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Offering Memorandum OFFERING MEMORANDUM TAYLOR PLAZA 7555 Telegraph Road • Taylor, MI 48180 NON - ENDORSEMENT AND DISCLAIMER NOTICE Confidentiality and Disclaimer 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 subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant's plans or 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; 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 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. Non-Endorsement Notice Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The 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 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. TAYLOR PLAZA Taylor, MI ACT ID Y0020333 TAYLOR PLAZA OFFERING SUMMARY EXECUTIVE SUMMARY VITAL DATA YEAR 1 YEAR 2 Price $3,695,000 CAP Rate 6.54% 6.58% MAJOR EMPLOYERS Net Operating Down Payment 40% / $1,478,000 $241,677 $242,999 Income Net Cash Flow Loan Amount $2,217,000 6.09% / $90,003 6.18% / $91,325 EMPLOYER # OF EMPLOYEES After Debt Service Loan Type Proposed New Total Return 9.30% / $137,393 9.54% / $141,015 Ford 15,418 Interest Rate / Amortization 4.75% / 25 Years Oakwood Health Line 3,500 Gross Leasable Area (GLA) 16,628 SF US Post Office 1,253 Price/SF $222.22 Prudential Security Inc 1,200 Current Occupancy 100.0% Oakwood Heritage Hospital 900 Year Built / Renovated 2004 / 2004 McDonalds 846 Lot Size 2.3 acre(s) Performnce Drven Workforce LLC 827 MAJOR TENANTS Henry Ford Museum 800 TENANT GLA LEASE EXPIRATION LEASE TYPE Walmart 750 Phantom Fireworks 8,494 9/30/2019 NN Home Depot The 748 Sally Beauty Supply 1,533 6/30/2019 NN Frito-Lay 700 Great Clips for Hair 1,150 10/31/2023 NN Lsg Sky Shaft 700 GameStop Inc 1,457 1/31/2018 NN Go Wireless 1,234 8/31/2018 NN Payless Shoestores Inc 2,760 6/30/2019 NN DEMOGRAPHICS 1-Miles 3-Miles 5-Miles 2016 Estimate Pop 10,783 99,317 241,872 2016 Census Pop 11,006 101,461 247,214 2016 Estimate HH 4,168 39,472 96,670 2016 Census HH 4,230 40,216 98,572 Median HH Income $49,055 $48,655 $48,095 Per Capita Income $23,050 $23,460 $24,322 Average HH Income $59,627 $58,667 $60,600 #3 TAYLOR PLAZA PROPERTY OVERVIEW General Information Site Description Property Taylor Plaza Number of Stories One Property Address 7555 Telegraph Rd, Taylor MI 48180 Year Built 2004 Assessor’s Parcel Number N/A Building Area 16,628 SF Zoning N/A Lot Area 2.3 Type of Ownership Fee Simple Construction Parking 89 Spaces Foundation Slab Parking Ratio 5/100 Framing Wood / Glue-Lam Beam Exterior Brick Façade Mechanical Parking Surface Asphalt / Concrete Curbing HVAC Gas Fired – Roof Mounted Roof Type Flat Tar & Gravel Fire Protection Sprinkled – Separate System Landscaping Irrigated – Grass and Plantings Utilities Municipality Supplied Topography Mostly Level Interior Detail Walls Sheetrock Demising & Interior Ceilings Suspended / Drop Type Floor Coverings Hard and Soft Surface Restrooms Common or Mens/Womens Unit 4 TAYLOR PLAZA PROPERTY NARRATIVE Investment Overview Taylor Plaza is a six-tenant retail center shadow-anchored by a Walmart Supercenter. The property has enjoyed consistent, stable occupancy of national and regional tenants since its initial lease-up in 2004/2005. The center is physically well positioned on the site which routes vehicular traffic to pass directly in front of Taylor Plaza for shoppers visiting the Walmart Supercenter. Telegraph Avenue (US route 24) is one of the areas busiest arterials, offering additional visibility for the center’s retailers. Ingress/Egress to and from Taylor Plaza is convenient from Telegraph Avenue via a double-wide, signalized curb-cut. There is ample parking for shoppers on the subject parcel. Trade Area/Location Taylor, Michigan is a suburban infill, barriers-to-entry trade area, located approximately 18 miles southwest of Detroit. The population within the three-mile trade area is approximately 99,000; the population density increases to some 241,000 in the five-mile trade area. Average household income in the three-mile trade area is just over $58,000, with the five-mile average at approximately $60,000. Approximately 40% of the trade area population falls in the coveted 18-49-year-old age bracket with the median average age being approximately 39 years. According to the Michigan Department of Transportation (MDOT), the Annual Average Daily Traffic (“AADT”) is approximately 60,998 along Telegraph Avenue in front of the subject property. Site & Improvements Taylor Plaza is comprised of approximately 16,628 gross square feet of improvements on a parcel of approximately 2.3 acres. Built in 2004, the property is of wood frame and glue-lam beam construction with a brick veneer cladding. The parking surface is asphalt with approximately a 5-to1 parking ratio. The roof is a flat, built-up type. HVAC is gas-fired roof mounted heat-pump type system. 5 TAYLOR PLAZA PROPERTY NARRATIVE About the Tenants Taylor Plaza has a long history of full occupancy. Of the six tenants operating in the center, four are original tenants, and all are national/regional corporate guaranteed leases or national/regional franchisee operators. The retailer mix of Taylor Plaza is ideally suited to the demographics of the trade area and compliment the discount/value brand of the Walmart Supercenter shadow anchor. Summary Taylor Plaza offers an investor the opportunity to acquire a seasoned retail center, shadow anchored by the nations largest discount retailer, Walmart. The infill, barriers-to-entry nature of the trade area protects Taylor Plaza against the construction of new competing retail. High daily vehicular counts, a signalized intersection in front of the center, and a 5 to 1 parking ratio, Taylor Plaza provides what every successful retailer looks for in a location; high visibility, easy ingress/egress, barriers to entry, and ample parking. Seller Motivation This property is being sold along with several other retail assets by the same seller who is reducing its portfolio as part of a phase-out/retirement from its real estate ownership and management operations. The seller is motivated to complete a sale of the subject property under currently prevailing, market-correct, price and terms. 6 TAYLOR PLAZA LOCAL MAP 7 TAYLOR PLAZA AERIAL PHOTO Subject Property 8 TAYLOR PLAZA REGIONAL MAP 9 TAYLOR PLAZA FINANCIAL ANALYSIS TENANT SUMMARY Notes: On or about April, 2017, Payless Shoe Source filed for Chapter 11 reoganization under the U.S. Bankrupcty code. As part of that process, the retailer has entered into negotiations with landlords of store locations Payless Shoe Source would like to retain. 10 TAYLOR PLAZA FINANCIAL ANALYSIS TENANT SUMMARY 1211 TAYLOR PLAZA FINANCIAL ANALYSIS OPERATING STATEMENT 12 TAYLOR PLAZA FINANCIAL ANALYSIS PRICING DETAIL 13 PROPERTYTAYLOR PLAZANAME PRICINGPRICING ANDAND VALUATIONTENANTVALUATIONTENANT SUMMARY SUMMARY MATRIXMATRIX GameStop Corp. CREDIT RATING: B2 www.fdreports.com | www.creditntell.com | April 29, 2017 General Information Key Personnel 625 Westport Parkway , Grapevine, Texas, Chief Financial Officer Robert A. Lloyd Address 76051, United States Chief Executive Officer Julian Paul Raines Phone 817-424-2000 Chief Operating Officer & President Tony D. Bartel Website www.gamestop.com Financial Markets Store Base Stock Ticker GME Store Count 7,503 Current Price $21.69 as of 6/28/17 TTM Sales $8,682,300,000 52 Week High/Low $32.67 / $20.10 GameStop holds the top score in video game retailing. The largest retailer of new and used games, hardware, entertainment software, and accessories boasts more than 4,010 GameStop, EB Games, and Micromania branded stores in the US and 2,000-plus stores in Europe, Australia, and Canada. Its stores and e-commerce websites stock more than 5,000 video game related items, with more than half of its sales coming from new video game hardware and software. GameStop also sells downloadable add-on content from publishers, operates 1,565 smartphone retail locations (under the AT&T, Cricket Wireless, Simply Mac, and Spring Mobile banners), and publishes video game magazine Game Informer) .
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