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806 New Holland Ave Lancaster, PA 17602 806 New Holland Ave Lancaster, PA 17602 Turkey Hill - Lancaster, PA | 1 TABLE OF CONTENTS Investment Analysis............4-6 Tenant Overviews................7-8 Location Overview.............9-12 Lead Investment Advisors Derrick Dougherty First Vice President Investments National Retail Group License: PA RS305854 Ph: (215) 531-7026 Steve Garthwaite Senior Associate National Retail Group License: PA RS332182 Ph: (215) 531-7025 Nick Geaneotes Associate National Retail Group License: PA RS350646 Ph: (215) 531-7071 Broker of Record: Sean Beuche License: PA RM424190 2 | Turkey Hill - Lancaster, PA Franklin & Marshall (2,400 Full Time Students) Clipper Magazine Stadium (6,000 Seat Baseball Park) Downtown Lancaster (59,322 Population) 1 Mile Away Station Square J.P. McCaskey High School (2,734 Total Enrolled) New Holland Ave (15,063 VPD) Grandview Plaza ation c o l e R Turkey Hill 806 New Holland Avenue Lancaster, PA 17602 Turkey Hill - Lancaster, PA | 3 INVESTMENT ANALYSIS LEASE SUMMARY $1,409,090 5.50% $77,500 Tenant Turkey Hill PRICE CAP RENT Guarantor EG Retail Group Lease Type NNN Ground Lease ANNUALIZED OPERATING DATA Gross Leasable Area 3,483 SF Term Dates Base Rent PSF Increase Lot Size 1.5 Acres Years 1-5 11/1/1997 - 10/31/2002 $48,000 $13.78 - Year Build 1997 Years 6-10 11/1/2002 - 10/31/2007 $53,760 $15.43 12% Roof and Structure Tenant is responsible Years 11-15 11/1/2007 - 10/31/2012 $60,216 $17.29 12% Base Lease Term 20 Years Years 16-20 11/1/2012 - 10/31/2017 $67,440 $19.36 12% Lease Commencement November-97 Years 21-30 (Current) 11/1/2017 - 10/31/2027 $77,500 $22.25 15% Lease/ Rent Expiration October-27 Option Terms Term Remaining 7+ Years Years 31-35 (Option 1) 11/1/2027 - 10/31/2032 $85,250 $24.48 - Rent Increases 10% Increase in Options Years 36-40 (Option 2) 11/1/2032 - 10/31/2037 $93,775 $26.92 10% Landlord & Tenant shall provide certificates Estoppel within (20) days request Years 41-45 (Option 3) 11/1/2037 - 10/31/2042 $103,152 $29.62 10% Options Four, (5) Year Options Years 46-50 (Option 4) 11/1/2042 - 10/31/2047 $113,468 $32.58 10% Autorenewal, unless Tenant provides notice Option Notice otherwise (180) days prior to Lease expiration PROPOSED NEW FINANCING Equity (45%) $634,091 Loan to Value (55%) $775,000 Interest Rate 3.55% Amortization 25 Years Term 7 Years Annual Debt Service ($46,808) Cash Flow After Debt Service $30,692 Debt Service Coverage Retatio 1.66 *Loan information is subject to change. Contact your Marcus & Millichap Capital Corporation representative. 4 | Turkey Hill - Lancaster, PA INVESTMENT HIGHLIGHTS PRICE: $1,409,090 | CAP: 5.50% | RENT: $77,500 About The Investment: • EG Retail Group Guaranteed Lease with over (7) Years Remaining on Term • Absolute Triple Net (NNN) Ground Lease with Zero Landlord Responsibilities • Strong Roots in Submarket having Operated at this Site for over (22) Years • Essential Retailer: Tenant has been open, operating, and paying rent • Attractive Rental Increases of Ten Percent (10%) every five years in the Option Periods • 4th Most Visited Turkey Hill in the Brand (Source: Placer.ai) Location Highlights: • Centralized Location l Just over a mile away from Downtown Lancaster, PA (187K+ Population in a 5-mile radius) • Signalized Intersection l Turkey Hill sits on New Holland Avenue & Ross Street with Average Traffic Counts exceeding 15,000 Vehicles Per Day • Dense, Stable Middle-Class Demographics l Average Household Income is $71.5K in a 3 mile radius & 179K Residents within a 5 mile radius • Major Economic Drivers l Subject Site is located just five miles from Dutch Wonderland, a (35) ride theme park rated “Best Family Park of 2019” by Amusement Today • .90 Miles from U.S. 30 Exit (68,152 Vehicles Per Day) Tenant and Brand Highlights: • Background – Turkey Hill was founded in 1931 and has over 260 locations across Pennsylvania, Ohio, & Indiana • Tenant Status – Parent company, EG Group, is the world’s leading independent fuel station and convenience store operator with ±1,700 locations in US, including recently acquired Cumberland Farms • Track Record – EG Group retails more than $2.5 billion gallons of fuel & $3 billion with merchandise sales on an annualized basis – The company is rated “B1” by Moody’s • Essential Retail – Convenience stores are deemed an essential business and are considered recession proof tenants as over half of convenience stores have seen an increase in sales in the current health crisis per the National Association of Convenience Stores (NACS) Turkey Hill - Lancaster, PA | 5 LEASE ABSTRACT Tenant Turkey Hill Minit Markets Guarantor EG Group Commencement Date November 1, 1997 Expiration Date October 31, 2027 Initial Term (20) Year Base Term Lease Autorenewal, unless Tenant provides notice Option Notice otherwise (180) days prior to Lease expiration Landlord & Tenant shall provide certificates within (20) Estoppel/SNDA days request Taxes Tenant is responsible for Real Estate Taxes Insurance Tenant is responsible for Insurance expenses CAM Tenant is responsible for CAM expenses Utilities Tenant is responsible for Utility expenses Tenant is responsible for Roof & Structure repair and Roof & Structure replacement HVAC (Maint & Replacement) Tenant is responsible for HVAC repair & replacement Tenant may use the Premises for any lawful purpose and Permitted Use for the operation of a Turkey Hill Minit Market Tenant has the right to assign this lease; in event of Assignment Note assignment, Tenant will remain liable for its obligations under this Lease 6 | Turkey Hill - Lancaster, PA TENANT OVERVIEW Lancaster, PA B1 1967 260+ minitmarkets.com Headquarters Moody’s Rating Founded Locations Website History Current Turkey Hill Dairy began in 1931 during the Great Depression, when Turkey Hill Dairy, or simply known as Turkey Hill, is an American brand of farmer Armor Frey began selling bottled milk to neighbors from his iced tea, ice cream and other beverages and frozen desserts distributed sedan. Frey’s family obtained the farm directly from Thomas and throughout the United States and internationally. The company, which Richard Penn, sons of William Penn, and the sheepskin deed to the is headquartered in Conestoga, Pennsylvania, was owned by Kroger farm refers to “turkeyhill”. Turkey Hill Ridge had been given its name since 1985 until it was sold to private equity firm Peak Rock Capital in by the Conestoga Indians for the wild turkeys found there, so the 2019. The company is operated independently from Turkey Hill Minit family decided to name their dairy after the name on the deed and Markets, a chain of more than 260 gas station convenience stores that the nearby geographical feature. carry Turkey Hill products in Pennsylvania, Ohio and Indiana. Turkey Hill - Lancaster, PA | 7 IN THE NEWS LANCASTER, PA — June 3, 2020 Turkey Hill LLC (“Turkey Hill” or the “Company”), a leading manufacturer and distributor of branded ice cream and refrigerated drinks, today announced that it has acquired an ice cream and novelty production facility in Searcy, Arkansas from Yarnell Ice Cream, LLC (“Yarnell’s”), a subsidiary of Schulze & Burch Biscuit Company. The newly acquired 100,000 square foot production facility is Turkey Hill Announces Significant Ice Cream SQF-certified and manufactures high-quality ice cream and frozen Expansion With Acquisition Of Arkansas novelty products across various sizes and formats. The addition of this facility further expands Turkey Hill’s production capacity, Production Facility capabilities, and geographic reach. Published: June 3, 2020 Rob Pistilli, Managing Director of Peak Rock Capital, commented, “We are delighted that Turkey Hill has closed this acquisition. This investment comes with significant capacity expansion and novelty production capabilities that will enhance Turkey Hill’s brand appeal and ability to service and grow its loyal customer base. We are enthusiastic about Turkey Hill’s progress to-date, and this investment is a testament to Peak Rock’s support of the Company’s continued growth and expansion.” ABSTRACT Expansion • Turkey Hill LLC announced that it has acquired an ice cream and nov- elty production facility in Searcy, Arkansas from Yarnell Ice Cream, LLC (“Yarnell’s”) Increased Capability • The addition of this facility further expands Turkey Hill’s production capacity, capabilities, and geographic reach. Footprint • The newly acquired 100,000 square foot production facility is in addi- https://www.turkeyhill.com/press/turkey-hill-dairy-press/news-releas- tion to Turkey Hill’s existing footprint already includes one of the largest es/2020-06-03-searcy production facilities of ice cream and refrigerated drinks in the country - a state-of-the-art facility located in Conestoga, PA 8 | Turkey Hill - Lancaster, PA GEOFENCE SURVEY - FOOT TRAFFIC Subject Property Economic Driver #1 Economic Driver #2 Total Visits 243.8K 1.31M 1.35M State Ranking 4 / 107 12 / 136 21 / 99 State Rank Percentile 97% 91% 79% 50 Mile Ranking 1 / 19 6 / 33 6 / 28 Local Rank Percentile 100% 84% 82% Distance From Subject Subject 1.1 Miles 1.9 Miles Turkey Hill - Lancaster, PA | 9 COMPETITION SURVEY Turkey Hill Turkey Hill 1004 Harrisburg Ave, 806 New Holland Avenue Lancaster, PA Lancaster, PA 17602 7/8 1/8 Local Ranking Local Ranking Within 3 Miles Within 3 Miles Turkey Hill Turkey Hill 5 W Clay St, 1503 Columbia Ave, Lancaster, PA Lancaster, PA 3/8 6/8 Local Ranking Local Ranking Within 3 Miles Within 3 Miles Turkey Hill Turkey Hill 936 Columbia Ave, 1562 Millport Rd, Lancaster, PA Lancaster, PA 8/8 Turkey Hill 2/8 460 S Duke St, Local Ranking Lancaster, PA Local Ranking Within 3 Miles 5/8 Within 3 Miles Local Ranking Within 3 Miles Turkey Hill 520 Hershey Ave, Lancaster, PA 4/8 Local Ranking Within 3 Miles 10 | Turkey Hill - Lancaster, PA TRADE AREA MAP Of Site Traffic within a Of Site Traffic within a 70% 5-Mile Radius consists of: 85% 5-Mile Radius consists of: 55,581 34,674 4.79 70,775 42,976 9.63 Population Family Households SQ.
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