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Shoppes on Memorial a Trophy Retail Strip Center Shoppes on memorial a trophy retail strip center Premier retail strip center in desirable north carolina market directly across from pitt community college [ www.CapitalPacific.com ] 4100 Humber Drive, Greenville, NC 28590 PROperty Summary Listing Team Contact Info TROPHY FOUR TENANT retaiL INVESTMENT property ON MAJOR retaiL corriDOR IN GREENVILLE, North caroLINA. Dave Lucas [email protected] | (415) 274-7390 The property is a 2016 construction strip center, located directly across from Pitt CA BRE# 01389761 Community College. The asset is 100% leased to Starbucks, Chipotle, Sport Clips and Mattress Warehouse. The offering presents the opportunity for an investor to acquire a Joe caccamo premier center in a dominant location in a growing North Carolina market. [email protected] | (415) 274-7394 CA BRE# 0119110 PRICE: $4,800,000 In Conjunction with NC Licensed Broker: Stuart Mullen, Commercial Real Estate Carolina, LLC CAP: 6.25% [email protected] | (704) 661-9800 RENTABLE SF ...............10,569 SF Capital Pacific collaborates. Click Here to PRICE PER SF ...............$454.50 meet the rest of our San Francisco team. LAND AREA ...............1.66 Acres YEAR BUILT ...............2016 OCCUPANCY ...............100% SHOPPES ON MEMORIAL | 2 core characteristics 2016 CONSTRUCTION The 2016 construction strip center features attractive building finishes with a contemporary design including eye-catching tower elements on both Across the street from pitt community college Starbucks and Chipotle. BRAND NEW LEASES WITH RENTAL INCREASES The center is 100% leased to Starbucks, Sport Clips, Mattress Warehouse and HARD CORNER LOCATION IN GREENVILLE, NC Chipotle. All tenants are operating on brand new leases with rental increases. The subject property is located at a signalized intersection of NC-11 S and Starbucks and Chipotle both feature ample outdoor patio seating, enhancing Whitley Drive in Greenville (county seat of Pitt County), which serves a large the site’s “destination” dynamic. concentration of people in Eastern North Carolina (more than 812,000 within 45 miles). Greenville is considered the shopping destination for the “Inner ACROSS FROM PITT COMMUNITY COLLEGE Banks” region of Eastern NC due to the many big box retailers and shopping The subject property is located directly across from Pitt Community College centers in the town. There are 91,845 people within 5 miles of the subject with a 12,000 student enrollment. The tenant roster in the center caters to property with average household incomes exceeding $57,200. Greenville this demographic. Greenville is also home to East Carolina University that is less than 25 miles from I-95 and approximately 1.2 hours (85 miles) from has a student and faculty population of nearly 34,000. Raleigh-Durham International Airport. DOMINANT LOCATION ON MAIN RETAIL CORRIDOR EXCELLENT RETAIL SYNERGY The subject property is located along North Carolina Highway 11 AKA Other retailers along North Carolina Highway 11 include Sheetz Fuel Station, Memorial Drive, one of the major thoroughfares in Greenville. Average daily McDonald’s, CVS Pharmacy, Walgreens, Sam’s Club, Dollar Tree and Burger traffic counts on NC Highway 11 are 34,000. King. Fast food volumes on Memorial Drive are above average. SHOPPES ON MEMORIAL | 3 Retail aerial SUBJECT PROPERTY IS ACROSS THE STREET FROM PITT COMMUNITY COLLEGE 264 ALT 264 264 43 Please see Pg. 14 for summary of university Stantonsburg Road enrollemnt THE SHOPPES AT MEMORIAL ALT South 264 Central High School W 5th Street 13 PITT-GREENVILLE AIRPORT 11 34,000 DAILY South 11 13 11 Greenville Elementary JH Rose High School WH Robinson Elementary Greenville Boulevard SW E Fire T UNIVERSITY COMMONS ower Road ALT CM Eppes 264 Middle School Winterville Charter GREENVILLE MALL Academy 264 RALEIGH SHOPPES ON MEMORIAL | 4 site plan Whitley Drive PYLON ENTRANCE SIGN Y AIL D 34,000 34,000 Humber Drive NC-11 S 11 SHOPPES ON MEMORIAL | 5 photos BRAND NEW, 2016 BUILDING CONSTRUCTION SHOPPES ON MEMORIAL | 6 photos SUBJECT PROPERTY IS ACROSS THE STREET FROM PITT COMMUNITY COLLEGE SHOPPES ON MEMORIAL | 7 income & expense Current Price: $4,800,000 Proposed Loan Amount $3,360,000 Capitalization Rate: 6.25% Loan to Value 70% Price Per Square Foot: $454.16 Interest Rate 4.25% Down Payment 30% $1,440,000 Amortization 25 Year Loan Amount 70% $3,360,000 Term 10 Year Total Leased (SF): 100.00% 10,569 Lender Community Bank Total Vacant (SF): 0.00% 0 Net Operating Income $300,221 Total Rentable Area (SF): 100.00% 10,569 Debt Service ($218,429) INCOME Per Square Foot Pre-Tax Cash Flow $81,792 Scheduled Rent $29.47 $311,459 Debt Coverage Ratio 1.37 Expense Recovery $4.98 $52,669 Recourse Partial Management and CAM Admin Recovery $1.26 $13,295 EFFECTIVE GROSS INCOME $377,423 Pre-Tax Leveraged Cash-on-cash Return 5.68% Vacancy Factor (3%) ($11,323) Principal Pay down (Year 1 of Ownership) $77,120 ADJUSTED GROSS INCOME $366,100 Total Return $158,912 Yield 11.04% EXPENSEs Taxes ($2.37) ($25,000) Insurance ($0.31) ($3,229) CAM ($2.31) ($24,440) Management Fee (3.5% of EGI) ($1.25) ($13,210) TOTAL OPERATING EXPENSES ($6.23) ($65,879) NET OPERATING INCOME $300,221 This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. SHOPPES ON MEMORIAL | 8 100% rent roll LEASED UNTIL 2021 TENANT INFO LEASE TERMS RENT SUMMARY COMMENTS Monthly Annual Monthly Tenant Sq. Ft. Percent of GLA Term Comments Rent Rent Rent/FT Starbucks 1,908 18.05% 2/1/2016 1/31/2026 $5,700.00 $68,400.00 $2.99 # 10% cam admin Opened in Feb 16 Increase 2/1/2021 1/31/2026 $6,270.00 $75,240.00 $3.29 Starbucks does have early termination right at 60 Option 1 2/1/2026 1/31/2031 $6,897.00 $82,764.00 $3.61 months for a fee of $71,546 + unamortized Tis. Option 2 2/1/2031 1/31/2036 $7,586.70 $91,040.40 $3.98 Mattress Warehouse 4,926 46.61% 5/1/2016 4/30/2026 $10,673.00 $128,076.00 $2.17 # 5% management on gross rent - 10% cam admin Open in May 16 - rent commencement in Sept 16 Increase 5/1/2021 4/30/2026 $11,288.75 $135,465.00 $2.29 Option 1 5/1/2026 4/30/2031 $12,696.77 $152,361.24 $2.58 Option 2 5/1/2031 4/30/2036 $14,285.40 $171,424.80 $2.90 Sport Clips 1,415 13.39% 3/1/2016 2/29/2021 $3,006.88 $36,082.56 $2.13 # 5% management on gross rent - 15% cam admin Opened in Mar 16 Increase 3/1/2018 2/29/2019 $3,067.01 $36,804.12 $2.17 Increase 3/1/2019 2/29/2020 $3,128.33 $37,539.96 $2.21 Increase 3/1/2020 2/29/2021 $3,190.83 $38,289.96 $2.26 Option 1 3/1/2021 2/29/2026 $3,254.50 $39,054.00 $2.30 Option 1 Increase 3/1/2022 2/29/2023 $3,319.35 $39,832.20 $2.35 Option 1 Increase 3/1/2023 2/29/2024 $3,386.57 $40,638.84 $2.39 Option 1 Increase 3/1/2024 2/29/2025 $3,453.78 $41,445.36 $2.44 Option 1 Increase 3/1/2025 2/29/2026 $3,523.35 $42,280.20 $2.49 Option 2 3/1/2026 2/29/2031 FMV FMV FMV Chipotle 2,320 21.95% 3/1/2016 2/29/2026 $6,283.33 $75,399.96 $2.71 4% management on gross rent Opened in Mar 16 Increase 3/1/2021 2/29/2026 $6,911.67 $82,940.04 $2.98 Option 1 3/1/2026 2/29/2031 $7,601.87 $91,222.44 $3.28 Option 2 3/1/2031 2/29/2036 $8,361.67 $100,340.04 $3.60 CARMAX - Sign 3/1/2016 2/29/2026 $291.67 $3,500.00 paying rent Increase 3/1/2021 2/29/2026 $320.83 $3,850.00 Current Totals: 10,569 100.00% $25,954.88 $311,458.52 $29.47 Occupied 10,569 100.00% Vacant 0 0.00% This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. SHOPPES ON MEMORIAL | 9 tenants The world’s #1 specialty coffee retailer, Mattress Warehouse carries top quality Starbucks has more than 12,521 coffee shops mattresses that are brand new and factory in the US. The outlets offer coffee drinks and sealed by the manufacturer. With the Mattress food items, as well as roasted beans, coffee Warehouse Price Match Guarantee, they offer accessories and teas. Starbucks markets its their customers the best prices available for coffee through grocery stores and licenses its their mattresses. Mattress Warehouse’s main brand for other food and beverage products. focus is customer service. They have a sales Starbucks plans to continue its rapid expansion staff that is trained to listen to each customer, of retail operations, grow its specialty sales and addressing individual needs and concerns to selectively pursue opportunities to leverage provide a positive sleep experience. Mattress the Starbucks brand through the introduction Warehouse opened its first store in November of new products and the development of new 1989 in Frederick, MD.
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