SECTION 1 - THE PROPERTY

TABLE OF CONTENTS
SECTION 1 - THE PROPERTY
Offering Summary...................................................................P.3
Site Description.......................................................................P.4
FOR MORE INFORMATION,
PLEASE CONTACT:
_________________________
Property Description ...............................................................P.5
Medical Tenant Profiles ..........................................................P.7
Aerial Photo ............................................................................P.9
Site Plan .................................................................................P.10
Dean Bacopoulos
T 330.494.4411 x 102
[email protected]
Plat Map..................................................................................P.11
SECTION 2 - MARKET OVERVIEW
Demographic Data..................................................................P.12
Steve Lazarides
T 330.494.4411 x 103
[email protected]
Market Overview.....................................................................P.13
Competitive Properties Map ...................................................P.15
SECTION 3 - FINANCIAL INFORMATION
Rent Roll .................................................................................P.16
Historical Financials................................................................P.17
Projected 2011 PROFORMA - Income & Expense ................P.18
Capital Improvements.............................................................P.19
Tom Jackson Commercial Realty
4650 Hills & Dales Road N.W.
Suite 360
Canton, Ohio 44708
T 330.494.4411
F 330.445.2306
www.tomjacksonrealty.com
SECTION 4 - CONFIDENTIALITY AGREEMENT
Confidentiality Agreement.......................................................P.20
2
OFFERING SUMMARY
OFFERING SUMMARY
Offering Price........................................................................$9,950,000*
Projected 2011 NOI (1/1/11 - 12/31/11) .................................$1,038,995
Capitalization Rate - Stabilized ....................................................10.44%
Ownership..............................................................................Fee Simple
Year Built.........................................................................................1985
Building Size..........................................................................100,327 SF
Land Area ...............................................................................7.91 Acres
Parking ....................................................................................6/1000 SF
Zoning.................................................B-3 Commercial Business District
Mixed Use ............................................................Medical / Retail / Office
County .............................................................................................Stark
Township.....................................................................................Jackson
Occupancy ...................................................................................95.3%**
ASSUMABLE FINANCING
Lender .............................................................Huntington National Bank
Loan ........................................................................................$8,434,000
Start Date .................................................................................7/12/2007
Term...................................................10 years; 8/15/2017 Maturity Date
Interest Rate.........................................................................7.1%APR***
Prepayment Penalty ..............................................................Defeasance
Loan Assumption Fee....................................................1% ($84,340)
*Based on $9.95m purchase price, an equity down payment of at least
$1,516,000 will be required from Buyer at closing; additional equity
may be required in order to facilitate loan assumption.
**Pending two new leases. See page 18 for details.
***Fully amortizing, at a fixed rate of 7.1% based on 25 year amortization.
THE OPPORTUNITY
As the exclusive agent for the owner, Tom Jackson Commercial Realty is
pleased to offer for sale Belden Center. Included in this offering is 100,327
square feet which is principally leased to medical, retail and office tenants.
The anchor medical tenants occupy more than 50% of the total space available,
and assure a strong draw from the heavily trafficked intersection of Fulton
Road and Dressler Road.
Three of the largest tenants are medical users such as:
• Davita, Inc. – Community Dialysis Unit, LLC has been a tenant in Belden
Center for over 13 years. They recently spent $1.2 million in building
renovations expanding from 16,000 sq. ft. to 25,900 sq. ft. at the center.
Community Dialysis was recently acquired by Davita, a publicly traded company
that is the largest national provider of dialysis services. Their lease
expires 9/2013.
• Life Line Screening of America occupies 16,045 sq. ft. and is an outbound
call center. They have an international health care business that involves
utilizing mobile screening. They offer and screen for possible health issues
in 48 states. Their lease expires 6/2016.
• Child & Adolescent Behavioral Health occupies 11, 172 sq. ft. and recently
signed a new 10 year lease. Their lease expires 9/2018.
Belden Center is located on Fulton Drive with frontage on Dressler Road. The
parcel wraps around several businesses on that northwest corner across from
the heavily utilized US Post Office.
Westfield Belden Village Mall, an 830,000 sq. ft. enclosed shopping mall is the
prominent mall in the area. It is anchored by Sears, Macy’s and Dillard’s. Over
3 million sq. ft. of retail space plus a multitude of office buildings and restaurants
populate the greater Belden Village area.
3
SITE DESCRIPTION
Location:
4685 Fulton Road, N. W.
Canton, Ohio 44718
The property is located on Fulton Road with frontage
on Dressler Road. (Corner parcels not included)
Ingress and Egress:
The property has four entrances, two on Fulton Road
and two on Dressler Road. The intersection is fully signalized.
Street Improvements:
Fulton Road is a primary, 4 lane highway (State Route 687)
with a turn lane in front of the center that carries an estimated
16,000 vehicles per day past the site. Dressler Road is four
lanes wide plus turn lanes at the intersection.
Land Area:
The site consists of a total of approximately 7.91 acres.
Shape and Frontage:
The center is L-shaped with 5 of the spaces facing Dressler Road
and 11 facing Fulton Road. The remaining space is a warehouse
area with access at the rear of the center only.
Topography:
The topography of the site is flat.
Utilities and Services:
Water and Sewer are provided by the City of Canton, Electricity is
supplied by American Electric Power. Natural gas is provided by
Dominion East Ohio Gas. The telephone carrier is AT&T.
Flood Zone:
Flood Zone C, not in a special flood hazard area. Community Parcel
Number Map # 3907800085 B dated September 1, 1983.
Adjacent Properties:
The site is bounded on the east by Dressler Road and the south by
Fulton Road. Across the street on Fulton Road is a golf course. To the
east along Dressler Road is the US Post Office and multiple retail centers
and office buildings. To the north are more retail and office buildings.
4
PROPERTY DESCRIPTION
General Description:
The site consists of a retail designed center with one
L-shaped building. The building is surrounded by pavement
and parking areas. It is situated in an area of commercial and
residential development near Westfield Belden Village Mall.
Year Built:
1985
Gross Leasable Area:
The total gross leasable area is 100,327 square feet.
Foundation:
Foundation is typical of shopping centers of similar construction.
Concrete slab on footers. There is no basement.
Floor Structure:
Concrete foundation. Each tenant space may have different
flooring materials.
Exterior Walls:
The existing wall consists of brick, dryvit, and concrete block.
Roof:
Flat, rubber membrane over metal decking. Over 40,000 sq. ft.
of roofing has been replaced in the past two years.
Interior Finishes:
Each tenant space is divided by fire rated drywall or other type
of fire rated material. Interior finishes vary among tenant spaces.
Floor coverings are primarily carpeting, ceramic tile, or vinyl tile.
Most ceilings are drop-in acoustical tile. Lighting also varies.
The medical users have slightly different finishes.
HVAC:
Each tenant space is individually heated and cooled by rooftop
HVAC units. Tonnage differs for each space depending on
square footage.
5
PROPERTY DESCRIPTION
(CONTINUED)
Plumbing:
Each tenant space is separately metered for water.
Restroom:
Each space has individual restroom facilities as
per local building code.
Fire Protection:
The entire shopping center is protected by a
sprinkler system.
Parking:
The building is surrounded by an asphalt parking lot,
which was redone in September 2006. The sidewalks
and curbing are concrete.
Landscaping:
Landscaping consists of typical material used in
commercial applications.
Zoning:
B-3, Commercial Business District
Docks:
There are several docks at the rear of the building.
6
MEDICAL TENANT PROFILES
Life Line Screening of America
Life Line Screening of America is based in Cleveland, OH. It was founded
in 1993 and is the nation’s leading provider of mobile prevention health
screenings. They operate a fleet of mobile scanning units that provide
screenings to detect if a patient is at risk for stroke, aneurysms, peripheral
arterial disease, or osteoporosis. The company operates in 48 states.
For more information, please visit the website:
http://www.lifelinescreening.com
Davita, Inc. – Community Dialysis Unit, LLC
Community Dialysis Unit, LLC began as a private dialysis facility that was
established in 1996. In 2008 it was acquired by Davita, the largest national
provider of dialysis services. Davita is a publicly traded company.
They offer various programs for their patients:
• Hemodialysis
• Peritoneal Dialysis
• CAPD
• CCPD
• Pre-Dialysis Education and Counseling
• Nutritional and Social Work Services
• Transient Patient Care
For more information, please visit the website:
http://www.cdu-canton.com
7
MEDICAL TENANT PROFILES
(CONTINUED)
Child & Adolescent Behavioral Health
Child and Adolescent Behavioral Health was founded and incorporated in
1976 by a standing committee of the Stark County Mental Health Foundation.
From the beginning, system development activities were guided by the desire
to view the child in the context of the family and to provide treatment within
or close to the child’s home. Concern about separating children from their
families and relying on out-of-community or out-of-state placements led C&A
to explore community-based programmatic approaches as it expanded its
service array.
For more information, please visit the website:
http://www.ChildAndAdolescent.org/services.htm
North Canton Medical Foundation
North Canton Medical Foundation was founded in 1972 by a group of
physicians who envisioned a non-profit physician group practice as a unique
mechanism to bring high quality medical care to the community. Since 1972,
North Canton Medical Foundation has grown into one of the area’s premier
medical campuses featuring primary and specialty care, diagnostic services,
and health education.
For more information, please visit the website:
http://www.ncmf.com
8
AERIAL PHOTO
9
SITE PLAN
A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
Suite
4723
4721
4719
4715
4711
4709
4685
4677
4665
4645
4641
4339
4341
4343
4347
4349
4351
4353
Sq Ft.
2,599
1,150
1,509
5,000
1,560
2,400
25,900
4,374
12,000
16,045
11,755
1,940
1,268
4,093
1,728
1,970
1,921
1,792
VACANT
OCCUPIED
A B C
Tenants
AMTECH
VACANT
K Capelli Salon
Beacon Title Agency
VACANT
ANGELS by my side, Inc.*
Davita, Inc. – Community Dialysis & Hypertension
North Canton Medical Foundation
Fitness RX*
Life Line Screening of America
Child & Adolescence Behavioral Services
Kuppa Coffee
Merle Norman
Home Entertainment Solutions
American General
My Personal Trainer
MPT Franchising International, Inc.
Vogue Hair
D
E F
G
H
FU
LT
O
N
I
J
K
N
M
L
DRESSLER ROAD
AVAILABLE SPACE
AND CURRENT TENANTS:
R
Q
P
O
DR
IV
E
N
*Pending lease signing
10
PLAT MAP
11
DEMOGRAPHICS
DEMOGRAPHICS
DEMOGRAPHICS
1 Mile
3 Miles
5 Miles
DAYTIME DEMOS
Population - 2008 Estimate
Households
Average HH Income
US Average HH Income
3,114
1,566
$58,926
$53,913
54,178
24,057
$65,042
$61,072
168,604
70,569
$56,849
$53,232
Total Number of Businesses
Total Number of Employees
3,290
42,718
7,318
111,549
$43,586,631
$32,529,278
$718,908,577
$531,615,596
$1,919,595,096
$1,423,186,099
CONSUMER EXPENDITURE
Total Non-Retail Expenditure
MEDIAN HH INCOME
889
13,404
TRAFFIC COUNT
Dressler Road
Fulton Road
Interstate 77 / Everhard
Whipple Road
POPULATION DENSITY
15,800 ADT
16,000 ADT
90,000 ADT
MEDIAN HH INCOME
By Block Groups
POPULATION DENSITY
By Block Groups
12
MARKET OVERVIEW
EMPLOYMENT
MAJOR EMPLOYERS - STARK COUNTY
The workforce of Stark County has traditionally been
employed in transportation and utilities, educational and
health care services, manufacturing, and government.
Approximately 66% of the workforce hold positions in
these industries. The Civilian Labor Force consisted of
203,500 people.
EMPLOYER
EMPLOYEES PRODUCTS / SERVICES
Aultman Hospital
4,964
Health care
Timken
4,720
Manufacturer - power friction materials
Stark County
2,781
County government
The largest employers in the area are Aultman Hospital,
Timken, Stark County, Mercy Medical Center, and
Diebold.
Mercy Medical Center
2,465
Health care
Diebold
2,094
Computer services - finance
Canton City Schools
1,983
City school district
Affinity Hospital
1,120
Health care
City of Canton
1,113
City government
Alliance Community Hospital
940
Health care
Fresh Mark, Inc.
875
Meat producer
Fisher Foods
850
Grocery chain
Alliance Castings
775
Manufacturer - steel casting
Stark State School of Technology
752
College
Nationwide Insurance Companies
750
Insurance and financial services
PCC Airfoils
698
Manufacturer - turbine casting
Heinz Frozen Foods
679
Food service preparation
Giant Eagle
675
Grocery chain
Republic Engineered Products, Inc
670
Steel supplier
TRANSPORTATION/ACCESSIBILITY
Stark County is located in the northeast portion of the
State of Ohio. Belden Center is 6 miles from AkronCanton Regional Airport. Major freeways include
Interstate 77, Routes 30,43, 62.
COMMERCIAL RETAIL ALIGNMENT
The majority of the major retail was built in the Belden
Village area Interstate 77/Everhard/Portage Road. This
area is approximately 5 miles from Downtown Canton
Business District. When retailers look at location to
open, this area is the main one they consider in Stark
County. It has been a vibrant market for years and will
continue to be.
In addition to the retail, many offices have located in this
market in either multi-level, smaller buildings or in the
many single story buildings that could be for retail or
office users.
13
MARKET OVERVIEW
(CONTINUED)
LOCATION
POPULATION / INCOME
Canton, Ohio is located approximately 55 miles south of Cleveland in Stark
County. It is 19 miles south of Akron.
The area surrounding the subject property is a mix of commercial
development such as retail and office. The population of approximately
54,178 within a three mile radius is expected to see a continued slight
growth as the area is approximately 70% developed. Within three miles
of the trade area the average household income is $65,042 with an
average age of 43 years.
Belden Village is the dominant trade area serving Stark County and southern
Southern Summit County with approximately three million square feet of
peripheral retail space in addition to Westfield’s Belden Village Mall. It has
over 830,000 sq. ft. in the regional mall.
The Strip is a regional power center with 780,000 sq. ft. located one exit
north of Westfield’s Belden Village Mall. The Strip is anchored by Walmart,
Lowe’s several soft goods retailers and a 16-screen cinema. The Strip has
seen tremendous success because of the Interstate 77 and the infrastructure
improvements, which connect it to Belden Village.
Belden Park Crossing with over 590,000 sq. ft. is 1.25 miles north and is
anchored by Dick’s Sporting Goods, Jo-Ann Fabrics, Kohl’s Target, and Value
City Furniture.
The population of Stark
County is 380,575 and
ranks as the 7th largest out
of 88 counties in the State
of Ohio. Located adjacent
to the city of Akron, Canton
is well know for the annual
NFL induction ceremony as
it is home to the Pro Football
Hall of Fame.
14
COMPETITIVE PROPERTIES MAP
15
RENT ROLL
16
HISTORICAL FINANCIALS
17
PROJECTED 2011 INCOME & EXPENSE
18
CAPITAL IMPROVEMENTS
Capital Improvements Made During Past Three (3) Years:
Tenant Improvements:.................................................$1,788,500
67,672 sq. ft. - interior
Parking Lot: .......................................................................198,000
New lot 09-30-06
Signage: ...............................................................................32,000
New pylon sign installed
Roof Replacement:............................................................110,000
40,000 sq. ft. - new rubber roofing
General:................................................................................62,000
Painting, sealing, caulking, HVAC replacements,
and door installations
Landscaping: .......................................................................26,000
Removed old materials/re-installed new island
planting/add large flower pots on sidewalks
Total Cost of Capital Improvements: ........................$ 2,216,500
19
CONFIDENTIALITY AGREEMENT
Confidentiality Agreement (Disclaimer):
(“Seller”), has retained Tom Jackson Commercial Realty (“TJCR”) as exclusive advisor for the sale of Belden
Center in Canton, Ohio (“Property”). This Investment Offering Memorandum has been prepared by TJCR for the
use by a limited number of parties and does not purport to provide a necessarily accurate summary of the Property
or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information
which prospective investors may need or desire. All projections have been developed by Seller, TJCR and
designated sources and are based upon assumptions relating to the general economy, competition and other
factors beyond the control of Seller and therefore are subject to variations. No representation is made by Seller
or TJCR as to the accuracy or completeness of the information contained herein and nothing contained herein
is, or shall be related on as, a promise or representation as to the future performance of the Property. Although
the information contained herein is believed to be correct. Seller and its employees, disclaim any responsibility
for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such
information. Further, TJCR, Seller and its employees, disclaim any and all liability for representations and
warranties, expressed and implied, contained in, or for omission from, the Investment Offering Memorandum, or
any other written or oral communication transmitted or made available to the recipient. The Investment Offering
Memorandum does not constitute a representation that the business affairs of the Property or Seller since the
date of preparation of the Investment Offering Memorandum have remained the same. Analysis and verification
of the information contained in the Investment Offering Memorandum is solely the responsibility of the prospective
purchaser. Seller and TJCR each expressly reserve the right, at their sole discretion, to reject any or all expressions
of interest or offers regarding the Property and/ or terminate discussions with any entity at any time with or without
notice. Seller shall have no legal commitment or obligations to any entity reviewing the Investment Offering
Memorandum, or making an offer to purchase the Property, unless and until such offer is approved by Seller, a
written agreement for the purchase of the Property has been fully executed, delivered and approved by Seller
and its legal counsel and any conditions to Seller’s obligations there under have been satisfied or waived. This
Investment Offering Memorandum and its contents, except such information which is a matter of public record
or is provided in sources available to the public, are of a confidential nature. By accepting the Investment Offering
Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or
duplicate it, that you will not disclose the Investment Offering Memorandum or any of the contents to any other
entity (except to outside advisors retained by you if necessary, for your determination of whether or not to make
a proposal and from whom you have obtained and agreement of confidentiality) without the written authorization
of Seller or TJCR and that you will not use the Investment Offering Memorandum or any of the contents in any
fashion or manner detrimental to the interest of Seller or TJCR.
FOR MORE INFORMATION,
PLEASE CONTACT:
_________________________
Dean Bacopoulos
T 330.494.4411 x 102
[email protected]
Steve Lazarides
T 330.494.4411 x 103
[email protected]
Tom Jackson Commercial Realty
4650 Hills & Dales Road N.W.
Suite 360
Canton, Ohio 44708
T 330.494.4411
F 330.445.2306
www.tomjacksonrealty.com
© 2011 Tom Jackson Commercial Realty. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and
make no guarantee, warranty or representation about it. It is submitted subject to the possibilities of errors, omissions, change of price, rental or other conditions, prior
sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current
of future performance or the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.
REV. 05/11
20