Buford Court Commons OFFERING MEMORANDUM BUFORD COURT COMMONS | 8006 Buford Court Richmond, Virginia 23235 TABLE OF CONTENTS CONFIDENTIALITY & DISCLAIMER ...................................................2 OFFER PROCEDURE ................................................................3 INVESTMENT SUMMARY ...........................................................4 PROPERTY INFORMATION ..........................................................5 PROPERTY PHOTOS ................................................................6 SITE PLAN .........................................................................9 AERIAL ...........................................................................10 TENANT PROFILES ................................................................11 RENT ROLL .......................................................................12 LEASE ROLLOVER .................................................................13 OPERATING INFORMATION .......................................................14 10 YEAR CASH FLOW ..............................................................15 UNLEVERAGED PRESENT VALUE .................................................16 AREA OVERVIEW .................................................................17 DEMOGRAPHIC SUMMARY .......................................................18 SAMPLE LOI ......................................................................22 RISER RETAIL GROUP BUFORD COMMONS 1 CONFIDENTIALITY & DISCLAIMER he 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 Riser Retail Group and should not be made available to any other person or entity without the written consent of Riser Retail Group. This Marketing Brochure has been Tprepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Riser Retail Group has not made any investigation, and makes no warranty or representation, with respect to the 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 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 Marketing Brochure has been obtained from sources we believe to be reliable; however, Riser Retail Group has not verified, and will not verify, any of the information contained herein, nor has Riser Retail Group conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. All property showings are by appointment only. Please consult your Riser Retail Group agent for more details. RISER RETAIL GROUP BUFORD COMMONS 2 OFFER PROCEDURE An Investor will be selected based on the ability and willingness of the Investor to close the transaction swiftly. Investors are required to submit offers on the Letter of Intent (LOI) template (See Exhibit A). The Investor’s ability to close the transaction will be evaluated using a number of factors including: 1. Available financial resources for the transaction. 2. Level of discretion to invest funds 3. Experience in closing similar transactions 4. Ability to source and place debt Please submit all offers to: 5. On-site visit and inspection before contract phase 6. Willingness to accept the terms detailed in the Sellers standard (LOI) JOHN F. RISER 7. Willingness to commit adequate resources necessary to close the transaction RISER RETAIL GROUP 600 East 96th Street A Letter of Intent (LOI) template (Exhibit A) is attached at the end of this package. An Suite 590 Investor may, at their discretion, draft and submit their own LOI stating the price and Indianapolis, IN 46240 terms they are proposing. Seller reserves the right at their own discretion to accept or Phone: 317.844.0700 reject any and all offers. Fax: 317.844.0701 [email protected] Offers should include, at minimum, the following transaction framework: 1. Purchase Price 2. Earnest Money Deposit 3. Name of the Ultimate Beneficial Owner(s)/Purchaser BROKER OF RECORD: 4. Respective Interests if More than One Owner/Partnership ED LAYCOX 5. Evidence Financial Ability to Complete the Transaction RISER RETAIL GROUP 6. Method of Financing Phone: 202.810.7070 7. Terms and Conditions of Closing Cell: 202.236.6868 8. Due Diligence and Closing Periods [email protected] RISER RETAIL GROUP BUFORD COMMONS 3 INVESTMENT SUMMARY • Food Lion Grocery Anchored Center • Recent Food Lion Remodel & Signage INVESTMENT SUMMARY • 100% Occupied • Priced Below Replacement Cost Price: $3,600,000 • Long Term Tenancy (Food Lion since '87) • Includes Potential Outlot Pad • Strong Increasing Sales ($316.04/sf) • Durable Brick Construction Cap Rate: 7.56% • Investment Grade Credit • Parking Lot Sealed & Striped (2017) Occupancy: 100% • Moody’s Credit Rating: Baa1 • Located Between 2 Highway Exits • Minimal Near Term Lease Rollover • 173,000+ People within 5 Miles GLA: 42,801 Sq Ft. • Property Located in Opportunity Zone • Low Cost Per Square Foot ($86.45/sf) (Click HERE for more information) Site Area: 6.597 Acres RISER RETAIL GROUP BUFORD COMMONS 4 PROPERTY INFORMATION Buford Court Commons 8006 Buford Court Richmond, VA 23235 COUNTY: Henrico GLA: 42,801 Square Feet SITE AREA: 6.597 Acres OWNERSHIP: Fee Simple TAX PARCEL ID: N/A ZONING: Commercial YEAR BUILT: 1989 NUMBER OF SUITES: 11 OCCUPANCY: 100% PARKING SPACES: Ample FRAMING: Structural Steel & Masonry WINDOWS: Plate Glass in Aluminum Frames EXTERIOR: Brick Veneer with CMU FOUNDATION: Concrete Slab w/Spread Footings HVAC: Roof Mounted Units ROOF: Built-Up PARKING LOT: Asphalt (Sealed/Striped 2017) RISER RETAIL GROUP BUFORD COMMONS 5 PROPERTY PHOTOS Buford Court Commons RISER RETAIL GROUP BUFORD COMMONS 6 PROPERTY PHOTOS RISER RETAIL GROUP BUFORD COMMONS 7 PROPERTY PHOTOS RISER RETAIL GROUP BUFORD COMMONS 8 SITE PLAN Buford Court Commons Food Lion A 29,000 Milby's Pageant & Dance B4 1,200 China City A1 1,400 State Farm B5 1,200 GoGo Vegan A2/A3 2,800 Faith Harvest Church B6/B7 2,400 Good Day Dog Grooming B1 1,200 Full Circle Integrated Martial Arts B8 1,200 Hair on Broadway B2 1,200 Green Massage Therapy B3 1,200 Gross Leasable Space 42,800 RISER RETAIL GROUP BUFORD COMMONS 9 AERIAL RISER RETAIL GROUP BUFORD COMMONS 10 TENANT PROFILE Trade Name: Food Lion Food Lion LLC is a grocery store company headquartered in Salisbury, North Carolina, that operates more than 1,100 supermarkets in 10 states of the Southeastern United States HQ: Salisbury, NC under the Food Lion banner. With about 63,000 employees] Food Lion, LLC. is currently owned by Ahold Delhaize after it was acquired by the Delhaize Group in 1974. One of Web Site: www.foodlion.com the founders was philanthropist Ralph Ketner. Food Lion stores can currently be found in Delaware, Georgia, Kentucky, Maryland, North Carolina, Pennsylvania, South Carolina, Owner: Delhaize Group Tennessee, Virginia, and West Virginia. Locations: 1,100+ The company’s private-label Food Lion brand products accounts for about 20% of sales. Founded in 1957 as Food Town, Food Lion is owned by supermarket operator Ahold Delhaize. RISER RETAIL GROUP BUFORD COMMONS 11 RENT ROLL Rentable Percent Lease Lease Current Current Current Rent Escalations Expense Option Square of Start Expiration Monthly Annual Annual Effective Annual Recovery Terms Suite Tenant Feet Center Date Date Rent Rent Rent/SF Date Rent/SF Information A Food Lion 29,000 67.76% Sep-87 Jan-24 $15,950 $191,400 $6.60 Feb-29 Fixed CAM; Prorata One 5yr Taxes; Base Year Insurance (1989: $8,284) A1 China City 1,400 3.27% Sep-03 Feb-19 $1,293 $15,516 $11.08 NNN + Management + 15% Admin A2-A3 GoGo Vegan 2,800 6.54% Jul-18 Jul-21 $1,633 $19,600 $7.00 Dec-19 $7.35 NNN Restaurant Dec-20 $7.72 B1 Good Day Dog 1,200 2.80% Jan-11 Feb-21 $1,159 $13,911 $11.59 Mar-19 $11.94 NNN + Grooming Mar-20 $12.30 Management + 15% Admin B2 Hair on Broadway 1,200 2.80% May-93 MTM $1,250 $15,000 $12.50 NNN (CAM Cap @ $3,014) B3 Green Massage 1,200 2.80% Jun-17 Mar-21 $1,339 $16,068 $13.39 Jul-19 $13.79 GROSS One 3yr Therapy Jul-20 $14.21 Jul-21 $14.63 B4 Milby's Pageant & 1,200 2.80% Mar-14 May-19 $844 $10,130 $8.44 Apr-19 $8.69 NNN + One 5yr Dance Apr-20 $8.96 Management + Apr-21 $9.22 15% Admin B5 State Farm 1,200 2.80% Jan-03 Apr-19 $1,373 $16,478 $13.73 May-19 $14.14 NNN + One 2yr May-20 $14.57 Management + May-21 15% Admin B6-B7 Faith Harvest Church 2,400 5.61% May-16 Aug-21 $1,910 $22,915 $9.55 May-18 $9.83 GROSS One 3yr May-19 $10.13 May-20 $10.43 B8 Full Circle Integrated 1,200 2.80% Sep-15 Nov-20 $1,155 $13,860 $11.55 GROSS Martial Arts Lot We Care Recycling 0 0.00% Jul-15 Aug-20 $200 $2,400 GROSS TOTALS 42,800 $28,107 $337,278 $7.88 OCCUPIED 42,800 100% $28,107 $337,278 $7.88 100% VACANT 0 0% $0 $0 $0.00 0% This information has been secured from sources we believe to be reliable, but we make no representations or References to square