Marketing Package

Transcription

Marketing Package

e i g h t-t e n a n t i n v e stm e n t o pp o rt u n i t y
Forest Commons Shopping Center
921-939 Hwy 35 South, Forest, Mississippi 39074
Partnership. Performance.
Multi-Tenant Retail Center for Sale
Confidential Offering Memorandum
Hunter Jaggard, Vice President, Capital Markets
713.993.7828
[email protected]
Avison Young is pleased to offer for sale to qualified buyers an attractive multi-tenant retail property
located in Forest, Mississippi.
Offering Price: $3,843,453.19
7.70% Cap Rate
Investment Highlights
•
Energy industry grew at a rapid pace of 14.3%
year-over-year. Energy companies in the area
include CenterPoint Energy, Amerigas and
Coastal Exploration.
•
Low unemployment rate of 7.3% compared
with the national unemployment rate of 7.6%.
•
Jackson, MS has a growing population of
175,561.
•
Traffic counts of 23,426 cars per day at the intersection of Highway 35 and West Third
Avenue in both directions (US Hwy 80).
•
The immediate trade area requires restaurants,
residential services, retail.
+/- 270.54’ of F rontage on Highway 35 South.
•
Located less than a mile away from Forest
High School and Hawkins Middle School.
•
Forest, Mississippi has a growing population of
5,987 residents.
•
Limited retail availability in the area.
•
Surrounding retailers include AutoZone, Burger King, O’Reilly Auto Parts, Tractor Supply, WalMart, Walgreens and McDonalds.
*Property has great visibility, access and signage.
921-939 Hwy 35 South, Forest, MS 39074
•
Texas Retail Group
713.993.7828
[email protected]
1
Lease Abstract
PROPERTYADDRESS:
OFFERING PRICE:
$3,843,453.19
CAP RATE:
7.70%
TENANTS:
Factory Connection, Dirt Cheap, Goody’s, Hibbett Sporting Goods, Dollar Tree,
Top Nails, Aaron’s Rents
BUILDING SIZE:
+/- 65,551 SF (Includes two buildings shown in rent roll square footage on page
4 of this Offering Memorandum.)
NOI:
$295,944.51
EXPENSES:
NNN Lease - Landlord is responsible for roof and structure.
Texas Retail Group
713.993.7828
[email protected]
2
FOREST COMMONS, LLC
FOREST, MS
08-22-13
PROFORMA
P.O. BOX 1148
MONTGOMERY, AL. 36101-1148
334-281-0570
Pro Forma
FRONT
FOOTAGE
LEASE
TERM
SPACE
#
73.5
5
70.5
90
3
10
1
1A
2
3
TENANT
SQ FEET
3A
Factory Connection
Vacant Rear Space
Dirt Cheap, LLC
Goody's
Common Dock Area
Vacant Rear Space
6,500
5,260
15,900
13,000
1,266
3,250
4
5
6
7
Total Original Building
Hibbetts
Aaron's
Top Nails
Dollar Tree
45,176
5,175
6,000
1,200
8,000
ANNUAL
BASE RENT
$/SF
6.46
3.42
5.00
-
ANNUAL
CTI
42,000.00
54,450.00
65,000.00
-
GROSS
ANN RENT
9,366.48
4,917.36
21,450.00
-
45
100
20
100
5
5
5
5
8
6.88
7.80
10.93
8.50
Ground Ice Ice Baby
35,604.00
46,800.00
13,113.96
68,000.00
6,208.41
7,200.00
2,280.00
9,200.00
5,562.00
TOTAL RENTS
65,551
OPERATING EXPENSES:
MANAGEMENT FEE - 4%
CAM
TAXES
INSURANCE
330,529.96
0.27
0.83
0.11
(15,646.09)
(17,777.07)
(54,502.54)
(7,282.00)
1.21
(95,207.70)
51,366.48
59,367.36
86,450.00
-
60,622.25
41,812.41
54,000.00
15,393.96
77,200.00
5,562.00
391,152.21
TOTAL OPERATING EXPENSES
(95,207.70)
NET OPERATING INCOME
295,944.51
Pro Forma Notes and Upside
• There is 3,250 square feet of distribution warehouse/office/flex space directly adjacent to and to the rear
of Goody’s. This space is value-add square footage and is dock accessible. See page 11 of this Offering
Memorandum which includes the site plan of the 3,250-square-foot space.
• There is a proposed 6,000-square-foot building site at the front of the property creating a tremendous
upside for the future landlord. See site plan on page 11.
• Future kiosk and billboard rent not included, but reflects future potential income.
• Out-parcel suggested sale price $425,000.00
Texas Retail Group
713.993.7828
[email protected]
3
TENANT
TOTAL
ICE ICE BABY
THE DOLLAR TREE
TOP NAILS
REMAINING
2@5 YRS
3@4 yrs
7/31/14 3@5 YRS
4/15/15 N/A
7/31/14 2@5 YRS
2/28/18
1/31/18 4@5 YRS
4/30/13 1@3 YRS
9/30/16 2@5 YRS
12/1/11 11/30/19
7/13/09
5/15/10
6/26/09
12/4/07
9/19/07
5/1/07
10/1/11
OPTION
PERIODS
Rent Roll Projection as of 10/1/13
65,551
Ground
8,000
1,200
6,000
3,250
AARON RENTS
1,266
VACANT REAR SPACE
5,175
13,000
15,900
5,260
6,500
DATE
DATE
SF
LEASE
EXPIRE
LEASE
START
SIZE
COMMON DOCK AREA
HIBBETTS SPORTING GOODS
GOODY'S DEPARTMENT STORE
DIRT CHEAP, LLC
VACANT REAR SPACE
FACTORY CONNECTION
Rent Roll
8.50
10.93
7.80
6.88
5.00
3.42
6.46
S/F
RATE
RENTAL
330,529.96
5,562.00
68,000.00
13,113.96
46,800.00
35,604.00
65,000.00
54,450.00
42,000.00
RENT
BASE
ANNUAL
31,178.23
-
3,200.00
900.00
3,000.00
4,360.19
9,750.00
4,573.08
5,394.96
TAXES
ANNUAL
7,914.26
-
2,000.04
300.00
600.00
574.94
3,249.96
344.28
845.04
INS.
ANNUAL
1,212.15
-
300.00
60.63
851.52
admin
ANNUAL
**Annual taxes and insurance included on Hibbett's
20,317.61
-
3,999.96
780.00
3,600.00
1,212.65
8,450.04
2,274.96
CAM
ANNUAL
FOREST COMMONS,LLC ANNUAL RENT ROLL
TOTAL
391,152.21
5,562.00
77,200.00
15,393.96
54,000.00
-
41,812.41
-
86,450.00
-
59,367.36
-
51,366.48
RENT
ANNUAL
%
RENTS
3% ea yr of original term
Extn 1=$6,973.34;
Extn 2=$7,670.68;
Extn 3=$8,821.28
yrs 6-10 $9.00/sf;
yrs 11-15 $9.50/sf;
yrs 16-20 $10.00/sf
3% per year
1 optn (yrs 6-10)
=$51,480;
2n optn(yrs 11-15)
=$56,640
yrs 11-15 $39,174.75;
yrs 16-20 $43,107.75
1st optn=$5.50 psf;
2nd optn $6.00 psf;
3rd optn=$6.50 psf;
4th optn=$7.00 psf
2nd optn
(5/1/13-4/30/16)=
$54,845.74
Does not pay; does not report
None
Does not pay: only report
Int. 3% over 1,500,000.00;
1st opt 3% over 1,650,000.00;
2nd opt 3% over 1,815,000.00
1st Optn10/1/16=$48,000
2nd Optn
10/1/21=$54,000
4% over $625,000
ESCAL.
RENT
Tax & Ins paid annually
1st Yr ends 1/31/09
does not pay cam
NOTES
4
8/19/13
t e n a n t ov e r v i e ws
Goody’s is America’s leading small town and neighborhood retailer dedicated
to delivering desirable brand name family apparel with exceptional value and
service. Headquartered in Houston, Texas, Goody’s has over 800 stores in 40
states across the US.
Hibbett Sports, Inc. operates sporting goods stores in small and mid-sized
markets, predominantly in the South, Southwest, Mid-Atlantic and Midwest,
offering convenient locations and a broad assortment of quality branded athletic
footwear, apparel and equipment with a high level of customer service. As
of February 2, 2013, Hibbett’s Sports, Inc. operates a total of 873 retail stores
composed of 853 Hibbett Sports stores, 19 Sports Additions athletic shoe stores
and 1 Sports & Co. superstore in 29 states.
Aaron’s, Inc. (NYSE: AAN), a national leader in the sales and lease ownership
and specialty retailing of residential and office furniture, consumer electronics,
home appliances and accessories, has more than 1,800 Company-operated and
franchised stores in 48 states and Canada. Founded in 1955 by entrepreneur R.
Charles Loudermilk Sr. and headquartered in Atlanta, Aaron’s has been publicly
traded since 1982.
In 2009, Aaron Rents re-branded to Aaron’s, Inc to bring the company in line with
the same name that all stores now operate under. Over 55 million households
across North America know and trust the Aaron’s name.
Texas Retail Group
713.993.7828
[email protected]
5
t e n a n t ov e r v i e w S CON T INUE D
With 53 locations across six states, Dirt Cheap is a bargain hunter’s paradise,
offering leading private label and brand name merchandise for as much as 4090% off regular retail prices.
Their buyers travel the country purchasing liquidations, customer returns,
overstocks, out of season goods, bankruptcies and closeouts from manufacturers,
distributors and other retailers.
Dirt Cheap’s inventory changes weekly, and sometimes daily, so there is always
a great variety of merchandise to choose from. Whatever is in stock, you can be
certain that it will always be at an extreme value. It’s safe to say on each visit you’ll
find leading private label and name brand clothing, housewares and other general
merchandise.
There are 53 locations across Louisiana, Mississippi, Alabama, Florida, Texas, and
Tennessee.
Factory Connection specializes in providing “Fashion Forward, Name Brand”
merchandise for customers in small to medium size markets. With more than
270+ stores in 18 states and growing rapidly, Factory Connection is a destination
shopping experience.
Headquartered in Chesapeake, VA, Dollar Tree is the largest and most successful
single-price-point retailer in the country, operating thousands of stores in all 48
contiguous states and nine distribution centers.
Texas Retail Group
713.993.7828
[email protected]
6
Forest Commons
Lo c at i o n ov er v i e w
Forest, Mississippi
Forest, Mississippi, located in Scott county, is 41 miles E of Jackson, Mississippi
and 170 miles N of New Orleans, Louisiana. There are 5,987 residents in the city.
Forest History
Forest was granted its first charter in 1860.
Governor Theodore G. Bilbo reincorporated
the Town of Forrest as the City of Forest in
1930. It is in Scott County, which was founded
in 1833. This county was named after Abram
M. Scott, who was the Governor of Mississippi
from 1832 to 1833.
Scenic Area is also popular among residents
and tourists. Golfers can enjoy a round at the
Cherry Hill Golf Course. The city hosts the Wing
Dang Doodle event every September.
Forest and nearby Attractions
Forest Higher Education
Institutes offering higher education to the
residents include Jackson State University,
Belhaven University, Millsaps College and
Antonelli College.
•
•
Bienville Pines Scenic Area
•
Cherry Hill Golf Course
•
Roosevelt State Park
Things To Do In Forest
Shopping is a great activity at the Village
Square Shopping Center. Tourists and residents
love to spend time at the Gaddis Park and
the Roosevelt State Park. The Bienville Pines
Forest Transportation
Jackson International Airport offers air
transportation opportunities.
Commerce
Forest is home to several poultry producers,
including Koch Foods, Tyson Foods, and the
Forest Packing Company. Raytheon, a leading
aerospace company, also has a consolidated
manufacturing center in Forest which builds
electronic equipment for radars and other
sensor systems.
Texas Retail Group
713.993.7828
[email protected]
7
Forest Commons
Forest Commons
Texas Retail Group
713.993.7828
[email protected]
8
Forest Commons
270.54’
SITE
Texas Retail Group
713.993.7828
[email protected]
9
Forest Commons
Demographics
921-939
wy 35
outh
921-939 H
Hwy
35 SSouth
FForest,
orest, MS 39074
MS 39074
00-1
-1M
Mile
ile
%
%
00-3
- 3 Mile
Mile
%
%
00-5
- 5 Mile
Mile
%
%
Population
2018 Projection
4,063
6,058
7,550
2013 Estimate
4,016
5,987
7,467
2000 Census
3,987
5,944
7,416
1,380
2,105
2,661
Households
2018 Projection
2013 Estimate
1,359
2,070
2,621
2000 Census
1,346
2,048
2,595
2013 Est. Population by Single Classification Race
White Alone
1,281
31.90
2,120
35.41
2,986
39.99
Black or African American Alone
1,707
42.50
2,534
42.33
3,073
41.15
19
0.47
22
0.37
25
0.33
8
0.20
10
0.17
11
0.15
American Indian and Alaska Native Alone
Asian Alone
Native Hawaiian and Other Pacific Islander Alone
38
0.95
55
0.92
56
0.75
Some Other Race Alone
864
21.51
1,114
18.61
1,172
15.70
Two or More Races
100
2.49
131
2.19
144
1.93
2013 Est. Median Household Income
$33,299
$33,039
$33,554
Texas Retail Group
713.993.7828
[email protected]
10
Forest Commons
Site Plan
Conveniently located near east/central Mississippi only 1.5 miles north of Interstate I-20 and less
than one mile south of US 80. The 65,551-square-foot shopping center serves Forest, MS and the
neighboring counties of Scott, Leake, Rankin, Newton and Smith. Forest Commons is occupied by
Factory Connection, Dirt Cheap, Goody’s, Hibbett Sports, Dollar Tree, Top Nails and Aaron’s Rents.
Texas Retail Group
713.993.7828
[email protected]
11
Texas Retail Group
713.993.7828
[email protected]
THE INFORMATION CONTAINED HEREIN WAS OBTAINED FROM SOURCES BELIEVED RELIABLE; HOWEVER, AVISON YOUNG MAKES NO GUARANTEES, WARRANTIES OR REPRESENTATIONS
AS TO THE COMPLETENESS OR ACCURACY THEREOF. THE PRESENTATION OF THIS PROPERTY IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, OR CONDITIONS,
PRIOR TO SALE OR LEASE, OR WITHDRAWAL WITHOUT NOTICE.
avisonyoung.com
©2013 Avison Young Texas, LLC. All rights reserved.

Marketing Package

Transcription

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