SAFEWAY (Albertsons Companies, Inc Guaranty) - OFFERING MEMORANDUM - LoopNet
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S A FE WAY ( Alberts o ns C o m p a ni es , I n c Gu a ra n t y )
14 51 Ri t c h i e H i ghway - ARN OLD, MARYLAND 21 01 2 OFFERING MEMORANDUM
ACTUAL 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 approximate.
Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of © 2016 Marcus & Millichap. Activity ID: Z0331252 1
Fi n an ci al Overvie w
14 51 Ri t c h i e H i ghway - ARN OLD, MARYLAND 21 01 2
PRIMARY TERM
OFFERING SUMMAR Y
Lease Year Increase Monthly Rent Annual Rent
PRICE $18,533,000
11/1/2017 10/31/2018 - $83,688 $1,004,250
CAP RATE 5.50% 11/1/2018 10/31/2019 1.50% $84,943 $1,019,314
NOI $1,004,250 11/1/2019 10/31/2020 1.50% $86,217 $1,034,603
11/1/2020 10/31/2021 1.50% $87,510 $1,050,123
PRICE PER SQUARE FOOT $408.77 11/1/2021 10/31/2022 1.50% $88,823 $1,065,874
RENT PER SQUARE FOOT $22.15 11/1/2022 10/31/2023 - $88,823 $1,065,874
11/1/2023 10/31/2024 - $88,823 $1,065,874
YEAR BUILT 2008
11/1/2024 10/31/2025 - $88,823 $1,065,874
APPROXIMATE LOT SIZE 3.54 Acres 11/1/2025 10/31/2026 - $88,823 $1,065,874
GROSS LEASEABLE AREA 45,338 11/1/2026 10/31/2027 - $88,823 $1,065,874
11/1/2027 10/31/2028 7.50% $95,485 $1,145,815
PARKING SPACES 280 11/1/2028 10/31/2029 - $95,485 $1,145,815
TYPE OF OWNERSHIP Fee Simple 11/1/2029 10/31/2030 - $95,485 $1,145,815
11/1/2030 10/31/2031 - $95,485 $1,145,815
Albertsons Companies,
LEASE GUARANTOR 11/1/2031 10/31/2032 - $95,485 $1,145,815
Incorporated (Inc)
11/1/2032 10/31/2033 7.50% $102,646 $1,231,751
LEASE TYPE Absolute-Net 11/1/2033 10/31/2034 - $102,646 $1,231,751
ROOF AND STRUCTURE Tenant Responsible 11/1/2034 10/31/2035 - $102,646 $1,231,751
11/1/2035 10/31/2036 - $102,646 $1,231,751
LE ASE SUMMAR Y 11/1/2036 10/31/2037 - $102,646 $1,231,751
OPTIONS
LEASE COMMENCEMENT DATE 11/1/2017
Lease Years Increase Monthly Rent Annual Rent
LEASE EXPIRATION DATE 10/31/2037
11/1/2037 10/31/2042 7.50% $110,344 $1,324,132
LEASE TERM 20 Years 11/1/2042 10/31/2047 7.50% $118,620 $1,423,442
TERM REMAINING 20 Years 11/1/2047 10/31/2052 7.50% $127,517 $1,530,200
1.5% Years 2-5, 11/1/2052 10/31/2057 7.50% $137,080 $1,644,966
INCREASES
7.5% Every 5 Starting Year 11 11/1/2057 10/31/2062 7.50% $147,361 $1,768,338
11/1/2062 10/31/2067 TBD FMV/12 FMV
OPTIONS TO RENEW 8, 5-Year
11/1/2067 10/31/2072 TBD FMV/12 FMV
FIRST RIGHT OF REFUSAL Yes - Commencing in Year 5
11/1/2072 10/31/2077 TBD FMV/12 FMV
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 trademark of © 2016 Marcus & Millichap. Activity ID: Z0331252 2
I n v e st m ent Overvi ew
14 51 Ri t c h i e H i ghway - ARN OLD, MARYLAND 21 01 2
Marcus & Millichap is pleased to present this Safeway supermarket • Safeway Supermarket in Arnold, Maryland | Five Miles from Annapolis
in Arnold, Maryland; which is just five miles from Annapolis. Safeway
is operating under a 20-year absolute-net lease with zero landlord • Brand New 20-Year Absolute-Net Lease | Zero Landlord Responsibilities
responsibilities. There are 1.50 percent annual rent increases in years
two through five, and 7.50 percent rent increases every five years • Strong Rent Increases | 1.50 Percent Annual Increases in Years Two Through Five | 7.50
beginning in year 11. The lease is backed by a corporate guaranty from Percent Rent Increases Every Five Years Beginning in Year 11
Albertsons Companies, Incorporated (Inc), who registered more than
$60 billion in revenue across 2,324 supermarkets nationwide.
• Corporate Guaranty | Albertsons Companies, Incorporated (Inc) | Number 49 on June
The subject property is situated at the signalized, hard corner 2017 Fortune 500 List | Number Three on June 2017 Forbes America’s Largest Private
intersection of Governor Ritchie Highway/Route-2 and Arnold Road. Companies
More than 67,000 vehicles pass through this intersection daily.
Governor Ritchie Highway/Route-2 is the main thoroughfare through • Healthy Unit Level Financials | Low Rent-to-Sales | Tenant Reports High Sales Per Square
Arnold, which provides direct access to both Annapolis and Baltimore. Foot | Contact Listing Broker for Details
Safeway has been operating at this location for nearly a decade. The
tenant reports strong unit level performance with high sales per • Signalized, Hard Corner Intersection of Governor Ritchie Highway/Route-2 and Arnold
square foot and a low rent-to-sales ratio; contact the listing broker for Road | More Than 67,00 Vehicles Per Day (VPD) Direct Access to Annapolis and Baltimore
more information. This asset also benefits from affluent demographics.
The average household income in the one-mile radius is more than
• Affluent Demographics | Average Household Income is Greater Than $146,900 in the One-
$146,900 and more than $123,800 in the five-mile radius.
Mile Radius | $123,800 in the Five-Mile Radius
Additional tenants in the immediate vicinity include: CVS, McDonald’s,
Exxon, Branch Banking & Trust (BB&T), TD Bank, Subway, 84 Lumber, • Additional Tenants in the Immediate Vicinity Include: CVS, McDonald’s, Exxon, Branch
BMW of Annapolis, Mini Cooper of Annapolis, and many more. Banking & Trust (BB&T), TD Bank, Subway, 84 Lumber, BMW of Annapolis, Mini Cooper of
Annapolis, and Many More
ACTUAL 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 approximate.
Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of © 2016 Marcus & Millichap. Activity ID: Z0331252 3
Ten an t Overview - S AFE WAY
14 51 Ri t c h i e H i ghway - ARN OLD, MARYLAND 21 01 2
In 1915, M.B. Skaggs, an ambitious young man in the small town of American Falls,
Idaho, purchased a tiny grocery store from his father. M.B.’s business strategy, to
give his customers value and to expand by keeping a narrow profit margin, proved
spectacularly successful. By 1926 he was opening 428 Skaggs stores in 10 states.
M.B. doubled the size of his business in 1926, when he merged his company with
322 Safeway (formerly Selig) stores and formed Safeway, Incorporated (Inc). M.B.
Skagg’s value vision still drives Safeway today, though on a dramatically larger
scale. In January 2015, Safeway merged with Albertsons, creating one of the largest
food and drug retailers in the country. With Safeway stores in 19 states, the Safeway
team is proud to carry on the tradition that M.B. Skaggs began nearly 100 years ago
in American Falls, Idaho.
Albertsons is one of the largest food and drug retailers in the United States with a
strong local presence, but on a national scale. As of February 25, 2017, the company
operated 2,324 stores across 35 states and the District of Columbia under 20 well-
known banners, including Albertsons, Safeway, Vons, Jewel-Osco, Shaw’s, Acme,
Tom Thumb, Randalls, United Supermarkets, Pavilions, Star Market, Carrs and
Haggen. Albertsons operates in 122 Metropolitan Statistical Areas (MSAs) in the
United States. The company is ranked number one or number two by market share
in 66 percent of those Metropolitan Statistical Areas (MSAs). Albertsons focuses on
providing their customers with a service-oriented shopping experience, including
convenient and value-added services through 1,786 pharmacies, 1,227 in-store
branded coffee shops, and 385 adjacent fuel centers. The company employs nearly
273,000 talented and dedicated employees serving on average 34 million customers
each week.
TENANT PROFILE
TENANT TRADE NAME Safeway
OWNERSHIP Private
TENANT New Albertson’s, Incorporated (INC.)
Albertsons Companies, Incorporated
LEASE GUARANTOR
(Inc)
NUMBER OF LOCATIONS 2,324
HEADQUARTERED Boise, Idaho
WEB SITE http://www.albertsons.com/#1
SALES VOLUME $59.7 Billion (2016)
#49 on Fortune 500 (2017), #3 Forbes
RANK
America’s Largest Private Companies
ACTUAL 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 approximate.
Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of © 2016 Marcus & Millichap. Activity ID: Z0331252 4
A lb e r t sons Comp a ni es , I nc
COMPANY HIGHLIGHTS
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as e d i n inB oBoise,
i se , I d aIdaho,
h o , A l bAlbertsons
e rt so ns Co mpanie Companies,
s , Inc (LLC “Albe(“Albertsons”,
rt s o ns ” , o r t he or“ Cothe
mpan“Company”)
y ” ) is the 2ndis the 2ndtrlargest
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the Unitedin the United
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ser vi ngserving
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rs p e r we e kper an dweekg ene ratand inggenerating
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ale s annually. J anuar y 2In
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best-in-class organization dedicated to bringing a better shopping experience to customers across the country. The Company’s powerful combination of strongunt r y. T he Co mpa n y’s power ful combina tion of str ong loca l pr esence a nd
n ati onal s c a l e, va s t r a n g e o f b ran d s an d p ro d u c t s, and s e r v ic e - o rie nt e d s t af f e nable t he m t o me e t e v o lv ing shopping pr efer ences.
local presence and national scale, vast range of brands and products, and service-oriented staff enable them to meet evolving shopping preferences.
AsAs of
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m p a n y o p eoperated
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ting histor histories.
ies. Alber tsons ha Albertsons
s gr own has grown
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ac q u i s i t io nsininrecent
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n in adjus t e d EBIT EBITDA.
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#1 / #2
#1 #2
By market share
2nd largest Operates in 34 million in 66% of the
traditional 2,300+ 35 states $59.7 billion customers 122 MSAs
grocer in the US retail stores including Washington, DC
annual sales per week in which it operates
$ 4th largest Home delivery in
$2.8 billion 500 new items
Ex perienced management
Currently ex ecuting e-commerce 8 of top 10
with 32 years
adj. EBITDA $800 million platform US markets
in FY 2016
launched every year
in retail on average synergy realization plan in the US by end of FY 2017
One of the largest
1,700+ in-store 380+ fuel 28 distribution 18 food and largest brand
Nation’s
of USDA-certified
retail employers
273,000 jobs pharmacies stations centers beverage plants organic products
COMPANY BANNERS
ACTUAL 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 approximate.
Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of © 2016 Marcus & Millichap. Activity ID: Z0331252 5
A lb e r t sons Credi t Pr o fi l e
14 51 Ri t c h i e H i ghway - ARN OLD, MARYLAND 21 01 2
COMPETITIVE LANDSCAPE
A lbert s o ns C om pa nies, Inc i s one of the l arg est f o o d ret a i l ers a n d t h e seco n d l a rg est t ra d i t i o n al g r o c e r s i n t h e U n i t e d S t at e s .
N ot e:
• S t ore counts bas ed on pub lic a ll y a va ila b le in f o r m a t io n
•
ACTUAL Walmart , Cos tco, and Tra ge t g r o c e r ys a le s b a s e d o n a p e r c e n t a ge o f t o t a l sa l e s a s o f t he l a t e st f i sca l y e a r.
PROPERTY
• K r oger and Al berts ons s al e s e xc lu d e f u e l s a le s o f ~$14 b illio n a nd ~ $ 3 bi l l i o n, r e spe ct i v e l y ACTUAL 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 approximate.
Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of © 2016 Marcus & Millichap. Activity ID: Z0331252 6
S a f e way
14 51 Ri t c h i e H i ghway - ARN OLD, MARYLAND 21 01 2
Healthy Unit Level Financials | Low Rent-to-Sales | Tenant Reports High
Brand New 20-Year Absolute-Net Lease | Zero Landlord Responsibilities
Sales Per Square Foot
Signalized, Hard Corner Intersection of Governor Ritchie Highway/Route-2 and Affluent Demographics | Average Household Income is Greater Than $146,900
Arnold Road | More Than 67,00 Vehicles Per Day (VPD) in the One-Mile Radius
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 trademark of © 2016 Marcus & Millichap. Activity ID: Z0331252 7
A er i al O verview 14 51 Ri t c h i e H i ghway - ARN OLD, MARYLAND 21 01 2 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 trademark of © 2016 Marcus & Millichap. Activity ID: Z0331252 8
Area Overview & Demographics
14 51 Ri t c h i e H i ghway - ARN OLD, MARYLAND 21 01 2
174 100 Jacobsville
2
Fort Meade
170
Pasadena 177
5 MIL
97 ER
AD
IU
S
32
Odenton 2
32 3 MILE Gibson Island
Severna RA
DI
Gambrills Arden-On-The-Severn Park US
178 Herald Harbor
3
1 MIL
E Cape St Claire
SITE
97
Sherwood Woods Landing
Crownsville
Forest 50
2 Skidmore
The Downs
179
3 424 Whitehall 18
178 Manresa Manor
Crofton 97
450 50
Parole 70 50
450
450 Annapolis Stevensville
665 Chester 50
424
3 50
8
Donovans 552
50 Riva Riva
424 Edgewater Hillsmere
Shores Kent Island
Londontowne
1-Mile 3-Mile 5-Mile 1-Mile 3-Mile 5-Mile 1-Mile 3-Mile 5-Mile
Population Households Household (HH) Incomes
2000 Population 3,570 43,107 106,093 2000 Households 1,191 15,009 39,212 2017 Average HH Income $146,913 $128,566 $123,830
2010 Population 3,648 44,709 112,851 2010 Households 1,243 15,735 42,076 2017 Median HH Income $124,691 $106,526 $101,214
2017 Population 3,867 45,510 117,774 2017 Households 1,316 15,960 43,887 2017 Per Capita Income $49,997 $45,087 $46,144
2022 Population 3,648 44,709 112,851 2022 Households 1,363 16,404 45,339
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 trademark of © 2016 Marcus & Millichap. Activity ID: Z0331252 9
Market Overview - Arnold/Annapolis 14 51 Ri t c h i e H i ghway - ARN OLD, MARYLAND 21 01 2 Arnold is a suburb of Annapolis, located on the scenic Broadneck peninsula. The city contains many scenic riversides with cliffs and beaches, providing plenty of places for leisure and sightseeing. There are 12 marinas in Arnold. Arnold Park hosts a playground and provides open ball fields for sporting. Additionally, Arnold Park is home to the Wilmer Stone White Oak, Maryland’s State Tree. Annapolis served as the seat of the Confederation Congress and was temporarily the national capital from 1783–1784. General George Washington came before the body in the Maryland State House and resigned his commission as commander of the Continental Army. A month later, the Congress ratified the Treaty of Paris of 1783, ending the American Revolutionary War, with Great Britain recognizing the independence of the United States. Today, Annapolis is Maryland’s State Capital and home of Saint John’s College, founded 1696, as well as the United States (US) Naval Academy, established 1845. Downtown Annapolis is famous for its historic inns and scenic streets. Along those streets are some of the finest restaurants the region has to offer. Maryland Avenue is long-treasured as one of downtown Annapolis’ best spots for shopping, dining, and experiencing the culture. Eastport in Annapolis is a place unto itself, with yachts, art galleries, residents, spas, and restaurants. The bridge into Eastport takes travelers from downtown Annapolis into the neighborhood. Additionally, the Annapolis Towne Centre is a consumer-utopia, featuring an assortment of restaurants, shops and more, all in one convenient location. Home to the United States (US) Naval Academy, “Naptown” is influenced by the military and collegiate traditions that come with having a major military and world class academic institution within the city boundaries. As the undergraduate college of the country’s naval service, the Naval Academy prepares young men and women to become professional officers of competence, character, and compassion in the United States (US) Navy and Marine Corps. Naval Academy students are midshipmen on active duty in the United States (US) Navy. They attend the academy for four years, graduating with bachelor of science degrees and commissions as ensigns in the Navy or second lieutenants in the Marine Corps. Naval Academy graduates serve at least five years in the Navy or Marine Corps. From Commissioning Week, to home sporting events including Navy Football, to class reunions that sprinkle the weekends throughout the calendar, Annapolis is never too far from Navy’s influence. 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 trademark of © 2016 Marcus & Millichap. Activity ID: Z0331252 10
Ma rc us & Mi l l ichap h ereby advises a ll pros pe c t iv e pu rc h a s e rs of Ne t L e a s e d p r o p er t y as f o l l o w s : T he in f or ma t ion c o ntained in this Mark eting Bro c h u re h a s b e e n o b ta in e d fro m so u rc e s w e b e lie v e to b e rel i ab l e. H o w e v e r, M ar cu s & M i l l i ch ap h as n o t an d w i l l n o t v e r if y a n y of t his infor mation, nor has Marcu s & Millic h a p c o n d u c te d a n y in v e stig a tio n re g a rd in g th e s e m at t e r s . M ar cu s & M i l l i ch ap m ak e s n o g u ar an t e e, w a r r a n t y or r e pre s entation whatsoever about th e a c c u ra c y o r c o m p le te n e ss o f a n y in fo r ma tio n p ro v id e d . A s th e B u ye r of a net leased property, it is th e B u y e r ’s re sp o n sib ility to in d e p e n d e n tly c o n fir m th e a c c u r acy an d co m p l e t e n e s s o f al l m at e r i al i n f o r m at i o n be fore comple t in g any purchase. This Mark etin g B ro c h u re is n o t a su b stitu te fo r y o u r th o ro u g h d u e d i l i g e n ce i n v e s t i g at i o n o f t h i s i n v e s t m e n t o p p o r t u n i t y. M a r c u s & Millic h a p expressly denies any obliga tio n to c o n d u c t a d u e d ilig e n c e e x a m in a tio n o f th is Pro p e r t y f o r Bu y e r. A ny proje ct ion s , opinions, assumptions or estim a te s u se d in th is Ma rke tin g B ro c h u re a re fo r e x a mp l e o n l y an d d o n o t r e p r e s e n t t h e cu r r e n t o r f u t u r e pe r for man ce of t h is property. The value of a net le a se d p ro p e rty to y o u d e p e n d s o n fa c to rs th a t sh o u ld b e e v al u at e d b y y o u an d y o u r t ax , f i n an ci al an d l e g al a dvi s ors . B uye r an d B u ye r ’s tax, financial, legal, and constru c tio n a d v iso rs sh o u ld c o n d u c t a c a re fu l, in d e p e n d e n t i n v e s t i g at i o n o f an y n e t l e as e d p r o p e r t y t o d e t e r m i n e t o you r s at is f a ct ion with the suitability of the pr o p e rty fo r y o u r n e e d s. Li k e all re al e s t a t e investments, this investment c a r rie s sig n ific a n t risks. B u y e r a n d B u y e r ’s le g a l a n d finan ci al ad v i s o r s m u s t r e q u e s t an d car e f u l l y r e v i e w al l l e g al a n d f in a n c ial documents related to the pro p e rty a n d te n a n t. Wh ile th e te n a n t’s p a st p e rfo r m a n c e a t t h i s o r o t h e r l o cat i o n s i s an i m p o r t an t co n s i d e r at i o n , i t i s n ot a gu ara n t ee of future success. S imilarly, th e le a se ra te fo r so me p ro p e rtie s, in c lu d in g n e w ly - c o n s t r u ct e d f aci l i t i e s o r n e w l y - acq u i r e d l o cat i o n s , m ay be s e t ba s e d on a tenant’s projected sales with little o r n o re c o rd o f a c tu a l p e rfo r m a n c e, o r c o m p a ra b l e r e n t s f o r t h e ar e a. Re t u r n s ar e n o t g u ar an t e e d ; t he te n a n t a n d an y guarantors may fail to pay th e le a se re n t o r p ro p e rty ta x e s, o r m a y fa il to c o mp ly wi t h o t h e r m at e r i al t e r m s o f t h e l e as e ; cas h f l o w m ay be i n t e r ru pt e d in part or in whole due to mark et, e c o n o m ic, e n v iro n m e n ta l o r o th e r c o n d itio n s. R e g a rd l e s s o f t e n an t h i s t o r y an d l e as e g u ar an t e e s , Bu y e r i s r e spon s ible f or c onducting his/her own investiga tio n o f a ll ma tte rs a ffe c tin g th e in trin sic v a lu e o f th e p ro p e r t y an d t h e v al u e o f an y l o n g - t e r m l e as e, i n cl u d i n g t he like lih ood of lo cating a replacement tenant if th e c u r re n t te n a n t sh o u ld d e fa u lt o r a b a n d o n th e p ro p e r t y, an d t h e l e as e t e r m s t h at Bu y e r m ay b e ab l e t o n egot iat e wit h a potential replacement tenant c o n sid e rin g th e lo c a tio n o f th e p ro p e rty, a n d B u y e r ’s le g a l ab i l i t y t o m ak e al t e r n at e u s e o f t h e p r o p e r t y. B y a cc e pt in g t h is Mark eting Brochure you agre e to re le a se Ma rc u s & Millic h a p R e a l E sta te I n v e stm e n t S e r v i ce s an d h o l d i t h ar m l e s s f r o m an y k i n d o f cl ai m , c ost, e xpe n s e, or liability arising out of your inv e stig a tio n a n d / o r p u rc h a se o f th is n e t le a se d p ro p e rty.
S AFE WAY
(Albertson s C o m p a ni es , I nc Gu a ra n t y )
14 5 1 Ri tc hie Hig hway - ARNOLD, MARYLAND 2 1 0 1 2
Broker of Record
Bryn Merrey
7200 Wisconsin A ve, Suite 1101
Bethes da, MD 20814
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