Monro Muffler Brake 1059 Baltimore Blvd Westminster MD

Representative Photo Monro Muffler Brake 1059 Baltimore Blvd | Westminster, MD

OFFERING MEMORANDUM Monro Muffler Brake, City, State | ™ Representative Photo

™

™ contents 04 EXECUTIVE SUMMARY

06 financial OVERVIEW

08 tenant overview

12 area OVERVIEW exclusively listed by

christopher laskero

Associate

[email protected] DIR (214) 692-2921 MOB (858) 414-7849 LIC # 677086 (TX)

Braden Crockett

Associate VP & Director

[email protected] DIR (214) 692-2040 MOB (714) 345-6206 LIC # 01946071

John P. Lin BROKER OF RECORD LIC # 318697

Monro Muffler Brake, City, State | Representative Photo executive summary

investment highlights

• Limited Landlord Responsibilities – Landlord is only responsible for the Roof and Structural components • Offered at an attractive 7.25% cap rate which increases to an 8.12% cap rate in the 1st option • Low Price Point of only $943,488 • Strong Corporate Backed Lease – Monro Muffler is a publicly traded company (Ticker NYSE: MNRO) that generates ± $1 Billion in annual revenue through its network of over 1,000 auto service locations nationwide • Excellent Tenant History – Previously operated by Pep Boy’s before being taken over by Monro Muffler with almost no interruption of rental payments • Efficient 5-Bay Store Footprint with only 3,200 SF - Allows tenant to maximize capacity while minimizing fixed costs

Retail Trade area

• Only Monro Muffler Location for ± 13 Mile with the next closest store being over 30-Miles away • Strong Presence of Retail Tenants such as: Home Depot, Lowe’s, Target, Bank of America, BJ’s Wholesale, Walmart, Giant Grocers, Shoppers Grocers, and many more • Close Proximity to Thriving Regional Mall – Only 2.5 Miles South of the Town Mall of Westminster • Strong Density of Car Dealerships – With over 5 dealerships in a 3-Mile Radius; Monro has great opportunity to lock in corporate accounts

location highlights

• Wealthy Trade Area of Westminster which is about 30 Miles North West of Baltimore • Average Household Incomes in the 5-Mile Radius of ± $95,000 • Located off of Highly Trafficked Baltimore Blvd which sees 42,000+ VPD • Baltimore Blvd is an extension of Interstate 795 which is the main thoroughfare connecting Westminster to Baltimore

4 | Matthews Retail Advisors Representative Photo

Monro Muffler Brake, Westminster, MD | 5 Representative Photo

financial overview Monro Muffler Brake 1059 Baltimore Blvd Westminster, MD 21157 List Price �� $943,448 CAP Rate - Current ��7.25% Gross Leasable Area �� ± 3,200 SF Lot Size ��± 0.35 Acres Year Built ��1998

Annualized Operating Data Monthly Rent Annual Rent Rent/SF Cap Rate Current - 5/31/2021 $5,700 $68,400 $21.37 7.25%

Tenant Summary

Tenant Trade Name Monro Muffler Brake & Service Type of Ownership Fee Simple Lease Guarantor Monro Muffler Brake, Inc. Lease Type NN Roof and Structure Landlord Responsible Original Lease Term 5 Years Lease Commencement Date 4/16/2015 Rent Commencement Date 5/1/2015 Lease Expiration Date 4/30/2020 Term Remaining on Lease 3 Years Increases 12% in 1st Option, 10% in 2nd Option Options Two (2), Five (5) year

Monro Muffler Brake, Westminster, MD | 7 Representative Photo

tenant overview tenant overview

Company Name Monro Muffler

No. of Locations ± 1,064

No. of Employees ± 6,725

Headquartered Rochester, New York

Web Site www.monro.com

Year Found 1957

Stock Symbol MNRO (NASDAQ)

Revenue $943.65 M

Monro Muffler Brake

The nation’s #1 drugstore chain, Monro Muffler Brake, operates close to 8,300 stores in all 50 US states, the District of Columbia, the Virgin Islands, and Puerto Rico. Prescription drugs are the focus as they account for close to two-thirds of sales with the rest coming from general merchandise, over-the-counter medications, cosmetics and groceries. Most locations offer drive-through pharmacies and one-hour photo processing which separates themselves from competition. Recently, Monro Muffler Brake fully acquired Alliance Boots, Europe’s leading drug wholesaler, to create Monro Muffler Brake Boots Alliance.

Monro Muffler Brake HEALTH FOCUS Monro Muffler Brake overall value proposition differentiates it from competitors in valuable ways. Reducing the shopping time by putting health at the forefront of all aspects of the business places Monro Muffler Brake in a league of their own as competition aims their focus on things such as convenience, design, or low prices. Walgreen’s focus on health gives them a competitive advantage.

MARKETING STRATEGY Monro Muffler Brake focuses on customer need and satisfaction. For example, curbside pick-up stemmed from the need of their customers who are busy working mothers who don’t have the time to go into the store, pick out what they need, and check out. Loyalty is a priority as it turns into return visits as well as more money spent by customers.

Monro Muffler Brake, Westminster, MD | 9 the offering

Property Name Monro Muffler Brake 1059 Baltimore Blvd Property Address Westminster, MD 21157 Assessor’s Parcel Number 07-101198 parcel map

Site Description Number of Stories One Year Built 1998 Gross Leasable Area (GLA) ± 3,200 SF Lot Size ± 0.35 Acres (15,377 SF) Oceanside Blvd ± 31,792 Type of Ownership NNN Landscaping Professional Baltimore Blvd ± 45,000 ADT Topography Generally Level

College Blvd ± 40,116 ± Blvd College

Construction Foundation Concrete Slab Framing Brick Exterior Brick Parking Surface Asphalt Roof Flat

10 | Matthews Retail Advisors tenant map

SUBJECT PROPERTY

Monro Muffler Brake, City, State | area overview

Westminster, MD

Westminster is a city in northern Maryland and is an outlying community within the Baltimore-Towson Metropolitan Statistical Area. Westminster lies just forty minutes outside of Baltimore and an hour and twenty minutes outside of Washington DC. Westminster is part of the Caroll County Public Schools which enrolls over 28,000 students, which makes it the ninth largest school system in the state of Maryland. In Caroll County there are eight comprehensive high schools as well as two career and technology centers and an alternative school. Westminster is home to McDaniel College, a small liberal-arts college; to the Civil Air Patrol’s National Honor Guard Academy; and to Dream Flight School, an institution providing flight lessons at the local airport. westminster demographics

POPULATION 1 Mile 3 Mile 5 Mile HOUSEHOLDS 1 Mile 3 Mile 5 Mile 2022 Projection 1,375 22,355 50,205 2022 Projection 575 8,926 18,901 2017 Estimate 1,346 22,094 49,674 2017 Estimate 558 8,748 18,597 2010 Census 1,317 22,133 49,812 Growth 2017 - 2022 3.17% 2.02% 1.64% 2000 Census 1,190 20,517 45,559 INCOME 1 Mile 3 Mile 5 Mile 2017 Est. Average Growth 2017 - 2022 2.12% 1.18% 1.07% $86,362 $83,215 $95,984 Household Income

12 | Matthews Retail Advisors Top Employers - Westminster, MD Comprehensive Plan Employer Product/ Service Type # of Employees The Comprehensive Plan is a master long-range plan intended to guide the growth Caroll County Public Schools K-12 Education 3,757 and development of Westminster. The plan includes inventory and analytic sections leading to recommendations for the community’s land use, economic development, McDaniel College Higher Education 641 housing, transportation, community facilities, water resources, urban design and Caroll County Commissioners Local Government 592 resource allocation: all related to the community’s goals and objectives. In 2009, the Caroll Lutheran Village Retirement/Assisted Living 437 city adopted a plan for development called the 2009 Adopted Plan. This plan was to not only better understand the community vision for the future, but also understand General Dynamics Robotics Sys. Technology Manufacturing 350 how planning can facilitate creating that vision. This plan embraces the principles C.J. Miller LLC Paving & Excavating Contractor 245 of Smart Growth, and the State of Maryland’s 12 state planning visions, to serve as S.H. Tevis/Modern Comfort Oil/Fuel, Heating & Air 238 guidelines for future growth and development. The plan also gives recognition to BB&T Banking Services 174 Westminster’s partners in State, County and local organizations and agencies. As a small city, Westminster depends on these partnerships to build a sustainable and PNC Bank Banking Services 171 vibrant community. Landmark Community Publishing 164 Newspapers

SUBJECT PROPERTY

Monro Muffler Brake, Westminster, MD | 13 Baltimore Metropolitan Statistical area

The city of Baltimore is the largest city in the state of Maryland and the largest independent city in the United States.

Historically a working-class port town focused on steel processing, shipping, auto manufacturing and transportation, Baltimore now has a modern service economy led by biotechnology, medicine, and tourism.

Beginning in 1979, Baltimore began urban renewal efforts that rank among the most ambitious in the United States. Downtown and many other neighborhoods have been revitalized, with special attention given to the city’s greatest asset - the harbor. Additionally, state-of-the-art stadiums have been constructed for the Baltimore Orioles and Baltimore Ravens. A few miles away, billion-dollar biotechnology parks attract the world’s leading scientists.

Baltimoreans take pride in their city, boasting one of the most remarkable transformations in history as they continue to welcome and amaze visitors with “down to earth, small town” spirit and hospitality.

top employers baltimore msa

# Employer # of Employees 1 Fort Meade 41,000 2 University System of Maryland 35,800 3 MedStar Health 30,000 4 Johns Hopkins University 27,000 Johns Hopkins Hospital and 5 20,000 Health System 6 National Institutes of Health 17,850 7 Walmart 17,700 University of Maryland 8 15,000 Medical System 9 Aberdeen Proving Ground 14,000 10 Giant Food 13,400

14 | Matthews Retail Advisors attractions

As home to some of the earliest National Register historic districts in the nation, including Fell’s point, Federal Hill, and Mount Vernon Place, Baltimore has more public monuments than any other city per capita in the country.

From Fort McHenry National Monument and Historic Shrine and the Star-Spangled Banner Flag House to the Edgar Allan Poe House and Federal Hill, there is so much to explore in Baltimore. Each period in America’s march from a British colony to industrial powerhouse can be discovered along Belgian-block streets, on national historical trails and scenic byways, in tiny row houses, and in mansions of the gilded-age.

Baltimore’s Inner Harbor is an attraction in itself and it is surrounding this urban waterfront park that a number of family-friendly places can be found. The National Aquarium features more than 16,000 animals, from sharks to a giant sea turtle, while the Maryland Science Center’s highlights include two-story dinosaurs and interactive exhibits to keep the kids busy. The Port Discovery Children’s Museum features more activities for the little ones, and, a short ride away, the Maryland Zoo in Baltimore’s Druid Hill Park engages visitors with the giraffe-feeding station and much more.

Distinctive restaurants, bars, businesses and shops can be found throughout the city. Baltimore is known for its Maryland blue crabs, crab cake, Old Bay Seasoning, pit beef, and the “chicken box.” The city has many restaurants in or around the Inner Harbor. The Little Italy neighborhood’s biggest draw is the food. Fells Point also is a foodie neighborhood for tourists and locals and is where the oldest continuously running tavern in the country, “The Horse You Came In On Saloon,” is located.

Baltimore is the last place in America where one can still find arabbers, vendors who sell fresh fruits and vegetables from a horse-drawn cart that goes up and down neighborhood streets.

Monro Muffler Brake, Westminster, MD | 15 CONFIDENTIALITY & DISCLAIMER STATEMENT

This Offering Memorandum contains select information pertaining to the business and affairs of Monro Muffler Brake located at 1059 Baltimore Blvd, Westminster, MD 21157 (“Property”). It has been prepared by Matthews Retail Advisors. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Retail Advisors. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.

By acknowledging your receipt of this Offering Memorandum for the Property, you agree:

1. The Offering Memorandum and its contents are confidential;

2. You will hold it and treat it in the strictest of confidence; and

3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.

Owner and Matthews Retail Advisors expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.

If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.

A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Retail Advisors or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.

This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum. BROKER OF RECORD

exclusively listed by ™ christopher laskero