PDF OFFICE DEPOT (Store of the Future) - Constant Contact
OFFICE DEPOT (Store of the Future)
30 44 S O UT H MCKEN ZIE S TREET - FOLE Y, ALABAMA 36535
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: Y0330635
1
Investment Overview
30 44 S O UT H MCKEN ZIE S TREET - FOLE Y, ALABAMA 36535
Marcus & Millichap is pleased to present this "Store of The Future" ? Office Depot in Foley, Alabama | Selected by Office Depot, Incorporated for Company's
Office Depot in Foley, Alabama, which is 50 miles south of Mobile and 30 miles west of Pensacola, Florida. Office Depot has been operating
New "Store of The Future" Concept
at this location for more than 15 years. The tenant has demonstrated commitment by extending their lease early two times. Additionally, ? Firm Term | More Than 10 Years of Lease Term Remaining | 10 Percent Rent Increase in 2023
this location has been selected by Office Depot, Incorporated to be
upgraded to their brand new "Store of The Future" concept. The tenant ? Tenant Demonstrates Commitment to Location | More Than 15-Year Operating History |
plans to invest more than $640,000 in the "Store of the Future" remodel. Second Early Lease Extension in May 2017
Only 5 percent of all office depot locations have been selected for this
upgrade in 2017. The work is scheduled to be completed during the fourth quarter of 2017.
? Corporate Guaranty | NASDAQ: ODP | Number 196 in Fortune 500 (June 2016)
Office Depot has 11 years remaining on a double-net (NN) lease with ? Signalized, Hard Corner Intersection | South McKenzie Street and Miflin Road | Main North-
minimal landlord responsibilities and a 10 percent rent increase in South and East-West Arteries Through Foley
2023. The lease is guaranteed by Office Depot, Incorporated, which
is a Fortune 500 company that did more than $11-Billion in revenue ? South McKenzie/Route-59 Retail Corridor | More Than 1-Million Square Feet of Retail in
across 1,441 locations in 2016. There are four, five-year renewal options remaining with ten percent rent increases in each option.
Less Than One Mile of Asset
This asset is located at the signalized intersection of South McKenzie ? Quarter Mile South of Tanger Outlets | More Than 89 Tenants and Over 470,000 Square
Street and Miflin Road. South McKenzie Street is a major north-south Feet of Retail | J. Crew, Michael Kors, Coach, Chico's, Under Armour, Nike, Kay Jewelers,
artery through Foley, and is also a major retail corridor with more than Banana Republic, Brooks Brothers, and More one-million square feet of retail in less than one mile of the subject
property. A quarter a mile north of this asset are the Tanger Outlets with more than 80 retailers featuring tenants such as: Coach, J. Crew,
? Additional Tenants Along the Corridor Include: Home Depot, Lowes, Big Lots, Hobby Lobby,
Michael Kors, Kay Jewelers, Under Armour, Nike, Brook's Brothers, Walmart, McDonald's, Burger King, Advance Auto Parts, Wells Fargo, CVS, Whataburger,
Banana Republic, Fossil, Reebok, and many more.
Chick-fil-A, and more
"STORE OF THE FUTURE EXAMPLE"
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: Y0330635
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Financial Overview
30 44 S O UT H MCKEN ZIE S TREET - FOLE Y, ALABAMA 36535
PRICE CAP RATE NOI PRICE PER SQUARE FOOT RENT PER SQUARE FOOT YEAR BUILT LOT SIZE GROSS LEASEABLE AREA TYPE OF OWNERSHIP LEASE GUARANTOR LEASE TYPE ROOF AND STRUCTURE
$3,475,781 7.25% $251,994 $169.65 $12.30 2001 2.018 Acres 20,488 Fee Simple Corporate Guaranty Double-Net (NN) Landlord Responsible
LEASE COMMENCEMENT DATE LEASE EXPIRATION DATE LEASE TERM TERM REMAINING INCREASES OPTIONS TO RENEW OPTIONS TO TERMINATE OPTIONS TO PURCHASE
10/1/2001 4/30/2028 15 Years 11 Years 10 Percent in 2023 Four, Five-Year Options None None
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: Y0330635
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Tenant Overview - Office Depot
30 44 S O UT H MCKEN ZIE S TREET - FOLE Y, ALABAMA 36535
Office Depot, Incorporated is a global supplier of office products and services. The company was incorporated in 1986 with the opening of our first retail store in Fort Lauderdale, Florida. Formed by the merger of Office Depot and OfficeMax, Office Depot, Incorporated is a leading global provider of products, services, and solutions for every workplace ? whether your workplace is an office, home, school, or car.
Office Depot, Incorporated is a resource and a catalyst to help customers work better. We are a single source for everything customers need to be more productive, including the latest technology, core office supplies, print and document services, business services, facilities products, furniture, and school essentials.
TENANT PROFILE
TENANT TRADE NAME
Office Depot, Incorporated
OWNERSHIP
Public
TENANT
Corporate Store
LEASE GUARANTOR
Corporate Guarantee
NUMBER OF LOCATIONS
1,441 (As of 12/31/2016)
HEADQUARTERED
Boca Raton, Florida
WEB SITE
SALES VOLUME
$11.02 Billion (2016)
NET WORTH
$1.85 Billion (2016)
STOCK SYMBOL
ODP
BOARD
NASDAQ
CREDIT RATING
B-
RATING AGENCY
S&P
RANK
#192 in Fortune 500 (June 2016)
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: Y0330635
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