Representative Photo - ADVANCE AUTO PARTS Offering Memorandum Muskegon, Michigan - LoopNet
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Offering Memorandum
ADVANCE AUTO PARTS
Muskegon, Michigan
Subject Property
Representative Photo
CONFIDENTIALITY AND DISCLAIMER NET LEASED DISCLAIMER
The information contained in the following Marketing Brochure is proprietary and Marcus & Millichap hereby advises all prospective purchasers of Net Leased property
strictly confidential. It is intended to be reviewed only by the party receiving it from as follows:
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 The information contained in this Marketing Brochure has been obtained from sources
prepared to provide summary, unverified information to prospective purchasers, and we believe to be reliable. However, Marcus & Millichap has not and will not verify any
to establish only a preliminary level of interest in the subject property. The information of this information, nor has Marcus & Millichap conducted any investigation regarding
contained herein is not a substitute for a thorough due diligence investigation. Marcus these matters. Marcus & Millichap makes no guarantee, warranty or representation
& Millichap has not made any investigation, and makes no warranty or representation, whatsoever about the accuracy or completeness of any information provided.
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 As the Buyer of a net leased property, it is the Buyer’s responsibility to independently
and improvements, the presence or absence of contaminating substances, PCB’s or confirm the accuracy and completeness of all material information before completing
asbestos, the compliance with State and Federal regulations, the physical condition any purchase. This Marketing Brochure is not a substitute for your thorough due
of the improvements thereon, or the financial condition or business prospects of any diligence investigation of this investment opportunity. Marcus & Millichap expressly
tenant, or any tenant’s plans or intentions to continue its occupancy of the subject denies any obligation to conduct a due diligence examination of this Property for Buyer.
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 Any projections, opinions, assumptions or estimates used in this Marketing Brochure
will not verify, any of the information contained herein, nor has Marcus & Millichap are for example only and do not represent the current or future performance of this
conducted any investigation regarding these matters and makes no warranty or property. The value of a net leased property to you depends on factors that should be
representation whatsoever regarding the accuracy or completeness of the information evaluated by you and your tax, financial and legal advisors.
provided. All potential buyers must take appropriate measures to verify all of the
information set forth herein. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a
careful, independent investigation of any net leased property to determine to your
satisfaction with the suitability of the property for your needs.
Like all real estate investments, this investment carries significant risks. Buyer and
NON-ENDORSEMENT NOTICE 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
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial
past performance at this or other locations is an important consideration, it is not a
tenant or lessee identified in this marketing package. The presence of any corporation’s
guarantee of future success.Similarly, the lease rate for some properties, including
logo or name is not intended to indicate or imply affiliation with, or sponsorship or
newly-constructed facilities or newly-acquired locations, may be set based on a
endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or
tenant’s projected sales with little or no record of actual performance, or comparable
any agent, product, service, or commercial listing of Marcus & Millichap, and is solely
rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail
included for the purpose of providing tenant lessee information about this listing to
to pay the lease rent or property taxes, or may fail to comply with other material terms
prospective customers.
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
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT
the likelihood of locating a replacement tenant if the current tenant should default or
YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
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.
By accepting this Marketing Brochure you agree to release Marcus & Millichap Real
Estate Investment Services and hold it harmless from any kind of claim, cost, expense,
or liability arising out of your investigation and/or purchase of this net leased property.
FINANCIAL OVERVIEW
Overview Base Term Monthly Annual Rent PSF
2703 Henry Street, Muskegon, Michigan 49441 1/1/2015-12/31/2019 $5,542 $66,500 $9.50
Price: $950,000 1/1/2020-12/31/2024 $5,898 $70,770 $10.11
Cap Rate: 7.00%
Rentable Square Feet: 7,000
Annual Rent: $66,500 Option Periods Monthly Annual Rent PSF
Rent/Square Foot: $9.50 1/1/2025-12/31/2029 $6,248 $74,970 $10.71
Land Area: 0.68 Acres 1/1/2030-12/31/2034 $6,748 $80,970 $11.57
Year Built: 1999
Lease Summary
Tenant: Advance Auto Parts Option Periods: 2, 5-Year Options
Website: www.AdvanceAutoParts.com Rental Increases: In Base Term and Options
Lease Guarantor: Corporate Roof & Structure: Landlord
Lease Type: NN Rent Commencement: 1/1/2015
Lease Term: 10 Years Lease Expiration: 12/31/2024
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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2017. All rights reserved.
INVESTMENT HIGHLIGHTS
Investment Highlights
• 10-Year, Double Net (NN) Lease
• Two, Five-Year Renewal Options Subject Property
• Rental Increases Every Five Years in Base Term and Option Periods
Location Highlights
• Located in a Busy Retail Area with Strong Demographics
• Surrounding National Retailers Include The Home Depot, Aldi,
Family Dollar, Dollar Tree, Aaron’s, Save-a-Lot, Walgreens, Walmart
Supercenter, Chili’s, McDonald’s, Jimmy John’s, Tim Horton’s and
Many More
• Six Miles from Muskegon Community College and Grand Valley State
University Muskegon Campus
• Five Miles from Muskegon County Airport and Less Than Three Miles
from Downtown Muskegon
• Within Close Proximity to Lake Michigan and Interstate 96
Subject Property
• Less Than 40 Miles from Grand Rapids, the Second Largest City in
Michigan
Tenant Highlights
• Advance Auto Parts, Inc. is the Largest North American Retailer
of Automotive After-Market Parts, Accessories, Batteries and
Maintenance Items
• Advance Auto Parts Operates More Than 5,200 Stores and More
Than 100 Distribution Branches
• Serves Approximately 1,325 Independently-Owned Car-Quest Stores
in the United States, Canada, Puerto Rico and the U.S. Virgin Islands
• The Company employs Approximately 74,000 Team Members
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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2017. All rights reserved.
TENANT SUMMARY
Subject Property
Advance Stores Company, Inc., the major subsidiary of
Advance Auto Parts, Inc. (NYSE: “AAP”), wholesales and
retails automotive parts and maintenance items. In the
retail segment, its stores offer a selection of brand name and
proprietary automotive products for domestic and imported
cars, and light trucks. These stores carry between 16,000 and
21,000 stock keeping units.
Advance Auto Parts, Inc. is the largest North American retailer
of automotive after-market parts, accessories, batteries and
maintenance items primarily operating within the United
States. Headquartered in Roanoke, Virginia, Advance Auto Ownership: Public
Parts, Inc. serves both the do-it-yourself and professional Tenant: Advance Stores Company, Inc
installer markets. Sales Volume: $9.4 Billion
Net Worth: $2.002 Billion
Advance Auto Parts operates 5,261 total stores and 111
distribution branches primarily under the Advance Auto Stock Symbol NYSE: AAP
Parts, Autopart International, Car-quest, and Worldpac trade Cedit Rating (S&P): BBB-
names, as well as served approximately 1,325 independently- Number of Locations: 5,260+
owned Car-quest stores in the United States, Canada, Puerto
Headquartered: Roanoke, VA
Rico, and the U.S. Virgin Islands. The company employs
approximately 74,000 team members. Website: www.advanceautoparts.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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2017. All rights reserved.
Walgreens TENANT SUMMARY
Henry Street
Jimmy John’s
McDonald’s
Burger King
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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2017. All rights reserved.
LOCAL & REGIONAL MAPS 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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2017. All rights reserved.
LOCATION OVERVIEW
Muskegon, Michigan | Muskegon County
Muskegon is a city located in western Michigan, and is the largest
populated city on the eastern shores of Lake Michigan. The Muskegon
Metro area has a population of nearly 200,000. It is also part of the larger
Grand Rapids-Wyoming-Muskegon-Combined Statistical Area with
a population of nearly 1.5 million. Muskegon has the largest beach in
West Michigan and is less than 40 miles from Grand Rapids, which is the
second largest city in Michigan.
Muskegon has a rich history and lakeshore culture. Arts and cultural
venues such as the Muskegon Museum of Art, Frauenthal Center for the
Performing Arts, West Michigan Symphony, Muskegon Civic Theatre and
the Howmet Playhouse contribute to the city’s economy. The city also
hosts numerous annual events and festivals, which attract hundreds of
thousands of visitors to the area each year.
Muskegon is home to several colleges and universities, including
Muskegon Community College, Baker College and Grand Valley State
University’s Muskegon Campus. Western Michigan University, Ferris
State University and Grand Valley State University all operate programs
out of the Stevenson Center for Higher Education on the campus of
Muskegon Community College.
Muskegon is the county seat of Muskegon County, which is home to 26
miles of sugar sand beaches and dunes and over 60 miles of wilderness
trails for biking or hiking. The current population of Muskegon County
is more than 170,000 with the median age of 38. Muskegon County’s
median household income is $41,189, and the average household net
worth is $322,748.
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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2017. All rights reserved.
DEMOGRAPHICS
POPULATION 1 MILE 3 MILES 5 MILES HOUSEHOLD INCOME 1 MILE 3 MILES 5 MILES
2010 Population 9,198 57,190 97,475 2010 Avg Household Income $39,551 $44,381 $48,460
2016 Population 9,139 56,744 96,134 2016 Avg Household Income $41,690 $46,434 $50,829
2021 Population 8,953 56,433 96,731 2021 Avg Household Income $48,312 $54,088 $58,716
2016 Male Population 4,265 26,875 47,299 2010 Med. Household Income $30,073 $31,682 $35,081
2016 Female Population 4,874 29,869 48,835 2016 Med. Household Income $32,729 $33,715 $37,946
2016 Median Age 35.9 36 37.6 2021 Med. Household Income $38,641 $40,651 $45,505
2010 Per Capita Income $16,468 $18,117 $19,508
RACE & ETHNICITY 1 MILE 3 MILES 5 MILES 2016 Per Capita Income $17,301 $18,889 $20,438
American Indian, Eskimo 0.60% 0.90% 0.90% 2021 Per Capita Income $20,118 $22,112 $23,670
Asian 0.70% 0.70% 0.70%
Black 35.80% 29.80% 23.40% HOUSEHOLDS 1 MILE 3 MILES 5 MILES
Hawaiian/Pacific Islander 0.00% 0.00% 0.00% 2010 Households 3,763 22,959 37,606
White 58.20% 62.30% 69.60% 2016 Households 3,740 22,777 37,368
Other 1.40% 2.20% 1.80% 2021 Households 3,684 22,819 37,927
Multi-Race 3.40% 4.10% 3.60%
Hispanic Ethnicity 4.80% 7.00% 6.10%
Not of Hispanic Ethnicity 95.20% 93.00% 93.90%
View in
Google Maps
Or in Google
Street View
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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2017. All rights reserved.
The Wolfe Retail Group of Marcus & Millichap specializes
in the sale of single-tenant properties and shopping
centers and has successfully assisted clients in selling
approximately 450 separate commercial properties with a
market value exceeding $1.15 billion. Having closed sales
in nearly 40 states, our track record is evidence that we are
one of the premier brokerage teams in the United States.
With our experience and background in various fields
such as law and finance, we have proved to be invaluable
to our clients, earning their trust and exceeding their
expectations while best assisting them in their real estate The Wolfe Retail
Group has sold
transactions. approx. 450
properties in
nearly 40 states
About Marcus & Millichap
Marcus & Millichap (NYSE: MMI) has established itself as a leading and expanding investment real estate company with nearly 1,500 brokers in
78 markets throughout the United States and Canada. The foundation of our investment sales is the depth of our local market knowledge. Our 44-
year history of maintaining investor relationships in local markets enables us to be the best information source and transaction service provider
in North America.Subject Property
Barry M. Wolfe Alan Lipsky
Senior Managing Director Investments Vice President Investments
Barry.Wolfe@marcusmillichap.com Alan.Lipsky@marcusmillichap.com
(954) 245-3493 (954) 245-3595
Evan Whelan Angelica Linares Catie Jackson
Associate Transaction Coordinator Marketing Coordinator
Evan.Whelan@marcusmillichap.com Angelica.Linares@marcusmillichap.com Catherine.Jackson@marcusmillichap.com
(954) 245-3487 (954) 245-3416 (954) 245-3592You can also read
