STATION WEST SHOPPING CENTER - Multi-Tenant Lease Investment Opportunity 11510 Columbia Street | Blakely, GA 39823 - Sands Investment Group
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STATION WEST SHOPPING CENTER
Multi-Tenant Lease Investment Opportunity
11510 Columbia Street | Blakely, GA 39823
Actual Property Image
03 INVESTMENT SUMMARY
• Investment Summary
• Income & Expenses
• Investment Highlights
06 AREA OVERVIEW
• Location Map
• Aerial & Retail Maps
Actual Property Image
• City Overview Exclusively Marketed By: Sands Investment Group
Floyd Merritt Andrew Ackerman
11 TENANT OVERVIEW
• Tenant Profiles
Lic. #162486 Lic. #311619
770.599.2826 | DIRECT 770.626.0445 | DIRECT
floyd@SIGnnn.com andrew@SIGnnn.com
13 LEASE ABSTRACT
• Rent Roll
© 2019 Sands Investment Group (SIG). The information contained in this ‘Offering Memorandum,’ has been obtained from sources believed to be reliable. Sands Investment
Group does not doubt its accuracy, however, Sands Investment Group makes no guarantee, representation or warranty about the accuracy contained herein. It is the
responsibility of each individual to conduct thorough due diligence on any and all information that is passed on about the property to determine it’s accuracy and completeness.
Any and all projections, market assumptions and cash flow analysis are used to help determine a potential overview on the property, however there is no guarantee or assurance
these projections, market assumptions and cash flow analysis are subject to change with property and market conditions. Sands Investment Group encourages all potential
In Cooperation with Sands Investment Group Atlanta, LLC Lic. #H-67374 interested buyers to seek advice from your tax, financial and legal advisors before making any real estate purchase and transaction.
INVESTMENT SUMMARY Actual Property Image
OFFERING SUMMARY
PRICE $1,800,000
CAP 9.2%
NOI $165,697
PRICE PER SF $22.07
PROPERTY SUMMARY
ADDRESS 11510 Columbia Street
Blakely, GA 39823
COUNTY Early
BUILDING AREA 81,550 SF
LAND AREA ~8.7 AC
BUILT 1980, Renovated 2006
3
INCOME & EXPENSES
PROFIT AND LOSS - 2018 CASH FLOW
Base Rent $204,762
Reimbursements
CAM $4,990
Property Tax $4,927
Property Insurance $1,081
GROSS INCOME $215,760
OPERATING EXPENSES
Parking Lot Maintenance $6,900
Property Insurance $4,745
Pro Fees $2,500
Repairs $20,000
Property Taxes $12,427
Utilities $3,351
G&A Office $140
TOTAL OPERATING EXPENSES $50,063
NET INCOME $ 165,697
ASKING PRICE $1,800,000
CAP RATE 9.21%
4 Actual Property Image
INVESTMENT HIGHLIGHTS Actual Property Image
• 71% Leased to National Tenants
• Four Major Tenants Have Occupied this Center For an Average of 18 Years
• Station West is ~1/3 Mile From Town Square and 1 Block From Pioneer Hospital & Early County High School
• Blakely is the County Seat of Early County
• Property is Located One Block from the Town Square, Convenient for Area Traffic and Day Time Employment
• Value-Add Potential By Leasing 19,000 SF of Available Space
• Nearest Walmart is 30-Miles Away in Dothan, AL - Low Competition from Big Box Retail
45
LOCATION MAP
Station West
Station West
56
AERIAL MAP
Early County
Middle School
Early County
High School
reet
a St
mbi
olu
C
Station West
7
RETAIL MAP
Early County
High School
Station West
58
RETAIL MAP
SUBJECT PROPERTY DEMOGRAPHICS
3 Mile 5 Mile 10 Mile
Population 4,956 5,697 7,871
Average Household Income $46,867 $47,674 $49,287
Station West
Co
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S
tre
et
(5,5
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9
CITY OVERVIEW ABOUT THE CITY
The town of Blakely is the county seat of Early County,
Georgia. Blakely is a quintessential small town. Home to
nearly 6,000 inhabitants, life here moves at a slower pace.
Blakely is nicknamed "The Peanut Capital of the World”.
Blakely is the base of the Early County School System,
which has a newly renovated football stadium and
gymnasium. Blakely also opened a new sportsplex, named
in memorial and honor of local coach Ray Knight. It has
multiple softball, baseball, and multi-purpose fields. The
economy of Blakely, GA employs 1,406 people. The
economy of Blakely is specialized in Agriculture, Forestry,
Fishing, Hunting, Educational Services and Manufacturing.
BLAKELY COURTHOUSE Blakely may look like a quaint little farming town, but it’s
filled with exciting activities around every corner. With
numerous historical sites, independent restaurants,
boutique shopping, and outdoor fun, there's something for
everyone. Blakely has plenty of outdoor recreation from
hiking around Indian mounds to fishing and exploring
creeks. Visit the ancient Kolomoki Indian Mounds, the
Coheelee Creek covered bridge and an authentic wooden
Confederate flagpole in Courthouse Square which was
erected in 1861 and it’s the last one of its kind. History is
alive and well in Blakely. Visit the Early County Museum for
a step back into the past. Built around 1905, the Early
County Courthouse is listed on the National Register of
Historic Places. Blakely is also famous for its Peanut Proud
Festival. Every March, the festival is celebrated with a 5K, a
parade and of course different foods that involve peanuts.
10
11 PEANUT PROUD FESTIVALTENANTPROFILES
TENANT PROFILE
Fred’s Inc. and subsidiaries operate in 15 states in the Founded by Sherwin Glass in 1949 as a hometown store in
southeastern United States with 304 full-service pharmacy Soperton, Georgia, Home Furniture has since become one of the
departments located within Fred’s stores, including four fastest growing furniture retailers, with over 200 locations
franchised locations. Additionally, Fred’s Inc. has 57 Xpress throughout the Southeast.
pharmacy locations, three specialty pharmacy locations and more
than 650 discount general merchandise stores chain-wide. Fred's Today, Farmers Home Furniture is one of the top furniture
stocks more than 12,000 frequently purchased items addressing companies in the country and one of the largest privately owned
the daily needs of its customers. companies based in Georgia. The company is committed to
providing their customers with the best possible service and
Fred’s Inc. owns and operates two additional chains, Getwell Drug selection -that is why the company tailors each store to its
& Dollar and Yazoo Trading Company. Getwell Drug & Dollar is a designated town, matching product selection to the customers.
pharmacy destination that also offers over-the-counter medication
and individualized patient care. Locations across Alabama, Each location is committed to providing customer high-quality
Tennessee, Georgia and Mississippi also feature more than 1,700 name brand merchandise along with superior service. By growing
one-dollar items. Yazoo Trading Company offers hardware, auto, the business one customer relationship at a time. Farmers Home
and pet and animal supplies. Five locations across Alabama, Furniture has earned generations of repeat buyers. The company
Tennessee and Georgia also provide basic home project needs. wants to keep customers and employees for life.
TYPE NASDAQ: FRED TYPE Private
FOUNDED 1947 FOUNDED 1949
# OF LOCATIONS 628+ # OF LOCATIONS 250+
HEADQUARTERS Memphis, TN HEADQUARTERS Dublin, GA
WEBSITE www.fredsinc.com WEBSITE www.farmershomefurniture.com
11RENT ROLL
Citi Trends is an American retail clothing chain. The company Roses was purchased by Variety Wholesalers Inc. in 1997 and the
opened its first store in Savannah, Georgia in 1958 under the company's Roses Division has approximately 400 stores which
name Allied Department Stores. The company began renaming its compete chiefly with Kmart and Wal-Mart. Roses has stores in
stores Citi Trends in 2000, and officially became Citi Trends in fifteen states, primarily in the South. In 2010, the Roses Division
2001. began expanding beyond its original base of stores in the South,
opening stores in Pennsylvania, Ohio and Indiana.
Citi Trends is a value-priced retailer of urban fashion apparel,
shoes, accessories and home décor for the entire family. The Roses is committed to offering great quality items at tremendous
stores merchandise are designed to appeal to the preferences of savings, without the need for constant couponing or chasing down
fashion & value conscious consumers. The store’s goal is to clearance sales. Roses knows their customers and recognize that
provide merchandise at discounts to department and specialty they work hard for their money. With new products on their shelves
stores’ regular prices of 20% to 70%. The chain is known for every day—including apparel and shoes for the entire family,
targeting urban, lower-income customers. Citi Trends’ buyers accessories, home furnishings and décor, toys, health & beauty
source merchandise from over 1,800 vendors to deliver quality products, and other household needs, Roses is a place to discover
fashion product at outstanding value for our customers. The something new. Roses’ goal is to make their customers life better
company operate 550+ stores in 31 states and employs by being the best neighborhood store for family shopping through
approximately 5,600 people. everyday values and remarkable surprises.
TYPE NASDAQ: CTRN TYPE Subsidiary
FOUNDED 1958 FOUNDED 1915
# OF LOCATIONS 550+ # OF LOCATIONS 400+
HEADQUARTERS Savannah, Georgia HEADQUARTERS Henderson, North Carolina
WEBSITE www.cititrends.com WEBSITE www.rosesdiscountstores.com
12RENT ROLL
TENANT SQUARE % OF ANNUAL RENT / RENTAL LEASE LEASE
UNIT CAM OPTIONS
NAME FOOTAGE TOTAL BASE RENT SF INCREASE BEGIN END
3% Over
908 Allied Fashion Inc. Citi Trends 10,000 SF 12.26% $36,999.96 $3.70 $1,798.32 09/01/2000 08/31/2020 1 x 5 Year
1,233,333
906 Farmers Furniture 14,800 SF 18.15% $44,400.00 $3.00 0.00 09/14/2000 09/13/2026 None
904 Fred’s Inc 18,200 SF 22.32% $61,650.00 $3.39 0.00 07/01/2000 09/30/2020 None
903 Kizzy Gordon 1,600 SF 1.96% $11,160.00 $6.98 0.00 09/01/2017 08/31/2018 None
Month to
909 William Hall 1,200 SF 1.47% $6,000.00 $5.00 0.00 04/01/2017 None
Month
910 William Hall 1,200 SF 1.47% $6,000.00 $5.00 $3,031.86 10/05/2016 12/03/2019 1 Year
907 Variety Wholesale Store #1834 15,200 SF 81.64% $37,239.96 $2.45 $4,830.18 09/30/1999 05/17/2021 None
TOTAL OCCUPIED 62,200 SF 76.27% $203,449.92
901 Vacant 6,500 SF 7.97% $19,200.00 $2.95
902 Vacant 3,200 SF 3.92 % $10,800.00 $3.38
905 Vacant 8,450 SF 10.36% $33,800.04 $4.00
911 Vacant 1,200 SF 1.47% $8,400.00 $7.00
TOTAL VACANT / POTENTIAL INCOME 19,350 SF 23.73% $72,200.04
GROSS POTENTIAL INCOME 81,550 SF 100% $275,649.96
13
13CONFIDENTIALLY AGREEMENT
The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only
by the party receiving it from Sands Investment Group and should not be made available to any other person or entity without the written
consent of Sands Investment Group.
This Offering Memorandum 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, 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 Offering Memorandum has been obtained from sources we believe to be reliable; however, Sands
Investment Group has not verified, and will not verify, any of the information contained herein, nor has Sands Investment Group 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.
By receipt of this Memorandum, you agree that this Memorandum and its contents
are of confidential nature, that you will hold and treat it in the strictest confidence and
that you will not disclose its contents in any manner detrimental to the interest of the
Owner. You also agree that by accepting this Memorandum you agree to release
Sands Investment Group and hold it harmless from any kind of claim, cost, expense,
or liability arising out of your investigation and/or purchase of this property.
14Exclusively Marketed By:
Floyd Merritt
Lic. #162486
770.599.2826 | DIRECT
floyd@SIGnnn.com
Andrew Ackerman
Lic. #311619
770.626.0445 | DIRECT
andrew@SIGnnn.com
Sands Investment Group
1501 Johnson Ferry Road, Suite 200
Marietta, GA 30062
844.4.SIG.NNN
www.SIGnnn.com
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