RIDGEMOOR CENTER - LoopNet › d2 › xDxuNRu1zAA912...1 Mile 3 Miles 5 Miles Population 8,918...

OFFERING MEMORANDUM

RIDGEMOORCENTER2889 28TH ST. SE., KENTWOOD, MIFOR SALE | RETAIL PROPERTY

Broker Disclosure: A real estate licensee holds a beneficial interest in this property.

JEFF TUCKER | VICE PRESIDENT, BROKERAGE | PRINCIPAL616.254.0014 x564 | [email protected]

DREW NELSON | ASSOCIATE616.254.0035 x565 | [email protected]

BRADLEY COMPANY220 Lyon St. NW, Suite 400, Grand Rapids, MI 49503

bradleyco.com

EXECUTIVE SUMMARY

THE OFFERING

Bradley Company is pleased to present the investment offering of Ridgemoor Center, a 37,375 square foot retail plazalocated on the busy and highly visible 28th Street corridor in close proximity to the newly expanded Woodland Mallthat includes Von Maur, Apple Store, Macy's, Pottery Barn, Williams Sonoma, The Northface, and many otherhigh-end retailers. Also nearby is the newly open Cheesecake Factory and Black Rock Bar & Grill. Ridgemoor Center isanchored by Manpower Staffing plus a diverse tenant mix that includes restaurants, a virtual reality gaming center,apparel retailers and a big-box appliance & other home-related products store.

INVESTMENT HIGHLIGHTS-Located on busy 28th Street corridor-High traffic counts: 34,843 cars per day-Recent exterior renovations including new facade, parking lot, and pylon signage-Strong-credit tenants in place-Nice upside potential for new owner-Higher-end build outs in leased suites

OFFERING SUMMARY

Year Built 1973

Rentable SF 37,375

Percent Leased 80%

In Place NOI $335,000

In Place Cap Rate 9.75%

Asking Price $3,490,000

(Owned in part by a licensed real estate broker)

EXECUTIVE SUMMARY

SITE DESCRIPTION

Property Name.................................................................................................... Ridgemoor Center

Property Type...................................................................................................... Retail

Parking................................................................................................................. Surface

Acres..................................................................................................................... 2.43 Acres

PROPERTY SUMMARY

Recently renovated and affordably priced, Ridgemoor Center islocated on the busy 28th Street corridor, just 1.5 blocks away fromthe busiest intersection in the city. The center is anchored byManpower Staffing with additional tenants including Pal's IndianCuisine, Big-Box Appliances, Summer Pops, Woodland Tailoring,Studio Dance, and Mr. Alan's- a rapidly expanding premiumsneaker and sports apparel retail chain in Michigan. In addition, achicken and wings eatery is slated to open in early 2020.

1 Mile 3 Miles 5 Miles

Population 8,918 81,872 228,806

Households 4,090 32,997 86,138

Average income $77,981 $80,981 $77,196

Median age 39.9 35.8 34.1

Cars Per Day

28th Street Corridor 34,843

2019 DEMOGRAPHICS

TRAFFIC COUNTS

PROPERTY SUMMARY

RETAILER MAP

POPULATION 1 MILE 3 MILES 5 MILES

Total Population 8,918 81,872 228,806

Median age 39.9 35.8 34.1

Median age (Male) 25.9 32.3 31.5

Median age (Female) 26.2 34.4 34.2

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

Total households 4,090 32,997 86,138

# of persons per HH 2.7 2.5 2.6

Average HH income $77,981 $80,981 $77,196

Average house value $183,083 $184,599 $165,532

* Demographic data derived from 2010 US Census

DEMOGRAPHICS MAP & REPORT

FLOOR PLANS

SITE PLAN

TENANT OVERVIEW

ManpowerGroup is the world leader in innovative workforce solutions, connecting human potential to the power of business. ManpowerGroup serves both large and small organizations across all industry sectors through our brands and offerings: ManpowerGroup Solutions, Experis, Manpower and Right Management.

You don't have to buy a ticket to New Delhi to enjoy exotic foods. Pal's Indian Cuisine serves authentic North Indian cuisine every day, including our popular lunch buffet 7 days a week. Our menu includes a variety of favorites such as Butter Chicken, Tandoori Chicken, or fresh Naan/Roti straight from our tandoori oven. At Pal's, we have 17 years of experience preparing Indian cuisine. We opened the restaurant to provide customers with a local place where they can enjoy authentic homemade Indian food in a comfortable setting. Our food stands apart because of its freshness and traditional flavors. With each bite, you are transported to an exotic place where food is given that extra zest with aromatic spices. Are you hungry yet? Stop in today and enjoy a delicious meal.

Big Box Overstock specializes in only the top name brands at the best prices in town! Prices start $20 and up. Shop their website while in the store or from home and choose from thousands of products with fast and free shipping!

TENANT OVERVIEW

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Our Mission is to combine quality ingredients and creativity to offer a tasty, classic dessert with a new twist. We aim to provide our customers with the highest service and an unforgettable experience.

There's a lot going on at Amped Reality -from parties to robots, after school and summer camps to the best VR gaming anywhere.

As one of the largest sneaker and streetwear retailers in Europe, SNIPES has always been focused on shaping and driving the streetwear culture. Having already launched branded product partnerships with popular figures like Wiz Khalifa, Snoop Dogg and Rick Ross (and many more), SNIPES has given consumers inspiration and a voice on its best-in-class social media outlets. From their 200+ stores to the biggest festivals on the continent, we are thrilled to help SNIPES expand in the US.

We have been opened for 24 years. We provide large selection of suits, shirts, ties, and suits. We also do alterations for your clothing. Our goal is to make every customer happy with our low prices and exceptional customer service. We strive to make every event a great one for you. Ranging from Weddings, church events, dances, or even just a causal outfit.

28 Nail is a boutique nail salon that has been operating within the Ridgemoor Center for two plus years. Inquiries have been made with the landlord to potentially expand.

TENANT OVERVIEW

page 12

MEET THE TEAM

JEFF TUCKER

Vice President, Brokerage | Principal

[email protected]: 616.254.0014 x564 | Cell: 616.881.9321

PROFESSIONAL BACKGROUND

Jeff Tucker joined Bradley Company as Vice President, Brokerage | Principal in September 2016. In this role, Jeff leads the office brokeragegroup in the Michigan operations. Jeff is a seasoned sales and marketing professional with over 24 years of real estate experience. In hisrole, Jeff advises clients in strategic planning, transaction execution for both acquisition and dispositions, and portfolio managementthroughout the Michigan region. He enjoys client relationships with Fortune 500 companies as well as family-owned businesses. Jeffattended Hope College where he graduated with a degree in Political Science. He is dedicated to providing unsurpassed customer service,coupled with uncompromising integrity and the highest industry standards.

Jeff is a licensed Real Estate Broker in the State of Michigan and is a candidate for CCIM Designation. Prior to becoming a broker, hiscareer included environmental consulting as a registered Environmental Property Assessor.

Client List•Almassian Law•AXA Financial•Bridgewater Place LLC•Compliance Systems Inc.•Expedia.com•First American Title•Hormel Foods•Intercontinental Hotels•Konica Minolta•Meritian Health•MetLife•Ohio Farmers Insurance•Sports Clips•Starbucks•State Farm•Subway•The Northface / VF Outdoor•Thyssen Krupp•UBS•US Armed Forces•Verizon / MCI•Willis Insurance

EDUCATION

Bachelor in Political Science, Hope College

MEMBERSHIPS

•Member, Commercial Alliance of Realtors of West Michigan•Member, International Council of Shopping Centers Candidate, Certified Commercial Investment Member (CCIM)

BRADLEY COMPANY220 Lyon St. NW Suite 400Grand Rapids, MI 49503

616.254.0005

MEET THE TEAM

DREW NELSON

Associate

[email protected]: 616.254.0035 x565 | Cell: 616.975.3739

PROFESSIONAL BACKGROUND

Drew Nelson joined Bradley Company in September 2016 to focus on the office, retail and investment segments of the industry. Drewprefers a ‘consultative’ approach when advising his clients on acquisitions, dispositions, portfolio management and lease options. In hisadvisory role, he makes recommendations to his clients as if the investments/assets were his own. Many factors have contributed toDrew’s success including his integrity, a strong work ethic, and absolute honesty. In addition to his many business relationships in theGrand Rapids marketplace, Drew has co-brokered deals with real estate professionals located throughout the Midwest, along with the EastCoast and Denver, CO.

Drew is a Licensed Real Estate Sales Associate with Bradley Company, LLC, and is a candidate for CCIM Designation. Prior to his career incommercial real estate, Drew excelled in sales, advertising and marketing for 20+ years. In doing so, he created, deployed and marketed anumber of consumer websites and was a senior sales executive for a top online lead aggregator, ZipSearch, LLC -where he won several‘Top Sales Person’ awards.

Client List•Old National Bank•2 Mission / Jolly Pumpkin•The Mitten State•Talmer Bank•San Chez Bistro•Founders Bank & Trust•Maxim Healthcare Services•Loquidity•Nugent Builders•OMM Engineering•Restaurant Partners, Inc.•Nutra Food Ingredients•The Fortus Group•West Michigan Medical Center•EmbroidMe•Mary Kay•America’s One Title Agency•Teksystems, Inc.•S.P. Richards•Christian Healthcare Services

MEMBERSHIPS

•Member, Commercial Alliance of Realtors of West Michigan (CARWM)•Member, Michigan Association of Realtors (MAR)•Member, National Association of Realtors (NAR)

BRADLEY COMPANY220 Lyon St. NW Suite 400Grand Rapids, MI 49503

616.254.0005

MEET THE TEAM

ABOUT BRADLEY COMPANY

A B O U TB R A D L E YCOMPANY

A seasoned and talented team of solution-driven, commercial real estate professionalsserving the Midwest region. We provide innovative services for all commercial realestate needs. Bradley Company is committed to, and actively invests in, the growth

and prosperity of our local communities.

Our highest priority is to help our clients align their real estate requirements with theirstrategic business objectives. Our full-service approach ensures that every client’s

experience with Bradley Company is outstanding from beginning to end. Ourexpertise in all sectors of the market allows us to create an environment that solvesproblems and strengthens relationships. Trust, loyalty and responsibility are at the

heart of everything we do.

With a corporate history that began in 1978, our team consists of more than 250professionals throughout Indiana and West Michigan. The benefit to you is a broadersuite of services, real-time market knowledge and trend analysis that smaller, more

localized firms, may not provide.

Get to know Bradley Company.

OUR COMPANY

©2019 Bradley Company, LLC and affiliates. Use of any third party name or mark is for informational purposes only and does not indicate sponsorship or endorsement by such party.Not all information has been independently verified, and the presenting broker makes no guarantee about its accuracy. Any projections, opinions, or estimates are for example only.Before completing a real estate transaction, you and your advisors should conduct an independent investigation of the property to determine its suitability for your needs.

Rev. 04/13

CONFIDENTIALITY AGREEMENT

FOR RELEASE OF FINANCIAL INFORMATION

BROKER: ________________________ (“Broker”)

REQUESTING PARTY: ________________________ (“Requesting Party”)

PROPERTY: 2889 28th Street SE, Kentwood, MI – Ridgemoor Center

This Confidentiality Agreement (the “Agreement”) is made and agreed to by Bradley Company, LLC (“Broker”) and the Requesting Party, as

identified above. Broker previously executed an exclusive listing contract with the owner of the Property identified above (the “Owner”).

Broker hereby discloses that it is an agent of Owner. The term Broker shall include Broker’s respective real estate licensees.

Requesting Party now requests certain information regarding the Property for the purpose of evaluating a possible acquisition or lease of the

Property. Owner has instructed Broker to release information regarding the Property, much of which is highly confidential, only to parties who

have executed a confidentiality agreement. Requesting Party, in exchange for the release of information regarding the Property, now agrees to

the following terms and covenants:

1. Requesting Party will not disclose, permit the disclosure of, release, disseminate, or transfer any information obtained hereunder

(“Information”) to any other person or entity.

2. If Requesting Party is a corporation, partnership, limited liability company, or other non-natural legal entity, the person(s) signing this

Agreement on its behalf will take all appropriate precautions to limit the dissemination of the Information only to those persons within the

entity who have need to know of the Information and who are specifically aware of the Agreement and agree to honor it.

3. This Agreement applies to all Information received from Broker, now or in the future, which is not readily available to the general public.

Requesting Party understands that all Information shall be deemed confidential, valuable, and proprietary such that its unauthorized

disclosure, even without intent to harm, could cause substantial and irreparable harm to Owner and Broker.

4. All Information shall be used for the sole purpose of evaluating the potential acquisition of the Property, and it shall not at any time or in

any manner be used for any other purpose.

5. Requesting Party shall not contact concerning the Property any persons other than Broker without Broker or Owner’s written permission.

Such persons include, without limitation, Owner’s employees, suppliers, and tenants.

6. Requesting Party acknowledges that it is a principal and not an agent on behalf of any other party in conjunction with the purchase of the

Property (except advisors working on behalf of their pension fund clients).

7. Neither Broker nor Owner makes any representations or warranty, express or implied, as to the accuracy or completeness of any Information

provided. Requesting Party assumes full and complete responsibility for confirmation and verification of all Information received and

expressly waives all rights of recourse against Broker and Owner with respect to the same.

8. The obligations of confidentiality undertaken pursuant to this Agreement shall survive any expiration or termination of Broker’s listing

contract with Owner.

9. The person signing on behalf of Requesting Party represents that he or she has the authority to bind the Requesting Party.

10. This Agreement shall be governed and construed in accordance with the laws of the State of Michigan.

REQUESTING PARTY NAME

x

REQUESTING PARTY SIGNATOR

SIGNATOR’S PRINTED NAME

SIGNATOR’S TITLE

DATE

CONFIDENTIALITY AGREEMENT

page 18

TO BE THE PREMIER REAL ESTATE FIRM IN THE MIDWEST.DELIVERING INNOVATIVE SOLUTIONS TO OUR CLIENTS AND PARTNERS.

RIDGEMOOR CENTER - LoopNet › d2 › xDxuNRu1zAA912...1 Mile 3 Miles 5 Miles Population 8,918...

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