Crown Point Center Shelton, CT ECONOMIC DRIVERS
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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