Offering Summary HAMMOND AIRE PLAZA · Hammond Aire Plaza was completed in 1985 and renovated in...
Transcript of Offering Summary HAMMOND AIRE PLAZA · Hammond Aire Plaza was completed in 1985 and renovated in...
HAMMOND AIRE PLAZABaton Rouge, East Baton Rouge Parish, Louisiana
Offering Summary
� The Baton Rouge Advantage - State Capital and Home to LSU, Louisiana’s Flagship University
�National Tenants Account for 89% of the GLA
�Well Established, Thriving Tenant Base
� Strong History of Impressive Tenant Renewal and Releasing Velocity
� Proven Tenant Sales Powerhouse
� Prime Location at High Traffic-Count Intersection
� Expanded Trade Area Draw from Regional Location and Unique to Market Anchor Line-Up
�Upside Potential from Future Expansion / Pad Site Development Along Old Hammond Hwy
BATON ROUGE, LAHAMMOND AIRE PLAZAOffering Summary
(Shadow)
349,660 +25.41 1985/2009 97%TOTAL ACREAGE YEAR BUILT/REN.TOTAL GLA (SF) OCCUPANCY
81,500+VPD +1,246 $3,664,752 4.7%
MAJOR TENANTS
Cushman & Wakefield’s Retail Investment Advisors is pleased to present Hammond Aire Plaza, a dominant, 349,660 sf multi-anchored shopping center in Baton Rouge, LA, the state capital and home to Louisiana State University. Hammond Aire Plaza was completed in 1985 and renovated in 2009 and features a seasoned, unique-to-market tenant lineup including Burlington, Marshalls, Michaels, Stein Mart and K&G Fashion Superstore. 89% of the GLA is occupied by national tenants and the thriving tenant base generates an annual gross sales volume exceeding $60 Million. The weighted average tenure for current tenants is over 21 years, and anchor tenants boast an average of over 28 years. Shadow anchored by an Albertsons grocery store, Hammond Aire Plaza is positioned at the intersection of 2 highly trafficked thoroughfares with direct proximity to Interstate-12 and Interstate-10, creating ideal access for residents around the city.
Hammond Aire Plaza offers the rare opportunity to acquire a strong-performing, established community shopping center in a state capital and flagship university city with upside potential through rent growth, future expansion and pad site development.
4.7%PRICE TRAFFIC COUNTYEAR 1 NOI AVERAGE ANCHOR
HEALTH RATIOCAGR
$3,664,752 $45,810,0008% CAP RATE
2.9% 81,500+VPD
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Offering HighlightsOFFERING SUMMARY
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PRIME LOCATION AT MASSIVE TRAFFIC-COUNT INTERSECTION-
81,500+ VPD
REMARKABLE RENEWAL AND RELEASING VELOCITY- SINCE 2016,
68% OF THE GLA HAS RENEWED AND 7 SUITES TOTALING 40,570 SF
HAVE BEEN LEASED
CASHFLOW STABILITY- NATIONAL TENANTS OCCUPY 89% OF THE GLA
AND ACCOUNT FOR 87% OF THE GROSS REVENUE
PROVEN TENANT SALES POWERHOUSE GENERATING
ANNUAL GROSS SALES VOLUME OF OVER $60 MILLION
THRIVING, SEASONED TENANT BASE WITH WEIGHTED AVERAGE
TENANT TENURE OF 21 YEARS AND AVERAGE OCCUPANCY OVER 95%
OVER THE LAST DECADE
THE BATON ROUGE ADVANTAGE- STATE CAPITAL AND HOME TO LSU, LOUISIANA’S FLAGSHIP UNIVERSITY
EXPANDED TRADE AREA DRAW FROM REGIONAL LOCATION,
SHADOW-GROCERY ANCHOR AND UNIQUE-TO-MARKET ANCHOR LINE-UP / ONLY 1 DUPLICATE ANCHOR LOCATION WITHIN A
60-MILE RADIUS
POSITIONED ADJACENT TO DENSELY POPULATED NEIGHBORHOODS AND
ADDITIONAL 5-MILE DAYTIME POPULATION OF 282,725
BATON ROUGE, LAHAMMOND AIRE PLAZA
Offering HighlightsOFFERING SUMMARY
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PRIME POSITIONING: CENTRALLY LOCATED ACTIVITY HUB / MASSIVE TRAFFIC COUNT
� Combined traffic count at the property of 81,500+ VPD
� Unique-to-market anchors and Albertsons Grocery shadow-anchor generates massive consumer traffic serving the broadest range of necessity, daily and weekly needs
� Expanded trade area draw from desirable central location at high-traffic intersection with direct proximity to I-12
� 5-Mile population of over 202,000 people with daytime population of over 282,000 people
BATON ROUGE ADVANTAGE:
ENVIRONMENT WHERE RETAILERS THRIVE � State Capital and Parish Seat of the East Baton Parish, the most populous Parish in Louisiana
� Home to Louisiana’s state flagship university: LSU > Annual Economic Impact of over $5.1B > Student Enrollment of over 30,000
> Directly responsible for 41,000+ jobs
� Surrounded by major economic drivers including Exxon Mobil, Blue Cross Blue Shield and The Mississippi River, among others
> ExxonMobil is the 4th largest refinery in the US and recently announced a $500 Million+ expansion
EXCELLENT CASH FLOW STABILITY: ESTABLISHED, UNIQUE-TO-MARKET
ANCHOR TENANCY � 87% of gross revenue contributed by national tenants
� Only 1 duplicate anchor location within a 60-mile radius (Michaels)
� Over $60 Million in gross sales generated by tenant lineup
� Anchor tenants enjoy an average health ratio of 4.7% comparing very favorable to industry norms
� CAGR of 2.9%
EXTRAORDINARY TENANT COMMITMENT
AND LEASING VELOCITY � Weighted average tenant tenure of 21 years
� Weighted average anchor-tenant tenure of 28 years
� 68% of the GLA totaling 238,334 SF has renewed since 2016
� Within last 36 months, 4 anchor tenants have renewed their lease with rent escalations
� Since 2016, shop lease renewals have been secured at 6% positive rental rate spreads, and new shop leases have been completed at a 14% increase
BATON ROUGE, LAHAMMOND AIRE PLAZA
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Location Highlights
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110
�� 2018�Passenger�Volume�of�800,000+�� Economic�Impact�of�$1.1B
BATON ROUGEMETROPOLITAN
AIRPORT
MIS
SISS
IPPI
RIV
ER
�� 6,300+�Student�Enrollment�� 1,600�Faculty�&�Staff
MALL OF LOUISIANA
�� State�Capital�� 2nd�Largest�City�in�LA
�� 237�Acre�Wildlife�Reserve
WADDILLWILDLIFEREFUGE
�� Established�1960�� 30,000+�Enrollment�� Annual�Economic�Impact of�$5.1B�� State's�Flagship�University
LOUISIANASTATE
UNIVERSITY
NEW ORLEANS LOCATED 1 HOUR EAST ON I-10
AIRLIN
E HW
Y
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�� 4th�Largest�Refinery�in�the�US�� 4,200�Employees�� Recently�Announced�$500+�M Expansion
�� 712,900+�SF�of�Technology,�Data�&�Office�Space�� Tech�Industry�Hub�for� Baton�Rouge
BON CARREBUSINESSCENTER
OFFERING SUMMARY
3�MILE�RADIUS
�� 2,400+�Employees�� 50+�Acre�Private�Campus�� $3.6+�B�Annual�Revenues
�� 588-Bed�Hospital�� 4,000+�Medical�Staff
�� 800-Bed�Hospital�� 4,500�Medical�Staff
Hammond Aire Plaza
(Shadow)
BATON ROUGE, LAHAMMOND AIRE PLAZA
Tenancy HighlightsOFFERING SUMMARY
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TENANCY
MAJOR TENANTSSQUARE
FEET% OF GLA
80,450 23.0%
40,000 11.4%
32,723 9.4%
25,000 7.1%
23,400 6.7%
TOTAL MAJOR TENANTS 201,573 57.6%
SHOP TENANTS
National (21)* 101,218 29.0%
Local (10) 29,543 8.5%
Available (4) 9,916 2.8%
TOTAL SHOP TENANTS 140,677 40.3%
SINGLE TENANT OUTPARCEL
Mattress Firm 6,600 1.9%
Albertsons (Fuel Station) 810 0.2%
TOTAL SINGLE TENANT OUTPARCELS 7,410 2.1%
TOTAL GLA 349,660 100%
* Shoe Station, Rainbow, Tuesday Morning, Foot Locker, Ashley Stewart, Rue 21, Foot Action, Catherines, Hallmark, Jackson Hewitt, Bath & Body Works, Sally Beauty, Little Caesars, OneMain Financial, Sprint, GNC, Jenny Craig, Subway, Smoothie King, Boost Mobile, Miracle Ear
TENANT COMPOSITIONS BASED ON GLA
NATIONAL VS LOCAL BASED
ON GLA
VALUE RETAIL
69.7%SPECIALTY RETAIL
9.2%SERVICE
7.2%ART SUPPLIES
6.7%AVAILABLE
2.8%FOOD/RESTAURANT
2.6%FINANCIAL
1.6%FUEL STATION
0.2%
NATIONAL/REGIONAL
89%LOCAL
8%AVAILABLE
3%
View to the West
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MISSISSIPPI RIVER
�� 1,138�Student�Enrollment�� 11:1�Student-Teacher�Ratio
TARA HIGH
SCHOOL
(104,018 VPD)
�� Private�Country�Club�� Established�1916�� 18�Hole�Golf�Course
BATON ROUGECOUNTRY CLUB
�� State�Capital�� 2nd�Largest�City�in�LA
DOWNTOWNBATON ROUGE
(Albertsons�Fuel)
OLD
HA
MM
ON
D H
WY
(21
,18
5 V
PD
)
AIRLINE HWY (60,404 VPD)
�� 712,900+�SF�of�Technology,�Data�&�Office�Space�� Tech�Industry�Hub�for� Baton�Rouge
BON CARREBUSINESSCENTER
�� 4th�Largest�Refinery�in�the�US�� 4,200�Employees�� Recently�Announced�$500+�M Expansion
�� Established�1960�� 30,000+�Enrollment�� Annual�Economic�Impact of�$5.1B�� State's�Flagship�University
LOUISIANASTATE
UNIVERSITY
�� Future�Expansion�or�Pad�Site�Opportunity
(NAP)
Hammond Aire Plaza
(Shadow)
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Page TitlePAGE SECTION
BATON ROUGE, LAHAMMOND AIRE PLAZA
2nd Floor
Salon Studios9,433 sf
32,723sf 23,400 sf40,000 sf15,920 sf
6,087 sf
12,500 sf
13,837 sf
25,000 sf
80,450 sf
Future Build Area8,000 sf
66,200 sf
1,312 sf09A
6,600 sf
Occupied Space
Available Space
Offering Boundary
046
0F0
0C0 080
044
036
055
09C09B
08B 08C 10,695 sf
005
003004
02B
001
010
012
014015
017016
018
021020019
3,910
sf
OLD HAMMOND HWY (21,185 VPD)
AIR
LINE H
WY
(60,40
4 VPD
)
N/A
N/A
N/A
(Albertsons�Fuel)
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OFFERING SUMMARY
Site Plan
Hammond Aire Plaza
CUSHMAN & WAKEFIELD RETAIL INVESTMENT ADVISORS EQUITY, DEBT AND STRUCTURED FINANCE
RICHARD HENRYSenior Director404 853 [email protected]
MICHAEL RYANExecutive Managing Director404 853 [email protected]
BRIAN LINNIHANExecutive Director404 853 [email protected]
MARK GILBERTVice Chairman305 533 [email protected]
FAIN HICKSManaging Director404 682 [email protected]
BEAU BOX* | BATON ROUGE President/CEO - Beau Box Real Estate225 237 [email protected]
TYLER ANDERSON Associate404 853 [email protected]
LANE BREEDLOVE Associate404 682 [email protected]
STEPHANY PETERS Senior Financial Analyst404 853 [email protected]
*Licensed Broker in Louisiana