HARVEYS SUPERMARKET & ADVANCE AUTO PARTS - OFFERING MEMORANDUM SUBJECT PROPERTY - LOOPNET
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Subject Property Offering Memorandum Harveys Supermarket & Advance Auto Parts Fort Valley, GA
Confidentiality and Restricted Use Agreement
Offered Exclusively by
This Confidential Offering Memorandum (“COM”) is provided by Stan Johnson Company (“SJC”), solely for
Jason Powell, CCIM
your consideration of the opportunity to acquire the commercial property described herein (the “Property”).
Director
This COM may be used only as stated herein and shall not be used for any other purpose, or in any other
jpowell@stanjohnsonco.com
manner, without prior written authorization and consent of SJC.
P: +1 404.823.6754
This COM does not constitute or pertain to an offer of a security or an offer of any investment contract. This GA Broker #313490
COM contains descriptive materials, financial information and other data compiled by SJC for the convenience
of parties who may be interested in the Property. Such information is not all inclusive and is not represented
Tyler Molleson
to include all information that may be material to an evaluation of the acquisition opportunity presented.
Associate
SJC has not independently verified any of the information contained herein and makes no representations
tmolleson@stanjohnsonco.com
or warranties of any kind concerning the accuracy or completeness thereof. All summaries and discussions
P: +1 404.823.6760
of documentation and/or financial information contained herein are qualified in their entirety by reference to
the actual documents and/or financial statements, which upon request may be made available. An interested
party must conduct its own independent investigation and verification of any information the party deems Max Van Dresser
material to consideration of the opportunity, or otherwise appropriate, without reliance upon SJC. Analyst
mvandresser@stanjohnsonco.com
The Property may be financed or withdrawn from the market without notice, and its owner(s) reserve(s) the
P: 1+ 404.823.6377
right to negotiate with any number of interested parties at any time. The Property is offered and sold by its
owner(s) as is, where is, and with all faults, without representation or warranty of any kind except for any
customary warranties of title.
BY ACCEPTING THIS COM, YOU AGREE THAT: (1) all information contained herein, and all other information
you have received or may hereafter receive from SJC relating to the Property, whether oral, written or in any
other form (collectively, the “Information”), is strictly confidential; (2) you will not copy or reproduce, and Stan Johnson Company
claim as your own without attribution to SJC, all or any part of this COM or the Information; (3) upon request 3340 Peachtree Road NE | Suite 650
by SJC at any time, you will return and/or certify your complete destruction of all copies of this COM and the Atlanta, Georgia 30326
Information; (4) for yourself and all your affiliates, officers, employees, representatives, agents and principals, 404.823.6360
you hereby release and agree to indemnify and hold harmless SJC all of its affiliates, officers, employees,
representatives, agents and principals, from and with respect to any and all claims and liabilities arising from or stanjohnsonco.com
related to the receipt or use of this COM and/or any other Information concerning the Property; (5) you will not
provide this COM or any of the Information to any other party unless you first obtain such party’s acceptance
and approval of all terms, conditions, limitations and agreements set forth herein, as being applicable to such
party as well as to you; and (6) monetary damages alone will not be an adequate remedy for a violation of
these terms and that SJC shall be entitled to equitable relief, including, but not limited to, injunctive relief
and specific performance, in connection with such a violation and shall not be required to post a bond when
obtaining such relief.
Section One
Investment Summary
Harveys Supermarket & Advance Auto Parts • Fort Valley, GA • 3
The Offering Purchase Price: $2,375,000
Stan Johnson Company is pleased to offer for sale to qualified individuals,
Cap Rate: 8.50%
a multi-tenant property located at 200 - 202 Vineville Street, Fort Valley,
GA 31030 (the “Property”). The Property is currently 100% leased to two
tenants, Harveys Supermarket and Advance Auto Parts. The Property is
located in Fort Valley’s main retail corridor among many other national
tenants.
Investment Highlights
Both tenants are operating under NNN leases in which Taxes, Insurance Strong Tenants - Harveys is a subsidiary of Southern Grocers, LLC
and Common Area Maintenance Expenses are reimbursed by the tenant. which is the fifth largest supermarket chain in the U.S. with over
800 stores throughout the Southeast. Advance Auto Parts is a
Landlord is responsible for Roof, Structure and Parking Lot Repairs. The
national retailer with an investment grade credit rating of BBB-/
Harveys Supermarket and Advance Auto Parts Leases have approximately Stable (S&P). As of 1/2/2016 AAP reported total revenues of $9.7
4.6 and 1.9 years remaining, respectively, in their primary terms. billion, a net income of $473 million and a net worth in excess of
$2.5 billion.
Healthy Performance Metrics - Rent to Sales Ratio for Harveys is
approximately 2.88, which is widely considered financially healthy
for grocery stores. This increases chances of lease renewal upon
term expiration.
NNN Lease - Both tenants are currently operating under NNN
leases in which they reimburse the landlord for their pro-
rata share of taxes, insurance and CAM (includes parking lot
maintenaince).
Below Market - Rent Both tenants are currently locked in at rents
that are well below the market asking rent of just over $9 PSF.
High Yield/Value Add Opportunity - With short lease terms
remaining and below market rents, there is potential to renew/re-
tenant at higher rates and increase yield.
Limited Competition - Harveys is one of two supermarkets located
within Fort Valley. Additionally, it is more centrally located than its
only nearby competitor, Food Depot. The five points location is
superior to all other retail locations in Fort Valley.
Proximity to Blue Bird - The subject property is located one block
from the largest employer in town, Blue Bird.
Harveys Supermarket & Advance Auto Parts • Fort Valley, GA • 4
Subject Property
v
Property Summary
Address 200 - 202 Vineville Street
City, State, Zip Fort Valley, GA 31030
County Peach
Parcel ID F05B-113
Property Type Retail - Strip Center
Ownership Interest Fee Simple
# of Tenants 2
Occupancy 100%
Building Size +/- 38,425 SF
Land Area +/- 3.26 Acres
Year Built 1985, Renovated in 2006
Street Frontage +/- 386' on Vineville Street
Parking 139 Spaces - 3.6:1000 SF
Encumbrances None, delivered free and clear
Harveys Supermarket & Advance Auto Parts • Fort Valley, GA • 5
Tenant Summaries and Property Pro-Forma
Tenant Summaries
Square
Feet Building Current Current Rent Rent Lease Term Extension
Unit Tenant Expenses
Occupied Share Rent PSF Increases Expiration Remaining Options
(+/-)
NNN Lease +/- 4.60 Two (2), Five (5)
202 Harveys Supermarket 32,525 84.65% $178,867 $5.50 None 12/31/2021
(Reimburses Pro-Rata) Years Year Options
NNN Lease 10% in Two (2), Five (5)
200 Advance Auto Parts 5,900 15.35% $33,935 $5.75 4/30/2019 +/- 1.90 Years
(Reimburses Pro-Rata) Options Year Options
38,425 100% $212,802 $5.54
2017 Pro-Forma
Amount PSF
Harvey's Rent $178,887 $5.50
Advance Auto Parts Rent $33,925 $5.75
Base Rent $212,812 $5.54
CAM Reimbursement $9,872 $0.26
Tax Reimbursement $36,150 $0.94
Insurance Reimbursement $4,156 $0.11
Potential Gross Income $262,990 $6.84
Expenses
Management (3%) ($6,384) ($0.17)
Property Taxes ($36,150) ($0.94)
CAM Expense ($9,243) ($0.24)
Repairs ($2,500) ($0.07)
Insurance ($6,088) ($0.16)
Total Expenses ($60,365) ($1.57)
Net Operating Income $202,625 $5.27 Subject Property
Harveys Supermarket & Advance Auto Parts • Fort Valley, GA • 6
Harveys Supermarket
Lease Abstract Tenant Overview
Property Address: 202 Vineville Street Harveys Supermarket, a subsidiary of Southeastern Grocers, serves customers
in more than 70 grocery stores and 26 in-store pharmacies throughout the
four southeastern states of North Carolina, South Carolina, Georgia and
Florida. Harveys was established over 100 years ago by Iris and Joe M. Harvey
Tenant: Harveys Supermarket
with one clear goal in mind, to provide quality with affordability. As a regional
brand that is spread throughout the south, Harveys Supermarkets have deep
heritages, strong neighborhood ties, an extremely proud history of giving back
NNN - Tenant reimburses landlord pro-rata share
Lease Type: and strong commitments to providing the best possible quality, service and
of CAM, Taxes and Insurance
value to customers.
Landlord Responsibilities: Roof, Structure, Parking Repair Southeastern Grocers LLC is the parent company and home of BI-LO, Harveys,
Winn-Dixie and Fresco y MAS grocery stores. Southeastern Grocers rank as
the second largest conventional supermarket in the southeast based on store
count and the fifth largest supermarket chain in the U.S. The company employs
Square Feet Leased: +/- 32,525
approximately 72,000 associates that serve customers in 801 grocery stores,
530 in-store pharmacies and 146 liquor stores throughout eight southeastern
states: Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina, South
Building Share: 84.65% Carolina and Tennessee.
Term Commencement: 1/1/2006
Term Expiration: 12/31/2021
Term Remaining: +/- 4.60 Years
Current Annual Rent: $202,625
Options: Two (2), Two (5) Year Options
Rent Increases: None
Representative Photo
Harveys Supermarket & Advance Auto Parts • Fort Valley, GA • 7
Advance Auto Parts
Lease Abstract Tenant Overview
Property Address: 200 Vineville Street Advance Auto Parts, Inc. (NYSE: AAP) operates as a retailer of automotive
parts, accessories, and maintenance items to do-it-yourself and do-it-for-me
customers in the automotive aftermarket industry. The company operates in
two segments, Advance Auto Parts (AAP) and Autoparts International (AI).
Tenant: Advance Auto Parts
Advance recently acquired Carquest (General Parts International) for $2
billion, making it the largest auto part dealer in the country with a combined
NNN - Tenant reimburses landlord pro-rata share
Lease Type: 5,292 company operated stores, 109 Worldpac branches, and 1,350
of CAM, Taxes and Insurance
independently owned Carquest branded stores across 49 states, Puerto Rico,
the Virgin Islands, and Canada. The acquisition increased the company’s
Landlord Responsibilities: Roof, Structure, Parking Repair access to commercial/wholesale part sales and expanded their footprint in the
Northeastern United States.
Advance Auto Parts is currently headquartered in Roanoke, Virginia and was
Square Feet Leased: +/- 5,900 founded in 1929. As of January 2, 2016, the company employed approximately
74,000 people. It premiered on the Fortune 500 list of companies in 2003,
and has remained on the list ever since.
Building Share: 15.35%
As of January 2, 2016, Advance Auto Parts, Inc. had Total Revenue of $9.7
billion, Net Income of $473 million, Net Worth of $2.5 billion, and an S&P credit
rating of BBB-/Stable.
Term Commencement: 5/1/1994
Term Expiration: 4/30/2019
Term Remaining: +/- 1.90 Years
Current Annual Rent: $33,925
Options: Two (2), Five (5) Year Options
Rent Increases: 10% in Options
Representative Photo
Harveys Supermarket & Advance Auto Parts • Fort Valley, GA • 8
Section Two
Market Overview
Harveys Supermarket & Advance Auto Parts • Fort Valley, GA • 9
Harveys Supermarket & Advance Auto Parts • Fort Valley, GA • 10
Location Overview
Fort Valley is a quiet and peaceful yet
energetic and progressive city located near
the geographical center of Georgia in growing
Peach County. The city had a total population
of 9,815 according to the 2010 Census, an
astounding 22.61 percent growth rate over the
10 years since the 2000 census. The current
estimated population is 9,935.
Fort Valley was long known as the Peach
Museum of Aviation, Warner Robins, GA
Capitol of the World and is the center of
Georgia’s largest peach producing area. It is
also the birthplace of and corporate home to
the Blue Bird Corp., one of the nation’s largest
manufacturers of school buses. The city is also
home to Fort Valley State University and the
American Camellia Society. Lane Packing Co.
operates a sprawling peach packing and retail
facility at the edge of town which has become a
popular tourist attraction.
17 miles from Fort Valley, the city of Warner
Robins is located in Houston County and has
an estimated population of 66,588 (2016).
Austin Theatre, Fort Valley Fort Valley, GA
Warner Robins is easily accessible from virtually
any direction as a result of Interstates 75 and
16 being the major entrances that provide
convenient routes in and out of the city. One
of the fastest growing municipalities in the
area, Warner Robins welcomes people from all
over the world; the diversity of the community
prompted the slogan “Georgia’s International
City.”
In 1941, the United States Air Force established
a military depot in the small community
originally known as Wellston, Georgia. In 1943,
the community of Wellston named the depot
Warner Robins Air Force Base which now covers
6,400 acres and is Georgia’s largest single
employer, providing an important economic
boost to the Macon-Warner Robins Combined Harveys Supermarket & Advance Auto Parts • Fort Valley, GA • 11
Statistical Area that has a population of 230,096
(2015).
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NDemographics
200 - 202 Vineville St | Fort Valley, GA 31030 0 - 1 mi. 0 - 3 mi. 0 - 5 mi.
Population
2017 Total Population: 4,621 11,316 13,726
2022 Population: 4,698 11,366 13,759
Pop Growth 2017-2022: 1.67% 0.44% 0.24%
Average Age: 37.60 35.60 35.90
Households
2017 Total Households: 1,784 4,131 4,981
HH Growth 2017-2022: 1.51% 0.90% 0.70%
Median Household Inc: $29,109 $28,804 $30,308
Avg Household Size: 2.60 2.60 2.60
2017 Avg HH Vehicles: 2.00 2.00 2.00
2016 Average Household Income $50,153 $47,317 $47,917
2016-2021 Annual Rate 1.59% 1.47% 1.39%
2016 Median Household Income $33,668 $32,337 $33,246
2016-2021 Annual Rate -1.24% -0.92% -1.11%
N
Harveys Supermarket & Advance Auto Parts • Fort Valley, GA • 13Offered Exclusively by
Jason W. Powell, CCIM
going beyond
Director
jpowell@stanjohnsonco.com
1+404.823.6754
GA Broker #313490
Tyler Molleson
Associate
tmolleson@stanjohnsonco.com
1+404.823.6760
Max Van Dresser
Analyst
mvandresser@stanjohnsonco.com
1+ 404.823.6377
Stan Johnson Company
3340 Peachtree Rd NE | Suite 650
Atlanta, GA 30326
P: 404.823.6360
stanjohnsonco.com
The information contained herein was obtained from sources believed reliable, however,
Stan Johnson Company makes no guaranties, warranties or representations as to the
completeness thereof. The presentation of this property for sale, rent or exchange is
submitted subject to errors, omissions, change of price or conditions, or withdrawal
without notices.You can also read
