DECEMBER 2018 MINIMUM BID PRICE $6,750,000 CROSSROADS CENTER

AUCTION

DECEMBER 2018

MINIMUM BID PRICE

$6,750,000

CROSSROADS CENTER

164,000 SF Retail/Business Park

939-946 Andrews Ave, Henderson, NC

Executive Summary

Zetabid is pleased to present Crossroads Center, a 98% leased retail/business park for sale via sealed bid auction. Crossroads Center is located on the I85 freeway at the Andrews Ave. exit and is approximately 45 minutes North from the Raleigh/Durham market.

The center contains a mix of long-term local tenants in both retail and office units. Space is always in high demand as the center has the best location in Henderson with 32,000 cars per day traffic on I85, and 15,000 on Andrews. The center sits on two parcels of freeway adjacent land on both sides of Andrews Avenue. Current annual gross rent is $1,045,000 with expenses of $415,000. Many below market leases exist (self-managed by long- time owner retiring soon). A 21,000 square foot mini storage complex is located at the back of the property (with room for expansion).

Please visit our Due Diligence Vault to review current financials, rent rolls, and other important documents. Pre-auction offers are welcome! All bids are subject to a 2.5% Buyer Premium. Broker cooperation is welcome (1%).

Key Details

Year Built Gross Building Area Rentable SF (Est) Site

Aerial Site Plan

1986-2002 164,480 164,480 18.4 Acres

Minimum Bid Amount Current Annual Gross Rent 2018 NOI (actual rents) Going-in Cap Rate % Occupied

$6,750,000 ($41/PSF) $1,045,051 $602,554 8.9% 98%

158

85

RAMSEY ST

GUPTON ST

W ANDREWS AVE PARRISH MILL RD

39

S BECKFORD DR

Financial Summary

Proforma Projection Base Rent Reimbursement Income

Gross Potential Rent Inc. Less Vacancy/Collection

Effective Gross Income

Expenses Advertising Insurance Taxes Cleaning and General Maint Repairs Miscl Utilities

Subtotal Actual

Proforma Expenses Property Management

Total Expenses Net Operating Income Building GLA

Radius Map

220

$26,126.27

4% $142,980

2018 $1,045,051

$1,045,051

2.5% $1,018,925

$10,000 $22,000 $84,814 $84,000 $130,000 $4,800 $40,000 $375,614

$40,757 $416,371 $602,554

Farmville

Hampden Sydney

460 Blackstone

Petersburg 1

Williamsur

Martinsville

Danville 29

Greensboro

Burlington

Asheboro

74

15

South Boston 58

58

943 West Andrews Avenue Henderson, NC

85

Durham

40

Chapel Hill

Cary

64

Apex

540

Raleigh

1

85

South Hill

301

95

Emporia

58

Franklin

Roanoke Rapids

Murfreesboro

MILES

25 50 95

MILES

Ahoskie 13

64 264

95

Rocky Mount Tarboro

Plymouth 64

Wilson 301

Greenville Winterville

17 Washington

Rent Roll

Suite Tenant

Rentable SF % of Center

Southeast Complex

939 W Andrews (1986 Built)

Nuestro Porvenir, Inc

900

0.6%

Major Auto Insurance

900

0.6%

Allure Hair Extensions

900

0.6%

941 W Andrews (1986 Built)

2,700

African Hair Braiding

1,500

1.0%

Values 2U

1,500

1.0%

Values 2U 2

1,500

1.0%

Happy Nails & Spa

1,500

1.0%

Geter's Barber College

2,280

1.6%

No Limits

1,440

1.0%

Healthy Treats (Combined spaces)

2,280

1.6%

No Limits

3,000

2.1%

15,000

914 W Andrews - Back Building (1975 Built)

Baldies Barber Shop

680

0.5%

Divine Styles Beauty Salon

740

0.5%

1,420

943 Andrews (1987 Built)

Beautysmart

7,500

5.2%

Daymark Recovery Services

2,500

1.7%

Sky Pawn (Sony LLC)

5,000

3.5%

Daymark Recovery Services

7,500

5.2%

KARTS

3,660

2.6%

Halls and Restrooms

200

0.1%

Ultimate Healthcare Services

540

0.4%

Three Dimensional Tech

600

0.4%

Crawford Properties Office (owner)

560

0.4%

Vacant

960

0.7%

Ross Rehab / Honey Green Miles

480

0.3%

29,500

945 Andrews (1978 Built)

Nails to Tails Dog Grooming

509

0.4%

Sadie's School of Dance

3,331

2.3%

Diana's Tax Service

1,920

1.3%

SRFC Security

1,920

1.3%

NC Department of Corrections

1,920

1.3%

ACS

1,920

1.3%

Michael's Florist

2,136

1.5%

Crossroads Event Center

4,689

3.3%

Home Town Hardware

9,095

6.4%

27,440

Lease Type

MG MG MG

MG MG MG MG MG MG MG MG

MG MG

MG MG MG MG MG MG MG MG

MG

MG MG MG MG FS MG MG MG MG

Lease Start

8/1/2018 3/1/2016 9/1/2016

8/1/2002 9/1/2018 11/1/2018 7/1/2011 8/1/2011 12/1/2015 11/1/2010 8/1/2013

12/1/2012 11/1/2009

9/1/1991 1/1/2017 11/1/2015 8/1/2011 11/1/1989

2/1/2016 2/1/2017

8/15/2018

10/1/2010 6/1/1995 12/1/2005 3/1/2018 6/1/2005 1/1/2018 6/1/2016 3/1/2018 5/1/1986

Lease End

7/31/2019 2/28/2019 8/30/2019

5/31/2019 8/31/2019 10/31/2019 9/30/2019 4/30/2019 2/28/2019 9/30/2019 2/28/2019

5/31/2019 5/31/2019

7/31/2019 9/30/2019 11/1/2020 9/30/2019 3/31/2019

1/30/2019 1/30/2019

8/14/2019

10/1/2019 5/31/2019 2/28/2019 2/28/2019 5/30/2019 12/31/2018 5/31/2019 2/28/2019 4/30/2019

Base Rent Monthly Monthly PSF Annual PSF

$750 $750 $700 $2,200

$1,175 $1,000 $1,000

$800 $1,650 $1,250

$1,500

$2,700 $11,075

$500 $600 $1,100

$4,000 $1,200 $1,500 $3,800 $3,300

$600 $600

-

-

$525

$15,525

$450 $1,050 $1,050 $1,300 $1,375 $1,200

$800 $2,000 $2,500 $11,725

$0.83 $0.83 $0.78

$10.00 $10.00 $9.33

$0.78 $0.67 $0.67 $0.53 $0.72 $0.87

$0.66

$0.90

$9.40 $8.00 $8.00 $6.40 $8.68 $10.42

$7.89

$10.80

$0.74 $0.81

$8.82 $9.73

$0.53 $0.48 $0.30 $0.51 $0.90

$1.11 $1.00

-

-

$1.09

$6.40 $5.76 $3.60 $6.08 $10.82

$13.33 $12.00

-

-

$13.13

$0.88 $0.32 $0.55 $0.68 $0.72 $0.63 $0.37 $0.43 $0.27 $0.43

$10.61 $3.78 $6.56 $8.13 $8.59 $7.50 $4.49 $5.12 $3.30 $5.13

Suite Tenant Northwest Complex 944 Andrews (2008 Built)

Home Credit II Allstate Insurance Agency United Home Care

946 Andrews (1993 Built) Parham's Western Rescued Direct General Insurance Co. Insurance Partners NC License Plate Agency National Finance Children's Dev. Agency Restaurant 39 The Attic & A1 Travel Home Credit Corp.

946 Andrews (2002 Year Built) Rainbow International Sun Medical Supply B 1 Bingo Trinkets 39 Thrift Shop Vance County Tourism Salon 31 Lincare Propel GPS Reliable Car Sales, Inc Pete Smith Lube and Tire

Mini Storage Units 5'x10' 7.5'x10' 10'x10' 10'x15' 10'x20' Complex SF Business Park SF Average Rent SF

Rentable SF % of Center Lease Type Lease Start Lease End

Base Rent Monthly Monthly PSF Annual PSF

1,800 1,200 1,200 4,200

4,000 1,600 1,600 1,600 1,288 1,912 4,800 4,800 4,800 2,720 29,120

4,000 3,200 4,800 2,400 2,400 1,600 1,668 3,132 2,820 1,580 6,000 33,600 21,500

246 108 28 71 18 21 164,480 142,980 $7.31

1.3% 0.8% 0.8%

2.8% 1.1% 1.1% 1.1% 0.9% 1.3% 3.4% 3.4% 3.4% 1.9%

2.8% 2.2% 3.4% 1.7% 1.7% 1.1% 1.2% 2.2% 2.0% 1.1% 4.2%

15.0%

MG 10/1/1990 1/1/2021 MG 7/1/2008 7/1/2019 MG 7/1/2008 9/30/2019

$1,800 $1,250 $1,200 $4,250

MG 4/1/1984 5/24/2022 MG 8/1/2017 11/1/2018 MG 4/1/1998 5/1/2020 MG 8/1/2012 6/30/2019 FS 10/1/1991 4/30/2019 MG 1/1/2004 5/1/2019 FS 1/1/2004 12/31/2018 MG 6/1/2016 4/30/2019 MG 9/1/1995 9/30/2019 MG 9/1/1999 8/1/2020

$1,000 $975

$1,000 $975 $675

$1,300 $3,313 $2,050 $2,100 $1,800 $15,188

9/15/2016 9/30/2020 6/1/1992 7/31/2021 9/1/2011 10/30/2019 8/1/2012 2/28/2019 9/1/2017 8/31/2019 FS 6/1/1992 6/1/2019 9/1/2011 8/30/2019 4/1/2013 10/1/2017 12/1/2012 8/30/2018 10/1/2018 9/30/2019 5/1/2002 6/1/2019

$2,750 $1,550 $2,275 $1,025 $1,200 $1,100

$875 $1,950 $1,600

$800 $2,900 $18,025 $8,000

$1.00 $1.04 $1.00

$12.00 $12.50 $12.00

$0.25 $0.61 $0.63 $0.61 $0.52 $0.68 $0.69 $0.43 $0.44 $0.66

$3.00 $7.31 $7.50 $7.31 $6.29 $8.16 $8.28 $5.13 $5.25 $7.94

$0.69 $0.48 $0.47 $0.43 $0.50 $0.69 $0.52 $0.62 $0.57 $0.51 $0.48

$0.37

$8.25 $5.81 $5.69 $5.13 $6.00 $8.25 $6.29 $7.47 $6.81 $6.08 $5.80

$4.47

$87,088 Monthy Base Rent $1,045,051 Annual Base Rent

Demographics Population 2018

Households Average Household Income

1 Mile 4,624

1,870 $36,168

3 Mile 1,994

7,938 $42,861

5 Mile 28,253

10,998 $46,553

Traffic Andews

I85

Vehicles Per Day 15,000

32,000

Click below to access auction web page and register to view diligence documents. CLICK TO GET MORE INFORMATION

CLICK TO VIEW DRONE VIDEO

For more information, please contact:

MICHAEL DAVIN President Zetabid, Inc. 424.888.6068 x 101 mdavin@

ERIC KOESTERER Director of Auction Operations Zetabid, Inc. 424.888.6068 x 110 ekoesterer@

The Seller, Zetabid, its employees and agents expressly disclaim as either seller or agent any warranty as to the property. Zetabid nor any of its affiliates or representatives has independently verified any of the information, including any approximations, estimates or projections, contained herein and does not undertake any obligation to independently verify any other written or oral communication.

Auction conducted by Heritage Global Partners in alliance with Zetabid, Inc. under Heritage Global Partners. Click the link above to view auction property web page for detailed property and bidding instructions. All bids/ offers shall be placed using the online sealed bid form. No bid shall be deemed accepted until a mutually executed Purchase and Sale Agreement is created. Subject to Seller's minimum reserve price. Buyer Premium is 2.5% and this amount shall be added to the winning bid amount to create the purchase price.

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