Seller Financing—Non Recourse

Seller Financing—Non Recourse Midway Plaza: 94,800 +/‐ Sq Ft Shopping Center Redevelopment Potential | 10.2% Cap Rate | $13.18 Per Sq Ft B U L L R E A LT Y , I N C . 1201 Bessemer Road| Birmingham, AL | 35228 Kyle Stonis, CCIM Partner & Senior VP National Retail Group 404.876.1640 X 123 [email protected] Bull Realty, Inc. 1801 Piedmont Avenue Atlanta, GA 30324 Page of 19 This offering is subject to price adjustment or prior sale without notice. This information is provided by the owner and is deemed reliable, but is not warranted. Please do not disturb tenants or owners. Table of Contents Section 1—Executive Summary  Investment Summary  Photos  Aerial Photos  Surrounding Retailers  Tax Plat Map  Tenant Site Plan  Survey Section 2—Financial & Tenant Analysis  Current Rent Roll  In‐Place Net Operating Income  Shoe Warehouse Section 3—Demographics  Location Maps  Birmingham MSA Foresight Economic Overview  Demographics Map  Demographics Section 4—Broker Profile Page 2 of 19 This offering is subject to price adjustment or prior sale without notice. This information is provided by the owner and is deemed reliable, but is not warranted. Please do not disturb tenants or owners. Investment Summary Property Specifics Midway Plaza is a value‐add shopping center in Birmingham, Alabama that offers an investor an excellent future redevelopment opportunity while delivering a 10% cap rate on actual income. The approximately 94,800 square foot center is 69% occupied and anchored by Shoe Warehouse, a discount shoe and apparel retailer with 36 stores in the Eastern and Mid‐West United States. There is a 29,000 square foot vacant space that is ideal for a number of tenants, including a grocery store, discount mall, antique dealer or other discount retailers. Other tenants include night/dance club tenants (open Friday & Saturday night only), a barber shop, and a freestanding auto repair shop. The building sits on approximately 11 acres and has had several recent major capital improvements, including a new roof and 24 new HVAC units in 2007. The property is being offered with attractive non‐recourse seller financing for qualified purchasers with $250,000 down, 7% interest and maturity in five years. Property Highlights 
10% Cap Rate on Actual Income 
Future Redevelopment Opportunity 
New Roof in 2007 
24 New HVAC Units in 2007 
Located on Bessemer Road with almost 17,000 vehicles passing daily (Bessemer Road at M Ave) 
Attractive Seller Financing $250,000 Down 7% Interest 5 Years Non Recourse Loan Page 3 of 19 This offering is subject to price adjustment or prior sale without notice. This information is provided by the owner and is deemed reliable, but is not warranted. Please do not disturb tenants or owners. Investment Summary Center Summary Address 1201 Bessemer Road Birmingham, AL 35228 County Jefferson County Approximate Square Feet 94,800 Square Feet Acres Approximately 11 Acres Available 30,000 Sq Ft Box Occupancy 69% Anchor Tenants Shoe Warehouse Roof New in 2007 HVAC 24 New HVAC Units Installed in 2007 Financial Summary NOI $127,412 Price $1,250,000 Price PSF $13.18 PSF Cap Rate 10.2% Cap Rate Page 4 of 19 This offering is subject to price adjustment or prior sale without notice. This information is provided by the owner and is deemed reliable, but is not warranted. Please do not disturb tenants or owners. Photos Page 5 of 19 This offering is subject to price adjustment or prior sale without notice. This information is provided by the owner and is deemed reliable, but is not warranted. Please do not disturb tenants or owners. Aerial Images Page 6 of 19 This offering is subject to price adjustment or prior sale without notice. This information is provided by the owner and is deemed reliable, but is not warranted. Please do not disturb tenants or owners. Surrounding Retailers Subject Property Page 7 of 19 This offering is subject to price adjustment or prior sale without notice. This information is provided by the owner and is deemed reliable, but is not warranted. Please do not disturb tenants or owners. Tax Plat Map Not Included Midway Plaza 2010 Taxes: $6,310.32 Page 8 of 19 This offering is subject to price adjustment or prior sale without notice. This information is provided by the owner and is deemed reliable, but is not warranted. Please do not disturb tenants or owners. Tenant Site Plan Tequila Town
Night Club
Platform
Barber Shop
Porter Tire Store
30,000 sq ft
vacancy
Not
Included
Shoe
Warehouse
Razzles
Galaxy Center
Tenants Porter Tire Store—Successful auto repair and maintenance tire store Tequila Town—Night club Platform Barber Shop— Men’s specialty hair salon Shoe Warehouse— Name brand shoes for $30 or less. 36 Stores in the East and Mid‐West. Also sell shirts, pants, jeans, jerseys, suits, and more Vacant Space— 30,000 square feet perfect for a flea market, local grocery store, antique mall Razzles—Teen dance club. Open on weekends Galaxy Center—Teen dance club. Open on weekends Page 9 of 19 This offering is subject to price adjustment or prior sale without notice. This information is provided by the owner and is deemed reliable, but is not warranted. Please do not disturb tenants or owners. Survey Not
Included
Page 10 of 19 This offering is subject to price adjustment or prior sale without notice. This information is provided by the owner and is deemed reliable, but is not warranted. Please do not disturb tenants or owners. Building
Rent Roll Tenant
Pro Rata
Share
Square
Feet
Annual
Rent Per
Sq Ft
Annual
Rent
Monthly
Rent
Annual
CAM
Annual
Total
Lease
Type
Lease
Start
Expiration
Date
Notes
$36,000
$3,000
$10,800
$46,800
TI CAM
9/1/2010
12/31/2011
Free Rent Nov & Dec 2010
$9,000
$45,000
TICAM
4/1/2010
3/31/2013
Building 1
Galaxy Center II
19,108
$1.88
Storage Use Only
6,117
$0.50
Razzles
14,775
$2.44
$36,000
$3,000
Vacant
29,200
Shoe Warehouse
10,800
$4.44
$48,000
$4,000
$48,000
Gross
1/1/2011
12/31/2013
Platform Barber Shop
4,000
$3.30
$13,200
$1,100
$13,200
Gross
12/1/2007
M-T-M
New Lease in Process
Tequila Town
5,000
$4.80
$24,000
$2,000
$27,600
TICAM
4/1/2009
9/30/2012
Rent Inceases to $2,000 on
1/1/2011
M&W Auto
5,800
$4.14
$24,000
$2,000
$24,000
Gross
5/1/2008
12/31/2014
Total Leased
Total Vacant
Total
65,600
29,200
94,800
$181,200
$15,100.00
$3,600
Building 2
Total Occupied
Total Vacant
$23,400.00
$204,600.00
69.2%
30.8%
Page 11 of 19
This offering is subject to price adjustment or prior sale without notice. This information is provided by the owner and is deemed reliable, but is not warranted. Please do not disturb tenants or owners. In‐Place Net Operating Income In‐Place Net Operating Income
Income
Base Rental Revenue
$181,200.00
Expense Reimbursements
$23,400.00
Total Income
$204,600.00
Operating Expenses
Real Estate Taxes
Property Insurance
Water/Sewer
Parking Lot Lights
$6,310.00
$3,750.00
$24,000.00
$18,000.00
Sweeping
Landscaping
$3,600.00
$4,200.00
Sprinkler Moniter
Management Fee 4%
$600.00
$7,248.00
Reserves ($0.10)
$9,480.00
Total Operating Expenses
$77,188.00
Net Operating Income
$127,412.00
Page
12 of 19
Page 11 of 19 This offering is subject to price adjustment or prior sale without notice. This information is provided by the owner and is deemed reliable, but is not warranted. Please do not disturb tenants or owners. Shoe Warehouse Page 12 of 19 Page 13 of 19
This offering is subject to price adjustment or prior sale without notice. This information is provided by the owner and is deemed reliable, but is not warranted. Please do not disturb tenants or owners. Location Maps Page
14 of 19
Page 13 of 19 This offering is subject to price adjustment or prior sale without notice. This information is provided by the owner and is deemed reliable, but is not warranted. Please do not disturb tenants or owners. Birmingham MSA Foresight Economic Overview Page
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Page 14 of 19 This offering is subject to price adjustment or prior sale without notice. This information is provided by the owner and is deemed reliable, but is not warranted. Please do not disturb tenants or owners. Demographic Site Map Page
16 of 19
Page 15 of 19 This offering is subject to price adjustment or prior sale without notice. This information is provided by the owner and is deemed reliable, but is not warranted. Please do not disturb tenants or owners. Demographics Page 16 of 19 Page
17 of 19
This offering is subject to price adjustment or prior sale without notice. This information is provided by the owner and is deemed reliable, but is not warranted. Please do not disturb tenants or owners. Demographics 18 of 19
Page
This offering is subject to price adjustment or prior sale without notice. This information is provided by the owner and is deemed reliable, but is not warranted. Please do not disturb tenants or owners. Broker Profile Kyle Stonis Partner Senior VP—National Retail Group Bull Realty, Inc. 1801 Piedmont Avenue Atlanta, GA 30324 Phone: 404.876.1640 ext. 123 Email: [email protected]
Alabama License #: 90497
As Partner at Bull Realty and Senior Vice President of the National Retail Group of Bull Realty, Kyle Stonis has been an active and productive leader in the Eastern United States commercial real estate market. Kyle has consistently been a top producer since joining Bull Realty in 2003. His professional relationships include REIT’s, institutional funds, international funds, and equity funds, high net worth individuals and private investment companies. Additionally, he works with several financial institutions on the disposition of their foreclosed and REO properties. His mission is to continue to add value for his clients in the acquisition and disposition of retail investment properties. His expertise and ability to accurately and effectively connect buyers and sellers has made him an excellent resource in all components of commercial real estate sales. Kyle is involved with various networking and professionals organizations, including the National Association of REALTORS, the Atlanta Commercial Board of Realtors CBR, and the International Council of Shopping Centers. In addition to his real estate experience, Kyle is a CCIM Designee and is continuously expanding his knowledge by attending numerous commercial real estate conferences and educational seminars. He holds a real estate license in Georgia, Tennessee, Alabama, Florida, South Carolina, and North Carolina. Bull Realty is a commercial real estate brokerage firm providing marketing and acquisition services across the country for institutional and private equity investors, lenders, institutions and users of commercial real estate. The firm is well known for their successful marketing platform and industry leading use of technology.  Specific broker teams specialize in retail, office, industrial, apartments, land, medical, hospitality, and special asset services.  Bull Realty provides marketing and other services for 74 lenders and servicers.  Google chooses BullRealty.com as the number one website for the most often used search phrase for “Commercial Real Estate Georgia”.  Bull Realty marketing services includes videos of appropriate properties.  The firm hosts the Commercial Real Estate Show, a talk radio show which airs at 10AM EST every Saturday on air at biz1190AM and on‐line at www.CommercialRealEstateShow.com. Page 18 of 19 Page 19 of 19 This offering is subject to price adjustment or prior sale without notice. This information is provided by the owner and is deemed reliable, but is not warranted. Please do not disturb tenants or owners.