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BRICE PARK 2640-2800 Brice Rd

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BRICE PARK 2640-2800 Brice Rd OFFERING MEMORANDUM BRICE PARK 2640-2800 Brice Rd Reynoldsburg, OH 43068 ™ OFFERING MEMORANDUM BRICE PARK 04 | EXECUTIVE OVERVIEW 10 | PROPERTY OVERVIEW 16 | TENANCY OVERVIEW 2640-2800 Brice Rd Reynoldsburg, OH 43068 23 | FINANCIAL OVERVIEW 27 | AREA OVERVIEW EXCLUSIVELY LISTED BY BEN SNYDER ZACK BATES SVP & Senior Director Associate Vice President Direct +1 216.503.3607 Direct +1 216.503.3608 Mobile +1 614.975.8822 Mobile +1 972.998.7373 [email protected] [email protected] License No. 2018002569 (OH) License No. 2018002393 (OH) BROKER OF RECORD LAURENCE BERGMAN License No. 000348029 (OH) 2 TABLE OF CONTENTS 04 | EXECUTIVE OVERVIEW 10 | PROPERTY OVERVIEW 16 | TENANCY OVERVIEW 23 | FINANCIAL OVERVIEW 27 | AREA OVERVIEW 3 SECTION I EXECUTIVE OVERVIEW 4 EXECUTIVE SUMMARY PROPERTY NAME Brice Park THE OFFERING Matthews is pleased to present the outstanding opportunity to acquire the OCCUPANCY fee simple interest in Brice Park, a high-quality shopping center containing 88.1% 158,565 square feet of owned GLA located in Reynoldsburg, Ohio, within the Columbus metro area (the “Property” or “Offering”). The Property, which is currently 88% leased, features a strong lineup of national retailers GLA including Ashley Furniture, Michaels, Family Dollar, Dollar Tree and more. ±158,565 This rare offering represents a critical mass of credit and national tenancy, complemented by a unique mix of regional and local retailers. The Offering allows an investor the opportunity to acquire a value-add MSA shopping center in a growing market. This outstanding investment opportunity Columbus, Ohio is being offered free and clear of existing financing. All inquiries should be directed to Matthews. ANCHORS Ashley Furniture, Michaels, Family Dollar, Dollar Tree 5 OFFERING CAP NET OPERATING PRICE RATE INCOME (YEAR 1) $11,825,000 9.00% $1,063,823 INVESTMENT HIGHLIGHTS » National Tenancy: Brice Park is currently 88% leased to a high quality roster of » Recent Leasing Momentum: The Property is experiencing compelling leasing national tenants including Ashley Furniture, Michaels, Family Dollar, and Dollar momentum with over 92,000 square feet of leasing activity since 2017, including Tree. Approximately 90% of the Property’s leased square footage and 87% of its the addition of four new tenants totaling 21,267 square feet and the renewal of six base rental revenue is derived from national tenants. existing tenants totaling 70,900 square feet. » High Growth Market: The Property is located in one of the fastest growing cities in » Densely Populated Trade Area: Brice Park is located just 10 miles east of the the country. From 2016 to 2017, the population in Columbus grew by more than Columbus CBD and benefits from a densely populated trade area with over 15,000 people, which was the 8th largest population increase in the U.S. over that 100,000 people within a three-mile radius, and over 226,000 people within a time period. While most cities in Ohio and the Midwest have been losing people five-mile radius. There are more residents estimated within a ten minute drive time since the 1960s, Columbus’s population has exploded. From 1960 to 2017, the of the Brice Rd/I-70 interchange than the interchanges at Polaris Parkway, Sawmill city’s population nearly doubled from 471,316 to 879,170. Columbus is currently Road, and Stringtown Road. the 14th largest city in the country. » High-Traffic Location: Brice Park benefits from a high-traffic location at the » Value-Add Opportunity: Brice Park offers a new investor the rare opportunity intersection of Brice Rd and Tussing Rd, which is one of the busiest intersections in to improve an existing shopping center located in a dense and established the trade area with traffic counts of more than 61,000 vehicles per day. trade area. With over 22,000 square feet of new leasing activity in the last 24 » months, including the addition of Dollar Tree and City Gear, a new investor has Convenient Access & Visibility: The Property is accessed from five points of an opportunity to capitalize off this recent leasing momentum and lease up the ingress/egress including two signalized entrances along Brice Rd, providing remaining vacancy, including two vacant outparcels. customers with convenient access. » Offered free and clear of any existing financing, a new » Seasoned Tenant Roster: The stability of the Property is evidenced by the tenure of Unencumbered Offering: the tenants. There are 5 tenants totaling over 38,000 square feet of GLA (nearly investor can take advantage of historically low interest rates and ample availability 25% of the total GLA), including Michaels, that are original tenants with a weighted in the capital markets to significantly enhance returns through aggressive average tenure of over 25 years. capitalization structures. 6 SUMMARY PROFILE BRICE PARK 17 158,565 88.1% Reynoldsburg, Ohio Tenants Square Feet Occupied 1988 4.3 Years 5.56% Construction Avg. Remaining Term 10-Year CAGR REGIONAL MAP SUBJECT PROPERTY 7 TENANT SUMMARY Base Rent Annual Base % of Annual 2017 Sales Lease Remaining Tenant GLA (SF) % of GLA PSF Rent Base Rent PSF Expiration Options Ashley Furniture1 & 2 30,000 18.9% $7.00 $210,000 17.5% $174 Jul-21 None Michaels3 17,800 11.2% $4.75 $84,550 7.0% - Feb-24 3, 5-year Family Dollar 15,426 9.7% $6.53 $100,688 8.4% - Jun-22 1, 5-year Octapharma 10,800 6.8% $10.00 $108,000 9.0% - Nov-26 3, 5-year Citi Trends4 9,949 6.3% $6.03 $59,992 5.0% $106 Aug-21 2, 5-year Dollar Tree5 9,500 6.0% $10.00 $95,000 7.9% - May-28 4, 5-year Anchors Total 93,475 59.0% $7.04 $658,231 54.9% - - - Shops 34,767 21.9% $12.46 $433,151 36.1% $247 - - Vacant 18,823 11.9% - - - - - - Pads 11,500 7.3% $9.39 $107,989 9.0% - - - Totals 158,565 100.0% $7.56 $1,199,370 100.0% - - 1 Per the Ashley Furniture lease, either Landlord or Tenant have the right to terminate the lease by written notice given to the other at any time after 7/31/2019. The termination date can be no earlier than 180 days after the date of the termination notice. 2Per the Ashley Furniture lease, tenant pays percentage rent on three percent (3%) of Gross Sales in excess of $3,600,000 ($120 PSF) per Lease Year. Ashley Furniture’s sales are very strong at over $5.2 million in 2017, which was an increase of 18.2% over their sales in 2016. We have modeled percentage rent in the amount of $48,876 in Year 1 based off of their 2017 sales. 3 Per the Michaels lease, Tenant has an annual right to terminate the lease. The written termination notice must be provided by July 31 for a termination as of January 31 of the following calendar year. 4 The sales figure represents the trailing 12 months sales as of August 2016, which is the last time Citi Trends reported sales. They are not required to report. 5Per the Dollar Tree lease, Tenant has the right to terminate the lease in the event Gross Sales from the Premises aggregate less than the $1,550,000 during the period from the 1st day of the 49th full month of the Lease Term through the last day of the 60th full calendar month of the Lease Term, without penalty. Tenant must provide Landlord with written notice of termination no later than ninety (90) days after the last day of the Sales Measurement Period. 8 ASSET OVERVIEW OCCUPANCY 12% 10% 9% Name Brice Park Address 2640-2800 Brice Rd Occupied Totals - In Place 50% City, State Reynoldsburg, OH Vacant Totals 530-214867-00 530-214869-00 41% APN 530-166434-00 88% 90% 530-220069-00 0% 530-215421-00 TENANT BREAKDOWN Land Area 17.253 Acres / 751,541 SF Year Built 1988 12% 10% 9% Property Type Community Center National/Credit Net Rentable Area ±158,565 50% Local/Regional Total Tenants 17 41% Current Occupancy 88.1% 88% 90% 0% Average Remaining Term 4.3 Years RENT BREAKDOWN VALUATION 12% 10% 9% Price $11,825,000 Anchor PAD 55% Price Per Foot $74.58 Shops 36% NOI $1,063,823 Cap Rate 9.00%88% 90% 9 SECTION II PROPERTY OVERVIEW 10 PROPERTY OVERVIEW PROPERTY DESCRIPTION OVERVIEW PROPERTY NAME ADDRESS Brice Park was originally developed in 1988. The Property totals 158,565 Brice Park 2640-2800 Brice Rd square feet and is 88% leased to a strong and diverse tenant roster led by Ashley Furniture, Michaels, Family Dollar, and Dollar Tree. The Property is comprised of one single-story inline retail building totaling GLA LOCATION 105,065 square feet, one freestanding single-story building totaling 30,000 square feet occupied by Ashley Furniture, and four, single- ±158,565 SF Reynoldsburg, OH 43068 story outparcel buildings totaling 23,500 square feet. The freestanding outparcel building occupied by Arby’s is separately LAND AREA OCCUPANCY owned and not a part of this offering. ±17.253 Acres 88.1% Leased LOCATION Brice Park is located in eastern Franklin County, just west of the Fairfield PARKING TRAFFIC COUNTS County line and Pickerington city limits and 10 miles east of the 822 Spaces Columbus CBD. The Property is on the hard corner of Brice Road, a Brice Rd: ±45,000 ADT major north-south thoroughfare with an I-70 interchange ±1 mile north of the Property, and Tussing Road. ZONING C4 - General Commercial Tussing Rd: ±19,000 ADT ACCESS The main entrances along Brice Road are controlled by a traffic signal, allowing for full access to and from the Property.
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