offering memorandum - loopnet · r.s. griffin inc. is a third generation security locksmith company...
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LANIER PLAZA | 8.6% CAP RATE
O F F E R I N G M E M O R A N D U M
N A T I O N A L R E T A I L G R O U P
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| T A B L E O F C O N T E N T S
THE OFFERINGDisclaimer & Limiting Conditions 3 Executive Summary 4 Property Overview 5
THE PROPERTYProperty Photos 6Area Location Maps 7 Demographics & Traffic Count 8Plat Map 9Floor Plan 10
TENANT PROFILETenant Information 11
THE MARKETSold Comparables 12Rent Comparables 14 About The Area 16
Broker Profiles 17Team Profile 18Confidentiality Agreement 19
N A T I O N A L R E T A I L G R O U P | B U L L R E A L T Y . C O M
JOHN HARRISON | 404-876-1640 x 106 | [email protected] YOUNG| 404-876-1640 x 141 | [email protected]
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This Confidential Offering Memorandum contains selected information pertaining to the Property but does not purport to be all-inclusive or to contain all of the information that a prospective purchaser may require. All financial projections are provided for general reference purposes only and are based upon assumptions relating to the general economy, competition and other factors, which therefore, are subject to material change or variation. Prospective purchasers may not rely upon the financial projections, as they are illustrative only. An opportunity to inspect the Property will be made available to qualified prospective purchasers.
In this Confidential Memorandum, certain documents, including financial information, are described in summary form and do not purport to be complete or accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to review independently all documents.
This Confidential Memorandum is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by Bull Realty Inc. or the current Owner/Seller. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property described herein.
Owner/Seller expressly reserve the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any party at any time with or without notice. Owner/Seller shall have no legal commitment or obligation to any purchaser reviewing this Confidential Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered and approved by the Owner/Seller and any conditions to the purchaser’s obligations therein have been satisfied or waived. The Seller reserves the right to move forward with an acceptable offer prior to the call for offers deadline.
This Confidential Memorandum may be used only by parties approved by the Owner. The Property is privately offered, and by accepting this Confidential Memorandum, the party in possession hereof agrees (i) to return it if requested and (ii) that this Confidential Memorandum and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Confidential Memorandum may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Bull Realty, Inc. or Owner/Seller. The terms and conditions set forth above apply to this Confidential Memorandum in its entirety and all documents, disks and other information provided in connection therewith.
D I S C L A I M E R & L I M I T I N G C O N D I T I O N S
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PRICE | $1,300,000NOI | $111,800CAP RATE | 8.6%
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Bull Realty is pleased to offer the opportunity to acquire Lanier Plaza, located at 2096-2116 Buford Dam Road. This 1-story, 16,500 SF retail/professional strip center is available for $1,300,000 or $78.78 per square foot. The center is currently 100% occupied, delivering at a 8.6% cap rate on actual income.
Built in 2005, Lanier Plaza is currently leased to a mixture of service oriented retail, office and restaurant tenants. This center is conveniently located on 2.1 acres just west of the signalized intersection between Buford Dam Road and Little Mill Road in Gwinnett County. It has great curb appeal, approximately 9,235 average daily traffic counts and is in close proximity to both Lake Lanier and the City of Buford.
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Address 2096-2116 Buford Dam Road Buford, GA 30518County Gwinnett Assessor’s Parcel 27333-079Building Square Footage 16,500 SFLot Acres 2.1 AcresNumber of Buildings 1Number of Stories 1Zoning C-2Year Built 2005Parking Ratio 3.01/1,000Cap Rate 8.6%NOI $111,800Price $1,300,000
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A R E A L O C A T I O N M A P S
2096 Buford Dam Road
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9,235
D E M O G R A P H I C S & T R A F F I C C O U N T
# = Vehicles Per Day
2017 DEMOGRAPHICS (Esri)
1 mile 3 miles 5 miles
Population 3,912 37,897 99,020
Households 1,473 12,942 33,376
Average Household Income* $43,529 $77,502 $91,699
*Current average household income is $91,699 in this area, compared to $80,675 for all U.S. households. Average household income is projected to be $105,019 in five years, compared to $91,585 for all U.S. households.
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1,875 SF4,650 SF
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975 SF
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T E N A N T I N F O R M A T I O N
The Allstate Corporation is the largest publicly held personal lines property and casualty insurer in America, serving more than 16 million households nationwide. Founded in 1931, Allstate has been dedicated to protecting our customers from life’s uncertainties and preparing them for the future for more than 85 years.
Eugene Lee Music Art School provides lessons in music, art and language education run by Maestro Eugene Lee. The school offers music education including piano, violin, viola, cello, flute, oboe, clairnet, saxophone, drum, guitar and vocal lessons at all experience levels to children, youth and adults. The school offers both private and group lessons. The school operates out of three locations in
R.S. Griffin Inc. is a third generation security locksmith company proudly servicing all of the metro Atlanta area. They provide a wide range of locksmith and electronic security services for commercial and residential customers. R.S. Griffin Inc. specializes in providing the security needs of property management companies, real estate agents and commercial developers.
Little Tokyo is a Japanese hibachi and sushi restaurant serving Buford, GA and the Lake Lanier area. The restaurant serves Japanese, Chinese and Korean cuisine and operates seven days a week for lunch and dinner.
LITTLE TOKYO
Jae Won Jung Taekwondo studio serving Buford, GA and the Lake Lanier area. This studio is owned and managed by Jae Won Jung.
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MAP # STREET ADDRESS CITY SIZE SOLD DATE SALE PRICE PRICE/SF DETAIL PAGE
Subject Property 2096 Buford Dam Rd Buford 16,500 SF TBD $1,300,000 $78.78 13
1 5445 Atlanta Hwy Alpharetta 14,940 SF 9/14/2016 $1,420,000 $95.04 13
2 686 Peachtree Industrial Blvd Duluth 27,500 SF 8/10/2016 $3,100,000 $112.73 13
3 960 Scales Rd Suwanee 11,350 SF 6/24/2016 $1,077,500 $94.93 13
4 3560 Browns Bridge Rd Cumming 15,600 SF 5/11/2015 $1,850,000 $118.59 13
5 1652-1678 Buford Hwy Cumming 19,572 SF 9/17/2015 $2,062,500 $105.38 13
6 4965 Lanier Islands Pky Buford 23,760 SF 9/16/2016 $2,073,800 $87.28 13
7 4977 Lanier Islands Pky Buford 23,450 SF 10/23/2015 $3,000,000 $127.93 13
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SOLD COMP - 5445 Atlanta Hwy
SOLD COMP - 686 Peachtree Ind.Blvd
SUBJECT PROP - 2096 Buford Dam RdProperty Size 14,940 SFClosing Date 9/14/2016Sold Price $1,420,000 Price/SF $95.04
Property Size 11,350 SFClosing Date 6/24/2016Sold Price $1,077,500Price/SF $94.93
Property Size 27,500 SFClosing Date 8/10/2016Sold Price $3,100,000Price/SF $112.73
Property Size 16,500 SFClosing Date TBDSale Price $1,300,000Price/SF $78.78
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SOLD COMP - 3560 Browns Bridge RdProperty Size 15,600 SFClosing Date 5/11/2015Sold Price $1,850,000Price/SF $118.59
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SOLD COMP - 1652-1678 Buford HwyProperty Size 19,572 SFClosing Date 9/17/2015Sold Price $2,062,500Price/SF $105.38
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SOLD COMP - 4965 Lanier Islands PkwyProperty Size 23,760 SFClosing Date 9/16/2016Sold Price $2,073,800Price/SF $87.28*High Vacancy / REO Auction Sale
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SOLD COMP - 960 Scales Rd
SOLD COMP - 4977 Lanier Islands PkwyProperty Size 23,450 SFClosing Date 10/23/2015Sold Price $3,000,000Price/SF $127.93
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MAP # STREET ADDRESS CITY RENTABLE AREA SF LEASED PRICE/SF RENT TYPE DETAIL
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Subject Property 2096 Buford Dam Rd Buford 16,500 SF - $6.78/SF (avg) MG 15
1 4060 Buford Dr Buford 13,578 SF 1,200 SF $12.00/SF NNN 15
2 1879 Buford Hwy Buford 12,000 SF 1,400 SF $10.29/SF NNN 15
3 1652-1678 Buford Hwy Cumming 19,572 SF 4,012 SF $13.00/SF NNN 15
4 4977 Lanier Islands Pkwy Buford 23,450 SF 1,605 SF $10.00/SF NNN 15
5 4965 Lanier Islands Pkwy Buford 23,760 SF 1,225 Sf $14.00/SF NNN 15
6 1785 Pilgrim Mill Rd Cumming 11,360 SF 2,950 SF $13.00/SF NNN 15
7 1935 Buford Mill Dr Buford 50,785 SF 1,412 SF $13.00/SF NNN 15
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RENT COMP - 4060 Buford Dr
RENT COMP - 1652-1678 Buford HwyRENT COMP - 1879 Buford Hwy
SUBJECT PROP - 2096 Buford Dam RdProperty Size 13,578 SFUnit SF 1,200 SFPrice/SF $12.00Rent Type NNN
Property Size 19,572 SFUnit SF 4,012 SFPrice/SF $13.00Rent Type NNN
Property Size 12,000 SFUnit SF 1,400 SFPrice/SF $10.29Rent Type NNN
Property Size 16,500 SFPrice/SF $6.78 (avg)Rent Type MG
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RENT COMP - 4977 Lanier Islands Pkwy
Property Size 23,450 SFUnit SF 1,605 SFPrice/SF $10.00Rent Type NNN
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RENT COMP - 4965 Lanier Islands Pkwy
Property Size 23,760 SFUnit SF 1,225 SFPrice/SF $14.00Rent Type NNN
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RENT COMP - 1785 Pilgrim Mill RdProperty Size 11,360 SFUnit SF 2,950 SFPrice/SF $13.00Rent Type NNN
6RENT COMP - 1935 Buford Mill Dr
Property Size 50,785 SFUnit SF 1,412 SFPrice/SF $13.00Rent Type NNN
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Buford is a city in Gwinnett and Hall counties just 25 miles north of Atlanta and on the southern shores of Lake Lanier. As of the 2010 census, the city had a population of 12,225. The City of Buford has come a long way since its beginnings in 1872 as a depot on the railway line between Atlanta and Charlotte, North Carolina. Major domestic and international companies have established operations in Buford. The Buford Dam has become a major source of power for the state and Lake Lanier Islands is recognized as a premier recreational development in the Southeast.
• Well-developed infrastructures enhance the efficiency of business operations and favorably impact bottom-line profits
• Abundant, highly motivated, production-oriented labor force
• City-owned water, sewer, gas and electric systems provide the lowest utility rates in the area
• Excellent, locally-controlled primary and secondary education system with a large number of major universities and technical schools within a 50-mile radius
• Scenic beauty and small town friendliness that create a nurturing environment for employees
• Major industrial and commercial acreage available on major transportation arteries priced to attract new business
Mall of Georgia is an enclosed super-regional shopping mall located in the Mill Creek District of Gwinnett County, Georgia, near the city of Buford, 30 miles northeast of Atlanta. Built in 1999, it is currently the largest shopping mall in the state of Georgia, consisting of more than two hundred stores on three levels. The mall’s anchor stores include Belk, Dillard’s, JCPenney, Macy’s, and Nordstrom; other major stores include Barnes & Noble, Dick’s Sporting Goods and Havertys. Also, located in the Mall of Georgia Crossing is Nordstrom Rack, T.J. Maxx, and Target. Also featured in the mall is a large village section, comprising lifestyle tenants and restaurants in an outdoor setting, as well as a 500-seat amphitheater.
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B R O K E R P R O F I L E
WILL YOUNG Associate Broker, National Retail Group William Young delivers over 11 years of commercial real estate sales and valuation experience. While he is experienced in various types of commercial properties, his primary brokerage focus is in retail investment acquisitions and dispositions throughout the Southeast. The Rome, Georgia native graduated with a Bachelors of Business Administration in Real Estate from the University of Mississippi. Prior to working in commercial real estate sales, Mr. Young gained experience in Atlanta as a commercial real estate appraiser at Grubb & Ellis Landauer and G. Randall Hammond & Company. Licensed as an appraiser and broker by the State of Georgia, William has extensive knowledge with metro Atlanta’s real estate market, trends and growth opportunities. He will enhance his value proposition for his clients by leveraging on the proven marketing platform and systems
JOHN HARRISON V.P. National Retail Group Mr. Harrison serves as the Vice President of the Bull Realty National Retail Group boasting 30 years of retail experience with advisory, consulting and transactional services. Additional client services include, but are not limited to asset recapitalization and value added services based on the best marketing systems and real time market trends and information.
John entered undergraduate studies at Davidson College and completed his degree at Emory University. He began his career with Ackerman & Co. during the early 80’s and specialized in the marketing of office and mixed use properties. He has closed leases and investment sales in excess of $200 million. He has been a member of the Million Dollar Club for 15 years and is a recipient of the Phoenix Award. As a partner with CBH Properties, he has been involved in all phases of the development, management and ownership.
John was Vice President of Commercial Sales at both McWhirter Realty Corp. and Roberts Commercial and was a top producer with each company. Property sales on his resume include the sale of over 80 retail centers and office properties. John has sold in excess $40 million in medical properties during the past decade.
John joined Bull Realty in 2011 and is excited about providing the excellent marketing platform offered by Bull Realty to the benefit of his client base.
John has been married to his wife Stephanie for 24 years and they have
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T E A M P R O F I L E
Will Young404-876-1640 x [email protected]
WILL YOUNG Associate Broker, National Retail Group JOHN HARRISONV.P. National Retail Group
CARINE DAVISMarketing
GRANT SMITHMarketing
SCOTT JACKSONAnalyst
John Harrison 404-876-1640 x [email protected]
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C O N F I D E N T I A L I T Y A G R E E M E N T
This Confidentiality Agreement (“Agreement”) is made and agreed to for the benefit of the undersigned party (“Receiv-ing Party”), the owner of the subject property (the “Seller”) and undersigned broker Bull Realty Incorporated (“Broker”).Now therefore in consideration of the privileges granted to Receiving Party with respect to receiving certain confiden-tial information, and other good and valuable consideration, the Receiving Party hereby agrees to the following:
I. Confidential Information:Receiving Party will receive confidential information regard-ing property referred to as 2096 Buford Dam Road, Buford, GA 30518. Prospect agrees to not disclose to any person that the property may be available for sale or lease, or that discussions or negotiations are taking place concerning the property, nor any terms, conditions, or other facts with re-spect to the property, including but not limited to tenant information, lease rates, lease expirations, income and ex-penses, and any such possible purchase, including the status thereof. The term “person” used in this agreement shall be interpreted broadly and shall include, without limitation, any corporation, company, partnership or individual other tha parties to which Broker approves in writing. Receiving Party may share information with directors, officers, employees, agents, affiliates, counsel, lending sources, accountants or representatives of Receiving Party that Receiving Party
notifies of the requirements of this Agreement. Receiving Party agrees to not contact the property owner, the man-agement, the tenants, the lender, the vendors, the insurers, the employees or the customers of any business at the site.
II. Acting as a Principal:Receiving Party hereby warrants that it is acting as a prin-cipal only, and not as a broker, regarding this contemplated transaction. Receiving Party acknowledges that Broker is working an agency capacity as representing the Seller only in this transaction and is the only Broker involved in this poten-tial transaction. Receiving Party agrees to not be involved in any arrangement to lease or purchase the property, in whole or in part, as a lender, partner, buyer of the note, buy in foreclosure, buy from bankruptcy court, or in any other manner acquire an investment in, joint venture or control of the property, unless Bull Realty, Incorporated is paid a com-mission at closing as per separate agreement with Seller. This agreement will expire two years from the date hereof.
III. Governing LawThis Agreement shall be governed and construed in accor-dance with the laws of the State of Georgia.
Accepted and agreed to this _______ day of ___________________, 20___.
Receiving PartySignature ___________________________________________________
Printed Name _______________________________________________
Title ______________________________________________________
Company Name _____________________________________________
Address ____________________________________________________
___________________________________________________
Email _______________________________________________________
Phone ______________________________________________________
Fax _________________________________________________________
Will Young404-876-1640 x [email protected]: 404-876-7073
John Harrison404-876-1640 x [email protected]: 404-876-7073
50 Glenlake ParkwaySuite 600Atlanta, GA 30328