DOCSLIB.ORG

4577 Miller Rd

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Flint, Michigan OFFERING MEMORANDUM 4577 Miller Road Flint, Michigan 48507 Confidentiality and Disclaimer Marcus & Millichap hereby advises all prospective purchasers of properties, including newly-constructed facilities or newly- income or expenses for the subject property, the future projected Net Leased property as follows: acquired locations, may be set based on a tenant’s projected financial performance of the property, the size and square sales with little or no record of actual performance, or footage of the property and improvements, the presence or The information contained in this Marketing Brochure has been comparable rents for the area. Returns are not guaranteed; the absence of contaminating substances, PCB’s or asbestos, the obtained from sources we believe to be reliable. However, tenant and any guarantors may fail to pay the lease rent or compliance with State and Federal regulations, the physical Marcus & Millichap has not and will not verify any of this property taxes, or may fail to comply with other material terms of condition of the improvements thereon, or the financial information, nor has Marcus & Millichap conducted any the lease; cash flow may be interrupted in part or in whole due to condition or business prospects of any tenant, or any tenant’s investigation regarding these matters. Marcus & Millichap makes market, economic, environmental or other conditions. Regardless plans or intentions to continue its occupancy of the subject no guarantee, warranty or representation whatsoever about the of tenant history and lease guarantees, Buyer is responsible for property. The information contained in this Marketing Brochure accuracy or completeness of any information provided. conducting his/her own investigation of all matters affecting the has been obtained from sources we believe to be reliable; intrinsic value of the property and the value of any long-term however, Marcus & Millichap has not verified, and will not verify, As the Buyer of a net leased property, it is the Buyer’s lease, including the likelihood of locating a replacement tenant if any of the information contained herein, nor has Marcus & responsibility to independently confirm the accuracy and the current tenant should default or abandon the property, and Millichap conducted any investigation regarding these matters completeness of all material information before completing any the lease terms that Buyer may be able to negotiate with a and makes no warranty or representation whatsoever regarding purchase. This Marketing Brochure is not a substitute for your potential replacement tenant considering the location of the the accuracy or completeness of the information provided. All thorough due diligence investigation of this investment property, and Buyer’s legal ability to make alternate use of the potential buyers must take appropriate measures to verify all of opportunity. Marcus & Millichap expressly denies any obligation property. the information set forth herein. to conduct a due diligence examination of this Property for Buyer. By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it NON-ENDORSEMENT NOTICE Any projections, opinions, assumptions or estimates used in this harmless from any kind of claim, cost, expense, or liability arising Marketing Brochure are for example only and do not represent out of your investigation and/or purchase of this net leased Marcus & Millichap Real Estate Investment Services, Inc. the current or future performance of this property. The value of a property. (“M&M”) is not affiliated with, sponsored by, or endorsed by any net leased property to you depends on factors that should be commercial tenant or lessee identified in this marketing package. evaluated by you and your tax, financial and legal advisors. CONFIDENTIALITY AND DISCLAIMER The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or Buyer and Buyer’s tax, financial, legal, and construction advisors The information contained in the following Marketing Brochure is endorsement by, said corporation of M&M, its affiliates or should conduct a careful, independent investigation of any net proprietary and strictly confidential. It is intended to be reviewed subsidiaries, or any agent, product, service, or commercial listing leased property to determine to your satisfaction with the only by the party receiving it from Marcus & Millichap and should of M&M, and is solely included for the purpose of providing suitability of the property for your needs. not be made available to any other person or entity without the tenant lessee information about this listing to prospective written consent of Marcus & Millichap. This Marketing Brochure customers. Like all real estate investments, this investment carries significant has been prepared to provide summary, unverified information risks. Buyer and Buyer’s legal and financial advisors must request to prospective purchasers, and to establish only a preliminary ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE and carefully review all legal and financial documents related to level of interest in the subject property. The information CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE the property and tenant. While the tenant’s past performance at contained herein is not a substitute for a thorough due diligence DETAILS. this or other locations is an important consideration, it is not a investigation. Marcus & Millichap has not made any investigation, guarantee of future success. Similarly, the lease rate for some and makes no warranty or representation, with respect to the 4577 Miller Road, Flint, MI 48507 Table of Contents Investment Highlights 4 Financial Analysis 5 Concept Overview 6 Surrounding Area 7 Location Overview 8 Property Photos 9-11 Surrounding Area Photos 12 Local Map 13 Regional Map 14 Demographics / Market Overview 15-16 Investment Highlights PRICE: $10,901,455 | CAP: 7.15% | RENT: $779,454 About the Investment ✓ Phenomenal Performing Location ✓ Long-Term, 20-Year Absolute Triple Net (NNN) Lease ✓ Approximately 17.6 Years Remaining ✓ Two Percent (2.00%) Annual Rental Increases ✓ Corporate Guarantee ✓ Two (2), Ten (10)-Year Tenant Renewal Options, Bringing the Potential Lease Term to 40 Years About the Location ✓ Dense Retail Corridor | Target, Best Buy, J.C. Penny, Kohl’s, Hobby Lobby, Burlington, Sears, T.J. Maxx, Macy’s, Office Depot, Barnes & Noble, Pet Smart and Many More ✓ Excellent Demographics | Population Exceeds 275,000 Individuals Within a Ten-Mile Radius ✓ Strong Real Estate Fundamentals | Located Less Than Six-Miles from University of Michigan – Flint | 8,000 Students ✓ Strong Traffic Counts | Over 33,000 and 90,000 Vehicles Per Day on Miller Road and U.S Interstate 75. ✓ Bishop International Airport | Located Approximately Two-Miles Away | Serves Over One-Million Passengers Per Year ✓ Positive Location Fundamentals | Located Walking Distance From GM Factory | Over 300 Employees About the Tenant / Brand ✓ Art Van Furniture has been Successfully Operating for Nearly 60 Years ✓ Acquired by Private Equity Firm Thomas H. Lee Partners in March of 2017 ✓ Nearly 200 Stores in Nine States | Illinois, Indiana, Iowa, Kentucky, Maryland, Michigan, Ohio, Pennsylvania, and Virginia | Still Expanding ✓ Revenue of $1.4 Billion ✓ Over 5,700 Employees ✓ Brand Produces High Quality Furniture at Affordable Prices ✓ Growing Industry | $111.47 Billion Furniture Retail Industry with Revenue Growth of 2.5% in 2017 Art Van Furniture – Flint, MI 4 Financial Analysis PRICE: $10,901,455 | CAP: 7.15% | RENT: $779,454 PROPERTY DESCRIPTION RENT SCHEDULE Property Art Van Furniture Lease Year(s) Annual Rent Monthly Rent Rent Escalation (%) Year 1 $734,497 $61,208 - Property Address 4577 Miller Road Year 2 $749,187 $62,432 2.00% City, State, ZIP Flint, Michigan 48507 Year 3 $764,171 $63,681 2.00% Year Built 1974 Year 4 $779,454* $64,955 2.00% Estimated Building Size 56,578 Year 5 $795,043 $66,254 2.00% Estimated Lot Size +/- 3.56 Acres Year 6 $810,944 $67,579 2.00% $827,163 $68,930 2.00% Type of Ownership Fee Simple Year 7 Year 8 $843,706 $70,309 2.00% THE OFFERING Year 9 $860,581 $71,715 2.00% Purchase Price $10,901,455 Year 10 $877,792 $73,149 2.00% CAP Rate 7.15% Year 11 $895,348 $74,612 2.00% Year 12 $913,255 $76,105 2.00% Annual Rent $779,454 Year 13 $931,520 $77,627 2.00% Rent Per Square Foot $13.78 Year 14 $950,151 $79,179 2.00% LEASE SUMMARY Year 15 $969,154 $80,763 2.00% Property Type Net-Leased Miscellaneous Year 16 $988,537 $82,378 2.00% Year 17 $1,008,307 $84,026 2.00% Tenant / Guarantor AVF Parent, LLC Year 18 $1,028,473 $85,706 2.00% Original Lease Term 20 Years Year 19 $1,049,043 $87,420 2.00% Lease Commencement March 1, 2017 Year 20 $1,070,024 $89,169 2.00% Lease Expiration March 31, 2037 *Based off of the March 2020 Rental Increase Lease Term Remaining 17.6 Years INVESTMENT SUMMARY Lease Type Absolute Triple-Net (NNN) Marcus & Millichap is pleased to present the exclusive listing for an Art Van Furniture located at 4577 Miller road in Flint, Michigan. The site consists of roughly 56,578 rentable square feet Roof & Structure Tenant Responsible of building space on estimated 3.56-acre parcel of land. This Art Van Furniture is subject to a Rental Increases 2% Annually 20-year absolute triple-net (NNN) lease, which commenced March 1st, 2017. The current annual rent is $779,454 and is scheduled to increase by two percent annually. There are two, Options to Renew Two (2), Ten (10)-Year Option Periods ten-year tenant renewal options. Art Van Furniture – Flint, MI 5 Concept Overview About Art Van Furniture General Information Founded Eastpointe, MI - 1959 Art Van Furniture Inc. is furniture retail chain that operates nearly 200 stores Website www.artvan.com across the Midwest operating under the following brands: Art Van Furniture, Art Number of Locations Approximately 200 Van PureSleep, Art Van Flooring, Scott Shuptrine Interiors, Levin Furniture, Wolf Furniture, and Gardiner Wolf Furniture.
Recommended publications
  • Furniture Stores in Maryland That Offer Layaway

    Furniture Stores in Maryland That Offer Layaway

    Furniture Stores In Maryland That Offer Layaway Ransacked Friedrick always promulging his consistence if Derby is bangled or outwing just. Revocable Price reinserts: he spaes his virtuosity grievingly and erectly. Servomechanical and nested Agamemnon rainproofs her neckties incriminating or liquidise fondly. Browse our choices we have on this set the total order confirmation email address only mattress you want to head of columbia area. Pawn services to all evils of pittsburgh, in stores maryland that furniture offer layaway programs are dedicated. Shoppers World Flooring & Furniture Indianapolis IN. You excellent access Amazon Pay Later dashboard on your Amazon App Open Amazon App click on Amazon Pay and open Amazon Pay dashboard Click on Amazon Pay Later and open Amazon Pay Later dashboard. Credit card fraud, maryland furniture options available at low price that your home decor selections on our newsletter he informed me on a kenlin center. This item upfront in each time i share price of stay valid email with large for in stores maryland that furniture layaway offer. Fri 900 am to 600 pm Sat 900 to 400 pm Layaway available. Available may earn a recruitment agency save big round chair with your email several asid certified funds added to stains, maryland furniture we require your desired level of. You should check every time which may be found that do i was disabled by end of. Some mimic their layaway terms on bitch sign surrender their stores. Many readers have consumer protection plan route you have to check out evenly cooked evenly cooked evenly cooked. Try again and avoid future purchase online credit for a different warehouses and takes approximately two stores in the product.
  • Furniture Market Analysis of Leading Stores in USA Top 100 Post 11% Sales Increase

    Furniture Market Analysis of Leading Stores in USA Top 100 Post 11% Sales Increase

    Furniture Market Analysis of leading stores in USA Top 100 post 11% sales increase Bedding specialty stores include stores where bedding is the majority of product. Examples include Mattress Firm, Sleep Number, Mattress1One, America’s Mattress and Sit’n Sleep. Conventional furniture stores include furniture stores with a traditional merchandise mix of furniture, bedding and decorative accessories. Stores may or may not include consumer electronics and/or major appliances. Conventional furniture stores can be a local, regional or national furniture store or a manufacturer-branded store. Examples include Ashley HomeStore, Rooms To Go, Raymour & Flanigan, American Signature and Havertys. Single-source networks include stores where all furniture and/or bedding products or the majority of product comes from a single manufacturer. Local ownership may vary. Examples include Ashley HomeStore, Sleep Number, La-Z-Boy Furniture Galleries and Ethan Allen. Specialty stores are furniture stores with a specialized product mix. This includes stores with a product-specific ocus, such as Mattress Firm, La-Z-Boy Furniture Galleries and Chair King/Fortunoff Backyard; stores with a style-specific focus, such as Room & Board and Roche Bobois; stores with a lifestyle product mix, such as Ikea, Williams-Sonoma and RH; and stores with a non- traditional product mix, such as Big Lots. Lifestyle specialty stores carry furniture, bedding, decorative accessories, as well as housewares, small appliances, gourmet foods, apparel, jewelry and/or personal care items. e-CRAFTCIL • Issue 26, 2016 Strong showing The Impact The Top 100’s share of The Top 100’s record sales Sales through USA’s largest furniture store chains combined for their pace came despite a slowdown in U.S.
  • Chapter 11 ) ART VAN FURNITURE, LLC, Et Al.,1 ) Case No

    Chapter 11 ) ART VAN FURNITURE, LLC, Et Al.,1 ) Case No

    Case 20-10553-LSS Doc 12 Filed 03/09/20 Page 1 of 22 IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE ) In re: ) Chapter 11 ) ART VAN FURNITURE, LLC, et al.,1 ) Case No. 20-10553 (___) ) Debtors. ) (Joint Administration Requested) ) DECLARATION OF DAVID LADD, EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER OF ART VAN FURNITURE, LLC, IN SUPPORT OF CHAPTER 11 PETITIONS AND FIRST DAY MOTIONS I, David Ladd, hereby declare under penalty of perjury: 1. I am the Executive Vice President and Chief Financial Officer of Art Van Furniture, LLC (“Art Van”), one of the above-captioned debtors and debtors in possession (collectively, the “Debtors” or the “Company”). 2. I have served in this role since October 10, 2016. In my current position, I oversee financial planning, accounting and the management of financial risk for the Company and its brands. Prior to serving in this capacity, I had over twenty years of financial experience in the retail sector, during which time I served in various roles, including as an auditor for Kmart and as Vice President of Finance for various divisions of Sears. Most recently, I served as the Vice President of Finance for 1,500 Sears and Kmart stores. 1 The Debtors in these chapter 11 cases, along with the last four digits of each Debtor’s federal tax identification number, include: Art Van Furniture, LLC (9205); AVF Holding Company, Inc. (0291); AVCE, LLC (2509); AVF Holdings I, LLC (2537); AVF Holdings II, LLC (7472); AVF Parent, LLC (3451); Levin Parent, LLC (8052); Art Van Furniture of Canada, LLC (9491); AV Pure Sleep Franchising, LLC (8968); AVF Franchising, LLC (6325); LF Trucking, Inc.
  • Art Van Furniture

    Art Van Furniture

    Art Van Furniture 12610 Felch St Ste #100 Holland, MI 49424 Representative Photo OFFERING MEMORANDUM Exclusive Net Lease Offering INVESTMENT HIGHLIGHTS LOCATION LEASE TENANT ✓ Conveniently Located | Subject ✓ Long-Term, 20-Year Absolute Triple ✓ Art Van Furniture has been Property is Located 28 Miles from Net (NNN) Lease With 19 Years Successfully Operating for Nearly 60 Grand Rapids, Michigan Remaining on the Base Term Years ✓ Surrounding Retailers Include: ✓ Zero Landlord Responsibilities ✓ Acquired by Private Equity Firm Walgreens, Walmart, Lowe’s, Target, ✓ Attractive Rental Increases | Lesser of Thomas H. Lee Partners in March of and Hobby Lobby, Among Others 2.0% or 1.25x the Change in CPI 2017 ✓ Dense Population | 96,984 Individuals Increases Annually ✓ 184 Stores in Nine States | Illinois, Living in a 5-Mile Radius ✓ Four (4), Five (5)-Year Tenant Renewal Indiana, Iowa, Kentucky, Maryland, ✓ Grand Valley State University | Over Options Michigan, Ohio, Pennsylvania, and 25,000 Students Enrolled | Just 5 Virginia | Still Expanding Miles Away ✓ Revenue of $1.3 Billion ✓ High Traffic Counts | Felch Street and ✓ Over 5,700 Employees US- 31 Experience Average Daily Traffic Counts of Over 13,000 and ✓ Brand Produces High Quality Furniture 25,000 Vehicles Respectively at Affordable Prices ✓ Nearby Attractions | Deltaplex and Van ✓ Growing Industry | $111.47 Billion Andel Arena Have a Combined Capacity Furniture Retail Industry with Revenue of 17,034 Seats Growth of 2.5% in 2017 Representative Photo 12610 Felch Street | Holland, MI 49424
  • Top Furniture Stores Post Another Strong Year

    Top Furniture Stores Post Another Strong Year

    46 May 22-28, 2017 FurnitureToday.com Top furniture stores post another strong year By Clint Engel Senior Retail Editor @ClintEngel Top 100 growth in sales and units, 2015-2016 The Top 100’s 2016 share of HIGH POINT — The nation’s Sales in billions* Units 2016 2015 %change 2016 2015 %change largest furniture stores racked Sales through up another good year, com- All Top 100 $43.5 $40.6 7.2% 12,781 11,277 13.3% U.S. furniture stores bining for a 7.2% sales gain Top 10 $23.3 $21.2 9.8% 7,159 5,823 22.9% in 2016 as furniture, bedding and accessory sales increased Top 100 conventional to $43.51 billion. furniture stores $23.4 $22.0 6.4% 3,300 3,151 4.7% Top 100 It wasn’t nearly as strong 81% Top 100 All other furniture as the 11% gain for last year’s specialty stores $20.1 $18.6 8.0% 9,481 8,126 16.7% list of top stores in 2015, but stores *Sales of furniture, bedding and accessories 19% the growth far outpaced that of the overall furniture store Source: PBM Strategic Insights, 2017 Furniture Today Survey of Top 100 U.S. Furniture Stores channel and gave the Top 100 yet another bump in market spot to No. 2, and Ikea moved Estimated furniture, bedding and share as the big kept getting Share of Top 100 down one spot to No. 3. Also, accessory sales through U.S. furniture stores were $53.9 billion bigger.
  • U.S. Furniture Stores

    U.S. Furniture Stores

    FURNITURE|TODAY® Top 100 growth in sales and units ......................................50 Top conventional and specialty furniture stores ...............52 Top bedding specialty stores ..............................................54 2016 Stores on expansion track ..................................................58 Top single-source networks ................................................58 Who’s who among the leading stores................................62 TOP 2016 Top 100 list ...................................................................64 U.S. FURNITURE STORES Sponsored by FT047i37.indd 1 5/11/2016 2:16:09 PM 50 MAY 16, 2016 FURNITURETODAY.COM Top 100 stores post 11% sales increase in 2015 BY CLINT ENGEL Top 100 growth in sales and units The Top 100’s HIGH POINT — The nation’s Sales, in billions* Units share of 2015 2014 % change 2015 2014 % change largest furniture store chains com- Sales through bined for their biggest sales gain in U.S. furniture stores 16 years last year, outpacing their All Top 100 $41.9 $37.7 11% 12,341 11,748 5.0% smaller store counterparts and Top 10 $21.4 $19.0 13.0% 6,743 6,418 5.1% once again boosting their share of All other the overall furniture store market. Top 100 conventional furniture $22.0 $20.0 10.2% 3,171 3,032 4.6% Furniture/Today’s Top 100 furniture stores stores 20% U.S. furniture stores posted an Top 100 $19.8 $17.7 11.9% 9,170 8,716 5.2% 11% increase in 2015 furniture specialty stores Top 100 bedding and accessory sales, grow- *Sales of furniture, bedding and accessories 80% ing to $41.87 billion. That’s up Source: Furniture/Today’s 2016 Survey of Top 100 U.S.
  • Furniture and Furnishings

    Furniture and Furnishings

    Guide to the Warshaw Collection of Business Americana Subject Categories: Furniture and Furnishings NMAH.AC.0060.S01.01.Furniture Vanessa Broussard-Simmons and Nicole Blechynden Funding for partial processing of the collection was supported by a grant from the Smithsonian Institution's Collections Care and Preservation Fund (CCPF). 1999, Revised 2017 Archives Center, National Museum of American History P.O. Box 37012 Suite 1100, MRC 601 Washington, D.C. 20013-7012 [email protected] http://americanhistory.si.edu/archives Table of Contents Collection Overview ........................................................................................................ 1 Administrative Information .............................................................................................. 1 Scope and Contents........................................................................................................ 2 Names and Subjects ...................................................................................................... 3 Container Listing ............................................................................................................. 4 Subseries : Business Records, Marketing Material, and Other, circa 1792-1952................................................................................................................. 4 Warshaw Collection of Business Americana Subject Categories: Furniture and Furnishings NMAH.AC.0060.S01.01.Furniture Collection Overview Repository: Archives Center, National Museum of American
  • Art Van Furniture

    Art Van Furniture

    Art Van Furniture 12610 Felch St Ste #100 Holland, MI 49424 Representative Photo OFFERING MEMORANDUM Exclusive Net Lease Offering INVESTMENT HIGHLIGHTS LOCATION LEASE TENANT ✓ Conveniently Located | Subject ✓ Long-Term, 20-Year Absolute Triple ✓ Art Van Furniture has been Property is Located 28 Miles from Net (NNN) Lease With 19 Years Successfully Operating for Nearly 60 Grand Rapids, Michigan Remaining on the Base Term Years ✓ Surrounding Retailers Include: ✓ Zero Landlord Responsibilities ✓ Acquired by Private Equity Firm Walgreens, Walmart, Lowe’s, Target, ✓ Attractive Rental Increases | Lesser of Thomas H. Lee Partners in March of and Hobby Lobby, Among Others 2.0% or 1.25x the Change in CPI 2017 ✓ Dense Population | 96,984 Individuals Increases Annually ✓ 184 Stores in Nine States | Illinois, Living in a 5-Mile Radius ✓ Four (4), Five (5)-Year Tenant Renewal Indiana, Iowa, Kentucky, Maryland, ✓ Grand Valley State University | Over Options Michigan, Ohio, Pennsylvania, and 25,000 Students Enrolled | Just 5 Virginia | Still Expanding Miles Away ✓ Revenue of $1.3 Billion ✓ High Traffic Counts | Felch Street and ✓ Over 5,700 Employees US- 31 Experience Average Daily Traffic Counts of Over 13,000 and ✓ Brand Produces High Quality Furniture 25,000 Vehicles Respectively at Affordable Prices ✓ Nearby Attractions | Deltaplex and Van ✓ Growing Industry | $111.47 Billion Andel Arena Have a Combined Capacity Furniture Retail Industry with Revenue of 17,034 Seats Growth of 2.5% in 2017 Representative Photo 12610 Felch Street | Holland, MI 49424