Cooper Commercial Investment Group 6120 Parkland Blvd., Suite 206 Cleveland, OH 44124 www.coopergrp.com
Dan Cooper [email protected] (216) 562-1981 x12
Bob Havasi [email protected] (216) 562-1981 x10
In Cooperation with Licensed IN Broker
2
Table of Contents
INVESTMENT SUMMARY
Investment Highlights ……………..… 4
Investment Overview ………………… 5
Location Overview …………………… 6
Offering Summary …………………… 7
FINANCIAL ANALYSIS
Rent Roll …………...…………………. 9
Financial Analysis ..…...…...………… 10-11
PROPERTY ANALYSIS
Site Plan ..…..…………...……………. 13
Development Plan …………………… 14
Aerial Map .……………..…………….. 15
Location Maps .…………………........ 16
Demographics ..…………………........ 17
TENANT ANALYSIS
Tenant Profiles ……….………………. 19-23
Disclosure & Confidentiality ……….... 24
3
INVESTMENT HIGHLIGHTS
4
Settlers Crossing
• County Seat Multi-Tenant Center Shadow Anchored by Walmart Supercenter and Other High-Traffic Generating Outlots: Large Regional Draw Pulling from Surrounding Communities
• Attractive 8.50% CAP Rate with High 15.85% Expected Year-1 Cash-on-Cash Return
• All Nationally-Named Tenants: Leased to 2022 and Beyond Creating Long-Term Stability
• 86% Occupied: ALL NNN Lease Structures
• Upside Potential Through Lease-Up of 2 Remaining Vacant Units (14%), Creating Stabilized 10.14% CAP with High 22.45% Year-1 Projected Cash-on-Cash Return (Assuming 95% Occupancy)
• Newer 2017 Construction: Well-Known, Stable Users with Franchise Owners Reporting Growth and Positive Performance: Fantastic Sam’s Averaging 400 Customers Per Week and Verizon in Top 5 of 17 Store Region
• Positive Leasing Traction with Heavy Interest in Vacant Units and Recent Neighboring Outlot Development with Taco Bell, Burger King and Popeye’s
• Strong Community with Avg. Household Incomes More Than $61k Within 10-Miles and Drawing from 10+ Mile Radius, Making Salem a Preferred Destination (Next Closest Walmart is 17+ Miles Away)
• Shared Monument Signage with Walmart Supercenter at Signalized Entrance
• Highly Visible Location and Centrally Located on Main Roadway: SR-56 with Convenient Access to I-65, Direct Route to Louisville and Indianapolis
• Major Salem Employment Base: GNK Sinter Metals (490 Employees and Recent $6.9 Million Renovation/Equipment Upgrade), Flexcel (Division of Kimball, 375 Employees), Peerless Gears (486 Employees), Ascension’s St. Vincent Salem Hospital (77-Bed Hospital & Part of System with 24 Other Area Hospitals) and Jean’s Extrusion (160 Employees)
• Ideal Geographic Location between Louisville, KY (36 Miles, 45 Minutes), Indianapolis (94 Miles, 2 Hours) and Cincinnati, OH (110 Miles, 2.25 Hours)
ADDITIONAL INVESTMENT HIGHLIGHTS
5
The Cooper Commercial Investment Group has been exclusively retained by ownership to
sell Settler’s Crossing, a county seat retail shopping center built in 2017 that is shadow
anchored by Walmart Supercenter and other high-traffic generating outlots. The asset
has been reduced to $2,400,000, representing an attractive 8.50% CAP Rate, high 15.85%
expected year-1 cash-on-cash return and offers upside through lease-up of the remaining
two vacant units. Through stabilization of the center to 95% occupancy, an investor has
the opportunity to unlock nearly $40,000 of additional NOI to the asset, which would
generate a near 10.14% CAP Rate with an unbelievably high 22.45% projected year-1
cash-on-cash return based on the current reduced asking price.
Ownership has had continuous leasing traction at the center. Anchor tenant, Maurices is
leased through 2028, while all other tenants are leased to 2022 and beyond, creating a
long-term, stable rent roll. The Verizon Wireless Authorized Retailer and Fantastic Sam’s
have expressed their anticipated satisfaction with the site and market. In fact, this Verizon
is in the top 5 stores in its region of 17 stores and Fantastic Sam’s now averages over 400
customers per week. Edward Jones and Shoe Department round out the rent roll and
have minimal area competition. Furthermore, the center has had many recent inquiries
with users interested in occupying the remaining vacant spaces, proving the desire to be
in the center and market.
Positioned along the SR-56 (Hackberry Street) with highly visible signage, the retail
destination is located in a community with average household incomes over $60,000
within 5-miles. The 16,800 S.F. center is positioned directly next to the Walmart
Supercenter with several newly developed, high-traffic generating outlots (Murphy USA
Gas, Burger King, Popeye’s, Taco Bell and Wash World Car Wash) in front, bringing all
sorts of constant traffic to the center. Due to the desirable retail destination, the corridor
draws from a 10-15 mile radius as the next closest Walmart is over 17 miles away. Salem
has become the main shopping hub for most of the region, drawing from numerous
surrounding counties.
Situated between Indianapolis (100 miles) and Louisville, Kentucky (35 miles), Salem is
the county seat of Washington County. The residents of the area have an employment
base that includes, Flexcel (Division of Kimball, 375 employees) and is located on the
other side of Walmart bringing 375 employees near the center on a daily basis.
Additionally, GNK Sinter Metals (490 employees) recently completed a $6.9 million
renovation and equipment upgrade to their facility. Other area employers include,
Peerless Gears (486 employees), Blue River Wood Products, Ascension’s St. Vincent
Salem Hospital (77-bed hospital and part of a system with 24 other hospitals in Indiana),
Blue River Services, Hoosier Precat and Jean’s Extrusion (160 employees). Being within
commuting distance to Louisville, the employment base extends with two major Ford
plants and the headquarters/factory of GE Appliances. The city is also a major center of
the American whiskey industry, with about one-third of all bourbon coming from
Louisville. Given the property’s long-term anchor, strategic placement and proximity to
employees and residents; this asset is positioned as a high-quality investment that is
poised to generate substantial returns for years to come.
INVESTMENT OVERVIEW
6
Salem is the county seat of Washington County, Indiana. Salem is located in
scenic Southern Indiana just 35 miles north of Louisville, Kentucky and less
than 100 miles south of Indianapolis, Indiana, while also being just 115 miles
from Cincinnati, Ohio. The featured property is positioned off SR-56, a 193-mile
route that travels the south-central part of the state from west to east and
connects to I-65, the direct route to Louisville and Indianapolis.
Salem has a strong and diverse economic base within its city limits that include
GNK Sinter Metals (490 employees and recent $6.9 million renovation and
equipment upgrade), Flexcel (Division of Kimball, 375 employees), Peerless
Gears (486 employees), Blue River Wood Products, Ascension’s St. Vincent
Salem Hospital (77-bed hospital and part of a system with 24 other hospitals in
Indiana), Blue River Services, Hoosier Precat and Jean’s Extrusion (160
employees).
Many residents of Salem commute to Louisville, which is the largest city in
Kentucky and the 29th most-populous city in the United States. Louisville has a
high level of importance to the shipping industry with the presence of the
Worldport global air-freight hub for UPS at Louisville International Airport (43
miles). Louisville's location at the crossroads of three major interstate
highways (I-64, I-65, and I-71) also contributes to its modern-day strategic
importance to the shipping and cargo industry. Louisville is a significant
center of manufacturing, with two major Ford plants, and the headquarters/
factory of GE Appliances. The city is also a major center of the American
whiskey industry, with about one-third of all bourbon coming from Louisville.
Brown-Forman, one of the major producers is headquartered in Louisville and
operates a distillery in the Louisville suburb of Shively. The current primary
distillery site operated by Heaven Hill, called the Bernheim distillery, is also
located in Louisville near Brown-Forman's distillery.
The region is home to several institutions of higher learning. There are six
four-year universities in Louisville with The University of Louisville being the
largest boasting 22,640 students with approximately 6,900 staff members. In
addition, Indiana University Southeast, just 29 miles from Salem enrolls nearly
5,240 students and has an academic staff of 225. Purdue Polytechnic Institute,
part of Purdue University is located 30 miles at their New Albany campus and
offers programs to the engineering students, while Hanover College is also just
36 miles eat and enrolls nearly 1,100 students with an academic staff of over
100.
LOCATION OVERVIEW
7
Reduced Price:
Gross Leasable Area:
Price/SF:
NOI:
CAP Rate:
Year Built:
Lot Size:
Foundation:
Exterior:
Roof:
$2,400,000
16,800 S.F.
$142.86
$203,782
8.50%
2017
Approx. 2.979 Acres
Concrete
EIFS and Metal
Original (2017)
SUMMARY
Loan Amount:
Down Payment:
Loan Type:
Interest Rate:
Amortization:
Term:
Loan-to-Value (LTV):
$1,800,000
$600,000
New Loan
3.40%
25 Years
5 Years
75.00%
Rental Income:
Tenant Reimbursements:
Potential Gross Income:
Vacancy (Actual):
Vacancy for Reimbursements:
Effective Gross Income:
Expenses:
NOI:
Annual Debt Service:
Structural Reserve ($0.10/S.F.):
Cash Flow After Reserves:
Cash-on-Cash Return:
$266,260
$65,067
$331,327
($48,000)
($8,814)
$274,512
($70,730)
$203,782
$106,980
$1,680
$95,122
15.85%
Current Operating Data
Anticipated New Financing
8
9
Tenant Square % of Tenant Lease Lease Rent/ Annual Lease Bumps Option
Feet Total Since Start Expiration S.F. Rent Type Rate/ S.F.
156,159 Shadow Anchor - NAP
(1)
2,000 11.90% 2017 9/29/2017 9/30/2022 $25.08 $50,160 NNN 10/1/2020 $25.44/SF
(2) 5-Yr. Option 1: $26.40/SF Option 2: $29.04/SF
1,200 7.14% 2017 9/19/2017 9/30/2022 $22.00 $26,400 NNN None (2) 5-Yr.
Option 1: $24.20/SF Option 2: $26.42/SF
1,200 7.14% 2019 8/1/2019 10/31/2024 $16.00 $19,200 NNN None (1) 5-Yr.
Option 1: $20.00/SF
5,000 29.76% 2017 9/1/2017 8/31/2022 $11.50 $57,500 NNN None
(3) 5-Yr. Option 1: $12.00/SF Option 2: $12.50/SF Option 3: $13.00/SF
5,000 29.76% 2018 3/14/2018 3/31/2028 $13.00 $65,000 NNN 4/1/2023
$13.50/SF
(3) 5-Yr. Option 1: $14.00/SF Option 2: $14.50/SF Option 3: $15.00/SF
Vacant 1,200 7.14% N/A N/A N/A $20.00 $24,000 NNN N/A N/A
Vacant 1,200 7.14% N/A N/A N/A $20.00 $24,000 NNN N/A N/A
Total Property 16,800 100.00% $15.85 $266,260
Vacancy 2,400 14.29% $20.00 $48,000
* Pro Forma Calendar Year: July 1, 2020 through June 30, 2021
(1) Blended rental rate for increase effective 10/1/2020.
10
Pro Forma 2020
2017 2018 2020 $/SF
INCOME:
Rental Income $ 38,898 $ 183,800 $ 266,260 $ 15.85
Tenant Reimbursements:
Real Estate Tax 4,808 19,638 35,000 2.08
Insurance 426 1,922 3,000 0.18
CAM 3,898 20,088 23,700 1.41
Signage Income - - 1,400 0.08
Administrative Fee - - 1,967 0.12
Gross Potential Rental Income $ 48,030 $ 225,448 $ 331,327 $ 19.72
Vacancy (Actual) 18.09% (48,000) (2.86)
Vacancy For Reimbursements Lost (Actual) 14.29% (8,814) (0.52)
Effective Gross Income $ 48,030 $ 225,448 $ 274,512 $ 16.34
OPERATING EXPENSES:
Management Fee 4% $ 1,932 $ 9,002 $ 8,730 $ 0.52
Real Estate Taxes 7,683 32,400 35,000 2.08
Insurance 1,059 2,868 3,000 0.18
Landscaping 515 6,754 6,750 0.40
Snow/Ice Removal - 3,915 4,000 0.24
Utilities
Electric 833 2,736 2,750 0.16
Signage Electric (Amenities) - 1,960 2,000 0.12
Water/Sewer 61 158 200 0.01
General Repairs, Maintenance & Site Maintenance 1,275 3,280 3,500 0.21
Parking Lot Sweeping 175 2,030 2,500 0.15
Fire System 473 1,494 1,500 0.09
Roof R&M - 25 500 0.03
Non-Reimbursable Utilities 1,270 1,641 300 0.02
Total Expenses $ 15,276 $ 68,263 $ 70,730 $ 4.21
Net Operating Income $ 32,754 $ 157,185 $ 203,782 $ 12.13
Loan Analysis
Cash Flow Available Before Debt Service $ 203,782 $ 12.13
Capitalization Rate 8.50% 8.50%
Valuation (Reduced) $ 2,400,000 $ 142.86
Loan to Value 75.00% 75.00%
Loan Amount $ 1,800,000 $ 107.14
Rate 3.40% 3.40%
Term 5 5
Amortization 25 25
Annual Debt Service $ 106,980 $ 6.37
Debt Service Coverage Ratio 1.90 1.90
11
As-Is Pro Forma
2020 $/SF
Net Operating Income $ 203,782 $ 12.13
Loan Analysis
Cash Flow Available Before Debt Service $ 203,782 $ 12.13
Capitalization Rate (Reduced) 8.50% 8.50%
Valuation $ 2,400,000 $ 142.86
Stabilized Pro Forma
2020 $/SF
Net Operating Income $ 243,376 $ 14.49
Loan Analysis
Cash Flow Available Before Debt Service $ 243,376 $ 14.49
Capitalization Rate 10.14% 10.14%
Valuation $ 2,400,000 $ 142.86
12
13
14
15
375 Employees
490 Employees
486 Employees
160 Employees
16
17
1327 E Hackberry St 5 mi radius 10 mi radius 15 mi radius 25 mi radius
Salem, IN 47167
POPULATION
2019 Estimated Population 9,881 19,375 35,480 198,204
2024 Projected Population 9,958 19,597 35,955 201,644
Projected Annual Growth 2019 to 2024 0.2% 0.2% 0.3% 0.3%
2019 Median Age 41.7 40.8 40.5 40.2
HOUSEHOLDS
2019 Estimated Households 4,283 8,099 14,578 80,039
2024 Projected Households 4,328 8,209 14,813 81,755
2010 Census Households 4,126 7,730 13,753 73,973
2000 Census Households 3,985 7,358 12,852 66,380
Projected Annual Growth 2019 to 2024 0.2% 0.3% 0.3% 0.4%
Historical Annual Growth 2000 to 2019 0.4% 0.5% 0.7% 1.1%
RACE AND
ETHNICITY
2019 Estimated White 96.6% 97.0% 96.9% 94.9%
2019 Estimated Black or African American 0.9% 0.8% 0.7% 1.5%
2019 Estimated Asian or Pacific Islander 0.6% 0.4% 0.4% 1.0%
2019 Estimated American Indian or Native Alaskan 0.2% 0.2% 0.3% 0.2%
2019 Estimated Other Races 1.7% 1.6% 1.8% 2.4%
INCOME
2019 Estimated Average Household Income $60,023 $61,824 $64,633 $72,563
2019 Estimated Median Household Income $46,948 $51,260 $55,102 $64,860
2019 Estimated Per Capita Income $26,267 $25,972 $26,630 $29,405
EDUCATION
(AGE 25+)
2019 Estimated Elementary (Grade Level 0 to 8) 3.7% 4.3% 4.1% 3.4%
2019 Estimated Some High School (Grade Level 9 to 11) 12.2% 10.6% 9.6% 7.9%
2019 Estimated High School Graduate 43.8% 45.2% 44.1% 37.4%
2019 Estimated Some College 17.6% 18.2% 19.4% 20.8%
2019 Estimated Associates Degree Only 9.0% 8.9% 9.0% 9.2%
2019 Estimated Bachelors Degree Only 8.6% 8.3% 8.7% 13.5%
2019 Estimated Graduate Degree 5.1% 4.4% 5.1% 7.8%
BUSINESS
2019 Estimated Total Businesses 573 750 960 5,546
2019 Estimated Total Employees 5,730 7,043 8,689 59,308
2019 Estimated Employee Population per Business 10.0 9.4 9.0 10.7
2019 Estimated Residential Population per Business 17.3 25.8 36.9 35.7
18
19
Maurices inspires women of all ages to look and feel their best – just as they are. With 1,000 stores across North America, the popular
brand has earned the reputation as a leader in hometown fashion.
Maurices is a subsidiary of Dress Barn, which has parent company, Ascena Retail Group, Inc. (Nasdaq: ASNA). The company is a national specialty retailer offering apparel, shoes, and accessories for women under the Premium Fashion segment (Ann Taylor, LOFT, and Lou & Grey), Plus Fashion segment (Lane Bryant, Catherines and Cacique), for tween girls under the Kids Fashion segment (Justice), and Value Fashion segment (dressbarn). Ascena Retail Group, Inc. through its retail brands operates ecommerce websites and approximately 4,600 stores throughout the United States,
Canada, and Puerto Rico.
Source: maurices.com; ascenaretail.com
Headquarter:
# of Maurices Locations:
Corporate:
Ticker Symbol:
S&P Credit Rating:
Moody’s Credit Rating:
Annual Revenue:
GLA:
Tenant Since:
Current Term Start:
Lease Expiration:
Rental Bumps:
Options:
Sales Breakpoint:
Exclusive: Co-Tenancy:
Other Termination:
Mahwah, NJ
1,000+
Maurices, Inc.
NASDAQ “ASNA”
CCC+
Caa2
$6.58 Billion
5,000
2018
03/14/2018
03/31/2028
Yes, 4/1/2023
(3) 5-Yr.
4% Over $1,500,000
Women’s Apparel Walmart or Shoe Dept. (or any replacement tenant): closes
for business in the development for more than 30 days,
Tenant to pay Alternative Rent in lieu of minimum rent,
percentage rent and Additional Charges. If Co-Tenancy
event continues for more than 1 year, Tenant may within 60
days following the end of such 1-year period, give LL notice
of election to terminate the lease. If tenant fails to timely
exercise its termination right, tenant shall be deemed to
have waived the right and shall resume paying regular rent.
Alternative rent is 5% of monthly gross sales. Following the 37th month from the RCD and continuing until
the 366th day thereafter, Tenant has right to terminate if
gross sales are less than $850,000 during said 365-day
measuring period with termination fee of $50,000.
Tenant Base Rent Schedule
Current:
Bump 2023:
Option 1:
Option 2:
Option 3:
Tenant Lease Abstract
Annual
$65,000.00
$67,500.00
$70,000.00
$72,500.00
$75,000.00
maurices.com
Pro Rata Share
Not to exceed 4% over the
immediately preceding year
on a non-cumulative basis,
Excludes Snow Removal,
Utilities, Signage, Stormwater
Management and Internal
Roadways
Pro Rata Share
Pro Rata Share
10% on CAM Expenses
Pro Rata Share
Common Area Maintenance:
Cap:
Insurance:
Real Estate Taxes:
Admin. Fee:
Management Fee:
Monthly
$5,416.67
$5,625.00
$5,833.33
$6,041.67
$6,250.00
PSF
$13.00
$13.50
$14.00
$14.50
$15.00
Tenant Recapture
20
SHOE SHOW, INC. is a leader in branded footwear, bags, and accessories for the entire family with over 58 years of experience. The company continues to grow with stores under brand names such as SHOE SHOW, SHOE DEPT., Burlington Shoes, Shoebilee and SHOE SHOW MEGA. Currently SHOE SHOW, INC. has 1130+ stores in 47 states. SHOE SHOW, INC. has maintained its formula of success through technological advances and operating efficiencies; such as, standard store design, an efficient distribution center and computer links with stores and vendors. The company headquarters
and distribution center is located in Concord, NC.
Source: shoeshowmega.com
Headquarter:
# of Total Locations:
Corporate:
GLA:
Tenant Since:
Current Term Start:
Lease Expiration:
Rental Bumps:
Options:
Exclusive: Co-Tenancy:
Other Termination:
Concord, NC
1,130+
Shoe Show Inc.
5,000
2017
09/01/2017
08/31/2022
None
(3) 5-Yr.
Shoes (300 SF or More) Walmart or Maurices: Closes for
business and has not been replaced by a
suitable replacement co-tenant, tenant
may within 20 days following the end of
each calendar month pay Alternative Rent
in lieu of monthly installments of minimum
rent and additional charges. If on-going
with Walmart continues for more than 1
year or if On-Going continues involving
Maurices for (180) days, Tenant shall
have the right to terminate the lease with
30 days written notice. If tenant does not
elect to terminate, Tenant to return to
regular rent, however the Tenants right to
terminate shall continue until such time as
the Ongoing Co-Tenancy is cured.
Alternative Rent is 5% of its monthly
gross sales. None
Tenant Base Rent Schedule
Current:
Option 1:
Option 2:
Option 3:
Tenant Lease Abstract
Annual
$57,500.00
$60,000.00
$62,500.00
$65,000.00
shoeshowmega.com
Pro Rata Share
Shall not increase by more
than 5% - Excludes Snow
Removal, Utilities, Signage,
Stormwater Mgmt. and
Permanent Drives in the REA
Pro Rata Share
Pro Rata Share
10% on CAM Expenses
None
Common Area Maintenance:
Cap:
Insurance:
Real Estate Taxes:
Admin. Fee:
Management Fee:
Monthly
$4,791.67
$5,000.00
$5,208.33
$5,416.67
PSF
$11.50
$12.00
$12.50
$13.00
Tenant Recapture
21
TCC (The Cellular Connection) is a leading exclusive premium retailer for Verizon. TCC is independently owned and operated in Carmel, Indiana. The company currently employs over 2,00 people and serve customers in over 873 locations. The store boasts knowledgeable and dedicated store consultants and managers and offer a full range of wireless devices including phones, tablets, mobile broadband, wearable technology, accessories and product insurance. Getting the best performance for this technology matters, and Verizon delivers. Once again, the nation’s most rigorous, independent study (RootMetrics®) has rated Verizon the #1 network in the United States. Verizon swept all six network categories,
including reliability, data, speed, call, text and overall.
Source: tccrocks.com
TCC Headquarter:
# of Total Locations:
Franchise:
GLA:
Tenant Since:
Current Term Start:
Lease Expiration:
Rental Bumps:
Options:
Exclusive: Co-Tenancy:
Other Termination:
Carmel, IN
873+
The Cellular Connection Inc.
2,000
2017
09/29/2017
09/30/2022
Yes, 10/1/2020
(2) 5-Yr.
Cellular Communication None
None
Tenant Base Rent Schedule
Current*:
Bump 2020:
Option 1:
Option 2:
Tenant Lease Abstract
Annual
$50,160.00
$50,880.00
$52,800.00
$58,080.00
tccrocks.com
Monthly
$4,180.00
$4,240.00
$4,400.00
$4,840.00
PSF
$25.08
$25.44
$26.40
$29.04
Tenant Recapture
Pro Rata Share
Shall not increase by more
than 5%, Excludes Snow
Removal, Utilities, Signage,
Stormwater Mgmt. and
other facilities of the
development per the REA
Pro Rata Share
Pro Rata Share
15% on CAM Expenses
None
Common Area Maintenance:
Cap:
Insurance:
Real Estate Taxes:
Admin. Fee:
Management Fee:
* Blended current rental rate for increase effective 10/1/2020. Pro Forma based on calendar year from July 1, 2020 through June 30, 2021.
22
Edward Jones serves nearly 7 million investors from more offices than any other investment firm in America. The company attributes a great deal of success to principles and personal, long-term approach to investing. As a privately owned company, Edward Jones has more than 13,000 branch office locations in the United States and Canada. The firm has experienced financial advisors to work with clients to meet financial goals. Edward Jones can help to build a diversified portfolio from a broad universe of quality investments, including stocks, bonds, mutual funds and ETFs, while insurance and annuity products can help to protect each client’s
financial future.
Source: edwardjones.com
Headquarter:
# of Total Locations:
Corporate:
GLA:
Tenant Since:
Current Term Start*:
Lease Expiration:
Rental Bumps:
Options:
Exclusive: Co-Tenancy:
Other Termination:
St. Louis, MO
13,000+
Edward D. Jones & Co., L.P.
1,200
2019
08/01/2019
10/31/2024
None
(1) 5-Yr.
Financial Services None
Beginning on the first day of the
4th lease year, Tenant may
terminate lease with 90 days prior
notice with fee equal to 6 months
of minimum rent plus LL cost of
unamortized costs of TI.
Tenant Base Rent Schedule
Current:
Option 1:
Tenant Lease Abstract
Annual
$19,200.00
$24,000.00
edwardjones.com
Pro Rata Share
Pro Rata Share
Pro Rata Share
10% on CAM Expenses
None
Common Area Maintenance:
Insurance:
Real Estate Taxes:
Admin. Fee:
Management Fee:
Monthly
$1,600.00
$2,000.00
PSF
$16.00
$20.00
Tenant Recapture
* Rent commencement expected to be November 1, 2019.
23
Fantastic Sams is one of the world’s largest full-service hair care salons, with over 1,100 locations throughout North America. The company offers the stability of a hair salon franchise that’s been in business for four decades with the a simple, scalable business model and flexible salon footprint that works anywhere from small
towns to large cities.
Source: fantasticsams.com
Corp. Headquarter:
# of Total Locations:
Franchise:
GLA:
Tenant Since:
Current Term Start:
Lease Expiration:
Rental Bumps:
Options:
Exclusive: Co-Tenancy:
Other Termination:
Beverly, MA
1,100+
Personal Guaranty
1,200
2017
09/19/2017
09/30/2022
None
(2) 5-Yr.
Hair cutting/Styling Salon None
None
Tenant Base Rent Schedule
Current:
Option 1:
Option 2:
Tenant Lease Abstract
Annual
$26,400.00
$29,040.00
$31,704.00
fantasticsams.com
Monthly
$2,200.00
$2,420.00
$2,642.00
PSF
$22.00
$24.20
$26.42
Tenant Recapture
Pro Rata Share
Shall not increase by more
than 10%, Excludes Snow
Removal, Utilities, Signage,
Stormwater Mgmt. and
other facilities of the
development per the REA
Pro Rata Share
Pro Rata Share
15% on CAM Expenses
None
Common Area Maintenance:
Cap:
Insurance:
Real Estate Taxes:
Admin. Fee:
Management Fee:
24
DISCLOSURE, CONFIDENTIALITY & DISCLAIMER
CONFIDENTIALITY AGREEMENT DISCLOSURE & DISCLAIMER
The information within this Offering Memorandum will set forth an
understanding regarding the relationship between the Recipient of
this package (the “Recipient”) and The Cooper Group and the
confidentiality of the investment information to be supplied to you
and your organization for use in considering, evaluating and/or
purchasing this property (the “Property”). The recipient
acknowledges that all financial, contractual, marketing, and
informational materials including but not limited to lease information,
occupancy information, financial information, projections, data
information and any other similar information provided by The
Cooper Group which relates to the Property (collectively, the
Confidential Information), whether said information was transmitted
orally, in print, in writing or by electronic media is confidential in
nature and is not to be copied or disseminated to any party without
the prior consent of The Cooper Group. The Recipient
acknowledges and agrees that the Confidential Information is of
such a confidential nature that severe monetary damage could result
from dissemination of that information to unauthorized individuals.
The Recipient shall limit access to the Confidential Information to
those individuals in the Recipient’s organization with a “need to
know” and shall take all precautions reasonably necessary to
protect the confidentiality of the Confidential Information. The
Recipient acknowledges and agrees that the Confidential
Information and any copies thereof are the property of The Cooper
Group and that all such information will be returned to The Cooper
Group upon written request. Any offers or inquiries from Recipient
in connection with this investment proposal shall be forwarded,
confidentiality, to The Cooper Group. Other than The Cooper
Group, recipient agrees that neither Recipient nor The Cooper
Group shall be obligated to pay any procuring broker fees in
connection with this investment unless a separate written Brokerage
Agreement is entered into and written acknowledgement of any
procuring Brokerage Agreement is received from all parties to the
investment transaction. Procuring brokers must provide written
introductions of potential investors and receive written
acknowledgment from The Cooper Group for representation to be
recognized. This is a confidential Memorandum intended solely for
your limited use and benefit in determining whether you desire to
express further interest in the acquisition of the Property.
The Memorandum contains selected information pertaining to the
property and does not purport to be a representation of the state of
affairs of the Property or the owner of the Property, to be all-inclusive or
to contain all or part of the information which perspective Recipients
may require to evaluate the purchase of real property. All financial
projections and information are provided for general reference purposes
only and are based on assumptions relating to the general economy,
market conditions, competition and other factors beyond the control of
the owner or The Cooper Group. All references disclosed herein related
to acreage, square footages and/or other measurements may be
approximations and the best information available. The summaries of
information included herein do not purport to be complete nor
necessarily accurate descriptions of the full agreements referenced.
Photos herein are the Property and respective owners and use of these
images without the express written consent of the owner is prohibited.
The owner and the Cooper Group expressly reserve the right, at its sole
discretion, to reject any or all expressions of interest or offers to
purchase the Property, and/or terminate discussions with any entity and
any time with or without notice which may arise as a result of review of
this Memorandum.
Neither the owner or the Cooper Group, nor any of their respective
directors, officers, affiliates or representatives make any representation
or warranty, expressed or implied , as to the accuracy or completeness
of this Memorandum or its contents; and you are to rely solely on your
investigators and inspections of the property in evaluating a possible
purchase of the Property. The information contained in this document
has been obtained from sources to be reliable. While the Cooper Group
does not doubt its accuracy, the Cooper Group has not verified it and
makes no guarantee, warranty or representation about it. It is your
responsibility to independently confirm the accuracy and completeness.
Any projections, opinions, assumptions or estimates used are for
example only and do not represent the current or future performance of
the Property. The value of this transaction to you depends on tax and
other factors which should be evaluated by your tax, financial and legal
advisors.
Cooper Commercial Investment Group 6120 Parkland Blvd., Suite 206 Cleveland, OH 44124 www.coopergrp.com
Dan Cooper [email protected] (216) 562-1981 x12
Bob Havasi [email protected] (216) 562-1981 x10
In Cooperation with Licensed IN Broker