NORTH CHASE SHOPPING CENTER - DOC'S - The Dumes Falk Group
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3050 Highway 5 North, NORTH CHASE Click the Icon to View
Exclusive Video Presentation
Thomasville, AL 36784
SHOPPING CENTER
CONFIDENTIAL OFFERING MEMORANDUM
(Not Included)
DOC’S
(Not Included)
61,225 SF | +/- 3.67 Acres
CONFIDENTIALITY & DISCLAMER
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by
the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent
of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers,
and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a
thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with
respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square
footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance
with State and Federal regulations, the physical condition of the improvements thereon, or the financial 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 in this
Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not
verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and
makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers
must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap
Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved
NON-ENDORSEMENT NOTICE
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing
package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or
endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing
of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective
customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
NORTH CHASE
SHOPPING CENTER
www.dumesfalk.com
EXCLUSIVELY LISTED BY:
JOEL M. DUMES
Senior Vice President Investments
Senior Director - National Retail Group
Cincinnati Office
Tel: (513) 878-7720
Fax: (513) 878-7710
joel.dumes@marcusmillichap.com
License: OH SAL.2003013045, KY 63818
STANTON R. FALK
Senior Vice President Investments
Senior Director - National Retail Group
Cincinnati Office
Tel: (513) 878-7721
Fax: (513) 878-7710
stanton.falk@marcusmillichap.com
License: OH SAL.2012001364
CHRISTOPHER J. KINNARD
Associate Director – National Retail Group
Cincinnati Office
Tel: (513) 878-7743
Fax: (513) 878-7710
ckinnard@marcusmillichap.com
License: OH SAL.2017001821
BROKER OF RECORD: EDDIE GREENHALGH
TABLE OF CONTENTS
01
INVESTMENT OVERVIEW
02
PRICING & FINANCIAL ANALYSIS
03
DEMOGRAPHIC & MARKET OVERVIEW
01 INVESTMENT OVERVIEW
NORTH CHASE
SHOPPING CENTER
INVESTMENT HIGHLIGHTS
North Chase Shopping Center | 61,225-Square Foot Neighborhood Shopping Center
NN N 89 Percent of Occupied GLA under Triple-Net (NNN) Leases
Five-Units Totaling 13,160 Square Feet or 21 Percent of Realizable Vacancy Upside
96 Percent of Current Income is Generated from National & Regional Tenants
Metal Roof & Awnings | Priced Below Replacement Cost
Positioned on US-43 | Highest Trafficked Non-Interstate Road Between Mobile & Montgomery
Located One-Mile from Thomasville Health Care Center & Within Five-Miles of All Five Industrial Parks
$$$ More than 56 Percent Median Household Income Growth within Five-Miles Since 2000
98-Miles from Mobile, AL | 104-Miles from Montgomery, AL
6
7
8
9
10
11
12
13
SITE PLAN 2003
Metal Standing
Square
Unit Tenant Seam Roof
Footage
1 Hibbett Sporting Goods 5,180
3 2 1
4
2 It’s Fashion Metro 10,000
3 Dollar Tree 8,000
5
6
4 Citi Trends 9,000 7 (Not Included)
8
5 VACANT 1,750
9
6 Acceptance Loan 1,575
10
7 Rent-A-Center 5,350
11
8 VACANT 3,500 Parcel
12
13 Not
9 Weyerhaeuser 5,250
14 Included
10 First Heritage 2,520
11 VACANT 2,100
12 VACANT 3,010
13 T-Nails 1,190
14 VACANT 2,800
*Site plan is a representation of the property with the number of
units, parking spots and relative size of both. It does not show the
absolute exact size of the units relative to the other spaces or the
exact number of parking spots. 14Thomasville
Walmart Thomasville Golf Club
Thomasville City Board of Education Library
Thomasville City School District
United Parcel Service (UPS) Thomasville Health Care
United States Dept of the Army & Rehabilitation Center
First US Bank
Thomasville Feed
& Seed Company
Coastal Alabama Comm. College
Thomasville High School
Thomasville Middle School
SUBJECT PROPERTY
N
15236-Miles
263-Miles
138-Miles
97-Miles
186-Miles
165-Miles 104-Miles
127-Miles
98-Miles
296-Miles
272-Miles
241-Miles 1602 PRICING & FINANCIAL ANALYSIS
NORTH CHASE
SHOPPING CENTER EXECUTIVE SUMMARY
NOTABLE TENANTS
LEASE LEASE
TENANT GLA
EXPIRATION TYPE
It’s Fashion Metro #7650 10,000 01/31/2021 NNN
Citi Trends #0050 9,000 07/31/2023 NNN
Dollar Tree #02441 8,000 08/31/2023 NNN
Rent-A-Center 5,350 04/30/2025 NNN
DEMOGRAPHICS
Click Here to View Exclusive Video Presentation 1-Mile 3-Miles 5-Miles
https://vimeo.com/369895268/72cc7896c4 2018 Estimate Population 412 2,623 4,877
2018 Estimate Households 156 1,056 1,906
PROPERTY ADDRESS
Daytime Population 386 2,440 4,489
3050 Highway 5 North, Average Household Income $71,645 $60,536 $58,619
Thomasville, AL 36784
MAJOR EMPLOYERS
SITE DESCRIPTION
EMPLOYER
Built 2003 Walmart
Gross Leasable Area (GLA) 61,225 SF Thomasville City Board of Education
Thomasville City School District
Current Occupancy 78.51%
United Parcel Service
Lot Size +/- 3.67 Acres United States Department of the Army
Marcus & Millichap makes no representations as to the accuracy of the information contained herein. Buyer must verify all information and bears all risk for any inaccuracies.
18NORTH CHASE RENT ROLL AND TENANT LEASE SUMMARY
SHOPPING CENTER
Tenant Name (Lease Type) Square Pro-Rata Lease Lease Annual Monthly Annual Base Rent Base Rent Tenant
Tenant Description Feet Share Commence Expiration Rent/ SF Base Rent Base Rent Changes On Changes To Option Terms
Hibbett Sports (Gross) 5,180 8.46% 10/01/2003 01/31/2023 $11.00 $4,748 $56,980 None None Two, Five-Year
Hibbett Sporting Goods, Inc. CAM: Does not reimburse (Opt. 3) 02/01/2023 $59,570 Years 21 – 25
+/- 1,082 Locations | (NASDAQ: HIBB)
Taxes: Does not reimburse (Opt. 4) 02/01/2028 $62,160 Years 26 – 30
Full line sporting goods retailer in mid-sized
markets along with its new e-commerce site. Insurance: Does not reimburse
Other: Continued co-tenancy with two of three (City Trends, Dollar Tree, It’s Fashion Metro)
It’s Fashion Metro #7650 (Triple-Net) 10,000 16.33% 08/01/2009 01/31/2021 $5.75 $4,792 $57,500 None None One, Four-Year &
CATOSOUTH, LLC CAM: Pro-rata share, 5% cap from prior year (Opt. 3) 02/01/2021 $67,500 One, Five-Year
+/- 210 Locations | (NYSE:CATO)
Taxes: Pro-rata share, 5% cap from prior year (Opt. 4) 02/01/2025 $72,500 Years 16 – 20
Under CATO, they offers the latest trendy
fashions for all shapes/sizes and at low prices. Insurance: Pro-rata share, 5% cap from prior year
Other: Occupancy must exceed 70% of the GLA
Dollar Tree #02441 (Triple-Net) 8,000 13.07% 10/01/2003 08/31/2023 $8.00 $5,333 $64,000 None None One, Five-Year
Dollar Tree Stores, Inc. CAM: Pro-rata share, 5% cap from prior year (Opt. 4) 09/01/2023 $68,000 Years 21 – 25
+/- 14,700 Locations | (NASDAQ: DLTR)
Taxes: Pro-rata share
Offers discount variety stores that sells items for
$1 or less and recently purchased Family Dollar. Insurance: Pro-rata share
Other: Continued co-tenancy with Hibbett Sports
Citi Trends #0050 (Triple-Net) 9,000 14.70% 09/01/2003 07/31/2023 $3.94* $2,957* $35,485* None None One, Five-Year
Citi Trends, Inc. CAM: Pro-rata share, 3% cap from prior year excluding utilities, lot resurfacing plus 15% admin. fee 08/01/2023 TBD* Years 21 – 25
+/- 560 Locations | (NASDAQ: CTRN)
Taxes: Pro-rata share, cap on increases due to a sale more than one every five years *In lieu of base rent, tenant pays 4% of gross sales for rent
American retail clothing chain selling discounted
urban style products Insurance: Pro-rata share
Acceptance Loan (Triple-Net) 1,575 2.57% 04/01/2005 03/31/2023 $12.02 $1,578 $18,934 None None One, Three-Year
Acceptance Loan Company, Inc. CAM: Pays fixed reimbursement of $0.88/SF or $1,386 per year (Opt. 1) 04/01/2023 $20,134 Years 18 - 20
+/- 21 Locations | (NASDAQ:FUSB)
Taxes: Pays pro-rata share but not less than $0.45/SF or $709 per year
Subsidiary of First US Bank - Offers a wide
variety of loans and financing to customers Insurance: Pays pro-rata share but not less than $0.17/SF or $268 per year
Rent-A-Center (Triple-Net) 5,350 8.74% 05/01/2004 04/30/2025 $9.50 $4,235 $50,825 None None One, Five-Year
EBRO International, Inc. CAM: Pro-rata share, 5% cap from prior year plus 10% admin. fee (Opt. 4) 05/01/2025 $53,500 Years 22 – 26
+/- 3,050 Locations | (NASDAQ: RCII)
Taxes: Pro-rata share
A company offering furniture, electronics &
appliances through flexible rent-to-own plans. Insurance: Pro-rata share
19NORTH CHASE RENT ROLL AND TENANT LEASE SUMMARY
SHOPPING CENTER
Tenant Name (Lease Type) Square Pro-Rata Lease Lease Annual Monthly Annual Base Rent Base Rent Tenant
Tenant Description Feet Share Commence Expiration Rent/ SF Base Rent Base Rent Changes On Changes To Option Terms
Weyerhaeuser (Triple-Net) 5,250 8.57% 11/01/2016 10/31/2021 $10.84 $4,743 $56,910 None None Two, Three-Year
Weyerhaeuser NR Company, Inc. CAM & MGMT: Pro-rata share plus 10% admin. fee (Opt. 1) 11/01/2021 $51,030 Years 6 – 8
+/- 10 Offices | (NYSE: WY)
Taxes: Pro-rata share (Opt. 2) 11/01/2024 $51,030 Years 9 – 11
Timberlands office for administrative use
managing acres & harvest operations. Insurance: Pro-rata share
First Heritage (Triple-Net) 2,520 4.12% 06/01/2014 08/31/2024 $9.77 $2,051 $24,612 None None None
First Heritage Credit of Alabama, LLC CAM & MGMT: Pro-rata share plus 10% admin. fee
+/- 101 Locations
Taxes: Pro-rata share
A community-based lender that serves over
116,000 customers in five different states. Insurance: Pro-rata share
T-Nails (Triple-Net) 1,190 1.94% 06/01/2015 05/31/2025 $11.03 $1,094 $13,131 None None None
Personal CAM & MGMT: Pays fixed reimbursement of $0.88/SF or $1,047 per year
1 Location
Taxes: Pro-rata share
A local nail salon providing premium nail
services and has excellent online reviews. Insurance: Pro-rata share
Vacant 1,750 2.86%
Vacant 3,500 5.72%
Vacant 2,100 3.43%
Vacant 3,010 4.92%
Vacant 2,800 4.57%
Total Occupied 48,065 78.51% $31,531 $378,377
Total Vacant 13,160 21.49% $0 $0
Totals 61,225 100.00% $31,531 $378,377
20NORTH CHASE PRICING DETAIL & OPERATING DATA
SHOPPING CENTER
CURRENT OPERATING DATA
Scheduled Base Rental Income $378,377
Expense Reimbursement Income
CAM $20,872
Insurance $9,373
Real Estate Taxes $14,915
Management Fees $728
Total Reimbursement Income $45,888
Effective Gross Revenue $424,265
Less: Operating Expenses ($85,862)
Net Operating Income $338,403
THE OFFERING Less: Debt Service ($188,094)
List Price $3,760,000 Net Cash Flow After Debt Service 15.99% $150,309
CAP Rate 9.00% Add: Principal Reduction $62,472
Price/SF $61.41 Total Return 22.64% $212,781
Net Operating Income $338,403
Gross Leasable Area (GLA) 61,225 SF Operating Expenses Current Per/SF
Vacancy Upside 21.49% Electric $6,876 $0.11
Common Area
Maintenance
Ownership Fee Simple Parking Lot Maintenance $9,315 $0.15
General R&M $13,504 $0.22
LOAN INFORMATION Total CAM Expenses $29,695 $0.49
Loan Type Proposed New 2018 Insurance $13,382 $0.22
Down Payment 25% | $940,000 2019 Real Estate Taxes $21,055 $0.34
Loan Amount 75% | $2,820,000 Management Fee (4% of EGR) $16,730 $0.27
Interest Rate | Amortization 4.50% | 25 Years Estimated Reserves $5,000 $0.08
Debt Coverage Ratio 1.80 Total Expenses $85,862 $1.40
Marcus & Millichap makes no representations as to the accuracy of the information contained herein. Buyer must verify all information and bears all risk for any inaccuracies.
2103
DEMOGRAPHICS & MARKET
OVERVIEWNORTH CHASE
SHOPPING CENTER
$58,619 Avg. HH Incomes
4,877 Residents
4,489 Employees
$60,536 Avg. HH Incomes
2,623 Residents
2,440 Employees
$71,645 Avg. HH Incomes
412 Residents
386 Employees
North Chase Center
23NORTH CHASE DEMOGRAPHIC OVERVIEW
SHOPPING CENTER
POPULATION 1 Miles 3 Miles 5 Miles HOUSEHOLDS BY EXPENDITURE 1 Miles 3 Miles 5 Miles
▪ 2023 Projection Total Average Household Retail Expenditure $66,148 $63,887 $62,169
Total Population 395 2,542 4,729 ▪ Consumer Expenditure Top 10 Categories
▪ 2018 Estimate Housing $16,255 $15,892 $15,536
Total Population 412 2,623 4,877 Transportation $13,549 $13,073 $12,751
▪ 2010 Census Shelter $8,333 $8,116 $7,923
Total Population 437 2,775 5,210 Food $6,370 $6,161 $5,986
▪ 2000 Census Personal Insurance and Pensions $6,192 $5,959 $5,721
Total Population 451 2,897 5,486 Health Care $5,479 $5,220 $5,070
▪ Current Daytime Population Utilities $4,263 $4,230 $4,159
2018 Estimate 386 2,440 4,489 Entertainment $2,782 $2,713 $2,636
HOUSEHOLDS 1 Miles 3 Miles 5 Miles Cash Contributions $2,562 $2,451 $2,356
▪ 2023 Projection Household Operations $1,616 $1,473 $1,408
Total Households 150 1,033 1,862 POPULATION PROFILE 1 Miles 3 Miles 5 Miles
▪ 2018 Estimate ▪ Population By Age
Total Households 156 1,056 1,906 2018 Estimate Total Population 412 2,623 4,877
Average (Mean) Household Size 2.53 2.50 2.51 Under 20 24.25% 25.34% 25.57%
▪ 2010 Census 20 to 34 Years 14.90% 16.62% 17.31%
Total Households 171 1,157 2,101 35 to 39 Years 6.02% 6.09% 6.03%
▪ 2000 Census 40 to 49 Years 13.02% 12.44% 12.19%
Total Households 171 1,137 2,110 50 to 64 Years 17.74% 18.72% 19.30%
▪ Occupied Units Age 65+ 24.07% 20.77% 19.59%
2023 Projection 150 1,033 1,862 Median Age 43.96 41.67 40.96
2018 Estimate 188 1,273 2,304 ▪ Population 25+ by Education Level
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles 2018 Estimate Population Age 25+ 288 1,784 3,291
▪ 2018 Estimate Elementary (0-8) 3.39% 3.59% 3.66%
$150,000 or More 5.20% 3.70% 3.85% Some High School (9-11) 9.99% 12.23% 12.81%
$100,000 - $149,000 12.96% 13.56% 13.41% High School Graduate (12) 42.29% 40.18% 40.19%
$75,000 - $99,999 11.39% 12.79% 11.83% Some College (13-15) 23.94% 20.15% 18.81%
$50,000 - $74,999 14.39% 15.05% 15.14% Associate Degree Only 9.26% 7.71% 7.41%
$35,000 - $49,999 17.76% 13.61% 12.76% Bachelors Degree Only 4.92% 7.74% 8.46%
Under $35,000 38.28% 41.29% 43.02% Graduate Degree 5.32% 7.95% 8.17%
Average Household Income $71,645 $60,536 $58,619
Created on October 2019
Median Household Income $42,726 $43,000 $41,890
Per Capita Income $27,724 $24,598 $23,071
Source: © 2018 Experian
Marcus & Millichap makes no representations as to the accuracy of the information contained herein. Buyer must verify all information and bears all risk for any inaccuracies.
24NORTH CHASE FIVE-MILE DEMOGRAPHIC OVERVIEW
SHOPPING CENTER
MARKETING TEAM
Population Race and Ethnicity
In 2018, the population in your selected geography is 4,877. The The current year racial makeup of your selected area is as follows:
current population is 45.50% male and 54.50% female. The median 53.73% White, 43.54% Black, 0.10% Native American and 1.02%
age of the population in your area is 40.96, compare this to the US Asian/Pacific Islander. Compare these to US averages which are:
average which is 37.95. The population density in your area is 62.11 70.20% White, 12.89% Black, 0.19% Native American and 5.59%
people per square mile. Asian/Pacific Islander. People of Hispanic origin are counted
independently of race.
People of Hispanic origin make up 1.81% of the current year
population in your selected area. Compare this to the US average of
Households 18.01%.
There are currently 1,906 households in your selected geography. The
average household size in your area is 2.51 persons.
Housing
The median housing value in your area was $110,385 in 2018,
compare this to the US average of $201,842. In 2000, there were
1,490 owner occupied housing units in your area and there were 620
Income renter occupied housing units in your area. The median rent at the
time was $248.
In 2018, the median household income for your selected geography is
$41,890, compare this to the US average which is currently $58,754.
The median household income for your area has changed by 56.15%
since 2000. It is estimated that the median household income in your
area will be $51,391 five years from now, which represents a change
Employment
of 22.68% from the current year.
In 2018, there are 4,489 employees in your selected area, this is also
The current year per capita income in your area is $23,071, compare known as the daytime population. The 2000 Census revealed that
this to the US average, which is $32,356. The current year average 51.74% of employees are employed in white-collar occupations in
household income in your area is $58,619, compare this to the US this geography, and 48.48% are employed in blue-collar occupations.
average which is $84,609. In 2018, unemployment in this area is 9.72%. In 2000, the average
time traveled to work was 26 minutes.
Source: © 2018 Experian
Marcus & Millichap
© 2017makes no representations as to the accuracy of the information contained herein. Buyer must verify all information and bears all risk for any inaccuracies.
Source: Experian 25NORTH CHASE
SHOPPING CENTER
www.dumesfalk.com
EXCLUSIVELY LISTED BY:
JOEL M. DUMES
Senior Vice President Investments
Senior Director - National Retail Group
Cincinnati Office
Tel: (513) 878-7720
Fax: (513) 878-7710
joel.dumes@marcusmillichap.com
License: OH SAL.2003013045, KY 63818
STANTON R. FALK
Senior Vice President Investments
Senior Director - National Retail Group
Cincinnati Office
Tel: (513) 878-7721
Fax: (513) 878-7710
stanton.falk@marcusmillichap.com
License: OH SAL.2012001364
CHRISTOPHER J. KINNARD
Associate Director – National Retail Group
Cincinnati Office
Tel: (513) 878-7743
Fax: (513) 878-7710
ckinnard@marcusmillichap.com
License: OH SAL.2017001821
BROKER OF RECORD: EDDIE GREENHALGHYou can also read
