Advance Auto Parts Hardeeville, SC

Transcription

offering memorandum.
Advance Auto Parts
Hardeeville, SC
Sun City
Argent Lakes
Golf Course
Ok
at
ie Center Blv
dN
/ Fording
Island Rd
(26,000
AADT)
File Photo
$2,340,500
6.50% CAP Rate
••15-Year Net Lease
••Brand New Construction
••Excellent Retail Corridor
••Parent is Rated “BBB-” by S&P
••Close Proximity to US Highway 278
15 Miles from Hilton Head, SC
••Situated
and 17 Miles from Savannah, GA
This property is listed in conjunction with South Carolina-licensed real estate broker McNeel Properties, Inc.
www.maffiateam.com
Confidentiality & Disclosure
Cornish & Carey Commercial Newmark Knight Frank (“Broker”) has been retained on an exclusive basis to market the property
described herein (“Property”). Broker has been authorized by the Seller of the Property (“Seller”) to prepare and distribute the enclosed information (“Material”) for the purpose of soliciting offers to purchase from interested parties. More detailed financial, title
and tenant lease information may be made available upon request following the mutual execution of a letter of intent or contract to
purchase between the Seller and a prospective purchaser. You are invited to review this opportunity and make an offer to purchase
based upon your analysis. If your offer results in the Seller choosing to open negotiations with you, you will be asked to provide financial references. The eventual purchaser will be chosen based upon an assessment of price, terms, ability to close the transaction and
such other matters as the Seller deems appropriate.
The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors for the acquisition of
the Property. The Material is not to be copied and/or used for any other purpose or made available to any other person without the
express written consent of Broker or Seller. The Material does not purport to be all-inclusive or to contain all of the information that
a prospective buyer may require. The information contained in the Material has been obtained from the Seller and other sources and
has not been verified by the Seller or its affiliates. The pro forma is delivered only as an accommodation and neither the Seller, Broker, nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, members, managers, partners,
shareholders, directors, or officers, makes any representation or warranty regarding such pro forma. Purchaser must make its own
investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections
contained in the pro forma.
Seller reserves the right, for any reason, to withdraw the Property from the market. Seller has no obligation, express or implied, to
accept any offer. Further, Seller has no obligation to sell the Property unless and until the Seller executes and delivers a signed agreement of purchase and sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, a purchaser will be deemed
to have acknowledged the foregoing and agreed to release Seller and Broker from any liability with respect thereto.
Property walk-throughs are to be conducted by appointment only. Contact Broker for additional information.
Michael Yuras, CCIM
Vice President
916.504.4905
[email protected]
Lic #01823291
Putnam Daily
VP/Transaction Manager
415.445.5107
[email protected]
Lic #01750064
901 Mariners Island Boulevard, Suite 120 • San Mateo, CA 94404 • Tel 415.373.4060 • Fax 415.373.4060 • www.maffiateam.com
Table of Contents
•Property Information........................................................................................................................1
•Tenant Information.......................................................................................................................... 2
•About the Area................................................................................................................................ 3
•Site Plan......................................................................................................................................... 4
•Aerials............................................................................................................................................ 5
•Location Maps................................................................................................................................ 8
•Demographics............................................................................................................................... 11
Property Information
Location
The property is located at 163 Okatie Center Boulevard North in Hardeeville, South Carolina.
Lot Size
Approximately 1.26 acres, or 54,885 square feet.
Improvements
Construction was completed in 2013 of an approximately 6,975 square foot retail building for Advance Auto Parts. There
is ample parking on the site.
Lease
Leased to Advance Stores Company Incorporated, for 15 years from April 18, 2013 to April 30, 2028, at an annual net rent
of $152,138. There are four five-year options to renew the lease, with the rent increasing by 10% at the commencement of
the first option and by 8% at the commencement of the remaining options. The lease is net, with the tenant responsible
for taxes, insurance, and all maintenance, replacement and repair of the leased premises inlcuding the roof, parking lot
and HVAC. Landlord is only responsible for maintaining the slab, foundation and structure of the leased premises.
Net Annual
Income
Years
Annual Rent
Return
1-15
$152,138
6.50%
16-20 (Option 1)
$167,352
7.15%
21-25 (Option 2)
$180,740
7.70%
26-30 (Option 3)
$195,199
8.34%
31-35 (Option 4)
$210,815
9.00%
Price
$2,340,500 (6.50% Return)
Financing
The property will be delivered free and clear of permanent financing.
1
Tenant Information
About the
Tenant
Advance Stores Company, Inc., the major subsidiary of Advance Auto Parts, Inc. (NYSE: “AAP”), is a specialty retailer of
automotive aftermarket parts, accessories, batteries and maintenance items primarily operating within the United States.
Headquartered in Roanoke, VA, Advance Auto Parts, Inc., serves both the do-it-yourself and professional installer markets.
As of December 29, 2012, the Company operated 3,576 AAP stores throughout 39 states in the Northeastern, Mid-Atlantic,
Southeastern and Midwestern (inclusive of South Central) regions of the United States, Puerto Rico and the Virgin Islands.
These stores operated under the Advance Auto Parts trade name as well as Western Auto and Discount Auto Parts. It is also
a partner in PartsAmerica.com, an on-line auto parts seller. For the fiscal year ended December 2012, sales totaled over
$6.2 billion with a net income of over $387 million. The company is rated “BBB-” by Standard & Poor’s.
For additional information, see www.corp.advanceautoparts.com
2
About the Area
Site
Information
The site is located just north of U.S. Highway 278 which is a heavily traveled thoroughfare connecting Hardeeville with
Bluffton and Hilton Head Island. The site is also located in close proximity to South Carolina Highway 170 (also known as
Okatie Highway) which is generally considered to be the main route through Okatie. Additionally, it is near Interstate 95
(51,000 AADT) which connects Hardeeville with Savannah, GA.
The parcels immediately west of the property are a Firestone and Wendy’s while the property to the east is a Cracker Barrel.
Within close proximity to the Advance Auto Parts are a number of national tenants including: Walgreens, Wells Fargo, Sun
Trust Bank and Food Lion. Additional tenants in the area include Ashley Furniture Homestores, Jersey Mike’s, Zaxby’s,
Ethan Allen, and Goodyear.
General
Overview
Hardeeville is a city located in Jasper and Beaufort counties in the Southeast corner of South Carolina. The city is included
within the Hilton Head Island-Bluffton-Beaufort Metropolitan Statistical Area. The MSA had a population of 193,882 in
2012 according to the United States Census Bureau. The MSA consists of the two southernmost counties in the Lowcounty
region of South Carolina.
Hardeeville has seen an expanded economy due to pressures from a quickly growing population. It was one of the fastest
growing cities in the Southeast in the 2000s and experienced a population growth of 65% from 2000 to 2010. Also during
that time, the city expanded its limits from 4.5 miles to approximately 50 square miles. Hardeeville can attribute much of
its growth to the pro-business attitude of its government and population. As a result, Hardeeville has been able to build a
balanced economy for the present and future. With 60,000 residential units approved for development and a minimum of
5 million square feet of commercial space in progress, prosperity in this city will continue to rise.
Hardeeville is located just minutes from Hilton Head Island, Savannah and Beaufort. The city is bordered to the west by the
28,168 acre Savannah National Wildlife Refuge which is a large-scale nature preserve along the South Carolina and Georgia sides of the Savannah River. Thirty minutes from the city is Hilton Head Island, a barrier island which encompasses 42
square miles of semi-tropical Lowcountry geography. The island is a pristine environment and was the United States first
Eco-planned destination. It offers a relaxing and hospitable environment with a mixture of lagoons, forests and 12 miles of
sandy beaches interspersed with fine dining, luxurious hotels, resorts and private villa accommodations.
“A lot of areas might have pieces of the puzzle but Hardeeville has it all. We have the property, the utilities, the major
roads, the rail, the ports and the residential and commercial growth. Not to mention we’re right next door to some of the
finest resorts in the world. You can see why any business would want to be in Hardeeville.”
-Brooks Willis, Former City Council Member
3
OKA
TIE C
ENTE
R BL
VD N
ORTH
Site Plan
6,975 SF
PYLON
SIGN
4
Aerial | Close-up View
Okatie Cen
ter
Blvd N
/ Fording Island Rd (26,000 AADT)
5
Sun City
Argent Lakes
Golf Course
ie Center Blv
dN
Ok
at
Aerial | Midrange View
/ Fording
Island Rd
(26,000
AADT
)
6
Aerial | Distant View
N
/ For
ding
Okatie Cent
er Blvd N
Islan
d Rd
( 26,1
00 AA
DT)
Okatie
Cente
r Bl
vd
/ Okatie Hwy
Okatie Center Blvd S
7
Location Map
Site
Location Map
Site
Location Map
Site
Demographics
163 Okatie Center Blvd
Hardeeville, SC 29909
Market Profile
163 Okatie Center Blvd N, Okatie, SC, 29909
Ring: 1 mile radius
Population Summary
2000 Total Population
2012 Group Quarters
2012-2017 Annual Rate
Household Summary
2000 Households
2000 Average Household Size
2010 Households
2012 Households
2017 Households
2010 Families
2010 Average Family Size
2012 Families
2017 Families
Housing Unit Summary
2000 Housing Units
Owner Occupied Housing Units
Renter Occupied Housing Units
Vacant Housing Units
2010 Housing Units
2012 Housing Units
2017 Housing Units
Median Household Income
2012
2017
Median Home Value
2012
2017
Per Capita Income
2012
2017
Median Age
2010
2012
2017
Latitude: 32.3
Longitude: -80.945
1 mile
3 miles
5 miles
879
1,343
1,769
100
2,009
2.57%
3,910
16,834
18,060
259
20,092
2.16%
9,499
34,760
37,350
263
42,176
2.46%
530
1.66
793
1.57
1,007
1.66
1,146
1.67
2.61%
508
2.00
635
2.00
722
2.02
2.60%
1,957
2.00
8,197
2.02
8,752
2.03
9,851
2.01
2.39%
5,911
2.33
6,215
2.34
6,975
2.33
2.33%
4,027
2.36
14,563
2.37
15,497
2.39
17,629
2.38
2.61%
10,795
2.69
11,348
2.71
12,887
2.71
2.58%
606
79.2%
8.1%
12.7%
2,190
80.7%
8.6%
10.6%
4,444
78.5%
12.2%
9.4%
951
79.2%
4.2%
16.6%
1,175
75.7%
10.1%
14.3%
1,339
74.5%
11.1%
14.4%
9,621
76.4%
8.8%
14.8%
10,213
75.9%
9.8%
14.3%
11,424
76.2%
10.0%
13.8%
17,208
69.3%
15.3%
15.4%
18,181
69.2%
16.1%
14.8%
20,605
69.6%
16.0%
14.4%
$42,030
$46,360
$55,302
$58,904
$54,586
$58,129
$244,952
$229,530
$236,785
$224,056
$229,079
$215,153
$33,082
$35,711
$35,684
$38,980
$30,870
$33,941
70.9
67.5
67.1
64.1
63.9
64.9
48.2
48.6
50.5
Data Note: Household population includes persons not residing in group quarters. Average Household Size is the household population divided by total households.
Persons in families include the householder and persons related to the householder by birth, marriage, or adoption. Per Capita Income represents the income received by
all persons aged 15 years and over divided by the total population.
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2012 and 2017. Esri converted Census 2000 data into 2010 geography.
11
Market Profile
Demographics
Ring: 5 mile radius
Latitude: 32.3
Longitude: -80.945
1 mile
3 miles
5 miles
1,007
7.4%
8,752
6.8%
15,497
7.6%
11.5%
19.9%
20.0%
16.9%
9.5%
8.1%
13.5%
14.8%
22.8%
13.6%
8.4%
12.3%
15.2%
24.3%
12.7%
9.3%
1.7%
3.9%
$62,530
13.4%
2.2%
4.8%
$73,823
11.4%
2.8%
5.2%
$73,813
1,146
7.1%
9.7%
9,851
6.2%
6.4%
17,629
6.8%
6.6%
17.6%
19.2%
19.6%
11.5%
11.9%
13.7%
25.0%
15.5%
10.9%
14.0%
26.6%
14.6%
9.6%
1.9%
3.8%
$68,050
14.0%
2.4%
4.7%
$79,979
12.2%
3.1%
5.2%
$80,672
889
0.9%
2.0%
7,748
0.4%
1.9%
12,578
0.7%
3.1%
$100,000 - $149,999
$150,000 - $199,999
$200,000 - $249,999
10.5%
19.0%
19.7%
9.2%
22.4%
21.9%
12.0%
23.0%
19.3%
$250,000 - $299,999
$300,000 - $399,999
14.2%
20.1%
17.3%
18.4%
14.9%
16.0%
$400,000 - $499,999
$500,000 - $749,999
$750,000 - $999,999
7.5%
4.7%
0.8%
4.5%
2.8%
0.8%
5.2%
4.0%
1.1%
0.7%
$280,353
0.5%
$263,675
0.6%
$264,503
997
0.6%
8,707
0.3%
14,333
0.5%
1.7%
11.9%
23.5%
20.7%
12.7%
17.2%
5.5%
4.3%
1.0%
0.8%
$269,510
1.5%
10.1%
27.4%
22.3%
15.3%
15.7%
3.4%
2.7%
0.8%
0.5%
$254,638
2.4%
13.1%
28.1%
19.6%
13.2%
13.5%
3.9%
3.8%
1.2%
0.6%
$255,605
2012 Households by Income
Household Income Base
<$15,000
$15,000
$25,000
$35,000
$50,000
$75,000
-
$24,999
$34,999
$49,999
$74,999
$99,999
$100,000 - $149,999
$150,000 - $199,999
$200,000+
Average Household Income
2017 Households by Income
Household Income Base
<$15,000
$15,000 - $24,999
$25,000
$35,000
$50,000
$75,000
-
$34,999
$49,999
$74,999
$99,999
$100,000 - $149,999
$150,000 - $199,999
$200,000+
Average Household Income
2012 Owner Occupied Housing Units by Value
Total
<$50,000
$50,000 - $99,999
$1,000,000 +
Average Home Value
2017 Owner Occupied Housing Units by Value
Total
<$50,000
$50,000 - $99,999
$100,000 - $149,999
$150,000 - $199,999
$200,000 - $249,999
$250,000 - $299,999
$300,000 - $399,999
$400,000 - $499,999
$500,000 - $749,999
$750,000 - $999,999
$1,000,000 +
Average Home Value
12
Data Note: Income represents the preceding year, expressed in current dollars. Household income includes wage and salary earnings, interest dividends, net rents,
pensions, SSI and welfare payments, child support, and alimony.
Market Profile
Demographics
Ring: 5 mile radius
Latitude: 32.3
Longitude: -80.945
1 mile
3 miles
5 miles
1,343
0.8%
16,833
3.3%
34,759
6.0%
0.7%
0.5%
8.9%
1.6%
1.7%
3.0%
2.5%
6.0%
6.0%
6.3%
5.6%
4.7%
8.6%
11.1%
11.0%
2.8%
13.1%
35.9%
28.4%
5.6%
6.0%
19.2%
31.7%
13.5%
2.6%
9.0%
15.2%
19.4%
7.9%
1.6%
97.5%
89.8%
81.1%
1,769
2.3%
18,061
3.4%
37,352
6.0%
5-9
10 - 14
15 - 24
25 - 34
35 - 44
1.8%
1.5%
10.4%
4.7%
3.8%
3.1%
2.5%
6.2%
6.3%
6.2%
5.5%
4.6%
8.6%
11.4%
10.7%
45
55
65
75
85
4.7%
13.5%
30.6%
22.0%
4.5%
5.9%
19.3%
31.9%
12.7%
2.6%
8.8%
15.5%
19.8%
7.5%
1.6%
93.6%
89.8%
81.4%
2010 Population by Age
Total
0-4
5-9
10 - 14
15 - 24
25 - 34
35 - 44
45
55
65
75
85
- 54
- 64
- 74
- 84
+
18 +
Total
0-4
- 54
- 64
- 74
- 84
+
18 +
Total
2,011
20,093
42,177
0-4
5-9
10 - 14
2.6%
2.0%
1.7%
3.3%
2.9%
2.4%
5.8%
5.4%
4.7%
15 - 24
25 - 34
10.0%
5.3%
5.7%
6.1%
8.0%
11.2%
35 - 44
45 - 54
55 - 64
4.1%
4.7%
13.2%
5.9%
5.4%
18.6%
10.4%
8.0%
15.5%
65 - 74
75 - 84
85 +
18 +
32.1%
20.1%
4.1%
92.6%
35.0%
12.2%
2.4%
90.1%
22.1%
7.3%
1.6%
81.8%
602
741
7,857
8,977
16,789
17,971
809
960
8,463
9,598
18,080
19,270
924
1,085
9,470
10,622
20,481
21,696
2010 Population by Sex
Males
Females
Males
Females
Males
Females
13
Market Profile
Demographics
Ring: 5 mile radius
2010 Population by Race/Ethnicity
Total
White Alone
Black Alone
American Indian Alone
Asian Alone
Pacific Islander Alone
Some Other Race Alone
Two or More Races
Hispanic Origin
Diversity Index
Total
White Alone
Black Alone
Asian Alone
Two or More Races
Hispanic Origin
Diversity Index
Total
White Alone
Black Alone
Asian Alone
Two or More Races
Hispanic Origin
Diversity Index
2010 Population by Relationship and Household Type
Total
In Households
In Family Households
Householder
Spouse
Child
Other relative
Nonrelative
In Nonfamily Households
In Group Quarters
Institutionalized Population
Noninstitutionalized Population
Latitude: 32.3
Longitude: -80.945
1 mile
3 miles
5 miles
1,342
92.4%
16,835
90.6%
34,759
81.9%
6.0%
0.1%
0.5%
0.0%
0.3%
6.2%
0.1%
0.8%
0.0%
1.2%
9.3%
0.2%
1.2%
0.0%
5.5%
0.6%
1.8%
17.4
1.0%
4.9%
25.1
1.9%
12.4%
46.8
1,769
84.4%
18,061
89.5%
37,350
81.4%
12.8%
0.2%
0.7%
0.0%
1.0%
7.1%
0.2%
0.8%
0.0%
1.3%
9.8%
0.2%
1.3%
0.0%
5.4%
0.8%
2.8%
31.0
1.1%
4.8%
26.7
1.9%
12.0%
46.9
2,009
82.1%
20,094
88.7%
42,175
80.5%
14.5%
0.3%
1.0%
0.0%
1.1%
7.6%
0.2%
1.0%
0.0%
1.4%
10.1%
0.2%
1.4%
0.0%
5.6%
1.0%
3.1%
34.7
1.2%
5.1%
28.5
2.1%
12.5%
48.6
1,343
92.6%
71.9%
33.7%
32.3%
16,834
98.5%
82.7%
34.8%
32.2%
34,760
99.2%
85.6%
31.1%
27.0%
4.7%
0.7%
0.3%
12.9%
1.8%
0.9%
22.2%
3.1%
2.2%
20.8%
7.4%
15.8%
1.5%
13.7%
0.8%
0.0%
7.4%
0.1%
1.5%
0.0%
0.7%
14
Data Note: Persons of Hispanic Origin may be of any race. The Diversity Index measures the probability that two people from the same area will be from different
race/ethnic groups.
Market Profile
Demographics
Ring: 5 mile radius
Latitude: 32.3
Longitude: -80.945
1 mile
3 miles
5 miles
793
32.5%
67.5%
64.1%
61.3%
1.6%
2.8%
0.6%
0.1%
2.1%
8,197
23.6%
76.4%
72.1%
66.7%
8.4%
5.4%
1.4%
0.7%
4.1%
14,563
20.4%
79.6%
74.1%
64.4%
17.3%
9.7%
2.8%
1.8%
6.9%
0.6%
3.4%
2.3%
4.3%
4.9%
5.4%
All Households with Children
2.5%
11.6%
24.2%
Multigenerational Households
Unmarried Partner Households
Male-female
Same-sex
2010 Households by Size
Total
1 Person Household
2 Person Household
3 Person Household
4 Person Household
5 Person Household
6 Person Household
7 + Person Household
2010 Households by Tenure and Mortgage Status
0.5%
2.5%
2.0%
0.5%
1.2%
3.6%
3.1%
0.6%
2.4%
5.2%
4.5%
0.7%
794
32.5%
62.6%
3.0%
1.0%
0.5%
0.3%
0.1%
8,196
23.6%
61.6%
6.7%
5.0%
2.0%
0.8%
0.4%
14,563
20.4%
51.5%
11.0%
9.7%
4.4%
1.9%
1.1%
793
95.0%
44.9%
50.1%
5.0%
8,197
89.7%
53.0%
36.7%
10.3%
14,563
81.9%
55.6%
26.3%
18.1%
2010 Households by Type
Total
Households with 1 Person
Households with 2+ People
Family Households
Husband-wife Families
With Related Children
Other Family (No Spouse Present)
Other Family with Male Householder
Other Family with Female Householder
Nonfamily Households
Total
Owner Occupied
Owned with a Mortgage/Loan
Owned Free and Clear
Renter Occupied
Data Note: Households with children include any households with people under age 18, related or not. Multigenerational households are families with 3 or more parentchild relationships. Unmarried partner households are usually classified as nonfamily households unless there is another member of the household related to the
householder. Multigenerational and unmarried partner households are reported only to the tract level. Esri estimated block group data, which is used to estimate
polygons or non-standard geography.
15

Advance Auto Parts Hardeeville, SC

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