2200 N Howard St Baltimore MD 21218 - LoopNet...Baltimore, Maryland. Founded in 1876, the school is now home to more than 24,000 undergraduate and graduate students throughout the

2200 N Howard St, Baltimore MD 21218

OFFERING MEMORANDUM

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E X C L U S I V E L Y L I S T E D B Y

Braden Crockett

Associate VP & Director

[email protected] (214) 692-2040MOB (714) 345-6206LIC # 01946071 (CA)

Kyle MatthewsBROKER OF RECORDLIC # 664913

F i r e s t o n e B a l t i m o r e , M D | 3

C O N T E N T S

4 EXECUTIVE SUMMARY

6 FINANCIAL ANALYSIS

7 TENANT OVERVIEW

1 1 AREA OVERVIEW

8 PROPERTY OVERVIEW

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Investment:

• Recently Extended for a total of 13 Years - Demonstrates tenant’s strong performance and commitment to the location

• Offered at an Attractive 6% Cap Rate

• Strong Hedge Against Inflation with Fixed Rental Increases in the base term and options

Tenant:

• Firestone Complete Auto Care has over 2,200 locations and is one of the strongest Auto Service Retailers in the country

• Parent Company, Bridgestone, has a market capitalization of over $31 Billion with over $30 Billion in Revenue

• Bridgestone has earned an investment grade credit rating of BBB+ as rated by S&P

• E-Commerce Resilient Tenant - Very difficult for Online retailers to replicate business model

Location:

• Located less than 1 Mile from Johns Hopkins University one of the nation’s Premier Universities in the country

• Johns Hopkins is home to over 6,500 undergraduates and was ranked by US News as the 10th Best National University

• Johns Hopkins was also ranked in the Top 3 Medical Schools in the country

• High Trafficked Location - Over 25,000 VPD on Howard St

• Gentrifying Area - Significant New Development of Mixed Use Apartments and Retail

• Estimated 1,000 Units of Apartments Under construction or recently built

• Just South of Charles Village - Recent $65MM development- 157 Apartments with 31,500 SF of retail

• 5 Miles North of $5.5 Billion Dollar Covington Port Development which will house Under Armour’s corporate headquarters

Investment Highlights

Executive Summary


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List Price ...................................................................................................................$3,184,000

CAP Rate - Current ..........................................................................................................6.00%

Gross Leasable Area ............................................................................................. ± 8,040 SF

Lot Size ........................................................................................... ± 0.51 Acres (22,140 SF)

Year Built ............................................................................................................................... 1975

Annualized Operating DataMonthly Rent Annual Rent Rent/SF Cap Rate

Current* - 10/31/2025 $15,916.67 $191,000.00 $23.76 6.00%

11/1/2025 - 10/31/2030 $17,826.67 $213,920.00 $26.61 6.72%

Tenant Summary

Tenant Trade Name Firestone

Type of Ownership Fee Simple

Lease Guarantor Corporate

Lease Type Absolute NNN

Original Lease Term 15 Years

Lease Commencement Date 2/1/1984

Lease Expiration Date 10/31/2030

Term Remaining on Lease ± 13 Years

Increases 12% in 2025

Options None

2200 N Howard StBaltimore, MD 21218

Financial Analysis

*Rent increases from $118,800 to $191,000 on 2/1/2019. Seller will escrow difference in rents for purchaser to draw down monthly or to take in one lump sum at closing.


Property Name Firestone Complete Auto Care

Industry Bridgestone Retail Operations, LLC

Ownership Public

No. of Locations ± 2,200

No. of Employees ± 22,000

Headquartered Bloomingdale, illinois

Website www.firestonecompleteautocare.com

Year Founded 1926

As a subsidiary and the U.S. retail arm of Japan-based tire giant Bridgestone Corporation, Bridgestone Retail Operations, LLC (BSRO) operates the world’s largest chain of company-owned auto care centers and tire stores across the United States under the Firestone Complete Auto Care, Expert Tire, Tires Plus and Wheel Works banners. Since its founding in 1926, Firestone Complete Auto Care has been providing exceptional customer service, quality products and the right solutions for patrons’ auto care needs. This iconic brand is the work-horse of BSRO’s portfolio as a lead provider for maintenance, repairs, and tires.

Tenant Overview

Firestone Complete Auto Care

Strategy

Fundamental honesty is the keystone of Firestone Complete Auto Care’s business. The brand’s name is synonymous with quality, pride, and expertise in tires and auto care. At Firestone Complete Auto Care, team members offer more than just car service: They offer solutions for difficult situations. With the promise to care, BSRO is committed to earning the loyalty of their customers by providing a positive experience. BSRO’s long-term strategic plans involve building a relationship with customers to turn them into lifetime customers. In an effort to make regular maintenance more convenient, BSRO is working to boost its revenues by expanding its retail network nationwide; The firm has added more than 100 new stores over the past few years.

Geographic Outreach

Bridgestone Retail Operations, LLC operates approximately 2,200 Firestone Complete Auto Care locations throughout the United States.

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The OfferingProperty Name Firestone

Property Address2200 N Howard St

Baltimore, MD 21218

Assessor’s Parcel Number 12-05-3608-017

Site DescriptionNumber of Stories One

Year Built 1975

Gross Leasable Area (GLA) ± 8,040 SF

Lot Size ± 0.51 Acres (22,140 SF)

Type of Ownership Fee Simple

Landscaping Professional

Topography Generally Level

Property Overview


Parcel Map

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SURROUNDING TENANTS

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F i r e s t o n e B a l t i m o r e , M D | 1 1

Area Overview

Baltimore, MD

Beginning in 1979, Baltimore began urban renewal efforts that rank among the most ambitious in the United States. Downtown and many other neighborhoods have been revitalized, with special attention given to the city’s greatest asset - the harbor. Additionally, state-of-the-art stadiums have been constructed for the Baltimore Orioles and Baltimore Ravens. A few miles away, billion-dollar biotechnology parks attract the world’s leading scientists.

The city of Baltimore is the largest city in the state of Maryland and the largest independent city in the United States. Historically a working-class port town focused on steel processing, shipping, auto manufacturing, and transportation, Baltimore now has a modern service economy led by biotechnology, medicine, and tourism.

Baltimore is home to the headquarters of Under Armour. Under Armour has plans for a 50-Acre campus with a manmade urban lake and 3.0 million square feet of office. The first phase of the campus includes a ladmark tower that is expected to be built by 2021. The campus will be built along the Port Covington waterfront and will have a stadium to seat 7,000 fans with plans to host local College sporting events. Neil Jurgens, Vice President for corporate real estate at UA said, “We see this as transformative for the city and transformative for Under Armour.”

1 2 | M a t t h e w s R e a l E s t a t e I n v e s t m e n t S e r v i c e s

Baltimore Demographics

POPULATION 1 Mile 3 Mile 5 Mile

2022 Projection 44,069 319,129 602,528

2017 Estimate 42,921 314,885 595,745

2010 Census 41,569 314,336 595,213

2000 Census 43,772 337,592 625,417

Growth 2017 - 2022 2.67% 1.35% 1.14%

Growth 2010 - 2017 3.25% 0.17% 0.09%

HOUSEHOLDS 1 Mile 3 Mile 5 Mile

2022 Projection 21,591 130,098 244,648

2017 Estimate 20,826 127,765 241,116

2010 Census 19,742 126,427 239,450

Growth 2017 - 2022 3.67% 1.83% 1.47%

INCOME 1 Mile 3 Mile 5 Mile

2017 Est. Average Household Income

$54,087 $63,445 $66,797

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Johns Hopkins University

Johns Hopkins University is a private research university in Baltimore, Maryland. Founded in 1876, the school is now home to more than 24,000 undergraduate and graduate students throughout the 9 schools offered by the university. The school has put more money into research than any other U.S. academic institution and 36 Hopkins researchers have received Nobel Prizes. The global reach of Johns Hopkins touches more than 150 countries through research, training and other related activities. The University is based in Baltimore with campuses on three continents and researchers in every time zone.

Johns Hopkins offers undergraduate, masters, doctoral and certificate programs ranging from arts and music to the humanities to international studies to health professions, along with others that make up the 260 programs offered.

A $65 MM development of 157 apartments and 31,5000 SF of retail is located at the corner of St. Paul and East 33rd Street. The apartments are just a half a mile from Johns hopkins University and about a mile and a half from the subject property at 2200 N Howard St. this location for apartments is stategic due to the amount of students looking to live in such close proximity to campus. This location around Johns Hopkins University is especially attractive right now, with various real estate and retail opportunities popping up throughout the area.

St Paul and East 33rd Street

This Offer ing Memorandum contains select informat ion pertaining to the business and af fa i rs of Firestone Complete Auto Care located at 2200 N Howard St Baltimore, MD 21218 (“Property”) . I t has been prepared by Matthews Real Estate Investment Services. This Offer ing Memorandum may not be al l - inclusive or contain a l l of the informat ion a prospect ive purchaser may desire. The informat ion contained in th is Offer ing Memorandum is conf ident ia l and furnished solely for the purpose of a review by a prospect ive purchaser of the Property. I t is not to be used for any other purpose or made avai lable to any other person without the wri t ten consent of Sel ler or Matthews Real Estate Investment Services. The mater ia l is based in part upon informat ion suppl ied by the Sel ler and in part upon f inancial informat ion obtained from sources i t deems rel iable. Owner, nor their of f icers , employees, or agents makes any representat ion or warranty, express or impl ied, as to the accuracy or completeness of th is Offer ing Memorandum or any of i ts contents and no legal l iabi l i ty is assumed or shal l be impl ied with respect thereto. Prospect ive purchasers should make their own project ions and form their own conclusions without rel iance upon the mater ia l contained herein and conduct their own due di l igence.

By acknowledging your receipt of th is Offer ing Memorandum for the Property, you agree:

1 . The Offer ing Memorandum and i ts contents are conf ident ia l ;

2 . You wi l l hold i t and treat i t in the str ictest of conf idence; and

3. You wi l l not , d i rect ly or indirect ly, d isclose or permit anyone else to disclose this Offer ing Memorandum or i ts contents in any fashion or manner detr imental to the interest of the Sel ler.

Owner and Matthews Real Estate Investment Services expressly reserve the r ight , at their sole discret ion, to reject any and al l expressions of interest or of fers to purchase the Property and to terminate discussions with any person or ent i ty reviewing this Offer ing Memorandum or making an of fer to purchase the Property unless and unt i l a wr i t ten agreement for the purchase and sale of the Property has been ful ly executed and del ivered.

I f you wish not to pursue negot iat ions leading to the acquis i t ion of the Property or in the future you discont inue such negot iat ions, then you agree to purge al l mater ia ls relat ing to th is Property including this Offer ing Memorandum.

A prospect ive purchaser ’s sole and exclusive r ights with respect to th is prospect ive t ransact ion, the Property, or informat ion provided herein or in connect ion with the sale of the Property shal l be l imited to those expressly provided in an executed Purchase Agreement and shal l be subject to the terms thereof. In no event shal l a prospect ive purchaser have any other c la ims against Sel ler or Matthews Real Estate Investment Services or any of their af f i l iates or any of their respect ive of f icers , Directors , shareholders, owners, employees, or agents for any damages, l iabi l i ty, or causes of act ion relat ing to th is sol ic i tat ion process or the market ing or sale of the Property.

This Offer ing Memorandum shal l not be deemed to represent the state of af fa i rs of the Property or const i tute an indicat ion that there has been no change in the state of af fa i rs of the Property s ince the date this Offer ing Memorandum.

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 S TAT E M E N T


2200 N Howard St, Baltimore MD 21218

OFFERING MEMORANDUMBraden Crockett

Associate VP & Director

[email protected] (214) 692-2040MOB (714) 345-6206LIC # 01946071 (CA)

Kyle MatthewsBROKER OF RECORDLIC # 664913

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Documents

2200 N Howard St Baltimore MD 21218 - LoopNet...Baltimore, Maryland. Founded in 1876, the school is now home to more than 24,000 undergraduate and graduate students throughout the