5755 north point parkway, suite 262 alpharetta, …s got soul 1,200 3.00% jun-04 jul-21 $15,300...

5755 North Point Parkway, Suite 262

Alpharetta, GA 30022

770.481.1960

www.shanegroup.net

HERRINGTON CENTER

1098 & 1108 Herrington Road, Lawrenceville, GA

5755 North Point Parkway, Suite 262

Alpharetta, GA 30022

770.481.1960

www.shanegroup.net

http://www.shanegroup.net

http://www.shanegroup.net

1098 & 1108 Herrington Road, Lawrenceville, GA 770.481.1960 | www.shanegroup.net

HERRINGTON CENTER


HERRINGTON CENTER

See accompanying Confidentiality Statement.

INVESTMENT SUMMARY

AERIAL MAPS

RENTAL SURVEY

SITE PLAN

PHOTOGRAPHS

RENT ROLL

FINANCIAL SUMMARY

LOCATION MAPS

DEMOGRAPHICS

Herrington Center is a 40,000 SF Retail Center, 97% leased to established local tenants in a busy area of north Atlanta

(Lawrenceville). The center has excellent upside with low rents of $10.80 PSF in a market with average rents of $14 PSF or more.

Within 1 Mile of this center, the market vacancy is a low 1%! Herrington Center was built in 1999 and has very little deferred

maintenance; the main shopping center has a new roof. The property benefits from its convenient location to neighborhoods,

schools, and shopping. The immediate area is dense (99,000 population within 3 miles) with multiple single family subdivisions,

town homes, and apartment communities, as well as several national retailers such as Kroger, Family Dollar, Walgreens, and CVS.

Additionally, it’s only a short drive to Gwinnett Place Mall or Sugarloaf Mills Mall.

Low Rents: $10.80/SF NNN ($14-$20/SF Market Rent) Tight Rental Market: 1.0% Vacancy within 1 Mile 97% Occupied / Priced at $125 PSF Busy thoroughfare between Kroger and Walgreens New Roof over Main Shopping Center Densely Populated Area: 99K Residents in 3 Miles Diverse Income Stream: 23 Separate Units Nearby 2 major malls (Gwinnett Place / Sugarloaf Mills)

PRICE: $5,000,000 | CAP RATE: 8.02% | PSF: $125/SF

BUILDING: 40,000 SF | LAND: 4.75 ACRES | YEAR BUILT: 1999

Herrington Center occupies a prominent location on Herrington Road about 1 mile south of GA 316 which has over 98,600 cars per

day. The property is located in Lawrenceville, GA, a northern suburb of Atlanta about 30 minutes north of downtown.

Lawrenceville is the county seat and is located in the heart of Gwinnett County; the second most populous county in the state and

one of the fastest growing in the country over the last thirty years. The area has over 99,000 people within 3 miles and over

242,000 within 5 miles. Additionally, there are over 50,000 daytime workers within 3 miles and over 113,000 within 5 miles. The

average HH income within 5 miles of Herrington Center is over $82,000 per year. Nearby national retailers in the immediate area

include Kroger, CVS, Walgreens, and many others. Gwinnett Place Mall and Sugarloaf Mills Mall are also just a short drive away.

AREA INFORMATION


HERRINGTON CENTER


INVESTMENT SUMMARY

AERIAL MAPS

RENTAL SURVEY

SITE PLAN

PHOTOGRAPHS

RENT ROLL

FINANCIAL SUMMARY

LOCATION MAPS

DEMOGRAPHICS

Please note: Lot Lines are Approximate

Shopping Center Lot is approximately 3.985 Acres

Outparcel Lot is approximately 0.77 Acres

Buildings total approximately 40,000 SF


HERRINGTON CENTER


INVESTMENT SUMMARY

AERIAL MAPS

RENTAL SURVEY

SITE PLAN

PHOTOGRAPHS

RENT ROLL

FINANCIAL SUMMARY

LOCATION MAPS

DEMOGRAPHICS

~73,000 SF Retail

99% Occupied

Rents Avg $18 -$22 PSF

SUBJECT

Please note: Lot Lines are Approximate

~22,000 SF Retail

100% Occupied

Rents Avg $14-$20 PSF

~16,000 SF Retail

100% Occupied


~11,000 SF Retail

100% Occupied



HERRINGTON CENTER


INVESTMENT SUMMARY

AERIAL MAPS

RENTAL SURVEY

SITE PLAN

PHOTOGRAPHS

RENT ROLL

FINANCIAL SUMMARY

LOCATION MAPS

DEMOGRAPHICS

Gwinnett Place Mall

and surrounding retail

over 6mm SF of retail

Northwood Country Club

1st Private Club in

Gwinnett County (1959)

99,147

3-Mile

Population

SUBJECT

Sugarloaf Mills Mall

and surrounding retail

over 1.5mm SF of retail


HERRINGTON CENTER


INVESTMENT SUMMARY

AERIAL MAPS

RENTAL SURVEY

SITE PLAN

PHOTOGRAPHS

RENT ROLL

FINANCIAL SUMMARY

LOCATION MAPS

DEMOGRAPHICS

UPSIDE!

Market Rents within 1 Mile average $15.28 PSF; or

$12.47 PSF over the last 5 Years.

Market Vacancy is only 1% over the last Year and

4.4% over the last 5 Years.

Herrington Center rents average $10.80 PSF and has

just 3% vacancy (1 suite of 1,200 SF).

Using the same going-in CAP rate, if rents are raised

to $12.50 PSF over the next few years; the value of

Herrington Center would increase by 15%! Raising

rents to $15 PSF increases the value by 38%!

Rental Survey—1 Mile Radius


HERRINGTON CENTER


INVESTMENT SUMMARY

AERIAL MAPS

RENTAL SURVEY

SITE PLAN

PHOTOGRAPHS

RENT ROLL

FINANCIAL SUMMARY

LOCATION MAPS

DEMOGRAPHICS

Magic Touch Cleaners 1,476

Mirza Hookah & Lounge 4,925

Mirza Expansion 1,080

Braves Tax Advisors 916

Nana's Hair Braiding 916

Y2K Hair 916

24 Vape & Smoke 1,100

Sip N' Paint 1,164

Goods to Go 4,409

Hernandez Financial Svc. 1,200

Who's Got Soul 1,200

Carnieceria M Pueblo 4,898

Hats off Beauty 1,200

Park Dental 2,400

Vacant 1,200

A&L Beauty Supply 2,400

Privacy Lounge 3,600

El Fogon Dominican Rest. 1,000

La Victoria Bakery 1,000

Wash Maxx 1,904

UM Emission 1,096

40,000

27

28

29

30

18

19,20

21

22,23

24,25,26

10

11,12

13

14

15,16,17

5

6

7

8

9

2,3,4

TENANT SQ.FT.

1


HERRINGTON CENTER


INVESTMENT SUMMARY

AERIAL MAPS

RENTAL SURVEY

SITE PLAN

PHOTOGRAPHS

RENT ROLL

FINANCIAL SUMMARY

LOCATION MAPS

DEMOGRAPHICS


HERRINGTON CENTER


INVESTMENT SUMMARY

AERIAL MAPS

RENTAL SURVEY

SITE PLAN

PHOTOGRAPHS

RENT ROLL

FINANCIAL SUMMARY

LOCATION MAPS

DEMOGRAPHICS

STA R T EX PIR A T ION

Magic Touch Cleaners 1,476 3.69% Sep-04 Aug-22 $18,819 $12.75 $6,125 3% per Yr

Mirza Hookah & Lounge 4,925 12.31% Jan-14 Aug-24 $48,429 $9.83 $24,121 (2)

Mirza Expansion 1,080 2.70% Jan-14 Aug-24 $11,999 $11.11 $4,605 3% per Yr

Braves Tax Advisors 916 2.29% Aug-13 Jul-19 $10,310 $11.26 $4,047 3% per Yr

Nana's Hair Braiding 916 2.29% Sep-16 Nov-19 $10,101 $11.03 $4,000 $.50/SF/YR

Y2K Hair 916 2.29% Dec-04 Oct-20 $10,248 $11.19 $3,801 3% per Yr

24 Vape & Smoke 1,100 2.75% Aug-18 Oct-21 $13,567 $12.33 $4,950 $.50/SF/YR

Sip N' Paint 1,164 2.91% May-18 Aug-21 $9,555 $8.21 $5,238 $.50/SF/YR

Goods to Go 4,409 11.02% Oct-17 Feb-23 $22,412 $5.08 $18,799 (3)

Hernandez Financial Svc. 1,200 3.00% Aug-13 Apr-20 $11,800 $9.83 $5,301 $.50/SF/YR

Who's Got Soul 1,200 3.00% Jun-04 Jul-21 $15,300 $12.75 $4,980

Carnieceria M Pueblo 4,898 12.25% Aug-00 Apr-20 $58,960 $12.04 $20,327 3% per Yr

Hats off Beauty 1,200 3.00% Nov-16 Jan-20 $17,513 $14.59 GROSS 3% per Yr

Park Dental 2,400 6.00% Jun-16 Mar-27 $25,767 $10.74 $10,480 3% per Yr

Vacant 1,200 3.00% $14,400 $12.00 $5,301

A&L Beauty Supply 2,400 6.00% Apr-04 Aug-19 $21,600 $9.00 $9,960

Privacy Lounge 3,600 9.00% Sep-17 Jan-23 $33,825 $9.40 $15,349 (4)

El Fogon Dominican Rest. 1,000 2.50% Nov-12 Feb-23 $15,317 $15.32 $4,000 3% per Yr

La Victoria Bakery 1,000 2.50% Jun-04 Jul-20 $21,000 $21.00 $4,150

Wash Maxx 1,904 4.76% Mar-00 Jun-19 $26,488 $13.91 $32,020

UM Emission 1,096 2.74% Jul-02 MTM (1) $17,441 $15.91 GROSS

(1) Tenant has been MTM since July 2016

(2) $1.00/SF on 9/1/19; $0.65/SF on 9/1/21 and 9/1/23; 3% per Yr therafter

(3) $0.25/SF on 3/1/19; then 5% annually

(4) $1.25/SF on 2/1/19; $1.00/SF on 2/1/20; $0.50/SF on 2/1/22

40,000 $187,554

Occupied 97% 38,800 96.69% $420,451 $10.84 $182,253

Vacant 3% 1,200 3.31% $14,400 $12.00 $5,301

Exercised

Exercised

29

30

None

27

28

19,20

8

9

10

11,12

13

14

15,16,17 Exercised

5

6

7

18

21

22,23

24,25,26

1 x 5

1 x 3

Exercised

1 x 3

1 x 5

1 x 3

1 x 5

None

Exercised

None

None

Exercised

1 x 5; 1 x 3

None

OPTIONS

Exercised

1 x 5

1

2,3,4

ANNUAL

RENT/SQ. FT. ESCALATIONS

ESTIMATED

RECAPTURE

SQUARE

FOOTAGE

ANNUAL

BASE RENT

% OF

CENTER

LEASE TERM

SUITE TENANT

$434,851


HERRINGTON CENTER


INVESTMENT SUMMARY

AERIAL MAPS

RENTAL SURVEY

SITE PLAN

PHOTOGRAPHS

RENT ROLL

FINANCIAL SUMMARY

LOCATION MAPS

DEMOGRAPHICS

T A XES IN SUR A N C E C A M (4) WA T ER M GM T

Magic Touch Cleaners 1,476 $2,029.23 Incl. in CAM Incl. in CAM Pro-rata Incl. in CAM Incl. in CAM Yes (2 Personal)

Mirza Hookah & Lounge 4,925 $5,645.00 Pro-rata Incl. in CAM Pro-rata $500/mo (2) Incl. in CAM Yes (1 Personal)

Mirza Expansion 1,080 $2,535.00 Pro-rata Incl. in CAM Pro-rata Incl. in CAM Incl. in CAM Yes (1 Personal)

Braves Tax Advisors 916 $1,961.25 Pro-rata Incl. in CAM Pro-rata Incl. in CAM Incl. in CAM Yes (2 Personal)

Nana's Hair Braiding 916 $1,331.06 Pro-rata Incl. in CAM Pro-rata Incl. in CAM Incl. in CAM Yes (1 Personal)

Y2K Hair 916 None Incl. in CAM Incl. in CAM Pro-rata Incl. in CAM Incl. in CAM None

24 Vape & Smoke 1,100 $3,840.00 Pro-rata Incl. in CAM Pro-rata Incl. in CAM Incl. in CAM Yes (2 Personal)

Sip N' Paint 1,164 $1,516.63 Pro-rata Incl. in CAM Pro-rata Incl. in CAM Incl. in CAM Yes (1 Personal)

Goods to Go 4,409 $4,110.00 Pro-rata Incl. in CAM Pro-rata (1) Incl. in CAM Incl. in CAM Yes (2 Personal)

Hernandez Financial Svc. 1,200 $1,516.00 Pro-rata Incl. in CAM Pro-rata Incl. in CAM Incl. in CAM Yes (2 Personal)

Who's Got Soul 1,200 None Incl. in CAM Incl. in CAM Pro-rata Incl. in CAM Incl. in CAM None

Carnieceria M Pueblo 4,898 None Incl. in CAM Incl. in CAM Pro-rata Incl. in CAM Incl. in CAM None

Hats off Beauty 1,200 $1,379.00 Gross Gross Gross Gross Gross None

Park Dental 2,400 $3,487.50 Pro-rata Incl. in CAM Pro-rata Incl. in CAM Incl. in CAM Yes (2 Personal)

Vacant 1,200 N/A N/A N/A N/A N/A N/A N/A

A&L Beauty Supply 2,400 $3,530.77 Incl. in CAM Incl. in CAM Pro-rata Incl. in CAM Incl. in CAM Yes (1 Personal)

Privacy Lounge 3,600 $4,575.00 Pro-rata Incl. in CAM Pro-rata Incl. in CAM Incl. in CAM Yes (2 Personal)

El Fogon Dominican Rest. 1,000 $1,333.34 Incl. in CAM Incl. in CAM Pro-rata Incl. in CAM Incl. in CAM Yes (1 Personal)

La Victoria Bakery 1,000 None Incl. in CAM Incl. in CAM Pro-rata Incl. in CAM Incl. in CAM None

Wash Maxx 1,904 $5,700.00 Pro-rata Incl. in CAM Pro-rata Usage (3) Incl. in CAM None

UM Emission 1,096 $1,828.33 Gross Gross Gross Gross Gross None

40,000 $46,318.11

(1) Tenant pays a 3% Admin Fee on CAM charges

(2) Tenant pays $500/month for higher than average water charge

(3) Tenant escrows $850/month towards water; then pays excess pursuant to sub-meter readings

(4) Excluding the 2 Tenants who pay water separately, for purposes of billing CAM, the building water is reduced

by the 2 Tenants payments and then the net expense is grossed up to account for the SF of those 2 Tenants

before being added back to the CAM.

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30

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19,20

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22,23

24,25,26

10

11,12

13

14

15,16,17

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6

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9

2,3,4

TENANT

SQUARE

FOOTAGE

EXPENSES PAID BY TENANT

SUITE

SECURITY

DEPOSIT

LEASE

GUARANTY

1


HERRINGTON CENTER


INVESTMENT SUMMARY

AERIAL MAPS

RENTAL SURVEY

SITE PLAN

PHOTOGRAPHS

RENT ROLL

FINANCIAL SUMMARY

LOCATION MAPS

DEMOGRAPHICS

B u i l d i n g

Price: 1999

Down Payment: 30.00% Building Square Feet: 40,000

8.02% Land Parcel (Acres): 4.75

$125.00

$10.87

First Loan Amount: ◼

◼ Interest Rate: 5.15% ◼

◼ Amortization: 25 ◼

◼ Term: 3 ◼

Monthly Payment: ◼

◼

◼

Current Rents

434,851$ 52,660$

31,200 10,638

156,354 79,216

622,405$ Water 31,200*

19,701 3.2% Management 4.0% 24,108

602,704$ Reserves ($0.10 PSF) 4,000

201,822

400,882$

249,212 201,822$

151,670$ 10.1% Per Rentable Square Foot: $4.27

70,614

222,283$ 14.8% * Water is directly reimbursed by 2 Tenants

$1,500,000

Year Built:

Current CAP:

F i n a n c i a l

$5,000,000

Park Dental

Cost per Gross Square Foot:

Magic Touch

Food Mart

Y2K Hair

Annual Rent per Square Foot:

$3,500,000

L o a n I n f o r m a t i o n

Pre Tax Cash Flow

Gross Operating Income

Total Income

Plus Taxes, Ins., CAM Recapture

Total Return Before Taxes

Less Vacancy

Total Expenses

E x p e n s e s

Taxes

Less Expenses

CAM

Insurance

Plus Principal Reduction

Loan Payments

$20,767.69

R e t u r n

Net Operating Income

* Loan above is proposed for cash flow purposes; Buyer

may obtain new loan or pay all cash.

Scheduled Gross Income

Plus Water Recapture*

See Rent Roll for others

Wash Maxx

T e n a n t s

Financial Services


HERRINGTON CENTER


INVESTMENT SUMMARY

AERIAL MAPS

RENTAL SURVEY

SITE PLAN

PHOTOGRAPHS

RENT ROLL

FINANCIAL SUMMARY

LOCATION MAPS

DEMOGRAPHICS

SUBJECT

SUBJECT


HERRINGTON CENTER


INVESTMENT SUMMARY

AERIAL MAPS

RENTAL SURVEY

SITE PLAN

PHOTOGRAPHS

RENT ROLL

FINANCIAL SUMMARY

LOCATION MAPS

DEMOGRAPHICS

One Mile Three Miles Five Miles Notes

2018 Population 16,481 99,147 242,509

2010 Population 14,671 86,896 215,779

5 Year Projected 17,693 107,169 261,418

Growth Over the Past 8 Years 12.34% 14.10% 12.39%

Projected Growth Over the Next 5 Years 7.35% 8.09% 7.80%

2018 Households 5,270 33,517 82,125

% Owner Occupied 42.50% 47.40% 53.40%

% Renter Occupied 51.50% 47.10% 41.20%

2010 Households 4,786 29,864 73,768

5 Year Projected 5,617 36,028 88,177

Growth Over the Past 8 Years 10.11% 12.23% 11.33%


2018 Average Household Income $61,251 $73,062 $82,311

5 Year Projected $68,738 $82,912 $92,573


Employment & Establishments

2018 Employees/Daytime Population 4,114 50,710 113,362

2018 Total Establishments 291 3,155 8,413

White 31.60% 31.30% 38.20%

African American 35.70% 33.40% 28.00%

Hispanic Origin (Any Race) 38.00% 31.90% 26.40%

Native American / Alaskan Native 0.70% 0.50% 0.50%

Asian/Pacific Islander 13.10% 16.50% 17.80%

Two or More Races 4.40% 4.10% 3.90%

Other Race 14.50% 14.20% 11.50%

Race

Population

Households

Income

5755 north point parkway, suite 262 alpharetta, …s got soul 1,200 3.00% jun-04 jul-21 $15,300...

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