Cooper Commercial Investment Group
6120 Parkland Blvd., Suite 206
Cleveland, OH 44124
www.coopergrp.com
Bob Havasi [email protected]
(888) 525-5695 x10
Dan Cooper [email protected]
(888) 525-5695 x12
In Cooperation with Licensed IN
2
INVESTMENT SUMMARY
Investment Highlights ………...…….. 4
Investment Overview ……………….. 5
Location Overview …………………... 6
Offering Summary …………………… 7
FINANCIAL ANALYSIS
Rent Roll …………...…………….…… 9
Financial Analysis ….………….…….. 10
PROPERTY ANALYSIS
Site Plan ...…...……………………….. 12
Aerial Map …...……………………….. 13-17
Location Maps ….……………………. 15
Demographics ..……………………… 16
TENANT ANALYSIS
Tenant Profiles ..……….…………….. 18-27
Disclosure & Confidentiality …...… 28
3
INVESTMENT HIGHLIGHTS
4
Kroger Plaza
• 100% Occupied with Nationally-Recognized Tenants in Over 84% of Center: Extremely Diverse Mix of Tenants Offering Recession Proof Retailers As Well As Alternative Retail Users, Providing Long-Term Stability
• Heavy Flow of Traffic Being Shadow Anchored by Kroger Grocery & Fuel Station: Dominant Grocer in Indiana & #1 Grocer in the United States
• Staggered Rent Roll with Newer Leases and Long-Term, Tenured Tenants, Proving Commitment and Desire to Be Located at the Property
• Minimal Potential Roll-Over: 10 Yr. Original Lease Terms From Pet Valu With 8 Years of Original Lease Term Remaining, Buffalo Wild Wings with 5 Years of Original Term Remaining & 6 Out of 7 Tenant Have Options to Renew
• Ideal Position Surrounded by Rooftops with Avg. Household Incomes near $65,000 Within 5-Miles
• Multiple Points of Ingress and Egress Creating Ease of Access and Additional Traffic Flow & Visibility From Route 44 and E. Michigan Road Converging Directly In Front of the Center, Traffic Counts of Approx. 25,000 VPD Surrounding the Property & 30,000+ VPD Along I-74 (1-Mile)
• Surrounded by Complimentary Retail Trade Area: Walmart Supercenter, Big Lots, Aldi, Walgreens, Studio 10 Cinemas, McDonalds, Taco Bell, Goody’s, PNC Bank, GameStop, Maurice’s & Many More
• Direct Vicinity of Large Population Base (Indianapolis MSA, Approx. 2 Million Residents): 26 Miles to Downtown Indianapolis, Capital & Largest City in the State
ADDITIONAL HIGHLIGHTS
5
The Cooper Commercial Investment Group has been exclusively retained by
ownership to sell the 100% fee simple interest in the 22,470 S.F., Kroger Grocery
shadow anchored center located in Shelbyville, Indiana, a suburb of Indianapolis.
Kroger Plaza is being offered at a reduced price of $3,095,000, representing an 8.01%
CAP and provides an investor the opportunity to acquire a stable center that includes
many well-known recession proof retailers as well as alternative retail users, providing
long-term stability. Additionally, the property offers minimal rollover with the 3 largest
tenants in place through 2021. In fact, Pet Valu and Buffalo Wild Wings executed
10-year original leases and have 8 years and 5 years of original lease term remaining.
The current tenant roster includes most of the tenants on Triple Net (NNN) lease
structures and several tenants that reimburse administrative and management fees.
The asset’s tenant mix of tenured tenants, along with newer leases, provides comfort
knowing that the tenants have the desire to be located at the center and in the market.
The center boasts a welcoming curb appeal with great visibility, excellent frontage and
prominent pylon signage from E. Michigan Road and State Route 44 that converges
directly in front of the center. The property also has easy access with five points of
ingress and egress. Traffic counts surrounding the center are in upwards of 25,000
vehicles per day. Kroger Plaza is positioned in a growing market surrounded by an
abundance of rooftops while also being positioned near other complimentary retailers
and within just a couple of miles from some of the area’s largest employers. Knauf
Insulation is Shelbyville’s largest employer and is located just 2 miles from the featured
property and the company is the fastest growing insulation manufacturer in the world
with manufacturing operations in Europe, Russia, UK in addition to the USA with
annual sales revenue is in excess of $1.5 billion. Furthermore, Major Hospital (Major
Health Partners, 4.5 miles) is a leading healthcare provider for patients from not only
Shelby County, Indiana, but also from the southeastern part of the state, and Ryobi Die
Casting (3 miles) offers Shelbyville facilities that include 2 die casting plants and a
machining facility encompassing 560,000 sq. feet of manufacturing space. Other
employers with a significant presence are Pilkington North America’s Shelbyville plant
(3.5 miles), PK USA (4 miles, and O'Neal Steel (2 miles). Additionally, Shelbyville draws
traffic to the Indiana Grand Racing (Indiana Downs) & Casino (8.5 miles), a Las
Vegas-style gaming establishment that offers non-stop gaming action, award-winning
dining venues and a wide array of entertainment options all under one roof. The
233,000 S.F. facility features nearly 2,200 high-tech slot machines and electronic table
games.
The center also benefits from being located in a suburb to the densely populated City
of Indianapolis (approximately 26 miles). Much of the residential base in Shelbyville
commutes to Indianapolis via I-74, located just 1 mile from the property with over
30,000 vehicles per day. The city being known as the Crossroads of America has a
thriving economy that relies on trade, transportation, and utilities, professional and
business services, education and health services, government, retail trade, leisure and
hospitality, and manufacturing. Being positioned just outside Dayton with the diverse
mix of uses, services and staggered lease terms; the asset is well insulated for possible
shifts in consumer retail demands and trends and will be a quality asset for many years
to come.
INVESTMENT OVERVIEW
6
Shelbyville is the county seat of Shelby County, Indiana. Being located only 20 minutes
southeast of Indianapolis, the city benefits from small town charm and big city amenities.
Shelbyville provides a central location that is part of the Indianapolis Metropolitan Area with
excellent connectivity through interstate highways, rail lines, and access to everything at the
Indianapolis International Airport (including the FedEx hub), along with a large workforce of
highly skilled individuals. The suburban city offers some of Indiana’s top-rated K-12
schools, higher education from vocational programs through postgraduate study, and
hospitals and medical centers that consistently rank among the top in Indiana and the
nation.
Shelbyville is equipped with large employers and attractions drawing residents to the area.
The Indiana Grand Racing (Indiana Downs) & Casino (8.5 miles) is a Las Vegas-style gaming
establishment that offers non-stop gaming action, award-winning dining venues and a wide
array of entertainment options all under one roof. The 233,000-square-foot facility features
nearly 2,200 high-tech slot machines and electronic table games. Shelbyville’s largest
employers include Knauf Insulation (2 miles), who is the fastest growing insulation
manufacturer in the world with manufacturing operations in Europe, Russia, UK in addition
to the USA, annual sales revenue is in excess of $1.5 billion, Penske Logistics (8 miles), who
are internationally recognized industry leaders in logistic solutions, Major Hospital (Major
Health Partners, 4.5 miles) is a leading healthcare provider for patients from not only Shelby
County, Indiana, but also from the southeastern part of the state, Ryobi Die Casting (3
miles) offers Shelbyville facilities that include 2 die casting plants and a machining facility
encompassing 560,000 sq. feet of manufacturing space. Established as a subsidiary of
Ryobi Limited (Japan), which has die casting facilities in Japan, China, Northern Ireland, and
the United States. Additionally, Pilkington North America’s Shelbyville plant (3.5 miles) has
the operations for the production of toughened glass, PK USA (4 miles) occupies a 317,978
square-foot facility built on a 66 acre site and the plant is the primary supplier of metal body
parts, chassis parts and plastic injection parts for automotive companies in the United
States as well as other parts of the world, and O'Neal Steel (2 miles) is now the United
States' largest family-owned metals service center supplying carbon and alloy steel,
stainless steel and aluminum products for companies nationwide.
Shelbyville’s close proximity to Indianapolis creates an abundance of attributes. The
Indianapolis metro area's population is the largest in the state. Nicknamed the Crossroads
of America, Indianapolis is the junction for six Interstate highways, six U.S. highways, and
four state roads. Visitors are drawn from all over the globe to enjoy top-notch professional
sports, a thriving convention industry and numerous cultural attractions. The city’s diverse
economy relies on trade, transportation, and utilities, professional and business services,
education and health services, government, retail trade, leisure and hospitality, and
manufacturing. Many of Indiana's largest recognized companies are headquartered in
Indianapolis, including pharmaceutical manufacturer Eli Lilly and Company; wireless device
distribution and logistics provider Brightpoint; health insurance provider, Anthem Inc.;
retailers Marsh Supermarkets and Finish Line; Republic Airways Holdings; and REIT, Simon
Property Group. The U.S. headquarters of Roche Diagnostics, CNO Financial Group, First
Internet Bank of Indiana, Dow AgroSciences, Emmis Communications, Steak 'n Shake,
Angie's List, and Allison Transmission are also located in Indianapolis. Other major area
employers include Indiana University Health, Sallie Mae, Cook Group, Rolls-Royce, Delta
Faucet Company, Ice Miller, Raytheon, Carrier and General Motors. Furthermore,
Indianapolis is a prime center for logistics and distribution facilities. It is home to a FedEx
Express hub at the Indianapolis International Airport (40 miles), trucking company Celadon,
and distribution centers for companies such as Amazon.com, Foxconn, Finish Line, Inc.,
Fastenal, Target, and CVS Pharmacy. Indianapolis hosts several notable sporting events
annually, including the NCAA basketball tournament, Brickyard 400, Grand Prix of
Indianapolis, NFL Scouting Combine, the largest half marathon in the U.S., and the largest
single-day sporting event in the world, the Indianapolis 500.
LOCATION OVERVIEW
7
Loan Amount:
Loan Type:
Interest Rate:
Amortization:
Term:
Loan-to-Value (LTV):
Monthly Debt Payment:
$2,321,250
New Loan
5.00%
25 Years
5 Years
75.00%
$13,570
Rental Income:
Tenant Reimbursements:
Potential Gross Income:
Vacancy (Actual):
Effective Gross Income:
Expenses:
NOI:
Annual Debt Service:
Structural Reserve ($0.10/S.F.):
Cash Flow After Reserves:
Cash-on-Cash Return:
$272,175
$64,610
$336,785
($0)
$336,785
$89,016
$247,769
$162,838
$2,247
$82,684
10.69%
Operating Data
$3,095,000
$773,750
22,470 S.F.
$137.74
$247,769
8.01%
2004/1999
Approx. 0.70 Acres
Concrete
Concrete Block/Metal
EPDM Rubber Over Corrugated Metal Deck
Reduced Price:
Down Payment:
Gross Leasable Area:
Price/SF:
NOI:
CAP Rate:
Renovated/Built:
Lot Size:
Foundation:
Exterior:
Roof:
SUMMARY
Anticipated New Financing
8
9
% of Tenant Lease Lease Rent/ Annual Lease Rental Option
Tenant GLA Total Since Start Expiration S.F. Rent Type Bumps Rate/S.F.
NAP: KROGER
SHADOW ANCHOR
4,600 20.47% 2016 2/9/2016 2/8/2026 $14.00 $64,400 Modified NNN
(Flat Rate CAM) None
(2) 5-Yr. Option 1: $15.00/SF Option 2: $15.50/SF
8,050 35.83% 2004 3/1/2015 2/28/2021 $8.07 $65,000 Increase Over
Base Year 2014 None N/A
(1)
1,200 5.34% 1999 9/1/2017 8/31/2022 $13.23 $15,875 NNN
9/1/2018 - $13.25/SF 9/1/2019 - $13.50/SF 9/1/2020 - $13.75/SF 9/1/2021 - $14.00/SF
(1) 5-Yr. Option 1: FMV
with $0.25 Annual Increases
1,200 5.34% 2013 9/1/2013 8/31/2019 $14.00 $16,800 NNN None
(1) 6-Yr. Option 1:
Years 1-2: $14.50/SF Years 3-4: $15.00/SF Years 5-6: $15.50/SF
1,200 5.34% 2014 9/1/2014 8/31/2019 $13.00 $15,600 NNN None (1) 5-Yr.
Option 1: $14.00/SF
1,200 5.34% 2014 10/1/2017 3/31/2020 $16.00 $19,200 NNN None (1) 3-Yr.
Option 1: $18.40/SF
5,020 22.34% 2012 2/1/2015 3/31/2023 $15.00 $75,300 NNN None (2) 5-Yr.
Option 1: $17.00/SF Option 2: $19.00/SF
Total Building 22,470 100.00% $12.11 $272,175
Vacancy - 0.00% $ - $ -
Pro Forma Calendar Year: August 1, 2018 through July 31, 2018 (1) Blended rental rate for increase effective 9/1/2018.
10
Pro Forma
2017 2018-2019 $/SF
INCOME:
Potential Rental Income
Rental Income $ 270,600 $ 272,175 $ 12.11
Tenant Reimbursements
Real Estate Taxes - 41,223 1.83
Insurance - 4,075 0.18
CAM (1) 54,909 17,193 0.77
Management - 643 0.03
Admin Fee - 1,476 0.07
Gross Potential Rental Income $ 325,510 $ 336,785 $ 14.99
Vacancy Factor (Actual) 0.00% - -
Reimbursements From Vacancy 0.00% - -
Effective Gross Income $ 325,510 $ 336,785 $ 14.99
OPERATING EXPENSES:
Management Fee 4% $ 14,031 $ 10,887 $ 0.48
Kroger Management Fee - 1,150 0.05
Real Estate Taxes (2) 49,542 52,654 2.34
Insurance 5,998 6,350 0.28
Landscaping Maintenance (3) 2,569 2,675 0.12
Snow Removal (3) 3,554 3,750 0.17
Utilities
Water/Sewer 400 500 0.02
Repair & Maintenance 2,733 2,550 0.11
Parking Lot Repairs (3) 3,214 3,350 0.15
Parking Lot Lights (3) 816 900 0.04
Fire Safety 661 1,100 0.05
Roof Repairs 7,145 3,150 0.14
Total Expenses $ 90,663 $ 89,016 $ 3.96
Net Operating Income $ 234,847 $ 247,769 $ 11.03
Loan Analysis
Cash Flow Available Before Debt Service $ 247,769 $ 11.03
CAP Rate 8.01% 8.01%
Valuation $ 3,095,000 $ 137.74
Loan to Value 75.00% 75.00%
Loan Amount $ 2,321,250 $ 103.30
Rate 5.00% 5.00%
Term 5 5
Amortization 25 25
Annual Debt Service $ 162,838 7.25
Debt Service Coverage Ratio 1.52 1.52
(1) Historically, ALL operating expenses reimbursements,
including Admin. and Management reimbursements have been
included in CAM. We have separated for Pro Forma purposes.
(2) The Kroger tax is budgeted in February. It consists of our
center's share of Parcel I, per the REA. The Budget calls for it
to be $11,364.61. We pay for the rest of our parcel directly.
All reimbursed by tenants.
(3) Kroger CAM expenses include Lot Sweeping, Litter Patrol,
Snow Removal, Landscaping, Lot Lighting, Lot Repairs, Etc.
per Article III of the REA. These expenses are reimbursed by
tenants but Kroger handles and we pay Kroger.
11
12
13
14
15
16
17
18
19
1605 E Michigan Rd 1 mi radius 3 mi radius 5 mi radius 10 mi radius
Shelbyville, IN 46176
POPULATION
2017 Estimated Population 5,338 21,562 24,362 36,042
2010 Census Population 5,498 21,447 24,241 35,904
2000 Census Population 4,334 20,687 23,292 34,922
Historical Annual Growth 2000 to 2017 1.4% 0.2% 0.3% 0.2%
2017 Median Age 36.1 36.8 37.8 39.4
HOUSEHOLDS
2017 Estimated Households 2,266 8,793 9,933 14,481
2022 Projected Households 2,310 9,155 10,317 14,913
2010 Census Households 2,254 8,553 9,663 14,076
2000 Census Households 1,838 8,325 9,313 13,523
Projected Annual Growth 2017 to 2022 0.4% 0.8% 0.8% 0.6%
Historical Annual Growth 2000 to 2017 1.4% 0.3% 0.4% 0.4%
RACE AND
ETHNICITY
2017 Estimated White 89.7% 91.0% 91.4% 93.4%
2017 Estimated Black or African American 2.1% 2.3% 2.1% 1.6%
2017 Estimated Asian or Pacific Islander 2.2% 1.4% 1.4% 1.1%
2017 Estimated American Indian or Native Alaskan 0.2% 0.2% 0.2% 0.2%
2017 Estimated Other Races 5.9% 5.0% 4.8% 3.7%
INCOME
2017 Estimated Average Household Income $59,609 $62,500 $64,728 $67,612
2017 Estimated Median Household Income $47,406 $53,098 $55,587 $58,733
2017 Estimated Per Capita Income $25,304 $25,844 $26,725 $27,415
EDUCATION
(AGE 25+)
2017 Estimated Elementary (Grade Level 0 to 8) 3.1% 3.5% 3.5% 3.5%
2017 Estimated Some High School (Grade Level 9 to 11) 10.4% 11.2% 10.8% 9.5%
2017 Estimated High School Graduate 45.2% 42.9% 42.8% 43.1%
2017 Estimated Some College 22.3% 20.4% 20.1% 20.4%
2017 Estimated Associates Degree Only 6.6% 7.4% 7.5% 8.2%
2017 Estimated Bachelors Degree Only 6.3% 8.6% 9.2% 9.4%
2017 Estimated Graduate Degree 6.1% 5.9% 6.2% 5.9%
BUSINESS
2017 Estimated Total Businesses 269 975 1,084 1,337
2017 Estimated Total Employees 2,960 13,118 14,567 17,771
2017 Estimated Employee Population per Business 11.0 13.5 13.4 13.3
2017 Estimated Residential Population per Business 19.8 22.1 22.5 26.9
20
21
The Kroger Co. (NYSE: KR/S&P “BBB”/Moody’s “Baa1”) manufactures
and processes food for sale in its supermarkets. The company
operates retail food and drug stores, multi-department stores, jewelry
stores, and convenience stores. Its combination food and drug stores
offer natural food and organic sections, pharmacies, general
merchandise, pet centers, fresh seafood, and organic produce;
multi-department stores provide general merchandise items, such as
apparel, home fashion and furnishings, outdoor living, electronics,
automotive products, toys, and fine jewelry; and price impact
warehouse stores offer grocery, and health and beauty care items, as
well as meat, dairy, baked goods, and fresh produce items. The
company operates under the banner brands, such as Kroger, Ralphs,
Fred Meyer, King Soopers, etc., as well as Simple Truth and Simple
Truth Organic brands. www.kroger.com
Source: www.kroger.com
Headquarter:
# of Locations:
Corporate & Guaranty:
Ticker Symbol:
S&P Credit Rating:
Moody’s Credit Rating:
Cincinnati, OH
2,796
The Kroger Co.
NYSE: KR
BBB
Baa1
Tenant Information
22
Buffalo Wild Wings is the ultimate place to eat wings, grab a cold
one and meet friends to watch a game. The restaurant continues
to add tap lines, come up with more kinds of sauces and have an
infinite number of tv’s. The restaurant has grown to have a store
in every state in the U.S. and continue to open B-Dubs around
the world. On February 5, 2018, Buffalo Wild Wings, Inc. (“BWW”) and
Arby’s Restaurant Group, Inc. (“ARG”) announced the successful
completion of the acquisition of BWW by ARG.
www.buffalowildwings.com
Source: www.buffalowildwings.com
Tenant Base Rent Schedule
Current:
Option 1:
Option 2:
Monthly
$6,275.00
$7,111.67
$7,948.33
PSF
$15.00
$17.00
$19.00
Annual
$75,300.00
$85,340.00
$95,380.00
Corp. Headquarter:
# of Franchise Locations:
GLA:
Tenant Since:
Current Term Start:
Lease Expiration:
Rental Bumps:
Options:
Exclusive:
Co-Tenancy:
Termination Clause:
Minneapolis, MN
38 in 8 States
5,020
2012
02/01/2015
03/31/2023
None
(2) 5-Yr.
Sports Bar/Wings
None
None
Tenant Lease Abstract
Tenant Recapture
Common Area Maintenance:
CAM Cap:
Insurance:
Real Estate Taxes:
Admin. Fee:
Mgmt. Fee:
Pro Rata Share
5% on CAM Expenses,
Excluding Snow & Utilities
Pro Rata Share
Pro Rata Share
10% on CAM & INS. Expenses
None
23
At Pet Valu customers find a great selection of pet food, treats, toys and
accessories, all at competitive prices. Pet Valu stores are located in
local communities across the Northeast and Midwest United States and
Canada. The stores offer friendly Pet Experts trained in pet care and
nutrition through the University of California Davis Extension School.
The Pet Valu family of stores includes Pet Valu, Paulmac’s Pet
Food and Bosley’s, Tisol, Total Pet, and Jack’s Pets. Together, Pet Valu
is the largest retail operation in North America dedicated to providing
families with food and supplies for dogs, cats, companion birds, wild
birds, fish, reptiles and small animals. The company’s pet-friendly stores
sell over 7,000 products, including holistic and premium brands of pet
foods and treats, as well as a wide selection of essential and innovative
pet supplies to suit every budget. Many stores have self-serve pet
washing stations complete with a variety of shampoos, towels, dryers,
and aprons and feature easy-to-use stairs and elevated tubs.
us.petvalu.com
Source: us.petvalu.com
Tenant Base Rent Schedule
Current:
Option 1:
Option 2
Monthly
$5,366.67
$5,750.00
$5,941.67
PSF
$14.00
$15.00
$15.50
Annual
$64,400.00
$69,000.00
$71,300.00
Headquarter:
# of Total Locations:
Corporate:
GLA:
Tenant Since:
Current Term Start:
Lease Expiration:
Rental Bumps:
Options:
Exclusive:
Co-Tenancy:
Termination Clause:
Wayne, PA
1,000+
Pet Valu Inc.
4,600
2016
02/09/2016
02/08/2026
None
(2) 5-Yr.
Pet Products
Kroger
In the event that Tenants
gross sales in the 4th lease
year fail to meet or exceed
$150/SF tenant may
terminate lease and pay the
then unamortized cost of
brokerage commission and
tenant improvements.
Tenant Lease Abstract
Common Area Maintenance:
Insurance:
Real Estate Taxes:
Admin. Fee:
Mgmt. Fee:
Flat Rate - $1.32/SF, 2018 with 5%
Annual Increases - $1.39/SF, 2019
Pro Rata Share
Pro Rata Share
None
None
Tenant Recapture
24
Shoe Sensation, Inc. is to provide quality and brand name footwear
for the entire family. From toddlers to seniors, the stores offer a
large selection of shoes. The typical Shoe Sensation will showcase
over 10,000 pairs of the latest styles. National brands such as
Skechers, Clarks, Crocs, and Easy Street for women are featured as
well as an extensive collection of junior shoes from Rocket Dog,
Fergalicious, Jellypop, Sperry, Skechers and Bearpaw. Children’s
shoes are available in popular brands including Skechers and Nike.
Prominent men’s brands include Dockers, Dr. Martens, Timberland,
Lugz and Durango. A wide range of athletic shoes – from Under
Armour, Nike, New Balance, Adidas, Asics, Puma and others, as
well as the latest lifestyle brands like Converse and Vans – are also
available at Shoe Sensation, Inc. Shoe Sensation has achieved
success through superior merchandise assortment and outstanding
customer service within a well-designed and comfortably appointed
store environment. The company has 15,000 SF of offices, a 150,000
SF distribution center and over 1000 employees and the store currently
operating over 149+ locations in eighteen states.
www.shoesensation.com
Source: www.shoesensation.com
Tenant Base Rent Schedule
Current:
Monthly
$5,416.67
PSF
$8.07
Annual
$65,000.00
Headquarter:
# of Locations:
Corporate:
GLA:
Tenant Since:
Current Term Start:
Lease Expiration:
Rental Bumps:
Options:
Exclusive:
Co-Tenancy:
Termination Clause:
Jeffersonville, IN
149+ in 18 States
Shoe Sensation, Inc.
8,050
2004
03/01/2015
02/28/2021
None
None
Shoe Store
None
None
Tenant Lease Abstract
Common Area Maintenance:
Insurance:
Real Estate Taxes:
Admin. Fee:
Mgmt. Fee:
Increase Over Base Year 2014
Increase Over Base Year 2014
Increase Over Base Year 2014
None
None
Tenant Recapture
25
Great Clips is the world’s largest and fastest-growing salon brand.
Great Clips is a 100% franchised company with more than 4,200 salons
across North America—each one offering a great haircut at a great
location at a great price. The company strives to make it easy for
customers to get a great haircut at a time and place that’s convenient
for them. That’s why Great Clips is open evenings and weekends, no
appointments necessary. The average Great Clips salon attracts more
than 500 customers per week, and the average Great Clips customer
comes in every four to six weeks. www.greatclips.com
Source: www.greatclips.com
Tenant Base Rent Schedule
Current:*
Bump 9/1/2018:*
Bump 9/1/2019:
Bump 9/1/2020:
Bump 9/1/2021:
Monthly
$1,322.92
$1,325.00
$1,350.00
$1,375.00
$1,400.00
PSF
$13.23
$13.25
$13.50
$13.75
$14.00
Annual
$15,875.00
$15,900.00
$16,200.00
$16,500.00
$16,800.00
Corp. Headquarter:
# of Total Locations:
Franchise/Guaranty:
GLA:
Tenant Since:
Current Term Start:
Lease Expiration:
Rental Bumps:
Options:
Exclusive:
Co-Tenancy:
Termination Clause:
Minneapolis, MN
4,200
Franchised/Personal
1,200
1999
09/01/2017
08/31/2022
Annual
(1) 5-Yr.
Discount Hair Salon
None
None
Tenant Lease Abstract
Common Area Maintenance:
Insurance:
Real Estate Taxes:
Admin. Fee:
Mgmt. Fee:
Pro Rata Share
Pro Rata Share
Pro Rata Share
None
None
Tenant Recapture
Option 1: FMV with $0.25 Annual Increases
* Blended rental rate for increase effective 9/1/2018. Pro Forma based on
calendar year 8/1/2018 through 7/31/2019.
26
A-1 Cash Advance is a full-service Cash Advance and Check Cashing
company with eight Central Indiana locations, and one new branch in
Murfreesboro, Tennessee. The company provides customers with
premier online cash advance services in a courteous and professional
manner with honesty and integrity.
www.a1cashadvance.com
Source: www.a1cashadvance.com
Tenant Base Rent Schedule
Current:
Option 1:
Monthly
$1,600.00
$1,840.00
PSF
$16.00
$18.40
Annual
$19,200.00
$22,080.00
Headquarter:
# of Locations:
Franchise/Guaranty:
GLA:
Tenant Since:
Current Term Start:
Lease Expiration:
Rental Bumps:
Options:
Exclusive:
Co-Tenancy:
Termination Clause:
Indianapolis, IN
9
Personal
1,200
2014
10/01/2017
03/31/2020
None
(1) 3-Yr.
None
None
None
Tenant Lease Abstract
Common Area Maintenance:
Insurance:
Real Estate Taxes:
Admin. Fee:
Mgmt. Fee:
Pro Rata Share
Pro Rata Share
Pro Rata Share
20% on CAM & INS. Expenses
None
Tenant Recapture
27
Tenant Base Rent Schedule
Current:
Option 1
Years 1-2:
Years 3-4:
Years 5-6:
Monthly
$1,400.00
$1,450.00
$1,500.00
$1,550.00
PSF
$14.00
$14.50
$15.00
$15.50
Annual
$16,800.00
$17,400.00
$18,000.00
$18,600.00
Headquarter:
# of Locations:
GLA:
Tenant Since:
Current Term Start:
Lease Expiration:
Rental Bumps:
Options:
Exclusive:
Co-Tenancy:
Termination Clause:
Shelbyville, IN
1
1,200
2013
09/01/2013
08/31/2019
None
(1) 6-Yr.
Chinese Restaurant
None
None
Tenant Lease Abstract
Common Area Maintenance:
CAM Cap:
Insurance:
Real Estate Taxes:
Admin. Fee:
Mgmt. Fee:
Pro Rata Share
3% on Controllable Expenses,
Excludes Real Estate Taxes,
Insurance, Snow & Utilities
Pro Rata Share
Pro Rata Share
15% on CAM Expenses
Pro Rata Share
Tenant Recapture
28
Tenant Base Rent Schedule
Current:
Option 1:
Monthly
$1,300.00
$1,400.00
PSF
$13.00
$14.00
Annual
$15,600.00
$16,800.00
Headquarter:
# of Locations:
GLA:
Tenant Since:
Current Term Start:
Lease Expiration:
Rental Bumps:
Options:
Exclusive:
Co-Tenancy:
Termination Clause:
Shelbyville, IN
1
1,200
2014
09/01/2014
08/31/2019
None
(1) 5-Yr.
None
None
None
Tenant Lease Abstract
Common Area Maintenance:
Insurance:
Real Estate Taxes:
Admin. Fee:
Mgmt. Fee:
Pro Rata Share
Pro Rata Share
Pro Rata Share
20% on CAM & INS. Expenses
None
Tenant Recapture
29
DISCLOSURE, CONFIDENTIALITY & DISCLAIMER
CONFIDENTIALITY AGREEMENT DISCLOSURE & DISCLAIMER
The information within this Offering Memorandum will set forth an
understanding regarding the relationship between the Recipient of
this package (the “Recipient”) and The Cooper Group and the
confidentiality of the investment information to be supplied to you
and your organization for use in considering, evaluating and/or
purchasing this property (the “Property”). The recipient
acknowledges that all financial, contractual, marketing, and
informational materials including but not limited to lease information,
occupancy information, financial information, projections, data
information and any other similar information provided by The
Cooper Group which relates to the Property (collectively, the
Confidential Information), whether said information was transmitted
orally, in print, in writing or by electronic media is confidential in
nature and is not to be copied or disseminated to any party without
the prior consent of The Cooper Group. The Recipient
acknowledges and agrees that the Confidential Information is of
such a confidential nature that severe monetary damage could result
from dissemination of that information to unauthorized individuals.
The Recipient shall limit access to the Confidential Information to
those individuals in the Recipient’s organization with a “need to
know” and shall take all precautions reasonably necessary to
protect the confidentiality of the Confidential Information. The
Recipient acknowledges and agrees that the Confidential
Information and any copies thereof are the property of The Cooper
Group and that all such information will be returned to The Cooper
Group upon written request. Any offers or inquiries from Recipient in
connection with this investment proposal shall be forwarded,
confidentiality, to The Cooper Group. Other than The Cooper Group,
recipient agrees that neither Recipient nor The Cooper Group shall
be obligated to pay any procuring broker fees in connection with this
investment unless a separate written Brokerage Agreement is
entered into and written acknowledgement of any procuring
Brokerage Agreement is received from all parties to the investment
transaction. Procuring brokers must provide written introductions of
potential investors and receive written acknowledgment from The
Cooper Group for representation to be recognized. This is a
confidential Memorandum intended solely for your limited use and
benefit in determining whether you desire to express further interest
in the acquisition of the Property.
The Memorandum contains selected information pertaining to the
property and does not purport to be a representation of the state of
affairs of the Property or the owner of the Property, to be all-inclusive or
to contain all or part of the information which perspective Recipients
may require to evaluate the purchase of real property. All financial
projections and information are provided for general reference purposes
only and are based on assumptions relating to the general economy,
market conditions, competition and other factors beyond the control of
the owner or The Cooper Group. All references disclosed herein related
to acreage, square footages and/or other measurements may be
approximations and the best information available. The summaries of
information included herein do not purport to be complete nor
necessarily accurate descriptions of the full agreements referenced.
Photos herein are the Property and respective owners and use of these
images without the express written consent of the owner is prohibited.
The owner and the Cooper Group expressly reserve the right, at its sole
discretion, to reject any or all expressions of interest or offers to
purchase the Property, and/or terminate discussions with any entity and
any time with or without notice which may arise as a result of review of
this Memorandum.
Neither the owner or the Cooper Group, nor any of their respective
directors, officers, affiliates or representatives make any representation
or warranty, expressed or implied, as to the accuracy or completeness
of this Memorandum or its contents; and you are to rely solely on your
investigators and inspections of the property in evaluating a possible
purchase of the Property. The information contained in this document
has been obtained from sources to be reliable. While the Cooper Group
does not doubt its accuracy, the Cooper Group has not verified it and
makes no guarantee, warranty or representation about it. It is your
responsibility to independently confirm the accuracy and completeness.
Any projections, opinions, assumptions or estimates used are for
example only and do not represent the current or future performance of
the Property. The value of this transaction to you depends on tax and
other factors which should be evaluated by your tax, financial and legal
advisors.
Cooper Commercial Investment Group
6120 Parkland Blvd., Suite 206
Cleveland, OH 44124
www.coopergrp.com
Bob Havasi [email protected]
(888) 525-5695 x10
Dan Cooper [email protected]
(888) 525-5695 x12