GREENVILLE, SOUTH CAROLINA - CONFIDENTIAL OFFERING MEMORANDUM
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Representative Photo
GREENVILLE, SOUTH CAROLINA
CONFIDENTIAL OFFERING MEMORANDUM
TABLE OF CONTEN T S EXC L U S I V E LY LI S T E D B Y
Investmen t Overview
03 Executive Summary
Pro perty Overview
04 Regional Map
Peter Couchell, CCIM Robert Schmidt
05 Market Map Managing Director/Shareholder Director/Shareholder
couchell@furmancap.com rschmidt@furmancap.com
06 Submarket Map
864 678 5923 864 678 5995
07 Site Maps
09 Property Renderings
Te nant Overview
10 Lease Summary & Rent Schedule
11 Tenant Summary
Ma rke t Overview
12 Market Analysis
13 Demographics
Furman Capital Advisors, LLC
101 E. Washington Street, Suite 400
Greenville, SC 29601 | 864.235.6855
FurmanCapital.com
Investment Services Division of NAI Earle Furman
INVESTMENT OVERVIEW
E xecu ti ve S u m m a ry
PROPERTY SUM M A RY INVESTMENT SUMMARY
124 Milestone Way
Address
Greenville, SC 29615 NOI $458,604
Ownership Fee Simple
Cap Rate 6.50%
Financing Delivered Free & Clear
List Price $7,055,000
Class A
Lease Type NNN
Year Built 2022
Initial Term 20.25 Yrs
Building Size ±10,750 SF
Increases 10% Every 5 Years
Parcel Size ±1.75 Acres
Parking 51 Spaces Options 2 - (5) Year
PROPERTY HIGHLIGHTS
• Long-Term Lease: Brand new 20.25 year lease with two 5-year renewal options
• Favorable Rent Growth: 10% rent increases every five years to hedge against inflation and provide long-term value creation
• Minimal Landlord Responsibilities: A true NNN lease with landlord only responsible for roof & structure. Buyer will receive a fully transferrable
20-year roof warranty at closing.
• Brand New Class A+ Construction: 2022 Build-to-suit for Primrose with an estimated Q1 delivery
• Excellent Access to Population Density: Over 142,000 people within a five-mile radius and access to the greater market via I-85
• Remarkably Affluent Demographics: The average household income within a one-mile radius has surpassed $110,000 and is expected to
surpass $122,000 by 2025
• Highly Desirable Submarket: The Pelham Rd and I-85 submarket is one of Greenville’s most desirable areas due to its affluent neighborhoods
and access to high-paying jobs
• Booming Greater Market: Greenville is one of America’s hottest emerging destinations and fastest growing cities. From a revitalized downtown
ranked among “America’s Ten Best” to the influx of major employers such as BMW, Michelin, GE, and Lockheed Martin Aircraft, Greenville is quickly
growing into one of the top choices to live in the Southeast.
• High Demand Investment State: South Carolina is a popular market for real estate investors looking to profit on the state’s rapid appreciation
rates and strengthening economy
3. Prim ro s e S c h o o l s | G re e n ville , SC
PROPERTY OVERVIEW
Reg ion al M ap
Raleigh
Asheville ±66 Miles From Site
Charlotte
SITE
±258 Miles From Site
Greenville
±94 Miles From Site
±8 Miles From Site Columbia
Atlanta
±100 Miles From Site
±153 Miles From Site
4. Prim ro s e S c h o o l s | G re e n ville , SC
PROPERTY OVERVIEW
M a rk et M ap
SITE
North American
Headquarters
5. Prim ro s e S c h o o l s | G re e n ville , SC
PROPERTY OVERVIEW
S u b market M ap
B o il
in g
SITE
S p r in
Pe
lh
gs R
am
Rd
d
±21,100 — ±27,300 VPD P e lh a
m Rd
Rd
m
lha
Pe
R
op
er
M
ou
nt
ai
n
R
d
±113,700 VPD
Ex
t
Mou ntai
Roper nR
d
f Rd
druf
Wo o
Wo
od
ru
ff
Rd
d
lv
B
e
r da
Ve
6. Prim ro s e S c h o o l s | G re e n ville , SC
PROPERTY OVERVIEW
S i t e M ap
AVERAGE HOME COSTS
$1,100,000
SITE
±21
,100
—±
27,3
00 V
PD
P e lh
am R
d
Pe lh am Rd
PD
0 0V
1 3,7
±1
7. Prim ro s e S c h o o l s | G re e n ville , SC
PROPERTY OVERVIEW
S i t e M ap
Old
Boi
ling
Spr
ings
MILESTONE VILLAGE
Meillan
Rd
Milestone Village is Greenville’s newest
d Dr
Eastside retail development. The property
is located adjacent to Lowes Foods,
Medical Group of the Carolinas, Panera
Buena Vista Way
Bread, Chipotle, a retail garden center,
and coming soon Double Dogs Sports
Bar & Grill. Ample customer parking is
available in this new development.
SITE
Milestone Way
MILESTONE VILLAGE Ol
d
Bo
ilin
g
Sp
rin
gs
Rd
M
ile
st
on
e
W
ay
Pel
ham
Rd
±21,
100
—±
27,3
00 VPD
Pelh
am R
d
*Site lines are approximate
8. Prim ro s e S c h o o l s | G re e n ville , SC
PROPERTY OVERVIEW
S i t e P l an
*Site lines are approximate
9. Prim ro s e S c h o o l s | G re e n ville , SC
INVESTMENT OVERVIEW
L e a se Su m m ary & R ent Schedule
L EASE SUMMARY RE N T SC H E D U L E
Tenant Two Staces, LLC Initial Term Monthly Annually Rent/SF
Tenant Trade Name Primrose School Months 1 - 3 $0 $0 $0
Months 4 - 63 $38,217 $458,604 $42.66
Lease Guarantor Personal
Months 64 - 123 $42,039 $504,464 $46.93
Tenant Classification Franchisee
Months 124 - 183 $46,243 $554,911 $51.62
Lease Type NNN Months 184 - 243 $50,867 $610,402 $56.78
Original Lease Term 20.25
Option 1 $55,954 $671,442 $62.46
Rent Commencement Date Est Q1 2022
Term Remaining on Lease ±20.25
Option 2 $61,549 $738,586 $68.71
Options 2 - (5) Year
Increases 10% Every 5 Years
Property Taxes Tenant is Responsible
Insurance Tenant is Responsible
Common Area Maintenance Tenant is Responsible
Roof Landlord is Responsible
Structure Landlord is Responsible
Option to Terminate None
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10. Prim ro s e S c h o o l s | G re e n ville , SCTENANT OVERVIEW
P ri mro s e S ch ool s
Primrose Schools ® is a national system of accredited
www.primroseschools.com private preschools that provides a premier early
education and child care experience for children and
families. Their Franchise Owners, Leadership Teams
and School Staff partner with parents to help build the
right foundation for future learning and in life. Primrose
Schools offer year-round programs for children from
six weeks to six years old, including after-school
enrichment and summer programs. Each school is a
licensed educational childcare facility.
In 1998, Primrose Schools became the first early
childhood education organization to earn national
accreditation from AdvancED (now known as Cognia).
In 2012, Primrose Schools was the first education
organization to earn Corporation Systems Accreditation
through AdvancED. Cognia is a 100 year old quality-
improvement enhancement network made up of the
largest community of education professionals in the
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world. They conduct rigorous, on-site external reviews
of pre-K-12 schools and school systems to ensure
that all learners realize their full potential.
Founded 1982
For the fourth consecutive year, Primrose Schools ®
Headquartered Acworth, GA
was ranked number 1 in the child care category in
Type Franchise Entrepreneur magazine’s Franchise 500 ® awards.
Placement in the Franchise 500 ® is a highly sought-
Parent Company Roark Capital Group after and competitive honor, with this year’s rankings
awarded based on applications from over 1,100
Number of Locations ±400 Schools in 29 States
franchisors. On the overall list, Primrose ® came in at
Number of Children Served ±54,000 number 54, an improvement from 2019.
11. Prim ro s e S c h o o l s | G re e n ville , SCMARKET OVERVIEW
M a rk et An al ys i s
LOCATION COMMERCE
• The city of Greenville is the 4th among 15 of the fastest-growing • Home to national and international corporations such as Fluor
large cities in the U.S. according to population estimates by Corporation, Hubbell Lighting, BMW and Michelin North America.
the U.S. Census Bureau. • Other major businesses include Bausch and Lomb, the Perrigo
• Centrally located along the I-85 corridor directly between two Company of SC, Prisma Health System, Ernst and Young, IBM, Charter
of the largest cities in the Southeast - Atlanta, Georgia and Communications, Dunlop Slazenger Group, Liberty Corporation Bank of
Charlotte, North Carolina. America, GE Power & Water, Day & Zimmerman, Scan Source, Lockheed
• Located 100 miles from the capital city of Columbia and only Martin Aircraft, Windstream, SYNNEX Corporation and TD Bank.
200 miles from the Port of Charleston SC.
ACCOLADES
INFRASTRUCTURE • One of the South’s Best ‘Cities on the Rise’ (Southern Living) March 2021
• #10 Coolest Cities with the Lowest Cost of Living in the U.S. (Purewow) February 2021
• Greenville-Spartanburg International Airport is the 2 busiest
nd
• #6 Best Small Cities in the US (Condé Nast Traveler) October 2020
airport in the state with 1.1 million passengers in 2020. • America’s Best Small Cities (BestCities.org) March 2020
• 3 Interstate highways offer easy access to the North, South, • The 50 Best U.S. Cities for Starting a Business in 2020 (Inc.com) December 2019
Midwest, and all major markets on the Eastern Seaboard. • US Travel: 25 Best Places to Visit in 2020 (Forbes) December 2019
• Home to the Inland Port Greer connecting the Upstate to the • 10 Cities to Watch in 2020 (Worth) November 2019
Port of Charleston. • #36 Best Places to Live (Money Magazine) October 2019
• #22 Best Places to Live in the USA (U.S News & World Report) May 2019
• #10 2019 Top 100 Best Places to Live (Livability) March 2019
HIGHER EDUCATION • #7 The South’s Best Cities 2019 (Southern Living) March 2019
• Top 19 Must-See Destinations in 2019 (Expedia) January 2019
• Clemson University, Furman University, Bob Jones University, • America’s 100 Best Places to Retire (Where to Retire) December 2018
North Greenville University and Limestone College-Greenville • #35 Top Cities in the US with the Biggest Influx of People, The Most Work
among others are all located in or around Greenville. Opportunities, and the Hottest Business Growth (Business Insider) August 2018
12. Prim ro s e S c h o o l s | G re e n ville , SCMARKET OVERVIEW
D e mograph i cs
1
Summary 2010 2021 2026
Population 6,050 6,591 6,872
Households 2,737 3,006 3,137
Families 1,567 1,678 1,739
Average Household Size 2.15 2.15 2.15
MILE Owner Occupied Housing Units
Renter Occupied Housing Units
1,284
1,453
1,452
1,553
1,554
1,584
RADIUS
Median Age 36.6 38.8 39.8
Average Household Income $110,502 $122,054
3
Summary 2010 2021 2026
Population 48,604 55,260 58,539
Households 20,270 23,277 24,719
Families 13,415 15,054 15,876
Average Household Size 2.38 2.36 2.35
Owner Occupied Housing Units 13,088 14,907 15,995
MILE Renter Occupied Housing Units 7,182 8,371 8,724
RADIUS
Median Age 39.3 41.2 41.9
Average Household Income $111,363 $122,170
Summary 2010 2021 2026
5
Population 118,566 142,809 153,082
Households 48,896 59,142 63,443
Families 31,901 37,772 40,261
Average Household Size 2.41 2.40 2.40
Owner Occupied Housing Units 31,451 36,963 39,999
MILE Renter Occupied Housing Units 17,445 22,179 23,434
RADIUS Median Age 37.8 39.7 40.6
Average Household Income $102,873 $113,337
13. Prim ro s e S c h o o l s | G re e n ville , SCDISCLAIMER
This Offering Memorandum contains select information pertaining to the business and affairs of the property located at 124 Milestone
Way, Greenville, SC 29615 (“Property”). It has been prepared by Furman Capital Advisors (“Agent”). This Offering Memorandum may
not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in the 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 Owner or Agent. The material is based in
part upon information supplied by the Owner and in part upon financial information obtained from sources it deems reliable. The Owner,
nor their officers, employees, or agents make any representation or warranty, express or implied, as to the accuracy or completeness of
this Offering Memorandum 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 Owner.
Owner and Agent 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 reviewing 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 by all parties 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 the 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 Agent or any
of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or
cause 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 creation of this Offering Memorandum.
14. Prim ro s e S c h o o l s | G re e n ville , SC101 E. Washington Street, Suite 400 | Greenville, SC 29601
864.235.6855 FurmanCapital.com
Investment Services Division of NAI Earle FurmanYou can also read
