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OFFERING MEMORANDUM EAST TOWNE PLAZA | 2901 Williamsburg Rd

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OFFERING MEMORANDUM EAST TOWNE PLAZA | 2901 Williamsburg Rd OFFERING MEMORANDUM EAST TOWNE PLAZA | 2901 Williamsburg Rd. Richmond, VA 23231 TABLE OF CONTENTS CONFIDENTIALITY & DISCLAIMER ...................................................2 OFFER PROCEDURE ................................................................3 INVESTMENT SUMMARY ...........................................................4 PROPERTY INFORMATION ..........................................................5 PROPERTY PHOTOS ................................................................6 AERIAL .........................................................................11 SITE PLAN .......................................................................12 MAP .............................................................................13 MAP .............................................................................14 RENT ROLL .......................................................................15 LEASE ROLLOVER .................................................................16 OPERATING INFORMATION .......................................................17 10 YEAR CASH FLOW ..............................................................18 UNLEVERAGED PRESENT VALUE .................................................19 AREA OVERVIEW ..................................................................20 DEMOGRAPHICS .................................................................21 SAMPLE LOI ......................................................................25 RISER RETAIL GROUP East Towne Plaza 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 East Towne Plaza 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 Please submit all offers to: 3. Experience in closing similar transactions JOHN F. RISER 4. Ability to source and place debt RISER RETAIL GROUP 5. On-site visit and inspection before contract phase 600 East 96th Street 6. Willingness to accept the terms detailed in the Sellers standard (LOI) Suite 590 7. Willingness to commit adequate resources necessary to close the transaction Indianapolis, IN 46240 Phone: 317.844.0700 A Letter of Intent (LOI) template (Exhibit A) is attached at the end of this package. An Fax: 317.844.0701 [email protected] Investor may, at their discretion, draft and submit their own LOI stating the price and terms they are proposing. Seller reserves the right at their own discretion to accept or SHAWN L. BAKKE reject any and all offers. SAVILLS STUDLEY 777 South Figueroa Street 30th Floor Offers should include, at minimum, the following transaction framework: Los Angeles, CA 90017 1. Purchase Price Phone: 213.553.3819 2. Earnest Money Deposit [email protected] 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 East Towne Plaza 3 INVESTMENT SUMMARY INVESTMENT SUMMARY Price: $6,050,000 Cap Rate: 7.64% Occupancy: 97% GLA: 64,774 SF Cost Per Sq. Foot: $93.40 Site Area: 8.687 Acres Assumable: Existing Non-Recourse Debt with Wells Fargo matures 11/6/2027 and is Interest Only until 12/2019. • Food Lion Grocery Anchored Center • Close proximity to three major interstates, an international airport and downtown Richmond • Food Lion sales over $10,000,000 annually • Stabilized (97% Occupied) • Located in an advantageous Enterprise Zone • Food Lion revenue alone covers the debt service • New Food Lion Roof in 2016 (Under Warranty) • New Parking Lot Sealcoat & Restripe in 2018 RISER RETAIL GROUP East Towne Plaza 4 PROPERTY INFORMATION 2901 Williamsburg Rd. Richmond, VA 23231 COUNTY: Henrico GLA: 64,774 Square Feet SITE AREA: 8.687 Acres OWNERSHIP: Fee Simple TAX PARCEL ID: 808-713-9182 ZONING: B-3 YEAR BUILT: 1990 NUMBER OF SUITES: 13 OCCUPANCY: 97% PARKING SPACES: Ample FRAMING: Structural Steel & Masonry WINDOWS: Plate Glass in Aluminum Frames EXTERIOR: EIFS & Brick Veneer FOUNDATION: Concrete Slab w/Spread Footings HVAC: Roof Mounted Units (Several New) ROOF: New Food Lion Roof (Under Warranty) PARKING LOT: New Sealcoat & Restripe in 2018 RISER RETAIL GROUP East Towne Plaza 5 PROPERTY PHOTOS RISER RETAIL GROUP East Towne Plaza 6 PROPERTY PHOTOS RISER RETAIL GROUP East Towne Plaza 7 PROPERTY PHOTOS RISER RETAIL GROUP East Towne Plaza 8 PROPERTY PHOTOS RISER RETAIL GROUP East Towne Plaza 9 PROPERTY PHOTOS RISER RETAIL GROUP East Towne Plaza 10 AERIAL RISER RETAIL GROUP East Towne Plaza 11 SITE PLAN EAST TOWNE PLAZA SITE PLAN 2901-2949 Williamsburg Road, Richmond, Virginia 23231, Henrico County 100 Intrepid Ln., Ste. 1A Syracuse, NY 13205 CH Phone: 315.476.2935 AR LE S CI TY R OAD 3 4 5 6 7/8 11 1 2 13 1 4 15 /16 17 OUTPARCEL 1.104 AC Advance Auto Parts (Not Included) (Not Included) WILLIAMSBURG ROAD Tenant Unit Sq. Ft. Tenant Unit Sq. Ft. Food Lion 1 35,864 Lady Nails 12 840 K-Beauty Supply 3 4,200 AVAILABLE 13 1,920 Jackson Hewitt 4 1,400 Hong Kong Kitchen 14 1,200 Effex Management Solution 5 1,400 Primo Pizza 15/16 2,410 KT Mobile 6 1,400 Tax Shop Varina 17 714 County of Henrico School Board 7/8 6,736 Buddy's Home Furnishings 18 5,250 Custom Braid Gallery 11 1,440 Total Leaseable Space = 64,774 RISER RETAIL GROUP East Towne Plaza 12 MAP LOCATION MAP Page 4 RISER RETAIL GROUP East Towne Plaza 13 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 East Towne Plaza 14 RENT ROLL Suite Tenant Rentable Percent Lease Lease Current Current Current Rent Escalations Expense Option Square of Start Expiration Monthly Annual Annual Effective Annual Recovery Terms Feet Center Date Date Rent Rent Rent/SF Date Rent/SF Information 1 Food Lion 35,864 55.37% Oct-91 May-26 $18,440 $221,283 $6.17 May-26 $6.45 Fixed CAM ($0.30/sf); Six 5yr May-31 $6.73 Prorata Taxes & Snow; May-36 $7.01 Base Year Ins. ($0.09/sf) 3 K-Beauty Supply 4,200 6.48% Dec-17 Apr-22 $2,975 $35,700 $8.50 NNN + Management + 15% Admin 4 Jackson Hewitt 1,400 2.16% May-01 Apr-23 $1,576 $18,909 $13.51 NNN + Management + 15% Admin 5 Effex Management Solutions 1,400 2.16% Nov-12 Jan-20 $1,225 $14,700 $10.50 Feb-19 $10.66 NNN + Management + 15% Admin 6 KT Mobile 1,400 2.16% Jul-14 Aug-20 $1,575 $18,905 $13.50 Sep-19 $13.91 NNN + Management + One 3 yr 15% Admin 7 County of Henrico School Board 6,736 10.40% Mar-12 Jul-23 $4,028 $48,341 $7.18 Aug-21 $7.32 NNN + Management + Ten 1 yr Aug-22 $7.47 15% Admin 11 Custom Braid Gallery
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