Acadiana Mall Sears Lafayette, Louisiana 1 Berkeleycap.Com | 704.379.1980 Confidentiality Statement
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TABLE OF CONTENTS ACADIANA MALL SEARS LAFAYETTE, LOUISIANA 1 BERKELEYCAP.COM | 704.379.1980 CONFIDENTIALITY STATEMENT All contents in this proposal are strictly confidential and are shared with the understanding that they will be held in confidence and not disclosed to third parties without the prior consent of Berkeley Capital Advisors. TRANSACTION TEAM PRIMARY CONTACTS Marc Ozburn Associate 704-401-0514 [email protected] Laura Hensler Analyst 704-943-3162 03 OFFERING OVERVIEW [email protected] SECONDARY CONTACTS 11 MARKET OVERVIEW Rob Carter Rad von Werssowetz Partner Partner 704-379-1982 704-714-2367 [email protected] [email protected] 15 PROPERTY OVERVIEW David Webb Alex Quarrier Partner Partner 704-379-1967 704-714-2365 [email protected] [email protected] 19 ECONOMIC OVERVIEW TABLE OF CONTENTS ADDRESS 5715 Johnston St Lafayette, LA 70503 MARKET TOTAL GLA LAFAYETTE, LA 194,933 SF YEAR BUILT OCCUPANCY 1979 0% TOTAL LAND SIZE 16.431 ACRES 3 BERKELEYCAP.COMberkeleycap.com | 704.379.1980 TABLE OF CONTENTS THE VACANT SEARS AT MALL OF ACADIANA OFFERS INVESTORS A WELL-POSITIONED ASSET IN A DENSELY POPULATED AREA WITH SIGNIFICANT UPSIDE POTENTIAL. The Sears at Mall of Acadiana is a vacant Sears and Sears Auto Center located near the intersection of Johnston Street (33,555 VPD) and Ambassador Caffery Pkwy (44,421 VPD) in Lafayette, LA. There are nearly 6,000 people with an average household income of $119,716 within the surrounding 1-mile radius. The 16.431 acre property allows for a variety of redevelopment opportunities. In addition to the strong tenant mix of the Mall of Acadiana (Dillard’s, Macy’s, and JC Penny), this site is surrounded by other national retailers such as Hobby Lobby, TJ Maxx, Michaels, and Dollar Tree. The retail density draws from a wide trade area in Lafayette Parish as well as in surrounding parishes, PROPERTY DETAILS such as the Vermillion, Acadiana, Saint Landry, and Iberia 5715 Johnston St Parishes. Address Lafayette, LA 70503 PINs 6063821 County Lafayette Parish Total GLA 194,933 SF Anchor Tenants Vacant Sears Percent Leased 0% Total Land Size 16.431 AC Year Built 1979 Debt Free & Clear Parking Spaces 952 4 BERKELEYCAP.COM | 704.379.1980 TABLELOCATION OF CONTENTS MAP x 133K Within a 5-Mile Radius of Mall of Acadiana, the population is approximately 132,709 people. $120K The 2018 Estimated Average Household Income within a 1-mile radius of Mall of Acadiana is $119,716. 35 Less than 35 minutes from downtown Lafayette, LA 5 BERKELEYCAP.COM | 704.379.1980 NE Lafayette General Lafayette Regional Downtown Lafayette Medical Center Airport 6.3 miles away 477 beds 129 flights per day CAJUNDOME University of Louisiana Lafayette AMBASSADOR CAFFERY PKWY - 44,421 VPD JOHNSTON ST - 33,555 VPD vacant Our Lady of Lourdes 410 beds SE INTERNAL HOME VALUES REVENUE $450K-$1.1M SERVICE PEPPERTREE ANSLEY WALK APARTMENTS APARTMENTS $1,000-$1,352 $835-$1,400 vacant N Lafayette General Southwest 131 beds AMBASSADOR CAFFERY PKWY - 44,421 VPD JOHNSTON ST - 33,555 VPD vacant Downtown Lafayette 6.3 miles away University of Louisiana Lafayette AMBASSADOR CAFFERY PKWY - 44,421 VPD Lafayette Regional Lafayette General Airport Medical Center 129 flights per day 477 beds HOME VALUES $150K-$245K HOME VALUES $450K-$1.1M Our Lady of Lourdes 410 beds JOHNSTON ST - 33,555 VPD TABLEASSET OFSTRENGTHS CONTENTS WELL-POSITIONED ASSET WITH VALUE-ADD OPPORTUNITY Frontage: The center is 339.5.2’ by 418.1’, creating an ample amount of frontage for retail redevelopment. This will give investors flexibility when backfilling the center, allowing them to subdivide the space in a way that is suitable for prospective retailers. Repositioning Opportunity: Investors have the opportunity to generate upside through the repositioning of the dark, 194,933 SF Sears box. Main Retail Node: This center is in the main retail corridor of Lafayette and is surrounded by national retailer such as Hobby Lobby, T.J. Maxx, Michaels, and Dollar Tree. Attractive Co-Tenants: Acadiana Mall has a very strong tenant mix with Dillard’s, JC Penny, and Macy’s. Quick Facts Highly Trafficked Corridor: The center is positioned at the corner of Johnston Street (33,555 VPD) and Ambassador Caffery Pkwy (44,421 VPD). Large Acreage: There are 16.431 acres that could be redeveloped for a Located on Average 1-mile variety of uses that would appeal to a large buyer pool. Johnston St HH income is (33,555 VPD) $119K Densification Opportunity: In addition to the immediate backfill scenario with the Sears box, there is an opportunity to carve out and develop several different outparcels to dramatically grow value. Given the location and strong fundamentals of the real estate, there are a variety of uses that could be pursued in the repositioning of the asset. Strong Surrounding Demographics: The 5-mile radius has over 132,709 people with an average household income of $92,546. The population within a 1-mile radius grew 15.05% over the last five years and is expected 194,933 SF vacant 16.431 acres could to grow by 11.35% in the next five years. Sears generates be redeveloped for a upside for new BERKELEYCAP.COMberkeleycap.comvariety |of 704.379.1980 uses 10 investor MARKET OVERVIEW 11 BERKELEYCAP.COM | 704.379.1980 TABLECOMPETITIVE OF CONTENTS RETAIL MAP 12 8 7 6 5 4 3 2 10 9 11 CENTER SF OCC. BUILT ANCHORS RENTS CENTER SF OCC. BUILT ANCHORS RENTS 1 Acadiana Mall 994,162 n/a 1994 Vacant Sears, Macy’s, Dillards - 7 Sam's Club 114,521 100% 2008 Sam's Club $12 - 14 2 Lowe's 99,440 100% 2013 Lowe's $12 - 14 8 Walmart Supercenter 193,486 100% 2003 Walmart Supercenter $16 - 20 3 Home Depot 99,629 100% 2007 Home Depot $11 - 14 9 Crossroads South 155,000 100% N/A Kohl's $15 - 25 Big Lots, Target, Ross Dress For Less, 4 Ambassador Row 194,678 91% 1980 $11 10 River Marketplace 343,814 93% 2003 $24 - 29 Jo-Ann Fabric and Craft Stage Stores T.J. Maxx, Office Depot, 5 Acadiana Square 103,776 90% 1991 $12 - 15 11 Ambassador Town Center 153,973 100% 2016 Costco $12 -14 Stein Mart Burlington, Walmart Supercenter, 6 Ambassador Way Outparcels 197,803 87% N/A $8 - 22 12 Walmart Plaza 114,000 100% 2000 $12 - 15 Conn's Home Plus Jackson Hewitt 12 BERKELEYCAP.COM | 704.379.1980 LAFAYETTE PARISHES AVG HH AVG SPENT ON PARISH POPULATION INCOME HEALTHCARE 1 Evangeline 35,091 $50,304 $4,193.45 2 St. Landry 86,160 $50,829 $4,052.72 3 Acadia 64,615 $54,680 $4,433.88 1 4 Lafayette 252,406 $77,401 $5,356.16 2 5 St. Martin 55,908 $62,098 $4,883.35 6 Iberia 74,267 $64,820 $4,990.52 7 St. Mary 57,163 $55,233 $4,418.48 8 Vermillion 61,522 $63,149 $4,972.77 3 5 Lafayette is the dominant market in the Acadiana region and services the 4 other parishes from a retail, education and medical perspective. 6 8 5 7 13 BERKELEYCAP.COM | 704.379.1980 MARKETTABLE OF OVERVIEW CONTENTS - LAFAYETTE, LA • Lafayette is a short hour drive to the capital of Louisiana, Baton Rouge Economy Affectionately known as the “Hub City”, Lafayette offers the essential • Lafayette’s economy specializes in mining, quarrying, oil, gas extraction, elements needed to ensure the growth and development of its business accommodation & food service, and professional scientific tech services community • Top employers include: • Considered the only major city in Louisiana to have grown its population since • Lafayette Parish School System the year 2000. • Lafayette Consolidated Gov. • 4th largest city in the state of Louisiana with a total population of 125,808 • University of Louisiana-Lafayette • The median age is 34 • Lafayette General Medical Center • Home to the national guard headquarters of the 256th infantry brigade with a • Wal-mart Stores Inc military unit of more than 3,000 soldiers • Wood Group Production Services • Baker Hughes Education • WHC, IncIsland Operating Company • University of Louisiana at Lafayette – 17,519 total enrollment • Schlumberger • The largest campus within the 8 campus University of Louisiana System • The second largest university in Louisiana Medical • It is recognized mostly for its excellence in computer science and its • Lafayette General Medical Center is a 477 bed facility, including 24 beds at graduate courses in environmental biology the Behavioral Health Unit • Home to South Louisiana Community College (4,593 students) and Louisiana • Our Lady of Lourdes Hospital is a newly constructed 186-bed hospital Technical College at Lafayette (567 students) • Acadia General Hospital contains 179 total staffed beds and is located just • The public school system is run by Lafayette Parish School System and outside of Lafayette contains 33 schools, 21 elementary schools, 12 middle schools, and 7 high schools Tourism • Lafayette has more restaurants per capita than any city in the entire region Infrastructure • Known for its thriving arts community, Lafayette has a culture supportive of • Lafayette Regional Airport (LFT) – 129 flights per day theatre, visual arts, and music • Interstate Highway: 1-10 and 1-49 are the main intersections • Lafayette is known as “The Sportsman’s Paradise”. The bayous and swamps • The Amtrak Sunset Limited offers passenger rail service three days a week are great places for canoe rides and the fishing from New Orleans, LA to Los Angeles CA • It is home to the semi-pro football team that plays at STM Stadium 14 BERKELEYCAP.COM | 704.379.1980 TABLEDEMOGRAPHICS OF CONTENTS POPULATION 1 Mile 3 Mile 5 Mile 2023 Population 6,644 70,628 141,952 2018 Population 5,938 65,840 132,709 2010 Population 4,650 58,137 118,610 2000 Population 4,052 49,697 101,845 2018-2023 Annual Rate 2.27% 1.41% 1.36% 2010-2018 Annual Rate 3.01% 1.52% 1.37% 2000-2010 Annual Rate 1.39% 1.58% 1.54% 132,709 HOUSEHOLDS 5-mile radius 2023 Total Households 2,859 29,291 58,063 population 2018 Total Households 2,546 27,319 54,265 2010 Households 1,968 24,175 48,555 2000 Households 1,587 19,662 40,467 2018-2023 Annual Rate 2.35% 1.40% 1.36% 2010-2018 Annual Rate 3.17% 1.49% 1.36% 2000-2010 Annual Rate 2.18% 2.09% 1.84% 2018 EST.