2500 Milton Ave, Janesville, WI 53545

Transcription

OFFERING MEMORANDUM
OFFERING MEMORANDUM
2500 Milton Ave, Janesville, WI 53545
2500 Milton Ave
Janesville, WI 53545
PRESENTED BY:
Kyle B. Matthews, CCIM
Chairman & CEO
310 919 5757
[email protected]
License No. 01469842
Patrick Toomey
Managing Partner
310 919 5765
[email protected]
Beau Beach
Broker of Record
License No: 55685-90
Capital Markets
Brian Krebs
Barrington Capital Corporation
818 606-9476
[email protected]
C ONF IDE NTIALIT Y & DI SC L A I M ER STATEMEN T
This Offering Memorandum contains select i nformation pertaining to the business and affairs of
Janesville Mall located at 2500 Milton Ave, Janesville, WI 53545 (“Property”). It has been prepared by Matthews
Retail Advisors . This Offering Memorandum may not be all-inclusive or contain all of the information a
prospective purchaser may desire. The information contained in this Offering Memorandum is confidential
and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not
to be used for any other purpose or made available to any other person without the written consent
of Seller or Matthews Retail Advisors . The material is based in part upon information supplied by the
Seller and in part upon financial information obtained from sources it deems reliable. Owner, n or their
officers, employees, or agents makes any representation or warranty, express or implied, as to the
accuracy or completeness of this Offering Me morandum or any of its contents and no legal liability
is assumed or shall be implied with respect thereto. Prospective purchasers should make their own
projections and form their own conclusions without reliance upon the material contained herein and
conduct their own due diligence.
By acknowledging your receipt of this Offering Memorandum for the Property, you agree:
1. The Offering Memorandum and its contents are confidential;
2. You will hold it and treat it in the strictest of confidence; and
3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering
Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.
Owner and Matthews Retail Advisors expressly reserve the right, at their sole discretion, to reject any
and all expressions of interest or offers to purchase the Property and to terminate discussions with
any person or entity re viewing this Offering Memorandum or making an offer to purchase the Property
unless and until a written agreement for the purchase and sale of the Property has been fully executed
and delivered.
If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you
discontinue such negotiations, then you agree to purge all materials relating to this Property including
this Offering Memorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the
Property, or information provided herein or in connection with the sale of the Property shall be limited
to those expressly provided in an executed Purchase Agreement and shall be subject to the terms
thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews
Retail Advisors or any of their affiliates or any of their respective officers, Directors, shareholders,
owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation
process or the marketing or sale of the Property.
This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or
constitute an indication that there has been no change in the state of affairs of the Property since the
date this Offering Mem orandum.
TABLE OF CONTENTS
EXECUTIVE SUMMARY
Executive Summary........................................................................ 9
Key Statistics..................................................................................... 11
PROPERTY INFORMATION
Property Information ....................................................................12
Physical Description...................................................................... 13
Aerial Photo..................................................................................... 14
Bird’s Eye..........................................................................................15
Site Plan............................................................................................16
Local Map.........................................................................................18
Regional Map...................................................................................19
Competition Map...........................................................................20
DEMOGRAPHICS AND AREA OVERVIEW
City and County Overview...........................................................21
Local Attractions and Major Employers...................................23
Demographics................................................................................24
FINANCIAL ANALYSIS
Operating Overview..................................................................... 27
Assumptions...................................................................................29
Projected Cash Flow..................................................................... 31
Historical Operating Information............................................... 33
Rent Roll........................................................................................... 34
Lease Expiration Schedule ........................................................ 44
Lease Expiration Graph............................................................... 48
Historical Tenant Sales.................................................................49
TENANT OVERVIEW
Individual Tenant Overviews......................................................53
Page 6
Offering Memorandum | Janesville Mall
™
Page
Page
7 7
PRICING AND FINANCIAL ANALYSIS
Page 8
EXECUTIVE SUMMARY
Janesville Mall
2500 Milton Ave.
List Price�� Best Offer
NOI (In Place)��$4,616,953
Gross Leasable Area (total)�� 608,736 SF
Gross Leasable Area (owned)�� 608,736 SF
Anchors...................................................................Sears, Boston Store, Kohl’s
Occupancy (over owned GLA)��87%
Land Area��46.40 Acres
Year Built/ Renovated�� 1973/1998 & 2015
Page
9 9
Page
9Page
MALL FACTS
Janesville Mall is home to more than 60 specialty stores including American Eagle Outfitters,
Bath & Body Works, Books-A-Million, Buckle, The Children’s Place, Justice, Kay Jewelers,
Kitchen Collection, maurices, rue21, Tiger Lily, Victoria’s Secret, Yankee Candle Company and
Zumiez. The mall has recently undergone a multi-million dollar renovation and redevelopment. New stores include Dick’s Sporting Goods, Rogers & Hollands and ULTA.
TRADE AREA
Located in Rock County, Janesville Mall is the area’s dominant regional shopping center
with its nearest competition more than 40 minutes away. Janesville Mall is the single largest
contributor of retail sales in the Rock County MSA with more than $100 million in retail sales
annually.
Janesville is known as the business, industrial and shopping center of south central Wisconsin. Its central location amid Madison, Chicago, Rockford and Milwaukee makes it the ideal
location for industry, tourism and homeowners. New residential development and growth is
very active in the northeast region of Janesville, less than five miles from Janesville Mall.
Major employers in the Janesville area include Mercy Health System (3,877 employees),
Janesville School District (1,450 employees), Rock County (county seat, 1,191 employees), Lab
Safety Supply (724 employees) and SSI Technologies (534 employees).
Several colleges bring more than 35,000 students to the Janesville area. These include
University of Wisconsin-Whitewater (10,800 students), Rock Valley College (9,019 students),
Blackhawk Technical College (14,000 students) and Beloit College (1,300 students), all within
25 miles of the mall. In addition, there are more than 5,000 high school students attending
three different high schools within ten miles of Janesville Mall.
Page 10
KEY STATISTICS
Space Type
Key Tenants
GLA
Lease Exp.
Sears
123,442
10/31/2021
Net Operating Income
Boston Store
96,000
1/31/2019
Absorption & Turnover Vacancy
Kohl's
88,691
1/31/2021
Scheduled Base Rental Revenue
Retail Sales Percent Revenue
Base Rental Revenue
6/2016-5/2017
$5,368,042
(1,094,907)
4,273,135
SF
# Suites
% Total
Anchors (owned and non-owned)
308,133
3
51%
Dick's Sporting Goods
45,017
1/31/2026
Majors
103,057
2
17%
ULTA Salon
10,000
9/30/2025
Inline
197,546
69
32%
Chuck E. Cheese
9,403
7/31/2020
Specialty Leasing
Total
608,736
74
100%
Rue 21
8,122
1/31/2028
Central Energy Income
Books-A-Million
6,808
1/31/2019
Sponsorship Branding Income
Victoria’s Secret
6,407
1/31/2020
Food Court Maintenance
25,464
6,118
1/31/2024
Marketing Income
72,459
Maurices
Expense Reimbursement Revenue
Space Type
Leased
Vacant SF
% Leased
Anchors
308,133
0
100%
Steinhafels Mattress
5,500
5/31/2021
Other Revenue
Majors
45,017
58,040
44%
The Shoe Dept.
5,246
12/31/2017
Total Potential Gross Revenue
inline
175,221
22,325
89%
General Vacancy
Total
528,371
80,365
87%
TOTAL EFFECTIVE GROSS REV
Management Fees - 3.0%
Central Energy Expense
9,577
122,070
1,800
6,653,977
0
6,653,977
199,619
8,620
87%
Payroll Expense
143,650
0
N/A
Maintenance & Repairs
787,321
608,736
87%
General & Administrative
55,384
Vacant SF
Total SF
% Leased
Owned
528,371
80,365
608,736
0
0
528,371
80,365
Other Operating Expenses
For complete financials and assumptions, please refer to the
Financials section which begins on page 27 of this offering
memorandum.
479,034
141,708
Leased
Total
1,447,892
Utility Expense
Collateral
Non-Owned
222,546
80,135
Marketing Expenses
69,930
Insurance Expense
56,925
Real Estate Taxes
493,732
Total Operating Expenses
2,037,024
NET OPERATING INCOME
$4,616,953
Page 11
Page 12
Property Name.............................................................................. Janesville Mall
Property Address.....................................................................2500 Milton Ave
Ownership:.......................................CBL & Associates Properties, Inc (CBL)
Total GLA�� 608,736 SF
Owned GLA�� 608,736 SF
Land Area��46.40 Acres
Parking��2,706
Parking Ratio (per 1,000 SF)��4.45 : 1,000
Year Built��1973
Year Renovated�� 1998, 2015
REAL ESTATE TAXES
Taxing Authority�� Rock County Treasurer
APN.........................................................................0219200055, 0219200068,
0219200030, 9219200062
Offering
Memorandum
| Janesville
Mall
Offering
Memorandum
| Janesville
Mall
Physical Description
SITE INFORMATION
Water and sewer:
Racine Waste Water and Utility
Fire Protection:
Fully automatic wet pipe fire sprinkler systems.
Lighting
Site lighting is provided by high pressure sodium fixtures mounted on 40 foot
high steel poles in the parking lot; each fixture has a 1,000 watt lamp
Structural System:
Structural steel with metal roof decks
Exterior Walls:
Split face concrete block, with insulated metal siding on a metal framework
Framing:
Steel
Foundation:
Reinforced concrete with spread footings
Floor system:
Poured concrete slabs on grade
INTERIOR DETAIL
Roof Type:
Built-up asphalt and gravel over rigid board insulation
Floor Covering:
Ceramic tile
Roof Cover:
Portions have been replaced with WR Grace roofs, fully adhered to a
recovery board over old roof systems
Walls:
Painted sheet rock on metal studs
Pedestrian Doors:
Metal and glass
Ceilings:
Acoustic and painted gypsum
Stairs:
JC Penney and Bergner buildings have metal pan with concrete treads
Plumbing:
Vertical Transportation:
Dover hydraulic freight elevator in JC Penney store
Domestic water provided from main site to each building. Sanitary
waste drains via gravity flow lines. Plumbing pipes include copper,
PVC, and cast iron
Parking
The property contains approximately 2,706 surface parking spaces, reflecting
an overall parking ratio of 4.45 spaces per 1 ,000 square feet
Store Fronts:
Steel and glass
The HVAC for the mall common areas and management offices is provided
by 11 Singer rooftop, air cooled, package gas heating and electric cooling
units. There is a roof mounted exhaust fan over the center court clerestory,
which has a capacity of 5,000 cfm, and is driven by a 1 hp motor.
ZONING
The anchor stores have complete responsibility for their HVAC systems. JC
Penney’s HVAC system consists of a central water chiller, hot water gas fired
boiler, and water circulating pumps. Boston Store and Kohl’s have their HVAC
provided by package air cooled, rooftop units with gas heating and electric
cooling.
MECHANICAL DETAIL
HVAC:
Plumbing:
Electrical:
Governing Municipality:
City of Janesville
Current Zoning:
B-2 Community Shopping District
Current Use:
Community Shopping Center
Permitted Uses:
Various commercial uses including retail, office, business services, and
restaurant
Domestic water provided from main site to each building. Sanitary
waste drains via gravity flow lines. Plumbing pipes include copper,
PVC, and cast iron
At each mall transformer there is an electric room with electric meter banks
and individual electric meters for each mall tenant.
In the mall garage, there is a natural gas engine driven emergency electric
generator that serves the separate exit and emergency lighting circuits for
the mall common areas and the fire alarm system.
The anchor stores each have individual power transformers adjacent to their
stores that provides the secondary electric service. JC Penney and Boston
Stores have an indicated nominal 15 kw capacity, gas engine driven,
emergency generator. The Kohl’s store has a battery emergency power
system.
Page
Page
13 13
AERIAL MAP
Page 14
BIRD’S EYE
Page 15
SITE PLAN
Page 16
TENANT KEY
JanesvilleMall.com
DEPARTMENT STORES
Boston Store
Kohl’s
Sears
ACCESSORIES
113
3
118
Claire’s
Piercing Pagoda
rue21
APPAREL, CHILDREN’S
104
122
The Children’s Place
Justice
APPAREL, FAMILY/UNISEX
170
167
155A
118
129
114
ƂiÀV>>}i"ÕÌwÌÌiÀÃ
Buckle
C&Y Sports*
rue21
The University Book Store
Zumiez
APPAREL, MEN’S
146
Nedrebo’s Formal Wear
APPAREL, WOMEN’S
119
153
155
120
105B
Christopher & Banks
maurices
Tiger Lily
Vanity
Victoria’s Secret
BOOKS, CARDS & GIFTS
103
Books-A-Million
BOOKS, CARDS & GIFTS
131
165
128
Spencer’s
Yankee Candle Company
RadioShack
ENTERTAINMENT, TOYS & GAMES
SHOES
113A
145
104
154
159
151
GameStop
Kryptonite Kollectibles
FOOD COURT
123
5
126
125
Kobe Japanese
Orange Julius
Panda Express
Philly Steak
FOOD, RESTAURANTS
177
Chuck E. Cheese’s
FOOD, SPECIALTY
4
161
Auntie Anne’s Pretzels
Fannie May Candies
HEALTH & BEAUTY
173
148
117
106
147
163
113B
124
199
Bath & Body Works
Fancy Nails
GNC Live Well
MasterCuts
Miracle Eyebrows**
Model Nails
Perfect Brow Bar
Regis
ULTA**
JEWELRY
112
110
Kay Jewelers
Rogers & Hollands*
The Children’s Place
Finish Line
Journeys
SHOE DEPT.
SPECIALTIES
164
169
Furry Babies
Kitchen Collection
SPORTING GOODS & APPAREL
122A
145
160
129
Dick’s Sporting Goods**
Hibbett Sports
Kryptonite Kollectibles
Lids
The University Bookstore
WIRELESS & CELLULAR SERVICES
150
2
128
1
Best Buy Mobile
Cellairis
RadioShack
U.S. Cellular
OUTSIDE THE MALL
A
B
Sears Auto Center
*Opens Summer 2015
**Opens Fall 2015
OPTICAL
101
LensCrafters
PROFESSIONAL SERVICES
162
132
Chinese Relaxation Center
K-Alterations
Page 17
LOCAL MAP
1 mile
Page 18
REGIONAL MAP
20 miles
Page 19
COMPETITION MAP
2
3
4
1
No.
Center Name
City
ST
GLA
Distance
Anchors
1
Cherryvale Mall
Rockford
IL
900,103
36
Sears, JC Penney, Macy's, Bergner's
2
East Towne Mall
Madison
WI
1,035,571
37
JC Penney, Sears, Bergner's
3
Hilldale Mall
Madison
WI
615,272
41
Macy's, Target, Sentry
4
West Towne Mall
Madison
WI
1,053,014
42
Boston Store, Dick's Sporting Goods, JC
Penney, Sears, Toys R Us
20 miles
Page 20
CITY OVERVIEW | JANESVILLE
Janesville is a moderately sized city located on the Rock River in the rolling
hills, rich fields and verdant woodlands of scenic south central Wisconsin.
Janesville was founded in 1836 and has experienced steady growth and
development ever since. Janesville’s long history of strong industry and
economic success has helped turn the city into a major commercial and
industrial center for the State-Line area.
Perhaps what Janesville is best known for is its abundance of beautiful parks
and recreational areas. Boat launches, numerous ball fields, 60+ playgrounds,
two public golf courses, tennis courts, over 2,300 acres of parkland and 25+
miles of paved bike trail are just some of the amenities enjoyed by Janesville
residents.
Twenty percent of Wisconsin’s buildings are listed on the National Register of
Historic Places are located in Janesville. The 1857 Lincoln-Tallman House,
which models the Italian Villa-style architecture, is one of 34 sites on the
Register. Abraham Lincoln slept there for two nights. The Columbus Circle
neighborhood became Janesville’s tenth historic district in 2005. The former
Janesville Public Library, a Carnegie library built in 1902, was designed by
J.T.W. Jennings. The Courthouse Hill Historic District was added in 1986. In
1976, the Lappin-Hayes Block, once the site of the cabin belonging to Henry
Janes, was added. The Lovejoy and Merrill-Nowlan Houses, the residences
of two Janesville Mayors, including Allen P. Lovejoy, were added in 1980. The
Frances Willard Schoolhouse, partially built by Josiah Willard and named
after his daughter, Frances, was added in 1977.
Page 21
COUNTY OVERVIEW | ROCK COUNTY
Rock County offers residents and visitors alike an abundant array of
cultural, historical, natural and recreational options. Anchored by the
Rock River, which flows from Lake Koshkonong and extends across the
WI / IL border, this waterway offers water enthusiasts a range of activities
ranging from fishing to motorized watercrafts.
Museums and performing arts venues can be found on the campuses of
area higher learning institutions, as well as within a number of local
downtowns. History buffs have the opportunity to stroll through a number
of places of historic significance, including landmarks that were
representative of this nation’s past socio-economic profile.
TOP EMPLOYERS - Rock County
1. Mercy Health System
2. Beloit Health Systems
3. WW Grainger Inc
4.Frito-Lay
5. Regal Beloit
6. Seneca Foods
From the Ice Age Trail to various river walks, bikeways and nature trails
there are over 250 miles of identified trails that weave throughout the
County. Whether riding a bicycle, horse or simply cruising along on a pair
of roller blades there are multiple trail options that appeal to beginners
and seasoned path connoisseurs alike.
Page 22
EDUCATION
The Janesville School District has twelve elementary schools, three middle
schools, two high schools and five charter schools: the Janesville Academy for
International Studies, ARISE Virtual Academy, Rock River Charter School, Rock
University High School, and TAGOS Leadership Academy. In addition, there are
a number of parochial schools in the city.
The Wisconsin School for the Blind and Visually Impaired has been located in
Janesville since 1850. A two-year community college, the University of Wisconsin–Rock County, located on the southwest side of Janesville, is part of the University of Wisconsin System. A two-year technical college, Blackhawk Technical
College, is located midway between Janesville and Beloit; Blackhawk also offers degree programs through Upper Iowa University.
TRANSPORTATION
Interstate 90/39 passes through Janesville, as do U.S. Hwy 14 and 51 and state
Hwy 26 and 11.
Just south of Janesville is Southern Wisconsin Regional Airport, which provides
business and air cargo services. The closest airports with commercial air service
are Dane County Regional Airport in Madison and Chicago Rockford International Airport in Rockford, Illinois.
The city is served by three freight railroads: Union Pacific, which has two daily
freight trains between Janesville and Chicago; the Wisconsin and Southern Railroad, a regional carrier that provides freight service to cities throughout southern Wisconsin; and the Iowa, Chicago and Eastern Railroad, a subsidiary of the
Canadian Pacific Railway, that operates a weekly train to Chicago.
Page 23
DEMOGRAPHICS
5 | Mile
10 | Mile
15 | Mile
25 | Mile
2021 Projection
2016 Estimate
2010 Census
2000 Census
Growth 2016 - 2021
Growth 2010 - 2016
Growth 2000 - 2010
POPULATION
69,093
68,292
67,865
64,617
1.17%
0.63%
5.03%
95,735
94,586
93,888
89,011
1.21%
0.74%
5.48%
160,126
158,116
156,761
149,591
1.27%
0.86%
4.79%
380,562
374,953
369,189
338,402
1.50%
1.56%
9.10%
HOUSEHOLDS
5 | Mile
10 | Mile
15 | Mile
25 | Mile
2021 Projection
2016 Estimate
2010 Census
2000 Census
Growth 2016 - 2021
Growth 2010 - 2016
Growth 2000 - 2010
69,093
68,292
67,865
64,617
1.43%
1.10%
7.55%
95,735
94,586
93,888
89,011
1.49%
1.27%
8.10%
160,126
158,116
156,761
149,591
1.71%
1.75%
6.95%
380,562
374,953
369,189
338,402
1.79%
2.08%
12.25%
5 | Mile
10 | Mile
15 | Mile
25 | Mile
11.30%
11.52%
11.09%
14.44%
19.74%
13.26%
8.66%
4.24%
3.25%
1.22%
1.02%
0.25%
$65,265
$52,089
10.24%
10.47%
10.99%
14.50%
20.16%
14.14%
9.19%
4.57%
3.34%
1.23%
0.95%
0.22%
$66,808
$54,722
11.44%
10.87%
12.09%
15.14%
19.51%
13.10%
8.29%
4.24%
3.10%
1.12%
0.90%
0.20%
$63,881
$50,600
9.50%
9.95%
10.77%
14.29%
19.65%
14.25%
9.49%
5.10%
4.05%
1.44%
1.22%
0.29%
$70,281
$56,990
INCOME
$ 0 - $14,999
$ 15,000 - $24,999
$ 25,000 - $34,999
$ 35,000 - $49,999
$ 50,000 - $74,999
$ 75,000 - $99,999
$100,000 - $124,999
$125,000 - $149,999
$150,000 - $199,999
$200,000 - $249,999
$250,000 - $499,999
$500,000+
Average Household Income
Median Household Income
Page 24
Offering
Page
25 Memorandum | Janesville Mall
Offering Memorandum | Janesville
PageMall
25
FINANCIAL ANALYSIS
Offering
Page
™
Page 26
OPERATING OVERVIEW
The following section outlines the assumptions applied in the Operating Projection for Janesville Mall. As discussed
below, the assumptions affecting the Operating Projection are based upon review of tenant lease documents; historical, current and budgeted financial statements, reimbursement schedules and tenant sales reports; and are in
conjunction with projected income and expense performance, occupancy levels and property operations. The Operating Projection was prepared utilizing Argus Software.
Income:
Base Rent: Base rental income projections are based upon information provided by Seller including rent rolls and
existing leases and amendments. The listing team is assuming lease up based on recent leases for similar spaces
for the vacancies. Expiring tenants are assumed to renew at current lease terms, generally at 3% over prior rent with
3% annual increases, with current recovery rates in place. While these renewals may or may not happen, this assumption was made to give a “static” picture of the mall, with the exception of lease up of vacancies. Vacant spaces
are assumed to lease up at market rents over 36 months, and the rent commencement for vacancies was set to the
midpoint of that period, or month 18. Actual lease-up may vary.
The Operating Projection assumes that most existing tenants (with the exception of anchors, majors and outparcels)
renew at current rent levels, whether those rents are in line with market or not. In most cases, in place rents are
below market rent estimates. Generally, all anchor, major and outparcel tenants are projected to exercise renewal
options, if available, at the contractual terms outlined in their lease.
Percentage Rent: Percentage rent is projected in accordance with the terms per the tenant’s leases. Tenant sales
volumes are based on the 2014 and 2015 sales figures and are inflated 3.0% into 2016. Thereafter, tenant sales volumes are projected to increase 3.00% annually.
CAM Reimbursements: Common area maintenance (“CAM”) reimbursements are projected in accordance with
tenant leases. Tenants are typically required to pay either Fixed CAM or their pro-rata share of expenses with most
tenants paying based on an occupied area measure and subject to certain floors and caps. Management Fees are
not recovered as a CAM expense, unless explicitly permitted in the tenant leases. Several tenants are on gross leases and do not recover for CAM expenses.
Real Estate Tax Reimbursements: Real estate tax (“RET”) reimbursements are projected in accordance with tenant
leases. Tenants are typically required to pay their pro-rata share of real estate taxes. Several tenants are on gross
leases and do not recover for real estate taxes.
Speculative tenants are projected to reimburse for real estate taxes on a net basis (based on a GLOA after anchor,
major tenants greater than 15,000 square feet, outparcel and specialty leasing contributions).
Utility Reimbursements: Some tenants are required to reimburse Utility charges associated with their individual
suite although a majority of tenants pay utilities directly. The Operating Projection incorporates all tenant Utility
reimbursements as Miscellaneous Income, under the “Utility Reimbursements” category. This revenue is based on
the 2014 actuals. Utility reimbursement income is projected to grow at 3.0% annually throughout the Operating
Projection.
Specialty Leasing Income: The Operating Projection assumes four suites comprising 13,762 square feet are characterized as Inline Specialty tenants. For modeling purposes, the Operating Projection assumes that these suites
remain designated as Specialty tenants throughout the analysis period and as such, these units are not projected
to earn revenue or roll to speculative leasing assumptions. The Operating Projection incorporates all revenues
associated with these tenants within the Specialty Leasing Income category from the 2015 budget. Total Specialty
Leasing Income for 2016 is projected to be $479,034.
Other Income: Other Income line items include incorporates Cart, Directory, Inline, Kiosk, Misc, Other and Vending
income. The model assumes $1,800 for this line item, and is projected to grow at 3.0% annually throughout the
Operating Projection
Marketing Income: The Marketing Income projection is based on 2016 projection, and is projected to grow at 3.0%
annually throughout the Operating Projection.
In general, speculative tenants are projected to reimburse for CAM expenses on a net basis (based on a GLOA after
anchor, major tenants greater than 9,000 square feet, outparcel and specialty leasing contributions), including a
15% Administrative Fee. Certain Market Leasing categories include gross rents and speculative tenants within these
categories are not projected to reimburse for CAM expenses (see Market Rent Schedule for breakdown of triple-net
and gross rents).
Offering
Memorandum
| Janesville
Mall Mall
Offering
Memorandum
| Janesville
Page 27
OPERATING OVERVIEW
Ancillary Income: the Ancillary Income line item is based on Gift Card Revenue, Corporate Sponsorships, Lottery Sales, and SMS,
from the 2015 actuals. This figure is used for the first year of analysis, and is projected to grow at 3.0% annually throughout the
Operating Projection.
Expenses:
Common Area Maintenance: Expenses for this category include management fees, utility, payroll, maintenance & repairs, general
& administrative, marketing, insurance, and miscellaneous expenses related to the operation of the property
Real Estate Taxes: Real estate taxes are based on the following assessed values and attendant taxes for 2015 and inflated 3%
for 2016:
Parcel
Assessed Value
State
County
City
Vocational
Schools
TOTAL
0219200055
$12,924,000
$2,218
$86,897
$109,234
$15,651
$103,649
$317,651
0219200068
$962,400
$165
$6,471
$8,134
$1,165
$7,718
$23,654
0219200030
$355,700
$61
$2,391
$3,006
$430
$2,852
$8,742
0219200062
$5,261,200
$903
$35,374
$44,468
$6,371
$42,194
$129,312
$19,503,300
$3,347
$131,133
$164,842
$23,617
$156,413
$479,359
Total
Offering
Page
Page 28
ASSUMPTIONS
Property Timing
Start of Analysis
Jun 2016
End of Analysis
May 2026
Analysis Period
10 Years
Capital Expense (Year 1):
Capital Reserves
$0.15 PSF
Growth Rates:
Market Rents
3%
Operating Expenses
3%
Real Estate Taxes
3%
Capital Reserves
0%
CPI
3%
Vacancy:
Collection Loss (excluding Credit Tenants)
Offering
Memorandum
| Janesville
Mall Mall
Offering
Memorandum
| Janesville
10%
Page
Page 29
29
Page 30
PROJECTED CASH FLOW
Year 1
$ / SF
Year 1
May-2017
Year 2
May-2018
Year 3
May-2019
Year 4
May-2020
Year 5
May-2021
Year 6
May-2022
Year 7
May-2023
Year 8
May-2024
Year 9
May-2025
Year 10
May-2026
Year 11
May-2027
EFFECTIVE GROSS REVENUE
Base Rental Revenue
$8.82
$5,368,042
$5,487,086
$5,597,551
$5,855,667
$5,988,537
$6,134,306
$6,287,297
$6,449,373
$6,623,547
$6,844,921
$7,023,004
Absorption & Turnover Vacancy
($1.80)
(1,094,907)
(494,007)
(16,336)
(154,003)
0
(41,242)
(277,046)
(108,892)
(208,254)
(57,546)
(65,757)
Base Rent Abatements
$0.00
0
(97,289)
(114,096)
(332,099)
(45,837)
(61,863)
(432,647)
(189,509)
(413,950)
(135,670)
(89,663)
$7.02
4,273,135
4,895,790
5,467,119
5,369,565
5,942,700
6,031,201
5,577,604
6,150,972
6,001,343
6,651,705
6,867,584
Scheduled Base Rental Revenue
Retail Sales Percent Revenue
$0.37
222,546
206,135
173,824
67,371
68,341
71,800
75,365
79,036
71,282
65,508
67,473
Expense Reimbursement Revenue
$2.38
1,447,892
1,601,000
1,577,008
1,458,988
1,354,017
1,381,646
1,333,802
1,434,993
1,762,623
1,853,031
1,920,305
Specialty Leasing
$0.79
479,034
493,405
508,207
523,453
539,157
555,332
571,992
589,151
606,826
625,031
643,782
$0.02
9,577
9,864
10,160
10,465
10,779
11,102
11,435
11,779
12,132
12,496
12,871
$0.20
122,070
125,732
129,504
133,389
137,391
141,513
145,758
150,131
154,635
159,274
164,052
$0.04
25,464
26,228
27,015
27,825
28,660
29,520
30,405
31,318
32,257
33,225
34,221
Marketing Income
$0.12
72,459
74,633
76,872
79,178
81,553
84,000
86,520
89,115
91,789
94,543
97,379
Other Revenue
$0.00
1,800
1,854
1,910
1,967
2,026
2,087
2,149
2,214
2,280
2,349
2,419
Total Potential Gross Revenue
$10.93
6,653,977
7,434,641
7,971,619
7,672,201
8,164,624
8,308,201
7,835,030
8,538,709
8,735,167
9,497,162
9,810,086
General Vacancy
$0.00
0
0
(383,062)
(237,307)
(408,231)
(376,230)
(128,558)
(323,488)
(238,917)
(420,189)
(428,035)
TOTAL EFFECTIVE GROSS REVENUE
$10.93
6,653,977
7,434,641
7,588,557
7,434,894
7,756,393
7,931,971
7,706,472
8,215,221
8,496,250
9,076,973
9,382,051
$0.33
199,619
223,039
227,657
223,047
232,692
237,959
231,194
246,457
254,887
272,309
281,462
$0.01
8,620
8,879
9,145
9,419
9,702
9,993
10,293
10,602
10,920
11,247
11,585
OPERATING EXPENSES
Utility Expense
$0.23
141,708
145,959
150,338
154,848
159,494
164,278
169,207
174,283
179,511
184,897
190,444
Payroll Expense
$0.24
143,650
147,960
152,398
156,970
161,679
166,530
171,526
176,671
181,972
187,431
193,054
$1.29
787,321
810,941
835,269
860,327
886,137
912,721
940,102
968,306
997,355
1,027,275
1,058,094
$0.09
55,384
57,046
58,757
60,520
62,335
64,205
66,131
68,115
70,159
72,264
74,431
$0.13
80,135
82,539
85,015
87,566
90,193
92,898
95,685
98,556
101,513
104,558
107,695
Marketing Expenses
$0.11
69,930
72,028
74,189
76,414
78,707
81,068
83,500
86,005
88,585
91,243
93,980
Offering
Memorandum
| Janesville
Mall Mall
Offering
Memorandum
| Janesville
Page 31
PROJECTED CASH FLOW
Year 1
$ / SF
Year 1
May-2017
Year 2
May-2018
Year 3
May-2019
Year 4
May-2020
Year 5
May-2021
Year 6
May-2022
Year 7
May-2023
Year 8
May-2024
Year 9
May-2025
Year 10
May-2026
Year 11
May-2027
Insurance Expense
$0.09
56,925
58,633
60,392
62,203
64,070
65,992
67,971
70,011
72,111
74,274
76,502
Real Estate Taxes
$0.81
493,732
508,544
523,800
539,514
555,700
572,371
589,542
607,228
625,445
644,208
663,535
TOTAL OPERATING EXPENSES
$3.35
2,037,024
2,115,568
2,176,960
2,230,828
2,300,709
2,368,015
2,425,151
2,506,234
2,582,458
2,669,706
2,750,782
$7.58
$4,616,953
$5,319,073
$5,411,597
$5,204,066
$5,455,684
$5,563,956
$5,281,321
$5,708,987
$5,913,792
$6,407,267
$6,631,269
Tenant Improvements
$0.00
0
3,233,506
382,692
1,051,963
40,079
266,346
2,369,633
2,555,696
1,131,525
344,406
847,159
Leasing Commissions
$0.00
0
484,972
115,349
288,767
12,058
46,947
414,474
198,593
255,836
81,034
81,342
$0.15
91,310
91,310
91,310
91,310
91,310
91,310
91,310
91,310
91,310
91,310
91,310
LEASING & CAPITAL COSTS
Capital Reserves
TOTAL LEASING & CAPITAL COSTS
$0.15
91,310
3,809,788
589,351
1,432,040
143,447
404,603
2,875,417
2,845,599
1,478,671
516,750
1,019,811
NET CASH FLOW
$7.43
$4,525,643
$1,509,285
$4,822,246
$3,772,026
$5,312,237
$5,159,353
$2,405,904
$2,863,388
$4,435,121
$5,890,517
$5,611,458
Offering
Page
Page 32
HISTORICAL OPERATING INFORMATION
ITEM
2011
2012
2013
2014
2015
ITEM
Leasing Income
Minimum Annual Rent
2011
2012
2013
2014
2015
$142,327
$141,761
$143,154
$144,409
$128,132
0
0
0
5,920
8,620
$3,918,709
$3,786,410
$3,941,337
$4,068,441
$3,680,046
Lease Buy Out
71,168
95,992
0
0
228,500
Utility Expense
169,823
148,060
134,915
137,581
153,336
Percent in Lieu
136,714
172,817
203,751
256,416
412,802
Payroll Expense
292,539
287,129
283,862
300,543
273,135
21,144
42,802
52,530
74,420
46,581
740,434
721,927
765,921
806,094
697,982
1,408,405
1,346,666
1,239,078
1,203,413
1,042,142
49,163
49,919
70,940
22,890
55,915
Percentage Rent
Common Area Maint.
30,300
31,090
28,604
25,565
26,909
108,686
111,981
76,305
66,173
98,452
Real Estate Tax Income
284,543
263,913
238,518
221,913
191,447
Marketing Expenses
133,101
132,077
98,626
94,009
0
1,215
2,376
3,695
2,865
3,274
Insurance Expense
71,275
84,613
89,831
61,911
55,267
0
0
0
0
0
Real Estate Taxes
517,163
735,841
492,990
244,039
484,098
Total Expenses
$2,224,511
$2,413,308
$2,156,544
$1,883,569
$1,954,937
$4,516,954
$4,240,082
$4,252,887 $4,487,024
Central Water Income
Sales Tax Reimbursement
0
0
0
0
0
500
0
456
1,400
1,922
$5,872,698
$5,742,066
$5,707,969
$5,854,433
$5,633,623
$530,784
$582,563
$461,196
$319,713
$21,361
Other Tenant Income
Total Lease Income
$3,819,541
Specialty Leasing
Specialty Leasing
Total Spec. and Sponsorship
136,867
140,775
112,981
94,655
110,289
$667,651
$723,338
$574,177
$414,368
$131,650
$133,101
$132,114
$98,626
$94,009
$6,052
Other Income
Marketing Income
Other Revenue
Total Other Income
Total Income
68,015
55,872
28,659
7,783
3,153
$201,116
$187,986
$127,285
$101,792
$9,205
$6,741,465
$6,653,390
$6,409,431
$6,370,593
$5,774,478
2015 NOI is lower than 2014 due to vacancies in the spaces which have been re-leased to Dick’s
Sporting Goods and ULTA, both of which started paying rent in the last quarter of 2015. Also, the
Kohl’s Storage space ($49,000 per year) did not start until 12/2015.
Expenses
Offering
Memorandum
| Janesville
Offering
Memorandum
| Janesville
Mall Mall
Page3333
Page
RENT ROLL
BASE RENT
RETAIL SALES
Janesville Mall
Suite #
Lease
Start
Lease
End
SF
Sears
Sears
11/1/96
10/31/21
123,442
Sears
Option
$8 MLA
Sears-Option
Sears
11/1/21
10/31/31
Sears
Option
$8 MLA
Sears-Option
Sears
11/1/31
10/31/41
Sears
Option
$8 MLA
Sears-Option
Sears
11/1/41
10/31/51
Sears
Market
$8 MLA
Boston Store
MAL/111
10/1/73
1/31/19
91.98%
Option
$2.00 MLA
Boston Store-Option
Date
PSF
Rent
CAM only
96,000
$1.95
2/1/19
$187,200
$2.46
81.71%
Market
$2.00 MLA
$4.78
98.54%
Option
$4.25 MLA
$4.85
$5.55
87.39%
Option
$4.25 MLA
Market
$4.25 MLA
MAL/140A
2/1/21
1/31/26
2/1/21
$4.85
Kohls
Kohl's-Option
MAL/140A
2/1/26
1/31/31
2/1/26
$5.00
Kohls
11/1/17
10/31/22
58,040
9/1/15
1/31/26
45,017
Dick's - Option
001/BLDG
2/1/26
1/31/31
Dick's - Option
001/BLDG
2/1/31
Dick's - Option
001/BLDG
2/1/36
Kohl's Storage*
11/1/17
$4.38
MLA
$4.71
Kohl's-Option
001/BLDG
Exp.
Assump.
$2.01
1/31/21
001/BLDG
%
Mkt.
Kohls
1/31/24
Vacant
Mkt.
Rent
Boston
2/1/19
10/1/85
Contr
Rent
$2.12
MAL/111
$417,648
Occ
Cost
$1.95
MAL/140A
$4.71
Sales
Boston
Kohl's
88,691
$2.01
Recov.
Method
UPON EXPIRATION
Net
$4.38
$5.07
86.39%
Market
$4.25 MLA
Dicks
$13.00
$10.44
124.52%
Option
$8 MLA
Dicks
Option
$12 MLA
1/31/36
Dicks
Option
$12 MLA
1/31/41
Dicks
Market
$12 MLA
$12.50
2/1/26
$562,716
$13.00
001/BLDG
12/1/15
11/30/19
21,366
$2.29
$48,996
None
$2.29
$2.73
83.88%
Option
$2.50 MLA
ULTA Salon
001/199
9/1/15
9/30/25
10,000
$23.01
$230,088
None
$25.01
$23.49
106.47%
Option
Ulta
ULTA Salon - Option
001/199
10/1/25
9/30/30
None
Option
Ulta
ULTA Salon - Option
001/199
10/1/30
9/30/35
None
Market
Ulta
Chuck E. Cheese
001/177
11/1/03
7/31/20
Chuck E. Cheese-Option
001/177
8/1/20
7/31/25
8/1/20
$9.97
Chuck E. Cheese-Option
001/177
8/1/25
7/31/30
8/1/25
$10.97
rue 21
001/157
3/1/11
1/31/28
8,122
$16.16
SPL: Kryptonite *
001/145
10/1/98
2/29/16
7,253
Specialty
Lsg
Books-A-Million*
001/103
11/1/13
1/31/19
6,808
$10.08
$68,628
None
Victoria's Secret*
001/105
10/1/97
1/31/20
6,407
$22.00
$140,952
Victoria Secret
10/1/25
9,403
$27.00
$9.07
$85,248
$131,256
Chuck E Cheese
$9.07
$11.26
80.55%
Option
$10 MLA
Chuck E Cheese
$9.97
$13.05
76.40%
Market
$10 MLA
Rue
Market
$20 MLA
None
Renew
$4 MLA
$3,568,651
7.47%
$10.08
$10.61
95.00%
Renew
$10 MLA
$22.00
$20.76
105.97%
Renew
$19 MLA
* Tenants with lease expirations during the analysis period are projected to renew at an increase over prior rent to keep existing tenancy static during the analysis period. Actual results will vary and buyers are advised to conduct their own
market diligence and formulate their own assumptions.
Offering
Page
Page 34
RENT ROLL
BASE RENT
Janesville Mall
Suite #
Lease
Start
Lease
End
SF
Maurices
001/153
4/1/90
1/31/24
6,118
Vacant
Outparcel
001/118
5/1/11
11/1/17
5/31/21
10/31/22
PSF
8/1/16
$22.35
8/1/17
$22.80
8/1/18
$23.26
8/1/19
$23.73
$21.91
8/1/20
$24.21
8/1/21
$24.70
8/1/22
$25.19
8/1/23
$25.70
5,500
5,400
The Shoe Dept.*
001/151
6/1/01
12/31/17
5,246
Vacant
001/190
11/1/17
10/31/22
4,992
American Eagle Outfitters*
Date
$25.80
6/1/17
$26.58
6/1/18
$27.38
6/1/19
$28.21
6/1/20
$29.06
11/1/17
$20.60
11/1/18
$21.22
11/1/19
$21.86
11/1/20
$22.51
11/1/21
$23.18
$0.00
11/1/17
$23.69
11/1/18
$24.40
11/1/19
$25.13
11/1/20
$25.89
11/1/21
$26.66
Rent
RETAIL SALES
Recov.
Method
Sales
Occ
Cost
UPON EXPIRATION
Contr
Rent
Mkt.
Rent
%
Mkt.
Exp.
Assump.
MLA
$134,028
None
$25.70
$22.14
116.08%
Market
$18 MLA
$141,900
None
$29.06
$30.39
95.62%
Market
$27 MLA
Net
$23.19
$23.88
97.11%
Market
$20 MLA
$0.00
$20.60
0.00%
Market
$20 MLA
$26.66
$27.46
97.09%
Market
AE
% In Lieu
None
$731,471
9.23%
Net
001/170
1/1/98
1/15/18
4,904
$0.00
% In Lieu
None
$1,600,347
6.11%
$0.00
$23.00
0.00%
Option
AE
Hibbett Sporting Goods
001/122A
1/1/10
1/31/20
4,565
$0.00
% In Lieu
None
$602,193
4.07%
$0.00
$7.65
0.00%
Option
$7 MLA
Hibbett - Option
001/122A
2/1/20
1/31/25
$0.00
$8.87
0.00%
Market
$7 MLA
2/1/20
$0.00
None
Offering
Memorandum
| Janesville
Mall
Offering
Memorandum
| Janesville
Mall
Page
Page
3535
RENT ROLL
BASE RENT
Janesville Mall
Suite #
Lease
Start
Lease
End
SF
Justice*
001/122
9/1/08
1/31/19
4,514
Date
Buckle*
001/167
9/1/97
1/31/20
001/104
8/1/13
1/31/20
4,026
Tiger Lily*
001/155
4/1/13
4/30/19
3,763
LensCrafters*
Finish Line*
001/101
9/1/89
3,444
6/30/16
3,418
C.J. Banks*
001/119
9/1/07
1/31/18
3,402
Vanity*
001/120
9/1/05
1/31/17
3,360
University Bookstore
001/129
7/1/05
6/30/18
2,960
Kitchen Collection*
001/169
6/1/13
$48,756
None
$790,765
8.23%
$11.80
$12.73
92.69%
Renew
$12 MLA
$101,700
Buckle
$1,622,209
10.78%
$25.50
$25.13
101.47%
Renew
AE
$12.22
$49,200
None
$12.22
$13.11
93.21%
Market
$12 MLA
$20.71
$77,928
None
$21.98
$20.60
106.70%
Renew
$20 MLA
$97,104
Lencrafters
$28.00
$27.00
103.70%
Option
Lenscrafters
$83,016
Finish Line
$24.10
$23.00
104.78%
10/31/22
1/31/19
2,955
Rent
$11.46
$11.80
$24.50
$21.33
5/1/18
$21.98
Specialty Lsg
$1,794,268
11.17%
None
Option
Finish Line
Market
AE
$18.00
$61,236
CJ Banks
$18.00
$18.54
97.09%
Renew
$18 MLA
$16.37
$54,996
None
$16.37
$16.00
102.31%
Option
$16 MLA
$23.91
$70,788
$25.87
$24.40
106.02%
Renew
AE
Net
$37.10
$38.21
97.10%
Market
$32 MLA
None
$20.50
$20.16
101.69%
Renew
$19 MLA
7/1/16
$24.87
7/1/17
$25.87
11/1/17
$32.96
11/1/18
$33.95
11/1/19
$34.97
11/1/20
$36.02
11/1/21
$37.10
6/1/17
$19.90
6/1/18
$20.50
2,856
MLA
$25.50
5/1/17
6/1/16
Exp.
Assump.
$11.12
$24.10
3/31/16
7/1/15
11/1/17
%
Mkt.
$28.00
4/1/94
001/108
Mkt.
Rent
3,468
001/154
Vacant
Contr
Rent
9/30/16
001/155A
SPL: C&Y Sports*
Occ
Cost
9/1/17
2/1/17
Children's Place*
Sales
9/1/18
4,151
UPON EXPIRATION
Recov.
Method
PSF
$10.80
9/1/16
RETAIL SALES
$19.31
$55,152
Offering
Page
Page 36
RENT ROLL
BASE RENT
Janesville Mall
Suite #
Lease
Start
Lease
End
SF
Bath & Body Works*
001/173
7/1/97
1/31/20
2,480
Spencer Gifts
001/131
1/1/08
1/31/23
Radio Shack*
001/128
5/1/90
4/30/17
2,400
001/107
11/1/17
10/31/22
2,398
001/166
11/1/17
10/31/22
2,375
PSF
$27.00
7/1/16
$27.81
7/1/17
$28.65
7/1/18
$29.50
7/1/19
$30.39
2,400
Vacant
Vacant
Date
$33.95
2/1/17
$34.97
2/1/18
$36.03
2/1/19
$37.12
2/1/20
$38.24
2/1/21
$39.39
2/1/22
$40.58
11/1/17
$32.96
11/1/18
$33.95
11/1/19
$34.97
11/1/20
$36.02
$31.05
11/1/21
$37.10
11/1/17
$32.96
11/1/18
$33.95
11/1/19
$34.97
11/1/20
$36.02
11/1/21
$37.10
RETAIL SALES
UPON EXPIRATION
Recov.
Method
Sales
Occ
Cost
Contr
Rent
Mkt.
Rent
%
Mkt.
$66,960
Bath Body Works
$1,641,060
7.94%
$30.39
$29.50
103.02%
Renew
$27 MLA
$81,480
None
$40.58
$41.79
97.10%
Renew
$36 MLA
$74,520
None
Rent
$552,869
13.48%
Exp.
Assump.
MLA
$31.05
$35.00
88.71%
Option
$36 MLA
Net
$37.10
$38.21
97.10%
Market
$32 MLA
Net
$37.10
$38.21
97.10%
Market
$32 MLA
Zumiez*
001/114
3/1/09
1/31/20
2,299
$21.00
$48,276
Zumiez
$660,880
16.81%
$21.00
$20.76
101.16%
Market
$19 MLA
Journeys*
001/159
12/1/07
12/31/17
1,951
$19.99
$39,000
Journeys
$610,742
15.49%
$19.99
$20.60
97.04%
Renew
$20 MLA
GameStop
001/113A
3/1/97
1/31/18
1,800
$36.90
$66,420
Gamestop
$1,287,404
9.55%
$37.83
$36.05
104.94%
Renew
$35 MLA
2/1/17
$37.82
Offering
Memorandum
| Janesville
Mall Mall
Offering
Memorandum
| Janesville
Page
Page 37
37
RENT ROLL
BASE RENT
Janesville Mall
Suite #
Lease
Start
Lease
End
SF
SPL: Vita-Biz*
001/175
9/1/15
8/31/16
1,651
Kay Jewelers*
001/112
7/1/05
5/31/17
1,608
Vacant
001/162
11/1/17
10/31/22
1,549
Philly Steak and Fries
001/125
12/1/13
12/31/23
Date
SPL: K Alterations*
001/110
001/132
10/1/15
5/1/12
12/31/25
12/31/15
$71.51
11/1/17
$36.05
11/1/18
$37.13
11/1/19
$38.25
11/1/20
$39.39
11/1/21
$40.58
1,547
$31.26
1/1/17
$32.52
1/1/18
$33.83
1/1/19
$35.19
1/1/20
$36.61
1/1/21
$38.08
1/1/22
$39.61
1,514
1,440
Rent
Specialty Lsg
1/1/23
Rogers & Hollands
PSF
$114,996
RETAIL SALES
Recov.
Method
Sales
Occ
Cost
UPON EXPIRATION
Contr
Rent
Mkt.
Rent
%
Mkt.
None
Exp.
Assump.
MLA
Market
$36 MLA
Kay Jewelers
$71.52
$75.00
95.36%
Option
Kay Jewelers
Net
$40.57
$41.79
97.08%
Market
$36 MLA
$48,360
None
$41.20
$43.05
95.70%
Renew
$36 MLA
$50,004
Rogers
$38.97
$45.67
85.33%
Market
$36 MLA
Market
$36 MLA
$41.20
$33.03
1/1/17
$33.69
1/1/18
$34.34
1/1/19
$35.01
1/1/20
$35.67
1/1/21
$36.32
1/1/22
$36.99
1/1/23
$37.65
1/1/24
$38.31
1/1/25
$38.97
Specialty Lsg
None
Offering
Page
Page 38
RENT ROLL
BASE RENT
Janesville Mall
Suite #
Lease
Start
Lease
End
SF
Nedrebo's Formalwear*
001/146
1/1/88
11/30/23
1,300
Chinese Relaxation Center*
001/185
12/1/15
11/30/22
1,298
Date
RETAIL SALES
Rent
$28.97
$37,656
Nebrero
$28.97
$43.05
67.29%
Renew
$36 MLA
$36.00
$46,728
None
$42.98
$41.79
102.85%
Renew
$36 MLA
PSF
12/1/16
$37.08
12/1/17
$38.19
12/1/18
$39.34
12/1/19
$40.52
12/1/20
$41.73
12/1/21
$42.99
Sales
Occ
Cost
UPON EXPIRATION
Recov.
Method
Contr
Rent
Mkt.
Rent
%
Mkt.
Exp.
Assump.
MLA
Fancy Nails*
001/148
2/1/08
2/28/18
1,267
$43.00
$54,480
Fancy Nails
$43.01
$41.20
104.39%
Renew
$40 MLA
Kobe's BBQ*
001/123
9/1/08
8/31/18
1,263
$34.08
$43,044
Kobe
$36.15
$37.13
97.36%
Renew
$36 MLA
$31,212
Furry Babies
$26.51
$25.13
105.49%
Option
AE
Furry Babies
$29.26
$29.14
100.41%
Market
AE
Best Buy
$36.74
$35.00
104.97%
Option
$36 MLA
None
$40.58
$41.79
97.10%
Market
$36 MLA
Furry Babies
001/164
10/1/13
10/31/19
9/1/16
$35.11
9/1/17
$36.15
1,250
$24.97
11/1/16
Furry Babies-Option
001/164
11/1/19
10/31/24
1,250
Best Buy Mobile*
001/150
8/1/11
8/31/16
1,208
Vacant
001/113B
11/1/17
10/31/22
1,200
8.29%
$25.47
11/1/17
$25.98
11/1/18
$26.50
11/1/19
$27.02
11/1/20
$27.57
11/1/21
$28.12
11/1/22
$28.68
11/1/23
$29.25
$36.73
11/1/17
$479,000
$36.05
11/1/18
$37.13
11/1/19
$38.25
11/1/20
$39.39
11/1/21
$40.57
$44,364
Offering
Memorandum
| Janesville
Offering
Memorandum
| Janesville
Mall Mall
Page
Page 39
39
RENT ROLL
BASE RENT
Janesville Mall
Suite #
Lease
Start
Lease
End
SF
Yankee Candle
001/165
4/1/13
1/31/24
1,190
Panda Express
001/126
6/1/02
6/30/20
Date
$36.73
5/1/17
$37.47
5/1/18
$38.21
5/1/19
$38.98
5/1/20
$39.76
5/1/21
$40.55
5/1/22
$41.36
5/1/23
$42.19
7/1/16
$39.48
7/1/17
$40.27
7/1/18
$41.08
1,124
$38.71
7/1/19
MasterCuts*
001/106
8/1/95
7/31/17
1,008
001/117
12/1/94
3/31/19
988
Rent
Recov.
Method
Occ
Cost
Contr
Rent
Mkt.
Rent
%
Mkt.
Exp.
Assump.
MLA
$43,704
Yankee Candle
$38.22
$37.13
102.94%
Market
$36 MLA
$43,512
Panda Express
$41.90
$39.39
106.37%
Renew
$36 MLA
$34,800
None
$35.21
$36.05
97.67%
Renew
$36 MLA
$30,840
GNC
$425,000
14.17%
$32.47
$31.30
103.74%
Market
$29.5 MLA
$211,136
19.23%
$41.65
$61.80
67.39%
Option
$60 MLA
$69.16
$71.64
96.54%
Market
$60 MLA
$35.21
$31.21
4/1/17
$31.83
4/1/18
$32.48
Regis*
001/124
7/1/75
6/30/17
975
$41.65
$40,608
None
Claire's*
001/113
4/1/92
1/31/23
960
$57.91
$55,596
Claires
2/1/17
Sales
UPON EXPIRATION
$41.90
$34.52
8/1/16
GNC Live Well*
PSF
RETAIL SALES
$59.65
2/1/18
$61.44
2/1/19
$63.29
2/1/20
$65.18
2/1/21
$67.14
2/1/22
$69.16
Offering
Page
Page 40
RENT ROLL
BASE RENT
Janesville Mall
Suite #
Lease
Start
Lease
End
SF
T-Mobile*
001/116
1/1/16
6/30/21
858
Vacant
-
11/1/17
10/31/22
817
Model Nails*
001/163
3/1/12
1/31/25
750
Miracle Eyebrows*
001/147
12/1/15
11/30/22
744
Date
$33.66
2/1/17
$34.67
2/1/18
$35.71
2/1/19
$36.78
2/1/20
$37.89
2/1/21
$39.02
11/1/17
$61.81
11/1/18
$63.66
11/1/19
$65.57
11/1/20
$67.53
11/1/21
$69.56
$32.40
3/1/17
Vacant
001/127
11/1/17
10/31/22
574
PSF
RETAIL SALES
Rent
Recov.
Method
Contr
Rent
Mkt.
Rent
%
Mkt.
$28,884
T-Mobile
$39.02
$37.10
105.18%
Market
$32 MLA
Net
$69.56
$71.64
97.10%
Market
$60 MLA
$24,300
Model Nails
$35.09
$76.01
46.16%
Renew
$60 MLA
$29,016
Miracle
$46.56
$71.64
64.99%
Renew
$60 MLA
Net
$69.57
$71.64
97.11%
Option
$60 MLA
Sales
Occ
Cost
UPON EXPIRATION
Exp.
Assump.
MLA
$35.10
$39.00
12/1/16
$40.18
12/1/17
$41.37
12/1/18
$42.61
12/1/19
$43.89
12/1/20
$45.23
12/1/21
$46.56
11/1/17
$61.80
11/1/18
$63.66
11/1/19
$65.56
11/1/20
$67.53
11/1/21
$69.55
Offering
Memorandum
| Janesville
Mall Mall
Offering
Memorandum
| Janesville
Page
Page41
41
RENT ROLL
BASE RENT
Janesville Mall
Suite #
Lease
Start
Lease
End
SF
Date
PSF
Vacant
001/127
11/1/22
10/31/27
574
11/1/22
$71.64
11/1/23
$73.80
11/1/24
$76.01
11/1/25
$78.27
Rent
RETAIL SALES
Recov.
Method
001/160
3/1/98
3/31/17
540
$42.64
$23,028
None
Fannie May Candies*
001/161
4/1/04
3/31/16
495
$65.45
$32,400
None
Orange Julius
001/K4
12/1/96
5/31/21
300
$126.72
$38,016
Orange Julius
$31,836
None
Auntie Anne's
Vacant
Vacant
001/PK9
001/K2
001/K6
8/1/10
11/1/17
11/1/17
8/31/20
10/31/22
10/31/22
6/1/17
$129.88
$133.12
6/1/19
$136.48
6/1/20
$139.88
250
240
192
$127.34
9/1/16
$131.14
9/1/17
$135.07
9/1/18
$139.15
9/1/19
$143.33
11/1/17
$231.75
11/1/18
$238.70
11/1/19
$245.85
11/1/20
$253.25
11/1/21
$260.85
11/1/17
$231.75
11/1/18
$238.69
11/1/19
$245.88
11/1/20
$253.19
11/1/21
$260.81
Occ
Cost
Contr
Rent
Mkt.
Rent
%
Mkt.
Net
Lids*
6/1/18
Sales
UPON EXPIRATION
Exp.
Assump.
MLA
Market
$60 MLA
$42.62
$40.00
106.55%
Option
$40 MLA
$65.48
$65.00
100.74%
Option
$65 MLA
$139.88
$140.69
99.42%
Market
Orange Julius
$143.33
$140.69
101.88%
Renew
Auntie Anns
Net
$260.85
$268.66
97.09%
Market
Kiosk
Net
$260.81
$268.66
97.08%
Market
Kiosk
$227,083
$322,785
14.53%
9.86%
Offering
Page
Page 42
RENT ROLL
BASE RENT
Janesville Mall
Suite #
Lease
Start
Lease
End
SF
Piercing Pagoda
001/K3
5/1/97
1/31/18
192
Vacant
001/PK1
11/1/17
10/31/22
150
Vacant
001/K1A
11/1/17
10/31/22
150
Vacant
Quality Cellular*
Cellairis*
001/K1
11/1/17
10/31/22
150
Mkt.
Rent
%
Mkt.
None
$176.94
$190.55
92.86%
Market
Kiosk $185
$231.76
Net
$231.76
$268.66
86.27%
Renew
Kiosk
Net
$260.88
$268.66
97.10%
Market
Kiosk
Net
$260.88
$268.66
97.10%
Market
Kiosk
PSF
$176.88
11/1/17
$231.76
11/1/18
$238.72
11/1/19
$245.84
11/1/20
$253.20
11/1/21
$260.80
11/1/17
$231.76
11/1/18
$238.72
11/1/19
$245.84
11/1/20
$253.20
11/1/21
$260.80
Recov.
Method
UPON EXPIRATION
Contr
Rent
Date
11/1/17
RETAIL SALES
Rent
$33,960
Sales
Occ
Cost
Exp.
Assump.
MLA
001/K5
2/1/99
1/31/18
150
$274.72
$41,208
None
$274.80
$150.00
183.20%
Option
Quality
001/K2A
10/1/10
9/30/17
150
$176.16
$26,424
Net
$184.96
$206.00
89.79%
Option
Kiosk $200
10/1/16
Space Type
Anchors (owned and non-owned)
SF
# Suites
% Total
308,133
3
$185.04
Space Type
Leased
Vacant SF
% Leased
51%
Anchors
Collateral
Leased
Vacant SF
Total SF
% Leased
308,133
0
45,017
58,040
100%
Owned
528,371
80,365
608,736
87%
44%
Non-Owned
0
0
0
N/A
Total
528,371
80,365
608,736
87%
Majors
103,057
2
17%
Majors
Inline
197,546
69
32%
inline
175,221
22,325
89%
Total
608,736
74
100%
Total
528,371
80,365
87%
Page 43
LEASE EXPIRATION SCHEDULE
Tenant Name
Suite #
Lease Start
Lease End
SF
Best Buy Mobile
001/150
8/1/2011
8/31/2016
1,208
Fannie May Candies
001/161
4/1/2004
3/31/2016
495
Finish Line
001/154
4/1/1994
3/31/2016
3,444
LensCrafters
001/101
9/1/1989
9/30/2016
3,468
Total 2016
8,615
Cellairis
001/K2A
10/1/2010
9/30/2017
150
Journeys
001/159
12/1/2007
12/31/2017
1,951
Kay Jewelers
001/112
7/1/2005
1/31/2017
1,608
Lids
001/160
3/1/1998
3/31/2017
540
MasterCuts
001/106
8/1/1995
7/31/2017
1,008
Radio Shack
001/128
5/1/1990
4/30/2017
2,400
Regis
001/124
7/1/1975
6/30/2017
975
The Shoe Dept.
001/151
6/1/2001
12/31/2017
5,246
Vanity
001/120
9/1/2005
1/31/2017
3,360
Total 2017
17,238
American Eagle Outfitters
001/170
1/1/1998
1/15/2018
4,904
C.J. Banks
001/119
9/1/2007
1/31/2018
3,402
Fancy Nails
001/148
2/1/2008
2/28/2018
1,267
GameStop
001/113A
3/1/1997
1/31/2018
1,800
Kobe's BBQ
001/123
9/1/2008
8/31/2018
1,263
Piercing Pagoda
001/K3
5/1/1997
1/31/2018
192
Quality Cellular
001/K5
2/1/1999
1/31/2018
150
001/129
7/1/2005
6/30/2018
2,960
Total 2018
15,938
Offering
Page
Cumulative
SF
% NRA
Cumulative
% NRA
8,615
1.42%
1.42%
25,853
2.83%
4.25%
41,791
2.62%
6.87%
Page 44
Tenant Name
Suite #
Lease Start
Lease End
SF
Boston Store
MAL/111
10/1/1973
1/31/2019
96,000
Books-A-Million
001/103
11/1/2013
1/31/2019
6,808
Furry Babies
001/164
10/1/2013
10/31/2019
1,250
GNC Live Well
001/117
12/1/1994
3/31/2019
988
Justice
001/122
9/1/2008
1/31/2019
4,514
Kitchen Collection
001/169
6/1/2013
1/31/2019
2,856
Kohl's (Storage)
001/BLDG F
12/1/2015
11/30/2019
21,366
Tiger Lily
001/155
4/1/2013
4/30/2019
3,763
Total 2019
137,545
Auntie Anne's
001/PK9
8/1/2010
8/31/2020
250
Bath & Body Works
001/173
7/1/1997
1/31/2020
2,480
Buckle
001/167
9/1/1997
1/31/2020
4,151
Children s Place
001/104
8/1/2013
1/31/2020
4,026
Chuck E. Cheese
001/177
11/1/2003
7/31/2020
9,403
001/122A
1/1/2010
1/31/2020
4,565
Panda Express
001/126
6/1/2002
6/30/2020
1,124
Victoria's Secret
001/105
10/1/1997
1/31/2020
6,407
Zumiez
001/114
3/1/2009
1/31/2020
2,299
Total 2020
34,705
Kohl's
MAL/140A
10/1/1985
1/31/2021
88,691
Sears
MAO/SEAR
11/1/1996
10/31/2021
123,442
Orange Julius
001/K4
12/1/1996
5/31/2021
300
T-Mobile
001/116
7/1/2016
6/30/2021
858
OUT/OUT01
5/1/2011
5/31/2021
5,500
Total 2021
218,791
Cumulative
SF
% NRA
Cumulative
% NRA
179,336
22.60%
29.46%
214,041
5.70%
35.16%
432,832
35.94%
71.10%
PageMall
45
Tenant Name
Suite #
Lease Start
Lease End
SF
Chinese Relaxation Center
001/185
12/1/2015
11/30/2022
2,115
Miracle Eyebrows
001/147
12/1/2015
11/30/2022
744
Total 2022
2,859
Claire's
001/113
4/1/1992
1/31/2023
960
Nedrebo's Formalwear
001/146
1/1/1988
11/30/2023
1,300
Philly Steak and Fries
001/125
12/1/2013
12/31/2023
1,547
Spencer Gifts
001/131
1/1/2008
1/31/2023
2,400
Total 2023
6,207
Maurices
001/153
4/1/1990
1/31/2024
6,118
Yankee Candle
001/165
4/1/2013
1/31/2024
1,190
Total 2024
7,308
Model Nails
001/163
3/1/2012
1/31/2025
750
Rogers & Hollands
001/110
10/1/2015
12/31/2025
1,514
ULTA Salon
001/199
9/1/2015
9/30/2025
10,000
Total 2025
12,264
1/31/2026
45,017
Total 2026
45,017
Rue 21
Offering
Page
001/BLDG A
001/157
9/1/2015
3/1/2011
1/31/2028
8,122
Total 2028
8,122
Cumulative
SF
% NRA
Cumulative
% NRA
435,691
0.47%
71.57%
441,898
1.02%
72.59%
449,206
1.20%
73.79%
461,470
2.01%
75.81%
506,487
7.40%
83.20%
514,609
1.33%
84.54%
Page 46
Offering
Memorandum
| Janesville
Offering
Memorandum
| Janesville
Mall Mall
Page 47
Janesville Mall Expirations
LEASE EXPIRATION GRAPH
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
0
Expirations
2016
2017
2018
2019
2020
Annual Rollover
Year
2021
2022
Expirations
2019
2023
2024
Cumulative
2020
2016
2017
2018
SF
8,615
17,238
15,938
137,545
34,705
% Total Expiring
1.42%
2.83%
2.62%
22.60%
5.70%
2025
2021
2026
2027
2028
2022
2023
2024
2025
2026
218,791
2,859
35.94%
0.47%
2027
2028
6,207
7,308
12,264
45,017
0
8,122
1.02%
1.20%
2.01%
7.40%
0.00%
1.33%
Cumulative Rollover
Year
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
SF
8,615
25,853
41,791
179,336
214,041
432,832
435,691
441,898
449,206
461,470
506,487
506,487
514,609
% Total Expired
1.42%
4.25%
6.87%
29.46%
35.16%
71.10%
71.57%
72.59%
73.79%
75.81%
83.20%
83.20%
84.54%
Offering
Page
PageMall
48
HISTORICAL TENANT SALES
Tenant
SF
2012
2013
2014
2015
Kohl's
91,089
$217
$207
$216
$221
Boston Store
96,000
$111
$108
$100
$107
rue21
8,122
$191
$174
$165
$184
Books-A-Million
6,808
$0
$43
$84
$93
Victoria's Secret / Pink
6,407
$461
$472
$513
$557
Maurices
6,118
$173
$179
$204
$206
Steinhafels
5,500
$171
$187
$192
$192
The Shoe Dept
5,246
$131
$130
$135
$139
4,565
$143
$148
$155
$132
Justice
4,514
$189
$190
$175
$148
Buckle
4,151
$373
$403
$389
$391
LensCrafters
3,468
$455
$473
$475
$517
Finish Line
3,444
$379
$399
$384
$367
Christopher & Banks / CJ Banks
3,402
$177
$184
$183
$148
Vanity
3,360
$173
$156
$157
$132
2,960
$189
$166
$220
$219
Kitchen Collection
2,856
N/A
$153
$142
$138
Bath & Body Works
2,480
$665
$648
$653
$662
RadioShack
2,400
$346
$330
$230
$109
MAJORS
IN LINE
Figures are reported on a per square foot basis and are on a rolling 12 month basis
Page 49
HISTORICAL TENANT SALES
Tenant
SF
2012
2013
2014
2015
Spencer Gifts
2,400
$229
$212
$238
$234
Zumiez
2,299
$282
$277
$287
$244
Journeys
1,951
$286
$261
$313
$294
GameStop
1,800
$670
$653
$657
$715
Kay Jewelers
1,608
$1,014
$968
$897
$937
Rogers & Hollands
1,514
N/A
N/A
N/A
$326
Nedrebo's Formalwear
1,300
$255
$229
$272
$289
Fancy Nails
1,267
$314
$291
$288
$312
Kobe's
1,263
$162
$167
$167
$164
Furry Babies
1,250
N/A
N/A
$400
$443
Yankee Candle
1,190
N/A
$292
$300
$321
Panda Express
1,124
$713
$742
$528
$509
MasterCuts
1,008
$257
$206
$194
$185
GNC
988
$429
$427
$427
$407
Regis
975
$295
$217
$238
$217
Claire's
960
$464
$442
$418
$420
Model Nails
750
$284
$266
$309
$295
Lids
540
$550
$471
$487
$457
$336
$320
$320
$317
AVERAGE IN LINE
Page 50
SEARS
Company
Sears (officially Sears, Roebuck & Company) is a chain of American department stores. The company was
founded by Richard Warren Sears and Alvah Curtis Roebuck in 1886 and is currently headquartered in
Hoffman Estates, Illinois. It began as a mail order catalog company, and began opening retail locations in
1925. The company was purchased by the American discount store chain Kmart in 2005, which renamed
itself Sears Holdings upon completion of the merger. It is the fifth-largest American department store
company by sales as of October 2013 (behind Walmart, Target, Best Buy, and Home Depot), and it is the
twelfth-largest retailer in the country overall. It operates divisions in Canada and Mexico, among several
subsidiaries within its brand.
Website
Ownership
Ticker
Revenue
No. Locations
Employees
Headquarters
Founded
Rating
KOHL’S
Company
Kohl’s operates about 1,158 discount department stores in 49 states. Nearly half of its stores are in the Midwest and West, where Kohl’s continues to grow while rapidly expanding into other markets. Moderately
priced name-brand and private-label apparel, shoes, accessories, and housewares are sold through centrally located cash registers, designed to speed checkout and keep staff costs down. Kohl’s competes with
discount and mid-level department stores. Merchandising relationships allow Kohl’s to carry top brands
(NIKE, Levi’s, OshKosh B’Gosh) not typically available to discounters.
Website
The company also operates design studios in New York City and in Santa Monica, California.
Ownership
Ticker
Revenue
No. Locations
Employees
Headquarters
www.sears.com
Public
Nasdaq: SHLD
$31.2B
735
196,000
Hoffman Estates, IL
1886
CCC+
Kohl’s Department Store, Inc.
www.kohls.com
Public
NYSE: KSS
$19.023 billion
1,162
32,000
Menominee Falls,WI
Founded
1962
Rating
BBB
DICK’S SPORTING GOODS
Company
Dick’s Sporting Goods, Inc., together with its subsidiaries, operates as an omni-channel sporting goods
retailer offering an assortment of sports equipment, apparel, footwear and accessories. The company also
owns and operates Golf Galaxy, Field & Stream and True Runner specialty stores. As of January 31, 2015,
the company operated 603 Dick’s Sporting Goods stores in 46 states; 78 Golf Galaxy stores in 29 states;
10 Field & Stream stores in 5 states; and 3 True Runner stores in 3 states. The company also operates
eCommerce Websites at www.DICKS.com and www.golfgalaxy.com.
Website
The company was founded in 1948. It was incorporated in 1948 in New York under the name Dick’s Clothing and Sporting Goods, Inc. The company was reincorporated as a Delaware corporation in 1997. In 1999,
the company changed its name to Dick’s Sporting Goods, Inc.
Offering
Offering
Memorandum
Memorandum
| Janesville
| Janesville
Mall Mall
Sears
Ownership
Ticker
Revenue
No. Locations
Employees
Headquarters
Founded
www.dickssportinggoods.com
Public
NYSE: DKS
$6.81 Billion
645
12,000
Coraopolis, PA
1948
Page Page
53 53
BOSTON STORE (Parent: The Bon-Ton)
Company
The Bon-Ton Stores, Inc., through its subsidiaries, operates department stores in the United States. Its
stores offer brand-name fashion apparel and accessories for women, men, and children, as well as cosmetics, home furnishings, footwear, and other goods. As of October 7, 2014, the company operated 273
stores, including 10 furniture galleries and 4 clearance centers in 26 states in the Northeast, Midwest, and
upper Great Plains under the Bon-Ton, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s,
and Younkers nameplates. The Bon-Ton Stores, Inc. was founded in 1898 and is headquartered in York,
Pennsylvania.
Website
Public
Ticker
BONT
Revenue
No. Locations
Employees
Founded
Rating
Company
American Eagle Outfitters, Inc. operates as a retailer of apparel and accessories in the United States and
internationally. The company operates under the American Eagle Outfitters and aerie by American Eagle Outfitters brands. It operates approximately 1,000 retail stores. The American Eagle Outfitters brand
targets 15 to 25 year old men and women. Denim is the cornerstone of the American Eagle Outfitters
product assortment, which is complemented by other key categories, including pants, shorts, sweaters,
fleece, outerwear, graphic T-shirts, footwear, and accessories. The company offers clothing, accessories,
and personal care products. American Eagle Outfitters and aerie merchandise is also available at international store locations managed by third party operators. As of January 31, 2015, the company operated
955 American Eagle Outfitters stores and 101 aerie stores. Its third party operated store base has grown
to 99 stores in 16 countries and products purchased through its online business, AEO Direct, ship to 81
countries worldwide. The company sells merchandise through ae.com and aerie.com, which are the digital
manifestation of the lifestyle that its brands represent.
Website
Ownership
Ticker
Revenue
York , PA
1898
B-
NYSE: AEO
$3.28 Billion
1,000
Pittsburgh, PA
1977
NR
ULTA SALON
Ulta Salon, Cosmetics & Fragrance, Inc. operates as a specialty retailer in the United States. The companys stores provide cosmetics, fragrance, haircare, skincare, bath and body products, and salon styling
tools. It also offers cosmetics, which includes products for the face, eyes, cheeks, lips, and nails; haircare
products, such as shampoos, conditioners, styling products, and hair accessories; and salon styling tools
comprising hair dryers, curling irons, and flat irons. In addition, the company provides skincare, and bath
and body products consisting of products for face, hands, and body; fragrances; nail polish and nailcare
products; and mens skincare, haircare, and fragrance products. As of August 1, 2015, it operated 817
stores in 48 states. Its full-service salon in its stores offers haircuts, hair coloring, and texturizing, as well
as facials and waxing; and offers its products through its Website, ulta.com. Ulta Salon, Cosmetics & Fragrance, Inc. was founded in 1990 and is based in Bolingbrook, Illinois.
Page 54
25,200
Public
7,000
Rating
270
www.ae.com
Employees
Founded
$2.8 Billion
American Eagle Outfitters
No. Locations
Headquarters
bostonstore.com
Ownership
Headquarters
AMERICAN EAGLE OUTFITTERS
Boston Store/The Bon-Ton
Company
Website
Ownership
Ticker
Revenue
No. Locations
Employees
Headquarters
Founded
ULTA Salon, Cosmetic &
Fragrance, Inc.
www.ulta.com
Public
ULTA
$3.24 Billion
817
8,100
Bolingbrook, IL
1990
CHUCK E. CHEESE
Company
Chuck E. Cheese’s is a chain of American family entertainment centers and restaurants. The chain is the
primary brand of CEC Entertainment, Inc. and is headquartered in Irving, Texas. The establishment serves
pizza and other menu items, complemented by arcade games, amusement rides, and animatronic displays
as a focus of entertainment for the entire family. The brand derives its name from its main animatronic
character Chuck E. Cheese, a comedic mouse who sings and interacts with guests.
Website
www.chuckecheese.com
Private
No. Locations
590
Headquarters
Irving, TX
Founded
1977
BOOKS A MILLION
Company
Books A Million
Founded in 1917 as a street corner newsstand in Florence, Alabama, Books-A-Million, Inc. has grown
to become the premier book retailing chain in the Southeastern United States, and the second largest
book retailer in the nation. Based in Birmingham, Alabama, the company currently operates more than
260 stores in 32 states and the District of Columbia. In addition to its primary retail component, the
corporation includes a book wholesale and distribution subsidiary, American Wholesale Book Company,
an e-commerce division operating as BOOKSAMILLION.COM, and an internet development and services
company, NetCentral, in Nashville, Tennessee.
Website
Chuck E. Cheese’s, originally referred to as Chuck E. Cheese’s Pizza Time Theater, was founded by Atari
founder Nolan Bushnell who was seeking to expand the purview of video game arcades beyond more
adult locations like pool halls to a kid and family friendly venue. Bushnell’s experience in the amusement
park industry, as well as his fondness of The Walt Disney Company, was influential in the conceptualization
of the Pizza Time Theatre concept. The first location opened in San Jose, California in 1977, and was labeled as the first family restaurant to integrate food, cheap animated entertainment, and an indoor arcade.
RUE 21
Company
rue21 Inc., formerly known as Pennsylvania Fashions Inc. (as well as $9.99 Stockroom), is headquartered
in Warrendale, Pennsylvania. It is a specialty discount retailer of young men and women’s casual apparel
and accessories. Its clothes are designed to appeal to 11- to 17-year-olds who aspire to be 21 and adults
who want to look and feel 21. In 2013, Apax Partners, a global private equity firm, acquired the company.
Website
rue21 offers its own brands, such as rue21 etc.!, CARBON elements, tarea and rueKicks, ruebeauté!, ruebleu Swim, in addition to other brands in its stores to create merchandise excitement and differentiation in
its stores. Its website displays selected inventory that is available in their brick & mortar stores. In select
stores rue21 also offers rueGuy, an expanded men’s department with a more male-inspired layout, design,
and fashion selection.
Headquarters
Offering
Memorandum
| Janesville
Offering
Memorandum
| Janesville
Mall Mall
Ownership
Chuck E. Cheese
Ownership
No. Locations
Employees
Founded
rue 21
www.reu21.com
Private
1,111
2,340
Warrendale, PA
1976
Ownership
No. Locations
Employees
Headquarters
Founded
www.booksamillion.com
Private
260
5,500
Birmingham, AL
1917
Page Page
55 55
VICTORIA’S SECRET
Victoria’s Secret is the largest American retailer of lingerie, womens wear, and beauty products through
its catalogs, website, and its U.S. stores. Victoria’s Secret is wholly owned by publicly traded L Brands
company. L Brands, Inc. operates as a specialty retailer of women’s intimate and other apparel, beauty and
personal care products, and accessories. The company operates in two segments: Victoria’s Secret, and
Bath & Body Works. Its products include loungewear, bras, panties, sleepwear, swimwear, athletic attire,
fragrances, shower gels and lotions, aromatherapy, soaps and sanitizers, home fragrances, handbags,
jewelry, and personal care accessories. The company offers its products under the Victoria’s Secret, Pink,
Bath & Body Works, La Senza, Henri Bendel, C.O. Bigelow, White Barn Candle Company, and other brand
names. L Brands, Inc. sells its merchandise through company-owned specialty retail stores in the US,
Canada, and the United Kingdom; through its websites; and through franchises, licenses, and wholesale
partners. The company was formerly known as Limited Brands, Inc. and changed its name to L Brands, Inc.
in March 2013. L Brands, Inc. was founded in 1963 and is headquartered in Columbus, Ohio.
MAURICE’S
What started in 1931 as a small women’s fashion shop in Duluth, Minnesota, has grown to over 800
stores in 44 states across the country. Maurices is the leading small town specialty store and authority
for the savvy, fashion conscious customer with a twentysomething attitude. For seven decades, Maurices has stayed true to our high standards for fashion, value and great customer service.
Parent, Ascena Retail Group, Inc., through its subsidiaries, operates as a specialty retailer of clothing,
shoes, and accessories for missy, plus-size women, and tween girls in the United States, Canada, and
Puerto Rico. The company operates through five segments: Justice, Lane Bryant, Maurices, Dressbarn, and Catherines. It creates, designs, and develops a range of merchandise, including apparel,
accessories, footwear, and intimates; lifestyle products comprising bedroom furnishings and electronics; and wear-to-work, casual sportswear, footwear, and social occasion apparel. Its principal retail
brands comprise Ann Taylor, LOFT, Lou & Grey, Justice, Lane Bryant, Lane Bryant Outlet, Cacique,
Right Fit, maurices, dressbarn, Catherines, Catherines Plus Sizes, Maggie Barnes, Liz&Me, Serenada,
Dressbar, 6th & Lane and Maurices In Motion.
Company
Website
Ticker (Parent)
ASNA
Employees
Headquarters
Founded
Rating
Ownership
Ticker
Revenue
No. Locations
Employees
Headquarters
Founded
Rating
www.victoriassecret.com
Public
LB
$11.45 billion
2,685
20,200
Columbus, OH
1963
BB+
www.maurices.com
Public
No. Locations
Website
Victoria’s Secret
Maurice’s
Ownership
Rev. (Parent)
Company
$4.802 billion
4,900
14,000
Mahwah, NJ
1962
BB
SHOE DEPT
Company
Founded in 1960 in Kannapolis, NC, SHOE SHOW, INC.’s success has been based on a simple formula of
providing quality products, service and value. Over the past fifty-five years SHOE SHOW, INC. has continued to grow with stores named SHOE SHOW, SHOE DEPT. and Burlington Shoes. Currently SHOE SHOW,
INC. has 1142 locations in 41 states. SHOE SHOW, INC. has maintained its formula of success through
technological advances and operating efficiencies; such as, standard store design, an efficient distribution center and computer links with stores and vendors. SHOE SHOW, INC. 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, Cabarrus Vocational Opportunities, Rowan Vocational Opportunities Incorporated, Community Free Clinic and
Cabarrus Meals on Wheels.
Website
Ownership
Ticker
The Shoe Dept.
www.shoeshow.com
Private
N/A
Revenue (est)
$6 billion
No. Locations
1,600+
Headquarters
Concord, NC
Founded
1960
In the future, SHOE SHOW, INC. will continue to stay focused on the simple formula of providing quality
Page 56
HIBBET SPORTING GOODS
Company
Hibbett Sports, Inc., together with its subsidiaries, operates sporting goods retail stores in small and midsized markets primarily in the South, Southwest, Mid-Atlantic, and the Midwest regions of the United
States. Its stores offer a range of merchandise, including athletic footwear, team sports equipment, athletic
and fashion apparel, and related accessories. The company also sells merchandise directly to educational
institutions and youth associations. As of May 1, 2015, it operated 1,000 premium athletic retail stores.
Hibbett Sports, Inc. was founded in 1945 and is based in Birmingham, Alabama.
Website
Ownership
Ticker
Revenue
Website
3,200
Ticker
ASNA
1945
NR
$4.802 billion
No. Locations
887
Headquarters
New Albany, OH
1987
CHILDREN’S PLACE
Company
The Children’s Place, Inc. operates as a children’s specialty apparel retailer. The company sells apparel,
accessories, footwear, and other items for children; and designs, contracts to manufacture, and sells
merchandise under the proprietary The Children’s Place, Place, and Baby Place brand names. As of
October 31, 2015, it operated 1,085 stores in the United States, Canada, and Puerto Rico; and 90 international stores that are operated by its franchise partners. The company also sells its products through
operating an online store at childrensplace.com. The company was formerly known as The Childrens
Place Retail Stores, Inc. and changed its name to The Children’s Place, Inc. in June 2014. The Children’s
Place, Inc. was founded in 1969 and is based in Secaucus, New Jersey.
Website
Ownership
Ticker
Revenue
The Children’s Place, Inc.
www.childrensplace.com
Public
PLCE
$1.761 billion
No. Locations
1,085
Employees
3,900
Headquarters
Founded
Rating
Offering
Memorandum
| Janesville
Offering
Memorandum
| Janesville
MallMall
Birmingham, AL
www.justiceretail.com
Public
Founded
$913 million
Tween Brands, Inc.
Ownership
Revenue
HIBB
Employees
Rating
Tween Brands, Inc., formerly known as Limited Too, Inc. and Too, Inc., operates Justice branded stores
targeted towards the tween girl market. Since 2009 the company has been a part of Ascena Retail Group.
Justice sells apparel, underwear, sleepwear, swimwear, lifestyle, accessories, and personal care products
aimed at children age 5–15. Parent, Ascena Retail Group, Inc., through its subsidiaries, operates as a specialty retailer of clothing, shoes, and accessories for missy, plus-size women, and tween girls in the United
States, Canada, and Puerto Rico. The company operates through five segments: Justice, Lane Bryant,
Maurices, Dressbarn, and Catherines. It creates, designs, and develops a range of merchandise, including apparel, accessories, footwear, and intimates; lifestyle products comprising bedroom furnishings and
electronics; and wear-to-work, casual sportswear, footwear, and social occasion apparel. Its principal retail
brands comprise Ann Taylor, LOFT, Lou & Grey, Justice, Lane Bryant, Lane Bryant Outlet, Cacique, Right
Fit, maurices, dressbarn, Catherines, Catherines Plus Sizes, Maggie Barnes, Liz&Me, Serenada, Dressbar,
6th & Lane and Maurices In Motion.
Public
1,000
Founded
Company
www.hibbett.com
No. Locations
Headquarters
JUSTICE
Hibbett Sports, Inc.
Secaucus, NJ
1969
NR
Page
Page
57 57
CJ BANKS
Company
Christopher & Banks Corp.
Christopher & Banks Corporation, through its subsidiaries, operates as a retailer of womens apparel and
accessories in the United States. The company designs, sources, and sells womens apparel and accessories to customers ranging in age from 45 to 60. Its stores offer womens apparel consisting of knit tops,
woven tops, jackets, sweaters, skirts, denim bottoms, bottoms made of other fabrics, leisure wear, and
dresses in missy, petite, and women sizes, as well as jewelry and accessories. As of August 1, 2015, the
company operated 529 stores, including 82 Christopher & Banks stores, 73 CJ Banks stores, 309 MPW
stores, and 65 outlet stores. It also operates e-commerce Web sites, such as christopherandbanks.com
and cjbanks.com. The company was formerly known as Brauns Fashions Corporation and changed its
name to Christopher & Banks Corporation in July 2000. Christopher & Banks Corporation was founded in
1956 and is headquartered in Plymouth, Minnesota.
Website
christopherandbanks.com
BATH & BODY WORKS
Company
Bath & Body Works, LLC, is an American retail store under the L Brands (formerly Limited Brands) umbrella. It specializes in shower gels, lotions, fragrance mists, perfumes, candles, and home fragrances.
For the past decade, Bath & Body Works has reinvented the personal care industry with the introduction
of fragrant flavorful indulgences, including shower gels, lotions, candles and accessories. It’s focus is on
creating and offering the best products, with an emphasis on innovation from nature, Bath & Body Works
is destined to become the ultimate personal care destination.
Website
Ownership
Ticker
Revenue
No. Locations
Employees
Headquarters
Founded
Rating
Page 58
Ownership
Ticker
Public
CBK
Revenue
No. Locations
Employees
Headquarters
Founded
Rating
$418.5 million
529
1,330
Plymouth, MN
1956
NR
Bath & Body Works
www.bathandbodyworks.com
Public
LB (Parent)
$11.45 Billion
2,685
20,200
Columbus, OH
1963
BB+
Spencers
Company
Spencer Gifts LLC, a lifestyle retail company operates two unique, national brands, Spencer’s and Spirit
Halloween throughout the United States, Canada and online. Spencer’s is the mall destination for entertainment, excitement and fun. For over 60 years the company has been offering unique product for the
lifestyle style of the company’s core 18-24 year old guest, always inspired by humor and irreverence.
Spencer’s has been the leader in fun and novel products from the Whoopie Cushion to lava lights. Today,
Spencer’s operates over 600 stores throughout the United States, Canada and online and is proud to be
one of the longest running shows in the mall. Strong operating disciplines combined with our unique merchandising formula underpins our continued growth
Website
Ownership
Spencer’s
www.spencersonline.com
Private
No. Locations
600+
Headquarters
Egg Harbor Twnshp, NJ
Founded
1947
Page 59
2500 Milton Ave
PRESENTED BY:
Kyle B. Matthews, CCIM
Chairman & CEO
310 919 5757
[email protected]
Patrick Toomey
Managing Partner
310 919 5765
[email protected]
Beau Beach
Broker of Record
License No: 55685-90
Capital Markets
Brian Krebs
Barrington Capital Corporation
818 606-9476
[email protected]

2500 Milton Ave, Janesville, WI 53545

Transcription

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