Market Square Ii Macon Ga
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MARKET SQUARE II MACON GA Offered by W. Scott Wilson Properties, LLC 478-951-9460 Offer Price $1,875,000.00 Market Square Phase II 1372 Gray Highway Macon, GA 31211 Retail Asset Summary Report TABLE OF CONTENTS INVESTMENT OVERVIEW 3 PROPERTY OVERVIEW 6 MARKET OVERVIEW 8 RENT ROLL 9 FINANCIAL OVERVIEW 10 MARKET SQUARE PHASE II 3 INVEST MENT OVER VIEW INVESTMENT OVERVIEW The opportunity is a community shopping center located in Macon, Georgia . Constructed in 1988, the Property features two, single -story buildings consisting of 22,543 gross sq. ft. and situated on 4.35 a cres. The Property is currently 78.00% occupied with eight tenants . Two tenants, Kool Smiles and OneMain Financial, have been in place since 2006 with the remaining tenants being at the Property approximately two to eight years. Three suites are currently vacant, and range in size from approximately 1200 to 2,400 sq. ft. The Property is illuminated with both pole mounted lighting and building mounted lighting . The current owner has been diligent with upkeep and maintenance on the Property ; among these items include a new 3-ton HVAC roof top unit, repairs have been made to the parking lot, new brick and stucco, light fixtures switched to LED, downspouts reworked, and roof leaks repaired . The billboard on Gray Highway and the cell tower located behind the center are not included in this offering. Market Square Phase II has high visibility on Gray Highway, which sees an average of 39,000 vehicles at its intersection with Lexington Street, 0.57 miles south of the shopping center . The Property is accessible directly off Gray Highway, and also has accessibility off Shurling Drive via a small a ccess road . In addition, it's location near two other major retail destinations, Market Square I and Walmart Supercenter, provides great additional foot traffic . Market Square I, anchored by Goody's, Dollar General, Farmers, and Aaron's, is inline with the Property, while Walmart is located directly across Gray Highway . The Property is located in Georgia’s fourth largest city, Macon . The city is the county seat of Bibb County and according to the U. S. Census Bureau had a 2016 estimated population of 152,760. Macon is considered “The Heart of Georgia” due to its location near the center of the state. Atlanta is 85 miles to the northwest, Athens is 90 miles to the north, Columbus is 102 miles to the southeast, and Augusta is 121 miles to the northeast . Savannah is 167 miles to the southeast . Ma con is served by three interstate highways ; Interstate16, connecting Macon to Savannah and coastal Georgia ; Interstate 75, connecting Macon with Atlanta to the north and Valdosta to the south; and Interstate 475, a city bypass highway situated west of Macon . A small local airport, Macon Downtown Airport, is 5.5 miles southeast of the Property, and Middle Georgia Regional Airport is 12.8 miles south. Hartsfield-Jackson Atlanta International Airport is 78.4 miles to the northwest . Warner Robins, home of Robins Air Force Base, is 22 miles to the south. The most recent NOI for the period ending December 2017 was $182,586 and current in place NOI is $184,584 . The investment offers potential upside with the opportunity to lease up 4,800 sq. ft. of vacant space at market rates. INVESTMENT DETAILS Property Address 1372 Gray Highway Number of Units /Suites 11 Property Type /Subtype Retail / Strip Center Assessor's Parcel Number R062-0246 Year Built 1988 Lot Size (Acres) 4.35 Gross Square Footage 22,543 Occupancy 78.00% Net Rentable Area 22,264 Occupancy As of Date 8/27/2018 Number of Buildings 2 Most Recent NOI* $184,584 Number of Stories 1 *Most Recent NOI: Reflects financials for the period Through July 31st, 2108 *NAV: Not Available NAP: Not Applicable MARKET SQUARE PHASE II INVESTMENT 4 OVERVIEW AREA MAPS **Insert Regional Map Here Regional **Insert Local Map Here Local MARKET SQUARE PHASE II INVESTMENT 5 OVERVIEW AERIAL PHOTOS **Insert Regional Map Here **Insert Local Map Here MARKET SQUARE PHASE II PROPERTY 6 OVERVIEW PROPERTY DESCRIPTION Market Square Phase II (the “Property”) is a 22,543 gross sq. ft. community shopping center located in Macon, Georgia. Constructed in 1988, the Property is situated on one parcel totaling 4.35 a cres of land at 1372 Gray Highway, less than three miles northeast of downtown Macon . As of the August 2018 rent roll, the Property is currently 780% leased by a mix of local and regional tenants . The Property’s largest tenant is Kool Smiles (36.94% of NRA; 51.86% of total revenue), which has been in-place since August 2006 with a current lease expiration of January 2021. The second largest tenant, Downtown Opticians (10.51% NRA; 11.26% of total revenue) has been in-place since August 2010 with a current lease expiration of March 2019. The Property features regional tenants which include OneMain Financial and Direct Insurance . Local tenants within the shopping center include Moon’s Wings & Seafood, who just renewed for 5 years, Lynn Nails, and Sign & T- Shirt Shop. The Property is zoned C-2, General Commercial District . The Property is located in a very accessible location off Gray Highway and less than 2.1 miles from Interstate 16. In close proximity to the Property is Interstate 75, connecting Macon to Atlanta . Surrounding land uses include residential properties and vacant land with scattered retail to the north, retail followed by residential to the south, multi-family homes and residential to the west, and retail followed by multi-family and single family homes to the east. Commercial and retail properties are primarily located along Gray Highway . Immediate retailers in the area include Walmart Supercenter, Dollar Tree, Dollar General, Roses, Walgreens, CVS, and Murphy Express. Other businesses include BB&T, Bank of America, Sun Trust Bank, WMAZ-TV Station, and Jiffy Lube. Located nearby are the Bibb County Sheriff’s Office, US Army National Guard, Macon -Bibb County Health Department, Shurling Branch Library, and Bibb County Meals on Wheels. PROPERTY SPECIFICATIONS Property Address 1372 Gray Highway Gross Square Footage 22,543 City, ST ZIP Macon, GA 31211 Net Rentable Area 22,264 County Bibb Number of Bldgs. 2 Property Type/Subtype Retail / Strip Center Number of Stories 1 Ownership Type Fee Simple Number of Units/Suites 11 SITE DESCRIPTION Lot Size (Acres) 4.35 Access Curb cuts off Gray Hwy and Shurling Dr Parking Type Surface Traffic Counts (VPD) 39,000 (Gray Hwy/Lexington St) Ground Lease No Landscaping Trees, shrubs, and grass Parking Surface Asphalt Flood Zone Zone X Zoning C-2 (General Commercial District) Exterior Lighting Pole and building mounted Assessor's Parcel Number R062-0246 *NAV: Not Available NAP: Not Applicable MARKET SQUARE PHASE II PROPERTY 7 OVERVIEW PROPERTY PHOTOS MARKET SQUARE PHASE II MARKET 8 OVERVIEW MARKET HIGHLIGHTS • The Property is located in Bibb County, Macon, Georgia . • Retail market rents in Bibb County ranged from $6.45 to $6.95 in Q3 2017, which is consistent with the same period one- year earlier. • The top three leading industries in Bibb County are healthcare, financial services, and educational services. MARKET DETAILS Bibb County History Existing Inventory (Sq. Ft.) 15.10 MM - 15.20 MM Vacancy 10.25% - 10.75% Market Rent $6.45 - $6.95 Absorption 6,000 - 8,500 Delivered 0 Under (New) Construction 3,500 - 6,500 The Property is located in Macon, Georgia, in Bibb County, approximately two and a half miles northeast of downtown Macon and 90 miles southeast of downtown Atlanta . According to the U.S. Census Bureau as of 2016 the population in Bibb County was estimated at 152,760. Healthcare acc ounts for a large part of the employment sector in Ma con with over 7,000 individuals . The corporate office of GEICO, a nationally recognized insurance company, is located just outside city limits and provides jobs for over 5,000 residents . Over 35 schools are located within Bibb County with Bibb County Board of Education employing nearly 2,000 people . Amazon, an American electronic commerce and cloud computing company, is opening a new fulfillment center in the county, creating over 600 full- time jobs. Additional industries that make a large economic impact in the county of Bibb include the local government, manufacturing, and financial services. Local attractions in Bibb County include various recreation activities, parks, art galleries, and museums . For recreation, Bibb County offers Lake Tobesofkee, golf, hiking, family picnics, and hockey at the Macon Mayhem . The Ocmulgee Wetland offers 702 a cres which allows visitors a glimpse into an ecosystem including plants, animal, birds, and reptiles. The estimated 2017 population for the one, three, and five-mile radius is 5,258, 28,650, and 69,836, respectively . Since 2000, the population within a one, three, and five-mile radius of the Property has experienced an average annual growth rate of -0.77%, -0.51%, and -0.59%, respectively . The annual projected growth rate over the next five years within the one, three, and five-mile radius of the Property is -0.12%, -0.07%, and -0.13%, respectively . Comparatively, the projected growth rates of Bibb County, the SMA, and the state of Georgia over the next five years are 0.17%, 0.19%, and 1.03%, respectively . The estimated 2017 average household income for the one, three, and five-mile radius of the Property is $31,702, $44,624, and $47,452, respectively . Comparatively, the average household income for Bibb County, the SMA, and the state of Georgia are $59,171, $60,955, and $74,512, respectively .