SHELTON, CT 6 BUILDINGS | 50K SF | 7.26 ACRES Crown Point Center NEIGHBORHOOD CENTER | INTERNET RESISTANT ROSTER
Bridgeport Ave (15,611 VPD)
484-514 BRIDGEPORT AVENUE SHELTON, CONNECTICUT 06484 Crown Point Center TABLE OF CONTENTS
Section 1: Executive Summary Section 2: Tenant Overview Property Analysis...... 5 Tenant Descriptions...... 19 Lead Agents: Overview & Highlights...... 6-7 Lease Abstracts...... 20-24 Derrick Dougherty Property Details...... 8 Section 3: Location Overview First Vice President Philadelphia, PA Site Plan...... 9 Economy & Travel...... 26 215.531.7026 Tenant Mix...... 10 Economic Drivers...... 27 [email protected] License: PA RS305854 Section 2: Financial Analysis Regional Map...... 28 Rent Roll...... 12 Mark Krantz National Retail Group Expiration Schedule...... 13 Philadelphia, PA Rent Schedule...... 14 215.531.7056 [email protected] Income & Expenses...... 15 PA RS336064 | NJ 1537786 Rent Comps...... 16 Financing Details...... 17
Scott Woodard CT Route 8 (59,172 VPD) National Retail Group Philadelphia, PA NON-ENDORSEMENT PA RS329242 AND DISCLAIMER NOTICE NON-ENDORSEMENTS Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s Steven Garthwaite logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any National Retail Group agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective Philadelphia, PA customers. PA RS332182 ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
Financing Contact: DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus Stephen Filippo M&M Capital Corporation & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to Director-Capital Markets provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein New York, NY is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the 212.430.5288 income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the [email protected] presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Our Locations: Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained Philadelphia, PA King Of Prussia, PA herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or 2005 Market Street #1510 200 N. Warner Road completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service Philadelphia, PA 19103 King Of Prussia, PA 19406 P: 215.531.7000 P: 215.531.7000 mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved. New York, NY 260 Madison Avenue Marcus & Millichap Real Estate Investment Services of Seattle, Inc. Broker of Record: J.D. Parker 5th Floor License: RB062197C License: REB.0788985 2New | Crown York, NYPoint 10016 Center The Marketplace
515 Bridgeport Ave Strip
Captains Pizza of Shelton, CT
CT RouteBridgeport 8 (59,172 Ave (15,611 VPD) VPD)
Bridgeport Ave (15,611 VPD) Walgreens
Shelton Square Shopping Center SUBJECT The Center at Split Rock PROPERTY
DD&P | 3 EXECUTIVE SUMMARY CROWN POINT CENTER
SHELTON, CT
4 | Crown Point Center Crown Point Center PROPERTY ANALYSIS
$10,999,999 7.53% $827,876 $216.20 LIST PRICE CAP RATE NET OPERATING INCOME PRICE PER SF
PROPERTY SUMMARY
SQUARE FOOTAGE: 50,879sf
LOT SIZE: 7.26 Acres
YEAR BUILT: 2003-2005
OCCUPANCY: 81%
PARKING/RATIO: 256 ± | 5 Spaces/1,000SF
COMMERCIAL: IA-2
MAJOR TENANTS:
DD&P | 5 Crown Point Center PROPERTY DESCRIPTION OPPORTUNITY TO OWN A 50,879 SQUARE FOOT SHOPPING CENTER IN PRESTIGIOUS FAIRFIELD COUNTY, CT • Site sits on 7.26 Acres in prestigious Fairfield County; one of the most affluent counties in the United States
CURRENTLY 81% OCCUPIED BY A HEALTHY MIX OF NATIONAL, REGIONAL, AND LOCAL TENANTS • The center features Gulf Gas Station/Wendy’s pad site, Berkshire Hathaway, Liberty Bank ($42M in deposits), and a local Hibachi Restaurant
SUPERIOR REAL ESTATE FUNDAMENTALS – LOCATED AT SIGNALIZED INTERSECTION ON STRONG RETAIL THOROUGHFARE • Crown Point is strategically located at a signalized intersection along Bridgeport Avenue which is the main retail corridor in submarket with traffic counts exceeding 15,000 vehicles per day
IRREPLACEABLE POSITIONING WITH IMMEDIATE ACCESS TO CORPORATE PARKS, HOSPITALS, AND RETAILERS • Office Building Landscape: Over 2,000,000 square feet of corporate office space propelled by 20,000 daily commuters • Griffin Hospital:A 160 bed acute care center serving more than 130,000 residents is less than 5 miles from subject property • New Retail & Hotel Development: New proposal includes 123 room hotel, 14,200 square foot pharmacy with drive through, 13,200 square feet of office space, 32,600 square feet of retail, a bank, three restaurants and a coffee shop on the 19-acre parcel at 801 BridgeportA ve.
PROXIMITY TO NEW YORK CITY & PROXIMITY TO MAJOR HIGHWAY SYSTEMS • Within 73 miles from New York City & 18 Miles from New Haven, CT • The site is located just off Route 8 and easily accessible from Interstate – 95.
HEALTHY DEMOGRAPHICS & SUSTAINABLE GROWTH • Healthy Demos: Within a 5-mile radius the Average HH Income is $106K and a Population of 110K • Shelton has seen sustained growth and attracted new corporate employers over past 20 years due to completion/expansion of four-lane Route 8 and more im- portantly lower costs of doing business, shorter commute times, and lower cost of housing relative to Stamford and Greenwich.
6 | Crown Point Center Crown Point Center OVERVIEW & HIGHLIGHTS
General Overview Marcus & Millichap, on behalf of ownership is pleased to exclusively offer the fee simple interest in Crown Point Plaza, a 50,879 square foot neighborhood shopping center located in Shelton, Connecticut. The center is presently 81% occupied by a healthy mix of national, regional, and local tenants. The subject property was built in 2003 and sits on 5 separate tax parcels. Crown Point Plaza provides investors the opportunity to acquire a stabilized shopping center in a growing submarket.
Tenant Roster & Real Estate Fundamentals Crown Point Plaza is situated on 7.26 acres with 240+/- parking spaces. The center is occupied by a combination of seventeen Internet resistant and service-based tenants such as Gulf Gas Station/Wendy’s (pad site), Berkshire Hathaway (S&P: AA), Liberty Bank ($42M in deposits), and a local Hibachi Restaurant. Crown Point is strategically located at a signalized intersection along Bridgeport Avenue which is the main retail corridor in submarket with traffic counts exceeding 15,000 vehicles per day.
Location Overview Shelton Connecticut is a small city located 73 miles from New York City and 40 miles north of Greenwich Connecticut. Shelton is in prestigious Fairfield County, Connecticut boasting healthy demographics. Within a 5-mile radius the average household income is $106K and a population of 110k people. This small city is located just off busy Route 8 corridor and is easily accessible from Interstate-95. Shelton is home to a diverse population and employment base with over 2 million square feet of corporate office space with many working professionals in the management, engineering, sales and technology industries. Shelton has seen sustained growth and successfully attracted new corporate employers over the past 20 years due to the completion and expansion of four-lane Route 8. In comparison to Stamford/Greenwich, Shelton is attractive for its lower costs of doing business, shorter commute times, and lower cost of housing.
DD&P | 7 Crown Point Center PROPERTY DETAILS
Structure: Utility Services & Trash: » Foundation: Concrete Slab » Utilities: Public Water & Sewer, Electricity, & » Framing: Steel, Masonry, & Concrete Telephone » Exterior: Steel & Masonry » Plumbing Water Supply: To Code » Electric: Assumed to be adequate and to code; Tenants are separately metered Roof: » Type: Gabled » Cover: Shingle Access/Frontage: » Age: 2005 » Access: Curb cuts along Bridgeport Avenue » Frontage: 1,000 Feet along the easterly side of Bridgeport Avenue Interior/Exterior: » Floors: Concrete Slab, carpet, & tile » Ceilings: Hung acoustical tile » Exterior Walls: Dry-vit » Interior Walls: Gypsum board » Windows: Thermal; aluminum frames » Doors: Glass, wood and metal » Sprinklers: Partially sprinklered (Bldg. 514 is 100% equipped)
Parking Lot: » Type: Asphalt
Sewer/Septic: » Plumbing Waste/Drainage: To Code
8 | Crown Point Center Crown Point Center SITE PLAN
TENANT NRSF GLA % TENANT NRSF GLA % TENANT NRSF GLA % TENANT NRSF GLA % 484 Bridgeport Ave 494 Bridgeport Ave 504 Bridgeport Ave 514 Bridgeport Ave 1) Wendy's 3,415 6.71% 6) Available Space 1,219 2.40% 12) Common Grounds 1,574 3.09% 17) Enterprise Rent-A-Car 1,500 2.95% 2) Gulf 3,754 7.38% 7) UPS Store 1,241 2.44% 13) Panache Hair Design 1,358 2.67% 18) Wild Kanji 7,240 14.23% 3) Available Space 2,000 3.93% 8) Giove's Pizza 1,400 2.75% 14) Liberty Bank 3,733 7.34% 19) Taylor Made Fitness 4,519 8.88% 4) Apartment Unit 980 1.93% 9) Sprint 1,400 2.75% 504(B) Bridgeport Ave 15) Berkshire Hathaway 5,650 11.10% 5) Dunkin’ 1,012 1.99% 10) Fancy Nails 1,067 2.10% 16) Available Space 6,450 12.68% 11) Subway 1,367 2.69%
514
504B 484
17 18 19 3 16 15
494 504
4&5
6 7 8 9 10 11 12 13 14
1 2
Bridgeport Ave (15,611 VPD) Bridgeport Ave (15,611 VPD)
DD&P | 9 Synergistic & Internet Proof Tenant and Merchandising Mix
SERVICE USES CONSIST OF: 19 16 81% 49.06% 16.42 Years Total number Occupied Percent of center Percent of Gross Average Tenure of suites suites occupied Income generated from major tenants Service Gas & Fitness Food & Transport Beverage
Major Tenant Roster: Tenant Type Breakdown: Lease Lease Suite Tenant Name SF GLA % Current $/SF Tenant Type GLA % GLA (Occupied) Income % Income Start End 18 Wild Kanji 7,240 14.23% Jul-11 Jun-25 $19.59 Service 16,929 41% $440,647 43%
15 Berkshire Hathaway 5,650 11.10% Jan-07 Jan-21 $19.54 Gas / Transport 3,754 9% $88,800 9% Fitness 4,519 11% $67,785 7% 19 Taylor Made Fitness 4,519 8.88% Aug-18 Jul-21 $15.00 Food & Beverage 16,008 39% $433,958 42% 2 Gulf - Standard Petroleum, Inc. 3,754 7.38% Mar-03 Feb-23 $23.65 Total Occupied 41,210 $1,031,191 14 Liberty Bank 3,733 7.34% Mar-05 Feb-21 $29.53 Service Type Breakdown
1 Wendy's 3,415 6.71% Jan-02 Dec-22 $29.62
9 Sprint 1,400 2.75% Aug-03 Dec-22 $33.00 Service Food & Beverage 43% 11 Subway 1,367 2.69% Jul-03 Sept-23 $33.66 42%
5 Dunkin' Donuts 1,012 1.99% Mar-06 Feb-26 $65.81
Totals 32,090 63.07% Total Base Rent: $779,003
Fitness Gas / Transport 7% 9%
Service Gas / Transport Fitness Food & Beverage
10 | Crown Point Center FINANCIAL ANALYSIS CROWN POINT CENTER
SHELTON, CT
DD&P | 11 Crown Point Center RENT ROLL RENT & OPTION PERIODS REIMBURSEMENTS TENANT NRSF GLA % LSD LXD INCREASE INCREASE ANNUAL $ CURRENT $/SF OPTIONS LEASE TYPE DATE AMOUNT 484 Bridgeport Ave Ground Lease - 15% Admin Fee; CAM Wendy's 3,415 6.71% Jan-02 Dec-22 $101,155 $29.62 - - - Four (5) Year Options - 12% Increases Cap (10% of Base Rent) NNN - 15% Admin Fee; Gulf - Standard Petroleum, Inc. 3,754 7.38% Mar-03 Feb-23 $88,800 $23.65 - - - Two (5) Year Options - 17% & 11% Increases CAM Cap (10% of Base Rent) Available Space - Office 2,000 3.93% ------Apartment Unit 980 1.93% MtoM $19,200 $19.59 - - - - Gross Dunkin' Donuts 1,012 1.99% Mar-06 Feb-26 $66,600 $65.81 Mar-21 $73,860 $72.98 Two (5) Year Options - 10% & 12.5% Increases NNN - 15% Admin Fee 494 Bridgeport Ave Available Space 1,219 2.40% ------
UPS Store 1,241 2.44% Feb-12 Dec-23 $39,712 $32.00 - - - - NNN - 15% Admin Fee
Giove's Pizza 1,400 2.75% Jul-03 Sept-21 $40,600 $29.00 - - - One (5) Year Option -7% Increase in Year (3) NNN - 15% Admin Fee
Sprint 1,400 2.75% Aug-03 Dec-22 $46,200 $33.00 - - - - NNN - 15% Admin Fee
Fancy Nails 1,067 2.10% Jan-14 Dec-20 $30,000 $28.12 - - - One (5) Year Option - Increase TBD NNN - 15% Admin Fee Oct-20 $46,933 $34.33 Subway 1,367 2.69% Jul-03 Sept-23 $46,013 $33.66 Oct-21 $47,872 $35.02 Two (5) Year Options - Increase per Lease NNN - 15% Admin Fee Oct-22 $48,830 $35.72 504 Bridgeport Ave Jul-20 $39,350 $25.00 Common Grounds 1,574 3.09% Jul-19 Jun-29 $37,776 $24.00 Jul-21 $42,498 $27.00 Two (5) Year Options - Increases per Lease NNN - 15% Admin Fee; 5% CAM Cap Jul-24 $46,748 $29.70 Panache Hair Design 1,358 2.67% Jan-05 Feb-23 $39,900 $29.38 - - - One (5) Year Option -Increase per Lease NNN - 15% Admin Fee Liberty Bank (Drive-Thru) 3,733 7.34% Mar-05 Feb-21 $110,235 $29.53 - - - Six (5) Year Options -2% Increases NNN - 15% Admin Fee 504(B) Bridgeport Ave Berkshire Hathaway 5,650 11.10% Jan-07 Jan-21 $110,400 $19.54 - - - - Gross- Tenant pays utilities Available Space (Former Garage) 6,450 12.68% ------514 Bridgeport Ave Enterprise Rent-A-Car 1,500 2.95% Feb-05 Feb-25 $45,000 $30.00 - - - Two (5) Year Options - 10% Increases NNN - 15% Admin Fee Jul-20 $146,069 $20.18 Jul-21 $150,451 $20.78 Wild Kanji 7,240 14.23% Jul-11 Jun-25 $141,814 $19.59 Jul-22 $154,964 $21.40 - Gross Jul-23 $159,613 $22.05 Jul-24 $164,401 $22.71 Taylor Made Fitness 4,519 8.88% Aug-18 Jul-21 $67,785 $15.00 Aug-20 $72,304 $16.00 One (5) Year Option Gross Total Square Footage: 50,879 Current Rent: $1,031,191 50,879sf 41,210sf (81.00%) 9,669sf (19.00%) 22,821sf (44.85%) NET LEASABLE AREA TOTAL OCCUPIED TOTAL AVAILABLE NNN TENANTS 12 | Crown Point Center Crown Point Center EXPIRATION SCHEDULE
Tenant Square Feet GLA % LSD 2020 2021 2022 2023 2024 2025 Beyond 2025
Apartment Unit 980 1.93% - MtoM
Fancy Nails 1,067 2.10% January-14 December-20
Berkshire Hathaway 5,650 11.10% February-19 January-21
Liberty Bank 3,733 7.34% March-15 February-21
Giove's Pizza 1,400 2.75% February-19 September-21
Taylor Made Fitness 4,519 8.88% August-18 July-22
Wendy's 3,415 6.71% January-18 December-22
Sprint 1,400 2.75% January-17 December-22
Gulf - Standard Petroleum, Inc. 3,754 7.38% March-13 February-23
Panache Hair Design 1,358 2.67% March-18 February-23
Subway 1,367 2.69% October-18 September-23
UPS Store 1,241 2.44% January-17 December-23
Enterprise Rent-A-Car 1,500 2.95% March-14 February-25
Wild Kanji 7,240 14.23% July-19 June-25
Dunkin Donuts 1,012 1.99% March-16 February-26
Common Grounds 1,574 3.09% July-19 June-29 Square Feet Expiring 2,047 10,783 9,334 7,720 - 8,740 2,586 Percent Expiring 4.02% 21.19% 18.35% 15.17% - 17.18% 5.08%
DD&P | 13 Crown Point Center 2020 RENT SCHEDULE Rent Increase
JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC TOTAL Wendy's $8,430 $8,430 $8,430 $8,430 $8,430 $8,430 $8,430 $8,430 $8,430 $8,430 $8,430 $8,430 $101,155 Gulf - Standard Petroleum, Inc. $7,400 $7,400 $7,400 $7,400 $7,400 $7,400 $7,400 $7,400 $7,400 $7,400 $7,400 $7,400 $88,800 Apartment Unit $1,600 $1,600 $1,600 $1,600 $1,600 $1,600 $1,600 $1,600 $1,600 $1,600 $1,600 $1,600 $19,200 Dunkin Donuts $5,550 $5,550 $5,550 $5,550 $5,550 $5,550 $5,550 $5,550 $5,550 $5,550 $5,550 $5,550 $66,600 UPS Store $3,309 $3,309 $3,309 $3,309 $3,309 $3,309 $3,309 $3,309 $3,309 $3,309 $3,309 $3,309 $39,712 Giove's Pizza $3,383 $3,383 $3,383 $3,383 $3,383 $3,383 $3,383 $3,383 $3,383 $3,383 $3,383 $3,383 $40,600 Sprint $3,850 $3,850 $3,850 $3,850 $3,850 $3,850 $3,850 $3,850 $3,850 $3,850 $3,850 $3,850 $46,200 Fancy Nails $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $30,000 Subway $3,834 $3,834 $3,834 $3,834 $3,834 $3,834 $3,834 $3,834 $3,834 $3,911 $3,911 $3,911 $46,243 Common Grounds $3,148 $3,148 $3,148 $3,148 $3,148 $3,148 $3,279 $3,279 $3,279 $3,279 $3,279 $3,279 $38,563 Panache Hair Design $3,325 $3,325 $3,325 $3,325 $3,325 $3,325 $3,325 $3,325 $3,325 $3,325 $3,325 $3,325 $39,900 Liberty Bank $9,186 $9,186 $9,186 $9,186 $9,186 $9,186 $9,186 $9,186 $9,186 $9,186 $9,186 $9,186 $110,235 Berkshire Hathaway $9,200 $9,200 $9,200 $9,200 $9,200 $9,200 $9,200 $9,200 $9,200 $9,200 $9,200 $9,200 $110,400 Enterprise Rent-A-Car $3,750 $3,750 $3,750 $3,750 $3,750 $3,750 $3,750 $3,750 $3,750 $3,750 $3,750 $3,750 $45,000 Japanese Cuisine and Hibachi $11,818 $11,818 $11,818 $11,818 $11,818 $11,818 $12,172 $12,172 $12,172 $12,172 $12,172 $12,172 $143,941 Taylor Made Fitness $5,649 $5,649 $5,649 $5,649 $5,649 $5,649 $5,649 $6,025 $6,025 $6,025 $6,025 $6,025 $69,668 * Income Schedule assumes tenants expiring in 2020 renew for an additional Lease Term 2020 Base Rent: $1,036,218
14 | Crown Point Center Crown Point Center INCOME & EXPENSES
INCOME PSF Underwriting Notes: Base Rent(1) $1,036,218 $20.37 (1) Base Rent: Is Reflective of Shopping Center’s 2020 Scheduled Income Reimbursement Rent(2) (2) Reimbursement Rent: Analysis is Reflective of Owner’s 2019 CAM Reconciliation Records Real Estate Tax $137,858 Insurance, CAM, Mgmt Fee, Admin $119,087 (3) Expenses: Analysis is Reflective of 2019 CAM Reconciliation Expense records
Total Reimbursement $256,946 $5.05 (4) Management Fee: Analysis is reflective of 2019 CAM Reconciliation records Effective Gross Income $1,293,164 (5) Roofing Reserve: Reserve Calculations are based on the Total Roof Replacement of entire Center - estimate of EXPENSES(3) $360,000/20 year lifespan = $18,000/year Reimbursable Expenses Real Estate Taxes $202,622 $3.98 (6) Reserves: Analysis is reflective of 20 cents psf; underwriting standard
Property Insurance $28,815 $0.57 (7) Vacant Utilities: Analysis is reflective of Owner’s 2019 P&L Statement Common Area Maintenance Repairs & Maintenance Waste Removal $15,603 Pavement/Curb Repair $5,215 Repairs & Maintenance $4,412 Parking Lot Sweeping $5,200 Grounds Maintenance Landscaping & Snow Removal $56,000 Utilities Electric $38,586 Gas $8,590 Water/Sewer $6,674 Total CAM $140,280 $2.76 Admin/Management Fees & Reserves Administrative Fee $31,664
Mgmt. Expense(4) $24,000
Roofing Reserve(5) $18,000 Total Admin/Mgmt. & Reserves $73,664 $1.45 Total Reimbursable Expenses $445,382 $8.75 Non Reimbursable Expenses
Reserves(20 Cents PSF)(6) $10,176 Vacant Utilities (Apartment Unit & Garage Space)(7) $9,730 Non Reimbursable Expenses $19,906 $0.39 Total Expenses $465,288 $9.14 Net Operating Income $827,876
DD&P | 15 Crown Point Center RENT COMPS (SHOPPING CENTERS)
MILES FROM NAME OF CENTER ADDRESS SIZE OCCUPANCY RENTAL RANGE TENANTS SUBJECT
Small: $24-$33/SF NNN Crown Point Center 484-514 Bridgeport Ave., Shelton, CT 50,879 SF 81% Wendy's, Gulf Gas Station, Sprint - Large: $15-$19/SF Gross
Shelton Marketplace 395 Bridgeport Ave., Shelton, CT 40,000 SF 96% Small: $23-$29/SF NNN Goodwill, Urgent Care, Great Clips 0.6 Miles
Small: $21-$34/SF NNN & Gross Shelton Town Center 350 Bridgeport Ave., Shelton, CT 19,450 SF 71% Hertz, Planet Pizza, Key Bank (Dark) 0.8 Miles Large: $18-$20/SF NNN
Commerce Drive Center 100 Commerce Dr., Shelton, CT 46,000 SF 96% Small: $29-$31/SF NNN Pet Valu, Griffin Faculty Physicians 1.1 Miles
Center at Split Rock 700 Bridgeport Ave., Shelton, CT 82,841 SF 100% Small: $24-$30/SF NNN Orangetheory, Mattress Firm, Outback Steakhouse 1.2 Miles
Subject Property Shelton Marketplace
Shelton Town Center Commerce Drive Center Center at Split Rock
16 | Crown Point Center Crown Point Center Director - Capital Markets (212) 430-5288 FINANCING DETAILS STEPHEN FILIPPO [email protected] Marcus & Millichap Capital Corporation 260 Madison Avenue, 5th Floor New York, NY 10016
Non-Recourse Financing Summary Returns Year 1 Price $10,999,999 CAP Rate 7.53% Down Payment (30%) $3,300,000 Cash-on-Cash 12.51% Loan Amount $7,699,999 Total Return 16.99% Interest Rate 3.50% Debt Coverage Ratio 2.00 Amortization 30 Years Term 10 Years
Operating Data
Income Year 1 Scheduled Base Rental Income $1,036,218 Total Reimbursement Income $256,946 Effective Gross Revenue $1,293,164 Less: Operating Expenses ($465,288) Net Operating Income $827,876 Debt Service ($414,917) Net Cash Flow After Debt Service 12.51% $412,959 Principal Reduction $147,773 Total Return 16.99% $560,732
DD&P | 17 TENANT DESCRIPTIONS CROWN POINT CENTER
SHELTON, CT
18 | Crown Point Center Crown Point Center TENANT OVERVIEW
TENANT DESCRIPTION HEADQUARTERS CREDIT RATING LOCATIONS
Wendy’s was founded in 1969 by Dave Thomas in Columbus, OH. Dave built his business on the premise, “Quality is our Recipe,” S&P: B 6,700+ Dublin, OH which remains the guidepost of the Wendy’s system. Wendy’s is the world’s number three hamburger chain in terms of locations Moody’s: B2 Worldwide
Dunkin’ Donuts is a market leader in the hot regular/decaf/flavored coffee, iced coffee, donut, bagel and muffin categories. Dunkin’ 12,000+ Canton, MA Private Donuts has earned the No.1 ranking for customer loyalty in the coffee category Worldwide
Gulf has 116 Years of history with roots in the Northeast – the company has grown to over 1,800 Gulf Oil branded locations today. In S&P: NR 1,800+ Pittsburgh, PA 2015, Gulf Oil was purchased by ArcLight Capital Partners, LLC, a leading energy investment firm focused on energy infrastructure. Moody’s: NR United States
The Sprint Corporation traces its origins to two companies, the Brown Telephone Company and Southern Pacific Railroad. Sprint Cor- S&P: B 4,500+ Overland Park, KS poration is an American telecommunications company that provides wireless services and is an Internet service provider Moody’s: C United States
Subway is an American privately-held restaurant franchise that primarily sells submarine sandwiches (subs) and salads. It is one 41,512 Milford, CT Private of the fastest-growing franchises in the world and, as of October 2019, had 41,512 locations in more than 100 countries. Worldwide
Berkshire Hathaway is a residential real estate company that provides real estate brokerage services, mortgage loan origination, S&P: AA 1,400+ Minneapolis, MN franchising, title insurance/escrow/closing services, home warranties, property insurance, casualty insurance, and relocation services. Moody’s: Aa2 United States
Enterprise Rent-A-Car is an American car rental company headquartered in Clayton, MS, in Greater St. Louis. In addition to car rental, S&P: A- 9,400+ Clayton, MS Enterprise also oversees commercial fleet management, used car sales, and commercial truck rental operations. Moody’s: NR United States
The UPS Store network is the world’s largest franchisor of retail shipping, postal, printing and business service centers. Today, S&P: A+ 5,000+ San Diego, CA there are more than 5,000 independently owned The UPS Store locations in the U.S., Puerto Rico, and Canada. Moody’s: A1 World Wide
Liberty Bank is the oldest mutual savings bank in the United States, as well as the third largest bank in Connecticut. Liberty 55 Middletown, CT Private Bank is headquartered in Middletown, Connecticut and has 55 banking offices throughout the state. Connecticut
Family owned and operated in Connecticut, Giove’s Pizza Kitchen prides itself on fast and courteous service, friendly 2 Locations Shelton, CT Private knowledgeable staff, and the freshest highest quality ingredients available. Shelton & Trumbull
Wild Kanji offers delicious dining and takeout to Shelton, CT. Wild Kanji is a cornerstone in the Shelton community and has been Shelton, CT Private 1 Location recognized for its outstanding Sushi cuisine, excellent service and friendly staff.
Taylor Made Fitness is a boutique studio for everybody, regardless of age or fitness level offering personal training and small Shelton CT Private 1 Location group training classes throughout the day. Taylor Made Fitness also offer spin power and yoga.
Common Grounds is a local coffee shop providing premium coffee and delivering the highest quality customer experience while Connecticut Private 3 Locations supporting the community. Common Grounds coffee beans are carefully sourced from all around the world & roasted locally.
Panache Hair Design a full service hair salon specializing in Goldwell color and Extreme Lashes. Panache Hair Design provides Connecticut Private 1 Location the highest level of beauty care in a warm, professional, and unique environment.
DD&P | 19 Crown Point Center LEASE ABSTRACT
Tenant Wendy's Old Fashioned Hamburgers of New York, Inc. (Ground Lease)
Guarantor Franchise
Square Footage 3,415 SF
Pro Rata Share 42% PRS of Building #484
Commencement Date January 1, 2002
Expiration Date December 31, 2022
Initial Term (15) Year Base Term
Option Notice Automatic Renewal, unless notice otherwise (180) days prior to Lease expiration
Estoppel/SNDA Landlord & Tenant to provide within (30) days of request from either Party
Taxes Tenant is responsible for PRS of Real Estate Taxes
Insurance Tenant is responsible for PRS of Insurance expenses
CAM Tenant is responsible for PRS of CAM expenses
CAM cap Tenant's share of CAM expenses shall not exceed an amount equal to (10%) of the total fixed rent paid by Tenant in a given Lease Year
Utilities Tenant is responsible for all Utility expenses
Admin Fee 15% Administrative Fee on Total CAM costs
Roof & Structure Tenant is responsible for repair and maintenance Roof & Structure
HVAC (Maint & Replacement) Tenant is responsible for repair and maintenance of HVAC
Exclusive Landlord shall not lease space in the Center for a restaurant use in which the primary bsuiness is the sale of hamburgers, hamburger products, or chicken sandwhiches
Permitted Use Tenant shall use the Premises in any lawful manner and will comply with all lawful requirements of all governmental authorities
ROFR Tenant shall have Right of First Refusal with (30) day notice
Assignment Note Tenant may assign lease with written consent of Landlord; in event of assignmnet, Tenant is to remain liable for the obligations under this Lease
20 | Crown Point Center Crown Point Center LEASE ABSTRACT
Tenant Standard Petroleum, Inc. d/b/a Gulf Tenant J&S Business Services, Inc. d/b/a The UPS Store
Guarantor Corporate Guarantor Franchise - (J&S Business Services, Inc.)
Square Footage 3,754 SF Square Footage 1,241 SF
Pro Rata Share 46% PRS of Building #484 Pro Rata Share 16.1% PRS of Building #494
Commencement Date October 8, 2002 Security Deposit Tenant deposit of $5,584.50
Expiration Date February 28, 2023 Commencement Date February 1, 2012
Initial Term (20) Year Base Term Expiration Date December 31, 2023
Initial Term (7) Year Base Term
Option Notice Tenant to provide notice (1) Year prior to Lease expiration
Estoppel/SNDA Tenant to provide certificate within (10) days of Landlord request Option Notice Tenant to provide notice (180) days prior to Lease expiration
Estoppel/SNDA Tenant to provide certificate within (15) days of Landlord request
Taxes Tenant is responsible for PRS of Real Estate Taxes
Insurance Tenant is responsible for PRS of Insurance Expenses Taxes Tenant is responsible for PRS of Real Estate Taxes
CAM "Tenant is responsible for PRS of CAM expenses Insurance Tenant is responsible for PRS of Insurance Expenses Dunkin' tenant to share in responsibility of Interior maintenance" CAM Tenant is responsible for PRS of CAM expenses CAM cap Tenant's share of CAM expenses shall not exceed an amount equal to (10%) of the total fixed rent paid by Tenant in a given Lease Year Utilities Tenant is responsible for all Utility expenses Utilities Tenant is responsible for all Utility expenses Admin Fee 15% Administrative Fee on CAM expenses
Roof & Structure Landlord is responsible for repair & replacement of Roof and Roof & Structure Landlord is responsible for repair & replacement of Roof and Strucutre Structure HVAC (Maint & Replacement) Tenant is responsible for repair & replacement of HVAC HVAC (Maint & Replacement) Tenant is responsible for repair & replacement of HVAC
Exclusive Landlord shall not lease space to any gasoline filling station or Permitted Use Tenant shall use the Premises as a UPS Store, for the sale of mailbox convenience store business within the Center rentals, parcel shipping and packaging supplies and services, and Assignment Note Tenant may sublet the Premises; however, in event of sublet, Tenant is related services to remain liable for its obligations under this Lease Required Occupancy Tenant shall keep the Premises open for business during all such times as are customary for Tenant's Permitted Use Assignment Note Tenant may not assign Lease without Landlord consent; in event of assignment, Tenant will remain liable for obligations under this Lease DD&P | 21 Crown Point Center LEASE ABSTRACT
Tenant Subway Real Estate Corp., d/b/a Subway Tenant The Customer Center of CT, Inc., d/b/a Sprint
Guarantor Personal - Behrouz Taheri Guarantor Franchise
Square Footage 1,367 SF Square Footage 1,400 SF
Pro Rata Share 18.1% of Building #494 Pro Rata Share 13.5% PRS of Building #494
Security Deposit Tenant Deposit of $6,416.68 Security Deposit $6,300 Tenant Deposit
Commencement Date July 11, 2003 Commencement Date August 1, 2003
Expiration Date September 30, 2023 Expiration Date December 31, 2022
Initial Term (10) Year Base Term Initial Term (5) Year Base Term
Option Notice Tenant to provide notice (180) days prior to Lease expiration Option Notice Tenant to provide notice (180) days prior to Lease expiration
Estoppel/SNDA Tenant to provide certificate within (15) days of Landlord request Estoppel/SNDA Tenant to provide certificate within (15) days of Landlord request
Taxes Tenant is responsible for PRS of Real Estate Taxes Taxes Tenant is responsible for PRS of Real Estate Taxes
Insurance Tenant is responsible for PRS of Insurance expenses Insurance Tenant is responsible for PRS of Insurance expenses
CAM Tenant is responsible for PRS of CAM expenses CAM Tenant is responsible for PRS of CAM expenses
Utilities Tenant is responsible for Utility expenses Utilities Tenant is responsible for Utility expenses
Admin Fee 15% Administrative Fee on CAM expenses Admin Fee 15% Adminstrative Fee on CAM expenses
Roof & Structure Landlord is responsible for repair & replacement of Roof and Roof & Structure Landlord is responsible for repair & replacement of Roof and Structure Structure HVAC (Maint & Replacement) Tenant is responsible for repair & replacement of HVAC HVAC (Maint & Replacement) Tenant is responsible for repair & replacement of HVAC
Permitted Use Tenant shall use Premises as a "Subway" brand sandwhich restaurant Exclusive Landlord shall not permit the sale of Nextel/Sprint brand wireless telephone transmission products and services by any other Tenant in Required Occupancy Tenant shall keep the Premises open for business during all such times the Building or surrounding Buildings as are customary for Tenant's Permitted Use Permitted Use Tenant shall use Premises for the sale of wireless telephone Assignment Note Tenant may not assign Lease without Landlord consent transmission products and related services ROFR Tenant has Right of First Refusal with (10) day notice to Landlord
Assignment Note Tenant may not assign Lease without Landlord consent; in event of assignment, Tenant will remain liable for obligations under this Lease 22 | Crown Point Center Crown Point Center LEASE ABSTRACT
Tenant Common Grounds Shelton, LLC d/b/a Common Grounds Tenant Naugatuck Valley Savings & Loan, S.B. d/b/a Liberty Bank
Guarantor Personal - Wilson Jara & Dena Jara Guarantor Corporate
Square Footage 1,574 SF Square Footage 3,733 SF
Pro Rata Share 20.46% PRS of Building #504 Pro Rata Share 56% PRS of Building #504
Security Deposit $9,000 Tenant Deposit Commencement Date March 1, 2005
Commencement Date July 1, 2019 Expiration Date February 28, 2021
Expiration Date June 30, 2029 Initial Term (15) Year Base Term
Initial Term (10) Years & (4) Month Base Term
Option Notice Tenant to provide notice (120) days prior to Lease expiration
Option Notice Tenant to provide notice (180) days prior to Lease expiration Estoppel/SNDA Tenant agrees to subordinate this Lease
Estoppel/SNDA Tenant to provide certificate at any time from Landlord's request
Taxes Tenant is responsible for PRS of Real Estate Taxes
Taxes Tenant is responsible for PRS of Real Estate Taxes Insurance Tenant is responsible for PRS of Insurance expenses
Insurance Tenant is responsible for PRS of Insurance expenses CAM Tenant is responsible for PRS of CAM expenses
CAM Tenant is responsible for PRS of CAM expenses Utilities Tenant is responsible for Utility expenses
CAM cap 5% Annual CAM Cap excluding Snow Removal expenses Roof & Structure Landlord is responsible for repair & replacement of Roof and Structure Utilities Tenant is responsible for Utility expenses HVAC (Maint & Replacement) Tenant is responsible for repair & replacement of HVAC Admin Fee 15% Administrative Fee on Operating Expenses
Roof & Structure Landlord is responsible for repair & replacement of Roof and Structure Permitted Use Tenant shall use Premises solely as a bank providing banking and financial services & other related services HVAC (Maint & Replacement) Tenant is responsible for repair & replacement of HVAC Required Occupancy Tenant shall keep the Premises open for business during all such times as are customary for Tenant's Permitted Use Permitted Use Tenant shall use Premises for the sale of Hot & Cold coffee, tea, baked Assignment Note Tenant may not assign Lease without Landlord consent goods, bakery items, & related items Assignment Note Tenant shall not assign lease without Landlord consent
DD&P | 23 Crown Point Center LEASE ABSTRACT
Tenant CTRE LLC d/b/a Berkshire Hathaway HomeServices New England Properties Tenant Japanese Cuisine & Hibachi, Inc. d/b/a Wild Kanji
Guarantor Franchise Guarantor Personal Guaranty - Yi Min Ren & Jin Xiang Ren
Square Footage 5,650 SF Square Footage 7,240 SF
Pro Rata Share 47% PRS of Building #504(B) Pro Rata Share 54.60% of Building #514
Security Deposit Tenant deposit of $7,500 Security Deposit Tenant shall pay Landlord ($2,000) per month for (27) consecutive months for a total of ($54,000) as Tenant Deposit Commencement Date January 11, 2007 Commencement Date July 1, 2011 Expiration Date January 31, 2021 Expiration Date June 30, 2025 Initial Term (6) Year Base Term Initial Term (10) Year Base Term
Option Notice Tenant to provide notice (9) months prior to Lease expiration Option Notice Tenant to provide notice (180) days prior to Lease expiration
Estoppel/SNDA Tenant to provide certificate within (15) days of Landlord request Taxes Landlord is responsible for Tenant's PRS of Real Estate Taxes
Insurance Landlord is responsible for Tenant's PRS of Insurance expenses Taxes Tenant shall pay Pro Rata Share (54.60%) of Building for Real Estate CAM Landlord is responsible for Tenant's PRS of CAM expenses Taxes over the Base Year of 2014-2015, in which Taxes were ($59,943) Utilities Tenant is responsible for Electric charges of Premises Insurance Landlord is responsible for Tenant's PRS of Insurance expenses
Roof & Structure Landlord is responsible for maintenance & repair of Roof and CAM Landlord is responsible for Tenant's PRS of CAM expenses Structure Utilities Tenant is responsible for all Utility expenses HVAC (Maint & Replacement) Landlord is responsible for maintenance & repair of HVAC Roof & Structure Landlord is responsible for repair & replacement of Roof and Structure Permitted Use Tenant shall use Premises for use as a real estate brokerage and HVAC (Maint & Replacement) Landlord is responsible for repair & replacement of HVAC related services office Assignment Note Tenant shall not assign Lease without Landlord in consent unless in event of Tenant merger; in event of assignment, Tenant will remain Permitted Use Tenant shall use and occupy Premises as a Full Scale sit-down liable for its obligations under this Lease restaurant, bar & lounge and other related services and for no other use unless approved by Landlord Assignment Note Tenant may not assign Lease without Landlord request
24 | Crown Point Center Bridgeport Ave (15,611 VPD)
LOCATION OVERVIEW CROWN POINT CENTER
SHELTON, CT
DD&P | 25 Fairfield County, CT ECONOMY & TRAVEL
Local Economy Shelton boasts strong economic fundamentals. The strength and desirability of the Greater Top Employers
Fairfield County Area is characterized by its economic diversity and population density. Its Organization/Company Industry Type location, high concentration of educational, medical and government facilities, and a strong BoehringerIngelheim Corp. Pharmaceuticals transportation network underscore these strengths. Strategically positioned nearby National Bridgeport Hospital Healthcare Credit Retailers, Residents of the Fairfield County area have always enjoyed a high quality of life. Dooney & Bourke Fashion/Manufacturing
Sikorsky Aircraft Corp. Manufacturing
Danbury Hospital Healthcare
IMS Health Information Technology
Bic Corporation Manufacturing
Sheaffer Penn Corp Manufacturing
The Greater Fairfield County Area is served by thousands of miles of highways and roads. Major interstates, state and local highways in the Greater Fairfield County Area include:
Interstate 84 (I-84) is an east–west Interstate highway Route 8 is the portion of the 148-mile (238 km) multi across the state of Connecticut through Danbury, state New England Route 8 within the state of Connecticut Waterbury, Hartford and Union. running north–south from Bridgeport, through Waterbury.
Interstate 684 (I-684) is a 29-mile-long (47 km) north– U.S. Route 1 in the state of Connecticut is a major east– south Interstate Highway in the state of New York and a west United States Highway along Long Island Sound. It short portion in Connecticut in the United States. has been replaced by Interstate 95 as a through route.
U.S. Route 6 within the state runs for 116.33 miles U.S. Route 7 is a north–south U.S. Highway which runs (187.21 km) from the New York state line near Danbury to 78 miles in the state. The route begins at Interstate 95 in the Rhode Island state line in Killingly. Norwalk starting out as an expressway until Wilton.
26 | Crown Point Center Shelton, CT ECONOMIC DRIVERS
GRIFFIN HOSPITAL: • Griffin Hospital is a 160-bed community hospital founded in 1909 and located in Derby, Connecticut. The hospital serves more than 130,000 residents in the Lower Naugatuck Valley. • Griffin Hospital serves as a flagship hospital for Planetree, an international healthcare organization that centers on patient care. Shelton, in Fairfield County, is located in western Connecticut at the confluence of the Housatonic and Naugatuck Rivers. Settled in 1639 as part of the town of Stratford, the area was known as Coram, and also Ripton, before being incorporated in 1789 as Huntington. In 1882, it was renamed Shelton, before being incorporated as a city in 1915. The harnessing of abundant waterpower from the Husatonic River dam and a local canal allowed for the production of everything from pins to pianos. Today, Shelton remains a manufacturing center and the headquarters of many international THE MARKETPLACE: companies. Included among Shelton’s manufactured goods are Wiffle balls—a Connecticut invention. • New shopping center located at 405-409 Bridgeport Avenue in one of Fairfield County’s fastest growing retail corridors • Dynamic new 130,000+ SF grocery anchored shopping center with prime visibility on Bridgeport Avenue. Tenants include: Big Y, Verizon, Arooga’s, AFC Urgent Care, Great 110K $96K 75miles Clips, Goodwill and others RESIDENTS LIVING AVERAGE HHI FROM NEW YORK WITHIN FIVE MILE WITHIN ONE MILE (1 HOUR AND 35 RADIUS RADIUS OF SITE MINUTE DRIVE)
ENTERPRISE CORPORATE PARK: • Over 2,000,000sf of corporate office space spread across 12 buildings built & managed by R.D. Scinto, Inc. • The Park will be adding a New Construction 62,000 Square 45miles 10% 0.5miles Foot 4-Star Office Building come 2020 – 20 Commerce .Dr • Major firms in the Shelton area include Tetley Tea, TIE FROM THE POPULATION TO CT-8, A MAJOR Communication, I.T.T., Black and Decker, Sikorsky Aircraft, STATE CAPITAL GROWTH OVER THE ROADWAY SEEING Gama Aviation, Chesebrough-Pond’s, Tetra-Pak, General HARTFORD, CT PAST DECADE OVER 59K VPD Electric, and Bunker Ramo
DD&P | 27 Hartford
Bridgeport Ave (15,611 VPD)
New Haven
Stamford
New York Shelton, CT
RADIUS 1 MILE 3 MILE 5 MILES Average HH Income $96,077 $99,246 $106,486
Median HH Income $75,485 $75,905 $83,625
Population 7,253 45,326 110,912
Households(#) 3,083 18,627 42,961
28 | Crown Point Center SHELTON, CT 6 BUILDINGS | 50K SF | 7.26 ACRES Crown Point Center NEIGHBORHOOD CENTER | INTERNET RESISTANT ROSTER
Bridgeport Ave (15,611 VPD)
484-514 BRIDGEPORT AVENUE SHELTON, CONNECTICUT 06484 DD&P | 29