Dan Cooper [email protected] (888) 525-5695 x12 Cooper Commercial Investment Group Bob Havasi 6120 Parkland Blvd., Suite 206 [email protected] Cleveland, OH 44124 (888) 525-5695 x10 www.coopergrp.com In Cooperation with Licenses MI Broker
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Table of Contents of Table
Article Article ……………………..
—
Disclosure & Confidentiality ……….... Confidentiality & Disclosure Tenant Profiles ……….………………. Profiles Tenant TENANT ANALYSIS TENANT Demographics ..…………………...... Demographics Location Maps .…………………...... Maps Location Surrounding Retail Photos ………….. Surrounding Aerial Maps .………………………….. Maps Aerial Site Plan ..…..…………………………. Plan Site PROPERTY ANALYSIS PROPERTY Financial Analysis ..……...…………… Analysis Financial Rent Roll …………...…………………. Rent Roll FINANCIAL ANALYSIS FINANCIAL Offering Summary …………………… Summary Offering Location Location Overview …………………… Overview Location Investment Overview ………………… Overview Investment Investment Highlights ……………..… Highlights Investment INVESTMENT SUMMARY INVESTMENT
3 Chesterfield Village Square INVESTMENT HIGHLIGHTS
• Dominant, Regional, Power Center: High-Trafficked Corner Location Shadow Anchored by Target & Directly Across From Meijer, Home Depot and Lowe’s
• Desirable Tenant Presence with Over 95% of Spaces Filled with Nationally Named Tenants & High-Performing Locations: Sales Well Above Chain Averages
• Leading Corporately Owned Target Location: One of the Top Five Stores in the Region and Top Performing Store Sales on a Per Square Foot Basis
• Irreplaceable Location at “Main and Main”: Highly Visible and Centrally Located on Main Retail Corridor, Adjacent to Numerous Other Complimentary Retailers: 2.2 Million S.F. of Retail with 97% Occupancy ADDITIONAL INVESTMENT HIGHLIGHTS • Most Tenants with NNN Lease Structures, Rental Increases, Recent Lease Extensions and/or New Lease Executions Plus • County Seat Market with Major Area Employers: Midst of Upside Through Lease-Up of Remaining Vacancy (8%) Substantial Residential Boom (8% Growth Since 2010, 27% Since 2000 and 3.2% Expected Over the Next Five Years) • Dominant I-94 Retail Corridor: 54k VPD Surrounding the Center and 79k VPD Along I-94 (Direct Highway Access, • Center Draws from a 15-20 Mile Radius to the North (Next Visibility & Signage) in Strong Residential Community with Closest Target is Over 34 Miles) and Macomb County is Home Average Household Incomes Over $91,000 Within 5-Miles to 3 of the Top 10 Most Populated Communities in all of MI • Upscale Suburban Location with Direct Route to Downtown Detroit (Approx. 30 Miles) Along I-94 • Adjacent to StoryPoint Senior Living Community, a New Project Set to Open in the Spring of 2019: 204 Apartment Homes
• Heavy Tourism: Summer Months Attraction, Anchor Bay (2 Miles) Creates Significant Increase in Seasonal Population
• 5 Miles to Selfridge Air National Guard Base, Which Hosts Over 6,000 Servicemen, 1,000 Daily Employees and Has Recently Invested $32.6 Million Into the Base to Further Enhance Operations • Detroit– Home to 12 Fortune 500 Companies, 13th Largest MSA and Ranked 6th for Total Exports in the United StatesWith About 80,500 People Working in Downtown 4 Detroit, Comprising 1/5 of the City's Employment Base
5 20 - The The The The
quality quality - 2009. 2009. The - 94 are 57,000 are 57,000 94 -
miles. Directly miles. adjacent Directly to the - known known users. The tenants that - If a replacement tenant LOI is
2003 2003 and renovated 2007 Chesterfield Chesterfield is part of Metro Detroit -
many many people from the suburb commute to Detroit, cash cash return of 11.64%, yet still offers upside through - on - 94, 94, the direct route to Downtown Detroit. The center is situated 1 1 cash - - INVESTMENT OVERVIEW 94 94 corridor, the retail destination is located in a strong residential -
new senior living community, StoryPoint, which is currently under development development under which is StoryPoint, currently community, new senior living fifth of the city's employment base. With this property’s strategic placement, - -
94 94 for work and recreational activities. About 80,500 people work in Downtown Detroit, -
up up of the remaining vacancy (8%), which is below current market occupancy rates of 97%. -
investment that is poised to generate substantial returns for years to come. years for returns substantial to generate poised is that investment along along with its proximity to employees and residents; this asset is positioned as a high comprising comprising one along along I approximately approximately 31 miles north of the city and into into the base to further enhance operations. Furthermore, which which hosts over 6,000 personnel, 1,000 daily employees and has recently invested $32.6 million VPD. VPD. Additionally, the property sits just 5 miles north of the Selfridge Air National Guard Base, surrounding the center are over 54,000 vehicles per day, while traffic counts along I along while day, counts per traffic vehicles over 54,000 are center the surrounding is is set to open in the spring of 2019, offering an additional 204 apartments. Traffic counts property a brand property community with community household incomes over average $91,000 within 5 Positioned Positioned along the I
the top 10 most populated communities in all of Michigan. in all of Michigan. communities populated most 10 top the main main shopping destination for most of the northern suburbs, and Macomb County boasts 3 of miles miles to the north as the next closest Target is over 34 miles away. Chesterfield has become a many many more. Due to the tremendous amount of retail, the area draws from a minimum of 15 Buy, Buy, Five Below, Old Navy, T.J. Maxx, AutoZone, Qdoba, Starbucks, Hobby Lobby, Kohl’s and including: including: Meijer, Home Depot, Lowe’s, Michael’s, Dollar Tree, PetSmart, Chipotle, Kohl’s, Best occupancy occupancy and is directly across from or surrounded by numerous complimentary retailers in in the heart of the retail corridor, which boasts 2.2 million square feet of retail with 97% strategically strategically positioned along I Located Located at the hard corner of Gratiot Avenue and 23 Mile Road, Chesterfield Village is
development, coupled with its strong shadow anchor Target, has created a very stable asset. stable very a created has Target, anchor shadow with its strong coupled development, and and have rental increases during their current lease term, providing future income growth. Chesterfield Chesterfield Village are on NNN lease structures, reimburse for fees administrative/management demonstrating demonstrating their success at the center and in the Chesterfield market. Most of the tenants at have have consistently exercised renewals. In fact, many just recently executed lease extensions above the chain averages. the chain averages. of have above number A at been the tenants it the center since built was and report report sales have demonstrated continued success and high performance with reports well Staples Staples (NASDAQ: SPLS), Fitness Anytime and several other well GNC), GNC), CATO (NYSE: CATO), Advance America, Payless Shoesource Superstore, Little Caesar’s, Famous Famous Footwear (NYSE: BWS), Dunham’s, Sally Beauty Supply (NYSE: SBH), GNC (NYSE: (Ground (Ground Lease), Panera Bread (NASDAQ: PNRA), Buffalo Wild Wings, Harbor Freight Tools, The The asset is occupied with strong, highly recognizable, national tenants, including: Applebee’s 155,958 155,958 S.F. center has a fantastic corner location with high visibility and prominent signage. The The entire development was built in phases between 1995
replacement tenant. replacement increase increase their rent from $60k per year to $100k per year or will need to vacate the space for the presented presented to the tenant within two years of their lease date, the tenant has the option to either the the space by $40,000/year, which is potentially huge upside. lease lease is far below market rental rates but gives a Buyer the unique ability to increase rents for Additionally, Additionally, ownership has executed a new lease with nationally tenant Label Shopper. lease 8.15% 8.15% CAP and expected year boom boom over the last several years. The asset is being offered for $15,840,000, representing an a a suburb just north of Detroit, Michigan, which has been in the midst of a substantial residential a a per square foot basis. The featured center is located in up and coming, Chesterfield Township, Target location Target is location known as one of the top five in stores the region and top performer in sales on Chesterfield Chesterfield Village, a regional power center shadow anchored by Target. The corporate owned The The Cooper Commercial Investment Group has been exclusively retained by ownership to sell
6
Canada Canada border, – based based companies, - Blue Blue Water Bridge at
St. St. Joseph near Lake
– functions functions from the facility.
mb mb County is the ninth smallest years. years. Chesterfield Township and - 94. 94. In fact, population has grown 85 since 2010, - manufacturing manufacturing support - largest largest in the Midwest after Chicago. Several major - 94 94 runs from Billings, Montana, to the Lower Peninsula of - 69 69 and then runs through Jackson, Ann Arbor, and portions of Metro - growing growing retailing and restaurant scene. Furthermore, Detroit draws to - LOCATION OVERVIEW LOCATION
94 94 crosses I The ChesterfieldThe is 30 part Township miles of Detroit Metro approximately north of - 94. 94. The township is often referred to as New Baltimore, a historic, coastal resort
- , , I fifth of the city's employment base. Aside from the numerous Detroit - Macomb Macomb Community College, located just east of Lakeside Mall, and is one of the largest 94 94 enters the state south of New Buffalo and runs eastward through several metropolitan - most populous MSA and 6th largest exporting city in the United States. The Metro Detroit area is - The The most significant companies based in Detroit include: General Motors, Quicken Loans, Ally Financial, Compuware, Shinola, American Axle, Little Caesars, DTE Energy, Lowe Blue Campbell Ewald, Shield Blue Cross of Michigan, and comprising one Rossetti Architects. About 80,500 other people large companies that have a major presence in Detroit, work include Comerica, Chrysler, HP Enterprise, in Downtown Detroit, Deloitte, PricewaterhouseCoopers, KPMG, and Ernst & Young. Ford Motor Company adjacent is city located of in Dearborn. the Thousands more employees work in Midtown, north district. of the Midtown's central anchors business are the city's largest single employer Detroit University Medical (27,000+ Center, students), Wayne and State the Henry Ford Health System in Corktown, Midtown New also has a fast Center. Like downtown and their three major sports venues: Comerica Park (home of Pistons). Detroit Wings the and Red Detroit the of (home the Arena Caesars Little and Lions), Detroit Detroit Tigers), Ford Field (home of the Detroit, Detroit, connecting Michigan's largest city to its Detroit, the Interstate angles main northeasterly where the designation terminates on the airport (DTW, 45 miles). Past border. Canadian the the east side of Chesterfield is a growing community with several new years luxury and future home plans in neighborhoods process. New developed churches, schools, over shopping centers, light the industry and have located factories in past the for township. Chesterfield is one of the fastest growing areas in Michigan, partly due to its strategic location with direct access to I 27% since 2000 and is expected to have 3.2% growth in Macomb the County has next several 5 major employers and is home to Lionel, LLC (make of Lionel Trains). company The operates their corporate offices, and Additionally, General non Motors (19,777 employees), FCA US LLC (11,314 employees), Ford Motor (4,560 employees), McLaren Health Community Schools (2,776 (2,642 employees), employees), Henry Ford Ascension Health County (2,318 employees) offer a large presence in the System area drawing further people to the area. Another (2,448 Michigan employees) and (2,650 Macomb major employees), draw is Utica educational institutions in the state. Macomb College currently Furthermore, serves the property over sits 48,000 just 5 students miles annually. north of the Selfridge Air over National 6,000 Guard Servicemen, 1,000 Base, daily which employees and hosts has recently invested $32.6 million into the base to operations. enhance further Many people from the northern suburbs of Detroit commute million to $100 the in increase million $50 a announced Co. & Chase Morgan J.P. year, past the In activities. the large city for work and recreational investment the firm committed to economic development and 2019. neighborhood stabilization Detroit in Detroit is by the most 13th populous city in Michigan, home to the 4.3 million largest people, making city it the on second corporations the are U.S. based in represented sectors being manufacturing (particularly automotive), finance, technology, the and health care. city, including twelve Fortune 500 companies. The most heavily Chesterfield Chesterfield Charter Township is located in Macomb County, Michigan. of Michigan’s 83 counties (with 482 square miles), yet it ranks third in total population. Macomb County boasts three of the 10 most populated communities in Michigan: Warren (#3), Sterling Heights (#4) and (#7). Township Clinton the city, directly off I community located directly off Anchor Bay. I Michigan. I areas in the southern section of the state. The highway serves Benton Harbor Michigan before turning inland toward Kalamazoo and Battle Creek on the Heading west farther east side of the peninsula.
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$1,968,475 $677,442 $1,291,034 $722,427 $15,596 $553,011 11.64% $1,855,653 $354,717 $2,210,370 ($196,980) ($44,915) $11,088,000 New Loan 5.10% 30 Years 10 Years 70.00%
:
($0.10/S.F.)
:
Operating Data Operating
Cash Return:Cash (Actual) Value (LTV): Value - - Anticipated New Financing Anticipated to
on - -
Loan Amount: Loan Type: Rate: Interest Amortization: Term: Loan Rental Income: Tenant Reimbursements: Income: Potential Gross Vacancy Vacancy for Reimbursements: Effective Income: Gross Expenses: NOI: Annual Debt Service: Structural Reserve AfterReserves: Cash Flow Cash
2003 2009 - - 8.15% $100.99 Concrete 2007 $4,752,000 $4,752,000 $1,291,034 $15,840,000 155,958 S.F. Approx. 18.99AcresApprox. Concrete Block/Metal
Completed in Phases 1995 in Phases Completed Dunham’s 2012 & Balance2012 Original Dunham’s & SUMMARY
Roof: Foundation: Exterior: Renovated: Lot Size: CAP Rate: Year Built: Gross LeasableGross Area: Price/SF: NOI: Price: Payment: Down
9
10
Yr. Yr. Yr. Yr. Yr. Yr. Yr. Yr. Yr. ------Year Year - Yr. Remain Yr. Remain Yr. Remains Yr. Remains Yr. Remains Option - (2) 5 (4) 5 (1) 5 5 (2) (1) 5 (2) 5 (2) 5 Option 1 1 Option - - Rate/S.F. (2) 5 (2) Option 1: CPI CPI 1: Option CPI 2: Option (3) 5 Year 3:$23.75/SF 3:$23.75/SF Year (1) 5 (1) 5 Year 1: $22.75/SF $22.75/SF 1: Year $23.26/SF 2: Year $24.25/SF 4: Year $24.75/SF 5: Year Option 1: $7.80/SF $7.80/SF 1: Option $8.10/SF 2: Option $8.40/SF 3: Option $8.70/SF 4: Option of Base Rent or CPI Rent Base of Option 1: $16.94/SF $16.94/SF 1: Option $18.20/SF 1: Option Option 3: $29.50/SF $29.50/SF 3: Option $32.00/SF 4: Option $17.88/SF 1: Option $11.75/SF 1: Option Option 2: $18.63/SF 2: Option $20.20/SF 2: Option $23.10/SF 1: Option Option 5: $34.55/SF 5: Option $19.66/SF 2: Option $13.50/SF 2: Option $24.00/SF 1: Option (Automatic Renewal) Renewal) (Automatic Option 1: Lesser of 115% 115% of Lesser 1: Option
$21.25/SF $21.25/SF $21.75/SF $22.25/SF $15.40/SF $16.45/SF $16.30/SF $16.65/SF
------None None None None None None None None
Rental Rental Bumps
3/1/2022 3/1/2022 5/1/2019 4/1/2019 4/1/2020
11/12020 11/12020 11/1/2018 11/1/2018 11/1/2019
NNN NNN NNN NNN NNN NNN NNN NNN NNN Type Lease Lease Modified NNN Modified Increase Over Over Increase Base Year 2013 2013 Year Base
Rent Annual $25,387 $25,387 $25,725 $51,013 $51,013 $35,200 $99,688 $ 29,782 $ $197,000 $197,000 $118,258 $343,350 $128,784 $128,784 $125,775
S.F. $9.85 $9.85 $7.50 Rent/ $21.33 $21.33 $16.21 $21.00 $10.87 $10.87 $22.00 $14.00 $15.95 $27.50 $27.50 $16.25
NAP | | OwnedCorporately NAP 100,259 | SF
Lease Continued on Next Page on Continued
3/31/2021 1/31/2021 1/31/2024 7/31/2021 9/30/2020 2/28/2027 8/31/2025 1/31/2023 3/31/2019
Expiration 10/31/2021 11/30/2023
Start Lease 2/1/2016 2/1/2019 8/1/2016 3/1/2017 6/8/2016 5/7/2013 4/1/2014 11/1/2016 2/22/2011 10/1/2015 12/1/2013
1995 2013 2006 2011 1995 2003 2009 2003 2004 2006 2006 Since Tenant Tenant
% of % Total 0.79% 0.76% 1.18% 5.42% 4.01% 3.00% 4.96% 3.01% 1.03% 29.35% 12.82%
GLA Total 1,225 1,190 1,837 8,447 6,250 4,683 7,740 4,693 1,600 45,780 20,000
Tenant
(2) (2)
(5) (5) (4) (4)
(3) (3)
Super Store Store Super
(1) (1)
11
Yr Yr Yr. Yr. Yr. Yr. Yr. Yr. Yr. Yr. ------N/A N/A N/A Yr. Remain Yr. Remain Option - (1) 5 (1) 5 (2) 5 (2) 5 (1) 3 (2) 5 5 (4) Option 1 1 Option 2 Option Rate/S.F. (2) 5 Year 3:$19.50/SF 3:$19.50/SF Year 3:$22.00/SF Year Year 1: $18.50/SF $18.50/SF 1: Year $19.00/SF 2: Year 4: $20.00/SF Year $20.50/SF 5: Year $21.00/SF 1: Year $21.50/SF 2: Year $22.50/SF 4: Year $23.00/SF 5: Year Option 1: $9.95/SF $9.95/SF 1: Option Option 3: $14.20/SF $14.20/SF 3: Option $22.50/SF 2: Option Option 1: $11.74/SF $11.74/SF 1: Option $12.91/SF 2: Option Option 4: $15.62/SF 4: Option $23.50/SF 3: Option $15.67/SF 1: Option $10.94/SF 2: Option Option 1: $19.51/SF 1: Option $15.40/SF 1: Option
Option 1: $90,774/Annual $90,774/Annual 1: Option $99,851/Annual 2: Option
$9.04/SF
- Terms shown thereflect early 5 renewal, yr. $13.25/SF $13.25/SF $14.25/SF $17.00/SF $17.00/SF $17.50/SF $18.00/SF $13.67/SF $10.67/SF
------N/A N/A
10 None None None None - Rental Rental Bumps (6) Blended rental rate for increase effective 6/1/2019. 5/1/2021 5/1/2021 5/1/2022 6/1/2019 6/1/2019 6/1/2020 6/1/2021 7/1/2019 5/1/2023 Years 6 Years
NNN NNN NNN NNN NNN NNN NNN NNN NNN Type Lease Lease % Rent Ground Lease Lease Ground Tenant Handles Handles Tenant Expenses Direct Expenses Modified Gross + Modified
Rent Annual $90,135 $90,135 $18,160 $18,160 $29,652 $61,250 $82,522 $31,519 $31,519 $22,620 $32,290 $60,000 $106,845 $106,845 $196,980 $140,699 $140,699 $1,855,653 $1,855,653
Tenant recently approached ownershipfor an early renewal.
S.F. (2) which was executed. (5) Blended rental rate for increase effective 4/1/2019. (9) Lease includes Landlord Right Terminate to should another tenant be found for the space firstwithin two Existingyears. tenanthas ROFR,but if exercise their increasesrent from $60,000 per year to $100,000 per year. $9.70 $9.70 $8.22 Rent/ $15.00 $15.00 $15.00 $11.90 $15.00 $16.79 $16.79 $13.03 $20.75 $12.25 $15.24 $25.73 $25.73 $19.01
N/A N/A Lease
8/31/2028 8/31/2022 6/30/2024 9/30/2028 2/29/2020 4/30/2023 9/19/2032 Estimated 2/28/2021 2/29/2020 Expiration
N/A N/A Start Lease 9/1/2018 6/1/2017 3/1/2015 2/1/2017 9/6/2016 3/1/2016 3/1/2017 2/10/2014 10/1/2018 Estimated
N/A N/A 2012 1995 2018 2014 2017 2009 2005 2017 1995 Since Tenant Tenant
% of % Total (1) Rental rate showneffective 12/1/2018. (4) Blended current rental rate for increase effective 11/1/2018. (8) Tenant has months 4 abated Allrent. remaining abated rent to be credited closing. at 3.21% 3.47% 4.68% 4.57% 3.85% 8.42% 0.89% 9.30% 0.92% 0.76% 1.23% 0.79% 100.00%
GLA Total 5,000 5,415 7,300 7,123 6,009 1,394 1,429 1,190 1,923 1,225 13,132 13,132 14,505 155,958 155,958
Tenant
(7) Blended rental rate for increase effective 7/1/2019. effective 5/1/2019. (3) Blended rental rate for early exercised first option January 1,2019 through December 31,2019 Pro Forma Calendar Year:
Vacancy
Total Vacant Vacant (9) (9)
(8) (8) (7) (7)
(6) (6)
12
9% 9%
Yr. Options at -
(1) 2016 Rental Income includes rent for includes (1)for 2016 rent Rental Income Temporary Tenants. reimbursements have (2) Historically, CAM included Area Common Maintenance, We Insurance. Admin., some and Mgmt. Purposes. Prohave separated Forma for contribution CAM Applebee's and (3) Target in thein hasbeen included past, CAM we purposes. Prohave separated Forma for of (4) portion 1.7 center GroundLeased on 2052 with Acres. through term Current 30bumps 5(2) every years. Ownership pending. is same schedule rent purchase.hasof to First Refusal Right
10 30 -
4.63 1.79 1.87 1.87 0.13 0.50 0.13 0.40 0.00 0.22 0.09 0.03 0.03 0.05 0.10 0.01 0.03 0.13 0.00 0.03 0.04 0.10 0.02 0.09 0.09 0.80 1.23 0.08 0.03 0.04
(0.29) 8.15% 5.10%
$/SF
70.00% 8.28 $ 101.57 $ 127.62 $ $ 14.17 $ (1.26) $ 12.62 $ 0.43 $ 4.34 $ 8.28 $ 11.90 $
- 10 30 50 750 1.79 1.79 Pro Forma Forma Pro 2019
4,800 4,800 5,000 7,500 2,000 5,000 5,000 6,000 3,500 4,999 4,999 6,641
- 8.15% 5.10% 21,000 21,000 77,702 20,000 62,040 35,000 13,500 15,600 20,000 15,000 14,536 14,536 11,856 70.00% (44,915) 291,653 124,145 124,145 192,539 2018 1,291,034 $ 15,840,000 $ $ 11,088,000 722,427 $ $ 2,210,370 2,210,370 $ (196,980) $ 1,968,475 $ 66,347 $ 677,442 $ 1,291,034 $ 1,855,653 $
- - - - 29
961 834 4,800 4,800 5,849 3,358 2,849 3,390 6,638 7,215 1,113
20,960 20,960 74,494 18,560 62,040 34,601 12,872 15,600 20,789 13,913 290,251 290,251 109,744 109,744 166,908 2017 $ 1,683,512 $ 1,683,512 $ 1,683,512 87,190 $ 687,193 $ 996,319 $ $ 1,537,994
- - - - - 58
608 4,800 4,800 1,225 2,787 3,861
21,521 21,521 71,286 16,280 62,040 29,548 16,181 15,284 15,600 10,068 17,867 13,701 15,712 15,464 291,869 291,869 120,905 120,905 174,559 2016 $ 1,833,457 $ 1,833,457 $ 1,833,457 93,183 $ 718,942 $ $ 1,114,515 $ $ 1,537,994
- - - - - 44
474 3,747 3,747 2,102 4,800 4,800 4,201 1,050 9,556
13,691 13,691 12,341 19,683 19,683 71,286 17,845 65,910 30,816 12,734 15,612 14,400 17,450 119,983 119,983 185,294 289,006 2015 $ 694,492 694,492 $ $ 1,146,044 $ 1,840,537 $ 1,840,537 $ 1,840,537 87,743 $ $ 1,535,259 $ 1,535,259
4% 8.72% 10.62%
Reimbursable R&M R&M Reimbursable Reimbursable Utilities Reimbursable
- -
CAM Electric Electric CAM Water/Sewer Miscellaneous Utilities Miscellaneous Management Fee Admin. Insurance Insurance Real Estate Taxes Estate Real Target & Applebee's CAM Contribution (3) Contribution CAM Applebee's & Target
CAM (2) (3) (2) CAM Potential Rental Income Rental Potential
Debt Service Coverage Ratio Coverage Service Debt Annual Debt Service Debt Annual
Amortization Term Term Rate
Loan Amount Amount Loan Loan to Value to Loan Valuation Valuation Capitalization Rate Capitalization
Cash Flow Available Before Debt Service Debt Before Available Flow Cash Loan Analysis
Net Operating Income Operating Net
Total Expenses Total Non Non Roof Repairs & Maintenance Repairs Roof Fire Safety Safety Fire Signage Trash Removal Trash HVAC Repairs & Maintenance HVAC Repairs Sidewalks Sweeping Contract Sweeping Parking Lot Light Repairs Light Parking Lot Parking Lot Repairs & Maintenance Maintenance & Repairs Parking Lot Maintenance Labor Maintenance Maintenance and Repair Repair and Maintenance
Snow Removal Snow Landscaping Ground Lease Rent (4) Rent Lease Ground Insurance Real Estate Taxes Taxes Estate Real Management Fee Management OPERATING EXPENSES: OPERATING Effective Gross Income Gross Effective Vacancy for Reimbursements Lost for Reimbursements Vacancy Vacancy Factor (Actual) Factor Vacancy Gross Potential Rental Income Rental Potential Gross
Tenant Reimbursements Tenant Rental Income (1) Income Rental
INCOME:
13
14
15
16
17
18
19
20
11.0 30.5 40.9 9.6% 3.9% 0.3% 2.9% 3.2% 5.9% 9.5% 0.4% 0.9% 0.7% 1.0% 29.2% 24.7% 10.7% 16.9% 83.3% 25,209 $84,663 $68,895 $33,825 277,128 768,267 784,404 725,954 669,249 304,264 315,643 285,405 259,551 15 mi radius
40 10.7 30.7 2.9% 0.3% 2.9% 2.7% 5.7% 9.3% 0.5% 1.4% 0.8% 1.5% 10.9% 28.5% 25.3% 11.4% 17.1% 83.0% 11,939 $87,564 $71,718 $34,415 127,508 365,993 374,236 340,622 294,571 141,859 147,427 132,145 113,021 10 mi radius
10.9 34.7 37.5 9.8% 2.6% 0.3% 3.2% 2.5% 5.4% 9.1% 0.5% 2.7% 0.8% 2.8% 2,764 29.0% 24.2% 12.1% 17.7% 84.0% 30,203 96,025 98,450 88,318 65,973 34,839 36,292 31,563 23,615 $91,445 $78,936 $33,443 5 mi radius
11.4 35.1 37.6 7.5% 0.5% 1.6% 0.8% 2.2% 8.9% 2.1% 0.4% 3.1% 2.5% 5.9% 1,246 25.5% 12.3% 15.9% 85.5% 30.4% 14,233 16,596 17,253 14,977 12,146 43,775 44,806 40,271 34,285 $87,215 $73,835 $33,121 3 mi radius
369
13.9 21.4 34.9 5.4% 0.7% 1.8% 0.9% 2.6% 1.9% 0.3% 4.3% 2.8% 7.8%
5,121 3,164 3,311 2,843 2,193 7,913 8,174 7,299 6,075 25.5% 13.1% 12.8% 82.8% 10.7% 32.5%
$75,542 $61,209 $30,215
1 mi radius
2017 Estimated Graduate Degree 2017 Estimated Total Businesses 2017 Estimated Total Employees 2017 Estimated Employee Population per Business 2017 Estimated Residential Population Businessper 2017 Estimated Elementary (Grade Levelto 0 8) 2017 Estimated Some High School (Grade Level 9 to 11) 2017 Estimated High School Graduate 2017 Estimated Some College 2017 Estimated Associates Degree Only 2017 Estimated Bachelors Degree Only 2017 Estimated Other Races 2017 Estimated Average Household Income 2017 Estimated Median Household Income Estimated 2017 Capita Per Income Historical Annual Growth 2000 to 2017 White2017 Estimated 2017 Estimated Black American or African 2017 Estimated Asian or Pacific Islander 2017 Estimated American Indian or Native Alaskan 2017 Estimated Households 2022 Projected Households 2010 Census Households 2000 Census Households Projected Annual Growth 2017 to 2022 2022 Projected Population 2010 Census Population 2000 Census Population Projected Annual Growth 2017 to 2022 Growth Annual Historical to2000 2017 2017 Median Age 2017 Estimated Population
AND AND RACE RACE
INCOME (AGE 25+) BUSINESS ETHNICITY EDUCATION POPULATION HOUSEHOLDS 51382 Gratiot Ave Gratiot 51382 MI 48051 Chesterfield,
21
22 owned owned - cafes cafes and - cafes cafes in 46
-
PSF $27.50 $29.50 $32.00 $34.55
tossed tossed salads; pasta -
operated operated bakery
- Monthly $10,731.87 $11,512.37 $12,488.00 $13,483.13 10% Over Preceding Preceding 10% Over Expenses CAM Year on Share Pro Rata Share Pro Rata Expenses CAM on 10% Insurance) (including None Pro Rata Share Pro Rata
order order sandwiches on freshly baked -
to -
Annual
Tenant Recapture Tenant $128,782.50 $138,148.50 $149,856.00 $161,797.65
premise premise sales, as well as provides catering services. -
Tenant Base Rent Schedule Base Rent Tenant
cafes cafes and 1,071 franchise -
Pro Forma based on calendar 1/1/2019through12/31/2019. year Pro Forma based breads; breads; soups; freshly prepared and hand dishes; and custom roasted coffees and cafe beverages, such as hot or cold through espresso on and cappuccino The drinks company and has reported smoothies bakery operation of 901 company states and Ontario. The company was formerly known as Au Bon Pain Co., Inc. and changed its name to Panera Bread Company in 1998. August www.panerabread.com; Source: Panera Panera Bread Company (NASDAQ: PNRA), together with its sub- sidiaries, owns, operates, and franchises retail bakery operates under the Panera Bread, Paradise Saint Bakery Louis & Bread Co., Café including freshly and baked bagels, breads, names muffins, scones, rolls, and that offer daily sweet baked goods, goods; made Current*: 1: Option 2: Option 3: Option Cap: Insurance: Taxes Estate Real Fee: Admin. Fee: Mgmt. * Current * rental 12/1/2018. rate Maintenance: Area Common
Yr.
-
12/01/2013 11/30/2023 12/1/2018 Yes, (3) 5 None Bakery/Café None St. Louis, MO St. Louis, 1,972+ Panera, LLC PNRA NASDAQ: 4,683 2003
Tenant Lease Lease Abstract Tenant
www.panerabread.com Tenancy: - Rental Bumps: Rental Options: Co Exclusive: Termination: Other Ticker Symbol: Ticker GLA: Since: Tenant Start: Term Current Expiration: Lease Corporate Headquarter: Corporate Locations: Total # of Corporate:
23 Every Every
PSF $7.50 $7.80 $8.10 $8.40 $8.70
and and Sport Values
Hot Hot Deals Monthly
$28,612.50 $29,757.00 $30,901.50 $32,046.00 $33,190.50 Big Big Names…Low Prices.
None None Increase Over Base Year 2013 Year Base Over Increase Year Previous 5% Over 2013 Year Base Over Increase 2013 Year Base Over Increase
Annual $343,350.00 $357,084.00 $370,818.00 $384,552.00 $398,286.00 Tenant Recapture Tenant
Tenant Base Rent Schedule Base Rent Tenant
Maryland. Maryland. Every one of the 230+ stores nationally offers a full line of traditional sporting goods and athletic equipment as well as a The and wide footwear. apparel of and active variety sports casual motto at Dunham’s Sports Dunham’s Sports customers will is find advertise. to low be too may that at prices www.dunhamssports.com; Source: Dunham’s Dunham’s Sports is the Midwest’s largest sporting goods chain. Over the years attention with to detail, hard Dunham’s has work, grown into goods great a full chain line customer serving sporting customers service in 22 and states, from Nebraska to Current: 1: Option 2: Option 3: Option 4: Option Admin. Fee: Admin. Fee: Mgmt. Common Area Maintenance: Area Common CAM Cap: Insurance: Taxes Estate Real
Yr.
- None (4) 5 None Sporting of Sale/Rental Apparel & Goods None $6,867,000 5% Over Troy, MI Troy, 230+ Corp. Athleisure Dunham’s 45,780 2013 05/07/2013 01/31/2023
www.dunhamssports.com Tenant Lease Lease Abstract Tenant
Tenancy: - Termination: Other Threshold: Sales Options: Co Exclusive: Lease Expiration: Lease Bumps: Rental GLA: Since: Tenant Start: Term Current Corporate Headquarter: Corporate Locations: Total # of Corporate:
24
PSF $15.95 $16.45 $18.20 $20.20
On On February 5,
Monthly $8,307.33 $8,567.70 $9,479.17 $10,520.83
Snow Removal & Utilities & Removal Snow Share Pro Rata Share Pro Rata Expenses CAM 10% on None Pro Rata Share Pro Rata Excluding Year, Previous 5% Over
Dubs around the world. - Annual $99,688.00 $102,812.50 $113,750.00 $126,250.00 Tenant Recapture Tenant
Tenant Base Rent Schedule Rent Base Tenant
has grown to continue have a to storeopen B 2018, in Buffalo every Wild Wings, state Inc. (“BWW”) Group, Inc. in and (“ARG”) announced the Arby’s the successful completion Restaurant of U.S.the ARG. by of BWW acquisition and www.buffalowildwings.com; Source: Buffalo Wild Wings is the coldultimate one placeand to meeteat wings,friendscontinues grab to a watch to a game. addsauces The taprestaurantand have lines, an infinite come number up withof tv’s. more The kindsrestaurant of Pro Forma based on calendar year 1/1/2019 through 12/31/2019. through 1/1/2019 on calendar year based Pro Forma Current*: Bump 2019: 1: Option 2: Option Insurance: Taxes Estate Real Fee: Admin. Fee: Mgmt. * Blended current rental rate for increase effective 5/1/2019. effective increase current Blended rental* for rate Maintenance: Area Common Cap:
Yr.
- 08/31/2025 5/1/2019 Yes, (2) 5 None with Restaurant/Bar Wings of Chicken Sale None Minneapolis, MN Minneapolis, 1,271+ Inc. AMC Chesterfield, 6,250 2009 06/08/2016
www.buffalowildwings.com Tenant Lease Abstract Lease Tenant
Tenancy: - Exclusive: Termination: Other Rental Bumps: Rental Options: Co Current Term Start: Term Current Expiration: Lease Corporate: GLA: Since: Tenant Corporate Headquarter: Corporate Locations: Total # of
25
PSF $9.70 $12.91 $14.20 $15.62 $10.67 $11.74
Monthly $15,604.96 $17,164.25 $18,880.67 $11,724.92 $12,897.36 $14,190.72
”/Moody’s ”/Moody’s “Ba3”) was started as a Pro Rata Share Share Pro Rata Excluding Year, Previous 5% Over Utilities & Removal Snow Share Pro Rata Share Pro Rata None None
-
Annual $140,699.00 $154,768.35 $170,288.70 $187,259.55 $205,971.00 $226,568.10
Tenant Recapture Tenant
Tenant Base Rent Schedule Rent Base Tenant owned owned business, making a commitment to provide
-
abated rent will be credited at rent credited closing. will abated be Current*: 2023: Bump 1: Option 2: Option 3: Option 4: Option * Tenant has 4 months of abated rent. Full rent to begin 10/1/2018. Any remaining Real Estate Taxes: Estate Real Fee: Admin. Fee: Mgmt. Common Area Maintenance: Area Common CAM Cap: Insurance: expensive expensive brands and pass the savings on to customers. Harbor Freight operates 850 stores nationwide and has customers. satisfied over 40 million www.harborfreight.com Source: Harbor Harbor Tools Freight (S&P “BB small family working people with great quality tools at the lowest prices. And for over 35 years, Harbor Freight Tools has done just that. hand From tools and generators, to equipment air to and automotive tools, power Harbor tools, Freight offers from more 7,000 tools and accessories at quality levels that match shop or than exceed competing brands, but at prices that company are buys up direct to 80% from less. the The same factories that supply the
Yr.
time right to terminate at the -
- - commission, $170,000 representing TIA, and $23,449.76 representingmonths 2 rent. (4) 5 Excluding Occupancy & 50% Target Space Anchor Tool/Accessories General One ofexpiration the 60th month following the RCD; tenant if delivers a Early timely Termination Notice, the lease shall terminate on the last day of the 66th month andtenant shall pay a termination of $222,459.76payment to consisting LL of representing $29,010 50% of broker Calabasas, CA Calabasas, Nationwide 850 Inc. USA, Tools Freight Harbor BB Ba3 14,505 2018 10/01/2018 09/30/2028 5/1/2023 Yes,
www.harborfreight.com
Tenant Lease Abstract Lease Tenant
Tenancy: -
Other Termination: Other Exclusive: Co Options: Lease Expiration: Lease Bumps: Rental Current Term Start: Term Current Tenant Since: Tenant Moody’s Credit Rating: Credit Moody’s GLA: S&P Credit Rating: Credit S&P # of Locations: Corporate: Headquarter:
26
means means guests
PSF $15.24 $16.76 $18.44
with with nearly 2,000 restaurants
– Monthly $6,876.83 $7,564.50 $8,320.92 Tenant Handles Direct Handles Tenant Direct Handles Tenant None None Tenant Handles Direct Handles Tenant
Annual
$82,522.00 $90,774.00 $99,851.00 Tenant Recapture Tenant
Tenant Base Rent Schedule Base Rent Tenant
friendly friendly atmosphere and signature bar and grill menu - family combining simple, craveable American fare, local classic drafts. drinks “Eatin’ and Good in enjoy the Neighborhood”, a great meal. delicious and abundant dining experience with the satisfaction brings together Applebee’s DIN) DINE (NYSE: Established in 2007, of an (established in 1980) and IHOP (founded in 1958), celebrating and supporting each brand’s individuality, and leveraging their nearly 100 years of hospitality experience and expertise so that feel guests welcome, satisfied and time. every restaurant, eager to return, every www.dinebrands.com www.applebees.com; Source: visit, every Applebee’s Applebee’s has grown neighborhoods around the globe to become across 50 a states, Puerto popular Applebee’s Rico, is Guam one restaurant of and the 14 in world’s Applebee’s other largest draws people Casual countries. of Dining all brands. ages and lifestyles with its fun, Current: 1: Option 2: Option Insurance: Taxes Estate Real Fee: Admin. Fee: Mgmt. Common Area Maintenance: Area Common
Yr.
- Ground Lease Ground 5,415 1995 09/06/2016 09/19/2032 None (2) 5 None Dining Casual Grill Bar & None Glendale, CA Glendale, 1,936
Tenant Lease Lease Abstract Tenant
www.applebees.com
Tenancy: - Termination: Other Current Term Start: Term Current Expiration: Lease Bumps: Rental Options: Co Exclusive: Corporate Headquarter: Corporate Locations: Total # of Type: GLA: Since: Tenant
27
PSF $16.25 $17.88 $19.66
Caleres Caleres operates over
Monthly
$10,481.25 $11,532.60 $12,680.70
Lot Repairs Share Pro Rata Share Pro Rata tenants the lease in time During any $1.75/SF exceed to not share Utilities Excluding CAM, 10% on None Pro Rata Share Share Pro Rata Excluding Year, Previous 5% Over & Parking Utilities Removal, Snow
Annual $125,775.00 $138,391.20 $152,168.40 Tenant Recapture Tenant
priced priced family footwear stores under the Famous - Tenant Base Rent Schedule Base Rent Tenant
company company that offers people's a lives. diverse Combined, portfolio these company with of both a brands legacy and a mission. help brands, make which Caleres 1,000 fit a value Footwear banner in the US and Guam, 174 Naturalizer the stores in US and Canada, and a China. The distributes company worldwide through footwear more growing number of shoe stores than in 3,000 retailers. online and catalogs, (Sears), stores department retailers, including independent, www.famousfottwear.com Source: chain (DSW), Famous Famous Footwear (NYSE: BWS/S&P “BB”/Moody’s “Ba2”) offers athletic and casual shoes for the whole family from name hundreds of brands. Customers find styles for from women, men brands and like kids Nike, Skechers, ASICS Converse, and more! Famous Footwear Vans, is part of Sperry, Caleres Inc. Madden Girl, (formerly Brown Shoe Company), a global footwear Current: 1: Option 2: Option Insurance: Taxes: Estate Real RET Cap: Fee: Admin. Fee: Mgmt. Common Area Maintenance: Area Common CAM Cap:
Yr.
-
None $4,150,791.67 3% Over BB Ba2 7,740 2004 04/01/2014 03/31/2019 None (2) 5 of Occupancy & Target of Center More or 70% Store Shoe St. Louis, MO St. Louis, 1,262+ Inc. Retail, Group Brown BWS NYSE:
Tenant Lease Lease Abstract Tenant
www.famousfottwear.com
Tenancy: - Exclusive: Termination: Other Threshold: Sales Options: Co Current Term Start: Term Current Expiration: Lease Bumps: Rental GLA: Since: Tenant Ticker Symbol: Ticker Rating: S&P Credit Rating: Credit Moody’s Headquarter: # of Locations: Corporate:
28
PSF $22.00 $24.00
quality products quality products
-
all all priced to please and
— Monthly $2,933.33 $3,200.00
10% on CAM Expenses CAM 10% on Repairs) Roof Excluding Insurance, (Including None Pro Rata Share Share Rata Pro Excluding Year, Previous 5% Over Utilities & Removal Snow Share Pro Rata Share Pro Rata
from from hair care and color, to nails,
Annual
— quality quality styling tools $35,200.00 $38,400.00
- Tenant Recapture Tenant
Tenant Base Rent Schedule Base Rent Tenant
have have solutions
-
must cosmetics, and pro backed by a Love It or Return It Guarantee. The company is the largest retailer of operating professional nearly beauty 3,000 supplies Puerto in stores Rico the throughout and Canada world, the products alone. for United Sally hair, skin, offers States, and more nails professionals. salon to than both 9,000 retail consumers and www.sallybeauty.com Source: Sally Sally Beauty Holdings (NYSE: SBH/S&P “BB+”/Moody’s “Ba3”) is a global distributor and beauty products to retail both consumers and salon professionals. specialty retailer offering Sally Beauty is forthe destination 1000’s of salon professional under $10. Trained beauty advisors pair customers with Current: Remaining: Option Admin. Fee: Admin. Fee: Mgmt. Common Area Maintenance: Area Common CAM Cap: Insurance: Taxes: Estate Real
Yr.
-
Ba3 1,600 2006 08/01/2016 07/31/2021 None (1) 5 Target Supplies/Hair Beauty Extensions None Denton, TX Denton, 3,000+ Inc. Holdings, Beauty Sally SBH NYSE: BB+
www.sallybeauty.com
Tenant Lease Lease Abstract Tenant
Tenancy: - Other Termination: Other Co Exclusive: Lease Expiration: Lease Bumps: Rental Options: Tenant Since: Tenant Start: Term Current S&P Credit Rating: S&P Credit Rating: Credit Moody’s GLA: # of Locations: Corporate/Guaranty: Symbol: Ticker Headquarter:
29 edge of -
PSF
$21.00 $23.10
Monthly $2,143.75 $2,358.12
Charges on a Cumulative Basis a Cumulative on Charges Share Pro Rata Share Pro Rata Expenses CAM 15% on None Pro Rata Share Share Pro Rata on CAM Year Previous 5% Over
Annual
$25,725.00 $28,297.50 Tenant Recapture Tenant
Tenant Base Rent Schedule Base Rent Tenant
devoted exclusively to helping its customers improve the quality of of quality the improve customers its to helping exclusively devoted their lives. GNC is a products, specialty retailer of which health supplements, sports and nutrition wellness products, include diet products and other wellness vitamins, products. minerals purchasing The raw and company’s operates The products. finished the company and products selling materials, operations herbal consist formulating in three of and segments: Wholesale. GNC manufacturing operates Retail, its primary manufacturing Franchising, facilities South in and Carolina and Manufacturing/ Carolina. South and Pennsylvania distribution centers in www.gnc.com Source: Arizona, Indiana, GNC GNC (NYSE: GNC) sets the standard in the nutritional supplement industry by demanding truth in product labeling, potency, ingredient safety all and while nutritional science. GNC is the world's largest company of its kind remaining on the cutting
Current: 1: Option Insurance: Taxes: Estate Real Fee: Admin. Fee: Mgmt. Common Area Maintenance: Area Common Cap:
Yr.
- General Nutrition Corp. Nutrition General GNC NYSE: 1,225 1995 02/01/2016 01/31/2021 None (1) 5 Vitamin/Supplements Target None Pittsburgh, PA Pittsburgh, 4,800+
www.gnc.com
Tenant Lease Lease Abstract Tenant
Tenancy: - Co Termination: Other Tenant Since: Tenant Start: Term Current Expiration: Lease Bumps: Rental Options: Exclusive: Headquarter: # of Locations: Corporate: Symbol: Ticker GLA:
30 but but
- the the exact
–
PSF $8.22 $9.04 $9.95
$10.94 the Lease the Lease
nth o lease the lease o
fteen (15) days of days (15) fteen
fi
Monthly $5,000.00 $5,500.00 $6,050.00 $6,655.00 Suite Utilities) -
Gross Gross None None Modified Gross Gross Modified In (Pays
Annual $60,000.00 $66,000.00 $72,600.00 $79,860.00 Tenant Recapture Tenant
10: Tenant Base Rent Schedule Base Rent Tenant -
price price buys of top designer and brand name clothes. -
love. love. The retail buyers are always on the hunt for amazing buys of the latest styles from those designers and brand name fashions, keeping up with current trends. Peter Harris/Label Shopper buys and sells the highest quality clothing and accessories same fashions you find in specialty and department stores Peter Harris and Label Shopper stores sell them for up to 70% off their original retail price. Peter Harris Clothes and Label Shopper has grown their footprint in the store. label discount premier Northeast and Midwest as the www.labelshopper.com Source: Peter Peter Harris Clothes was founded in off 1970 to market incredible Continuing with that same commitment to quality and value, the sister the by Label store, creating further even company expanded Shopper. Peter Harris Clothes and professional They “Label Shoppers”. know quality, the brands and Label Shopper buyers are fashion collections everyone from misses and juniors to men all Current: 6 Yrs. Bump 1: Option 2: Option Insurance: Taxes: Estate Real Fee: Admin. Fee: Mgmt. Common Area Maintenance: Area Common
10
-
time right to terminate within the first 24 months if LL has a bona fide LOI from a new from a new LOI tenant fide bona t LL a the has first if 24 time months within right to terminate
Yr.
- -
time right to terminate Lease if Tenant’s Gross Sales are less than $600,000 in the first two years of less than are theyears $600,000 first Sales in two if Gross right Tenant’s terminatetime Lease to - 7,300 2018 7/20/2018 Est. 9/1/2018 Est. 8/31/2028 Years 6 (2) 5 Stores Use Competing None Below See $600,000 4% Over Pittsburgh, PA Pittsburgh, 84 of Shopper Label LLC Michigan
set their fixed rent to $100,000 gross in which case the LL will waive their the right to LLwhich terminate. rent in will case waive to their $100,000 gross set fixed -
Tenant Lease Lease Abstract Tenant
www.labelshopper.com.com
Tenancy: - LLto re notification Tenant shall have the oneTenant shall have from 24th the mo completion within of the days Landlord 30 Tenant shall notify lease, terminate Term. Should to elect tenant will (“LL”) a one Landlord have will the Shopper right LOI. Label have party within of the (60) notice sixty third upon receipt LL days willspace. provide Other Termination: Other % Rent: Current Term Start: Term Current Expiration: Lease Bumps: Rental Options: Exclusive: Co Corporate: GLA: Since: Tenant Expected: Delivery Headquarter: # of Locations:
2. 1.
31
PSF $9.85
Monthly
$16,416.67 leading leading products, services and -
Limited to CPI Increases Over Base Base Over Increases to CPI Limited Year 1996 Share Pro Rata Share Rata Pro Expenses CAM 10% on Utilities) (Excluding None
Annual Lesser of 115% of Base Rent or CPI or Rent of Base 115% of Lesser $197,000.00
Tenant Recapture Tenant
Tenant Base Rent Schedule Rent Base Tenant
technology, technology, promotional products, and print & marketing services. The company supports businesses of all sizes from solopreneurs to the Fortune 100 and customers everything in needs between. Staples with retail. and mobile, eCommerce, sales, direct including channels, meets everyday low www.staples.com Source: prices across multiple Staples Staples (NASDAQ: SPLS/S&P “B+”/Moody’s “B1”) provides work solutions that deliver expertise industry across office supplies, facilities, breakroom, furniture, Current: Option Remaining: Option Common Area Maintenance: Area Common Insurance: Taxes: Estate Real Fee: Admin. Fee: Mgmt.
Yr.
-
1995 10/01/2015 09/30/2020 None (1) 5 Target Equipment Supplies, Office & Furniture None Boston, MA Boston, 1,541+ The Office Staples Inc. East, Superstore SPLS NASDAQ: B+ B1 20,000
www.staples.com
Tenant Lease Abstract Lease Tenant
Tenancy: -
Termination: Other Options: Co Exclusive: Lease Expiration: Lease Bumps: Rental GLA: Since: Tenant Start: Term Current Ticker Symbol: Ticker Rating: S&P Credit Rating: Credit Moody’s # of Locations: Corporate : Headquarter:
32
PSF $12.25 $13.25 $14.25 $15.67
Monthly $5,104.17 $5,520.83 $5,937.50 $6,529.17 Cumulative Basis Excluding Excluding Basis Cumulative Utilities & Removal Snow Share Pro Rata Share Pro Rata 10% on Utilities Excluding CAM Expenses, Share Pro Rata Pro Rata Share Pro Rata on a Year, Previous 6% Over
Annual $61,250.00 $66,250.00 $71,250.00 $78,350.00 Tenant Recapture Tenant
Tenant Base Rent Schedule Base Rent Tenant
minded minded people gives members the encouragement needed to -
new new gyms opening each year for the past eight years. offers The gym personal training and classes, and the right a free, gets member Every goals. fitness to their track on members tools to keep personalized Get Started professional Plan staff is trained when to help they each journey person with join. and a at The fitness Anytime like friendly, Fitness, the supportive community succeed. of www.anytimefitness.com; Source: Anytime Anytime Fitness convenient is gym the providing 24/7 locations fastest worldwide. access The with company growing reports more and average than fitness of 300 3,000 club most Insurance: Taxes Estate Real Fee: Admin. Fee: Mgmt. Current: Bump 2021: Bump 2022: 1: Option Maintenance: Area Common Cap:
Yr. Yr. 5/1/2022
- 02/01/2017 04/30/2023 5/1/2021 Yes, (1) 5 None Training Gym/Personal None Cambridge, MN Cambridge, 3,000+ Worldwide Inc. Holdings, SJ 5,000 2012
Tenant Lease Lease Abstract Tenant
www.anytimefitness.com
Tenancy: - Options: Co Exclusive: Termination: Other Guaranty: GLA: Since: Tenant Start: Term Current Expiration: Lease Bumps: Rental Corp. Corp. Headquarter: # of Locations:
33
PSF
$10.87 $11.75 $13.50
The The parent company operates
Monthly $4,251.08 $4,595.23 $5,279.62
10% on CAM Expenses CAM 10% on None Pro Rata Share Share Rata Pro Excluding Year, Previous % Over Removal & Snow Utilities Share Pro Rata Share Pro Rata
Annual $51,013.00 $55,142.75 $63,355.50 Tenant Recapture Tenant work work or play, dressy or casual in junior/misses and
– Tenant Base Rent Schedule Rent Base Tenant
occasion occasion plus great sizes. shoes CATO also jewelry, offers and accessories, too. A substantial portion of Cato’s merchandise is sold under its private labels and is produced by various vendors in accordance with the company's specifications. apparel and specialty accessories stores under the names "Cato", Metro". Fashion and "It's Fashion” “it’s “Versona”, www.catofashions.com Source: As a leading specialty retailer of women's fashions, CATO (NYSE: CATO) is committed to offering high quality fashions at low prices every day. The stores offer the latest fashion styles for any
Current: 1: Option 2: Option Admin. Fee: Admin. Fee: Mgmt. Common Area Maintenance: Area Common Cap: Insurance: Taxes: Estate Real
yr. renewal, yr. -
Yr. (Automatic) Yr.
- 02/01/2019 01/31/2024 None (2) 5 Women’s National Accessory or Apparel Store Chain Occupancy & 60% Target Spaces Shops of Small None Charlotte, NC Charlotte, States 1,000 in 32 Corporation The CATO CATO NYSE: 4,693 2006
www.catofashions.com
Terms shown reflect the early 5 early Terms the shown reflect Tenant Lease Abstract Lease Tenant
Tenancy: - renewal. executed.which was Tenant recently approached ownership for an early early ownership an for approached Tenant recently Termination: Other Options: Exclusive: Co Ticker Symbol: Ticker GLA: Since: Tenant Start*: Term Current Expiration: Lease Bumps: Rental Headquarter: # of Locations: Corporate: *
34
in in Detroit,
CPI CPI PSF $16.21 $16.30 $16.65
CPI CPI
Monthly $2,481.83 $2,495.25 $2,548.83 organ organ transplants and cancer - Henry Henry Ford Hospital
Pro Rata Share Pro Rata Share Rata Pro Share Pro Rata Expenses CAM 10% on repairs) roof excluding but Insurance (Including Share Pro Rata
CPI CPI
Annual largest largest employer in metro Detroit, and among $29,782.00 $29,943.10 $30,586.05 - Tenant Recapture Tenant
Tenant Base Rent Schedule Base Rent Tenant
comprised comprised of hospitals, medical centers and one of the largest nation's group practices, the Henry includes Ford Medical more Group, which than specialties. The System's flagship, 1,200 physicians is practicing a Level 1 in Trauma Center recognized over for cardiology, clinical cardiovascular excellence surgery, in 40 neurology and neurosurgery, orthopedics, sports medicine, multi treatment. With more than 30,000 employees, Henry Ford Health System is the fifth diverse. most the www.henryford.com; Source: Henry Henry Ford OptimEyes offers complete from eye the care experts. and During eyewear a doctor does comprehensive much more eye than just exam, determine the the prescription eyeglasses or for eye contact lenses. He or she will also check the eyes for common eye diseases, assess how the eyes work together as health. overall of indicator as an eyes the and evaluate a team is which System, Health Ford of Henry the division a is Optim Eyes Pro Forma based on calendar 1/1/2019through12/31/2019. year Pro Forma based Current*: Bump 2019: Bump 2020: 1: Option 2: Option Maintenance: Area Common Insurance: Taxes Estate Real Fee: Admin. Fee: Mgmt. * Blended rental rate for increase effective 4/1/2019. effective rental Blended * for increase rate
Yr. 4/1/2020
- 1,837 2011 02/22/2011 03/31/2021 4/1/2019 Yes, (2) 5 None None None Detroit, MI Detroit, Locations Eyes 18 Optim Personal
www.henryford.com
Tenant Lease Lease Abstract Tenant
Tenancy: - Co Exclusive: Termination: Other Rental Bumps: Rental Options: Tenant Since: Tenant Start: Term Current Expiration: Lease Guaranty: GLA: Headquarter: # of Locations:
35 Whether Whether
PSF $19.01 $19.51
Monthly Pro Rata Share Pro Rata Year Previous 6% Over Share Rata Pro Share Pro Rata None None $1,885.00 $1,935.00
Tenant Recapture Tenant Annual $22,620.00 $23,220.00
Tenant Base Rent Schedule Base Rent Tenant
Current: 1: Option Common Area Maintenance: Area Common Cap: Insurance: Taxes Estate Real Fee: Admin. Fee: Mgmt. customers customers need a Payday a nationally is America Loan Advance to go. place the is Racine America or Installment Loan, Advance recognized, fully licensed financial company that helps millions of people every year. Loans, The Installment Loans, company’s Online Installment Loans, services Title Cards. Prepaid Visa and Services MoneyGram Loans, include: Payday www.advanceamerica.net; Source: Advance Advance America is one of the nation’s largest consumer lending companies offering a America is a variety wholly owned subsidiary of Grupo Elektra of (Moody’s “Ba3”), financial one of the world’s leading services. providers of banking services, Advance consumer finance, personal loans and specialty retailing.
Yr.
- None (1) 3 Target Cashing/Advance Check theIn event that Tenant is prohibited by from law continuing regularits business operations. Upon termination, Tenant to pay 120 days rent (including additional rent) and the unamortizedportion of the brokerage commissions. Spartanburg, SC Spartanburg, 2,000+ Inc. Michigan, of ACSO 1,190 2005 03/01/2017 02/29/2020
Tenant Lease Lease Abstract Tenant
www.advanceamerica.net
Tenancy: - Exclusive: Termination: Other Tenant Since: Tenant Start: Term Current Expiration: Lease Bumps: Rental Options: Co Headquarter: # of Locations: Corporate: GLA:
36
PSF $14.00 $15.40 $16.94 $18.63
right right and
- known and -
Monthly $9,854.83 $10,840.32 $11,924.34 $13,113.96
Man™, Man™, Disney Princess™,
-
Pro Rata Share Share Pro Rata Excluding Year, Previous 5% Over Utilities & Removal Snow Share Pro Rata Share Pro Rata Expenses CAM 10% on R&M) Lot Parking & Snow Utilities, (Excluding None
Annual $118,258.00 $130,083.80 $143,092.18 $157,367.61 Tenant Recapture Tenant
Tenant Base Rent Schedule Base Rent Tenant
Current: Bump 2022: 1: Option 2: Option Insurance: Taxes: Estate Real Fee: Admin. Fee: Mgmt. Common Area Maintenance: Area Common Cap: American classic Dexter® and Dexflex Comfort®, and the youthful the youthful and Comfort®, Dexflex and Dexter® classic American edgy fashion brand, Brash™. The children’s one collection of features the broadest and marketplace, including most SmartFit®, and compelling a assortments range of in fun shoes the character kids Nickelodeon™ love including to Explorer™. the Dora and Cars™ Spider wear www.payless.com Source: from Marvel™, Disney™ and Payless Payless ShoeSource is retailer the in largest the specialty Western shoes and occasion special and everyday of range Hemisphere, comprehensive family offering footwear a trend accessory items at affordable prices family. for Payless every boasts member a of powerful the popular portfolio of national well brands, Champion®, American featuring Eagle™ authentic Christian by Siriano athletic Payless®, for Payless, brand designer heritage label skate brand Airwalk®,
Yr.
time right to terminate after the 84th - - unamortized portion of the and TIA leasing commissions. 03/01/2017 02/28/2027 3/1/2022 Yes, (2) 5 None Be Must of Center & 72.5% Target Occupied One Tenantmonth. exercise may giving LL by written notice, providing sales reports showing sales less than $750,000 for the immediately preceding 12 months, and reimbursement of Topeka, KS Topeka, 4,400 Inc. Shoesource Payless 8,447 2003 www.payless.com
Tenant Lease Lease Abstract Tenant
Tenancy: -
Other Termination: Other Co Exclusive: Rental Bumps: Rental Options: Lease Expiration: Lease Current Term Start: Term Current GLA: Since: Tenant Corporate: # of Locations: Headquarter:
37 and and it
– based based on (
there’s there’s no
), PSF
$20.75 $22.50 $23.50 2015 - in in the U.S.
pizzas pizzas for $5 and the s
®
Monthly $2,471.00 $2,679.37 $2,798.45 READY -
N Cumulative Basis Excluding Excluding Basis Cumulative - -
10% Over Previous Year, on a a on Year, Previous 10% Over Non Utilities & Removal Snow Share Pro Rata Share Rata Pro None None Pro Rata Share Pro Rata
Annual $29,652.00 $32,152.50 $33,581.50 Tenant Recapture Tenant the the fastest growing pizza chain
Tenant Base Rent Schedule Base Rent Tenant
one one of
denying denying that Little company is an international brand Caesars and household name is has come a doing long way since something its Detroit in start 1959 and the as opening right. of a its first single franchise in store 1962. The The in company metro began offering HOT concept was enough to become a permanent trademark growth. significant produce and company for the www.littlecaesars.com; Source: As net number of stores added each year 2008
Cap: Insurance: Taxes Estate Real Fee: Admin. Fee: Mgmt. Current: 2: Option 3: Option Maintenance: Area Common
Out/Buffet Pizza Out/Buffet
-
Yr. Remain Yr.
- 1,429 2009 03/01/2015 02/29/2020 None (2) 5 None Carry None Detroit, MI Detroit, Worldwide Personal
www.littlecaesars.com
Tenant Lease Lease Abstract Tenant
Tenancy: - Other Termination: Other Lease Expiration: Lease Bumps: Rental Options: Co Exclusive: Headquarter: # of Locations: Guaranty: GLA: Since: Tenant Start: Term Current
38
PSF $25.73
for everyone. for everyone. Grondin's
-
Monthly $2,626.58 owned company that has grown -
Pro Rata Share Pro Rata Share Pro Rata Expenses CAM 15% on None Pro Rata Share Pro Rata Excluding Year, Previous 5% Over & Pavement Utilities Removal, Snow Repairs
all all located throughout the State of Michigan.
- Annual $31,519.00 Tenant Recapture Tenant
Tenant Base Rent Schedule Base Rent Tenant
The The company operates on the services of core talented, principle creative that hair offering stylists affordable prices is a recipe for success to the customers at very Hair Centers serve communities families and customers everything from your child's first haircut to throughout Michigan offering waxing services to permanent waves and expert coloring services with highlights and lowlights. The stylists are by licensed the State of Michigan and undergo extensive training in the art styling and of coloring hair. Many cutting, of our stylists also have advanced certifications that help bring the latest styles and trends into each community. and salons www.grondins.com; Source: Grondin’s Grondin’s Hair Center is a family into a of and of a over chain salons, thriving College Cosmetology, 300 expert stylists
Insurance: Taxes Estate Real Fee: Admin. Fee: Mgmt. Current: Maintenance: Area Common Cap:
1,225 1995 03/01/2016 02/28/2021 None None None Salon Hair None Lapeer, MI Lapeer, 50 Inc. Grondin N. Paul
www.grondins.com
Tenant Lease Lease Abstract Tenant
Tenancy: - Other Termination: Other Lease Expiration: Lease Bumps: Rental Options: Co Exclusive: Headquarter: # of Locations: Corporate: GLA: Since: Tenant Start: Term Current
39
PSF $22.25 $22.75 $23.26 $23.75 $24.25 $24.75 $21.33 $21.75
Monthly $2,206.45 $2,256.04 $2,306.62 $2,355.20 $2,404.79 $2,454.37 $2,115.58 $2,156.87
Pro Rata Share Share Pro Rata Share Pro Rata Share Pro Rata Expenses CAM on 10% Repairs) Roof & Excluding Insurance (Including Share Pro Rata
Annual $25,387.00 $25,882.50 $26,477.50 $27,072.50 $27,679.40 $28,262.50 $28,857.50 $29,452.50 Tenant Recapture Tenant
Tenant Base Rent Schedule Rent Base Tenant
can can relax and enjoy. Nail First offers a multitude of services such as nail enhancements, manicures, pedicures, waxing, skin and many care more. Utilizing the best techniques and products, themselves. for speak the results www.nailfirstchesterfield.com Source: Conveniently Conveniently located in beautiful Chesterfield Twp, unlike any other Nail Nail Salon. The atmosphere and quality of service First is are second to none. The salon’s patrons are number one priority. The staff works endlessly to provide excellent service any and and fulfill all requests. The design modern of with a Nail pleasant and First clean environment is in which sophisticated, patrons Pro Forma based on calendar 1/1/2019through12/31/2019. year Pro Forma based Current: Bump 2019: Bump 2020: 1 Option Year 1: Year 2: Year 3: Year 4: Year 5: Common Area Maintenance: Area Common Insurance: Taxes: Estate Real Fee: Admin. Fee: Mgmt. * Blended current rental rate for increase effective 11/1/2019. effective increase current Blended rental* for rate
Yr. 11/1/2020
-
(1) 5 Salon Nail None None Chesterfield, MI Chesterfield, 1 Personal 1,190 2006 11/01/2016 10/31/2021 11/1/2019 Yes,
Tenant Lease Abstract Lease Tenant
Tenancy: - Other Termination: Other Lease Expiration: Lease Bumps: Rental Options: Exclusive: Co # of Locations: Guaranty: GLA: Since: Tenant Start: Term Current Headquarter: www.nailfirstchesterfield.com
40
PSF $13.03 $13.67 $15.40
Monthly $1,513.33 $1,588.00 $1,790.00 Pro Rata Share Pro Rata Share Pro Rata Share Pro Rata Expenses Operating 15% on Share Pro Rata
owed and operated company with lo- -
Annual $18,160.00 $19,056.00 $21,480.00
Tenant Recapture Tenant
Tenant Base Rent Schedule Base Rent Tenant
World World has a fully stocked Juice Bar with hundreds of premium e juices and liquids that can be custom blended to fit unique vaping tastes. The store also carries a wide variety of cigarettes, cigars, pipe tobacco. and www.smokersworldinc.com; Source: Smoker’s Smoker’s World is a family cations in Ann Arbor Michigan, Chesterfield Michigan, and Miami Florida. The store carries a wide variety of mods, electronic tanks, coils, cigarettes, vaporizers, hookahs, water pipes, bongs, and hand pipes made from glass, metal, marble and wood. Smokers Pro Forma based on calendar 1/1/2019through12/31/2019. year Pro Forma based Current: Bump 2019: 1: Option 7/1/2019. effective increase current Blended rental* for rate Mgmt. Fee: Mgmt. Common Area Maintenance: Area Common Insurance: Taxes Estate Real Fee: Admin.
time right -
Yr.
-
Yes, 7/1/2019 Yes, (1) 5 None Tobacco & Cigarettes Cigars, Tenant shall have one to terminate if sales for the 12 months between 7/1/2018 and 6/30/2019 decrease more by than 10% from the previous 12 months. Tenant must give 90 days notice. North Miami, FL North Miami, 3 Personal 1,394 2014 02/10/2014 06/30/2024
Tenant Lease Lease Abstract Tenant www.smokersworldinc.com
Tenancy: - Other Termination: Other Options: Co Exclusive: Lease Expiration: Lease Bumps: Rental GLA: Since: Tenant Start: Term Current Headquarter: # of Locations: Guaranty:
41 40
up to
find the way
largest escape
all levels. PSF
$18.50 $19.00 $19.50 $20.00 $20.50 $21.00 $21.50 $22.00 $22.50 $23.00 $16.79 $17.00 $17.50 $18.00
Pro Rata Share Share Pro Rata Share Pro Rata Share Pro Rata None Share Pro Rata one one of the
Zone is designed provide to a designed is Zone - Monthly $2,964.62 $3,044.75 $3,124.87 $3,205.00 $3,285.12 $3,365.25 $3,445.37 $3,525.50 $3,605.62 $3,685.75 $2,690.83 $2,724.25 $2,804.37 $2,884.50
. . Teams navigate through a labyrinth of is is Southeast Michigan’s most intense and Room Escape
! zone.com - Annual Zone $43,267.50 $44,229.00 $32,290.00 $32,691.00 $33,652.50 $34,614.00 $35,575.50 $36,537.00 $37,498.50 $38,460.00 $39,421.50 $40,383.00 $41,344.50 $42,306.00 - Tenant Recapture Tenant
Tenant Base Rent Schedule Rent Base Tenant
Up Up to 100 people can participate at a time, with
.
challenging and incredibly fun outlet for teams of teams for outlet fun and incredibly challenging www.escaperoom Source: Escape Escape Room unique escape room experience, and rooms in the country puzzles in physical, logical, and order to investigative out players in one room Year Year 4: Year 5: Current*: Bump 2019: 2020: Bump Bump 2021: 1 Option Year 1: Year 2: Year 3: Year 4: Year 5: 2 Option Year 1: Year 2: Year 3: Common Area Maintenance: Area Common Insurance: Taxes: Estate Real Fee: Admin. Fee: Mgmt.
Yr. 6/1/2020 6/1/2021
zone.com - -
None None None Farmington, MI Farmington, 5 Ltd. Extreme, Zap Zone 1,923 2017 06/01/2017 08/31/2022 6/1/2019 Yes, (2) 5
Tenant Lease Abstract Lease Tenant www.escaperoom
Tenancy: - 6/1/2019. Pro Forma based on calendar year 1/1/2018 through12/31/2019. Options: Exclusive: Co Termination: Other GLA: Since: Tenant Start: Term Current Expiration: Lease Bumps: Rental Headquarter: # of Locations: Guaranty: * * Blended current rental rate for increase effective
42
inclusive inclusive or -
DISCLOSURE & DISCLAIMER does not doubt its accuracy, the Cooper Group has not verified it makes and no guarantee, warranty or responsibility representation to independently confirm the accuracy and about completeness. it. It isAny your projections, opinions, example only and assumptions do not represent the current or future of performance or estimates the Property. used The value of this are transaction to you depends on tax for and other factors which should be evaluated by your tax, financial and legal advisors. to contain all or part of the may information require which perspective to Recipients evaluate projections and the information are provided for general reference purposes purchase of real only property. and are All based on financial assumptions relating market to conditions, competition and other the factors beyond the control of general economy, the owner or The Cooper Group. All references disclosed herein related to acreage, square approximations footages and the best and/or information available. other The information summaries of measurements included may herein necessarily be accurate do descriptions of not Photos the herein are the Property and purport respective owners full and use of these agreements to prohibited. is referenced. owner the of consent written express the without images be complete nor The owner and the Cooper Group expressly reserve the right, at its sole discretion, to reject any purchase the Property, and/or terminate discussions with any entity and or all expressions any time of with or without notice which may arise as a result of interest review of or Memorandum. this offers to Neither the owner or the directors, Cooper officers, affiliates or Group, representatives make nor any representation any of or warranty, their expressed or implied , as respective to the accuracy or completeness of this Memorandum or its contents; and you are to rely solely on your investigators and inspections of the property in purchase of evaluating the Property. a The possible information contained in this document has been obtained from sources to be reliable. While the Cooper Group The Memorandum contains property selected and does not information purport to pertaining be affairs of the orProperty the owner a of the toProperty, be all to representation of the the state of
DISCLOSURE, & CONFIDENTIALITY DISCLAIMER
Procuring Procuring brokers must provide written
CONFIDENTIALITY AGREEMENT
your limited use and benefit in determining Property. theof acquisition the in whether interest further express you desire to recognized. recognized. This is a confidential Memorandum intended solely for introductions of acknowledgment from The Cooper Group for representation potential to be investors and receive written investment investment transaction. Agreement Agreement is entered into and procuring Brokerage written Agreement is acknowledgement received from of all parties any to the connection connection with this unless investment a written separate Brokerage Group, Group, recipient agrees that Group neither shall Recipient be nor obligated The to Cooper pay any procuring broker fees in in connection with this confidentiality, investment proposal to shall The be Cooper forwarded, Group. Other than The Cooper Group Group upon written request. Any offers or inquiries from Recipient Information Information and any copies thereof are the property of The Cooper Group and that all such information will be returned to The Cooper Recipient Recipient acknowledges and agrees that the Confidential know” know” and shall protect take the all confidentiality precautions of reasonably necessary the to Confidential Information. The The Recipient shall limit access to the those Confidential Information individuals to in the Recipient’s organization with a “need to from dissemination of that information to unauthorized individuals. acknowledges acknowledges and agrees that the result could damage monetary that severe nature such a confidential Confidential Information is of the prior consent of The Cooper Group. The Recipient orally, orally, in print, in writing or nature and by is not to be electronic copied or disseminated to any media party without is confidential in Confidential Confidential Information), whether said information was transmitted information information and any other Cooper similar Group information which provided relates by to The the Property (collectively, the informational materials including but materials including not limited toinformational lease information, occupancy information, financial information, projections, data acknowledges acknowledges that all financial, contractual, marketing, and and and your organization for purchasing use in considering, this evaluating and/or property (the “Property”). The recipient confidentiality confidentiality of the investment information to be supplied to you understanding understanding regarding the relationship between the Recipient of this package (the “Recipient”) and The Cooper Group and the The information within this Offering Memorandum will set forth an
Dan Cooper [email protected] (888) 525-5695 x12 Cooper Commercial Investment Group 6120 Parkland Blvd., Suite 206 Bob Havasi Cleveland, OH 44124 [email protected] www.coopergrp.com (888) 525-5695 x10