OFFERING MEMORANDUM
™ MADISON PLAZA
930 OLD MONROVIA ROAD NW HUNTSVILLE, AL 35806 ™
MADISON PLAZA
930 OLD MONROVIA ROAD NW HUNTSVILLE, AL 35806
EXCLUSIVELY LISTED BY SCOTT HENARD JORDAN POWELL KYLE MATTHEWS BROKER OF RECORD SVP & REGIONAL DIRECTOR SHOPPING CENTERS CHAIRMAN AND CEO KYLE MATTHEWS SHOPPING CENTERS
[email protected] [email protected] [email protected] LIC 00109289 DIR (214) 692-2046 DIR (214) 692-2160 DIR (310) 919-5757 MOB (214) 692-2046 MOB (916) 844-6454 MOB (310) 622-3161 LIC 684841 (TX) LIC 01982070 (CA) LIC 01469842 (CA) CONTENTS
4 EXECUTIVE SUMMARY Offering Summary Financial Summary Investment Highlights
8 AREA OVERVIEW Huntsville, Alabama MidCity Development Huntsville Economy Madison County Local Attractions
14 PROPERTY OVERVIEW Physical Description Parcel Map Site Plan
18 FINANCIAL OVERVIEW Rent Roll Income & Expenses Lease Expiration Schedule Summary Tenant Profile Assumptions Cash Flow
24 TENANT OVERVIEW Havertys Ross Medical Education Hobbytown USA EXECUTIVE SUMMARY
Financial Summary
Price Unpriced
Propery Size (NRA) 153,739
Year Built/Renovated 1984/2007/2016
Current Occupancy 100%
Operating Data
Effective Gross Income $1,328,394
Operating Expenses $206,901
Net Operating Income - Yr 1 $1,121,493
Major Tenants (SF)
Stars and Strikes 54,631
Havertys 45,028
Mission Thrift 24,057
4 | MADISON PLAZA Offering Summary
Matthews Real Estate Investment Services is pleased to exclusively offer for sale the opportunity to own a 153,739 SF retail shopping center in the heart of Huntsville, AL. Anchored by Havertys and a new Stars and Strikes Entertainment Center, Madison Plaza is strategically located adjacent to MidCity Huntsville, a 100-acre mixed-used community that is under construction and includes Specialty Retail (345,000 SF), High-Tech Office (200,000 SF), 150-room Boutique Hotel, and over 900 Residential Units. The MidCity Development will be anchored by the first Topgolf in Huntsville.
In addition to the MidCity Development, Madison Plaza is located just 2.5 miles from the renowned U.S. Space and Rocket Center and the Redstone Arsenal. The Center is in proximate location to Earth Fare, HomeGoods, Jo-Ann Fabric & Crafts, Chipotle, Best Buy, Sam’s Club, and Bridge Street Town Center, a mixed-use lifestyle center with over 70 upscale shops and full-service restaurants. The Center is also in proximity to Polaris’ recently opened $142MM all-terrain vehicle factory and Remington Outdoor Company’s new $110MM firearms plant. Both of these companies will be adding a combined 4,000 new jobs with the addition of these two facilities.
Madison Plaza provides the opportunity to enjoy a stable cash flow stream with the ability to add value by increasing existing rents which are significantly below market.
Investment Highlights
• Anchored by Havertys Furniture (recent 5-Year Extension) and a new Stars and Strikes Family Entertainment Center (15-year Lease) • Adjacent to MidCity Development a 100-acre mixed-used community that is under construction and includes Specialty Retail (345,000 SF), High-Tech Office (200,000 SF), 150-room Boutique Hotel and over 900 Residential Units. The MidCity Development will be anchored by the first Topgolf in Huntsville • Stable cash flow with a value-add opportunity through increase of rents which are currently below market. • 5-year NOI growth of 27% and over 51% growth in 10 years • Huntsville’s economy is booming with military and aerospace industries – including the U.S. Space and Rocket Center, Cummins, Polaris ($142MM all-terrain factory), Remington ($110M firearms plant), and others • 2016 Renovation with new façade improvement and parking lot resurfacing
MATTHEWS REAL ESTATE INVESTMENT SERVICES | 5 AREA OVERVIEW
6 | MADISON PLAZA Huntsville, Alabama Regional Map Huntsville is nicknamed The Rocket City for its close history with U.S. space missions. The city remains the center of rocket-propulsion research in the U.S. with many aerospace and defense contractors’ facilities located in the area. The city is home to the U.S. Army Aviation and Missile Command and NASA’s Marshall Space Flight Center, which is located at the nearby Redstone Arsenal. Huntsville is also the location of Alabama A&M University, Oakwood University, University of Alabama in Huntsville and the J.F. Drake State Technical College.
The city itself is quite attractive; with mostly modern buildings in a wooded mountainous setting. Good neighborhoods spread south and into neighboring towns to the west. Huntsville is surrounded by Appalachian foothills and 1,200- foot to 1,400-foot mountains, and about 7 miles north of the Tennessee River Valley. Accolades
#1 #2 IN EMPLOYEE ENGAGEMENT CITY FOR TECH JOBS
TOP METRO #3 CITY WHERE YOUR MONEY TO BETTER THE U.S. ECONOMY GOES THE FARTHEST
#1 BEST TOWN AFFORDABLE PLACE TO LIVE FOR COLLEGE STUDENTS
MATTHEWS REAL ESTATE INVESTMENT SERVICES | 7 MidCity Development
MADISON PLAZA
200,000 SF HIGH-TECH OFFICE $350 MILLION REDEVELOPMENT 100-ACRE MIXED-USE COMMUNITY
OVER 900 RESIDENTIAL UNITS 345,000 SF SPECIALTY RETAIL 150-ROOM BOUTIQUE HOTEL
8 | MADISON PLAZA Proximity to Madison Plaza
Directly adjacent to Madison Plaza at the intersection of Research Park Boulevard and University Drive is the development of MidCity which is poised to become the ultimate community destination with an array of retail, dining and entertainment options in addition to fitness and recreational MID CITY DEVELOPMENT SITE opportunities, walkable streets, and neighborhoods. The project is among CURRENTLY UNDER CONSTRUCTION the 12 largest commercial real estate projects in the United States. MADISON PLA A
MidCity will have five main sections:
MidCity Park will include a 38-acre public park, 8,500-seat public amphitheater, Topgolf, lake and kayak center, adrenaline zone, bike and running trails and an outdoor recreation retailer.
Back Street and West Park Promenade will be a connection to MidCity Park and feature specialty shops and restaurants and residential apartments above the retail space.
Area 120 will include 200,000 square feet of high-technology office space and a public plaza which will be ideal for research, development and creative companies.
The Residential District will be adjacent to shops and restaurants with a trail connection to MidCity Park.
The Point and Jake’s Mews will be the heart of the development featuring a boutique hotel, outdoor performance venue, farm-to-table dining, sidewalk cafes, a food hall and shops.
MATTHEWS REAL ESTATE INVESTMENT SERVICES | 9 Topgolf announces new location in MidCity Huntsville
Topgolf will anchor of the up and coming MidCity Huntsville which is being built adjacent to Madison Plaza. Topgolf is a popular driving range and entertainment hub with 29 locations in the United States and the U.K. which serves 13 million guests each year. The Huntsville location alone is projected to receive 300,000 guests in its first year of operation.
The $20 million project began construction in March and is expected to open later this year or early 2018. Not only will this project bring in thousands of visitors, but will create 325 full and part-time jobs. The venue will feature three levels with 72 climate-controlled hitting bays each which can host up to six players at a time. Each golf ball has a microchip which score themselves and provide players with instant feedback on each shot’s accuracy and distance. While this is a golf- focused entertainment venue, Topgolf can be enjoyed by people of all ages and skill level while nearly half of all guests describe themselves as “non-golfers”.
The new venue is the turning point of creating MidCity into a premier destination. Click here to learn more about the development.
10 | MADISON PLAZA Huntsville Economy Demographics With a positive job growth and the cost of living and unemployment rate being below the national average, Huntsville is one of the best places for businesses and careers according to Forbes. AVERAGE HOUSEHOLD NUMBER OF POPULATION The economy is literally bulletproof with its critical mass for the nation’s INCOME HOUSEHOLDS missile-defense and aerospace industries along with the medical and life-sciences. Huntsville has the pleasant problem of having more jobs than they can fill.
Business Facilities magazine recently rated Alabama among the top states for workforce training programs, auto manufacturing strength, and foreign direct investment in its 110,478 $66,129 46,529 2016 rankings. In addition, the economic development-focused publication rated Huntsville No. 1 among U.S. cities for STEM job growth, and No. 3 for economic growth potential. The Rocket City was No. 5 for cost of living.
MATTHEWS REAL ESTATE INVESTMENT SERVICES | 11 Top Madison County Employers
Employer # of Employees U.S. Army/Redstone Arsenal 35,000 NASA / Marshall Space Flight Center 6,500 Huntsville Hospital 6,341 Huntsville City Schools 3,000 The Boeing Company 2,750 Madison County Schools 2,389 SAIC (Science Applications International Corporation) 2,277 City of Huntsville 2,206
Madison County
Madison County is recognized as the birthplace of Alabama and has a population of 334,811. The county is named in honor of James Madison, the fourth President of the United States of America and the first President to visit the state of Alabama. Its county seat, the city that is the governmental center of the county, is Huntsville. Madison County covers parts of the former Decatur County and is included in the Huntsville, AL Metropolitan Statistical Area. For the majority of the county’s history, the economy revolved around agriculture as it was one of the largest cotton-producing counties in the state. The switch to being known as the “Rocket Capitol” happened when a group of rocket scientists came to Redstone Arsenal and developed, among others, the Redstone rocket which was modified to launch the first two Americans into space. Thousands of jobs came to this area as a result of the Space Race and the population in Madison County rose by over 200,000.
12 | MADISON PLAZA Local Attractions
Von Braun Center The 25-year-old center is a multi-purpose indoor arena, meeting, and performing arts complex. In addition to the arena, the Von Braun Center (or VBC) features multiple exhibit halls, a concert hall, a playhouse and many other facilities. Elvis Presley appeared at the VBC May 30 – June 1, 1975 for five performances. It was the first time Elvis had played that many consecutive performances in a venue outside of Las Vegas or Stateline. The VBC is the home of the UAH Chargers ice hockey team, the Huntsville Havoc of the Southern Professional Hockey League, and the Alabama Hammers of the VON BRAUN CENTER Professional Indoor Football League. Former sports teams at the VBC include the Huntsville Flight basketball of the NBDL, the Huntsville Blast and Huntsville Channel Cats ice hockey teams, the Huntsville Fire (EISL) soccer team, and the Alabama Vipers arena football team.
U.S. Space and Rocket Center
Huntsville is known as the place where America’s space program was born; where rockets were developed that put the first U.S. satellite into orbit and sent men to the moon; where the power for today’s space shuttle was developed; where the modules for the International Space Station were designed and built; and where America’s next great ship – the Space Launch System – is being designed. The center welcomes more than 600,000 visitors annually. museum operated by the government of Alabama, showcasing rockets, achievements, and artifacts of the U.S. space program. Sometimes billed as “Earth’s largest space museum”, astronaut Owen Garriott described the place as, “a great way to learn about space in a town that has embraced the space program from the very beginning.”
Huntsville Museum of Art Previously apart of the Von Braun Center, the museum found its present home at Big Spring Park in 1998. The museum’s permanent collection has close to 3,000 items which are divided into two collections: First American art and regional artists, and the other arts from Asia, Africa and Europe. The Museum is also famous for its collection of animal figures made from silver, the largest in the world, and the Italian jewelry produced by Gianmaria Buccellati. It has recently expanded with the Davidson Center which includes seven new exhibition galleries, the Stender Family Education Galleries, four special event facilities and an adjacent parking lot.
MATTHEWS REAL ESTATE INVESTMENT SERVICES | 13 PROPERTY OVERVIEW
14 | MADISON PLAZA Physical Description Parcel Map
Property Name Madison Plaza Address 930 Old Monrovia Road Location Huntsville, AL 35806 Square Footage (GLA) 153,739 Land Area ± 686,070 SF (± 15.75 Acres)
APN Location Acres Square Footage 14-09-32-2-000-032.000 Shopping Center Parcel 8.78 382,457 14-09-31-0-000-011.000 Shopping Center Parking Lot 3.11 135,472 14-09-32-2-000-031.000 Stars & Strikes Parcel 2.39 104,108 14-09-31-0-000-010.000 Stars & Strikes Parking Lot 1.47 64,033
Year Built / Renovated 1984/2007/2016 Number of Stories 1 Zoning Commercial Parking Spaces ± 817 Free Surface Spaces Parking Ratio 5.31:1,000
MATTHEWS REAL ESTATE INVESTMENT SERVICES | 15 Site Plan
Unleaseable
Leased
Not A Part
Unit Tenant SF 930 - A Stars and Strikes 54,631 930-C Havertys 45,028 930-10 Mission Thrift 24,057 930-9 Ross Medical Education 8,780 930 - 9B Storage (Unleasable) 3,895 930-1 Viet Huong Restaurant 3,680 930-4 Hobbytown USA 3,418 930-5 Endless Virgin Hair 3,200 930-3 Sun Café (China Dragon) 2,400 930-8 Vicky's Nails 1,950 930-6 Bench Craft Jewelers 1,500 930-7 State Farm Insurance 1,200 Total 153,739
16 | MADISON PLAZA Tenant Map
4,000 ADT SR 225 ±4 M C U C
a is n la a U n ive rs ity D ri ve ± 50 ,00 0 AD T
MATTHEWS REAL ESTATE INVESTMENT SERVICES | 17 FINANCIAL OVERVIEW
18 | MADISON PLAZA Rent Roll
Contract Rental Rate Rent PSF Unit Tenant Lease Start Lease End SF % of GLA Rent Increases Options Year Month Year Month Viet Huong 930-1 Dec-01 Nov-21 3,680 2.4% $64,400 $5,367 $17.50 $1.46 Dec-17 $17.75 None Restaurant Dec-19 $10.69 930-3 Sun Café (China Dragon) Nov-09 Nov-19 2,400 1.6% $24,192 $2,016 $10.08 $0.84 Dec-17 $10.38 Dec-21 $11.01
930-4 Hobbytown USA Sep-07 Sep-18 3,418 2.2% $38,470 $3,206 $11.26 $0.94 Oct-17 $11.59 None
Bench Craft 930-6 Dec-16 Feb-18 1,500 1.0% $16,155 $1,346 $10.77 $0.90 None Jewelers Dec-21 $6.60 930-9 Ross Medical Education Nov-14 Nov-21 8,780 5.7% $52,680 $4,390 $6.00 $0.50 Dec-24 $7.26 930-10 Mission Thrift Aug-05 Aug-20 24,057 15.6% $132,073 $11,006 $5.49 $0.46 None
Jun-22 $9.00 930-C Havertys May-07 May-22 45,028 29.3% $360,224 $30,019 $8.00 $0.67 Jun-27 $10.00 Jun-32 $11.00
930-8 Vicky's Nails Sep-12 Aug-27 1,950 1.3% $48,750 $4,063 $25.00 $2.08 Sep-22 $27.50 Sep-27 $30.25 State Farm 930-7 Sep-17 Aug-22 1,200 0.8% $28,800 $2,400 $24.00 $2.00 None Insurance 930-5 Endless Virgin Hair Aug-17 Jul-22 3,200 2.1% $44,800 $3,733 $14.00 $1.17 None 930 - 9B Storage (Unleasable) 3,895 2.5% None Sep-20 $5.75 Sep-32 $7.90 930 - A Stars and Strikes Sep-17 Aug-32 54,631 35.5% $300,468 $25,039 $5.50 $0.46 Sep-22 $6.50 Sep-37 $8.70 Sep-27 $7.15 Sep-42 $9.55 Occupied Totals - In Place 153,739 100.0% $1,111,012 $92,584 $7.23 $0.60 Vacant Totals 0 0.0% $0 $0 $0.00 $0.00 Totals 153,739 100.0% $1,111,012 $92,584 $7.23 $0.60
1. Unit 930-9B is considered unleaseable as the space does not have an entrance to the front of the property.
MATTHEWS REAL ESTATE INVESTMENT SERVICES | 19 Lease Expiration Schedule
Year Ending Sq. Ft. Annual % of Total Aggregate % of Total 1 Aug-18 1,500 1.58% 1.58% 2 Aug-19 3,418 3.59% 5.17% 3 Aug-20 26,457 27.79% 32.95% 4 Aug-21 0 0.00% 32.95% Income & Expenses 5 Aug-22 61,888 65.00% 97.95% 6 Aug-23 0 0.00% 97.95% Year 1 Year 7 Aug-24 0 0.00% 97.95% Total $/SF 8 Aug-25 0 0.00% 97.95% Income 9 Aug-26 0 0.00% 97.95% Rental Income $1,117,726 $7.27 10 Aug-27 1,950 2.05% 100.00% General Vacancy ($19,365) ($0.13) 11 Aug-28 0 0.00% 100.00% Total 95,213 100.00% Expense Reimbursements $230,033 $1.50 Effective Gross Income $1,328,394 $8.64 Expenses CAM $69,824 $0.45 10-Year Rollover Insurance $23,060 $0.15 Real Estate Taxes $74,165 $0.48 Management $39,852 $0.26 100% EGI (%) 3.00% 90% Operating Expenses $206,901 $1.35 80% 70% Net Operating Income $1,121,493 $7.29 60% 50% 40% 30% 20% 10% 0% 1 2 3 4 5 6 7 8 9 10 11
20 | MADISON PLAZA Summary Tenant Profile
INCOME DISTRIBUTION Tenant Name In Place Rent % of Income Expiration Date Anchor/Junior Anchors Havertys $360,224 32.42% May-22 Stars and Strikes $300,468 27.04% Aug-32 Mission Thrift $132,073 11.89% Aug-20 Subtotal $792,765 71.36% Restaurants
Viet Huong Restaurant $64,400 5.80% Nov-21 Shops - 21% Sun Café (China Dragon) $24,192 2.18% Nov-19 Subtotal $88,592 7.97% Restaurants - 8%
Shops Anchors - 71% Hobbytown USA $38,470 3.46% Sep-18 Ross Medical Education $52,680 4.74% Nov-21 State Farm Insurance $28,800 2.59% Aug-22 Bench Craft Jewelers $16,155 1.45% Feb-18 Endless Virgin Hair $44,800 4.03% Jul-22 Vicky's Nails $48,750 4.39% Aug-27 Subtotal $229,655 20.67% Weighed Avg. Total $1,111,012 100.00% Lease Term 7.15 Yrs
Recent Leases
Rental Rate Tenant Name Unit # Terms Start Date Size (SF) Lease Term Rent Increases $/SF/Yr. $/SF/Yr. State Farm Insurance 930-7 New Sep-17 1,200 $24.00 $2.00 5 Years Vicky's Nails 930-8 Renewal Sep-17 1,950 $25.00 $2.08 10 Years Sep-22 $27.50 Endless Virgin Hair 930-5 New Aug-17 3,200 $14.00 $1.17 5 Years Sep-20 $5.75 Stars and Strikes 930 - A New Sep-17 54,631 $5.50 $0.46 15 Years Sep-22 $6.50 Sep-27 $7.15 60,981 $6.93 $0.58
MATTHEWS REAL ESTATE INVESTMENT SERVICES | 21 Assumptions
Analysis Period
Cash Flow Projection Begin Date September 1, 2017
Holding Period for Net Present Value 10 Years
Area Measures
Net Rentable Area in SF 153,739
General Projection Assumptions
General Expense Growth per Annum 3.00%
Real Estate Tax Growth per Annum 3.00%
Market Rent Growth per Annum 3.00%
Exit Cost of Sale 1.00%
Leasing Assumptions - Shops and Restaurants
Market Rent $5.25 - $25.00/SF/Yr
Renewal Probability 75.00%
Downtime 6-9 Months
Tenant Improvement Allowance $5/SF
Leasing Commissions 6.00%
Free Rent None
Escalations Annual 3%/10% Mid Term Increase
Operating Expenses NNN + Admin Fee
Term 5-10 Years
1. Unit 930-9B is considered unleaseable as the space does not have an entrance to the front of the property.
22 | MADISON PLAZA Cash Flow
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 For the Years Ending Aug-2018 Aug-2019 Aug-2020 Aug-2021 Aug-2022 Aug-2023 Aug-2024 Aug-2025 Aug-2026 Aug-2027 ______Potential Gross Revenue Base Rental Revenue $1,123,976 $1,157,295 $1,162,397 $1,362,735 $1,392,123 $1,526,906 $1,535,687 $1,573,776 $1,602,233 $1,649,183 Absorption & Turnover Vacancy -6,250 -10,562 -236,590 -19,629 -20,460 -12,244 -9,839 -14,405 ______Scheduled Base Rental Revenue 1,117,726 1,146,733 1,162,397 1,126,145 1,372,494 1,506,446 1,523,443 1,563,937 1,602,233 1,634,778 Expense Reimbursement Revenue 230,033 242,002 251,606 269,413 303,082 313,386 323,949 338,827 352,266 363,395 ______Total Potential Gross Revenue 1,347,759 1,388,735 1,414,003 1,395,558 1,675,576 1,819,832 1,847,392 1,902,764 1,954,499 1,998,173 General Vacancy -19,365 -16,796 -28,323 -19,755 -21,994 -31,242 -36,039 -48,083 -34,893 ______Effective Gross Revenue 1,328,394 1,371,939 1,385,680 1,395,558 1,655,821 1,797,838 1,816,150 1,866,725 1,906,416 1,963,280 ______Operating Expenses Power Washing 1,800 1,854 1,910 1,967 2,026 2,087 2,149 2,214 2,280 2,349 Electricity Expense 37,020 38,131 39,275 40,453 41,666 42,916 44,204 45,530 46,896 48,303 Landscaping 9,600 9,888 10,185 10,490 10,805 11,129 11,463 11,807 12,161 12,526 Parking Lot Sweeping 7,200 7,416 7,638 7,868 8,104 8,347 8,597 8,855 9,121 9,394 Water & Sewer 1,058 1,090 1,122 1,156 1,191 1,227 1,263 1,301 1,340 1,380 Plumbing 150 155 159 164 169 174 179 184 190 196 Cleaning 8,160 8,405 8,657 8,917 9,184 9,460 9,743 10,036 10,337 10,647 Alarm Monitoring 3,180 3,275 3,374 3,475 3,579 3,686 3,797 3,911 4,028 4,149 Sprinkler Inspection 475 489 504 519 535 551 567 584 602 620 Utilities (Non-CAM) 1,181 1,216 1,253 1,291 1,329 1,369 1,410 1,452 1,496 1,541 Prop. INS 18,208 18,754 19,317 19,896 20,493 21,108 21,741 22,394 23,065 23,757 Liab. INS 3,770 3,883 4,000 4,120 4,243 4,370 4,502 4,637 4,776 4,919 Umbrella INS 1,082 1,114 1,148 1,182 1,218 1,254 1,292 1,331 1,371 1,412 Management Fee 39,852 41,158 41,570 41,867 49,675 53,935 54,484 56,002 57,192 58,898 SC Parking Lot - RE Tax 8,110 8,353 8,604 8,862 9,128 9,402 9,684 9,974 10,274 10,582 SC Parcel - RE Tax 43,519 44,825 46,169 47,554 48,981 50,450 51,964 53,523 55,129 56,782 S&S Paking Lot - RE Tax 4,058 4,180 4,305 4,434 4,567 4,704 4,845 4,991 5,141 5,295 S&S Parcel - RE Tax 18,478 19,032 19,603 20,191 20,797 21,421 22,064 22,726 23,407 24,110 ______Total Operating Expenses 206,901 213,218 218,793 224,406 237,690 247,590 253,948 261,452 268,806 276,860 ______Net Operating Income 1,121,493 1,158,721 1,166,887 1,171,152 1,418,131 1,550,248 1,562,202 1,605,273 1,637,610 1,686,420 ______Leasing & Capital Costs Tenant Improvements 1,875 4,401 131,439 5,177 8,550 5,102 3,690 6,002 Leasing Commissions 5,973 10,093 146,686 11,874 26,644 11,701 9,403 13,766 Capital Expenditures 15,374 15,374 15,374 15,374 15,374 15,374 15,374 15,374 15,374 15,374 ______Total Leasing & Capital Costs 23,222 29,868 15,374 293,499 32,425 50,568 32,177 28,467 15,374 35,142 ______Cash Flow Before Debt Service 1,098,271 1,128,853 1,151,513 877,653 1,385,706 1,499,680 1,530,025 1,576,806 1,622,236 1,651,278 & Taxes ======
MATTHEWS REAL ESTATE INVESTMENT SERVICES | 23 TENANT OVERVIEW
24 | MADISON PLAZA Havertys Company Name Havertys Furniture Companies, Inc. A table for dining, a chair to recline in -- Haverty Furniture Companies fills the bill. Doing business as Havertys, the company sells its own Havertys brand furniture Primary Industry Home & Houseware Stores and accessories in the middle- to upper-middle price range. The chain tailors its Ownership Public merchandise to the needs and tastes of local markets, emphasizing “coastal,” No. of Locations ±120 “western,” and “urban” looks in the appropriate region. No. of Employees ±3,596 Havertys also sells bedding from Serta and Tempur Sealy. Furniture accounts for Headquartered Atlanta, GA about 80% of the company’s sales. The chain has about 120 stores in more than 15 Website www.havertys.com southern and midwestern states. Year Founded 1885 Source: hoovers.com
MATTHEWS REAL ESTATE INVESTMENT SERVICES | 25 Ross Medical Education Education, LLCCompany Name Ross Medical Education, LLC Ross Medical Education Center is a for-profit allied-health school with 35 Primary Industry Education & Training Services locations across seven states offering both campus and online programs. Ownership Non-Public They offer programs in some of the fastest growing fields in the healthcare No. of Locations ±35 industry, including Medical Assistant, Medical Billing and Office Administration, Dental Assistant, Pharmacy Technician, and Veterinary Assistant. Each of Headquartered Clinton Township, MI these respected programs delivers well-rounded courses, personalized and Website www.rosseducation.edu supportive instruction, and an abundance of hands-on learning opportunities Year Founded 1976 through externships. Source: hoovers.com
26 | MADISON PLAZA HobbyTown USA Company Name Hobby Town USA, Inc. HobbyTown USA or HobbyTown is a franchised retail hobby and toy store, Primary Industry Toy & Hobby Stores most stores offer a full line of radio control hobbies, models, games, toys, Ownership Non-Public educational items, paints, tools and model railroad items. The franchise stores No. of Locations ±160 also carry seasonal items such as rockets, pinewood derby, educational toys and kites. In addition, they have products suitable for both experienced and Headquartered Cincinnati, OH beginning hobbyists. HobbyTown was founded in 1980 by Merlin Hayes and Website www.hobbytown.com Thomas Walla with the purchase of a local business in Lincoln, Nebraska and Year Founded 1996 started franchising the concept in 1986. Source: hoovers.com
MATTHEWS REAL ESTATE INVESTMENT SERVICES | 27 CONFIDENTIALITY & DISCLAIMER STATEMENT
This Offering Memorandum contains select information pertaining to the business and affairs of Madison Plaza located at 930 Old Monrovia | Huntsville, AL 35806 (“Property”). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.
By acknowledging your receipt of this Offering Memorandum for the Property, you agree:
1. The Offering Memorandum and its contents are confidential;
2. You will hold it and treat it in the strictest of confidence; and
3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.
Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.
If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.
This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum. ™
MADISON PLAZA
930 OLD MONROVIA ROAD NW HUNTSVILLE, AL 35806
EXCLUSIVELY LISTED BY SCOTT HENARD JORDAN POWELL KYLE MATTHEWS BROKER OF RECORD SVP & REGIONAL DIRECTOR SHOPPING CENTERS CHAIRMAN AND CEO KYLE MATTHEWS SHOPPING CENTERS
[email protected] [email protected] [email protected] LIC 00109289 DIR (214) 692-2046 DIR (214) 692-2160 DIR (310) 919-5757 MOB (214) 692-2046 MOB (916) 844-6454 MOB (310) 622-3161 LIC 684841 (TX) LIC 01982070 (CA) LIC 01469842 (CA)