SEC BAY ROAD & SCHUST ROAD SAGINAW, MI INVESTMENT HIGHLIGHTS SUBJECT OFFERING id-America Real Estate Corporation, in cooperation with Mid-America MReal Estate – Michigan, Inc., has been retained on behalf of the owner to sell the 100% fee simple interest in Fashion Corners, a 187,352 square foot retail center located in Saginaw, Michigan. The fully leased center is located at the southeast corner of Bay Road and Schust Road in the dense Saginaw regional trade area. Location: SEC Bay Road & Schust Road Saginaw, Michigan GLA: 187,3 52 S F Lot Size: 15.62 AC Occupancy: 100% Anchors: Best Buy, Bed Bath & Beyond, Dunham’s Sports, Guitar Center, Harbor Freight Tools In-Place Net Operating Income: $1,773,306 Asking Price: $19,700,000 Cap Rate: 9% KEY FEATURES TRAFFIC DRIVING CREDIT TENANCY – Leased to an array of national retail category leaders that comprise 73% of the center’s GLA, Fashion Corners is anchored by Best Buy, Bed Bath & Beyond, Harbor Freight Tools, Guitar Center, and Dunham’s Sports. The balance of the center is leased to a solid assortment of restaurants, necessity, service, and specialty retailers including Dorsey Schools, AAA, The UPS Store, H&R Block, Cottage Inn Pizza, The Cupcake Shoppe, and Charley’s Grilled Subs. DENSE RESIDENTIAL DEMOGRAPHICS – The center draws its consumer base from the solid demographics of Saginaw and the surrounding Tri-Cities communities, which feature a dense residential population of 96,454 people with average household incomes of $60,387 within a 5-mile radius of Fashion Corners. EXCEPTIONAL LOCATION & ACCESSIBILITY – The offering is strategically positioned across from Fashion Square Mall, a 795,000 square foot enclosed mall anchored by JCPenney, Macy’s, and Sears. Considered the most popular mall in the Tri-Cities, Fashion Square hosts over one million shoppers annually, driving excellent consumer traffic to the trade area. The center also benefits from an expanded consumer reach throughout the surrounding communities due to its easy access to the regional transportation infrastructure given its proximity to a full interchange with I-675 at Tittabawassee Road. RECENT LEASING VELOCITY – The 100% occupied shopping center has experienced significant leasing velocity, as 25% of the GLA has renewed or signed new leases since 2016 including Harbor Freight Tools (7-Year Renewal), Guitar Center (5-Year Renewal), Lane Bryant (5-Year Renewal), and Cottage Inn Pizza (7-Year New Lease). DOMINANT REGIONAL TRADE AREA – Anchored by the 97% leased, 795,000 square foot Fashion Square Mall, the Saginaw regional trade area consists of almost 3.3 million square feet at a healthy 91% occupancy rate. Additional major retailers in the trade area include Meijer, Target, Jo-Ann Fabrics, Cabela’s, Party City, Home Depot, Dick’s Sporting Goods, PetSmart, Michaels, Sam’s Club, Walmart, DSW, and TJ Maxx. DEMOGRAPHIC PROFILE WITHIN 5-MILE RADIUS: POPULATION HOUSING UNITS MEDIAN HOME VALUE DAYTIME POPULATION AVERAGE HH INCOME MEDIAN AGE 96,454 38,774 $98,250 112,362 $60,387 38.1 LEASING PLAN 2C 01 2A 02 Tenant Name Unit Square Feet 04 05 Best Buy 1 45,147 2B Harbor Freight Tools 2 14,875 Bed Bath & Beyond 2A 31,519 Lane Bryant 2B 5,512 06A Storage Unit 2C 2,617 Dorsey Schools (Expansion) 4 3,300 Secretary of State 5 5,544 Dorsey Schools 6A 9,400 08 Catherines 8 3,780 09 AAA 9 5,500 The Gourmet Cupcake Shoppe 10 1,341 10 Guitar Center 11 13,888 11 Dunham's Sports 13-14 32,206 The UPS Store 15 1,400 Borics Hair Care 16 1,400 H&R Block 17-18 2,100 13/14 Cottage Inn Pizza 19 1,050 Check 'n Go 20 1,050 Schust Road Charley's Grilled Subs 21 2,100 OneMain Financial 22 1,488 Red Wing Shoes 23 2,135 Total 187,352 15 16 19 20 21 22 23 17/18 Bay Road DEMOGRAPHICS The following table summarizes the excellent and growing demographics LOCATION & MARKET of Waukesha and the surrounding communities. • Fashion Corners is located at the southeast corner of Bay Road Distance from Subject: 3 miles 5 miles & Schust Road in Saginaw Township, Saginaw County, Michigan. 2018 Population 43,903 96,454 Saginaw is the county seat in Saginaw County and is approximately 2018 Households 17,828 38,774 100 miles northwest of Detroit, 35 miles north of Flint, and 150 miles 2018 Median Home Value $99,082 $98,250 southeast of Traverse City, and is the only regional shopping destination 2018 Daytime Demographics 50,327 112,362 between Flint and Traverse City. Saginaw is part of the Tri-Cities area of Michigan, which consists of Saginaw, Bay City, and Midland. 2018 Average Household Income $64,061 $60,387 2018 Median Household Income $47,006 $42,362 • Saginaw County enjoys a balanced economy with a mix of high-tech 2018 Per Capita Income $27,315 $25,617 medicine, communications, industrial manufacturing, and retail. The 2018 Median Age 38.2 38.1 region is home to several nationally-recognized companies, including Dow Chemical, Down Corning, General Motors, Morley Companies, and Nexteer. Saginaw Bay ¤£10 ¤£131 • The property is strategically positioned across from Fashion Square Mall, a 795,000 square foot enclosed mall anchored by JCPenney, ¤£127 Macy’s, and Sears. Fashion Square Mall is considered the Tri-Cities Saginaw most popular enclosed mall, hosting over one million shoppers annually j and driving excellent consumer traffic to the trade area. The 97% leased mall underwent a $10 million mall-wide renovation in 2001, a JCPenney ¦¨§75 renovation in 2010, and further renovations in 2011 with the addition of dressbarn and Maurices. Flint Burton Grand Rapids ¦¨§69 j • The Saginaw regional trade area is a strong retail market and features ¦¨§96 excellent demographics, easy access to numerous thoroughfares, and Lansing is the only regional shopping destination between Flint (35 miles to East Lansing ¤£23 Waterford the south) and Traverse City (150 miles to the north). The trade area draws from a very extended territory covering the northeast portion of Michigan’s Lower Peninsula, as it is the last major mall anchored market Novi j UNITED STATES CANADA north of I-75. Detroit Lake St Clair Battle Creek j Dearborn Kalamazoo Ann Arbor Lakeshore Jackson ¦¨§75 ¦¨§275 ¤£24 PROPERTY DESCRIPTION • Constructed in 1985, Fashion Corners features 187,352 square feet of retail space and is located on approximately 15.62 acres of land. • There are five access points to the property of which three are located on the west side along Bay Road and two are located on the north side along Schust Road. • The shopping center features a solid parking ratio of 4.38 spaces per 1,000 square feet of space. TENANCY • The fully occupied shopping center is leased to an array of national category leaders including Best Buy, Bed Bath & Beyond, Harbor Freight Tools, Guitar Center, and Dunham’s Sports, which make up 73% of the center’s GLA and over 65% of the in-place gross income. • The balance of the center is leased to a solid assortment of restaurants, necessity, service, and specialty retailers including Dorsey Schools, AAA, The UPS Store, H&R Block, Cottage Inn Pizza, The Cupcake Shoppe, and Charley’s Grilled Subs. • There has been significant leasing velocity at Fashion Corners, with 25% of the GLA having renewed or signed new leases since 2016 including Harbor Freight Tools (7-Year Renewal), Guitar Center (5-Year Renewal), Lane Bryant (5-Year Renewal), and Cottage Inn Pizza (7-Year New Lease). FINANCIAL The property is being offered “free and clear” of any existing debt. In-Place Net Operating Income: $1,773,306 Asking Price: $19,700,000 Cap Rate: 9% For further information contact owner’s exclusive representatives. The Wrigley Building Rick Drogosz Ben Wineman 38500 Woodward Avenue, Suite 100 Richard Kerwin Daniel Stern 410 North Michigan Avenue, Suite 1100 Principal Principal Bloomfield Hills, MI 48304 (Licensed MI Broker) (Licensed MI Broker) Chicago, Illinois 60611 Direct: 630.954.7339 Direct: 630.954.7336 Direct: 248.855.6800 Direct: 248.855.6800 Direct: 248.855.6800 Direct: 630.954.7300 [email protected] [email protected] [email protected] [email protected] This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies..