PDF Starbucks, Mattress King, Zoës Kitchen

Starbucks, Mattress King, Zo?s Kitchen

1130 Woodruff Road, Greenville, SC 29607

11,061 Square Feet $5,525,000 6.45% Cap Rate

For investment information: J. Tyson Glasser, CCIM ? Investment Sales Director tglasser@ ? 864.263.5427 o ? 404.435.6312 c

Executive Summary

Investment Overview..........................................................3 Financial Highlights.............................................................4 Rent Roll...................................................................................5

Property Overview

Site Plan...................................................................................6 Property Photos................................................................7-8 Aerial.........................................................................................9

Tenant Overview

Tenant Profiles.....................................................................10

Area Overview

Trade Area Photos........................................................11-13 Location Map.......................................................................14 Market Profile................................................................15-16 Demographics.............................................................17 -20

Table of Contents

Investment Overview

Location:

Upstate South Carolina at the intersection of I-85 and SC Hwy 146 (Woodruff Road) about 7 miles from downtown Greenville and 7 miles from Greenville-Spartanburg International Airport

Land Size:

+/- 1.13 Acres

Building Size:

+/- 11,061 Square Feet

Building Age:

New construction completed in December 2013

Occupancy:

100% leased to 3 tenants

Tenant Lineup:

Mattress King

6,501 SF

58.8%

Zo?s Kitchen2,770 SF25.0%

Starbucks1,790 SF16.2%

11,061 SF100%

Guarantors:

All corporate (See Rent Roll for more details)

Lease Types:

Triple Net with minimal Landlord obligations

Lease Commencement: October 2013 - January 2014 (See Rent Roll for details)

Base Lease Terms:

7-10 years (See Rent Roll for details)

Option Terms:

2-4 for 5-7 years each (See Rent Roll for details)

Landlord Responsibility: CAM/Tax/Insurance billing, Roof/Structure/Parking Lot

Repairs, Minimal maintenance

Tenants Responsibility: CAM/Tax/Insurance/Management expenses

Frontage:

+/- 177 feet on Woodruff Road and visibility from I-85

Signage:

Each storefront and sides of building with elevated

monument on Woodruff Road

Access:

2 entrances/exits on easement drive with direct access to

Woodruff Road and drive thru access for Starbucks

Parking:

+/- 65 spaces with 3 handicap spaces

Zoning:

C-2, Commercial

Declaration:

Property subject to easement and restriction agreements

with adjacent properties

Co-Tenancy:None

Traffic Counts:

+/- 35,000 on Woodruff Road and +/- 95,000 on I-85/385

DEMOGRAPHIC SUMMARY - 2014

3 Mile

POPULATION

45,237

HOUSEHOLDS

20,557

AVERAGE HH INCOME $77,645

MEDIAN HH INCOME $57,260

5 Mile

147,538 60,149 $80,012 $55,455

7 Mile

257,799 104,558 $74,061 $51,786

Financial Highlights

Purchase Price: $5,525,000

Cap Rate: 6.45% based on Year 2 projected NOI

Base Rental Income: $369,315.00 (Years 1-5)

Reimbursements: $62,494.65 (estimated Year 2)

Administrative Fees: $912.01 (10% of CAM for Starbucks and Mattress King)

Gross Potential Income: $432,721.66 (estimated Year 2)

Vacancy Factor: $12,981.65 (3% of GPI)

Expenses: CAM, Taxes, Insurance estimated at $5.65 PSF in Year 2 ($62,494.65)

Management Fee:

Included in CAM expenses

Capital Reserves: $1,106.10 ($0.10 PSF)

Net Operating Income: $356,139.26 (projected Year 2)

Assumable Financing: Property delivered free and clear of debt at close of escrow

Proposed Financing: 65-70% loan-to-value ($1.65-1.95M down payment)

7-10 year term

20-25 year amortization

4.25-4.50% interest rate

$233,462.03 annual debt service (using 65% LTV, 25 year amortization, 4.25% interest)

$122,677.23 after debt cash flow (years 1-5)

6.35% cash-on-cash return (years 1-5)

Tenant Financials:

Available online or from broker after

execution of a confidentiality agreement

Rent Roll

Suite AA BB C C

Tenant

Square Lease

Feet

Start

Lease End

Rent PSF

Annual Rent

Rent

CAM/Tax/ Admin.

Bumps Insurance Fee

SSttaarrbbuucckkss

(S(tSatrabrbuucckkss CCoorrppoorraattiioonn))

11,,779900 1100//2288//1133 22//2299//2244 $$3377..0000 $$6666,2,23300..0000

NNoonnee

NNNNNN

101%0%of CofACMAM

((MMMOMOaatppttaatererttrerettasasrrsttsieieDooDssnnisisssssc,K,cKoLoLiuLuLninCnnCgtt)e)gesrrss Zoes Kitchen

(ZoesZoS?osuKthitcChaernolina, (Zoes SoutLhLCCar)olina, LLC)

TOTALS

TOTALS

66,,550011 1122//1199//1133 1111//3300//2200 $$3311..5500 $$220044,,775500..0000 NNoonnee

2,770 2,770

1/9/14 1/9/14

1/31/24 1/31/24

$35.50 $35.50

$98,335.00 $98,335.00

10% in Year 10% in6year 6

11,061 11,061

$369,315.00 $369,315.00

NNNNNN NNN NNN

o1Cf01AC%0MA%oMf None None

Options (5 years each)

OOppttiioonn11: : $$4422..5555 OOpptiioonn22: : $$4466..8811 OOppttiioonn33: : $$5511..4499 OOppttiioonn44: : $$5566..6633

Option 11:: $$34.65 OOppttiioonn 22:: $$3388..1111

Option 1: $42.96 OOppttiioonn21:: $$4472..2956 OOppttiioonn32:: $$5417..9285 Option 3: $51.98

Notes

1. Starbucks can terminate anytime after 5 years with 180 days notice and payment of a termination fee (amortized balance of leasing commission plus tenant improvement allowance).

2. Starbucks year 1 CAM capped at $1.75 PSF with 5% annual increase caps (all tenants have 5% annual increase caps). 3. Sleepy's, LLC owns Mattress Discounters Operations, LLC and is responsible for the lease. Store and lease name will change to Sleepy's once they open a distribution center

to serve the SC market. 4. Zoes Kitchen lease guaranteed by Zoes Kitchen USA, LLC

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