Woodlyn Plaza 1936 Macdade Boulevard Woodlyn, Pa
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WOODLYN PLAZA 1936 MACDADE BOULEVARD WOODLYN, PA HIBACHI GRILL & SUSHI BUFFET Woodlyn Plaza TABLE OF CONTENTS Section 1: Property Analysis Section 2: Tenant Overview Property Overview......................................................6 Grocery Outlet....................................................13-15 Rent Roll....................................................................7 Family Dollar............................................................16 OFFERED Income & Expenses.....................................................8 Misc. Tenant Descriptions..........................................17 EXCLUSIVELY BY Investment Highlights..................................................9 Section 4: Location Overview Investment Overview.................................................10 Regional Map..........................................................19 Lead Agents: Site Plan..................................................................11 Aerial Map..............................................................20 Derrick Dougherty Widener Proximity Map...........................................21 First Vice President Location Overview...............................................22-24 Philadelphia, PA 215.531.7026 Demographic Summary............................................25 [email protected] License: PA RS305854 NON-ENDORSEMENT Scott Woodard AND DISCLAIMER NOTICE National Retail Group NON-ENDORSEMENTS Philadelphia, PA Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The 215.531.7058 [email protected] presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of PA RS329242 Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. Mark Krantz National Retail Group Philadelphia, PA DISCLAIMER PA RS336064 | NJ 1537786 The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the Steven Garthwaite subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the National Retail Group presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition Philadelphia, PA of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its PA RS332182 occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the Our Locations: information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved. Philadelphia, PA King Of Prussia, PA 2005 Market Street #1510 200 N. Warner Road Philadelphia, PA 19103 King Of Prussia, PA 19406 P: 215.531.7000 P: 215.531.7000 New York, NY Marcus & Millichap Real Estate Investment Services of Seattle, Inc. Broker of Record: Sean Beuche 260 Madison Avenue License: RB062197C License: PA RM424190 5th Floor New York, NY 10016 WINE & SPIRITS M (6,400 Total Enrolled) MacDade Boulevard (26K+ VPD) Delaware County Housing Development Delaware County Housing Authority I-476 (84K+ VPD) BEST AUTO TAG SERVICE CEDAR Beauty Supply MacDade Boulevard (26K+ VPD) PROPERTY ANALYSIS WOODLYN PLAZA | GROCERY ANCHORED CENTER Property Analysis Woodlyn Plaza PROPERTY ANALYSIS $9,346,403 8.00% $747,712 $88.36 PRICE CAP RATE NET OPERATING INCOME PRICE PSF ADDRESS: 1936 Macdade Blvd Woodlyn, PA GROSS LEASABLE AREA 105,773 SF OCCUPANCY: 77.14% YEAR BUILT/RENOVATED: 1968/2005 LOT SIZE: 9.44 Acres PARKING: ±350 Spaces MAJOR TENANTS: Woodlyn Plaza RENT ROLL BASE RENT NEAR TERM RENT STEPS EXTENSION OPTIONS TENANT UNIT NRSF GLA % LSD LXD RECOVERIES ANNUAL RENT/SF DATE ANNUAL RENT/SF OPTIONS DATE RENT/SF F&B Variety 1 1,200 1.13% Feb-92 Oct-24 $24,345 $20.29 Nov-Annually 3% Increase Annually Modified Gross Cheese's Hair Studio 2 1,225 1.16% Jun-12 Mar-24 $25,956 $21.19 April- Annually 3% Increase Annually Gross WOW Woodlyn Nails 3 1,980 1.87% Oct-00 Dec-22 $49,440 $24.97 Jan- Annually 3% Increase Annually 1(5yr) option Jan-23 $28.10 NNN Jan-20 $15.40 Cricket 4 2,585 2.44% Apr-08 Dec-19 $40,518 $15.67 2(5yr) option NNN+ 15% Admin Fee Jan-25 $17.00 Sep-19 $26,227 $32.18 Wing Hut 5A 815 0.77% Sep-16 Aug-21 $25,462 $31.24 NNN+ 20% Admin Fee Sep-20 $27,009 $33.14 Jul-22 Hibachi Grill 9,10,11 11,280 10.66% Sep-11 Jun-22 $84,000 $7.45 2(5yr) option NNN Jul-27 Grocery Outlet 12&13 16,950 16.02% Jan-08 Dec-23 $120,000 $7.08 1(5yr) option Jan-24 $10.00 NNN Apr-20 $78,375 $9.50 Apr-22 $10.30 Value Hair Beauty 14 8,250 7.80% Apr-17 Mar-22 $74,250 $9.00 2(5yr) option NNN Apr-21 $82,500 $10.00 Apr-27 $10.61 Jackson Hewitt 15 1,475 1.39% Nov-99 Jul-21 $22,597 $15.32 May-20 $23,275 $15.78 NNN Sep-20 $39,340 $14.05 Little Caesar's 17B&18 2,800 2.65% May-13 Aug-23 $38,192 $13.64 1(5yr) option Sep-23 $15.35 NNN Sep-21 $40,516 $14.47 Woodlyn Cleaners 19 3,600 3.40% Oct-97 Oct-20 $51,600 $14.33 Nov-19 $52,800 $14.67 1(3yr) option Nov-20 $14.67 Gross Woodlyn Academy * 21/22 13,253 12.53% Dec-16 Aug-28 $160,665 $12.12 Sep- Annually $192,096 Modified Gross Jan-20 $47,269.44 $11.25 Direct Buy Furniture 23 4,200 3.97% Aug-13 Dec-22 $45,893 $10.93 Jan-21 $48,687.48 $11.59 Modified Gross Jan-22 $50,148.12 $11.94 Jul-23 $13.31 2(5yr) option NNN+ 15% Admin Family Dollar 24 8,900 8.41% July-08 June-23 $107,690 $12.10 Jul-28 $14.64 1(4.5yr) option Fee(5%CAM Cap) Jul-32 $16.11 Seafood Hut & Market** 25 3,080 2.91% Sep-18 Aug-28 $30,000 $9.74 Sep-19 $36,000 $11.68 NNN Total Leased Space 81,593 77.14% 2018 Rent $900,608 Available Space Total GLA 105,773 *Woodlyn Academy has 3% annual rental increases throughout their lease starting 09/01/2019 Available 6&7 3,906 3.69% Total Occupied (GLA%) 77.14% **Seafood Hut has 3% annual rental increases throughout their lease starting 09/01/2019. Scheduled to open 4th Quarter 2019 Available 8 4,019 3.80% Total Available (GLA%) 22.86% *F&B Variety, Woodlyn Academy,Direct Buy pay a fixed amount for monthly CAM Available 16 9,175 8.68% Total NNN 55.43% *Family Dollar has a 5% cap on CAM, fully reimburse for Taxes and Insurance Available 17A 2,000 1.89% Available Basement 4,080 3.86% Available 5B 1,000 0.95% 24,180 22.86% Woodlyn, PA INCOME & EXPENSES INCOME Scheduled Base Rental Revenue1 $900,608 Expense Reimbursement Revenue2 $244,249 EFFECTIVE GROSS REVENUE $1,144,857 OPERATING EXPENSES4 Real Estate Taxes $159,701 Insurance $48,005 CAM Snow Removal $25,852 Landscaping $5,387 Cleaning and Maintenance $30,837 Repairs $23,198 Roof Repair $5,989 Plumbing $2,379 Pest Control $1,272 Water $20,434 Electricity $11,160 Trash $11,474 CAM Total $137,982 Management Fee $30,770 Total Operating Expenses $376,458 Capital Reserves5 $20,687 NET OPERATING INCOME $747,712 Notes: 1) Scheduled base rent is based on current 2019 Rental Income 2) Expense Reimbursement Revenue is based on collection history *Tenants Pro Rata share is based off the total SF of the shopping center equaling 111,558sf (Vacant Warehouse/Rear of Center) 4) Operating Expenses are based on 2018 Trailing expenses 5) Capital Reserves are +/-$.20/psf (105,773sf) Woodlyn Plaza INVESTMENT HIGHLIGHTS ESTABLISHED GROCERY-ANCHORED SHOPPING CENTER • Woodlyn Plaza Is A 105,773-Square-Foot Shopping Center Anchored By Grocery Outlet Supermarket (280+ Locations) • Grocery Outlet recently filed a registration statement with the Securities and Exchange Commission for an IPO of 17,187,500 shares of common stock at a price of $15 to $17 per share INTERNET-RESISTANT TENANCY • Center Is Occupied By Serviced Based Tenant Roster That Allows It To Be E-Commerce Resistant LIGHT VALUE ADD OPPORTUNITY • 77.14 Percent Occupied Neighborhood Shopping Center With Upside From Lease Up Of Vacant Space • 55.43 Percent Of Total GLA Operates Under Triple Net Leases LARGE PARCEL WITH AMPLE PARKING • The Site Sits On A 9.44 Acre Parcel With ±350 Parking Spaces REGIONAL ACCESS: HIGHLY VISIBLE & EASILY ACCESSIBLE LOCATION • Positioned At The On/Off Ramp