Trader Joe's, Pier 1 Imports, & Healthy Living Market

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Trader Joe's, Pier 1 Imports, & Healthy Living Market Offering Memorandum OFFERING MEMORANDUM TRADER JOE’S, PIER 1 IMPORTS, & HEALTHY LIVING MARKET 200-222 DORSET ST & 59 GARDEN ST. SOUTH BURLINGTON, VT 05403 ™ MatthewsCLICK Retail Advisors HERE TO1 SEE PROPERTY VIDEO Trader Joe’s, Healthy Living Market, Pier 1 | Burlington, Vermont ™ EXCLUSIVELYLISTED BY: ARON CLINE KYLE MATTHEWS VP & SENIOR DIRECTOR CHAIRMAN & CEO DIRECT +1.949.432.4509 DIRECT +1.310.919.5757 MOBILE +1.310.403.4984 MOBILE +1.310.622.3161 [email protected] [email protected] EL WARNER SVP & NATIONAL DIRECTOR YVES BRADLEY BROKER OF RECORD DIRECT +1.310.579.9690 POMERLEAU REAL ESTATE MOBILE +1.858.752.3078 [email protected] Matthews Retail Advisors 081.0004317 Offering Memorandum TABLEOF CONTENTS EXECUTIVE SUMMARY 4 OFFERING SUMMARY // INVESTMENT HIGHLIGHTS FINANCIAL SUMMARY // DEBT ASSUMPTIONS FINANCIAL SUMMARY 8 RENT ROLL // INCOME & EXPENSES // LEASE EXPIRATION SCHEDULE // 10-YEAR ROLLOVER // SUMMARY TENANT PROFILE // CASH FLOW PROPERTY OVERVIEW 14 PHYSICAL DESCRIPTION // REGIONAL MAP // TENANT MAP // AERIALS AREA OVERVIEW 22 SOUTH BURLINGTON, VT // TOP EMPLOYERS // DEMOGRAPHICS ECONOMIC DEVELOPMENT // BURLINGTON MSA // LOCAL ATTRACTIONS UNIVERSITY OF VERMONT // SOUTH BURLINGTON CITY CENTER TENANT OVERVIEW 32 TRADER JOE’S OVERVIEW // PIER 1 IMPORTS // HEALTHY LIVING MARKET Matthews Retail Advisors 3 Trader Joe’s, Healthy Living Market, Pier 1 | Burlington, Vermont BURLINGTON AIRPORT ±2 MILES CITY CENTER PROPOSED $300MILLION DEVELOPMENT Dorset St ± 8,000 ADT 4 Matthews Retail Advisors EXECUTIVESUMMARY Offering Memorandum offering summary Aron Cline and the Matthews Retail Advisors are pleased to exclusively offer for Trader Joe’s & Pier One Imports have approximately 8 years remaining on 10 sale to qualified investors a prime trophy location dual grocery anchored year leases with 10% increases every 5 years while Healthy Living Market has shopping center located in South Burlington, VT. Trader Joe’s, Healthy Living approximately 11 years remaining with 3% annual increases. Trader Joe’s is Market, and Pier One Imports is located directly across the street from University performing incredibly well at this location as it benefits from its strategic location Mall and within close proximity to the University of Vermont. across the street from University Mall and up the street from the University of Vermont. Whole Foods and other Tenants such as Walmart, Lowe’s, and Home Trader Joe’s and Pier One Imports were built in 2014 and is of high quality Depot have been trying to penetrate this market for years and have been construction while Healthy Living Market was built in 2008 and is the staple high unsuccessful. end grocery store in town. The immediate trade area has incredibly high barriers to entry making it very difficult for tenant’s to relocate or for new construction to Currently a developer and the city have a proposal to build a 300,000 shopping be approved. Trader Joe’s is a privately owned company with over 460 locations center which will consist of a new City Hall, restaurants, office space, apartments, throughout the Country, has very strong brand recognition nationwide, and has along with parking, and many other retailers. One of the main access points larger profit margins than traditional grocery stores. to this new development will be Garden Street, which will take traffic and pedestrians past Trader Joe’s, Pier One Imports, and Healthy Living Market. Matthews Retail Advisors 5 Trader Joe’s, Healthy Living Market, Pier 1 | Burlington, Vermont investment highlights HIGH QUALITY - RECENTLY NEW HIGH END CONSTRUCTION WITH HIGHLY SOUGHT AFTER NATIONAL TENANTS • Trophy Location Net Lease Trader Joe’s, Healthy Living Market, and Pier One Imports – Strong real estate fundamentals with incredibly high barriers to entry. The long term lease structures provide passive income and security – Trader Joe’s & Pier One have approximately 8 years remaining on their primary term with 10% rental increase in less than 3 years. Healthy Living Market has 3.0% annual increases giving this investment opportunity strong rental growth over the entire hold period. • Excellent location – subject property is located across the street from University Mall along a main retail corridor. • Located in a growing area of upper income households. Average Household income within a 5-mile radius is $77,252. • Located near the only major airport in the State of Vermont. Strong tourist destination during ski season. South Burlington is close proximity to Smuggles ski resort, Stowe resort, and J peak resort and has approximately 1200 to 1300 hotels rooms for tourists to stay, shop, and dine while on vacation. • Located about 2 miles from the University of Vermont which has approximately 13,000 students. • The city and a developer are currently working through a massive development project with a proposed 300,000 SF City Center directly behind the Subject Property. The City Center will entail a Library, City Hall, a park, middle school, restaurants, shops, office, apartments, and parking. STRONG INFILL LOCATION WITH AFFLUENT DEMOGRAPHICS • Over 9,344 people within a 1-mile radius, with Average Household Income of $71,847. • Over 61,986 people within a 3-mile radius, with Average Household Income of $69,485. • Over 90,991 people within a 5-mile radius, with Average Household Income of $77,252. • Other dominant tenants in this trade area include: Kohl’s, Sears, Outback Steakhouse, AT&T, DMV, Vitamin Shoppe, Comcast, Sleep Number, Barnes & Noble, Rite Aid, UPS, Holiday Inn, Double Tree, Home Wood Suites. IDEAL 1031 EXCHANGE PROPERTY • Net leased Trader Joe’s & Pier One Imports with minimal management responsibilities – Landlord only responsible for roof and structure. Both buildings have roof warranties. Healthy Living Market is absolute NNN where the Tenant self manages their own parcel and building. • Trader Joe’s is one of America’s favorite grocery stores that is privately owned and has a history of being incredibly popular and successful. • Pier One Imports is a public company on the New York Stock Exchange and has annual revenue exceeding 1.27 Billion • Healthy Living Market is a family run organic grocery store that caters well to the demographics of S Burlington, VT. • Pride of ownership asset with recent high quality construction. 6 Matthews Retail Advisors Offering Memorandum debt Quote (Asset free and clear) Principle Loan Amount $19,038,500 Loan to Value 65% Interest Rate 3.85% Loan Term 10 Years FINANCIAL SUMMARY Interest Only 3 Years Amortization (37th Month) 30 Years Price $29,290,000 Property Size (NRA) 55,152 Interest Only Price Per SF $531 Monthly Debt Service (Months 1- 36) $61,082 Current Occupancy 100% Annual Debt Service $732,982 Investment Returns Cap Rate - Yr 1 5.25% Principle and Interest Cash on Cash - Yr 1 7.85% Monthly Debt Service (37th Month) $89,254 Annual Depreciation $751,026 Annual Debt Service - Amortized $1,071,049 Debt Debt $19,038,500 Required Equity (65% LTV) $10,251,500 Operating Data Effective Gross Income $1,724,241 Operating Expenses $186,249 Net Operating Income - Yr 1 $1,537,991 Cash Flow Before Taxes - Yr 1 $805,009 Major Tenants Healthy Living Market 28,938 SF Pier 1 Imports 13,518 SF Trader Joe’s 12,696 SF Matthews Retail Advisors 7 Trader Joe’s, Healthy Living Market, Pier 1 | Burlington, Vermont 8 Matthews Retail Advisors FINANCIALSUMMARY Offering Memorandum rent roll Lease % of Contract Rental Rate Rent Per SF Rent Increases Unit Tenant Lease Start SF Options End GLA Yearly Monthly Year Month Date Increases $858,782 Jan-18 $884,545 Jan-19 $911,082 Jan-20 $938,414 Jan-21 $966,566 A Healthy Living Market Jan-08 Dec-27 28,938 52.5% $858,782 $71,565.15 $29.68 $2.47 Jan-22 2x5 yrs $995,563 Jan-23 $1,025,430 Jan-24 $1,056,193 Jan-25 $1,087,879 Jan-26 $1,120,515 Aug-19 $423,789 B Pier 1 Imports Jul-14 Jul-24 13,518 24.5% $385,263 $32,105 $28.50 $2.38 3x5 yrs Aug-23 $466,236 Jun-19 $319,114 C Trader Joe’s Jul-14 Jun-24 12,696 23.0% $290,104 $24,175 $22.85 $1.90 3x5 yrs Jun-23 $351,025 Occupied Totals - In Place 55,152 100.0% $1,534,148 $127,846 $27.82 $2.32 Vacant Totals 0 0.0% 0 0 0.00 $0.00 Totals 55,152 100.0% $1,534,148 $127,846 $27.82 $2.32 “Pricing based off the rent increase for Healthy Living on 1/1/2017. *The total NOI we are using is factoring in the 3.0% rental increase that takes place on January 1 2017 for Healthy Living Market. The rent is currently $833,769 and will increase to $858,782 in January of 2017. Matthews Retail Advisors 9 Trader Joe’s, Healthy Living Market, Pier 1 | Burlington, Vermont income & expenses lease expiration schedule Annual % Aggregate % Year 1 Year Ending Sq. Ft. Year of Total of Total Total $/SF 1 Dec-17 0 0.00% 0.00% Income 2 Dec-18 0 0.00% 0.00% 3 Dec-19 0 0.00% 0.00% Rental Income $1,534,148 $27.82 4 Dec-20 0 0.00% 0.00% 5 Dec-21 0 0.00% 0.00% Expense Reimbursements $190,092 $3.45 6 Dec-22 0 0.00% 0.00% Effective Gross Income $1,724,241 $31.26 7 Dec-23 0 0.00% 0.00% 8 Dec-24 26,214 47.53% 47.53% Expenses 9 Dec-25 0 0.00% 47.53% 10 Dec-26 0 0.00% 47.53% CAM $38,427 $0.70 11 Dec-27 28,938 52.47% 100.00% Total 55,152 100.00% Insurance $12,082 $0.22 Real Estate Taxes $135,741 $2.46 Non-Reimbursable Expenses $0 $0.00 10-year rollover 100.00% Operating Expenses $186,249 $3.38 80.00% Net Operating Income $1,537,991 $27.89 60.00% 40.00% Operating Expense Ratio 10.8% 20.00% 0.00% *Note expenses and reimbursements shown above are for Trader Joe’s and 1 2 3 4 5 6 7 8 9 10 11 Pier 1 Imports only.
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