TRACTOR SUPPLY

CBRE | Net Lease
OFFERING MEMORANDUM
TRACTOR SUPPLY
5940 NEW JESUP HIGHWAY | BRUNSWICK, GEORGIA 31523
Capital Markets | Net Lease Property Group
Atlanta | Chicago | Dallas | Los Angeles | Orlando | New York | San Diego | San Francisco
INVESTMENT OVERVIEW
The CBRE Net Lease Property Group is pleased to exclusively offer a
19,097-square-foot freestanding Tractor Supply situated on 2.98 acres in
Brunswick, Georgia. Built in 2008, Tractor Supply has 8.5 years of initial
term remaining with four 5-year options to extend. The property is ideally
positioned with excellent frontage on both Old Jesup Highway and New
Jesup Highway/Golden Isles Parkway (Traffic Count: 18,512 VPD), just 1.5
miles north of Interstate 95 which provides direct access to both Savannah,
GA (70 miles) and Jacksonville, FL (65 miles). New Jesup Highway/Golden
Isles Parkway serves as the area’s preeminent north-south thoroughfare
which is also widely used to get to the beach and many Golden Isles resorts.
The location was also strategically selected because of its position within a
significant retail and residential corridor with immediate proximity to
Caterpillar, John Deere, Dollar General and Flower Foods. Brunswick is a
vibrant coastal city located directly on the Atlantic Intracoastal Waterway and
supports a progressive economy largely based on tourism and logistics with a
metropolitan GDP of $3.9 billion. The Brunswick MSA, which also consists of
St. Simons Island, Sea Island, Jekyll Island, Brantley County and McIntosh
County, is the twelfth largest MSA in Georgia with a population of 113,807.
Within 5 miles of the property, there is approximately 3.2 MSF of retail,
1,830 multifamily units and a population of 37,995. Other major tenants
with a presence in the immediate vicinity include: FedEx, Fred’s Super Dollar,
CVS, Waffle House, Advance Auto Parts, Family Dollar, Winn Dixie, Comfort
Inn, Super 8 Motel, KFC, Krystal, Exxon and Motel 6 among others. The
property is also proximate to some of the area’s main points of interest such
as 500,000-square-foot Glynn Place Mall anchored by J.C. Penney, Belk
and Sears (3.5 miles), the Federal Law Enforcement Training Center (5
miles), Downtown Brunswick (6 miles), Golden Isles Airport (6 miles) and the
area’s renowned beaches (11 miles).
INVESTMENT SUMMARY
PRICE:
$4,315,000
DUE TO A CONFIDENTIALITY AGREEMENT WITH TRACTOR SUPPLY, WE ARE UNABLE
TO GIVE THE RENT, CAP RATE OR LEASE INFORMATION. PLEASE CALL CHRIS
BOSWORTH AT +1 404 923 1486 OR EMAIL AT [email protected]
FOR A CONFIDENTIALITY AGREEMENT AND FURTHER DETAILS.
CLICK HERE FOR CA
DEMOGRAPHICS
1-Mile Population
3-Mile Population
5-Mile Population
1-Mile AHHI
3 -Mile AHHI
5 -Mile AHHI
Traffic Count
2,534
17,254
37,955
$58,668
$55,195
$50,944
18,512 VPD on New Jesup Hwy
• TENANT: Tractor Supply Company (NASDAQ: TSCO) is the
largest national farm and ranch retail store brand in the nation.
With more than 1,300 retail stores in 48 states, the company
had a net worth in excess of $1.23B and produced impressive
TTM revenues of more than $5.54B as of September 2014
• LONG-TERM NET LEASE: 8.5 years of primary lease term
remaining with four 5-year options to renew
• ATTRACTIVE RENT ESCALATIONS: 10% rent increases every 5
years throughout the initial term and renewal option – Next
bump occurs in June 2018
• STRONG AVERAGE RETURN: Average return over the initial
term is equal to more than 7.10%
• EXCELLENT VISIBILITY: Ideally positioned with excellent frontage
on both Old Jesup Highway and New Jesup Highway/Golden
Isles Parkway (Traffic Count: 18,512 VPD), just 1.5 miles north
of Interstate 95 which provides direct access to both Savannah,
GA (70 miles) and Jacksonville, FL (65 miles). New Jesup
Highway/Golden Isles Parkway serves as the area’s preeminent
north-south thoroughfare which is also widely used to get to the
beach and many Golden Isles resorts
• DOMINANT RETAIL & RESIDENTIAL CORRIDOR: Approximately
3.2 MSF of retail, 1,830 multifamily units and a population of
37,995 within a 5-mile radius
• MARKET: Brunswick, Georgia (MSA Population: 113,807) is a
vibrant coastal city located directly on the Atlantic Intracoastal
Waterway and supports a progressive economy largely based on
tourism and logistics with a metropolitan GDP of $3.9 billion.
The Brunswick MSA, which also consists of St. Simons Island, Sea
Island, Jekyll Island, Brantley County and McIntosh County, is the
twelfth largest MSA in Georgia.
Capital Markets | Net Lease Property Group
Atlanta | Chicago | Dallas | Los Angeles | Orlando | New York | San Diego | San Francisco
PROPERTY OVERVIEW
ADDRESS:
5940 New Jesup Highway
Brunswick, Georgia 31523
TENANT:
Tractor Supply Company
BUILDING SIZE:
19,097 SF
PARCEL SIZE:
2.98 Acres
YEAR BUILT:
2008
PARKING:
82 Spaces
LEASE SUMMARY
LEASE COMMENCEMENT:
June 7, 2008
LEASE EXPIRATION:
June 6, 2023
TERM REMAINING:
8.5 Years
LEASE TYPE:
NN
INITIAL TERM RENT
INCREASES:
10% every 5 years
REMAINING OPTIONS:
Four 5-Year options to extend
OPTION RENT INCREASES:
10% every 5 years
Not Actual Location
Capital Markets | Net Lease Property Group
Atlanta | Chicago | Dallas | Los Angeles | Orlando | New York | San Diego | San Francisco
Capital Markets | Net Lease Property Group
Atlanta | Chicago | Dallas | Los Angeles | Orlando | New York | San Diego | San Francisco
Capital Markets | Net Lease Property Group
Atlanta | Chicago | Dallas | Los Angeles | Orlando | New York | San Diego | San Francisco
TENANT OVERVIEW
Tractor Supply Company is the largest national farm and ranch retail
store brand in the nation. Headquartered in Brentwood, Tennessee, the
company operates more than 1,300 retail stores in 48 states and
employs over 19,000 team members. Its stock is traded on the
NASDAQ exchange under the symbol “TSCO”. The company was
founded in 1938 as a mail order catalog business offering tractor parts
to America’s family farmers. Tractor Supply Company stores are
concentrated east of the Rocky Mountains with many locations in the
outlying suburbs of major cities. The company offers the following
comprehensive selection of merchandise: (1) livestock and pet
products, including everything necessary for their health care, growth
and containment (2) maintenance products for agricultural and rural
use (3) hardware and tool products (4) seasonal products, including
lawn and garden power equipment (5) truck, trailer and towing
products and (6) work clothing for the entire family. As of September
27, 2014, Tractor Supply Company had a net worth in excess of
$1.23B and produced impressive TTM revenues of more than $5.54B.
Not Actual Location
Capital Markets | Net Lease Property Group
Atlanta | Chicago | Dallas | Los Angeles | Orlando | New York | San Diego | San Francisco
AREA OVERVIEW
BRUNSWICK, GEORGIA
The vibrant and charming city of Brunswick is located on the coast line of Georgia and is the county seat of Glynn County. The Brunswick Metropolitan
Statistical Area consists of St. Simons Island, Jekyll Island, Brantley County and McIntosh County making it the twelfth largest MSA in Georgia with a population
of 113,807. The town is also a resort community and has many seasonal residents, as well as a steady base of year-round residents.
PORT CITY
The Intercostal Waterway passes between Brunswick and St. Simons Island allowing the city to host a major port. The Port of Brunswick is one of the nation's
most productive ports on the Atlantic coast. Besides handling such products as wood pulp, paper products, wheat, soybeans, and heavy machinery, it is the
primary U.S. port of import and/or export of numerous automobile manufacturers including Jaguar, Land Rover, Porsche, Mitsubishi, Volvo, Ford, GM and
Mercedes. Other exports out of the Port of Brunswick include agricultural products (barley malt, corn, and oats) and other bulk cargoes, including cement,
gypsum, limestone, perlite, salt and sand.
TOURISM
Brunswick is the second largest concentration of documented historic structures in Georgia. The streets are lined with nineteenth century Victorian-style homes,
century old grand oaks and gorgeous magnolia trees. Downtown Brunswick offers a wealth of boutiques, magnificent churches, fine and causal restaurants, art
galleries and cultural venues. The nearby islands of St. Simons and Jekyll lure visitors with the promise of beaches, resorts, and historic sites giving Brunswick the
title of the "Gateway to the Golden Isles."
Capital Markets | Net Lease Property Group
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Affiliated Business Disclosure, Confidentiality Agreement & Disclaimer
AFFILIATED BUSINESS DISCLOSURE
CBRE, Inc. operates within a global family of companies
with many subsidiaries and/or related entities (each an
“Affiliate”) engaging in a broad range of commercial real
estate businesses including, but not limited to, brokerage
services, property and facilities management, valuation,
investment fund management and development. At times
different Affiliates may represent various clients with
competing interests in the same transaction. For example,
this Memorandum may be received by our Affiliates,
including CBRE Investors, Inc. or Trammell Crow
Company. Those, or other, Affiliates may express an
interest in the property described in this Memorandum (the
“Property”) may submit an offer to purchase the Property
and may be the successful bidder for the Property. You
hereby acknowledge that possibility and agree that neither
CBRE, Inc. nor any involved Affiliate will have any
obligation to disclose to you the involvement of any
Affiliate in the sale or purchase of the Property. In all
instances, however, CBRE, Inc. will act in the best interest
of the client(s) it represents in the transaction described in
this Memorandum and will not act in concert with or
otherwise conduct its business in a way that benefits any
Affiliate to the detriment of any other offeror or prospective
offeror, but rather will conduct its business in a manner
consistent with the law and any fiduciary duties owed to
the client(s) it represents in the transaction described in
this Memorandum.
CONFIDENTIALITY AGREEMENT
This is a confidential Memorandum intended solely for
your limited use and benefit in determining whether you
desire to express further interest in the acquisition of the
Property.
This Memorandum contains selected information
pertaining to the Property and does not purport to be a
representation of the state of affairs of the Property or the
owner of the Property (the “Owner”), to be all-inclusive or
to contain all or part of the information which prospective
investors may require to evaluate a purchase of real
property All financial projections and information are
provided for general reference purposes only and are
based on assumptions relating to the general economy,
market conditions, competition and other factors beyond
the control of the Owner and CBRE, Inc. Therefore, all
projections, assumptions and other information provided
and made herein are subject to material variation. All
references to acreages, square footages, and other
measurements are approximations. Additional information
and an opportunity to inspect the Property will be made
available to interested and qualified prospective
purchasers. In this Memorandum, certain documents,
including leases and other materials, are described in
summary form. These summaries do not purport to be
complete nor necessarily accurate descriptions of the full
agreements referenced. Interested parties are expected
to review all such summaries and other documents of
whatever nature independently and not rely on the
contents of this Memorandum in any manner.
Neither the Owner or CBRE, Inc, nor any of their
respective directors, officers, Affiliates or representatives
make any representation or warranty, expressed or
implied, as to the accuracy or completeness of this
Memorandum or any of its contents, and no legal
commitment or obligation shall arise by reason of your
receipt of this Memorandum or use of its contents; and
you are to rely solely on your investigations and
inspections of the Property in evaluating a possible
purchase of the real property.
The Owner expressly reserved the right, at its sole
discretion, to reject any or all expressions of interest or
offers to purchase the Property, and/or to terminate
discussions with any entity at any time with or without
notice which may arise as a result of review of this
Memorandum. The Owner shall have no legal
commitment or obligation to any entity reviewing this
Memorandum or making an offer to purchase the Property
unless and until written agreement(s) for the purchase of
the Property have been fully executed, delivered and
approved by the Owner and any conditions to the Owner’s
obligations therein have been satisfied or waived. By
receipt of this Memorandum, you agree that this
Memorandum and its contents are of a confidential
nature, that you will hold and treat it in the strictest
confidence and that you will not disclose this
Memorandum or any of its contents to any other
entity without the prior written authorization of the
Owner or CBRE, Inc. You also agree that you will not
use this Memorandum or any of its contents in any
manner detrimental to the interest of the Owner or
CBRE, Inc.
If after reviewing this Memorandum, you have no
further interest in purchasing the Property, kindly
return this Memorandum to CBRE, Inc.
DISCLAIMER
© 2014 CBRE, Inc. The information contained in this
document has been obtained from sources believed
reliable. While CBRE, Inc. does not doubt its accuracy,
CBRE, Inc. has not verified it and makes no guarantee,
warranty or representation about it. It is your
responsibility to independently confirm its accuracy and
completeness. Any projections, opinions, assumptions or
estimates used are for example only and do not
represent the current or future performance of the
property. The value of this transaction to you depends
on tax and other factors which should be evaluated by
your tax, financial and legal advisors. You and your
advisors should conduct a careful, independent
investigation of the property to determine to your
satisfaction the suitability of the property for your needs.
Photos herein are the property of their respective owners
and use of these images without the express written
consent of the owner is prohibited.
CBRE and the CBRE logo are service marks of CBRE,
Inc. and/or its affiliated or related companies in the
United States and other countries. All other marks
displayed on this document are the property of their
respective owners.
NET LEASE PROPRETY GROUP
CHRIS BOSWORTH
Executive Vice President
T: +1 404 923 1486
[email protected]
WILL PIKE
Senior Vice President
T: +1 404 923 1381
[email protected]
BRIAN PFOHL
Senior Financial Analyst
T: +1 404 504 7893
[email protected]
CBRE, INC.
3280 PEACHTREE ROAD NW, SUITE 1400 | ATLANTA, GA 30305 | T 404.504.7900 | F 404.504.0022
DISCLAIMER:
This valuation analysis or broker opinion of value is not an appraisal and has not been performed in accordance with the Uniform Standards of Professional Appraisal Practice. Neither you, nor any
third parties, may rely on this analysis for any tax purposes, estate work, litigation, lending or any other matter other than your direct use in connection with a contemplated transaction.