walmart supercenter - Matthews Real Estate Investment Services

Transcription

WALMART SUPERCENTER
790 GREENSBURG COMMONS CENTER, GREENSBURG, IN 47240
OFFERING MEMORANDUM
CO N F ID EN TI AL I TY & D I S C L A I M E R S TATE M E NT
This Of fering Memorandum contains select infor mation per taining to the business and af fairs of Walmart located at 790 Greensburg
Commons Center, Greensburg, IN 47240 (“Proper ty”). It has been prepared by Matthews Retail Group . This Of fering Memorandum may
not be all-inclusive or contain all of the infor mation a prospective purchaser may desire. The infor mation contained in this Of fering
Memorandum is confidential and fur nished solely for the purpose of a review by a prospective purchaser of the Proper ty. It is not to
be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Retail Group
. The material is based in par t upon infor mation supplied by the Seller and in par t upon financial infor mation obtained from sources
it deems reliable. Owner, nor their of ficers, employees, or agents makes any representation or warranty, express or implied, as to the
accuracy or completeness of this Of fe ring Memorandum or any of its contents and no legal liability is assumed or shall be implied
with respect thereto. Prospective purchasers should make their own projections and for m their own conclusions without reliance upon
the material contained herein and conduct their own due diligence.
By acknowledging your receipt of this Of fering Memorandum for the Proper ty, you agree:
1. The Of fering Memorandum and its contents are confidential;
2. You will hold it and treat it in the strictest of confidence; and
3. You will not, directly or indirectly, disclose or per mit anyone else to disclose this Of fering Memorandum or its contents in any
fashion or manner detrimental to the interest of the Seller.
Owner and Matthews Retail Group expressly reser ve the right, at their sole discretion, to reject any and all expressions of interest
or of fers to purchase the Proper ty and to ter minate discussions with any person or entity reviewing this Of fering Memorandum or
making an of fer to purchase the Proper ty unless and until a written agreement for the purchase and sale of the Proper ty has been
fully executed and delivered.
If you wish not to pursue negotiations leading to the acquisition of the Proper ty or in the future you discontinue such negotiations,
then you agree to purge all materials relating to this Proper ty including this Of fering Memorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Proper ty, or infor mation provided
herein or in connection with the sale of the Proper ty shall be limited to those expressly provided in an executed Purchase Agreement
and shall be subject to the ter ms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews
Retail Group or any of their af filiates or any of their respective of ficers, Directors, shareholders, owners, employees, or agents for
any damages, liability, or causes of a ction relating to this solicitation process or the marketing or sale of the Proper ty.
This Of fering Memorandum shall not be deemed to represent the state of af fairs of the Proper ty or constitute an indication that there
has been no change in the state of af fairs of the Proper ty since the date this Of fering Memorandum.
Matthews Retail Group
Table of Contents
PRICING & FINANCIAL ANALYSIS
Investment Overview..................................................... 2
Executive Summary...................................................... 3
Company Overview .................................................... 4
PROPERTY DESCRIPTION
Physical Description...................................................... 6
Lease Abstract............................................................. 7
Regional Map.............................................................. 8
Local Map................................................................... 8
Local Tenant Map......................................................... 9
Bird’s Eye View.......................................................... 10
DEMOGRAPHICS
City Overview | Greensburg, IN................................. 12
Demographics........................................................... 13
E XCLUS IVELY L ISTED BY:
Kyle B. Matthews, CCIM
Chairman & CEO
DIRECT +1.310.919.5757
MOBILE +1.310.622.3161
[email protected]
License No. 01469842
Patrick Toomey
Managing Partner
DIRECT +1.310.919.5765
MOBILE +1.310.403.4984
[email protected]
Chris Hake
Broker of Record
License No. RB14047804
Pricing & Financial Analysis
PRICING AND FINANCIAL ANALYSIS
DEMOGRAPHICS
Investment Overview
Excellent, Seldom-Seen Walmart Supercenter Investment
• Absolute NNN lease with Walmart (NYSE: WMT, S&P rated
“AA”), the largest retailer in the world and the highest ranked
company on the Fortune 500 list
• Walmart has successfully operated at this location since 1999
and has six (6) five (5) year options remaining
• Walmart has elected its self-maintenance rights which means
that this lease functions essentially as a ground lease - zero
landlord obligations for maintenance or billing
Strong Retail Location
• Greensburg Commons co-tenants include Hibbett Sports, rue
21, Bath & Body Works, Goody’s, Rent-A-Center, GNC, Game
Stop, SuperCuts, Shoe Show, and Waffle House
• Tenants in the trade area include: CVS, O’Reilly Auto Parts,
McDonald’s, Walgreens, Great Clips, Subway, Goodwill,
Burger King, Taco Bell, Papa John’s, Anytime Fitness, Little
Caesars, and Wendy’s
• Benefits from Supercenter concept with attached garden
center
• Great visibility, sign identity, and ease of access located
along Interstate 74, the main highway connecting Indianapolis to Cincinnati (± 18,000 cars per day)
• The property is adjacent to three thriving business parks
P. 2
Outstanding Midwestern Economy
• Greensburg is the home of Honda’s 1,700 acre
$550MM, 2,300-employee assembly plant, less than 5
miles from the subject property
• Greensburg is also home to Delta Faucet machining
activites which recently consolidated here
• Greensburg’s population growth has been steady over
the past thirty years and has been recently accelerating
• Average Household Income within a 1-mile radius is
$54,027
• Greensburg is accessible to traffic from Interstates 65,
69, 70, 71, 74, and 75, Central Railroad of Indiana, as
well as Cincinnati/Northern Kentucky International Airport, Indianapolis International Airport, Louisville International Airport, and Greensburg Municipal Airport
• Greensburg is the county seat for Decatur County, and
home of the Decatur County Fair
Ideal 1031 Exchange Property
• NNN lease to a nationally recognized credit tenant
with six (6) five (5) year option periods
• Available for quick close to accommodate 1031identification and closing periods
OFFERING MEMORANDUM | Walmart
DEMOGRAPHICS
Executive Summary
WALMART
790 GREENSBURG COMMONS CENTER
GREENSBURG, IN 47240
List Price.......................................................$15,106,000
CAP Rate �� 6.50%
Rent..................................................................$981,891
Gross Leasable Area�� 183,531 SF
Lot Size �� 20.61 Acres
Year Built��1999
Annualized Operating Data
Annual Rent
Rent/SF
Current through 8/2019
$981,891
$5.35
Option 1 - 8/2019
$981,891
$5.35
Option 2 - 8/2024
$981,891
$5.35
Option 3 - 8/2029
$981,891
$5.35
Option 4 - 8/2034
$981,891
$5.35
Option 5 - 8/2039
$981,891
$5.35
Tenant Summary
Tenant Trade Name
Walmart
Type of Ownership
Fee Simple
Lease Guarantor
Corporate
Lease Type
Roof and Structure
NNN
Tenant Responsible
Original Lease Term
Twenty (20) Years
Lease Commencement Date
August 25, 1998
Rent Commencement Date
August 18, 1999
Lease Expiration Date
August 17, 2019
Term Remaining on Lease
Four (4) Years and One (1) Month
Increases
Options
Walmart |
OFFERING MEMORANDUM
None
Six (6) Five (5) Year
P. 3
DEMOGRAPHICS
Company Overview
Tenant Name
Walmart
Ownership
Public
Stock Symbol
WMT
Board
NYSE
Credit Rating
Rating Agency
Revenue
No. of Locations
No. of Employees
Headquartered
Web Site
Year Founded
P. 4
AA/Aa2
Standard & Poor’s/Moody’s
$485.52 Billion
11,000
2,200,000
Bentonville, AR
http://www.walmart.com
1945
Wal-Mart Stores, Inc. operates retail stores in various formats worldwide. The
company operates through three segments: Walmart U.S., Walmart International,
and Sams Club. It operates discount stores, supermarkets, supercenters,
hypermarkets, warehouse clubs, cash and carry stores, home improvement
stores, specialty electronics stores, restaurants, apparel stores, drug stores, and
convenience stores, as well as retail Websites, such as walmart.com and samsclub.
com. The company also provides financial services and related products, including
money orders, prepaid cards, wire transfers, money transfers, check cashing, and
bill payment. In addition, it offers brand name merchandise, including hardgoods,
softgoods, and selected private-label items, such as Members Mark and its own
proprietary brands, such as Daily Chef and Simply Right. It operates approximately
11,000 stores under 72 banners in 27 countries; and e-commerce websites in 11
countries. The company was founded in 1945 and is headquartered in Bentonville,
Arkansas.
Source: Yahoo Finance
Property Description
DEMOGRAPHICS
Physical Description
THE OFFERING
Property Name....................................................... Walmart Supercenter
Property Address........................................... 790 Greensburg Commons
Center
Greensburg, IN 47240
Assessor’s Parcel Number............................ 16-06-36-230-003.000-016
16-06-36-240-001.010-016
SITE DESCRIPTION
Number of Stories��One
Year Built....................................................................................... 1999
Gross Leasable Area (GLA)��183,531 SF
Lot Size...............................................................................20.61 Acres
Type of Ownership................................................................. Fee Simple
Parking (entire center)................................................... 1,420 Spaces
Parking Ratio (entire center)�� 5.2 : 1,000 SF
Landscaping.........................................................................Professional
Topography.....................................................................Generally Level
CONSTRUCTION
Foundation.................................................................. Concrete Slab
Exterior...................................................................... Concrete Block
Parking Surface.....................................................................Asphalt
Roof................................................................................................. Flat
P. 6
DEMOGRAPHICS
Lease Abstract
Tenant:
Wal-Mart Real Estate Business Trust, a Delaware Business Trust
Premises:
An approximately 183,531 SF retail space located at 790 Greensburg Commons Center, Greensburg, Decatur County, Indiana 47240.
Date Of Lease:
August 25, 1998
Rent Commencement:
August 18, 1999
Lease Expiration:
August 17, 2019
Lease Term:
Twenty (20) Years
Renewal Options:
Six (6) Five (5) Year
Rent:
$981,890.88 per year
Real Estate Taxes:
Tenant pays directly.
Common Area Expense:
Tenant self-maintains its parcel at its own cost and expense.
Insurance:
Tenant shall provide and maintain commercial general liability insurance for bodily injury or property damage of not less than $2,000,000 throughout the Term. Tenant shall also pay its Proportional Share of the premiums, fees and charges incurred by Landlord to maintain all risk fire and extended coverage, vandalism and malicious insurance on all improvements.
Repairs and Maintenance:
Tenant to maintain Premises in good order and repair and shall be responsible for any and all maintenance, repairs, and replacements. Tenant to
maintain its designated parking lot lights.
Insurance:
Tenant to maintain all-risk insurance in an amount sufficient to provide for actual replacement in full of the Building (less the costs of land excavation,
foundations and footings). Tenant shall maintain or cause to be maintained commercial general liability insurance with a combined single limit of
not less than Two Million Dollars ($2,000,000.00) for personal injuries, including bodily injury or death, and property damage to any number of
persons arising out of any one occurrence.
Utilities:
Tenant to pay all charges for electricity, gas, water, and sewer. Tenant to pay for regular removal of all trash, rubbish and garbage from the premises.
Tenant Assignment and Subletting:
Tenant may sublet or assign the premises without landlord’s consent at any time and the subtenant or assignee may use the premises for any lawful
purpose. Tenant to remain financially liable.
Surrender:
At the expiration or earlier termination of Term, Tenant will surrender the Premises in good order and condition; reasonable wear and tear, loss or
damage by fire or casualty and condemnation excepted.
Walmart |
OFFERING MEMORANDUM
P. 7
DEMOGRAPHICS
Regional Map
Local Map
P. 8
DEMOGRAPHICS
Local Tenant Map
Walmart |
OFFERING MEMORANDUM
P. 9
DEMOGRAPHICS
Bird’s Eye View
P. 10
Demographics
DEMOGRAPHICS
DEMOGRAPHICS
City Overview | Greensburg, IN
Top Employers:
Honda Manufacturing (2,300)
KB Specialty Foods (278)
GECOM (1,000)
Delta Faucet (275)
Valeo Engine (950)
Wood Mizer (120)
One Solution Logistics (600)
Steel Technologies (117)
Hitachi Powdered Metals (430)
NIPRO Glass Americas (96)
Greensburg is a city in Decatur County, Indiana. Decatur County consists of the following cities, Greensburg, Milford, Millhousen, Newpoint, St. Paul, Westport and
Clarksburg. Decatur County is located in southeast Indiana at the intersections of Interstate 74 and State Road 3. The County Seat of Decatur County is Greensburg.
The population of Decatur County is approximately 25,000, with 11,000 of those people living in Greensburg.
Greensburg is located adjacent to Interstate 74 halfway between Indianapolis and Cincinnati. U.S. Highway 421 links Greensburg with Indianapolis to the north and
Lexington, Kentucky, to the south. State Road 3 connects Greensburg with Muncie and Fort Wayne to the north and the Indiana suburbs of Louisville, Kentucky, to the
south. State Road 46 links the community with Columbus, Bloomington, and Terre Haute to the west and Batesville to the east. Greensburg is a likely train stop on the
proposed high-speed rail line between Indianapolis and Cincinnati. This line is part of the Midwest Regional Rail Initiative, which is the master plan for a high-speed
rail network throughout the Midwestern United States. Indianapolis International Airport is located 59 miles (95 km) from Greensburg, and Cincinnati Northern
Kentucky International Airport is located 66 miles (106 km) away.
The Decatur County Courthouse in Greensburg is known for a tree which grows from the top of the Courthouse Tower, giving Greensburg its nickname, “Tree City.”
Honda Motor Company operates an automobile manufacturing plant (Honda Manufacturing of Indiana, LLC) along Interstate 74 in Greensburg. As of 2013, Honda
Manufacturing of Indiana employs over 2,000 associates and produces gasoline, compressed natural gas, and hybrid powered sedan variants of the Honda Civic
(ninth generation). Delta Faucet conslidated its machining operations to Greensburg as well. A number of other Greensburg businesses produce goods ranging from
auto parts to faucets. Kroger’s KB Specialty Foods plant is based in Greensburg and manufactures various baked goods, deli salads and other store brand products.
P. 12
DEMOGRAPHICS
Demographics
Population
2020 Projection
2015 Estimate
2010 Census
2000 Census
Growth 2015-2020
Growth 2010-2015
Growth 2000-2010
1-Mile
2,352
2,269
2,183
2,094
3.66%
3.92%
4.28%
3-Mile
13,127
12,695
12,254
11,411
3.40%
3.60%
7.39%
5-Mile
15,206
14,670
14,117
13,043
3.65%
3.91%
8.24%
Households
2020 Projection
2015 Estimate
2010 Census
2000 Census
Growth 2015-2020
Growth 2010-2015
Growth 2000-2010
1,018
976
929
868
4.36%
4.98%
7.11%
5,297
5,108
4,909
4,579
3.69%
4.05%
7.20%
6,098
5,867
5,622
5,177
3.94%
4.36%
8.60%
10.35%
12.19%
11.27%
13.73%
31.66%
11.17%
5.74%
2.05%
1.54%
0.20%
0.10%
0.00%
$54,027
$51,906
12.06%
14.47%
12.08%
16.90%
25.61%
9.12%
5.13%
2.62%
1.59%
0.31%
0.10%
0.00%
$51,451
$45,108
11.61%
14.15%
12.07%
17.03%
25.52%
9.41%
5.25%
2.90%
1.59%
0.34%
0.14%
0.00%
$52,317
$45,728
Income
$0 - $15,000
$15,000 - $24,999
$25,000 - $34,999
$35,000 - $49,999
$50,000 - $74,999
$75,000 - $99,999
$100,000 - $124,999
$125,000 - $149,999
$150,000 - $199,999
$200,000 - $249,999
$250,000 - $499,999
$500,000+
2015 Est. Average Household Income
2015 Est. Median Household Income
Walmart |
OFFERING MEMORANDUM
P. 13
WALMART SUPERCENTER
790 Greensburg Commons Center
Greensburg, IN 47240
OFFERING MEMORANDUM
Kyle B. Matthews, CCIM
Chairman & CEO
DIRECT +1.310.919.5757
MOBILE +1.310.622.3161
[email protected]
Patrick Toomey
Managing Partner
DIRECT +1.310.919.5765
MOBILE +1.310.403.4984
[email protected]
Chris Hake
Broker of Record
License No. RB14047804
Matthews Retail Group | 2121 841 Apollo Street, Suite 150 | El Segundo, CA 90245 | www.MatthewsRetailGroup.com

walmart supercenter - Matthews Real Estate Investment Services

Transcription

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