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7-Eleven (S&P: Aa-) New 15 Year Lease

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7-Eleven (S&P: Aa-) New 15 Year Lease INVESTMENT OPPORTUNITY 7-ELEVEN (S&P: AA-) NEW 15 YEAR LEASE NEWBERRY, SC OFFERED AT: $5,670,000 | 4.85% CAP OFFERED AT $2,027,000 | 6% CAP Representative Photo EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW TABLE OF CONTENTS EXECUTIVE SUMMARY 4 Offering Summary 5 Investment Highlights 6 Lease Summary & Rent Schedule 7 Lease Abstract PROPERTY INFORMATION 9 Location Maps 10 Site Plan 11 Property Elevations 12 Neighboring Tenants 15 Aerials TENANT OVERVIEW 22 About 7-Eleven AREA OVERVIEW Representative Photo 25 Newberry Area Overview 26 Overview: Upstate SC 27 Demographics Confidentiality Agreement & Disclosures EXCLUSIVELY LISTED BY RYAN BARR RYAN BENNETT Principal Principal 760.448.2446 760.448.2449 [email protected] [email protected] LOCAL MARKET EXPERT ANDREW HARRILL Lee & Associates-Greenville Actual Property Representative Photo BROKER OF RECORD: Lee & Associates Greenville, LLC | SC Brokers Lic# 13082 7-ELEVEN | Newberry, SC | 2 EXECUTIVE SUMMARY 7-ELEVEN Newberry, SC 7-ELEVEN | Newberry, SC | 3 Representative Photo EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW • Offering Summary • Investment Highlights Lease Summary & Rent Schedule Lease Abstract -- OFFERING SUMMARY -- INVESTMENT HIGHLIGHTS PROPERTY OVERVIEW Offering Price: $5,670,000 Address: West Dr & Hwy 219 Newberry, SC 29108 Net Operating Income: $275,000 * Property Size: 4,050 Sq. Ft. Cap Rate: 4.85% Land Size: 2 Acres Tenant Credit: S&P: AA- Ownership: Fee Simple *Subject to change Year Built: 2020 Lee & Associates is pleased to exclusively offer for sale the fee simple interest (land & building) in a retail property located in the city of Newberry, SC (the “Property”). The Property consists of a new 4,050-square-foot retail building currently under construction that sits on an approximately 2-acre parcel. The Property is leased to 7-Eleven, Inc., the largest chain in the convenience-retailing industry, operating more than 67,000 stores in 17 countries, including 10,000 in North America. 7-Eleven ranked #2 on Entrepreneur Magazine’s 2018 Top Global Franchises List and #32 on the Stores Magazine’s Top 2018 Retailers and reported revenues of $12 Billion in 2018. 7-Eleven has an AA-investment grade credit rating from Standard & Poor’s. The site is a brand-new build to suit for 7-Eleven. The 15-year absolute triple-net (NNN) lease features 7.5% rent increases every 5 years in both the Primary Term and the (4) 5-year renewal options, offering a consistent and stable cash flow with rent growth. As an essential needs-based retailer, 7-Eleven can operate 100% to their capacity if there are any future COVID-19 mandated government shutdowns. This provides a future investor piece of mind knowing their tenant will be allowed to operate as they would in a world without COVID-19. The property is situated on the corner of Highway 219 & West Drive, at the on/off ramp to Interstate 26, a major travel corridor between Columbia, the capital city of South Carolina 47 miles southeast, and the cities of Greenville (66 mi) and Spartanburg (56 mi) to the northwest. Additionally, this location offers quick in/out access for travelers, contributing to the success of the 7-Eleven. The 7-Eleven is located adjacent to Samsung, Kiswire and Komatsu manufacturing plants. Samsung’s new $350-million facility employs 650 people. Kiswire recently completed Phase II of its expansion to its 170,000-SF plant, and now employs 200 employees in its two Newberry locations. Komatsu America employs nearly 200 at their Newberry location. The surrounding area is seeing substantial new development. New projects such as the Mid-Carolina Commerce Park, the Connexial Center, and the proposed Cockrell Industrial Park, located across Highway 219 from the subject property, should bring in new businesses to the region. The subject property is located in Newberry, a city in Newberry County, South Carolina, just 43 miles northwest of Columbia. HIGHWAY 219 Named one of the best small towns in the United States, the city offers a remarkably high quality of life, offering a pleasant climate, beautiful natural surroundings, ease of transportation, affordable homes, good schools, and a growing local economy. 9,000 CPD Situated between the growing cities of Columbia and Greenville, a labor force of more than half a million within a 60-minute drive ensures success, and two local higher-education institutions cultivate young talent. East-west access via I-26 links the county to growing markets while quaint streets mix with expanding industrial parks welcoming new businesses. Companies like Samsung, Kiswire and Kraft are located in Newberry, proving it to be the place for global growth. Newberry is located within the Upstate region, a dynamic area known for its top-ranked business climate, a world-class research environment and a superb quality of life. Situated between Atlanta and Charlotte, the Upstate is the geographical center of the Charlanta mega-region. Several large corporations have established regional, national, or continental headquarters in the Photo taken Sept 2020 area, including BMW, Lockheed, Samsung, General Electric and IBM. 7-ELEVEN | Newberry, SC | 4 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW Offering Summary • Investment Highlights • Lease Summary & Rent Schedule Lease Abstract -- INVESTMENT HIGHLIGHTS -- HIGHLY DESIRABLE INVESTMENT GRADE CREDIT TENANT: 7-ELEVEN (S&P: AA-) • LARGEST CONVENIENCE STORE CHAIN IN THE U.S. The Property is leased to 7-Eleven, Inc., the largest chain in the convenience-retailing industry, operating more than 67,000 stores in 17 countries, including 10,000 in North America. 7-Eleven ranked #2 on Entrepreneur Magazine’s 2018 Top Global Franchises List and #32 on the Stores Magazine’s Top 2018 Retailers and reported revenues of $12 Billion in 2018. To Greenville 7-Eleven has an AA- Credit Rating from Standard & Poor’s and has been deemed an “Essential Needs” retailer allowing them to fully 67 Miles operate during the challenges of COVID-19. NEW BUILD-TO-SUIT CONSTRUCTION • LONG TERM 15-YEAR NNN LEASE • RENT GROWTH • NO LANDLORD RESPONSIBILITIES The site is a brand-new build to suit for 7-Eleven. The 15-year triple-net (NNN) lease features 7.5% rent increases every five years in both the Primary Term and the (4) 5-year renewal options, offering stable cash flow with rent growth. “ESSENTIAL NEEDS” BASED RETAILER • RESISTANT TO FUTURE COVID-19 GOVERNMENT MANDATED SHUTDOWNS As an essential needs-based retailer, 7-Eleven can operate 100% to their capacity if there are any future COVID-19 mandated government shutdowns. This provides a future investor piece of mind knowing their tenant will be allowed to operate as they would in a world without COVID-19. LOCATED ON ON/OFF RAMP TO INTERSTATE 26 (42,000 CPD) • MAJOR TRAVEL CORRIDOR BETWEEN GREENVILLE/ HIGHWAY 219 SPARTANBURG, COLUMBIA 9,000 CPD The property is situated on the corner of Highway 219 & West Drive, at the on/off ramp to Interstate 26, a major travel corridor between Columbia, the capital city of South Carolina 47 miles southeast, and the cities of Greenville (66 mi) and Spartanburg (56 mi) to the northwest. This location offers quick in/out access for travelers, contributing to the success of the 7-Eleven. ADJACENT TO SAMSUNG’S NEW $350 MILLION HOME APPLIANCE FACILITY & KISWIRE’S 170,000-SF PLANT The 7-Eleven is located adjacent to Samsung, Kiswire and Komatsu manufacturing plants. Samsung’s new $350-million facility employs 650 people. Kiswire recently completed Phase II of its expansion to its 170,000-SF plant, and now employs 200 employees in its two Newberry locations. Komatsu America employs nearly 200 at their Newberry location. AREA OF NEW DEVELOPMENT • NEW INDUSTRIAL/COMMERCE PARKS BRINGING NEW BUSINESSES TO NEWBERRY The surrounding area is seeing substantial new development. New projects such as the Mid-Carolina Commerce Park, the Connexial Center, and the proposed Cockrell Industrial Park, located across Highway 219 from the subject property, should bring new businesses to the region. LOCATED IN NEWBERRY, SOUTH CAROLINA • CENTRALLY LOCATED BETWEEN COLUMBIA & GREENVILLE/SPARTANBURG • WITHIN THE UPSTATE REGION: TOP RANKED FOR BUSINESS, WORLD-CLASS RESEARCH The subject property is located in Newberry, a city in Newberry County, South Carolina, just 43 miles northwest of Columbia. Named one of the best small towns in the United States, the city offers a remarkably high quality of life, offering a pleasant climate, beautiful natural surroundings, ease of transportation, affordable homes, good schools, and a growing local economy. Situated between the growing cities of Columbia and Greenville, a labor force of more than half a million within a 60-minute drive ensures success, and two local higher-education institutions cultivate young talent. East-west access via I-26 links the county to growing markets while quaint streets mix with expanding industrial parks welcoming new businesses. Companies like Samsung, Kiswire and Kraft are located in Newberry, proving it to be the place for global growth. Newberry is located within the Upstate region, a dynamic area known for its top-ranked business climate, a world-class research environment and a superb quality of life. Situated between Atlanta and Charlotte, the Upstate is the geographical center of the Charlanta mega-region. Several large corporations have established regional, national, or continental headquarters in the area, Photo taken Sept 2020 including BMW, Lockheed, Samsung, General
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