CALICO - LoopNet...WASTE DISPOSAL $1,728 INSURANCE $3,500 TAXES (BASED UPON 2019 REASSESSMENT)*...
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CALICO BIRMINGHAM, AL
Transcript of CALICO - LoopNet...WASTE DISPOSAL $1,728 INSURANCE $3,500 TAXES (BASED UPON 2019 REASSESSMENT)*...
C A L I C O B I R M I N G H A M , A L
BCA AL REAL ESTATE LICENSE NO.: 104144
BERKELEYCAP.COM | 704.379.1980
OFFICES
NASHVILLE | TN5016 Centennial Boulevard, Suite 200
Nashville, TN 37209615.647.6514
ASHEVILLE | NC138 Charlotte Street, Suite 220
Asheville, NC 28801704.714.2365
CHARLOTTE | NC1228 East Morehead Street, Suite 200
Charlotte, NC 28204704.379.1980
CONTACTS
STEVE HORVATH704-379-1981
RANSOME FOOSE704-379-1985
MIKE LUCIER704-943-3158
CARL BRENDES704-714-2363
MICHAEL HOWARD704-943-3160
3 BERKELEYCAP.COM | 704.379.1980
3663 Lorna RoadBirmingham, AL 35216
LOCATION
TRAFFIC COUNTS
PROXIMITY TO CBD
The site is located ten miles from Birmingham's Central
Business District.
The site benefits from a total of 205,920 VPD on surrounding and nearby roadways within
0.70 miles.
205K+
10MI
L O C A T I O N M A P
4 BERKELEYCAP.COM | 704.379.1980
$ 1 , 2 7 1 , 5 6 38 . 0 0 % C A P R A T E
A S K I N G P R I C E
C A L I C O3663 LORNA ROAD
BIRMINGHAM, AL 35216
TENANT EVERFAST, INC.*
NET OPERATING INCOME $101,725
RENT INCREASES 6% ON NOVEMBER 1, 2021
RENT COMMENCEMENT NOVEMBER 1, 1989
RENT EXPIRATION OCTOBER 31, 2023
LEASE TYPE NN - ROOF, STRUCTURE, PARKING, CAM
ORIGINAL LEASE TERM 5 YEARS
LEASE TERM REMAINING 4+ YEARS
OPTIONS NONE
RIGHT OF FIRST REFUSAL NO*d/b/a Calico Corners - Corporate LeaseNote: Roof and HVAC have been replaced within the past three years.
"Tenant or Landlord shall have the right to terminate this lease upon six months written notice to the other during the time period of 2/1/2021 – 4/30/21 only. In the event neither party serves notice to the other during this stated time period, then this lease will remain in effect at the stated terms and minimum rent due for November 2021 will be waived."
I N V E S T M E N T O V E R V I E W
P R O P E R T Y D E T A I L S
ACRES0.35
YEAR BUILT1989
SQUARE FEET
5,522 22PARKING SPACES
4
START ENDANNUAL
RENT%
INCREASE
- 10/31/2021 $110,000 -
11/1/2021 10/31/2023 $116,600 6.0%
R E N T S C H E D U L E
U N D E R W R I T I N G S C H E D U L E
POTENTIAL GROSS INCOME
ANNUAL RENT $110,000
TENANT FIXED OPERATING CONTRIBUTION $13,740
$123,740
OPERATING EXPENSES
LANDSCAPING $2,581
WASTE DISPOSAL $1,728
INSURANCE $3,500
TAXES (BASED UPON 2019 REASSESSMENT)* $9,525
$17,334
MANAGEMENT EXPENSES - NON-RECOVERABLE
MANAGEMENT FEE (3.00%) $3,300
RESERVES ($0.25) - FOR POTENTIAL REPAIRS/SLIPPAGE $1,381
$4,681
NET OPERATING INCOME $101,725
Note: Tenant Fixed Operating Contribution remains flat through the duration of the lease. Additionally, if taxes increase, then the Landlord is responsible for slippage.
*Current property tax bill of $8,212.99 will increase next year to $9,524.15. The property was just reassessed in 2019 and the next expected reassessment will take place in four years, or 2023.
Note: Existing property manager willing to continue managing the asset (long-standing relationship with the property). Seamless transition to future owner.
• LONG OPERATING HISTORY | TENANT HAS BEEN AT THIS LOCATION SINCE 1989
• SIGNALIZED CORNER INTERSECTION | ACROSS THE STREET FROM NEW WHOLE FOODS
• $103,967 AVERAGE HOUSEHOLD INCOME WITHIN 5-MILE RADIUS
• EXCELLENT FRONTAGE ALONG A BUSY ROADWAY | LORNA RD | 35,670 VPD
• TENANT HAS EXERCISED FINAL RENEWAL OPTION | 4+ YEARS OF REMAINING CONTROL
• ALL BRICK BUILDING
• APPROX. 0.5 MILES FROM RIVERCHASE GALLERIA | LARGEST MALL IN ALABAMA AND 43RD LARGEST IN THE COUNTRY
• LESS THAN 0.70 MILES FROM I-459 EXIT 13 | 122,260 VPD
• MAJOR INTERSECTION OF I-459 & I-65 APPROX. 1.7 MILES AWAY | COMBINED 247,510 VPD
• DESTINATION RETAILERS IN THE AREA | SAM’S CLUB, COSTCO, HOME DEPOT, WALGREENS, MCDONALD’S, CHIPOTLE, CHICK-FIL-A, WENDY’S, TACO BELL, AND OTHERS
I N V E S T M E N T H I G H L I G H T S
Calico has been operating continuously for 30 years at the subject property. The asset is located near Riverchase Galleria which is an upscale, super-regional shopping mall that is a destination for the region. The property benefits from its close proximity to Riverchase and it’s positioning at a signalized corner intersection across from a new Whole Foods. The site is also a short 10-minute drive to the major intersection of I-459 & I-65, which has a combined 247,510 VPD. An investor will benefit from the property’s excellent location and flexible lease terms with the tenant moving forward as Calico has run out of renewal options.
E X E C U T I V E S U M M A R Y
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D E M O G R A P H I C S N A P S H O T * & T R A F F I C C O U N T S
TOTAL VPD ON NEARBY & SURROUNDING ROADWAYS
WITHIN 0.70 MILES
205,920
$103,9672018 AVERAGE HOUSEHOLD INCOME WITHIN FIVE MILES
$$ $
50,3662018 TOTAL HOUSEHOLDS
WITHIN FIVE MILES
127,4712023 POPULATION PROJECTION
WITHIN FIVE MILES
32.37%2000-2018 POPULATION
GROWTH WITHIN ONE MILE
3.20%2018-2023 POP. PROJECTED GROWTH WITHIN FIVE MILES
*FOR DETAILED DEMOGRAPHICS, PLEASE CLICK HERE
LOOKING WEST
M O N T G O M E R Y H W Y - 4 7 , 9 9 0 V P D
LO
RN
A R
D -
35
,67
0 V
PD
Riverchase GalleriaLargest enclosed shopping center in AL
I - 4 5 9 - 1 2 2 , 2 6 0 V P D
I - 4 5 9 - 1 2 2 , 2 6 0 V P D
LOOKING SOUTHWEST
L O R N A R D - 3 5 , 6 7 0 V P D
M O N T G O M E R Y H W Y - 4 7 , 9 9 0 V P D
LOOKING EAST
LO
RN
A R
D - 3
5, 6
70
VP
D
I - 4 5 9 - 1 2 2 , 2 6 0 V P D
M O N T G O M E R Y H W Y - 4 7 , 9 9 0 V P D
Riverchase GalleriaLargest enclosed shopping center in AL
9 BERKELEYCAP.COM | 704.379.1980BERKELEYCAP.COM | 704.379.19809
Calico, owned by privately held parent company Calico Everfast Inc., is a designer fabric and trim store operating throughout the United States. In addition to selling over 10,000 designer fabric and thousands of trims, Calico sells furniture and produces top-quality custom window treatments, bedding, pillows, table coverings, and more. Furthermore, the store provides reupholstery and slipcover services.
Founded in 1948, Calico started as a modest store in Bedford Village, NY. Today, Calico operates over 80 stores nationwide and possesses a large online presence. The most recent press surrounding Calico dates back to April 2016 and discusses the company’s remodel initiative to redecorate and refresh its stores and add new sites. The company is headquartered in Kennett Square, PA.
YEAR FOUNDED1948
LOCATIONS80+
T E N A N T O V E R V I E W
10 BERKELEYCAP.COM | 704.379.1980
M A R K E T O V E R V I E W - B I R M I N G H A M , A L
ECONOMY• Birmingham’s growing market features a wide range of industries and
has consistently been ranked as one of America’s best places to work based on competitive salaries and a relatively low cost of living.
• The city has a GDP of over $62 Billion; almost tripling the second largest market in Alabama.
• It is a top 10 U.S. banking center with nearly $220 billion in assets. • Since 2011, over a dozen back-office operations have been created or
expanded, resulting in $40 million in capital investment and over 2,300 jobs.
• Birmingham is accessible to 78 percent of the U.S. population via a two-day freight drive time making it an ideal landing spot for new businesses.
• Birmingham’s Education and Health Services sector comprises of over 70,000 employees.
• The University of Alabama at Birmingham is Alabama’s largest employer with more than 23,000 employees.
• They receive more than $450 million annually in federal research funding. Another large industry for Birmingham is manufacturing.
• The city’s manufacturing sector employs nearly 39,000 people
and Jefferson County ranks among the top Ten U.S. Counties for employment in upstream metals manufacturing.
• Birmingham’s economy relies heavily on the medical industry as well as trade, finance, research and government.
• The major industrial investments in Birmingham have been in automotive components manufacturing and distribution, machinery, and the metals industries.
• At the base of the expanding telecommunications industry is one of two regional corporate headquarters of BellSouth Telephone Company.
• Birmingham is headquarters for the engineering and technical services of several power companies, including Alabama Power Company, ENERGEN Corporation, and SONAT.
• Metro Birmingham is a leading retail and wholesale trade center for Alabama and parts of Florida, Georgia, Tennessee, and Mississippi.
MEDICAL• A mecca for healthcare and medical research, Birmingham boasts the
University of Alabama Medical Center, known throughout the world for its research on the treatment of cardiovascular disease, diabetes, cancer, AIDS, and arthritis.
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M A R K E T O V E R V I E W - B I R M I N G H A M , A L
• Birmingham’s Southern Research Institute, the largest nonprofit independent research laboratory in the southeast, has gained national prominence.
INFRASTRUCTURE• With a plethora of Birmingham businesses working in international trade
and warehousing and with the city’s nearby waterways, Birmingham is a major distribution center.
• The city’s proximity to the Warrior-Tombigbee River System, which connects to the Tennessee-Tombigbee Waterway, enables Birmingham to be a major shipper of general commodities.
• Birmingham has also experienced significant growth as a transportation hub because of its central southeast location, and the fact that it is served by eight airlines, five air cargo services, approximately 100 truck lines, four railroads, and more than ten barge lines.
• Multimillion-dollar runway and cargo facility expansions at Birmingham International Airport took place in 2004 as part of the city’s efforts to encourage further growth in the transportation and distribution industries.
TOURISM• Birmingham is the cultural and entertainment capital of Alabama with
numerous art galleries in the area including the Birmingham Museum of Art, the largest art museum in the Southeast.
• Downtown Birmingham is currently experiencing a cultural and economic rejuvenation, with several new independent shops and restaurants opening in the area.
• Birmingham is also home to the state’s major ballet, opera, and symphony orchestra companies such the Alabama Ballet, Alabama Symphony Orchestra, Birmingham Ballet, Birmingham Concert Chorale, and Opera Birmingham.
• Jefferson County’s nonprofit arts and culture industry sector generated $234.9 million in total economic activity.
POPULATION 1-MILE 3-MILE 5-MILE
2023 Projection 14,102 61,148 127,471
2018 Population 13,799 59,671 123,515
2010 Census 13,087 57,247 117,049
2000 Census 10,424 50,132 101,332
2018-2023 Annual Rate 0.44% 0.49% 0.63%
2010-2018 Annual Rate 0.64% 0.50% 0.65%
2000-2010 Annual Rate 2.30% 1.34% 1.45%
HOUSEHOLDS
2023 Total Households 5,722 25,456 51,853
2018 Total Households 5,630 24,941 50,366
2010 Households 5,459 24,174 48,039
2000 Households 4,831 21,548 41,706
2018-2023 Annual Rate 0.32% 0.41% 0.58%
2010-2018 Annual Rate 0.37% 0.38% 0.58%
2000-2010 Annual Rate 1.23% 1.16% 1.42%
2018 EST. AVG. HH INCOME $64,817 $91,686 $103,967
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ON LORNA ROAD
35,670 VPDON NEARBY ROADWAYS MONTGOMERY HIGHWAY
AND I-459 WITHIN 0.70 MILES
188,000 VPD
1-MILE
3-MILE
5-MILE
D E M O G R A P H I C S & T R A F F I C C O U N T S
TRAFFIC COUNTS
Berkeley Capital Advisors, LLC (“BCA”) has been authorized by the owner of the subject property (the “Seller”) to present you with this marketing package. This is a confidential package intended solely for your own limited use and benefit, as a principal, in considering whether you desire to pursue negotia-tions to acquire the subject property.
Your receipt and acceptance of this package serves to acknowledge your agreement to: (1) hold the information and materials contained herein,and the offering they represent, in the strictest of confi-dence; (2) not disclose, directly or indirectly, the information and materials contained herein,or the offering they represent, to any other person, firm or entity without prior written authorization from BCA or the Seller; (3) not use the information and materials contained herein in any fashion or manner detrimental to the interest of BCA or the Seller; (4) not disturb any tenants in possession of the subject property nor reveal to them the offering this package represents.
This marketing package was prepared by BCA and it has been reviewed by representatives of the Sell-er. The information and materials contained herein are selective and limited in nature, and neither BCA nor the Seller purports this to be an all-inclusive report on the subject property. Within this package, certain leases, documents and other materials are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements involved, nor do they purport to constitute a legal analysis of the provisions of those documents. Interested and qualified prospective purchasers will be afforded an opportunity to review additional information and to inspect the subject property, and all such prospective purchasers should conduct their own inde-pendent due diligence.
This package is based in part upon information supplied by the Seller and in part upon information ob-tained by BCA from sources believed to be reliable. All income, expense and/or investment projections contained herein are provided for general reference purposes only, in that they are based on assump-tions relating to the general economy, competition and other factors beyond the control of BCA and the Seller, and all such projections are therefore subject to variation. This package shall not be deemed an indication of the state of affairs of the subject property, nor constitute an indication that there has been no change in the business or affairs of the subject property since the date of preparation of this package.
Neither BCA, the Seller, nor any of their respective officers, employees or agents, has made or does make any representation or warranty, expressed or implied, as to the accuracy or completeness of this package or any of its contents, and no legal commitments or obligations shall arise by reason of this package or its contents.
BCA and the Seller expressly reserve the right, at their sole discretion, to alter or amend the terms of this offering, to reject any or all expressions of interest or offers to acquire the subject property and/or to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligation to any entity reviewing this package or making an offer to acquire the subject property unless and until a written agreement for such acquisition has been fully executed, delivered and approved by the Seller and any conditions to the Seller’s obligations thereunder have been satisfied or waived.
Parties seeking to act in a third-party brokerage capacity must register their client(s) with BCA prior to receiving or dispersing any marketing information. BCA will not recognize any third-party brokerage relationships without first receiving and approving such written client registration, nor will BCA or the Seller be obligated for any brokerage claims which may result, regardless of such broker’s involvement in procuring a purchaser for the subject property.
This package is the property of BCA. Photocopying, re-typing or other duplication of the information and materials contained herein is expressly prohibited. The information contained within this package and the offering of the subject property may not be announced, posted or otherwisepublicized in any electronic media (such as, by way of example only, any Internet or “broadcast fac-simile” communications).
If, after reviewing this package, you have no further interest in acquiring the subject property at this time, please return this package in its entirety to BCA. Likewise, if the terms contained in this Confiden-tiality & Disclaimer section are not acceptable to you, please immediately return this package to BCA.
AGENT’S DUTIESWhen you contract with a real estate firm to act as your agent in a real estate transaction, the agent must help you obtain the best price and terms possible, whether you are the buyer or seller. The agent also owes you the duty to:• Safeguard and account for any money handled for you• Act with reasonable skill, care and diligence• Be loyal and follow reasonable and lawful instructions• Disclose to you any information which might influence your decision to buy or sell
Even if the agent does not represent you, the agent must still be fair and honest and disclose to you all “material facts” which the agent knows or reasonably should know. A fact is “material” if it relates to defects or other conditions affecting the property, or if it may influence your decision to buy or sell. This does not require a seller’s agent to disclose to the buyer the minimum amount the seller will accept, nor does it require
AGENTS WORKING WITH SELLERSA seller can enter into a “listing agreement” with a real estate firm authorizing the firm and its agent(s) to represent the seller in finding a buyer for his property. The listing agreement should state what the seller will pay the firm no matter who finds the buyer.
The listing firm may belong to a listing service to expose the seller’s property to other agents who are members of the service. Some of those agents may be working with buyers as buyers’ agents; others will be working with buyers but still representing the sellers’ interests as an agent or “subagent”. When the buyer’s agents and seller’s subagents desire to share in the commission the seller pays to the listing firm, the listing agent may share the commission with the seller’s permission.
AGENTS WORKING WITH BUYERSA buyer may contract with an agent or firm to represent him (as a buyer’s agent), or may work with an agent or firm that represents the seller (as a seller’s agent or subagent). All parties in the transaction should find out at the beginning who the agent working with the buyer represents.
If a buyer wants a buyer’s agent to represent him in purchasing a property, the buyer should enter into a “buyer agency agreement” with the agent. The buyer agency agreement should state how the buy-er’s agent will be paid. Unless some other arrangement is made which is satisfactory to the parties, the buyer’s agent will be paid by the buyer. Many buyer agency agreements will also obligate the buyer to pay the buyer’s agent no matter who finds the property that the buyer purchases.
A buyer may decide to work with a firm that is acting as agent for the seller (a seller’s agent or sub-agent). If a buyer does not enter into a buyer agency agreement with the firm that shows him prop-erties, that firm and its agents will show the buyer properties as an agent or subagent working on the seller’s behalf. Such a firm represents the seller (not the buyer) and must disclose that fact to the buyer.
The terms and conditions stated in this Confidentiality & Disclaimer section apply and relate to all of the sections of this package as if stated independently therein.Prospective purchasers of the subject property are hereby notified that Berkeley Capital Advisors, and its agents, are acting in the capacity of a “Seller’s Agent” during the course of this offering, and as such are solely representing the interests of the Seller.
C O N F I D E N T I A L I T Y D I S C L A I M E R
NASHVILLE | TN1510 16th Avenue, Suite 300Nashville, Tennessee 32712
615.970.6596
CHARLOTTE | NC1228 East Morehead Street, Suite 200
Charlotte, North Carolina 28204704.379.1980
ASHEVILLE | NC138 Charlotte Street, Suite 220Asheville, North Carolina 28801
704.714.2365
B E R K E L E Y C A P. C O M
