OFFERING MEMORANDUM - LoopNet...T & T Tool Repair is a power tool service & repair company. 85 NAILS...
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WEBB CENTER OFFERING MEMORANDUM NATIONAL RETAIL GROUP
Transcript of OFFERING MEMORANDUM - LoopNet...T & T Tool Repair is a power tool service & repair company. 85 NAILS...
W E B B C E N T E R
O F F E R I N G M E M O R A N D U M
N A T I O N A L R E T A I L G R O U P
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| T A B L E O F C O N T E N T S
THE OFFERINGDisclaimer & Limiting Conditions 3 Executive Summary 4
TENANT PROFILE Tenant Information 5
THE PROPERTYPhotos 6Area Location Maps 8 Area Highlights 9
THE MARKETSold Comparables 10Rent Comparables 12 Demographics & Traffic Count 14About The Area 15 Broker Profile 16Team Prfoile 17 Confidentiality Agreement 18
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This Confidential Offering Memorandum contains selected information pertaining to the Property but does not purport to be all-inclusive or to contain all of the information that a prospective purchaser may require. All financial projections are provided for general reference purposes only and are based upon assumptions relating to the general economy, competition and other factors, which therefore, are subject to material change or variation. Prospective purchasers may not rely upon the financial projections, as they are illustrative only. An opportunity to inspect the Property will be made available to qualified prospective purchasers.
In this Confidential Memorandum, certain documents, including financial information, are described in summary form and do not purport to be complete or accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to review independently all documents.
This Confidential Memorandum is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by Bull Realty Inc. or the current Owner/Seller. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property described herein.
Owner/Seller expressly reserve the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any party at any time with or without notice. Owner/Seller shall have no legal commitment or obligation to any purchaser reviewing this Confidential Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered and approved by the Owner/Seller and any conditions to the purchaser’s obligations therein have been satisfied or waived. The Seller reserves the right to move forward with an acceptable offer prior to the call for offers deadline.
This Confidential Memorandum may be used only by parties approved by the Owner. The Property is privately offered, and by accepting this Confidential Memorandum, the party in possession hereof agrees (i) to return it if requested and (ii) that this Confidential Memorandum and its contents are of a confidential nature and will be held and treated in the strictest confi-dence. No portion of this Confidential Memorandum may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Bull Realty, Inc. or Owner/Seller. The terms and conditions set forth above apply to this Confidential Memorandum in its entirety and all documents, disks and other information provided in connection therewith.
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Webb Center is a successfully leased shopping center in Riverdale, GA at the intersection of Georgia Hwy 85 and Webb Road. The property has a mix of retail and service tenants. Several long term tenants, such as the El Progresso Marketplace, Webb Center Tacqueria and the Wishy Washy Coin Laundry cater to the strong Hispanic population in the immediate market area. Webb Center also houses Mike’s Trailer Hitch Company, which has been a tenant at the property for 15 years. The property is leased at below market rental rates.
Webb Center is surrounded by a large residential market consisting of both family homes and apartments. A US Post Office fronts Webb Road, just behind the subject property. Webb Center is a part of this dynamic community. Recent ownership installed a new roof on the 8110 Building during 2004. All of the HVAC units on that building have also been replaced.
The property presents a value add opportunity to a strategic buyer.
P R O P E R T Y O V E R V I E W
Address 8110 Highway 85 Riverdale, GA 30274County ClaytonSquare Footage 31,000 SFAssessor’s Parcel 13-0234A-00A-014 Acreage 3.3 ACZoning GBYear Built 1996 Parking 2.23/1,000 SF Occupancy 87%
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AT’S AND VAL’S HAIR SALONAt’s and Val’s Hair Salon is a full-service salon offering beauty skin treatments as well as haircut and color.
WORLD MIRACLE CHURCHWorld Miracle Church is a Georgia Domestic Non-Profit Corporation.
YESTERDAY’S MEMORIESYesterday’s Memories carries music from the 40’s to present as well as conversions to CD’s, classic pop, R&B, doo-wopp & more. They also carry DVDs, cassette tapes, compact discs, records, rentals, used items, videos and more.
T & T TOOL REPAIRT & T Tool Repair is a power tool service & repair company.
85 NAILS85 Nails is a nail salon that offers a variety of services including manicures and pedicures as well as a variety of beautiful, unique nail art designs.
BARBARA’S SALON DE BELLEZABarbara’s salon de Belleza is a hair and beauty salon.
DAVID’S INSURANCEDavid’s Insurance is a local insurance company.
EL PROGRESSO #5El Progresso #5 is a Hispanic food and grocery store.
MIKE TRAILER HITCHESMike Trailer Hitches offers trailer towing to the Riverdale, GA area. Towing services include: tow bars & parts, installation - trailer parts & services, braking services - electric break controls, 5th wheel and goosenecks and utility trailers - trailer tires.
WISHY WASHY LAUNDRYWishy Washy Laundry is a coin-operated laundromat.
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ATLANTA DECATUR
TUCKER
LILBURNSNELLVILLE
MONROE
COMMERCE
WINDER
ATHENS
BRASELTON
COVINGTON
CONYERS
DORAVILLESMYRNA
MABLETON
ROSWELL
ALPHARETTA
MARIETTADALLAS
KENNESAW
ACWORTH
CARTERSVILLE
ADAIRSVILLE
WOODSTOCK
CANTON
CUMMING
MILTON
LAKE LANIER
NELSON
LAWRENCEVILLE
JOHNS CREEK
SUWANEE
BUFORD
GAINESVILLE
EAST POINT
FOREST PARK
STOCKBRIDGE
JONESBORO
FAIRBURNRIVERDALEUNION CITY
FAYETTEVILLE
DOUGLASVILLE
MCDONOUGH
PEACHTREECITY
NORTHATLANTA
HOLLYSPRINGS
NORCROSSSANDYSPRINGS
POWDERSPRINGS
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575
285
7585
85
85
400
985
HARTSFIELD-JACKSONINTERNATIONAL AIRPORT
PEACHTREE DEKALBAIRPORT
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WEBB CENTER8110 Highway 85
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| A R E A H I G H L I G H T S
ZAXBY’SPAPA JOHNSCHURCH’S CHICKENIHOPSUNTRUSTWAFFLE HOUSECHEVRONQTCAPTAIN D’SCITGOFAMILY DOLLARH&R BLOCKCRICKET WIRELESS
PIZZA HUTDOLLAR GENERALSHELLALLSTATESTATE FARMEXXONSONICMCDONALD’SCITGOO’REILLYBPSUBWAY
WYNTHROPE FORESTAPARTMENTS
270 UNITS
SUTTER LAKEAPARTMENTS
462 UNITS
BROOKS CROSSINGAPARTMENTS
224 UNITS
BELMONT CROSSINGAPARTMENT HOMES
CVSCITGOCHICK FIL AUHAULCHEVRON
DOLLAR TREEUPSPLANET FITNESSTACO BELLKROGERTIRES PLUSWALGREENSPNC BANKDOLLAR GENERALLITTLE CAESARSBANK OF AMERICAPEP BOYS
WEBB CENTER8110 Highway 85
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MAP # STREET ADDRESS CITY SIZE SOLD DATE SALE PRICE PRICE/SF DETAIL PAGE
Subject Property
8110 Highway 85 Riverdale 31,000 SF TBD TBD TBD 11
1-1 105 Promenade Pkwy Fayetteville 35,459 SF 05/5/2014 $2,100,000 $59.22 11
1-2 115 Promenade Pkwy Fayetteville 35,459 SF 05/5/2014 $2,100,000 $59.22 11
2-1 1878 Mount Zion Road Morrow 18,575 SF 01/6/2015 $800,000 $43.07 11
2-2 1854 Mount Zion Road Morrow 18,575 SF 01/6/2015 $800,000 $43.07 11
3 692 Glynn Street N Fayetteville 42,000 SF 12/30/2015 $1,675,000 $39.88 11
4 5299 Jonesboro Road Morrow 28,000 SF 04/23/2014 $995,000 $34.53 11
5 6540 Tara Blvd Jonesboro 15,000 SF 02/17/2015 $677,000 $45.13 11
SUBJECTPROPERTY
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SOLD COMP - 105 Promenade Pkwy
SOLD COMP - 1878 Mount Zion RoadSOLD COMP - 115 Promenade Pkwy
SUBJECT PROP - 8110 Highway 85Property Size 35,549 SF Closing Date 5/5/2014Sold Price $2,100,000Price/SF $59.22
Property Size 18,575 SF Closing Date 01/6/2015Sold Price $800,000Price/SF $43.07
Property Size 35,549 SF Closing Date 5/5/2014Sold Price $2,100,000Price/SF $59.22
Property Size 31,000 SF Sale Price TBDPrice/SF TBD 1-1
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SOLD COMP - 692 Glynn Street NSOLD COMP - 1854 Mount Zion RoadProperty Size 42,000 SF Closing Date 12/30/2015Sold Price $1,675,000Price/SF $39.88
Property Size 18,575 SF Closing Date 01/6/2015Sold Price $800,000Price/SF $43.07
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SOLD COMP - 6540 Tara BlvdSOLD COMP - 5299 Jonesboro RoadProperty Size 15,000 SF Closing Date 02/17/2015Sold Price $677,000Price/SF $45.13
Property Size 28,000 SFClosing Date 04/23/2014Sold Price $995,000Price/SF $34.53
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MAP # STREET ADDRESS CITY SF LEASED RENT TYPE PRICE/SF DETAIL PAGE
Subject Property
8110 Highway 85 Riverdale TBD TBD TBD 13
1 640 Highway 314 Fayetteville 1,925 Modified Gross $10.13 13
2 517 Highway 138 Riverdale 1,000 Modified Gross $8.00 13
3 116 Bethea Rd Fayetteville 1,280 Modified Gross $8.97 13
4 6600-6656 GA-85 Hwy Riverdale/Jonesboro 900 Modified Gross $10.00 13
5 176 Highway 138 Riverdale 1,500 Modified Gross $7.20 13
6 487 Highway 138 Riverdale 1,000 Modified Gross $6.40 13
7 501 Highway 138 Riverdale 1,300 NNN $9.10 13
SUBJECTPROPERTY
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RENT COMP - 640 Highway 314
RENT COMP - 116 Berthea RdRENT COMP - 517 Highway 138
SUBJECT PROP - 8110 Highway 85SF Leased 1,925 SF Price/SF $10.13
SF Leased 1,280 SF Price/SF $8.97
SF Leased 1,000 SF Price/SF $8.00
SF Leased 31,000 SF Price/SF TBD
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RENT COMP - 176 Highway 138RENT COMP - 6600-6656 GA-85 HwySF Leased 1,500 SF Price/SF $7.20
SF Leased 900 SF Price/SF $10.00
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RENT COMP - 501 Highway 138RENT COMP - 487 Highway 138SF Leased 1,300 SF Price/SF $9.10
SF Leased 1,000 SF Price/SF $6.40
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PopulationHouseholds
Average Household Income
PopulationHouseholds
Average Household Income
PopulationHouseholds
Average Household Income
10,3473,739$50,735
66,86222,833$54,236
155,60454,706$53,446
2016 DEMOGRAPHICS (esri) 1 MILE
3 MILES
5 MILES
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41,700
8,492
35,000
33,050
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R I V E R D A L E , G E O R G I A Riverdale is located in the “Southern Crescent” of Clayton County, approximately 10 miles south of Atlanta. The City is only 5 miles south of Atlanta’s Hartsfield-Jackson International Airport, one the nation’s busiest airports Riverdale has a population of over 14,000 and is the second largest city (population) in Clayton County. The City is governed by a Mayor and 4 Council members. Each council member represents the entire city and are elected at-large, though they hail from one of the four wards that divide the city. The Mayor and Council appoint a City Manager, who has oversight over 5 departments.
Hartsfield-Jackson Atlanta International Airport is located seven miles south of the central business district of Atlanta, Georgia, Unit-ed States. It has been the world’s busiest airport by passenger traffic since 1998, and by number of landings and take-offs since 2005. Hartsfield–Jackson held its ranking as the world’s busiest airport in 2012, both in passengers and number of flights, by accommodat-ing 95 million passengers (more than 260,000 passengers daily) and 950,119 flights. Many of the nearly one million flights are domestic flights from within the United States, where Atlanta serves as a major hub for travel throughout the Southeastern United States. The air-port has 207 domestic and international gates.
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JOHN HARRISON V.P. National Retail Group Mr. Harrison serves as the Vice President of the Bull Realty National Retail Group boasting 30 years of retail experience with advisory, consulting and transactional services. Additional client services include, but are not limited to asset recapitalization and value added services based on the best marketing sys-tems and real time market trends and information.
John entered undergraduate studies at Davidson College and completed his degree at Emory University. He began his career with Ackerman & Co. during the early 80’s and specialized in the marketing of office and mixed use proper-ties. He has closed leases and investment sales in excess of $200 million. He has been a member of the Million Dollar Club for 15 years and is a recipient of the Phoenix Award. As a partner with CBH Properties, he has been involved in all phases of the development, management and ownership.
John was Vice President of Commercial Sales at both McWhirter Realty Corp. and Roberts Commercial and was a top producer with each company. Property sales on his resume include the sale of over 80 retail centers and office prop-erties. John has sold in excess $40 million in medical properties during the past decade.
John joined Bull Realty in 2011 and is excited about providing the excellent mar-keting platform offered by Bull Realty to the benefit of his client base.
John has been married to his wife Stephanie for 24 years and they have two sons. John enjoys coaching kids in soccer, family tennis and hanging out at Star-buck’s with his wife. He has a passion for politics and history and is an accom-plished pianist.
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EXCLUSIVELY LISTED BY:
John Harrison V.P. National Retail Group 404-876-1640 x 106 [email protected]
MICHAEL BULL President, National Office GroupCEO, Bull Realty, Inc.
MICHELLE MEHRJERDIANMarketing
RICK LEWISMarketing
SCOTT JACKSONAnalyst
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This Confidentiality Agreement (“Agreement”) is made and agreed to for the benefit of the undersigned party (“Receiving Party”), the owner of the subject property (the “Seller”) and undersigned broker Bull Realty Incorporated (“Broker”).Now therefore in consideration of the privileges granted to Receiving Party with respect to receiving certain confidential information, and other good and valuable consideration, the Receiving Party hereby agrees to the following:
I. Confidential Information:Receiving Party will receive confidential information regarding prop-erty referred to as 8110 Highway 85, Riverdale, GA 30274. Prospect agrees to not disclose to any person that the property may be available for sale or lease, or that discussions or negotiations are taking place concerning the property, nor any terms, conditions, or other facts with respect to the property, including but not limited to tenant informa-tion, lease rates, lease expirations, income and expenses, and any such possible purchase, including the status thereof. The term “person” used in this agreement shall be interpreted broadly and shall include, without limitation, any corporation, company, partnership or individ-ual other than parties to which Broker approves in writing. Receiving Party may share information with directors, officers, employees, agents, affiliates, counsel, lending sources, accountants or representa-tives of Receiving Party that Receiving Party notifies of the require-
ments of this Agreement. Receiving Party agrees to not contact the property owner, the management, the tenants, the lender, the vendors, the insurers, the employees or the customers of any business at the site.
II. Acting as a Principal:Receiving Party hereby warrants that it is acting as a principal only, and not as a broker, regarding this contemplated transaction. Receiv-ing Party acknowledges that Broker is working an agency capacity as representing the Seller only in this transaction and is the only Broker involved in this potential transaction. Receiving Party agrees to not be involved in any arrangement to lease or purchase the property, in whole or in part, as a lender, partner, buyer of the note, buy in fore-closure, buy from bankruptcy court, or in any other manner acquire an investment in, joint venture or control of the property, unless Bull Realty, Incorporated is paid a commission at closing as per separate agreement with Seller. This agreement will expire two years from the date hereof.
III. Governing LawThis Agreement shall be governed and construed in accordance with the laws of the State of Georgia.
Accepted and agreed to this _______ day of ___________________, 20___.
Receiving PartySignature ___________________________________________________
Printed Name _______________________________________________
Title ______________________________________________________
Company Name _____________________________________________
Address ____________________________________________________
___________________________________________________
Email _______________________________________________________
Phone ______________________________________________________
Fax _________________________________________________________
John HarrisonV.P. National Retai l Group404-876-1640 x [email protected]
Fax: 404-876-7073
50 Glenlake ParkwaySuite 600Atlanta, GA 30328
