North Road Plaza - Stone Ridge Capital

North Road Plaza
Orangeburg, South Carolina
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James D. Hudgins, Founder
v. 678.722.2001
[email protected]
www.stoneridgecapital.com
North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
Financial Analysis
Market Summary
Offering Terms & Conditions
Introduction
Stone Ridge Capital is pleased to present the opportunity to acquire
North Road Plaza, a 247,434 SF shopping center anchored by Wal-Mart
Supercenter, TJ Maxx and national shop tenants located along U.S Route
178 (North Road) in Orangeburg, South Carolina. North Road Plaza was
developed in 1994 and is anchored by a 196,674 SF Wal-Mart Supercenter
(non-owned) and a 22,560 SF TJ Maxx (a new 10 year lease was signed in
2010). The balance of the center features an additional 28,200 SF of national
and regional retailers ranging in size from 1,200 SF – 6,200 SF including
CATO, Hibbett Sports, Sally Beauty, Subway, Shoe Show, GameStop and
Rent-A-Center. Most of the retailers have been a tenant in the center since
it was developed new in 1994 and produce strong sales ranging from $300
to $587 per square foot.
North Road Plaza shopping center is nicely positioned within the Orangeburg
retail sub-market. The immediate trade area features a number of nearby
big box retailers including Lowe’s, OfficeMax, BiLo, and the Prince of Orange
Mall (Sears, Belk & JC Penney). The center is highly visible from North Road
(U.S. Route 178) and enjoys daily traffic counts in excess of 44,000 cars.
With easy access from I-20, I-26 and I-95, Orangeburg sits strategically
located between the state capital of Columbia, SC (47 miles) and the port
of Charleston, SC (78 miles). With a trade area population of over 170,787
people residing in Orangeburg and Bamberg Counties, the area has continued
to show steady growth. The City of Orangeburg is also supported by several
colleges and universities including SC State University, Claflin University,
Orangeburg-Calhoun Technical College and Southern Methodist College.
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NOI (2011):
Occupancy:
Wal-Mart Supercenter:
TJ Maxx:
Shop Space:
Year Built:
Outstanding Loan:
$452,809
93%
196,674 SF (non-owned)
22,560 SF (new 10 year lease signed 2010)
28,200 SF
1994
None (debt free)
Price:
Unpriced
Results
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North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
Investment Highlights
Market Summary
Offering Terms & Conditions
Superior Shop Tenant Sales - 95% of the shop tenants are national
Established Retail Location – Wal-Mart Supercenter, TJ Maxx, Lowe’s,
BiLo, Office Max, Sears, Belk, JC Penney and numerous other major retailers
support an established and thriving retail trade area. North Road Plaza enjoys
an ideal central location within a stable yet growing college town market.
Demographics in the immediate area are trending upward as demonstrated
by the tremendous daily consumer traffic, high store sales volume and low
commercial property vacancy.
credit retailers ranging in size from 1,200 SF to 6,200 SF. More notably, most
of the retailers have been a tenant in the center since it was developed new
and produce strong sales ranging from $300 to $587 per square foot.
Sale
PSF
GameStop
Sally
Beauty
Shoe
Show
Subway
Sandwiches
Hibbett
Sports
CATO
Fashions
2009
$587
$402
$367
$327
$191
$158
2008
$535
$411
$325
$344
$234
$113
2007
$413
$420
$336
$315
$301
$155
TJ Maxx Investment Grade – The TJX Companies, Inc., (Credit Rating:
Stability of Cash Flows - North Road Plaza is currently 93% leased with
A3-Moody’s, A-Standard & Poors) signed a new 10-year lease for 22,560 SF
in 2010. The new TJ Maxx occupies the former Goody’s space and recently
opened for business on October 7, 2010. The TJX Companies, Inc. operate
2,800 stores throughout the United States and have revenues of about $20
Billion. The TJ Maxx base rent income represents 31% of the total base rent
for the center.
minimal turnover exposure. The shop tenant lease term expirations range
between years 2014 to 2016. With the strong tenant sales, the recent
opening of the TJ Maxx anchor and the tenant historical occupancy within
the center, long term tenant retention is likely well into the future.
Traffic Counts – The daily traffic along U.S. 178 (North Road) currently
exceeds 44,000+ trips per day.
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Financial Analysis
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All Cash Offering – North Road Plaza is not encumbered by an existing
commercial mortgage.
Price – North Road Plaza is unpriced.
Results
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North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
Financial Analysis
Market Summary
Offering Terms & Conditions
Offering Summary
North Road Plaza U.S. Route 178 (North Road)
Orangeburg, SC 29115
Anchors Wal-Mart Supercenter – 196,674 SF (non-owned)
TJ Maxx – 22,560 SF (new 10 year lease)
Year Built 1994
Building Size 247,434 SF Total Center Size
22,560 SF TJ Maxx Anchor
28,200 SF of Shops
Site Size 3.74 (+-) acres (2 parcels makeup retail center)
22.94 (+-) acres Wal-Mart parcel (non-owned)
Location Superior location across from the Prince of Orange
Mall
Occupancy 93%
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Income and Expense
TJ Maxx Shop Base Rent:
Shops Base Rent:
Recoveries:
Effective Gross Income:
Expenses:
2011
$169,200
$328,310
$143,076
$640,586
$187,778
Stabilized NOI:
$452,809
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Results
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North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
Financial Analysis
Market Summary
Offering Terms & Conditions
Financial Highlights
North Road Plaza is being offered without an asking price and is not
encumbered by an existing commercial mortgage. 31% of the base rent
is derived from a new long term (10 years) investment grade credit anchor
tenant, The TJX Companies, Inc., offering the investor strong annual cash
flow. Additionally, 95% of the shop tenants are national retailers, providing
the investor with greater income stability. Furthermore, most of the shop
tenants have occupied the center since it was developed new in the early
90’s and enjoy “off the chart” gross sales ranging as high as $587 per square
foot. With the new addition of the TJ Maxx store, super strong shop tenant
sales and a superior retail location, this Wal-Mart shadow-anchored asset
will continue to perform well.
Conclusion
North Road Plaza has prospered since its initial development in 1994 as a
Wal-Mart Supercenter. The national anchor and shop tenant mix is solid
thus resulting in a property which has experienced a very successful tenant
occupancy history. The center sits across from an enclosed mall location,
highly visible and surrounded by dominant national retailers. The location
is highlighted by strong daily traffic counts, healthy demographics, college
town influence and excellent accessibility within the Orangeburg community.
With its superb historical tenant occupancy and strong anchor tenant draw
(Wal-Mart Supercenter and TJ Maxx), this center will likely be considered the
area’s dominant community shopping center well into the future.
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North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
Financial Analysis
Market Summary
Offering Terms & Conditions
Location Maps
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North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
Financial Analysis
Market Summary
Offering Terms & Conditions
Location Map - Orangeburg Highways
N
To Columbia
178
601
26
38
North Road Plaza
178
21
Orangeburg
26
SHOE SHOW
4
King Nails
33
178
601
178
21
301
601
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Orangeburg
Municipal
Airport
Experience
To Charleston
178
21
Results
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North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
Financial Analysis
Market Summary
Offering Terms & Conditions
Property Photos
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North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
Financial Analysis
Market Summary
Offering Terms & Conditions
Property Details
North Road Plaza is a 247,434 SF community shopping center anchored by
TJ Maxx (recently signed a new 10-year lease) and a shadow anchored WalMart Supercenter. The center is in excellent overall condition and the TJ Maxx
building features a new façade and an all new interior finish completed in
October, 2010. The remaining portion of the center features 28,200 SF of
shop space ranging in size from 1,200 SF to 6,200 SF. The center’s 50,560
SF is 93% occupied.
The success of this asset has been largely due to the outstanding line-up of
national shop tenants. Their long term occupancy history, national credit,
strong sales performance and retailer merchandise mix (apparel, shoes,
sporting goods, cosmetics, furniture, games and fast food) makes for a
perfect combination of uses within the demographic area.
The center benefits from timeless design and quality construction including
block, split stone, and stucco construction and accents. The facade height
design allows for maximum tenant signage over the storefronts.
Tenant Roster
Tenant
Square Feet
Sales PSF
(2009)
Rent PSF
Lease Exp
Opening
Date
CATO
6,200
$158.44
$12.25
01/31/2016
1994
Hibbett Sports
5,000
$191.30
$14.00
01/31/2011
1997
Shoe Show
3,000
$367.47
$13.00
07/31/2014
1994
King’s Nail
1,500
N/A
$18.06
05/31/2013
2009
Sally Beauty
1,500
$402.33
$14.84
07/31/2014
1994
Subway
1,200
$327.82
$16.50
09/30/2014
1994
GameStop
2,000
$587.80
$17.00
01/31/2012
2006
Rent-A-Center
4,000
N/A
$10.00
10/31/2011
1999
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Access
North Road Plaza sits on U.S. 178 (North Road) along the dominant major
retail corridor in Orangeburg. The center has two (2) main entrances off
of U.S. 78 but the entrance closest to the shops building and TJ Maxx is
accessed by a full action traffic signal.
Parking
The parking field of the center is very large and provides convenient parking
to all of the tenant store fronts. All of the tenants have rear access delivery.
The rear area behind the buildings is in very good condition and additional
parking is provided in this rear delivery area as well.
Results
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North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
Financial Analysis
Market Summary
Offering Terms & Conditions
Signage
Signage for each of the tenants is above the store fronts and is very large in
size making for easy visibility. This is in addition to a large pylon sign located
at the main entrance with many of the tenants identified on it.
Visibility
The center sits on grade with U.S. 178 for easy visibility and the height of the
building signage allows for favorable signage visibility from the roadway.
Property Name:
Property Address:
Land Area:
Property Type:
Number of
Buildings:
Number of Stories:
Net Rentable Area:
Year Built:
Current Occupancy:
Zoning:
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North Road Plaza
U.S. Route 178 (North Road)
Orangeburg, SC 29115
3.74 (+/-) acres - TJ Maxx & Shops (2
parcels)
22.94 (+/-) acres - Wal-Mart Supercenter
(non-owned)
Class B+ Community Shopping Center
Two (2) Buildings
One (1) story
22,560 SF – TJ Maxx
28,200 SF – Shops
196,674 SF – Wal-Mart (non-owned)
1994
93%
Commercial
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North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
Financial Analysis
Market Summary
Offering Terms & Conditions
Closeup Aerial Photograph
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North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
Financial Analysis
Market Summary
Offering Terms & Conditions
Market Aerial Photograph
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North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
Financial Analysis
Market Summary
Offering Terms & Conditions
Property Siteplan
Suite Tenant
Sq. Ft.
1 Cato Corporation
6,200
2 Available
3,800
3 Hibbett Sporting Goods 5,000
4 Shoe Show
3,000
5 King Nails
1,500
6 Sally Beauty
1,500
7 Subway
1,200
8 Gamestop
2,000
9 Rent A Center
4,000
A T.J. Maxx
22,560
U1 Wal-Mart Supercenter 196,674
TOTAL
247,434
Shops
T.J. Maxx
Wal-Mart
TOTAL
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28,200
22,560
196,674
247,434
North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
Financial Analysis
Market Summary
Offering Terms & Conditions
Tenant Information
Anchor
Wal-Mart Stores, Inc.
www.walmart.com
NYSE: WMT
Location
North Road Plaza is shadow anchored by a freestanding 196,674 SF WalMart Supercenter (non-owned), which sits on approximately 22.94 acres.
Wal-Mart also owns and operates a fuel center located on the only outparcel
within the center. Located adjacent to the 2nd property entrance closest
to the main pylon sign, the fuel center site contains approximately ¾ of
acre and is part of the Wal-Mart tract. This Wal-Mart Superstore opened in
Orangeburg in 1994.
Company
Wal-Mart Stores is the world’s #1 retailer with 2.1 million employees in more
than 8,400 stores, including about 800 discount stores, 3,100 combination
discount and grocery stores (Wal-Mart Supercenters in the US and ASDA in
the UK), and 595 Sam’s Club warehouses. Wal-Mart’s international division
(25% of sales) is growing at a fast pace; it’s the #1 retailer in Canada and
Mexico and it has operations in Asia (where it owns a 95% stake in Japanese
retailer SEIYU), Europe, and South America. Founder Sam Walton’s heirs
own about 45% of Wal-Mart.
• #1 in FORTUNE 500
History
• S&P 500
1962: first Wal-Mart in Rogers, Ark., opens. 1969: company incorporated as Wal-Mart Stores, Inc. 1970: first distribution center and home office
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in Bentonville, Ark. open; Wal-Mart goes public on the New York Stock
Exchange. 1979: annual sales top $1 billion. 1983: SAM’S CLUB warehouse
concept introduced. 1988: first Supercenter opens. 1991: first international
unit opens in Mexico City.
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Rankings
• Dow Jones Global Titans
• #7 in FT Global 500
• Dow Jones Industrials
Results
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North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
Financial Analysis
Market Summary
Offering Terms & Conditions
Anchor
The TJX Companies, Inc.
www.tjx.com
NYSE: TJX
Location
The property owner of North Road Plaza entered into a new 10 year lease
with TJ Maxx (The TJX Companies, Inc.) on June 8, 2010. The 22,560
SF space was formerly occupied by Goody’s Clothing through November
2008. Goody’s filed for bankruptcy in that year and subsequently vacated
the space. TJ Maxx completed an exterior façade makeover and a new
interior finish build out during the fall of 2010. TJ Maxx opened their new
store to the public on October 7, 2010, just in time for the busy holiday
shopping season.
Company
The TJX Companies, Inc. headquartered in Framingham, Massachusetts,
is the world’s leading retailer of off price apparel and home fashions. It
operates nearly 2,800 stores under seven nameplates in the United States,
Canada, United Kingdom, Ireland, Germany, and Poland. Its nameplates
include; T.J. Maxx, Marshalls, Winners, HomeGoods, and T.K. Maxx among
others. Revenues are about $20 billion.
TJ Maxx and Marshalls are the two largest off-price clothing retailers in the
US. T.J. Maxx sells brand-name family apparel, accessories, women’s shoes,
domestics, giftware, and jewelry at discount prices at some 890 stores
nationwide. Marshalls offers a full line of shoes and a broader selection
of menswear through 800-plus stores. Its HomeGoods chain of about 325
stores nationwide focuses entirely on home furnishings, while 150 A.J.
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Wright clothing stores aim for lower-income shoppers. T.K. Maxx is the
company’s European retail arm with about 265 stores in the UK, Ireland,
Germany, and now Poland.
Investment Rating
• Moody’s – A3
• Standard & Poor’s - A
Rankings
• #460 in FT Global 500
• #119 in FORTUNE 500
• S&P 500
Revenues
• $20 billion
Results
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North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
Financial Analysis
Market Summary
Offering Terms & Conditions
Lease Profile
Tenant:
Lease Term: Commencement Date:
Lease Expiration:
TJX Companies, Inc.
10 Years
October 7, 2010
October 31, 2020
Minimum Rent:
Period
PSF
Monthly Rent
Annual Rent
Period
PSF
Monthly Rent
Annual Rent
Years 1 – 5
$7.50
$14,100.00
$169,200.00
Years 6 – 10
$8.00
$15,040.00
$180,480.00
Years 11 – 15 (Option 1
$8.50
$15,980.00
$191,760.00
Years 16 – 20 (Option 2)
$9.00
$16,920.00
$203,040.00
Years 21 – 25 (Option 3)
$9.50
$17,860.00
$214,320.00
Years 26 – 30 (Option 4)
$10.00
$18,800.00
$225,600.00
condition. Landlord provided to tenant an allowance equal to $25.00 PSF or
$564,000.00.
Additional Rent:
Taxes: Tenant will pay its proportionate share of Taxes. Additionally, Tenant
Brokerage Commission: A commission equal to $3.00 PSF or $67,680.00
has the right to contest the amount of Taxes on behalf of Landlord.
Co-Tenancy: If Wal-Mart (not owned by Landlord) closes for 30 days,
CAM: Tenant will pay its proportionate share of CAM each month, Tenant
then Tenant will be permitted to pay Alternate Rent (defined as the lesser
of (i) Minimum Rent, or (ii) 2% of Gross Sales) for up to 365 days. If WalMart is still not open upon the expiration of the 365 day period, then
Tenant may terminate within 90 days following the expiration of such 365
day period. The co-tenancy violation may be cured by replacing the WalMart space with up to 4 retailers (either (a) a national retailer with 50 or
more stores, or (b) a regional retailer with 20 or more stores) occupying at
least 117,000 square feet.
will pay 1/12 of 103% of the annual amount actually paid by Tenant during
the preceding calendar year as additional rent, subject to an annual reconciliation. Within 3 years before or after making a CAM payment, Tenant
may audit Landlord’s books and Landlord will pay for such audit in the event
the audit reveals an overstatement by more than 4%.
Insurance: Tenant will pay its proportionate share of Insurance Costs.
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Tenant Improvements: Tenant took possession of the space in “as is”
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was paid in conjunction with the execution of lease.
Results
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North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
Financial Analysis
Market Summary
Offering Terms & Conditions
National Shop Tenants
North Road Plaza has the best line-up of national credit retailers I have
witnessed in many years. Seven out of eight (95%) of the shop tenants are
national credit retailers and occupy spaces ranging in size from 1,200 SF to
6,200 SF. More significantly, most of the retailers have been a tenant in the
center since it was developed new (1994) and produce very strong store
sales as noted on the chart below.
Sale
PSF
GameStop
Sally
Beauty
Shoe
Show
Subway
Hibbett
Sports
CATO
Fashions
2009
$587
$402
$367
$327
$191
$158
2008
$535
$411
$325
$344
$234
$113
2007
$413
$420
$336
$315
$301
$155
Hibbett Sports opened a second store in the Orangeburg market a couple
of years ago, which depleted some existing store sales from the North Road
Plaza location. The other Hibbett Sports location is not performing as well
as the original store location and will not likely stay open past the current
lease expiration.
Both Hibbett Sports and Cato Fashions experienced a slight decline in
store sales after the departure of Goody’s in November 2008. With the
opening of TJ Maxx in October 2010, sales for all shop tenants should
experience increases.
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Lease Expirations:
Since most of the shop tenants have occupied the center for many years,
in some cases over 16 years, most of them have exercised multiple renewal
options provided in their leases. The majority of the remaining tenant
lease terms extend to 2014 and 2016. Lease renewal negotiations are
in process with Hibbett Sports and Rent-A-Center to extend their leases
beyond 2011.
Tenant
Square Feet
Rent PSF
Lease Exp
Opening Date
CATO
6,200
$12.25
01/31/2016
1994
Hibbett Sports
5,000
$14.00
01/31/2011
1997
Shoe Shoe
3,000
$13.00
07/31/2014
1994
King’s Nail
1,500
$18.06
05/31/2013
2009
Sally Beauty
1,500
$14.84
07/31/2014
1994
Subway
1,200
$16.50
09/30/2014
1994
GameStop
2,000
$17.00
01/31/2012
2006
Rent-A-Center
4,000
$10.00
10/31/2011
1999
Results
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North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
Company History
The Cato Corporation
www.catofashions.com
NYSE: CATO
The Cato Corporation caters to fashion-minded Southerners on a budget.
The retailer operates about 1,270 apparel stores in 30 states (primarily in the
Southeast) under the names Cato, Cato Fashions, Cato Plus, It’s Fashion, and It’s
Fashion Metro. Its mostly private-label merchandise selection includes misses’,
juniors’, girls’, and plus-sized casual wear, career clothing, coats, shoes, and
accessories geared to low- and middle-income customers, mostly females aged
18 to 50. Cato’s stores are typically located in shopping centers anchored by a
Wal-Mart store or another major discounter or supermarket. Most stores range
in size from 3,000 to 6,000 square feet. Founded in 1946, the company is run
by John Derham Cato, the third generation of Cato’s in the family business. The
Company emphasizes customer service and coordinated merchandise presentations in an appealing store environment. The Company offers its own credit card
and layaway plan.
Hibbett Sports, Inc.
www.hibbett.com
NASDAQ: HIBB
Hibbett is a rapidly-growing operator of sporting goods stores in small to midsized markets predominantly in the Southeast, Southwest, Mid-Atlantic and
lower Midwest regions of the United States. As of January 30, 2010, Hibbett
operated a total of 767 retail stores composed of 747 Hibbett Sports stores,
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Offering Terms & Conditions
16 Sports Additions athletic shoe stores and 4 Sports & Co. superstores in 24
states. Their primary retail format and growth vehicle is Hibbett Sports, a 5,000square-foot store located primarily in strip centers which are usually influenced
by a Wal-Mart store. Approximately 75% of the Hibbett Sports store base is
located in strip centers, while approximately 25% of the Hibbett Sports store
base is located in enclosed malls. Over the last several years, they have concentrated and expect to continue the store base growth in strip centers versus
enclosed malls.
Shoe Show, Inc.
www.shoedept.com
Private Company
This company, founded by President Robert Tucker in Kannapolis, North Carolina,
in 1960, performs nationally at some 1,200 locations in about 36 states (in the
Midwest and eastern half of the US) under stage names such as SHOE SHOW
and The Shoe Dept. The company’s long run, almost 50 years, at selling shoes
for boys and girls and ladies and men is attributed to product quality and value,
service, and demonstrated efficiencies in standard store design, distribution, and
computer networking with stores and vendors. Shoe Show currently has 6,000
employees. Shoe Show will continue to stay focused on the simple formula of
providing quality products, service and value.
Shoe Show also places great value on social and community activities that assist
the local area. The Company is active in a number of charitable causes including
Cooperative Christian Ministries, Bible Teaching Associations, Salvation Army,
Hospice and Palliative Care of Cabarrus County, Crisis Pregnancy Center, CVAN,
Gardner-Webb University, and Association of Retarded Citizens.
Results
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North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
Financial Analysis
Market Summary
Offering Terms & Conditions
Sally Beauty Holdings, Inc.
GameStop Corp
www.sallybeauty.com
NYSE: SBH
www.gamestop.com
NYSE: GME
Sally Beauty Holdings (SBH) has untangled itself from former parent AlbertoCulver. Formerly Sally Beauty Co., the firm is one of the US’s largest retailers and
distributors of professional beauty supplies. While the US accounts for more
than 80% of sales, the company also has stores in Canada, Europe, and South
America. More than 2,900 Sally Beauty Supply stores sell more than 5,000 hair,
skin, and nail products. Sally Beauty also sells its products online. SBH’s Beauty
Systems Group (BSG) employs about 1,000 sales consultants and operates about
990 CosmoProf and Armstrong McCall stores that sell products only to salons
and beauty professionals. Sally Beauty Supply was founded in New Orleans in
1964.
GameStop holds the top score in the video game retailing industry. Ranked
255 on the Fortune 500 annual listing of public companies, GameStop is the
world’s largest video game and entertainment software retailer of new and used
games, hardware, entertainment software, and accessories. GameStop boasts
more than 6,400 stores located in the US, Canada, Australia, and Europe.
A majority of the company’s revenue is generated by sales of new and used
video games. Stores branded as GameStop and EB Games carry an average of
1,000 new titles and 3,500 used ones. The company also operates e-commerce
websites (GameStop.com, ebgames.com), publishes Game Informer, a video
game magazine that reaches some 4 million subscribers, and offers GameStop
TV in many of its locations.
Subway Real Estate Corp
Rent-A-Center, Inc.
www.subway.com
Private Company
The SUBWAY restaurant chain, operated by Doctor’s Associates, Inc., was
founded in 1965 by Fred DeLuca, a 17 year-old college freshman, and family
friend Dr. Peter Buck. Under the name Pete’s Super Submarines, the 1st
restaurant opened in Bridgeport, CT. The first franchised SUBWAY opened
in 1974 in Wallingford, CT. Today, the SUBWAY brand is the world’s largest
submarine sandwich chain with more than 34,000 locations around the world.
They’ve become the leading choice for people seeking quick, nutritious meals
that the whole family can enjoy. From the beginning, the owner has had a clear
vision for the future of the SUBWAY brand. As they continue to grow, they are
guided by his passion for delighting customers by serving fresh, delicious, madeto-order sandwiches.
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Integrity
Experience
www.rentacenter.com
NASDAQ (GS): RCII)
Rent-A-Center (RAC) wants its customers to rent while it buys. The firm became
the #1 rent-to-own chain nationwide through a slew of acquisitions. It owns
and operates about 3,000 stores (down from 3,400 in 2007) throughout North
America and Puerto Rico under the Rent-A-Center, Get It Now, and Home
Choice names, and franchises some 210 through subsidiary ColorTyme. The
stores rent name-brand home electronics, furniture, accessories, appliances,
and computers. While customers have the option to eventually own their rented
items, only about 25% ever do. RAC also offers financial services, including
loans, check cashing and money transfer services, and tax preparation, to
its customers in some 350 stores. The stores offer name-brand furniture,
Results
19
North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
Financial Analysis
Market Summary
Offering Terms & Conditions
electronics, appliances and computers through flexible rental
purchase agreements that generally allow the customer to
obtain ownership of the merchandise at the conclusion of an
agreed upon rental period. They offer same-day delivery, 90 days same as cash
and an early purchase option. Should merchandise need repair while it is on
rent, they repair it at no additional cost to the customer. They also offer our
customers a product substitute to use while theirs is in service.
Rent-A-Center Financial Services – provides short-term loans, check
Rent-A-Center’s operations include:
service to stores and third parties from 30 service centers located across the U.S.
and in Puerto Rico.
Get It Now! – based in Wisconsin, a subsidiary, Get It Now, LLC, offers
merchandise on an installment sales basis.
cashing, money transfers, and other convenient financial services and operates
within some of Rent-A-Center stores.
Rent-A-Center Corporate Leasing – provides furnishings for businesses
that need short-term living arrangements for employees.
National Product Service – provides merchandise warranty and repair
Rent-A-Centre – Canadian operations
ColorTyme – a national franchiser of rent-to-own stores
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20
North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
Income and Expense Statement
GROSS SCHEDULED INCOME:
$169,200
Shops Base Rent:
328,310
TOTAL SCHEDULED RENT:
497,510
Item
Management Fees
RECOVERIES:
63,780
Insurance:
Included in CAM
Real Estate Taxes:
79,296
TOTAL RECOVERIES
143,076
EFFECTIVE GROSS INCOME:
640,586
EXPENSES:
Estimated 2011 Taxes
Insurance
Reserves for Structural & Repair
7,000
6,000
Repairs to Curb Sidewalk
3,000
Striping
1,000
Signage (Onsite)
Pressure Washing
Miscellaneous (Onsite)
Repairs to Plumbing/Irrigation
Repairs to Electric
1,000
2,000
Energy Management Systems
1,050
4.25%
27,225
($0.20/SF):
10,152
Travel & Entertainment
Contract Services
Repairs to Roof
4,000
Irrigation/Water
84
Electricity - Site
5,850
Non-reimbursable Expenses
2,106
L
Integrity
Experience
13,056
1,732
14,788
Total CAM Expenses:
64,688
Total Property Taxes
A
-26,237
49,900
Total Insurance:
Tax Parcel 1 & 2:
Real Estate Advisory Group
0
4,000
Liability:
NOTE: Management fees included on Income & Expense Statement
546
Painting - Building Exterior
Property:
IDGE
400
Repairs to Canopy
452,809
T
500
1,000
85,713
NET OPERATING INCOME (NOI):
I
500
4,864
187,778
P
800
3,200
Site Lighting - Light bulbs
Management Fees
A
200
Repairs to Parking Lot
Total Common Area Maintenance:
C
800
Maintenance Services (Onsite)
TOTAL EXPENSES
STONE
26,237
64,688
Included in CAM
Property Management at
Budgeted 2011 Cost
Sweeping (Onsite)
Fire Protection - Site
Common Area Maintenance
Offering Terms & Conditions
Landscaping
Trash Removal
Common Area Maintenance:
Market Summary
Property Expenses - 2011 Property Budget
2011 BUDGET
Anchor (TJMaxx):
Financial Analysis
Results
85,713
85,713
21
North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
Financial Analysis
Market Summary
Offering Terms & Conditions
Recovery Pools - 2011 Budget
Expense Category
Pool 1
Pool 2
Pool 3 Pool 4
Pool 5
Pool 6
Landscaping
7,000
7,000
7,000
7,000
7,000
7,000
Sweeping (Onsite)
6,000
6,000
6,000
6,000
6,000
6,000
Repairs to Curb Sidewalk
800
800
800
800
800
800
Trash Removal
200
200
200
200
200
200
Repairs to Parking Lot
3,000
3,000
3,000
3,000
3,000
3,000
Striping
1,000
1,000
1,000
1,000
1,000
1,000
Signage (Onsite)
Pressure Washing
Miscellaneous (Onsite)
800
800
800
800
800
800
3,200
3,200
3,200
3,200
3,200
3,200
500
500
500
500
500
500
Contract Services
0
0
0
0
0
0
500
500
500
500
500
500
Site Lighting - Light bulbs
1,000
1,000
1,000
1,000
1,000
1,000
Repairs to Electric
1,000
1,000
1,000
1,000
1,000
1,000
400
400
400
400
400
0
Maintenance Services (Onsite)
4,864
4,864
4,864
4,864
4,864
0
Repairs to Canopy
2,000
2,000
2,000
2,000
2,000
2,000
Energy Management Systems
1,050
1,050
1,050
1,050
1,050
1,050
546
546
546
546
546
546
0
0
0
0
0
0
Painting - Building Exterior
4,000
4,000
4,000
4,000
4,000
0
Repairs to Roof
4,000
4,000
4,000
4,000
4,000
0
84
84
84
84
84
84
Repairs to Plumbing/Irrigation
Fire Protection - Site
Travel & Entertainment
Contract Services
Irrigation/Water
Electricity - Site
5,850
5,850
5,850
5,850
5,850
5,850
Management Fees:
26,237
0
26,237
26,237
0
0
Administrative Fee:
7,169
7,169
7,169
4,779
0
0
Liability Insurance:
1,732
1,732
1,732
1,732
1,732
1,732
Property Insurance:
13,056
13,056
13,056
13,056
13,056
13,056
Total Operating Expenses:
95,988
69,751
95,988
93,598
62,582
49,318
$1.89
$1.37
$1.79
$1.84
$1.23
$0.97
Tenant Pool # Tenants
Notes
1
King Nail
Sally Beauty
Subway
Management Fee, 15% Administrative Fee on CAM, PRS
on Insurance and RE Taxes
2
Rent-A-Center
No management Fee, no Admin Fee, CAM Capped subject to 5% increases each year including utilites Insurance
included in CAM
3
Gamestop
Management Fee, Gamestop has a FIXED CAM/Insurance
charge and insurance is included in the CAM number and
PRS RE Taxes
4
Hibbett Sports
Management Fee, 10% Admin Fee on CAM
5
TJ Maxx
Shoe Show
No Management Fee, No Admin, PRS CAM, INS & RE
Taxes
6
Cato
No Management Fee, No Admin, PRS CAM with exclusions, PRS INS & RE Taxes
Fixed
Taxes Parcels 1 & 2 $PSF:
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Results
22
North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
Financial Analysis
Market Summary
Offering Terms & Conditions
Rent Roll 2011
Unit
#
Tenant
Type
Square
Feet
% of
Total
Rent
Per SF
Annual
Rent
% of
Total
Tenant
CAM
Pool
Annual
CAM
Annual
Taxes
Annual
Insurance
A
Anchor
22,560
44.44%
$7.50
$169,200
34.02%
TJ Maxx
5
$27,814
$38,095
Included
in CAM
1
Local
3,800
7.49%
$0.00
$0
0.00%
Available
6
$0
(PRS)
$0
(PRS)
Included
in CAM
2
Local
6,200
12.21%
$12.25
$75,950
15.27%
Cato
6
$6,024
(PRS)
$10,469
(PRS)
Included
in CAM
May-94
Jan-16
3
Local
5,000
9.85%
$14.00
$70,000
14.08%
Hibbett
Sports
4
$9,220
(PRS)
$8,443
(PRS)
Included
in CAM
Nov-97
4
Local
3,000
5.91%
$13.00
$39,000
7.84%
Shoe Show
5
$3,699
(PRS)
$5,066
(PRS)
Included
in CAM
5
Local
1,500
2.96%
$18.06
$27,090
5.45%
King Nail
1
$2,837
(PRS)
$2,533
(PRS)
6
Local
1,500
2.96%
$14.84
$22,260
4.48%
Sally Beauty
1
$2,837
(PRS)
7
Local
1,200
2.36%
$16.50
$19,800
3.98%
Subway
1
8
Local
2,000
3.94%
$17.00
$34,000
6.84%
Gamestop
12
Local
4,000
7.88%
$10.00
$40,000
8.04%
Rent-A-Center
$9.80
$497,300
50,760
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Vacant
7.47%
3,800 SF
Occupied
92.51%
46,960 SF
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Base Term
% Rent
(Break Pt.)
Base Term Rent
Change
Renewal
Options
Status
2.0%
$8,460,000
$8.00/SF
11/01/2015
Option 1 – 4
$8.50
$9.00
$9.50
$10.00
Executed
Lease
N/A
None
Recaptured
Its Fashion
5%
$3,062,500
N/A
Option 1 – 2
$13.00
$13.75
Per 3rd
Amnd
Space
reduction
1994
Jan-11
3.50%
$2,000,000
N/A
None
Executed
Lease
Jul-94
Jul-14
4%
$975,000
N/A
None
Executed
Lease
Included
in CAM
Jul-09
May-13
None
$19.14 6/1/2012
None
Executed
Lease
$2,533
(PRS)
Included
in CAM
Jul-94
Jul-14
4%
$600,000
$15.50 / 08/01/12
None
Executed
Lease
$2,269
(PRS)
$2,026
(PRS)
Included
in CAM
Sep-94
Sep-14
None
$17.20 / 10/01/11
$17.72 / 10/01/12
$18.25 / 10/01/13
None
Executed
Lease
3
$3,585
(PRS)
$3,377
(PRS)
Included
in CAM
Oct-06
Jan-12
None
N/A
Option 1 - 2
$19.00
$21.00
Executed
Lease
2
$5,497
(PRS)
$6,754
(PRS)
Included
in CAM
Nov-99
Oct-11
None
N/A
None
Executed
Lease
Begins
Ends
Nov-10
Nov-20
PRS: Pro Rata Share
Experience
Results
23
North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
Financial Analysis
Market Summary
Offering Terms & Conditions
Twelve Month’s Sceduled Rents
Trade Name
TJMaxx
Square
Feet
Jan-11
Rent/
SF
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Annual
Total
CAMRecovery
Tax
Recovery
38,095
22,560
$7.50
14,100
14,100
14,100
14,100
14,100
14,100
14,100
14,100
14,100
14,100
14,100
14,100
$169,200
27,814
Available
3,800
$0.00
0
0
0
0
0
0
0
0
0
0
0
0
$0
0
0
Cato
6,200
$12.25
6,329
6,329
6,329
6,329
6,329
6,329
6,329
6,329
6,329
6,329
6,329
6,329
$75,950
6,024
10,469
Hibbett Sports
5,000
$14.00
5,833
5,833
5,833
5,833
5,833
5,833
5,833
5,833
5,833
5,833
5,833
5,833
$70,000
9,220
8,443
Shoe Show
3,000
$13.00
3,250
3,250
3,250
3,250
3,250
3,250
3,250
3,250
3,250
3,250
3,250
3,250
$39,000
3,699
5,066
King Nail
1,500
$18.06
2,258
2,258
2,258
2,258
2,258
2,258
2,258
2,258
2,258
2,258
2,258
2,258
$27,090
2,837
2,533
Sally Beauty
1,500
$14.84
1,855
1,855
1,855
1,855
1,855
1,855
1,855
1,855
1,855
1,855
1,855
1,855
$22,260
2,837
2,533
Subway
1,200
$16.50
1,650
1,650
1,650
1,650
1,650
1,650
1,650
1,650
1,650
1,720
1,720
1,720
$20,010
2,269
2,026
Gamestop
2,000
$17.00
2,833
2,833
2,833
2,833
2,833
2,833
2,833
2,833
2,833
2,833
2,833
2,833
$34,000
3,585
3,377
Rent-A-Center
4,000
$10.00
3,333
3,333
3,333
3,333
3,333
3,333
3,333
3,333
3,333
3,333
3,333
3,333
$40,000
5,497
6,754
Monthly Total:
50,760
$9.80
$41,442
$41,442
$41,442
$41,442
$41,442
$41,442
$41,442
$41,442
$41,442
$41,512
$41,512
$41,512
$497,510
63,780
79,296
Income:
$497,510
63,780
79,296
Blue: indicates month of rent increase*.
Actual
46,960
93%
Model
50,760
100%
Anchor Rent:
169,200
Shops Rent:
328,310
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24
North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
Market Summary
Orangeburg sits strategically located
between the state capital of Columbia,
SC (47 miles), the port of Charleston, SC
(78 miles) and Augusta, GA (70 miles).
With a trade area population of over
170,787 people residing in Orangeburg
and Bamberg Counties, the area
continues to show steady growth. The
average age and household income in
the primary market area is 36.1 years
and $48,127 respectively. Population
growth in the primary trade area has
exceeded 6.2% over the last 10 years.
Total retail sales in the primary trade
area are in excess of $1.63 billion
dollars. Of South Carolina’s 30 nonMetropolitan areas, Orangeburg ranks
4th in the percentage capture of retail
sales at 121%.
Attractive to business and industry, Orangeburg County is enjoying
economic growth. Strategically located between Columbia and the port city
of Charleston, Orangeburg County features a strategic location, excellent
infrastructure, positive business climate, natural beauty, temperate climate,
and enjoyable quality of life. The past five years have proven to be unprecedented in terms of retail expansion.
Company Name
The City of Orangeburg is supported by several colleges and universities.
There are four institutions for higher education in Orangeburg County.
Orangeburg – Calhoun Technical College is a two-year college that prepares
students for the workforce or to transfer to a four year institution. Also
located in Orangeburg County is South Carolina State University and Claflin
College, which are two historically black colleges located in the county. SCSU
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Offering Terms & Conditions
Economy
Higher Education
C
Market Summary
is a state-assisted land grant institution
that enrolls approximately 4,300
students and offers 60 baccalaureate
programs. Claflin is a private four-year
liberal arts university with an enrollment
of approximately 1,600 students and
offers 30 baccalaureate programs.
Southern Methodist College is a private
four-year Christian liberal arts school. SMC has received full accreditation with
the Transnational Association of Christian Colleges and Schools.
Orangeburg Market Overview
STONE
Financial Analysis
Experience
# Employees
Industry
Albermarle Corporation
407
Organic chemicals-special fuels
Allied Air Enterprise, Inc.
300
Heating and Air Conditioning
Carolina Fresh Farms
100
Turf sod
Cox Wood Preserving Co.
162
Pressure treated wood products
Federal- Mogul Friction Products
262
Disk brakes
Husqvarna (formerly Electrolux)
2,000
Lawn and garden tractors
Koyo Corp. of USA
570
Ball and roller bearings
North American Container Corp.
400
Bulk shipping containers
Sara Lee Bakery Group
536
Bakery products
The Okonite Company
220
Power cable
Zeus Industrial Products Inc.
454
Teflon tubing
Results
25
North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
With population increases, a rise in per capita income, aggressive marketing
efforts and industrial growth, the future of Orangeburg County is moving
forward. For six years in a row, Orangeburg County has enjoyed record
industrial growth. More than 4,000 new manufacturing jobs have been
created in the last six years.
Demographic Profile
A demographic profile of the regional market shows the population of
Orangeburg at 70,742 within a 15-mile radius, and 170,787 within a 30mile radius. The population figures of the market area and its environs have
been aggregated into three categories representing the ranges of proximity
to the City of Orangeburg.
Population
45,000
70,742
Suburban Tier (15 mile radius of city including parts of
Calhoun and Bamberg Counties. City population included)
170,787
Second Market Area (30 mile radius of City with area near
Columbia discounted due to that market pull - includes
parts of Dorchester, Calhoun and Bamberg Counties. Note:
Inclusive of all figures and remainder of Orangeburg County.
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Metropolitan Orangeburg
Radius
Population
Households
Avg.Income
5 Miles
35,867
13,322
$45,935
10 Miles
53,852
19,954
$46,478
15 Miles
70,742
26,917
$46,485
30 Miles
170,787
42,899
$48,127
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Financial Analysis
Market Summary
Offering Terms & Conditions
Transportation
Orangeburg County is part
of the global economy and
is well connected to the rest
of the world. Manufacturers
and distribution centers have
multiple links to primary
roadways, quick access to a
major seaport, and gateways
to international markets via air
cargo and commercial flights.
Orangeburg County boasts more than 1,600 miles of highways within its
borders, and therefore distinguishes itself from the rest of South Carolina
through unparalleled access. In fact, Orangeburg County ranks second in the
state in number of highway
miles and fourth in the state in
number of interstate miles.
Orangeburg County businesses
are strategically situated within
four hours of three of the
fastest growing markets in the
Southeast—Atlanta, Charlotte
and Jacksonville. Columbia
and Charleston, the two largest commercial centers in the state, are reached
via Interstates 26 and 95. Those two highways alone offer 10 interchanges
throughout Orangeburg County.
Results
26
North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
Within a 500-mile radius of Orangeburg
County are 15 states stretching from
Pennsylvania to Florida. These states are
home to 32 percent of all U.S. manufacturing facilities and generate 34 percent
of total U.S. retail sales. What’s more,
they are all easily accessible from
Orangeburg County.
Equally convenient is air transportation, thanks to Orangeburg County’s
location between Columbia and Charleston. Columbia Metropolitan
Airport, 39 miles from Orangeburg, provides direct flights to major cities
throughout the Southeast and connecting flights to other destinations.
Charleston International Airport offers direct flights to other major cities
along the Eastern seaboard, as well as connecting flights to several major
hubs. General aviation service is provided by the Orangeburg Municipal
Airport, which can accommodate small corporate jets.
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Shopping
Orangeburg County offers obvious advantages of rail service. CSX
Transportation and Norfolk Southern Railroad provide main line service.
Many industrial sites currently are served by rail, and both railroads have
intermodal yards near I-26 between Orangeburg and Charleston.
C
Market Summary
Orangeburg County boasts a “global logistics triangle” to the rest of the
world. With the abundance of transportation and distribution availabilities,
businesses have numerous options in Orangeburg County.
Also beneficial to Orangeburg County businesses is the Port of Charleston.
This Foreign Trade Zone is only one hour away. Better yet, more than 50
shipping lines serve this leading container port servicing the south Atlantic
and Gulf coasts.
STONE
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Experience
There is plenty of shopping throughout
Orangeburg County at the wide variety of
shopping centers and outlets. With nearly
580 retail stores throughout Orangeburg,
shoppers will find almost everything they
might need or want. The Prince of Orange
Mall creates a great browsing environment
for shoppers, with 26 specialty shops, and
several department stores including JC
Penny, Sears and Belk. The Wal-Mart Supercenter features plenty of national
discount shops including the newest anchor retailer, TJ Maxx. The Santee
Factory Stores and discount outlet mall is located at the Santee exit on I-95
and provides a unique shopping experience. In addition, Orangeburg offers
antique shops, flea markets, and boutiques with exceptional gifts, which are
located throughout the county.
Orangeburg County Neighborhoods
Orangeburg has a wide selection of Housing options, from antebellum
homes to subdivisions and other Housing developments on the water or on
the golf course. These homes are also available in a variety of price ranges.
In addition, the Orangeburg market contains in excess of 800 apartments
and a number of duplexes and houses. Rentals, primarily two and three
bedroom units, are available in a wide range of prices. And, traffic and long
commutes are non-existent.
Results
27
North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
One of Orangeburg’s top priorities is
keeping the community safe. In fact,
the county has committed itself to being
a “Community of Character,” which
extends into all parts of life in Orangeburg,
including government, media, school,
faith, family, business, etc.
Healthcare
The Regional Medical Center (RMC)
originated from a small, private hospital
started by Dr. Charles A. Mobley in 1919.
The hospital has grown to a 286-bed,
acute-care, regional medical center owned
by Orangeburg and Calhoun counties.
The product of more than eight decades
of work on the part of local physicians, community leaders and citizens, RMC
has a strong history of safeguarding the long-term health of the community.
The medical center serves a six-county area and has a variety of specialties
and programs that offer state-of-the-art health care. RMC is offers a 24-hour
emergency department which provides a full range of high-quality medical
services and proactive, community-wide wellness program for the Orangeburg
area. RMC has experienced growth and stands ready to provide the latest
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Integrity
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Financial Analysis
Market Summary
Offering Terms & Conditions
advancements in medical technology
while continuing to provide compassionate care. From new technologies and
services lines – like digital mammography,
nuclear medicine, a new breast center and
home care – to community initiatives and
new facilities, RMC is diligently moving
forward to ensure the long-term health of
this community.
Resources
City of Orangeburg
http://www.orangeburg.sc.us/
County of Orangeburg
http://www.orangeburgcounty.org/
Orangeburg County Chamber of Commerce
http://www.orangeburgchamber.com/
Orangeburg County Development Commission
http://www.ocdc.com/
Orangeburg City & County Overview
http://www.orangeburgsc.net/
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North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
Financial Analysis
Market Summary
Offering Terms & Conditions
Offering Terms and Conditions
The delivery of this Investment Property Offering is not intended to constitute an
officers, employees, managers, affiliates, advisors or agents with respect to the
offer, but is merely a solicitation of interest with respect to a possible sale of one
Properties, or any of them.
or more properties (collectively, the “Properties” and each a “Property”) owned by
property owner (“Seller”) and marketed on behalf of Seller exclusively by Stone Ridge
Capital, LLC (“Agent”).
The information contained in the Investment Property Offering is designed for the sole
purpose of assisting a potential buyer in determining whether it wishes to proceed
with an in-depth investigation of the subject Property. While this information is from
Please note Seller does not intend to consider any offers for the purchase for any
sources deemed reliable, neither Agent nor Seller nor any of their respective officers,
of the Properties which are not made on an “As Is” basis, with no adjustments for
employees, managers, affiliates, advisors or agents has independently verified it.
physical, functional, economic or environmental conditions.
Neither Agent, nor Seller, nor any of their respective officers, employees, managers,
The Investment Property Offering has been prepared solely for informational
purposes. The Investment Property Offering does not purport to contain all of the
information necessary to enable a prospective purchaser of any of the Properties
to reach a purchase decision. Neither Seller nor Agent, nor any of their respective
officers, employees, managers, affiliates, advisors or agents has made and, Seller
hereby expressly disclaims, any representation or warranty, expressed or implied, as
to the accuracy or completeness of the Investment Property Offering or its contents.
The information herein is confidential and intended solely for your use in determining
whether you, acting as a principal, desire to express an interest in the purchase of any
of the Properties.
them, will be made available to interested and qualified prospective buyers. Each
prospective buyer is expected and directed to rely solely upon its own investigation,
evaluation and judgments as to the advisability of purchasing any of the Properties
described herein. No prospective buyer is entitled to rely on any statement or
information, written or oral, provided by Seller or Agent, or any of their respective
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to the information contained in the Investment Property Offering. The projections
and pro forma budgets contained in the Investment Property Offering represent
estimates based on assumptions considered by Seller to be reasonable under the
circumstances. No representations or warranties, expressed or implied, are made that
actual results will conform to such projections. The Investment Property Offering is
provided subject to errors, modifications or withdrawal at any time, with or without
notice. The contents of the Investment Property Offering are not to be reproduced
without the express written consent of Seller or Agent.
Seller expressly reserves the right, in its sole discretion, to reject any or all expressions
Additional information and an opportunity to inspect the Properties, or any of
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affiliates, advisors or agents make any representations or warranties with respect
Integrity
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of interest or offers to purchase any of the Properties, and/or to terminate discussions
with any prospective buyer, at any time with or without notice. Seller shall have no
legal commitment or obligation to any prospective buyer reviewing the Investment
Property Offering or making an offer to purchase any of the Properties unless and
until a definitive written agreement for the purchase and sale of the subject Property
has been fully executed, delivered and approved by Seller, and any conditions to
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North Road Plaza
Orangeburg, South Carolina
Executive Summary
Property Overview
Tenant Information
Financial Analysis
Market Summary
Offering Terms & Conditions
Seller’s obligations thereunder have been satisfied or waived. Agent is not authorized
of this information further acknowledges its sole liability for any commissions owed
to make any representations or agreements on behalf of Seller.
to any broker retained by such prospective buyer in connection with any prospective
By accepting the Investment Property Offering the recipient stipulates that it is acting
as a principal only, and not as a broker, in the contemplated transaction. The recipient
purchase of a Property and agrees to indemnify and hold Seller harmless from and
against any and all claims by and/or commissions owed to any broker, finder, or
commissioned salesperson claiming by, through or under the prospective buyer. If the
Procedure for Written Offers
Agent has been retained by Seller to exclusively market for sale the Properties. All offers should be in writing and delivered
to the offices of Agent in a letter of intent form.
Seller will only consider those letters of intent delivered at the prior invitation of the Seller or Agent. No consideration will
be given to uninvited offers or offers submitted by real estate brokers or other intermediaries without the prior written
approval of Seller. Seller will not pay any real estate commission or other form of compensation to any real estate broker or
intermediary. Seller reserves the right to reject any or all proposals or offers and to negotiate with any investor exclusively at
any time.
All letters of intent or inquiries should be directed to Agent at the address, facsimile, e-mail and telephone numbers shown
below:
Stone Ridge Capital, llc
5030 Old Ellis Pointe
Roswell, Georgia
30076
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Real Estate Advisory Group
Integrity
v. 678.722.2000
f. 678.722.2002
stoneridgecapital.com
Experience
James D. Hudgins, Founder
v. 678.722.2001
[email protected]
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