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Sterling Heights, MI | Detroit MSA PETCO CONSIDERING IPO in 2021

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Sterling Heights, MI | Detroit MSA PETCO CONSIDERING IPO in 2021 PETCO CONSIDERING IPO IN 2021 OFFERING MEMORANDUM Petco Sterling Heights, MI | Detroit MSA This property is listed in conjunction with Michigan-licensed real estate broker Kwekel Companies. www.preservewestcapital.com TABLE OF CONTENTS PROPERTY HIGHLIGHTS 1 AERIALS 5 PROPERTY INFORMATION 2 ABOUT THE AREA 7 TENANT INFORMATION 3 DEMOGRAPHICS 9 SITE PLAN 4 Disclaimer MGM Capital Corp dba Preserve West Capital (“Broker”) has been retained on an exclusive basis to market the property Putnam Daily described herein (“Property”). Broker has been authorized by the Seller of the Property (“Seller”) to prepare and distribute Partner the enclosed information (“Material”) for the purpose of soliciting offers to purchase from interested parties. More detailed financial, title and tenant lease information may be made available upon request following the mutual execution of a letter of 415.445.5107 intent or contract to purchase between the Seller and a prospective purchaser. You are invited to review this opportunity and [email protected] make an offer to purchase based upon your analysis. If your offer results in the Seller choosing to open negotiations with you, CA RE License #01750064 you will be asked to provide financial references. The eventual purchaser will be chosen based upon an assessment of price, terms, ability to close the transaction and such other matters as the Seller deems appropriate. Kevin Delehanty The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors for the acquisition of the Property. The Material is not to be copied and/or used for any other purpose or made available to any other person Senior Managing Director without the express written consent of Broker or Seller. The Material does not purport to be all-inclusive or to contain all of the 415.445.5132 information that a prospective buyer may require. The information contained in the Material has been obtained from the Seller [email protected] and other sources and has not been verified by the Seller or its affiliates. The pro forma is delivered only as an accommodation and neither the Seller, Broker, nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, CA RE License #00843404 members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such pro forma. Purchaser must make its own investigation of the Property and any existing or available financing, and must Michael Maffia independently confirm the accuracy of the projections contained in the pro forma. Managing Partner Seller reserves the right, for any reason, to withdraw the Property from the market. Seller has no obligation, express or implied, 415.373.4060 to accept any offer. Further, Seller has no obligation to sell the Property unless and until the Seller executes and delivers a signed agreement of purchase and sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, a [email protected] purchaser will be deemed to have acknowledged the foregoing and agreed to release Seller and Broker from any liability with CA RE License #01340853 respect thereto. Property walk-throughs are to be conducted by appointment only. Contact Broker for additional information. www.preservewestcapital.com PROPERTY HIGHLIGHTS Property Highlights • Corporate Net Lease to Petco with Approximately 6 Years Remaining - Scheduled 5% Rental Escalation at Options - Tenant Exercised 7-Year Option Demonstrating Commitment to Site • Excellent Access and Visibility at Signalized Intersection Along Dense Retail Corridor - 149,820 Combined AADT • Robust Demographics within 5 Mile Radius - Average Household Income of $92,077 - Population of 253,092 • Prominent Retail Location within Dense Hall AADT) Hall d (108,80 Road/”Golden Corridor” Commercial Corridor - Nearby Anchor Tenants Include Target, Sam’s Club, Costco, CVS, Mejier, Walmart Supercenter, S and More c h o - Adjacent to Numerous Major Shopping Centers e n h • Sterling Heights is Detroit’s Second-Largest Suburb e r r • Significant Economic Development and Investment R d Activity in Sterling Heights ( 4 0 Coming Soon - Fiat Chrysler Automobiles Invested $1.49 Billion , 9 in 2016 to Retool Production Lines at their 6 0 Sterling Heights Assembly Plant to Build the A Next-Generation Ram 1500 Pickup Truck A D - BAE Systems Invested Approximately $80 Million T ) in their Sterling Heights Facilities from 2016-2017 • Approximately 21 Miles from Downtown Detroit PRESERVE WEST CAPITAL | 1 PROPERTY INFORMATION PRICE $4,499,000 9.00% Return Location Lease The property is located at 13701 Lakeside Circle in Sterling Heights, Michigan. Originally leased to Petco Animal Supplies Stores, Inc. for 14 years from November 2005 through October 31, 2018 and recently extended an additional 7 years through May 31, 2026 at a current annual rent of Lot Size $404,876. There are three (3) five-year options to renew the lease, with Approximately 3.1 acres or 135,036 square feet. rent to increase by 5% at the start of each option period. The lease is net with tenant responsible for all taxes, insurance, and maintenance, excluding roof and structure. Improvements A 20,594 square foot retail building for Petco. Annual Rent Parking Years Annual Rent Return There is ample parking available on site. Years 10-21 (Current) $404,878 9.00% Financing Years 22-26 Option 1 $425,266 9.45% This property will be delivered free and clear of permanent financing. Years 27-31 Option 2 $446,478 9.92% Years 32-36 Option 3 $468,719 10.42% PRESERVE WEST CAPITAL | 2 ABOUT THE TENANT Petco sells pet food, supplies, toys, accessories, and certain types of live animals at more than 1,500 locations across the United States and Mexico, including 65 smaller-footprint Unleashed by Petco locations. The company employs more than 27,000 staff, sells more than 10,000 different pet-related products for More than 1,500 locations across dogs, cats, fish, reptiles, birds, and small mammals, and provides a complete array of pet care services, including grooming, the U.S. and Mexico. dog training, in-store veterinary care and wellness services, in-store vaccination clinic, and pet washing stations. The company was acquired in 2015 by CVC Capital Partners and the Canadian Pension Plan Investment Board for $4.6 billion. PRESERVE WEST CAPITAL | 3 SITE PLAN 20594 SF Coming Soon SCHOEHNERR R OAD E L C IR C E ID S E K A L NORTHBAY DRIVE AERIAL UTICA PARK PLACE NORTHWEST VIEW HALL ROAD CROSSING Hal l R d ( 108,80 A AD) Schoenherr Rd (40,960 AAT) CLINTON VALLE MALL Coming Soon L akeside Cir AERIAL EAST VIEW Hall Rd (108,860 AADT) Macom Community College Center Campus LAKESIDE MALL Sc hoe Henry Ford Macomb n her Hospital r R d (40,9 60 AADT) Coming Soon L a k e s id e C ir ABOUT THE AREA General Overview Sterling Heights (population 132,470) is a city in Macomb County and Detroit’s second-largest suburb. The city is the fourth-largest city in Michigan, and is consistently ranked one of Michigan’s safest cities with a population of more than 100,000. The greater Detroit region benefits from a broad economic base in manufacturing, research & development, healthcare, biotechnology, advanced manufacturing, defense, technology, professional services, and more. Major companies operating in Macomb County and Metro Detroit include Ford Motor Company, Mitsubishi, General Motors, Fisher Corporation, BAE Systems, General Dynamics, General Electric SITE Aviation, Oshkosh Defense, AIM Plastics, Dynamic Plastics, AGM Automotive, Cosworth, Fiat Chrysler Automobiles US, Grupo Antolin, Protojet, Schaller, Stahl’s, Ultraform Industries, Futuramic, VSE Corporation, Navistar Defense, Enmark Systems, Enertron LLC, Apex Digital Solutions, Applied Systems Corporation, and more. Sterling Heights benefits from an established economic base as a regional retail hub, with numerous major shopping centers located along the Hall Road commercial corridor. In addition, the city is home to the Sterling Heights Assembly Plant of Fiat Chrysler Automobiles, which employs more than 10,000; in recent years, the has company invested nearly $850 million in a state-of-the-art, 425,000-square-foot paint shop, $165 million to add a 1-million-square-foot body shop, and $1.49 billion to retool the production lines to build the next-generation Ram 1500 pickup truck. In addition, BAE Systems, a major defense contractor, operates two facilities in the city: a 164,000 square foot building, opened in 2012, that serves as a center for engineering, development, and program management for military ground vehicles, representing a $58 million investment; and a new $12 million 12,800 square foot stand-alone facility built in 2017. In addition, Christian Financial Credit Union has invested $12 million in developing a new 40,000 square foot headquarters facility in the city. ABOUT THE AREA Site Information The subject property benefits from a prominent retail location with excellent access and visibility adjacent to Lakeside Mall SITE adjacent to the signalized intersection of Schoenherr Road (40,960 AADT) and the Hall Road retail corridor (108,860 AADT). The site benefits from robust demographics with a population of 253,092 and average household income of $92,077 within a five mile radius. The property is strategically located in close proximity to shopping centers and other major retail tenants and benefits from excellent co-tenancy adjacent to a new Total Wine & More. Nearby shopping centers include Lakeside Mall, anchored by Macy’s and slated for mixed-use redevelopment featuring additional entertainment tenants; Clinton Valley Mall Shopping Center, featuring Hobby Lobby and Office Depot; Sterling Center Shopping Center, with tenants including Pier 1; Shelby Corners, anchored by Target and Dollar Tree; Northpointe, featuring Dick’s Sporting Goods and PetSmart; Utica Park Palace, anchored by Sam’s Club, Best Buy, Harbor Freight Tools, and At Home; Delco Plaza, featuring Dunham’s Sports and Bed Bath & Beyond; Hall Road Crossing, anchored by Michael’s; Shelby Town Center, anchored by CVS, and more.
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