Millen Georgia Actual Site Exclusively Presented By
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SINGLE TENANT CORPORATE GUARANTEED Investment Opportunity 516 E. Winthrope Avenue MILLEN GEORGIA ACTUAL SITE EXCLUSIVELY PRESENTED BY PATRICK NUTT SHEREE STROME, CCIM SCOTT CAMPBELL MICHAEL BERK EVP, NNLG & Market Leader First Vice President First Vice President Senior Associate SRS National Net Lease Group SRS National Net Lease Group SRS National Net Lease Group SRS National Net Lease Group patrick.nutt@srsre.com sheree.strome@srsre.com scott.campbell@srsre.com michael.berk@srsre.com D: 954.302.7365 | M: 703.434.2599 D: 770.617.2149 D: 404.594.6450 | M: 404.932.6013 D: 770.402.3432 200 SW First Avenue, Suite 970 3445 Peachtree Road NE, Suite 950 3445 Peachtree Road NE, Suite 950 3445 Peachtree Road NE, Suite 950 Fort Lauderdale, FL 33301 Atlanta, GA 30326 Atlanta, GA 30326 Atlanta, GA 30326 FL License No. BK3120739 GA License No. 341202 FL License No. SL3298290 GA License No. 385824 Qualifying Broker: Ray Uttenhove, SRS Real Estate Partners-Southeast, LLC | GA License No. 104166 2 REPRESENTATIVE PHOTO NATIONAL NET LEASE GROUP OFFERING SUMMARY OFFERING Asking Price $1,085,746 Cap Rate 5.25% Net Operating Income $57,002 PROPERTY SPECIFICATIONS Property Address 516 E Winthrope Ave, Millen, GA 30442 Rentable Area 7,500 +/- SF Land Area 0.69 AC Year Built 1997 Tenant O’Reilly Automotive Stores, Inc. Guaranty Corporate Credit Rating S&P: BBB Lease Type NN Landlord Responsibilities Roof & Structure Ownership Fee Simple (Land & Building Ownership) Lease Term Remaining 13+ Years Increases 6% Lease Year 11 and Beginning of Each Option Options 4 (5-Year) Rent Commencement 3/25/2019 Lease Expiration 3/31/2034 3 ACTUAL SITE NATIONAL NET LEASE GROUP RENT ROLL & INVESTMENT HIGHLIGHTS Lease Term Rental Rates TENANT NAME SF LEASE START LEASE END BEGIN INCREASE MONTHLY ANNUALLY OPTIONS O’Reilly Auto Parts 7,500 +/- March 2019 March 2034 Current - $4,750 $57,002 4 (5-Year) 6% Increase at Beg. of (Corporate Guaranty) Year 11 6% $5,035 $60,422 Each Option 13+ Years Remaining | Investment Grade (S&P: BBB) | Located Along E. Winthrope Ave. | Nearby National/Credit Corporate Guaranteed | Scheduled Rental Increases Tenants | Excellent Visibility & Access • The lease is corporate guaranteed by O’Reilly Automotive Stores, Inc., an • O’Reilly Auto Parts is located along E. Winthrope Avenue, a retail and investment grade (S&P: BBB), nationally recognized, and established auto commuter thoroughfare averaging 6,130 vehicles passing by daily parts store with over 5,500+ locations • Nearby national/credit tenants include Family Dollar, McDonald’s, Regions • More than 13 years remaining in their original 15-year lease with 4 (5-year) Bank, Subway, United States Postal Service, Popeye’s and more options to extend, demonstrating their commitment to the site • Strong tenant synergy increases consumer draw to the immediate trade area • The lease features a 6% rental increase in 2030 and at the beginning of each and promotes crossover store exposure for this site option period, growing NOI and hedging against inflation • The site is equipped with a large monument sign, creating excellent visibility along E. Winthrope Avenue NN Leased | Fee Simple Ownership | Limited Landlord Responsibilities Local Demographics in 5-mile Trade Area • Tenant pays for CAM, taxes, and insurance • More than 5,700 residents and 1,100 employees support the trade area • Landlord responsibilities limited to roof and structure • $42,898 average household income • Ideal, low-management investment for a passive investor 4 NATIONAL NET LEASE GROUP PROPERTY OVERVIEW Parking Location There are approximately 28 parking spaces on Millen, Georgia the owned parcel. Jenkins County The parking ratio is approximately 3.73 stalls per 1,000 SF of leasable area. Access Parcel Access Point: E. Winthrope Avenue (1) Parcel Number: M09-117 Access Point: N. Gray Street (1) Acres: 0.69 Square Feet: 30,442 Traffic Counts Construction E. Winthrope Avenue: 6,130 Vehicles Per Day Year Built: 1997 Statesboror Road: 10,300 Vehicles Per Day Improvements Zoning There is approximately 7,500 SF of existing Commercial building area 5 NATIONAL NET LEASE GROUP BRAND PROFILE O’REILLY AUTO PARTS Company Type: Public (Nasdaq: ORLY) O’Reilly was founded in 1957 by the O’Reilly family and is one of the largest specialty retailers of automotive aftermarket Locations: 5,512+ parts, tools, supplies, equipment and accessories in the United States, serving both the do-it-yourself and professional 2019 Employees: 79,778 service provider markets. As of March 31, 2020, the Company operated 5,512 stores in 47 U.S. states and 21 stores in Mexico. O’Reilly Automotive, Inc. is headquartered in Springfield, Missouri. 2019 Revenue: $10.15 Billion 2019 Net Income: $1.39 Billion 2019 Assets: $10.72 Billion 2019 Equity: $397.34 Million Credit Rating: S&P: BBB 6 NATIONAL NET LEASE GROUP LOCATION MAP ATLANTA 180 miles AUGUSTA 50 miles CHARLESTON 140 miles 2020 ESTIMATED POPULATION 1 Mile 2,631 3 Miles 4,916 5 Miles 5,771 SAVANNAH 2020 AVERAGE HOUSEHOLD INCOME 80 miles 1 Mile $39,579 3 Miles $41,352 5 Miles $42,898 2020 ESTIMATED TOTAL EMPLOYEES 1 Mile 860 3 Miles 1,049 5 Miles 1,074 7 NATIONAL NET LEASE GROUP JENKINS COUNTY ELEMENTARY SCHOOL 10,300 VEHICLES PER DAY JENKINS COUNTY HIGH SCHOOL JENKINS COUNTY MIDDLE SCHOOL STATE HIGHWAY 121/U.S. HIGHWAY 25 CITY OF MILLEN 6,130 MUNICIPAL VEHICLES PER DAY BUILDING E. WINTHROPE AVE./STATE HIGHWAY 67 & 17 8 NATIONAL NET LEASE GROUP N. DANIEL ST. E. WINTHROPE AVE./STATE HIGHWAY 67 & 17 N. GRAY ST. 6,130 VEHICLES PER DAY 9 NATIONAL NET LEASE GROUP AREA DEMOGRAPHICS 1 MILE 3 MILES 5 MILES POPULATION 2020 Estimated Population 2,631 4,916 5,771 2025 Projected Population 2,542 4,782 5,601 HOUSEHOLDS & GROWTH 2020 Estimated Households 1,048 1,498 1,811 2025 Projected Households 1,012 1,446 1,747 INCOME 2020 Estimated Average Household Income $39,579 $41,352 $42,898 2020 Estimated Median Household Income $25,645 $26,247 $28,044 2020 Estimated Per Capita Income $15,198 $14,424 $15,112 Jenkins County Courthouse | Millen, GA DAYTIME POPULATION 2020 Estimated Total Businesses 138 158 164 2020 Estimated Total Employees 860 1,049 1,074 Downtown Millen 10 NATIONAL NET LEASE GROUP AREA OVERVIEW MILLEN, GEORGIA Millen, the county seat for Jenkins County and only minutes from the Ogeechee River, has been a regional hub of transportation in Georgia since 1854 when the railroad came to town. The City of Millen had a population of 3,073 as of July 1, 2019. Millen’s economy is based primarily on agriculture, agribusiness, and forestry. Residents enjoy the recreational opportunities available on the Ogeechee River and at Magnolia Springs State Park. Only 50 miles south of Augusta, Georgia and 79 miles north of Savannah, Georgia, Millen’s access to rail, highways, airports, and the Port of Savannah puts it at the center of a growing corridor between two regional centers of industry. Jenkins County, Georgia, is the ideal place for business and for living. The industry-friendly community near both Augusta and Savannah, Georgia is a center for timber farming, textiles, telecommunications and environmental remediation. Jenkins County is also home to one of Georgia’s most beautiful state parks, Magnolia Springs State Park, known for its crystal clear springs that flow at an estimated nine million gallons of water per day. The County of Jenkins had a population of 9,325 as of July 1, 2019. Millen/Jenkins County has established itself as an industry-friendly community with successful agricultural, manufacturing, service and distribution businesses. Jenkins County offers a wide array of business services – from national retail chains to small mom-and-pop operations. With a robust transportation network, plentiful available sites and buildings, and a skilled and willing workforce, Jenkins County is in a prime position to attract new businesses ranging from textile manufacturing to emerging technologies. Jenkins County’s proximity to the rapidly growing areas of Augusta and Savannah, and being the Hub of the Savannah River Parkway and the 4-lane highway to I-16, provide ample opportunities for Jenkins County to share in the economic growth of the region. Jenkins County provides the best of rural and small-town living – friendly and unpretentious, yet progressive with a mind for business. Jenkins County offers a relaxed lifestyle amidst a strong sense of community. Magnolia Springs State Park 11 NATIONAL NET LEASE GROUP THE EXCLUSIVE NET LEASE CAPITAL MARKETS TEAM OF SRS REAL ESTATE PARTNERS 275+ 25+ #1 2K+ 485 $1.5B RETAIL OFFICES LARGEST REAL ESTATE RETAIL NET LEASE NET LEASE PROFESSIONALS SERVICES FIRM TRANSACTIONS PROPERTIES SOLD TRANSACTION VALUE in North America company-wide in 2019 in 2019 exclusively dedicated in 2019 to retail This document has been prepared by SRS Real Estate Partners’ National Net Lease Group (SRS) and has been approved for distribution by all necessary parties. Although effort has been made to provide accurate information, SRS and those represented by SRS make no guarantees, warranties, or representations as to the completeness of the materials presented herein or in any other written or oral communications transmitted or made available. Documents may have been referred to in summary form and these summaries do not purport to represent or constitute a legal analysis of the contents of the applicable documents. Neither SRS or those represented by SRS represent that this document is all inclusive or contains all of the information you may require. Any financial projections and/or conclusions presented herein are provided strictly for reference and have been developed based upon assumptions and conditions in effect at the time the evaluations were undertaken. They do not purport to reflect changes in economic performance, local market conditions, economic and demographic statistics, or futher business activities since the date of preparation of this document.