tops shopping center | retail 3836 Main Street , Warrensburg, NY, 12885
CEDAR WILLIAM
OFFERING MEMORANDUM confidentiality agreement
This O ering Memorandum contains select information pertaining to the business and a airs of the prop- erty located at 3836 Main Street , Warrensburg, NY, 12885 (“Property”). It has been prepared by Cedar William. This O ering Memorandum may not be all-inclusive or contain all of the information a prospec- Steven Koutsantonis tive purchaser may desire. The information contained in this O ering Memorandum is confidential and Lic. Real Estate Broker furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be E: [email protected] used for any other purpose or made available to any other person without the written consent of Cedar C: 917.903.4168 William. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Cedar William, nor their o cers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this O ering 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 conclu- sions without reliance upon the material contained herein and conduct their own due diligence.
By acknowledging your receipt of this O ering Memorandum for the Property, you agree:
1. The O ering 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 O ering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.
Cedar William expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or o ers to purchase the Property and to terminate discussions with any person or entity review- ing this O ering Memorandum or making an o er 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 O eringMemorandum. Cedar William | Commercial Real Estate A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Prop- 150 Great Neck Rd. 3rd Fl., erty, or information provided herein or in connection with the sale of the Property shall be limited to those Great Neck, New York, 11021 expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no O: 516.926.3325 event shall a prospective purchaser have any other claims against Seller or any of their a liates or any of their respective o cers, Directors, shareholders, owners, employees, or agents for any damages, liability, www.cedarwilliam.com or causes of action relating to this solicitation process or the marketing or sale of the Property.
This O ering Memorandum shall not be deemed to represent the state of a airs of the Property or consti- tute an indication that there has been no change in the state of a airs of the Property since the date this O ering Memorandum.
CEDAR WILLIAM property summary property details
Cedar William, as the exclusive advisor to the Owner, is pleased to present Property Address: 3836 Main Street , Warrensburg, NY, 12885 the opportunity to acquire 100% fee simple interest in this 100% occupied grocery anchored retail center. County: Warren Coutny Block / Lot: 1 /24 Tops Supermarket has been a teannt since 1980, Family Dollar renewed for Gross Leasable Area: 28,525 Sq. Ft. 5 years ending in July 2025 Subway for an additional 2 years end in Febru- ary 2025. The center is located on Rt 9 just o Interstate 87 with a daily Lot Size: 2.53 AC | 110,027 Sq. Ft. tra c count of 14,760 vehicles giving drivers access to multiple Adirondack No. of Buildings/Stories: One, One Story Building Park destinations. Traffic Counts: 14,760 VPD Occupancy: 100% Zoning: Commercial overview Type of Ownership: Fee Simple area Lease Type: Modified Gross Parking: 124 Spaces As of the census of 2000, there were 4,255 people, 1,718 households, and 1,166 families residing in the town. The population density was 66.8 people per square mile (25.8/km ). There were 2,148 housing units at an average density of 33.7 per square mile (13.0/km ). The racial makeup of the town was 98.14% White, 0.16% Black or African American, 0.26% Native American, 0.49% Asian, 0.07% from other races, and 0.87% from two or more races. financial overview Hispanic or Latino of any race were 0.47% of the population.[2]
There were 1,718 households out of which 32.8% had children under the age Price: $2,100,000 of 18 living with them, 49.1% were married couples living together, 13.9% had a female householder with no husband present, and 32.1% were non-families. GOI: $267,288.50 25.3% of all households were made up of individuals and 10.3% had someone Expenses: $77,963.75 living alone who was 65 years of age or older. The average household size was 2.44 and the average family size was 2.89.[2] In Place NOI: $189,324.75 In the town, the population was spread out with 24.9% under the age of 18, 7.1% from 18 to 24, 28.4% from 25 to 44, 26.0% from 45 to 64, and 13.7% who Cap Rate: 9.0% were 65 years of age or older. The median age was 38 years. For every 100 females, there were 90.7 males. For every 100 females age 18 and over, there were 86.8 males.[2]
The median income for a household in the town was $30,873, and the median income for a family was $34,890. Males had a median income of $31,250 versus $20,536 for females. The per capita income for the town was $15,343. About 13.7% of families and 16.8% of the population were below the Cap Rate Asking Price poverty line, including 24.2% of those under age 18 and 7.3% of those age 65 9.0% $2,100,000 or over.[2]
TOPS SHOPPING CENTER RETAIL OFFERING MEMORANDUM 3 WARRENSBURG, NEW YORK CEDAR WILLIAM rent roll
Suite ID Tenant GLA Lease Start Lease End Monthly Rent Yearly Rent Reimbursements Annual PSF Lease Type Options 1 Tops Markets LLC 18,000 1/4/80 12/31/23 $5,971.88 $71,662.50 $48,975.00 $3.98 MG (3) 5 Year $77,000.00 Opt 1 $83,500.00 Opt 2 $90,000.00 Opt 3 2 Family Dollar 8,285 6/30/2020 7/1/2025 $8,041.67 $96,500.00 $20,070.00 $11.04 MG (2) 5 Year $106,150.00 Opt 1 $116,765.00 Opt 2 3 Subway 2,240 02/26/03 02/28/25 $1,680.00 $20,160.00 $7,921.00 $9.00 MG (3) 5 Year $21,571.20 Opt 1 $23,081.84 Opt 2 $24,696.86 Opt 3 Lot Clothing Drop O Box 0 MTM MTM $166.66 $2,000.00 Total: 28,525 $15,860.02 $190,322.50 $76,966.00 Occupancy: 100%
expenses overview financial overview
Utilities (Elec., Sewer, Water) $5,740.00 Base Rent: $190,322.50 Landscaping / Snow Removal $26,780.00 Tenant Reimbursements: $76,966.00 Sweeping $2,059.75 Adjusted Gross Income: $267,288.50 Management $7,800.00 Expenses: $77,963.75 Insurance $7,178.00 NOI: $189,324.75 Taxes $24,953.00
Repairs and Maintenance $3,453.00 Price: $2,100,000
Total Fixed Expenses $77,963.75 Cap Rate: 9.0%
TOPS SHOPPING CENTER RETAIL OFFERING MEMORANDUM 4 WARRENSBURG, NEW YORK CEDAR WILLIAM investment highlights
Grocery Anchored shoppig center since 1980.
Investment grade national tenants, Tops Market, Family Dollar, and Subway.
Tra c counts of 14,760 vpd on Main Street.
Great visibility and frontage and only 1 of 2 strip centers in town.
Family Dollar and Subway recently extended term.
TOPS SHOPPING CENTER RETAIL OFFERING MEMORANDUM 5 WARRENSBURG, NEW YORK CEDAR WILLIAM TOPS SHOPPING CENTER RETAIL OFFERING MEMORANDUM 7 WARRENSBURG, NEW YORK CEDAR WILLIAM TOPS SHOPPING CENTER RETAIL OFFERING MEMORANDUM 8 WARRENSBURG, NEW YORK CEDAR WILLIAM TOPS SHOPPING CENTER RETAIL OFFERING MEMORANDUM 9 WARRENSBURG, NEW YORK CEDAR WILLIAM tenant overview
Subway is an American privately held fast food franchise that primarily sells submarine sandwiches eat fresh. (subs) and salads. Subway is one of the fastest growing franchises in the world and, as of June 2017, had approximately 42,000 stores located in more than 100 countries. More than half of the stores are located in the United States. It is the largest single brand restaurant chain, and the largest restaurant operator, in the world.
Subway is a U.S. based quick service restaurant chain known for its six inch and foot long subma- rine sandwiches. The limited service restaurant was founded by Fred DeLuca and Peter Buck in 1965 under the name ‘Pete’s Super Submarines’. Subway began franchising restaurants in the mid 1970’s and today all Subway stores are operated by franchisees. The company remains a privately held company to this day and is still headquartered in Connecticut where it was founded.
Subway is the leading sandwich chain in the U.S., its systemwide sales being more than three times that of its closest competitor. Subway isnt just a giant among sandwich shops, it also accounted for some of the highest sales in the whole QSR industry. Subway is committed to policies that promote environmental sustainability and personal well being: sourcing their ingredients responsi- bly, limiting marketing to children unde 12, researching optimal water usage and sustainable forest management, and prioritizing transparency to consumers about nutritional information and ingredients.
Tenant Summary Property Name Subway Property Type Retail Parent Company Trade Name Doctor’s Associate Inc. Ownership Private No. of Locations 41,512 restaurants in more than 100 countries[ No. of Employees 26,744+ Headquarted Milford, CT Website www.subway.com Year Founded 1965
TOPS SHOPPING CENTER RETAIL OFFERING MEMORANDUM 6 WARRENSBURG, NEW YORK CEDAR WILLIAM
tenant overview
Tops Market LLC is a subsidiary of the U.S. operations of Dutch supermarket giant Royal Ahold N.V. In addition to the Tops chain, Ahold also owns Stop & Shop, Giant Food, BI LO, and Bruno's Supermarkets. With its headquarters located in Williamsville, New York, Tops is comprised of some 160 Tops Friendly Markets, more than 200 Wilson Farms and Sugar Creek convenience stores, and B Kwik Food Markets superettes . Tops' units are located in central New York and neighboring parts of Pennsylvania and Ohio.
LEADING NORTHEAST SUPERMARKET CHAIN
• Tops Markets is a full-service supermarket operator with 15,000 employees and 159 locations throughout Upstate New York, Northern Pennsylvania, and Western Vermont. The company is the largest for-profit employer in Western New York. • The company opened its first location in 1962 in Niagara Falls, New York and has since established its headquarters in nearby Williamsville. Tops Markets maintains a strong presence in the Bu alo Niagara community and is the fifth largest employer in the Bu alo Niagara area.
• Tops Markets recently announced that the company will invest $40 million toward a remod- eling project that will upgrade the interior décor and floor layout of its stores to improve the in-store shopping experience for customers.
• The company’s future growth strategy includes the addition of fuel stations at existing locations and acquiring other grocery stores outside of Tops Markets’ existing markets. Tops Markets also plans to grow sales through its private label products that o er lower prices for customers while maintaining high margins for the company.
• Progressive Grocer ranked Tops Markets as one of the country’s top 50 grocery chains based on the company’s annual revenue of $2.6 billion and significant market share in the northeast.
Highlights
$2.6 billion in annual revenue 15,000 employees 159 locations
TOPS SHOPPING CENTER RETAIL OFFERING MEMORANDUM 10 WARRENSBURG, NEW YORK CEDAR WILLIAM
tenant overview
When it comes to getting value for everyday items for the entire family in an easy to shop, neighborhood location, Family Dollar is the best place to go. One of the nation’s fastest-growing retailers, Family Dollar o ers a compelling assortment of merchandise for the whole family ranging from household cleaners to name brand foods, from health and beauty aids to toys, from apparel for every age to home fashions, all for everyday low prices. While shoppers can find many items at $1 or less, most items in the store are priced below $10, which makes shopping fun without stretching the family budget.
Family Dollar serves families in more than 8,000 neighborhoods in 46 states. Texas is its largest market with 1,027 stores, followed by Florida with 584 stores. The Dollar Tree merger with Family Dollar now creates a combined organization with sales exceeding $19 billion annually with more than 13,600 stores across 48 states and five Canadian Provinces. The merger has allowed Family Dollar to grow o ering broader, more compelling merchandise assortments, with greater values, to a wider array of customers.
Tenant Summary Property Name Family Dollar Property Type Retail Parent Company Trade Name Dollar Tree Revenue 10.5 Billion No. of Locations 8,000 No. of Employees 60,000 Headquarted Matthews, NC Website www.familydollar.com Year Founded 1959
TOPS SHOPPING CENTER RETAIL OFFERING MEMORANDUM 11 WARRENSBURG, NEW YORK CEDAR WILLIAM
site plan
Tops Market 18,000 SF
Family Dollar 8,285 SF
Subway 2,240SF
*Note: Note To Scale
TOPS SHOPPING CENTER RETAIL OFFERING MEMORANDUM 12 WARRENSBURG, NEW YORK CEDAR WILLIAM aerial overview
TOPS SHOPPING CENTER RETAIL OFFERING MEMORANDUM 13 WARRENSBURG, NEW YORK CEDAR WILLIAM O ered Exclusivley by we see real estate di erently
Steven Koutsantonis Lic. Real Estate Broker E: [email protected] C: 917.903.4168
Cedar William | Commercial Real Estate Cedar William | Commercial Real Estate | About Us 150 Great Neck Rd. 3rd Fl., Cedar William is a full-service commercial real estate brokerage located in New York City. Our Great Neck, New York, 11021 partners bring over 30 years of real estate experience to the New York City market. Our range of O: 516.926.3325 expertise includes real estate sales and leasing, property management, tenant/landlord representa- tion, property assemblage, development, consulting, and commercial financing solutions for all types www.cedarwilliam.com of commercial properties such as multifamily, mixed-use, retail, o ces, land and so on.
In the ever-complex Commercial Real Estate Market, it is imperative that your real estate profession- al provides you with the expertise that will bring you the desired result. We continually update our knowledge of the area’s ever-changing real estate conditions by monitoring lease rates, vacancy, absorption rates, land costs, construction costs, sale comparables along market economics and financing rates. Whether you are an individual investor, one-store/one-o ce business, a startup or CEDAR WILLIAM an institutional investor, Cedar William has a full range of services to meet your needs.