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Walmart Shadow Center CAMBRIDGE CROSSING 45,317 SQ FT • 100% LEASED WALMART SHADOW CENTER OFFERING MEMORANDUM WALMART SHADOW CENTER CAMBRIDGE, OH OFFERING SUMMARY CAMBRIDGE CROSSING TERM MAJOR TENANTS GLA (%) RENT/SF 61275 Southgate Parkway, Cambridge, OH 43725 REMAINING 7,957 4 Years $13.48 PRICE $5,855,000 (17.56%) CAP RATE 8.50% 1,600 3 Years $16.00 NOI $497,684 (3.53%) CURRENT OCCUPANCY 100% 2,800 2 Years $11.70 (6.18%) CASH ON CASH RETURN $210,171 | 11.97% 5,040 SQUARE FOOTAGE 45,317 SF 1 Year $10.00 (11.12%) YEAR BUILT/RENOVATED 2001 1,600 0.25 Year $15.00 LOT SIZE 6.02 AC (3.53%) 4,800 4.5 Years $10.00 DEMOGRAPHIC SUMMARY 3-MILE 5-MILE 7-MILE (10.59%) POPULATION 13,723 21,266 27,753 1,200 2 Years $13.00 AVE. HOUSEHOLD INCOME $45,279 $50,307 $52,067 (2.65%) PITTSBURGH WALMART SHADOW CENTER OHIO COLUMBUS CAMBRIDGE PENNSYLVANIA This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are ap- proximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap. All rights reserved. INVESTMENT HIGHLIGHTS WALMART SUPERCENTER SHADOW CENTER The Subject property is a 45,317 SF Walmart Supercenter Shadow Anchored Retail Center located in Cambridge, OH one hour east of Columbus, OH. NATIONAL TENANTS WITH LONG HISTORY The Center is leased to an attractive mix of National, Regional, and local tenants including Maurices, Kay Jewelers, Sally Beauty, GameStop and Shoe Dept. All tenants reimburse full prorata Taxes, Insurance, and CAM. The ownership has kept rents competitive and as a result most tenants have been in occupancy for 10+ years and have renewed their leases multiple times. STRATEGIC HIGH TRAFFIC LOCATION The property is strategically located with multiple ingress egress points along Southgate Road (16,500 VPD). It is located in a busy retail corridor and is surrounded by other national Retailers Including: ALDI, Arbys, AT&T, Big Lots, Cracker Barrell, Tractor Supply, Dollar General, Buffalo Wild Wing, and more. The Business Center and Shadow Center are adjacent to the Cambridge Municipal Airport and the Cambridge Country Club. COLUMBUS MSA Cambridge is located in the foothills of the Appalachian Mountains in the Columbus MSA, one of the largest MSAs in the Midwestern United States. It is part of the Great Lakes Megalopolis, containing an estimated 54 million people and is one of the fastest growing metro areas outside the Sun Belt. The city has the headquarters of five corporations in the U.S. Fortune 500: Nationwide Mutual Insurance Company, American Electric Power, L Brands, Big Lots, and Cardinal Health. Columbus is home to large institutions of higher education including Ohio State University. Three of the prestigious Five Colleges of Ohio are located in the metro, which include Ohio Wesleyan, Denison, and Kenyon College. The financial sector is dominated by JPMorgan Chase and Columbus-based insurance company Nationwide Insurance a close second. The manufacturing sector includes Honda, which operates their largest North American manufacturing complex in the Marysville area. The retail sector’s biggest employer is clothing company L Brands, an umbrella company for Victoria’s Secret, Pink (Victoria’s Secret), Bath & Body Works, La Senza, and Henri Bendel. AERIAL 1 WALMART SHADOW CENTER Great Chinese Buffet Inc Z Nails 33,243 VPD ACCESS SOUTHGATE RD 209 19,935 ACCESS DEMOGRAPHIC SUMMARY 5 MILE POPULATION 21,266 AVG. HOUSEHOLD INCOME $50,307 AERIAL 2 WALMART SHADOW CENTER Cambridge Municipal Airport Great Chinese Buffet Inc Z Nails SIGNALED INTERSECTION ACCESS SOUTHGATE RD WALMART PYLON SHADOW SIGNAGE CENTER 209 SIGNAGE 19,935 ACCESS DEMOGRAPHIC SUMMARY 5 MILE POPULATION 21,266 AVG. HOUSEHOLD INCOME $50,307 SITE PLAN # TENANT SQ FT 1 7,957 2 1,600 3 5,040 4 2,800 1 2 3 4 5 6 7 8 9 10 11 12 13 5 1,200 6 6,000 7 Z Nail 1,600 Great Chinese 8 6,000 Buffet 9 1,600 10 Goodwill 4,800 11 4,306 12 1,200 13 1,214 TOTAL VACANT 0 GRAND TOTAL 45,317 FINANCIAL SUMMARY PRICING CURRENT PROPOSED FINANCING (Offered Free & Clear of Debt) PRICE $5,855,000 LOAN AMOUNT (LTV) $4,098,500 | 70% CAP RATE 8.50% DOWN PAYMENT $1,756,500 | 30% NET OPERATING INCOME (NOI) $497,684 INTEREST RATE 5.00% CURRENT OCCUPANCY 100% CASH ON CASH RETURN $210,171 | 11.97% AMORTIZATION 25 Years TERM REMAINING 10 ANNUALIZED OPERATING DATA CURRENT MATURITY DATE 2028 BASE RENT $563,338 ANNUAL DEBT SERVICE $287,513 EXPENSE REIMBURSEMENTS $136,133 VACANCY & COLLECTION LOSS ($34,974) DEBT COVERAGE RATIO 1.73 TOTAL GROSS REVENUE $699,471 EXPENSES REAL ESTATE TAXES ($61,115) INSURANCE ($15,945) CAM ($60,924) MANAGEMENT FEE (4%) ($22,031) NON-REIMBURSABLE EXPENSES ($6,798) TOTAL EXPENSES ($166,813) NET OPERATING INCOME $497,684 PROPOSED DEBT SERVICE ($287,513) NET CASH FLOW AFTER DEBT SERVICE $210,171 | 11.97% This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are ap- proximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap. All rights reserved. RENT ROLL % OF BASE LEASE LEASE OPTIONS/ INCREASE UNIT TENANT NAME GLA GLA RENT RENT/SF COMMENCE EXPIR. RENT INCREASE DATE AMOUNT REIMBURSEMENTS Option 2: Feb 2022 - Jan 2027 $115,375 1 Shoe Show 7,957 17.56% $107,300 $13.48 10/24/2001 2/28/2022 Full Prorata C, T, I Option 2: Feb 2027 - Jan 2032 $123,333 Full Prorata C, T, I + 15% 2 Kay Jewelers 1,600 3.53% $25,600 $16.00 9/6/2006 12/31/2021 Option 2: Jan 2022 - Dec 2026 $27,200 Admin Option 1: July 2019 - June 2024 $57,960 Option 2: July 2024 - June 2029 $60,480 Full Prorata C, T, I & 10% 3 Maurcies Inc 5,040 11.12% $50,400 $10.00 7/19/2011 6/30/2019 Option 3: July 2029 - June 2034 $63,000 Admin Option 2: July 2034 - June 2039 $65,520 4 Sprint Spectrum 2,800 6.18% $32,760 $11.70 10/24/2001 6/30/2020 Option 1: July 2020 - June 2023 $36,036 Full Prorata C, T, I Full Prorata C, T, I & Mgmt + 5 Regis Hair 1,200 2.65% $17,400 $14.50 11/9/2001 11/30/2021 15% Admin Option 1: Feb 2020 - Jan 2025 $84,000 Full Prorata C, T, I & 5% 6 Olympia Sports #274 6,000 13.24% $78,000 $13.00 11/6/2014 11/30/2019 Option 2: Feb 2025 - Jan 2030 $90,000 Admin Option 2: Feb 2030 - Jan 2035 $96,000 Full Prorata C, T, I & Mgmt + 7 Z Nail 1,600 3.53% $22,912 $14.32 12/1/2001 6/30/2020 15% Admin 8 Great Chinese Buffet 6,000 13.24% $75,000 $12.50 10/1/2002 9/30/2022 Full Prorata C, T, I Full Prorata C, T, I + 10% 9 Game Stop 1,600 3.53% $24,000 $15.00 11/1/2005 11/30/2019 Option 1: Dec 2019 - Nov 2022 $25,600 Admin Full Prorata C, T, I & Mgmt + 10 Goodwill 4,800 10.59% $48,000 $10.00 5/1/2018 7/31/2023 15% Admin 11 The Que Paque Mexican 4,306 9.50% $57,646 $13.13 9/1/2002 9/30/2021 Full Prorata C, T, I 12 Sally Beauty Supply 1,200 2.65% $15,600 $13.00 3/12/2012 3/31/2020 Option 2: April 2020 - Mar 2025 $18,000 Full Prorata C, T, I & Admin Rent Increase: Mar 2019 - Feb 2020 $9,920 Option 1: Mar 2020 - Feb 2023 $11,412 Full Prorata C, T, I & Mgmt + 13 Exactax 1,214 2.68% $8,720 $7.18 1/1/2017 2/28/2020 Option 2: Mar 2023 - Feb 2026 $13,123 15% Admin Option 3: Mar 2026 - Feb 2029 $15,090 TOTAL VACANT 0 0.00% TOTAL 45,317 100.00% This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are ap- proximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap. All rights reserved. TENANT SUMMARY Shoe Show, Inc., doing business as Shoe Dept., operates a network of shoe stores HEADQUARTERS Concord, NC in the United States. Founded in 1960 in Kannapolis, NC, Shoe Show’s success FOUNDED 1960 has been based on a simple formula of providing quality products, service and REVENUE $6.2 B value. Currently Show Show, Inc has 1150 locations in 45 states and maintains its STORES 1,150+ formula of success through technological advances and operating efficiencies; such as, standard store design, an efficient distribution center and computer links with stores and vendors. Kay Jewelers, Inc. operates a chain of jewelry retail stores for women and men in the United States. Kay Jewelers, Inc. operates as a subsidiary of Sterling Jewelers HEADQUARTERS Akron, OH Inc.
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