Shoppes of Middle Tennessee MURFREESBORO , TN
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Shoppes of Middle Tennessee MURFREESBORO , TN OFFERING MEMORANDUM Shoppes of Middle Tennessee MURFREESBORO , TN CONFIDENTIALITY AND DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. Shoppes of Middle Tennessee TABLE OF CONTENTS Section 1 PRICING AND FINANCIAL ANALYSIS Section 2 PROPERTY DESCRIPTION Section 3 RECENT SALES Section 4 IN ESCROW COMPARABLES Section 5 ON MARKET COMPARABLES Section 6 MARKET OVERVIEW Section 7 DEMOGRAPHIC ANALYSIS PRICING AND FINANCIAL ANALYSIS Shoppes of Middle Tennessee MURFREESBORO , TN Shoppes of Middle Tennessee MURFREESBORO, TN PRICING AND FINANCIAL ANALYSIS FINANCIAL OVERVIEW Summary Property Shoppes of Middle Tennessee Property Address 1660 South Middle Tennessee Murfreesboro, TN 37130 Financing Price $6,200,000 FIRST TRUST DEED Down Payment 40% / $2,480,000 Loan Amount $3,720,000 Loan Type Proposed New Lot Size (SF) 740,520 Interest Rate 4.5% Lot Size (Acres) 17.0000 Amortization 30 Buildable SF 90,600 Loan to Value 40/60 Price/Buildable SF $68.43 Number of Lots 3 Price/Lot $2,066,667 Lot Dimensions 406' Frontage Type of Ownership Fee Simple Site Description Assessor's Parcel Number R0067183 Zoning COM Taxes $32,160 Tax Year 2017 Frontage 469 Services Cable, Electric Utilities Water, Gas, Sewer Traffic Counts 24000 Adjacent Development Kroger Anchored This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0480105 Marcus & Millichap. All rights reserved. 1 Shoppes of Middle Tennessee MURFREESBORO, TN PRICING AND FINANCIAL ANALYSIS SUPPLEMENTAL INCOME This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0480105 Marcus & Millichap. All rights reserved. 2 Shoppes of Middle Tennessee MURFREESBORO, TN PRICING AND FINANCIAL ANALYSIS TENANT SUMMARY Suite Tenant GLA % of Lease Lease Annual Rent/ Changes Changes Expense Other: Lease GLA Commence Expire Rent SF On To Reimbs. Options/ Type % Rent A. Den Com. Ctr. 4,128 5/1/2014 4/30/2017 $38,192.00 $9.25 5/1/2017 $39,337.76 None 3-1 yr MG G. Check Into Cash 1,622 6/3/2013 5/31/2018 $25,952.04 $16.00 6/1/2018 $25,952.04 PTW 2-3 yr MG H. Campus Market 1,430 9/6/2013 12/6/2024 $25,001.64 $17.48 12/7/2024 $32,621.46 WPTX 2-10 yr MG I, J, K Laundry Mat 4,212 1/5/2012 1/4/2022 $54,240.12 $12.88 1/5/2022 $69,225.00 PTSW 2-5 yr MG 1664 Fred's (Land Lease) 25,200 6/1/1978 5/31/2028 $26,771.76 $1.06 B Events Hall (Part of 36,608 $0.00 Ownership) TOTAL VACANT 73,200 $170,157.56 $167,136.26 TOTAL OCCUPIED TOTAL 73,200 $170,157.56 $167,136.26 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0480105 Marcus & Millichap. All rights reserved. 3 PROPERTY DESCRIPTION Shoppes of Middle Tennessee MURFREESBORO , TN Shoppes of Middle Tennessee MURFREESBORO, TN PROPERTY DESCRIPTION INVESTMENT OVERVIEW Investment Highlights ■ Strategic Location in One of the Fastest Growing Markets of the Southeastern Part of the US ■ High Traffic Counts ■ Tremendous Visibility ■ Located Blocks from Middle Tennessee State University. ■ All Utilities to the Site ■ Existing Value-Add Shopping Center as Part of the Property ■ Retail Frontage on Five Lane Boulevard A +/- 17 acre development site; inclusive of an approximate 73,000 square foot shopping center (anchored by Fred's) in Murfreesboro, Tennessee. Subject property is situated near downtown Murfreesboro and is in close proximity to Middle Tennessee State University (fastest growing university in the state on Tennessee). The property is located on a newly widened five lane boulevard with direct access to Interstate-24 at Salem Highway. Immediate area of new commercial development with several convenient points of access to Downtown Murfreesboro and the University campus. Middle Tennessee State University's 25,000 students plus faculty and staff is located approximately six miles from the site. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0480105 Marcus & Millichap. All rights reserved. 5 Shoppes of Middle Tennessee MURFREESBORO, TN PROPERTY DESCRIPTION INVESTMENT OVERVIEW In addition to the development site, there is a 73,000 square foot shopping center. The shopping center presently has $111,183 of Net Operating Income. The shopping center is constructed of concrete, brick, and masonry and has recently undergone a Class A remodeling. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0480105 Marcus & Millichap. All rights reserved. 6 Shoppes of Middle Tennessee MURFREESBORO, TN PROPERTY DESCRIPTION PROPERTY PHOTOS This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0480105 Marcus & Millichap. All rights reserved. 7 Shoppes of Middle Tennessee MURFREESBORO, TN PROPERTY DESCRIPTION AREA MAPS Local Map Regional Map This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0480105 Marcus & Millichap. All rights reserved. 8 Shoppes of Middle Tennessee MURFREESBORO,