Freddy's Frozen Custard - Lakewood, CO WALMART SHADOW ANCHORED SHOPS - LoopNet
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Offering Memorandum
WALMART SHADOW ANCHORED SHOPS
Freddy’s Frozen Custard
723 LEONARD AVENUE
Lakewood,
ALBEMARLE, CO
NC 28001
AE R I AL P HOTO WALMART SHADOW ANCHORED SHOPS
CAROLINAS HEALTHCARE
SYSTEM STANLY
109 BEDS
MCDONALD’S
Walgreens
DOWNTOWN
ALBEMARLE
24
W AY
HIGH
SUBJECT
PROPERTY
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
2 approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID Z0070401
AE R I AL P HOTO WALMART SHADOW ANCHORED SHOPS
LEONARD AVE
SUBJECT
PROPERTY
HIGHWAY 24
24,000 CPD
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future 3
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID Z0070401
AE R I AL P HOTO WALMART SHADOW ANCHORED SHOPS
MCDONALD’S
HIGHWAY 24
24,000 CPD
SUBJECT
PROPERTY
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
4 approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID Z0070401
E X E CUTI VE SUM M A RY WALMART SHADOW ANCHORED SHOPS
WALMART SHADOW ANCHORED SHOPS
723 Leonard Avenue
Albemarle, NC 28001
TENANT APPROX. PERCENT EST. LEASE EST. LEASE APPROX BASE RENT/ ANNUAL LEASE INCREASE RENTAL RENEWAL
SUITE #
NAME RENTABLE SF OCCUPANCY COMMENCEMENT EXPIRATION RENT/SF MONTH RENT TYPE DATE INCREASES OPTIONS
A Shoe Show 5,000 23.5% 7/29/2006 7/31/2019 $10.60 $4,417 $53,000 Gross 8/1/2019 $7,000 1 each - 5yrs
B PeeDee's 5,000 23.5% 9/15/2018 9/30/2023 $10.50 $4,375 $52,500 NNN 10/1/2023 $4,594 2 each - 5 yrs
C Modern Spa 2,500 11.7% 7/15/2019 7/31/2024 $14.00 $2,917 $35,000 NNN 8/1/2024 $3,229 4 each - 5 yrs
D Gamestop 2,000 9.4% 6/7/2006 1/31/2021 $16.00 $2,667 $32,000 NNN 2/1/2021 $2,750 2 each -3 yrs
E #1 Chinese Kitchen 1,600 7.5% 2/9/2005 5/31/2026 $18.97 $2,530 $30,354 NNN 6/1/2020 $2,631 1 each - 3 yrs
F Sally Beauty 1,600 7.5% 7/19/2006 7/31/2021 $17.00 $2,267 $27,200 NNN 8/1/2021 $2,493 None
G Sweet Frog 1,600 7.5% 8/1/2019 12/31/2026 $15.79 $2,106 $25,267 NNN 1/1/2021 $2,456 TBD
H AT&T 2,000 9.4% 9/1/2011 8/31/2020 $16.00 $2,667 $32,000 NNN 9/1/2020 $2,833 None
MONTHLY
TOTAL SF: 21,300 100% $23,943
INCOME:
ANNUAL
OCCUPIED SF: 21,300 100% $287,321
INCOME:
AVERAGE
AVAILABLE SF: 0 0% $13.49
RENT/SF:
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future 5
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID Z0070401
E X E CUTI VE SUM M A RY WALMART SHADOW ANCHORED SHOPS
ESTIMATED INCOME & EXPENSE SUMMARY
NET OPERATING INCOME $268,296
OFFERING PRICE $3,352,000
CAPITALIZATION RATE 8.0%
Total Square Feet Per Leases: 21,300 SF
Lot Size 2.66 Acres
Year Built 2006
Occupancy as of April 2019: 100%
INCOME
Scheduled Base Rent $287,321
Estimated Total Potential Base Rent $287,321
Plus Expense Reimbursement (1)
$35,950
GROSS INCOME $323,271
EFFECTIVE GROSS INCOME $323,271
ESTIMATED OPERATING EXPENSES PSF
CAM Expense $14,488 $0.68
Overhead @ 15% $2,173 $0.10
Insurance $2,000 $0.09
Property Taxes $27,694 $1.30
Management @ 3% (2)
$8,620 $0.40
TOTAL OPERATING EXPENSES $54,975 $2.58
FOOTNOTES
(1) Shoe Show is a Gross Lease. They do not reimburse for CAM/Insurance/Tax.
(2) Only Gamestop reimburses for a management fee.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
6 approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID Z0070401
TAE
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Founded in 1960 in Kannapolis, North Carolina, Shoe Pee Dee Outfitters was inspired by small town south- China Kitchen serves fresh Chinese cuisine in a clean,
Show, Inc.’s provides quality products, service, and erners’ love for their laid-back and comfortable style. friendly environment. The combined experiences of
vlaue. Shoe Show is a leader in branded footwear, Pee Dee Outfitters is the prime destination for quality China Kitchen’s chefs is sure to result in satisfying
bags, and accessories for the entire family with over name brand merchandise with everyday competitive and delicious meals.
58 years of experience. prices.
The company has continued to grow, adding more Founded in 2007, Pee Dee Outfitters opened its origi- www.albemarlechinesekitchen.wordpress.com
stores to its portfolio: Shoe Show, Shoe Dept., Burling- nal location in Cheraw, South Carolina. Since then,
ton Shoes, Shoebilee, Shoe Dept. Encore, Burlington the company has expanded to four locations through-
Shoes Encore, and Shoe Show Mega. Currently, Shoe out South and North Carolina. With the addition of an
Show, Inc. operates over 1,130 stores in 47 states. e-commerce website, Pee Dee Outfitters is able to of-
Shoe Show, Inc. has maintained its formula of suc- fer their products worldwide.
cess through technological advances and operating Pee Dee Outfitters offers clothing, accessories, and
efficiences; such as standard store design, an ef- footwear for men, women, and children. Some of the
ficient distribution center and computer links with more popular brands available in-store and online
stores and vendors. The company headquarters and include Simply Southern, Columbia, YETI, Patagonia,
distribution center is located in Concord, NC. Girlie Girl Originals, Guy Harvey, Rainbow Sandals,
Shoe Show, Inc. carries a variety of well-known and Swig, Salt Life, Sheila Fajl, and more.
brand name shoes in their stores, including Nike, Ske-
chers, Vans, Birkenstock, G by Guess, Crocs, Soda, www.peedeeoutfitters.com
Reebok, and more.
www.shoeshowmega.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future 7
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID Z0070401TAE
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GameStop is a family of specialty retail brands and a global retailer of mul- Sally Beauty Holdings, Inc. (NYSE:SBH) is a global distributor and retail-
tichannel video games, pop culture collectibles, consumer electronics and er of professional beauty products with revenues of $3.8 billion annually.
wireless services. GameStop operates more than 5,800 stores in 14 coun- Through the Sally Beauty Supply and Beauty Systems Group businesses, the
tries, including Europe, Canada, Australia, and the United States. company sells and distributes through over 5,000 stores, including approxi-
GameStop is committed to delivering innovation to consumers anywhere, mately 175 franchised units through the United States and Puerto Rico, the
anytime and any way they want it. Whether looking for new or pre-owned, United Kingdom, Belgium, Chile, France, Canada, Columbia, Mexico, Peru,
digital or physical video game titles, the latest in video game hardware Ireland, the Netherlands, Spain, and Germany.
or accessories, or consumer electronics, GameStop offers something for Sally Beauty Supply offers more than 10,000 products for hair, skin, and
everyone. nails through professional lines such as Clairol, L’Oreal, Wella and Conair,
The buy-sell-trade program provides substantial value to customers looking as well as an extensive selection of proprietary merchandise. The Beauty
to trade-in video game hardware or software, or smartphones and tablets. Systems Group stores, branded as CosmoProf or Armstrong McCall stores,
Each year GameStop provides more than $1 billion in trade credits, with along with its direct sales consultants, sell up to 10,000 professionally
more than 70 percent of these trade dollars being applied toward the pur- branded products including Paul Mitchell, Wella, Sebastian, Nioxin, Gold-
chase of new products. well, and Schwarzkopf which are targeted exclusively for professional and
salon use and resale to their customers.
The company’s global family of brands include GameStop, EB Games, Mi-
cromania, Game Informer magazine, ThinkGeek, and Simply Mac.
www.sallybeauty.com
www.gamestop.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
8 approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID Z0070401TAE
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Sweet Frog is a chain of frozen yogurt retail stores owned and operated AT&T Inc. (NYSE:T) is a modern media company whose mission is to inspire
by Sweet Frog Enterprises, LLC. Sweet Frog customers create their own human progress through the power of communication and entertainment.
soft serve frozen yogurt with numerous flavors and toppings from which to AT&T brings together premium video content, a large base of direct-to-
choose. Derek Cha, who immigrated to the United States from South Ko- consumer relationships, high-speed networks optimized for video and ad-
rea, founded Sweet Frog in Richmond, Virginia in 2009. In Fall 2018, Sweet vertising technology to lead the next revolution in technology, media and
Frog was acquired by a wholly owned subsidiary of Canada-based MTY telecommunications. AT&T has recorded 35 consecutive years of quarterly
Food Group Inc. of Montreal, Quebec. At the time of its acquisition by MTY dividend growth and is a Fortune 10 company.
Food Group, the chain operated over 330 locations in the United States and The company comprises four distinct business units:
abroad, most of which are franchised.
• AT&T Communications provides mobile, broadband, video and other
The primary goal at Sweet Frog is to create the best frozen yogurt their communications services to U.S.-based consumers and nearly 3 million
customers have ever had. They do this by allowing customers to create their companies globally. Revenues from these services totaled more than $144
own combination of delicious, soft serve premium frozen yogurt, finishing it billion in 2018.
off with their favorite toppings. Sweet Frog’s toppings bar is stocked fresh
every day with the best ingredients for a light snack, a decadent dessert, • WarnerMedia consists of WarnerMedia Entertainment, WarnerMedia
and everything in between. Combined with a warm, family-friendly envi- News & Sports and Warner Bros. In 2018, WarnerMedia received 37 Emmy
ronment and mascots Scoop and Cookie, customers across the nation are Awards, including 23 for HBO, and 11 Academy Award Nominations.
embracing Sweet Frog. The F.R.O.G. in Sweet Frog stands for Fully Rely • AT&T Latin America provides mobile services to Mexico to consumers
on God, which is evident by how Sweet Frog positively impacts whichever and businesses, with revenues of more than $7 billion in 2018.
community they are in. Through local partnerships and fundraisers, Sweet • Xandr provides marketers with advanced advertising solutions using
Frog stores become part of the fabric that wraps their communities. valuable customer insights from AT&T’s TV, mobile, and broadband services.
Advertising revenues across AT&T are more than $7 billion on an annualized
www.sweetfrog.com basis.
www.att.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future 9
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID Z0070401P
AERR
OP ERTY
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P HOTO WALMART SHADOW ANCHORED SHOPS
INVESTMENT HIGHLIGHTS LOCATION OVERVIEW
• 100% Leased to a Diverse Tenant Profile Albemarle was established in 1841 as the county seat of Stanly County. By the
early 20th century, Albemarle had become a center of commerce and industry that
• Shadow-Anchored by Walmart Supercenter was shaping the nearby region. Today the city is the largest municipality within the
• Located in Albemarle’s Primary Retail Corridor – Tenants Include Walmart county and is a community of thriving businesses, distinctive homes, and friendly
neighborhoods. The symbolic hear of Albemarle is the intersection of Second and
Supercenter, Lowe’s, Food Lion, ALDI, Hobby Lobby, Chick-Fil-A, Sonic Drive-In, Main Streets, locally known as “the Square.” Commanding the highest point in the
Holiday Inn Express, and More downtown, this intersection served as the site of the original courthouse for Stanly
County in the 1800s. The Square remains the symbolic center of the county with
• 22,138 Residents in Growing Albemarle Trade Area many local retail stores and restaurants.
• Easily Accessible via Highway 24 – 24,000+ CPD Located in the scenic Uwharrie Lakes region, Albemarle is conveniently located
near two of the state’s largest urban areas - Charlotte and the Piedmont Triad area.
• Minutes from Stanly Community College – Over 10,000 Students Enrolled Annually Morrow Mountain State Park is just east of the city and attracts visitors from across
the state. Numerous other lakes and parks are within minutes of Albemarle, offering
• Albemarle is Centrally Located – 40 Miles to Charlotte, 65 Miles to Greensboro,
a multitude of opportunities for boating, fishing, swimming, camping, and hiking.
90 Miles to Fayetteville, and 100 Miles to Raleigh
• 5 Minutes from Albemarle’s Downtown Area, “the Square”
DEMOGRAPHICS
• 24,150+ Daytime Employees in Surrounding Area Population 1-Mile 3-Miles 5-Miles
• Average Household Income Exceeds $55K in 5-Mile Radius 2023 Projection 2,935 15,235 22,508
2018 Estimate 2,916 15,072 22,138
Growth 2018 - 2023 0.68% 1.08% 1.67%
Households 1-Mile 3-Miles 5-Miles
2023 Projections 1,207 6,441 9,231
2018 Estimate 1,182 6,294 8,967
Growth 2018 - 2023 2.13% 2.34% 2.94%
Income 1-Mile 3-Miles 5-Miles
2018 Est. Average Household Income $39,784 $53,514 $55,439
2018 Est. Median Household Income $24,265 $39,057 $42,426
2018 Est. Per Capita Income $16,417 $22,665 $22,984
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
10 approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID Z0070401AE
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future 11
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID Z0070401AE R I AL P HOTO WALMART SHADOW ANCHORED SHOPS
SUBJECT
PROPERTY
MAP
3 MILES 9 MILES 41 MILES 52 MILES
Stanly Community Morrow Mountain Charlotte, Charlotte Douglas
College State Park North Carolina International Airport
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
12 approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID Z0070401NET LEASED DISCLAIMER CONFIDENTIALITY AGREEMENT
Marcus & Millichap hereby advises all prospective purchasers of Net Leased prop- The information contained in the following offering memorandum is proprietary
erty as follows: and strictly confidential. It is intended to be reviewed only by the party receiving it
from Marcus & Millichap and it should not be made available to any other person
By accepting this Marketing Brochure, you agree to treat the information con- or entity without the written consent of Marcus & Millichap. By taking possession
tained herein regarding the lease terms as confidential and proprietary and to of and reviewing the information contained herein the recipient agrees to hold
only use such information to evaluate a potential purchase of this net leased and treat all such information in the strictest confidence. The recipient further
property. agrees that recipient will not photocopy or duplicate any part of the offering
memorandum. If you have no interest in the subject property at this time, please
The information contained in this Marketing Brochure has been obtained from return this offering memorandum to Marcus & Millichap.
sources we believe to be reliable. However, Marcus & Millichap has not and will not
verify any of this information, nor has Marcus & Millichap conducted any investiga- This offering memorandum has been prepared to provide summary, unverified
tion regarding these matters. Marcus & Millichap makes no guarantee, warranty or financial and physical information to prospective purchasers, and to establish
representation whatsoever about the accuracy or completeness of any information only a preliminary level of interest in the subject property. The information
provided. contained herein is not a substitute for a thorough due diligence investigation.
Marcus & Millichap has not made any investigation, and makes no warranty or
As the Buyer of a net leased property, it is the Buyer’s responsibility to independently representation with respect to the income or expenses for the subject property, the
confirm the accuracy and completeness of all material information before complet- future projected financial performance of the property, the size and square footage
ing any purchase. This Marketing Brochure is not a substitute for your thorough due of the property and improvements, the presence or absence of contaminating
diligence investigation of this investment opportunity. Marcus & Millichap expressly substances, PCBs or asbestos, the compliance with local, state and federal
denies any obligation to conduct a due diligence examination of this Property for regulations, the physical condition of the improvements thereon, or the financial
Buyer. condition or business prospects of any tenant, or any tenant’s plans or intentions
to continue its occupancy of the subject property. The information contained
Any projections, opinions, assumptions or estimates used in this Marketing Brochure in this offering memorandum has been obtained from sources we believe to be
are for example only and do not represent the current or future performance of this reliable; however, Marcus & Millichap has not verified, and will not verify,
property. The value of a net leased property to you depends on factors that should any of the information contained herein, nor has Marcus & Millichap
be evaluated by you and your tax, financial and legal advisors. conducted any investigation regarding these matters and makes no
warranty or representation whatsoever regarding the accuracy or
Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a completeness of the information provided. All potential buyers must take
careful, independent investigation of any net leased property to determine to your appropriate measures to verify all of the information set forth herein. Prospective
satisfaction with the suitability of the property for your needs. buyers shall be responsible for their costs and expenses of investigating the
subject property.
Like all real estate investments, this investment carries significant risks. Buyer and
Buyer’s legal and financial advisors must request and carefully review all legal and
financial documents related to the property and tenant. While the tenant’s past ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE
performance at this or other locations is an important consideration, it is not a MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
guarantee of future success. Similarly, the lease rate for some properties, including
newly-constructed facilities or newly-acquired locations, may be set based on a
tenant’s projected sales with little or no record of actual performance, or compa-
rable rents for the area. Returns are not guaranteed; the tenant and any guarantors
may fail to pay the lease rent or property taxes, or may fail to comply with other
material terms of the lease; cash flow may be interrupted in part or in whole due to
market, economic, environmental or other conditions. Regardless of tenant history
and lease guarantees, Buyer is responsible for conducting his her own investigation
of all matters affecting the intrinsic value of the property and the value of any long-
term lease, including the likelihood of locating a replacement tenant if the current
tenant should default or abandon the property, and the lease terms that Buyer may
be able to negotiate with a potential replacement tenant considering the location of
the property, and Buyer’s legal ability to make alternate use of the property.exclusively listed
Exclusively listed by:
MARK RUBLE JAMIE MEDRESS ALEX FRANKEL BEN YELM
Senior Managing Director Executive Managing Director Associate Advisor Broker of Record
PHOENIX OFFICE PHOENIX OFFICE COLUMBUS OFFICE NORTH CAROLINA OFFICE
Tel: (602) 687-6766 Tel: (602) 687-6778 Tel: (614) 360-9061 License: 303785
Fax: (602) 687-6710 Fax: (602) 687-6717 alex.frankel@marcusmillichap.com
mruble@marcusmillichap.com jmedress@marcusmillichap.com
OFFICES NATIONWIDE
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