Advisors Page 17
Sale Comps Summary SUBJECT PROPERTY Springs Corner 2501 Springs Rd NE Hickory, NC 28601 PRICE BLDG SF PRICE/SF CAP $5,899,000 70,756 SF $83.37 8.0% 13 # OF UNITS SALE COMPS PRICE BLDG SF PRICE/SF CAP # OF UNITS CLOSE 1 2 3 Mountain View Marketplace 2653 S NC 127 Hwy Hickory, NC 28602 2204 Union Road Gastonia, NC 28054 Market t Square 1700-1746 S Cannon Blvd Kannapolis, NC 28083 $6,100,000 53,445 SF $114.14 - - 06/26/2014 $5,475,000 59,870 SF $91.45 - - 09/13/2013 $4,725,000 51,018 SF $92.61 - - 05/26/2016 PRICE BLDG SF PRICE/SF Totals/Averages $5,433,333 54,778 SF $99.19 - - CAP # OF UNITS CLOSE SPRINGS CORNER 2501 SPRINGS RD NE HICKORY, NC 28601 SVN Commercial Real Estate Advisors Page 18
Sale Comps Map SUBJECT PROPERTY 2501 Springs Rd NE Hickory, NC 28601 MOUNTAIN VIEW MARKETPLACE 1 2653 S NC 127 Hwy Hickory, NC 28602 2204 UNION ROAD 2 Gastonia, NC 28054 MARKET SQUARE 3 1700-1746 S Cannon Blvd Kannapolis, NC 28083 SPRINGS CORNER 2501 SPRINGS RD NE HICKORY, NC 28601 SVN Commercial Real Estate Advisors Page 19
FOR SALE RETAIL SPRINGS CORNER 2501 Springs Rd NE Hickory, NC 28601 5 DEMOGRAPHICS 5 DEMOGRAPHICS 2501 Springs Rd NE Hickory, NC 28601 SPRINGS CORNER 2501 SPRINGS RD NE HICKORY, NC 28601 All SVN Offices Independently Owned and Operated The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. SVN Commercial Real Estate Advisors Page 20
Demographics Report 1 MILE 3 MILES 5 MILES Total population 4,568 32,259 70,238 Median age 36.5 36.3 37.5 Median age (male) 34.5 34.8 36.1 Median age (female) 38.4 37.9 38.7 Total households 1,837 12,722 27,628 Total persons per HH 2.5 2.5 2.5 Average HH income $48,857 $54,393 $60,205 Average house value $135,035 $147,907 $185,023 * Demographic data derived from 2010 US Census SPRINGS CORNER 2501 SPRINGS RD NE HICKORY, NC 28601 SVN Commercial Real Estate Advisors Page 21
Demographics Map POPULA POPULATION TION 1 MILE 3 MILES 5 MILES 4,568 32,259 70,238 Median age 36.5 36.3 37.5 Median age (male) 34.5 34.8 36.1 Median age (Female) 38.4 37.9 38.7 1 MILE 3 MILES 5 MILES 1,837 12,722 27,628 # of persons per HH 2.5 2.5 2.5 Average HH income $48,857 $54,393 $60,205 Average house value $135,035 $147,907 $185,023 Total population HOUSEHOLDS & INC INCOME OME Total households * Demographic data derived from 2010 US Census SPRINGS CORNER 2501 SPRINGS RD NE HICKORY, NC 28601 SVN Commercial Real Estate Advisors Page 22
FOR SALE RETAIL SPRINGS CORNER 2501 Springs Rd NE Hickory, NC 28601 6 ADVISOR BIOS 6 ADVISOR BIOS 2501 Springs Rd NE Hickory, NC 28601 SPRINGS CORNER 2501 SPRINGS RD NE HICKORY, NC 28601 All SVN Offices Independently Owned and Operated The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. SVN Commercial Real Estate Advisors Page 23
Advisor Bio & Contact 1 SPENCER CRIGLER Associate Advisor PROFESSIONAL BACKGROUND Spencer recently graduated from the University of North Carolina at Charlotte as a Bachelor of Science in Business Administration in Marketing. He is a hardworking and driven young individual with a bright mind and familiar with commercial real estate trends. Specializing in retail investment sales and leasing, the marketing background helps bring the most prospective clients to the table. His great networking connections through BNI also separates himself from the rest of the competition by being more than just a broker, but a reliable businessman that can provide a multitude of professionals to assist any clients needs. Spencer was awarded "Rookie of the Year" in 2016 in his first 6 months as a broker! Stands by 3 important values for commercial real estate; Integrity, Honesty and Expertise! 19901 West Catawba Avenue Suite 102 Charlotte, NC 28031 T 704.892.5653 C 336.706.1290 spencer.crigler@svn.com NC #286755 SPRINGS CORNER 2501 SPRINGS RD NE HICKORY, NC 28601 SVN Commercial Real Estate Advisors Page 24
Advisor Bio & Contact 2 THOMAS MCMAHON, CCIMCIM Managing Director PROFESSIONAL BACKGROUND Tom McMahon, CCIM & Managing Director of SVN Commercial Real Estate Advisors, has 34 years of experience in the real estate industry and a career transaction volume that exceeds $900 million. Prior to affiliating with SVN, McMahon started and owned another regional CRE company, and was a pioneering top residential agent with Allen Tate. Throughout his career, McMahon s unsurpassed passion for CRE has driven much success and recognition. McMahon has been named one of Charlotte s Top 20 Power Brokers and the Lake Norman Business Person of the Year. He is an educator, teaching a number of classes each year, and is a true industry visionary. According to his clients, whether large or small, there is a consistent belief that he is an upfront, honest advisor with integrity and an unrivaled level of service. 19901 West Catawba Avenue Suite 102 Charlotte, NC 28031 T 704.892.5653 C 704.904.7276 tom.mcmahon@svn.com NC #170307 SVN Commercial Real Estate Advisors is a full service commercial real estate brokerage firm with offices in Cornelius and South Charlotte. The firm emphasizes its goal to listen, collaborate, and serve commercial real estate needs with character, competency, and certainty. All SVN offices are independently owned and operated. SPRINGS CORNER 2501 SPRINGS RD NE HICKORY, NC 28601 SVN Commercial Real Estate Advisors Page 25
Advisor Bio & Contact 3 FRANK SPROVIERO,, CPM Director Of Management Services PROFESSIONAL BACKGROUND Frank Sproviero has been active in the Real Estate industry for over 25 years, starting his professional career as a multifamily property manager in 1991, and then transitioning to commercial property and asset management soon after. Frank earned the internationally observed Certified Property Manager (CPM) designation from the Institute of Real Estate Management, and is a licensed Real Estate Broker in both North Carolina and Connecticut. Over many years in the industry, Frank has had the great opportunity to provide a multitude of management and brokerage services for his clients, and is adamant that he and his team s practices are based on integrity, honesty, trust and providing an unlimited value to their property owners and tenants. Before moving to Charlotte NC. with his wife and son, Frank headed up the Asset & Property Management division for 21st. Century Management Inc. for 15 years, where he gained priceless experience in managing all aspects of retail shopping centers, free standing single tenant retail sites, franchised & non-franchised hotels, and industrial properties. 19901 West Catawba Avenue Suite 102 Charlotte, NC 28031 T 704.892.5653 x6971 C 203.948.5695 frank.sproviero@svn.com NC #283467 SPRINGS CORNER 2501 SPRINGS RD NE HICKORY, NC 28601 SVN Commercial Real Estate Advisors Page 26