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Offering Memorandum Pensacola, Florida

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Offering Memorandum Pensacola, Florida Offering Memorandum Pensacola, Florida Subject Property 10-Year Lease with Approx. 3% Annual Rent Increases Outparcel to Cordova Mall, Local Economy is Driven by Eight Years Remaining on Throughout Base Term and the Largest Shopping Center Military, Defense Industry, Base Term Options on the NW Gulf Coast of FL Tourism & Healthcare CONFIDENTIALITY AND DISCLAIMER NET LEASED DISCLAIMER The information contained in the following Marketing Brochure is proprietary and Marcus & Millichap hereby advises all prospective purchasers of Net Leased property strictly confidential. It is intended to be reviewed only by the party receiving it from as follows: Marcus & Millichap Real Estate Investment Services of Florida, Inc. and should not be made available to any other person or entity without the written consent of Marcus & The information contained in this Marketing Brochure has been obtained from sources Millichap. This Marketing Brochure has been prepared to provide summary, unverified we believe to be reliable. However, Marcus & Millichap has not and will not verify any information to prospective purchasers, and to establish only a preliminary level of of this information, nor has Marcus & Millichap conducted any investigation regarding interest in the subject property. The information contained herein is not a substitute these matters. Marcus & Millichap makes no guarantee, warranty or representation for a thorough due diligence investigation. Marcus & Millichap has not made any whatsoever about the accuracy or completeness of any information provided. investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the As the Buyer of a net leased property, it is the Buyer’s responsibility to independently property, the size and square footage of the property and improvements, the presence confirm the accuracy and completeness of all material information before completing or absence of contaminating substances, PCB’s or asbestos, the compliance with any purchase. This Marketing Brochure is not a substitute for your thorough due State and Federal regulations, the physical condition of the improvements thereon, diligence investigation of this investment opportunity. Marcus & Millichap expressly or the financial condition or business prospects of any tenant, or any tenant’s plans or denies any obligation to conduct a due diligence examination of this Property for Buyer. intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; Any projections, opinions, assumptions or estimates used in this Marketing Brochure however, Marcus & Millichap has not verified, and will not verify, any of the information are for example only and do not represent the current or future performance of this contained herein, nor has Marcus & Millichap conducted any investigation regarding property. The value of a net leased property to you depends on factors that should be these matters and makes no warranty or representation whatsoever regarding the evaluated by you and your tax, financial and legal advisors. accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the property for your needs. Like all real estate investments, this investment carries significant risks. Buyer and NON-ENDORSEMENT NOTICE Buyer’s legal and financial advisors must request and carefully review all legal Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial and financial documents related to the property and tenant. While the tenant’s tenant or lessee identified in this marketing package. The presence of any corporation’s past performance at this or other locations is an important consideration, it is not a logo or name is not intended to indicate or imply affiliation with, or sponsorship or guarantee of future success.Similarly, the lease rate for some properties, including endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or newly-constructed facilities or newly-acquired locations, may be set based on a any agent, product, service, or commercial listing of Marcus & Millichap, and is solely tenant’s projected sales with little or no record of actual performance, or comparable included for the purpose of providing tenant lessee information about this listing to rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail prospective customers. to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT the intrinsic value of the property and the value of any long-term lease, including YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property. By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property. FINANCIAL OVERVIEW 3% Annual Rent Increases Rent Schedule Overview Base Term Annual Rent PSF Cap Rate 5048 Bayou Boulevard, Pensacola, FL 32503 4/1/2021-3/31/2022: $212,180 $53.05 7.25% Price: $2,927,000 4/1/2022-3/31/2023: $218,545 $54.64 7.47% Cap Rate: 7.25% 4/1/2023-3/31/2024: $225,101 $56.28 7.69% Rentable Square Feet: 4,000 4/1/2024-3/31/2025: $231,855 $57.96 7.92% Annual Rent: $212,180 4/1/2025-3/31/2026: $238,810 $59.70 8.16% Price PSF: $731.75 4/1/2026-3/31/2027: $245,975 $61.49 8.40% Land Area: 0.36 Acres 4/1/2027-3/31/2028: $253,354 $63.34 8.66% Year Built: 2014 4/1/2028-3/31/2029: $260,955 $65.24 8.92% Lease Summary Option Periods Annual Rent PSF Cap Rate Tenant: MedMen Option 1, Year 1: $268,783 $67.20 9.18% Website: www.MedMen.com Option 1, Year 2: $276,847 $69.21 9.46% Lease Guarantor: MM Enterprises USA, LLC Option 1, Year 3: $285,152 $71.29 9.74% Lease Type: Modified NNN Option 1, Year 4: $293,707 $73.43 10.03% Option Periods: 2, 5 Year Options Option 1, Year 5: $302,518 $75.63 10.34% Rent Increases: 3% Annually Option 2, Year 1: $311,594 $77.90 10.65% Roof & Structure: Landlord* Option 2, Year 2: $320,941 $80.24 10.96% Commencement: 4/16/2019 Option 2, Year 3: $330,569 $82.64 11.29% Lease Expiration: 3/31/2029 Option 2, Year 4: $340,487 $85.12 11.63% *Roof is under 15-year warranty that commenced on or about August 12, 2014. Option 2, Year 5: $350,702 $87.68 11.98% INVESTMENT HIGHLIGHTS Long-Term Lease with Annual Rent Increases Major Tourist Destination | Emerald Coast • Three Percent Annual Rent Increases Throughout Base Term and • The Local Economy is Driven by the Military, the Defense Industry, Option Periods Tourism and Healthcare • 10-Year Lease with Approx. Eight Years Remaining on Base Term • Tourism and Hospitality Industry Comprises the Greatest Portion • Two, Five-Year Tenant Renewal Options of the Overall Workforce • Health Practitioners Comprise a Large Portion of The Local Workforce Surrounding Retail & Points of Interest at Area Medical Facilities that Include Sacred Heart Hospital and • Located on Bayou Boulevard with More Than 25,500 Vehicles Daily Baptist Hospital • Population Over 140,000 Within Five Miles of Subject Property • Four Miles from West Florida Hospital with More Than 390 Beds • Surrounding National Retailers Include Lowe’s, Sam’s Club, Home • Seven Miles from the University of West Florida with a Total Depot, Target, Home Goods, TJ Maxx, Planet Fitness, Michael’s, Enrollment of 9,531 Students Rooms To Go, Publix, Winn Dixie, The Fresh Market, Big Lots, Bank • 11 Miles from Pensacola Beach of America, T-Mobile, Outback Steakhouse, Ale House, Chili’s Grill • The U.S. Navy has a large presence in the Pensacola Metro, Driving & Bar, Longhorn Steakhouse, Olive Garden, Chick-fil-A, McDonald’s the Local Economy Panera Bread, Wendy’s, Dunkin’, Starbucks and Many More » 11 Miles from Naval Air Station Pensacola – Employs More Than • Outparcel to Cordova Mall, Which is the Largest Shopping Center 16,000 Military and 7,400 Civilian Personnel on the Northwest Gulf Coast Of Florida and Owned by Simon » Property Group and Anchored by Dillard’s, Belk, Dick’s Sporting 13 Miles from Forrest Sherman Field Airport, a Military Airport Goods, Best Buy, Bed, Bath and Beyond Located on NAS Pensacola » 51 Miles from Eglin Air Force Base, the Largest Air Force Base in • 0.5 Mile from Sacred Heart Hospital – a 566-bed Acute-Care Facility, the World That Comprises Over 720 Square Miles has Approx. Also Home to The Studer Family Children’s Hospital, Northwest 20,000 Personnel Florida’s Only Hospital Dedicated to the Care of Children with Acute Injuries or Illnesses » Several Aerospace and Defense Contractors in the Region to Support Air Force Operations • One Mile from Pensacola International Airport » Thousands of Jobs Have Been Created by Companies Such • Within Walking Distance from Pensacola State College with an as Boeing, Lockheed Martin, BAE Systems, Reliance Test and Enrollment of 9,906 Students and 320 Faculty and Staff Technology and L-3 Crestview Aerospace TENANT SUMMARY Representative Photos edMen was founded with the vision to de-stigmatize cannabis by offering an accessible and welcoming shopping environment Mbecause a world where cannabis is legal and regulated is safer, healthier and happier.
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