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NEWHYDEPARK1596 UNION TURNPIKE | NEW HYDE PARK, NY 11040
$8,000,000
CONFIDENTIAL OFFERING MEMORANDUM
FEE INTEREST IN ABSOLUTE NNN GROUND LEASED MULTI-CREDIT TENANT RETAIL CENTER
01
04
02
03
THE INVESTMENT
34
9
LOCATION & DEMOGRAPHICS
THE PROPERTY
SUB-TENANTS
Investment Summary
About the Area
Lease Abstract
MapsDemographics Overview
TABLE OF CONTENTS
NEWHYDEPARK
INVESTMENT REAL ESTATE ASSOCIATES
OFFICE16501 Ventura Blvd. Suite 448Encino, CA 91436Phone: 818 .386.6888Fax: 818 .386.2805
www.irea.com
EXCLUSIVE LISTING AGENTS
I R E A
CHRISTHOMPSONSenior [email protected] | 01205918
[email protected] | 01912487
NEW HYDE PARK CENTER, NY | 2
5
JEFFREYTERWILLIGERBroker of [email protected]: 30Te0892302
19
1416
VIDEO LINK
ANNUALIZED OPERATING $220,000.00 August 10, 1999 to August 31, 2004
$242,000.00 September 1, 2004 to August 31, 2009
$266,200.00 September 1, 2009 to August 31, 2014
$292,820.00 September 1, 2014 to August 31, 2019
$322,102.00 September 1, 2019 to August 31, 2024 4.03%
$354,312.20 September 1, 2024 to August 31, 2029 4.43%
$389,743.42 September 1, 2029 to August 31, 2034 4.87%
$428,717.76 September 1, 2034 to August 31, 2039 5.36%
$471,589.54 September 1, 2039 to August 31, 2044 5.89%
$518,748.49 September 1, 2044 to August 31, 2048 6.48%
$518,748.49 September 1, 2048 to August 31, 2049 6.48%
$570,623.00 September 1, 2049 to August 31, 2054 7.13%
$627,685.67 September 1, 2054 to August 31, 2059 7.85%
$690,454.24 September 1, 2059 to August 31, 2063 8.63%
iNVESTMENT SUMMARY | 3 6THE INFORMATION PROVIDED HEREIN IS FROM SOURCES WE BELIEVE ARE RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY, WE HAVE NOT VERIFIED IT AND MAKE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES ABOUT IT.
NEW HYDE PARK CENTER - IREA
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TENANT SUMMARY
INVESTMENT SUMMA-LIST PRICE $8,000,000
CAP RATE 4.0%
APPROX LOT SIZE 42,001 SF
BUILDING SF 14,580 SF
TENANT
SUB-TENANTS
PREMISES
LEASE BEGIN
LEASE EXPIRE
LEASE PERIOD
YEAR BUILT
FINANCING
RIGHT OF REFUSAL
OWNERSHIP
ROOF
STRUCTURE
NHP UNION LLC, a New York limited liability company
Duane-Reade, Starbucks, T-Mobile, and Pet Valu
A Parcel of Approximately 42,001 SF
August 10, 1999
August 31, 2063
64 Years (Including Automatic Extension)
1999
Property to be delivered free of debt
Yes
The property being sold is the Fee Interest in the
ground under a multi-tenant credit retail center. At
lease end all improvements become the property of
the buyer of the ground.
Tenant Responsibility
Tenant Responsibility
01T
HE
OF
FE
RIN
G
NEW HYDE PARK - IREA
TENANT
SUB-TENANTS
PREMISES
LEASE BEGIN
LEASE EXPIRE
LEASE PERIOD
APPROX LOT SIZE
BUILDING SQUARE FEET
YEAR BUILT
FINANCING
RIGHT OF REFUSAL
OWNERSHIP
RENEWAL OPTIONS
RENT INCREASES
PROPERTY TAXES
LANDLORD RESPONSIBILITY
INSURANCE
ROOF & STRUCTURE
REPAIRS & MAINTENANCE
HVAC
UTILITIES
NHP UNION LLC, a New York limited liability company
Duane-Reade, Starbucks, T-Mobile, and Pet Valu
A Building of Approximately 42,001 SF
August 10, 1999
August 31, 2063
64 Years (Including Automatic Extension)
42,001 SF
14,580 SF
1999
Property to be delivered free of debt
Yes
The property being sold is the Fee Interest in the
ground under a multi-tenant credit retail center. At
lease end all improvements become the property of
the buyer of the ground.
None
10% Every 5 Years
Tenant’s Responsibility
None
Tenant’s Responsibility
Tenant’s Responsibility
Tenant’s Responsibility
Tenant’s Responsibility
Tenant’s Responsibility
LEASE ABSTRACT | 4THE INFORMATION PROVIDED HEREIN IS FROM SOURCES WE BELIEVE ARE RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY, WE HAVE NOT VERIFIED IT AND MAKE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES ABOUT IT.
NEW HYDE PARK - IREATHE INFORMATION PROVIDED HEREIN IS FROM SOURCES WE BELIEVE ARE RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY, WE HAVE NOT VERIFIED IT AND MAKE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES ABOUT IT.
NEW HYDE PARK CENTER - IREA
LEASE ABSTRACT
NEWHYDEPARK THE PROPERTY 02
PROPERTY TYPE
ADDRESS
LEASE PERIOD
LEASE BEGIN
LEASE EXPIRE
APPROX. LOT SIZE
BUILDING SQUARE FEET
YEAR BUILT
Absolute NNN Ground Leased Retail Center
1596 Union Turnpike | New Hyde Park, NY 11040
64 Years (including automatic extension)
August 10, 1999
August 31, 2063
42,001 SF
14,580 SF
1999
THE INFORMATION PROVIDED HEREIN IS FROM SOURCES WE BELIEVE ARE RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY, WE HAVE NOT VERIFIED IT AND MAKE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES ABOUT IT.
NEW HYDE PARK CENTER - IREA THE PROPERTY | 6
NEWHYDEPARK
NEWHYDEPARK
INVESTMENT HIGHLIGHTS PRICE: $8,000,000 CAP: 4 .0%
Absolute NNN Ground Lease
Class-A-Tenants
Demographics
THE PROPERTY | 7
Ground Lessee is responsible for all property expenses and maintenance.
New Hyde Park Center is surrounded by a growing retail and medical corridor. The average household income exceeds $157,000 within a one-mile radius and the population is approximately 576,015 within a five-mile radius.
Starbucks, T-Mobile, and Duane-Reade are all national credited tenants.
NEW HYDE PARK CENTER - IREA
Traff ic
Exceptional traffic and retail location with signalized corner with a total combined 51,535 VPD
Absolute NNNGround Lease
Original 49 year lease term plus plus automatic 15-Year extension
(See lease for term details)
Exceptional Traffic and Retail Location
Signalized Corner with a total combined 51,535 VPD
Fee Interest in a Ground Leased Multi-Credit Tenant Retail Center
44+ YRS REMAIN
HIG
HL
IGH
TS
near New Hyde Park — Nassau
1 of 1
0 500 1,000 m
Northern State Pkwy
Union Turnpike
Marcus Ave
Michael J. Tully Park
NORTH NEW HYDE PARK
GLEN OAKS
LITTLE NECK
UNIVERSITY GARDENS
LAKE SUCCESS
NORTH HILLS
NORTH HILLS
HERRICKS
MANHASSET HILLS
NEWHYDEPARK
10% Rent Increases Every 5 Years
NNN
THE INFORMATION PROVIDED HEREIN IS FROM SOURCES WE BELIEVE ARE RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY, WE HAVE NOT VERIFIED IT AND MAKE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES ABOUT IT.
NEW HYDE PARK - IREA THE PROPERTY | 8
The pharmacy and convenience store chain was
founded in 1960 in New York City by Abraham,
Eli, and Jack Cohen. Initially started as a full-
service drugstore, the shop was named after its
location between Duane and Reade Streets in
lower Manhattan. The company’s f irst warehouse
was also located between those two streets and
Broadway.
The Cohens sold out of Duane Reade in 1992,
reportedly for US$239 million. After a lot of
growing pains, the f irm was eventually acquired
in 2010 by Walgreens, for around US$1 billion.
Today, and throughout its history, Duane
Reade’s stores have been based primarily in and
around New York City. The brand is famous for
segmenting its stores into four distinct sections:
pharmacy, beauty, seasonal items, and groceries.
02
TYPE Subsidiary to
Walgreens Boot Alliance
LESSEE Walgreens
LEASE TYPE NNN
LOCATIONS 20,000+
WEBSITE www.duanereade.com
SUB-TENANT PROFILE | 9NEW HYDE PARK CENTER - IREA
NEWHYDEPARK SUB-TENANTS 03
Starbucks opened in 1971, a single store in Seattle’s historic Pike Place Market and grew into a global public company with more than 29,000 retail stores in 78 markets.
Starbucks sells handcrafted coffee, tea and other beverages and a variety of fresh food items, including snack offerings, through company-operated stores. They also sell a variety of coffee and tea products and license their trademarks through other channels such as licensed stores, grocery and foodservice accounts. In addition to their flagship Starbucks Coffee brand, they also sell goods and services under the following brands: Teavana, Tazo, Seattle’s Best Coffee, Evolution Fresh, La Boulange and Ethos.
Starbucks has 8,222 company-operated stores and 5,708 licensed stores across the country. Starbucks plans to open an additional 12,000 stores globally by 2021. Starbucks is # 131 on the Fortune 500.
TYPE Public-SBUX (NASDAQ)
LESSEE Starbucks Corporation
LEASE TYPE NNN
LOCATIONS 23,391
WEBSITE www.starbucks.com
Starbucks Corporation is an American global coffee company based in Seattle, Washington. With 28,000 stores spread throughout 76 countries* (including the US, China, Canada, Japan, and the United Kingdom), Starbucks is the largest coffehouse company in the world. Starbucks is an enduring global merchant that today delivers the Starbucks Expereince more than 85 million times per week.
Starbucks serves hot and cold beverages, whole bean coffee, instant coffee, teas, pastries, and prepackaged sandwiches/snacks.
*Starbucks Fiscal 2018 Annual Report
SUB-TENANT PROFILE | 10NEW HYDE PARK CENTER - IREA
T-Mobile US, Inc, is headquartered in Bellevue, Washington, and is
a United States-based wireless network operator whose majority
shareholder is Deutsche Telekom. The third largest wireless carrier
in the US, T-Mobile has 81.3 million customers with annual revenues
of over $40 billion. Its nationwide network reaches 98 percent
of Americans, through its networks, as well as through roaming
agreements. T-Mobile US provides services through its subsidiaries
and operates its flagship brands, T-Mobile and MetroPCS.
As of 2011, J. D. Power and Associates, a global marketing-
information-services f irm, ranked the company highest among
major wireless carriers for retail-store satisfaction four years
consecutively and highest for wireless customer care two years
consecutively.
TYPE Public-TMUS (NASDAQ)
LESSEE T-Mobile
LEASE TYPE NNN
LOCATIONS 20,000+
WEBSITE www.t-mobile.com
T-Mobile US, Inc, is headquartered in Bellevue, Washington, and is a United States-based wireless network operator whose majority shareholder is Deutsche Telekom. The third largest wireless carrier in the US, T-Mobile has 81.3 million customers with annual revenues of over $40 billion. Its nationwide network reaches 98 percent of Americans, through its networks, as well as through roaming agreements. T-Mobile US provides services through its subsidiaries and operates its flagship brands, T-Mobile and MetroPCS.
As of 2011, J. D. Power and Associates, a global marketing-information-services f irm, ranked the company highest among major wireless carriers for retail-store satisfaction four years consecutively and highest for wireless customer care two years consecutively.
SUB-TENANT PROFILE | 11NEW HYDE PARK CENTER - IREA
NEW HYDE PARK CENTER - IREA OFFERING HIGHLIGHTS | 12
NE
WH
YD
EP
AR
K
Duane Reade9,000 SF
T-Mobile1 ,200 SF
Pet Valu3,010 SF
Starbucks1 ,401 SF
NEWHYDEPARK LOCATION & DEMOGRAPHIC HIGHLIGHTS
THE INFORMATION PROVIDED HEREIN IS FROM SOURCES WE BELIEVE ARE RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY, WE HAVE NOT VERIFIED IT AND MAKE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES ABOUT IT.
USTA BILLIE JEAN KING CENTER
LONG ISLAND RAIL ROAD - JAMAICA STATION
NASSAU ART MUSEUM
LOCATION | 14
LOCATION OVERVIEWLONG ISLAND , NEW YORK
New Hyde Park has excellent nearby demographics
with a dense, wealthy population base. Within a
5-mile radius of the site there are approximately
576,015 residents living in 197,627 houses. The
surrounding area has a very high average
household income of $157,212 within a 1-mile radius.
The site is surrounded by several convenient
transportation options. The Long Island Rail Road
is the busiest commuter railroad in North America,
with an average weekday ridership of 337,800
passengers. The property is also located within 10
miles of John F. Kennedy International Airport. The
airport is the busiest international air passenger
gateway into the United States and handles
approximately 53 million passengers per year.
Because of its close proximity and relatively
short commute to Manhattan, it is primarily
a commuter village with over 75% of the land
used for single family residences, but also has
warehouses near the Long Island Rail Road
station and retail districts along Jericho Turnpike.
7TH AVENUE NEW YORK CITY
HAMPTONS
LA GUARDIA AIRPORT
DEEPDALE GOLF COURSE
MANHATTAN, NY
THE INFORMATION PROVIDED HEREIN IS FROM SOURCES WE BELIEVE ARE RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY, WE HAVE NOT VERIFIED IT AND MAKE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES ABOUT IT.
NEW HYDE PARK - IREA LOCATION | 15
THE INFORMATION PROVIDED HEREIN IS FROM SOURCES WE BELIEVE ARE RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY, WE HAVE NOT VERIFIED IT AND MAKE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES ABOUT IT.
NE
W H
YDE
PA
RK
RD
34,794
VP
D±
MARCUS AVE 25,445 VPD±CLINTON G MARTIN
PARK
THE INFORMATION PROVIDED HEREIN IS FROM SOURCES WE BELIEVE ARE RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY, WE HAVE NOT VERIFIED IT AND MAKE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES ABOUT IT.
NEW HYDE PARK - IREA LOCATION | 16
UNION TURNPIKE 26,090 VPD±
NEWHYDEPARK
THE INFORMATION PROVIDED HEREIN IS FROM SOURCES WE BELIEVE ARE RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY, WE HAVE NOT VERIFIED IT AND MAKE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES ABOUT IT.
NEW HYDE PARK - IREA LOCATION | 17
NEWHYDEPARK
LOCATION
LONG ISLAND
BOSTON
MONTAUK
NEW HAVEN
HARTFORDPROVINCE
NEWPORT
BROOKLYN
NANTUCKET
NYC
CLINTON G MARTIN PARK
NEWHYDEPARK
THE INFORMATION PROVIDED HEREIN IS FROM SOURCES WE BELIEVE ARE RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY, WE HAVE NOT VERIFIED IT AND MAKE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES ABOUT IT.
NEW HYDE PARK - IREA LOCATION | 6
near Queens — New York
1 of 1
0 1.25 2.5 3.75 km
DISTANCE TO Manhattan 21.4 miles
JFK 11.4 miles
La Guardia Airport 12.9 miles
Brooklyn 16.5 miles
Hamptons 76.3 miles
THE INFORMATION PROVIDED HEREIN IS FROM SOURCES WE BELIEVE ARE RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY, WE HAVE NOT VERIFIED IT AND MAKE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES ABOUT IT.
NEW HYDE PARK CENTER - IREA LOCATION | 18
near New York — United States
1 of 1
0 2.5 5 7.5 km
NEWHYDEPARK
NEWHYDEPARK
1 MILE
3 MILE
5 MILE
21.4 MILES
Demographic and Income Comparison Profile1596 Union Tpke, New Hyde Park, New York, 11040 2 Prepared by Esri1596 Union Tpke, New Hyde Park, New York, 11040 Latitude: 40.75463Rings: 1, 3, 5 mile radii Longitude: -73.68839
1 mile 3 miles 5 milesCensus 2010 Summary
Population 17,164 204,229 576,015Households 5,788 72,502 197,627Families 4,706 53,121 145,988Average Household Size 2.90 2.77 2.87Owner Occupied Housing Units 5,348 58,115 146,673Renter Occupied Housing Units 440 14,387 50,954Median Age 46.2 43.8 41.5
2019 SummaryPopulation 17,641 209,638 593,578Households 5,858 73,659 201,540Families 4,736 53,419 147,552Average Household Size 2.94 2.80 2.91Owner Occupied Housing Units 5,397 58,422 147,997Renter Occupied Housing Units 461 15,237 53,543Median Age 48.0 45.5 43.1Median Household Income $122,848 $109,116 $100,420Average Household Income $157,212 $149,413 $137,703
2024 SummaryPopulation 17,753 211,544 599,206Households 5,873 74,131 202,820Families 4,742 53,578 148,090Average Household Size 2.95 2.81 2.92Owner Occupied Housing Units 5,417 58,653 149,000Renter Occupied Housing Units 456 15,477 53,820Median Age 47.5 45.8 43.6Median Household Income $136,559 $119,896 $109,393Average Household Income $174,223 $165,281 $152,716
Trends: 2019-2024 Annual RatePopulation 0.13% 0.18% 0.19%Households 0.05% 0.13% 0.13%Families 0.03% 0.06% 0.07%Owner Households 0.07% 0.08% 0.14%Median Household Income 2.14% 1.90% 1.73%
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2019 and 2024.
June 27, 2019
©2019 Esri Page 1 of 7
Long Island is a densely populated island off the East Coast of the United States, beginning at New York Harbor approximately 0.35 miles from Manhattan Island and extending eastward into the Atlantic Ocean. The island comprises four counties in the U.S. state of New York. Kings and Queens Counties (the New York City boroughs of Brooklyn and Queens, respectively) and Nassau County share the western third of the island, while Suffolk County occupies the eastern two-thirds.
More than half of New York City’s residents now live on Long Island, in Brooklyn and Queens. New Hyde Park has a total area of 0.8 square miles, all of it being land. New Hyde Park lies in the towns of Hempstead and North Hempstead in Nassau County, with Jericho Turnpike being the border between the two. Referred to by residents as New Hyde Park, the census-designated place (CDP) of North New Hyde Park also lies in North Hempstead. It also uses the New Hyde Park postal code, 11040.
LOCATION & PROJECTED GROWTHTHE NUMBERS
DEMOGRAPHICS & INCOME
*
Total Population
2010
2018
2023*
Projected Growth Rate
Total Households
2010
2018
2023*
Projected Growth Rate
Average Household Income
2018
2023*
Projected Growth Rate
Renter Occupied Housing Units
2010
2018
2023*
17,164
17,714
17,982
1.4%
5,788
5,868
5,923
1%
$151,791
$171,918
11.7%
440
429
388
THE INFORMATION PROVIDED HEREIN IS FROM SOURCES WE BELIEVE ARE RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY, WE HAVE NOT VERIFIED IT AND MAKE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES ABOUT IT.
Demographics
DEMOGRAPHICS | 19THE INFORMATION PROVIDED HEREIN IS FROM SOURCES WE BELIEVE ARE RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY, WE HAVE NOT VERIFIED IT AND MAKE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES ABOUT IT.
NEW HYDE PARK - IREATHE INFORMATION PROVIDED HEREIN IS FROM SOURCES WE BELIEVE ARE RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY, WE HAVE NOT VERIFIED IT AND MAKE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES ABOUT IT.
NEW HYDE PARK CENTER - IREA
1-MILE RADIUS FROM PROPERTY
Sources: IREA; ESRI Information Services; U.S. Census Bureau of Labor Statistics; Wikipedia; Fortune/Money.CNN.com; Forbes; Business Insider;Moody's; Zillow; Trulia; City of Glendale; Los Angeles County; Los Angeles Times; REIS; California Association of Realtors; DataQuick; Curbed LA; Glendale News-Press; San Fernando Valley Business Journal; Glendale Unif ied School District; Glendale Community College; ThinkGlendale.com; Los Angeles Times.
Demographics
DEMOGRAPHICS | 20THE INFORMATION PROVIDED HEREIN IS FROM SOURCES WE BELIEVE ARE RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY, WE HAVE NOT VERIFIED IT AND MAKE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES ABOUT IT.
NEW HYDE PARK - IREATHE INFORMATION PROVIDED HEREIN IS FROM SOURCES WE BELIEVE ARE RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY, WE HAVE NOT VERIFIED IT AND MAKE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES ABOUT IT.
NEW HYDE PARK CENTER - IREA
1-MILE RADIUS FROM PROPERTY
16501 Ventura Blvd. Suite 448Encino, CA 91436Phone: 818 .386.6888Fax: 818 .386.2805
www.irea.com
David Leibowitz Chris ThompsonPartner(818) [email protected]
Senior Partner(818) [email protected]
I R E A
NEWHYDEPARK1596 UNION TURNPIKE | NEW HYDE PARK, NY 11040
ABSOLUTE NNN GROUND LEASED CREDIT RETAIL CENTER
CONFIDENTIAL OFFERING MEMORANDUMLISTED BY INVESTMENT REAL ESTATE ASSOCIATES
Jeff rey TerwilligerBroker of [email protected]: 30Te0892302
BROKER OF RECORD
