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Cobb Theatres | 3780 Gulf Shores Pkwy | Gulf Shores, AL 36542

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Cobb Theatres | 3780 Gulf Shores Pkwy | Gulf Shores, AL 36542 1 NNN Lease Investment Opportunity 3780 Gulf Shores Pkwy | Gulf Shores, AL 36542 Actual Property Image EXCLUSIVELY MARKETED BY: 2 CLIFTON MCCRORY Lic. # 99847 843.779.8255 | DIRECT [email protected] 1017 Chuck Dawley Blvd, Suite 200 Mt. Pleasant, SC 29464 CHRIS SANDS DAN HOOGESTEGER 844.4.SIG.NNN Lic. # 93103 Lic. # 01376759 www.SIGnnn.com 310.870.3282 | DIRECT 310.853.1419 | DIRECT [email protected] [email protected] In Cooperation with BoR: Andrew Ackerman - Lic # C0001099750 © 2018 Sands Investment Group (SIG). The InformatIon contained In thIs ‘OfferIng Memorandum,’ has been obtaIned from sources belIeved to be relIable. Sands Investment Group does not doubt Its accuracy, however, Sands Investment Group makes no guarantee, representatIon or warranty about the accuracy contained hereIn. It Is the responsIbIlIty of eacH IndIvIdual to conduct thorougH due dilIgence on any and all InformatIon that Is passed on about the property to determIne It’s accuracy and completeness. Any and all projectIons, market assumptions and casH flow analysIs are used to help determIne a potentIal overvIew on the property, however there Is no guarantee or assurance these projectIons, market assumptions and casH flow analysIs are subject to cHange with property and market condItIons. Sands Investment Group encourages all potentIal Interested buyers to seek advIce from your tax, fInancIal and legal advIsors before making any real estate purcHase and transaction. TABLE OF CONTENTS 3 Cobb Theatres | 3780 Gulf Shores Pkwy | Gulf Shores, AL 36542 Investment Overview Investment Summary Investment Highlights Area Overview City Overview Demographics Property Overview Location Map Retail Maps Tenant Overview Tenant Profile Lease Abstract Lease Summary Actual Property Image Rent Roll INVESTMENT SUMMARY 4 Sands Investment Group is pleased to present for sale the Cobb Theatres located at 3780 Gulf Shores Parkway in Gulf Shores, Alabama. This is a Triple Net (NNN) Lease investment opportunity with limited Landlord responsibilities. The building is approximately 53,170 SF. OFFERING SUMMARY PRICE $7,499,349 CAP 9.38% NOI $703,439 PRICE PER SF $141.06 YEARS REMAINING 7+ Years PROPERTY SUMMARY ADDRESS 3780 Gulf Shores Pkwy Gulf Shores, AL 36542 COUNTY Baldwin BUILDING AREA 53,170 SF Actual Property Image AREA OVERVIEW • Located Along Route 59 – Main Thoroughfare for Residents, Employers5 and HIGHLIGHTS Tourists and the Main Artery for Gulf Shores Beach Travelers • Four Miles from Gulf Shores Beaches • Route 59 Sees 34,150 Vehicles Per Day GULF SHORES NNN Lease with 7+ Years Remaining on the Lease • Gulf Shores is Home to Tourist Attractions Such as OWA Amusement Park, Foley Sportsplex and Tanger Outlets • Summer Season Attracts Over 6 Million Visitors Annually • Gulf Shores is Home To Hangout Music Festival – Held Annually in May and 5% Rent Increases At Option Periods with 3 x 5 Year Options to Attracts Over 40,000 Attendees Renew BALDWIN COUNTY • Alabama’s Fastest Growing County – Baldwin County Has Seen 45% Population Growth Since 2000 and Population Growth is Expected to Increase by 8% Over Cobb Theatres Extended Lease from 5 Years Remaining to 10 Years the Next 5 Years in 2015 – Showing Strong Commitment to Location • 6+ Million Visitors to Baldwin County Represent a 3.3% Bounce from 2015 and is Nearly 1/4 of All the Tourists Who Visit Alabama Each Year • Baldwin and Neighboring Mobile County Combined Represented More Than 40% of the Visitors to Alabama in 2016 CMX Cinemas (Cinemex Subsidiary) Acquired Cobb Theatres 25 • Employs More Than 49,600 People in Direct and Indirect Travel-Related Industries Existing Locations in Addition to SeVeral Theatres Under • Baldwin County Accounts for 27.7% of Alabama's Overall Travel-Related DeVelopment in Georgia and Florida – Making it the 8th Largest Employment MoVie Theatre Chain in the U.S. NEIGHBORING TENANTS 14 Screen Theatre with 100% Digital Projection, Stadium High-Back • Anchor Tenant to Pelican Place at Craft Farms – 370,000 SF of Retail and Rockers, 3D, D-Box Motion Seats, Wall-to-Wall Screens, ExtensiVe Entertainment Food Menu and Internet Ticketing & Kiosk • Additional Anchor Tenants at Pelican Place Include Bed Bath & Beyond, Dollar Tree and Books-A-Million • Craft Farms is a 150 Acre Master Planned Community That Features Two Arnold Palmer Golf Courses, Houses and Condominiums Along with Luxury Amenities Strong Demographics – Population of 56,923 Within a 10-Mile • Shadow Anchored by Target and Publix Radius • Neighboring Tenants Include Lowe’s, Walmart Supercenter, Home Depot, Hobby Lobby, Longhorn Steakhouse and More AREA OVERVIEW 6 CITY OVERVIEW 7 Gulf Shores, AL | Recent Press Alabama’s Tourism Fueled by Beach-Bound Visitors to Baldwin County, Continues Record Pace Alabama’s tourism industry continues to race ahead… Click Link to Read Article Census Figures: Baldwin Booms on Mobile County Holds On The Baldwin boom continues and if anything is picking up speed… Gulf Shores, Alabama is home to the Hangout Festival Click Link to that brings in more than 40,000 people to the city. The Read Article Gulf State Park has beaches, trails and a pier, plus a golf course and a zip line over the dunes. To the west, sea turtles and migratory birds thrive among the coastal Baldwin County Scores 4 of the Top 5 Fastest habitats of Bon Secour National Wildlife Refuge. The area also has several large shopping malls, nature Growing Cities in AL preserves, amusement parks and water parks. There is During May 2017, the U.S Census Bureau released their 2016… also a healthy selection of fishing and charter boat businesses that locals can utilize to spend a day on the Click Link to Read Article waters of the Gulf of Mexico. The area also has several lakes that have become family fun destinations, including a lake called Little Lagoon. CITY OVERVIEW 8 Gulf Shores, AL | Mobile MSA About the City Gulf Shores is a resort city in Baldwin County, Alabama with a population of 11,689 in 2016. Gulf Shores is a part of the Mobile Metropolitan Area that has a population of 412,992 Population Average Household Income residents. Gulf Shores is located 33 miles west of Pensacola, Florida, 54 miles south of Mobile, Alabama, 197 miles east 3-MILE 5-MILE 10-MILE 3-MILE 5-MILE 10-MILE of New Orleans, Louisiana, and 194 miles south of 11,075 21,927 56,923 $49,568 $47,466 $47,494 Montgomery, Alabama. Gulf Shores is a community on the shores of the Gulf of Mexico. The primary road in and out of Gulf Shores is Route 59, which is also referred to as the Gulf Shores Parkway. Gulf Shores is known for being a tourist 3-MILE 5-MILE 10-MILE destination bringing over 6,000,000 visitors to the area each $49,568 $47,466 $47,494 year. Economy Gulf Shores, Alabama is a rapidly growing city on the shores of the Gulf of Mexico that has seen its population grow by 100 percent since 2000. This community has a higher median income than the rest of the state of Alabama, and it has a median residential housing value that is almost twice that of the Alabama state average. The people who live in Gulf Shores do very well and have created a profitable living off of gulf fishing and tourism. Gulf Shores has its own elementary, middle and high schools that can accommodate all of the students of the area. The town also has its own library and the South Baldwin Regional Medical Center is Gulf Shores Pkwy 34,150 VPD less than 20 minutes away. CRAFT FARMS 9 150 Acre Master Planned Community CRAFT FARMS 10 150 Acre Master Planned Community Located just four miles north of the Gulf Shores beaches, Craft Farms is a master-planned community spanning 150 acres just off Highway 59 in Gulf Shores, Alabama. The well-maintained community of houses and condominiums range from $400,000 - $850,000. It is home to two 18-hole golf courses, a clubhouse, bar & grill, tennis courts, and a community pool. Pelican Place at Craft Farms (home to the Property) is over 370,000 square feet of retail and entertainment that was designed as an extension of the Craft Farms community. It is separated from Craft Farms via PELICAN PLACE AT CRAFT FARMS a landscaped man-made retention pond. The community is most distinguished by its Craft Farms Golf Resort, which welcomes all to play Cypress Bend and Cotton Creek, Alabama’s only golf courses designed by golf legend Arnold Palmer. Two 18-hole public golf courses provide a peaceful, relaxing environment with a distinct coastal feel, Bermuda grasses, picturesque oak trees with Spanish moss, and numerous lakes. Located just an hour away from Mobile, Alabama and Pensacola, Florida the resort attracts visitors and residents alike. The Cotton Creek Bar and Grill, located on the 18th hole, not only offers breakfast and lunch seven days a week but also features such picturesque views that it has become a top-rated wedding venue. In addition to golf, the community also boasts luscious parks, greenspace and stocked ponds for residents. CRAFT FARMS GOLF RESORT 11 Cobb Theatres | 3780 Gulf Shores Pkwy | Gulf Shores, AL 36542 PELICAN PLACE TANGER OUTLET FOLEY (370,000+ SF OF RETAIL) 12 150 Acre MAster PlAnned Community WATER PARK THE WHARF 13 PELICAN PLACE 14 PELICAN PLACE 15 TENANT OVERVIEW TENANT PROFILEPROFILE 16 Cobb Luxury Theatres Cobb Theatres is an American cinema chain based in Birmingham, Alabama. The company was established in 1921 in Fayette, Alabama expanding through the South, and buying out General Cinema and Wometco Theatres. Cobb presently operates 19 locations with 232 screens, the majority of which are located in Florida, with others in Alabama, Georgia, Colorado, Ohio and Virginia.
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