• 100% Occupied by Two High Credit National Brands

• 24 Years Remain on Leased Interest

• Subject is Part of 280,000 SF Cortez Plaza, a DDR Property

• Below Market Rents Boost Renewal Likelihood

• Asset is Fully Depreciable

825-831 Cortez Road W., Bradenton, FL 34207

Price: $899,000

BED BATH & BEYOND AND MICHAELS

LEASEHOLD FOR SALE

Cap Rate: 11%

STUART SCHEINHOLTZVice President(415) 963-4706

stuart@batterycommercial.comDRE License #00999171

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INVESTMENT SUMMARY

$899,000

$99,178 (year 2)

11%

September 13, 1998

February 28, 2019

Four 5-year options

53,638 SF

1.23 ac.

1966

Property is debt free

Master Lease Summary

Expires 2/28/2019

$230,000 ($4.29/SF)

Four 5-year options as follows:

Option #1: 3/1/2019 at $255,000 ($4.75/SF)Option #2: 3/1/2024 at $280,000 ($5.22/SF)Option #3: 3/1/2029 at $305,000 ($5.69/SF)Option #4: 3/1/2034 at $340,000 ($6.34/SF)

2/28/2039

None

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25,395 SF

Expires 1/31/2018

$147,291 ($5.80/SF)

Three 5-year options as follows:Option #1: 2/1/2018 at $165,067 ($6.50/SF)Option #2: 2/1/2023 at $177,765 ($7.00/SF)Option #3: 2/1/2028 at $190,462 ($7.50/SF)

28,243 SF

Expires 2/29/2024

$183,579 ($6.50 SF)

Three 5-year options as follows:Option #1: 3/1/2024 at $211,822 ($7.50/SF)Option #2: 3/1/2029 at $240,065 ($8.50/SF)Option #3: 3/1/2034 at $268,308 ($9.50/SF)

2/28/2039

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Bed Bath & Beyond Lease Summary

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Michaels Lease Summary

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1/31/2033

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ABOUT THE TENANTSBed Bath & Beyond

Bed$Bath$&$Beyond$Inc.$operates$a$chain$of$retail$stores$selling$a$range$of$domestic$merchandise,$including$bed$linens$and$related$items,$bath$items,$and$kitchen$textiles;$and$home$furnishings,$such$as$kitchen$and$tabletop$items$and$basic$housewares.$$The$company$also$offers$health$and$beauty$care$items,$and$giftware$and$household$items,$as$well$as$infant$and$toddler$merchandise.$$Bed$Bath$&$Beyond$Inc.$operates$stores$under$the$names$of$Bed$Bath$&$Beyond$as$well$as$World$Market,$Cost$Plus$World$Market$and$Cost$Plus.$$In$addition,$it$provides$various$textile$products,$amenities,$and$other$goods$to$institutional$customers$in$the$hospitality,$cruise$line,$food$service,$healthcare$and$other$industries.$$As$of$February$28,$2015,$the$company$had$a$total$of$1,513$stores,$including$1,019$Bed$Bath$&$Beyond$stores$in$the$U.S.$$Bed$Bath$&$Beyond$Inc.$was$founded$in$1971$and$is$headquartered$in$Union,$New$Jersey.$$The$company$is$publicly$traded$on$NASDAQ$(“BBBY”)$and$has$a$market$capitalization$of$about$$12.9$billion.$$Bed$Bath$&$Beyond$has$an$S&P$rating$of$“BBB+”.

The$Michaels$Companies,$Inc.$owns$and$operates$a$chain$of$arts$and$crafts$specialty$retail$stores$under$the$Michaels$and$Aaron$Brothers$names$in$North$America.$$The$company’s$Michaels$stores$offer$a$vast$supply$of$arts,$crafts,$framing,$^loral,$home$décor$and$seasonal,$scrapbooking,$and$seasonal$merchandise.$$Its$Aaron$Brothers$stores$offer$photo$frames,$a$line$of$ready`made$frames,$art$prints,$framed$art,$art$supplies,$and$custom$framing$services.$$As$of$January$31,$2015,$the$company$owned$and$operated$1,168$Michaels$stores$in$49$states$and$Canada;$and$120$Aaron$Brothers$stores$in$nine$states.$$The$Michaels$Companies,$Inc.$was$founded$in$2013$and$is$headquartered$in$Irving,$Texas.$$The$company$is$publicly$traded$on$NASDAQ$(“MIK”)$and$has$a$market$capitalization$of$about$$5.6$billion.$$Michaels$has$an$S&P$rating$of$“B”.

MichaelsABOUT THE TENANTS

The$subject$property$is$part$of$Cortez$Plaza,$a$280,000$SF$center$anchored$by$PetSmart,$Burlington$Coat$Factory$and$LA$Fitness,$as$well$as$Bed$Bath$&$Beyond$and$Michaels.$$The$subject$is$located$at$the$intersection$of$Cortez$Road$and$US$41.$$This$intersection$has$an$extremely$high$traf^ic$count,$with$nearly$74,000$vehicles/day.$Cortez$Plaza$is$also$proximate$to$two$other$major$retail$centers$including$DeSoto$Square$Mall$and$Center$Pointe$Commons.$$National$tenants$in$and$around$this$corridor$include$Lowe’s,$Best$Buy,$Dick’s$Sporting$Goods$and$Home$Depot.

ABOUT THE AREABradenton$is$located$on$US$41$between$Tampa$and$Sarasota.$$The$area$is$surrounded$by$waterways,$both$fresh$and$saltwater.$$Sarasota$bene^its$from$over$20$miles$of$beaches$along$the$Gulf$of$Mexico$and$into$Tampa$Bay.$$Bradenton$is$the$county$seat$and$largest$principal$city$of$the$Bradenton`Sarasota`Venice$Metropolitan$Statistical$Area.$$This$MSA’s$population$was$recently$estimated$to$be$over$682,000$residents.$$Bradenton$is$known$as$the$home$of$juice$production$for$Tropicana$(once$headquartered$there)$and$as$the$Spring$Season$home$of$the$Pittsburgh$Pirates.$$The$city$is$the$headquarters$for$Champs$Sports,$a$nationwide$sports`apparel$chain,$as$well$as$department$store$chain$Bealls.

BRADENTON, FLORIDA

1 Mile 3 Mile 5 Mile

Population 16,653 110,292 182,330

Average Household Income $36,790 $46,707 $51,553

DEMOGRAPHIC SUMMARY