Firestone

™

West Springfield, ma

OFFERING MEMORANDUM

COMPLETEAUTO CARE

™

E X E C U T I V E S U M M A R Y4

P R O P E R T Y F E AT U R E S8

A R E A O V E R V I E W1 0

6 T E N A N T R E P O R T

EXCLUSIVELY LISTED BY:

B R A D E N C R O C K E T TAVP & Director

braden.crockett@matthews.comDIR (214) 692-2040MOB (714) 345-6206LIC # 01946071

K Y L E M AT T H E W SBROKER OF RECORD

LIC # 1000083

4 OFFERING MEMORANDUM

I N V E S T M E N T H I G H L I G H T SLEASE:

• 13 Year Absolute NNN Lease Firestone Complete Auto Care

• Offered at a 5.75% Cap Rate for $2,888,696

• Attractive 12% increase in 2024 and no options thereafter

• Strong Commitment to the Location - Tenant Recently Extended for 12 Additional Years

• Strong Operating History - Firestone has been a tenant at this location for over 50 Years

BUILDING CONDITION:

• Firestone is responsible for all maintenance, repairs and replacements

• Recently Renovated in 2017

• Brand New Roof with 15 Year Warranty

• Upgraded Structural Components

LOCATION AND TRADE AREA:

• Located on a hard corner of the dominant retail corridor in the center of town

• Neighboring Tenants Include - Big Y Grocer, Price Rite, Harbor Freight Tools, Dollar Tree, Big Lots, AutoZone, TJ Maxx, Savers, Bank of America, CVS, McDonald’s and more

• Directly across the street from Brand New Audi/Volkswagen Car Dealership

• Located 25 miles between Hartford, CT and Amherst College, which is consistently ranked as the #1 College in the country

Executive Summary

F I R E S T O N E C O M P L E T E A U T O C A R E501 Memorial AvenueWest Springfield, MA 01089

List Price .......................................................................................... $2,888,696

CAP Rate - Current ................................................................................... 5.75%

Gross Leasable Area ...................................................................... ± 8,668 SF

Lot Size ..........................................................................................± 0.56 Acres

Year Built / Renovated ................................................................... 1948 / 2017

Tenant Summary

Tenant Trade Name Firestone Complete Auto Care

Type of Ownership Fee Simple

Lease Guarantor Bridgestone Retail Operations

Lease Type Absolute NNN

Roof and Structure Tenant Responsible

Original Lease Term 20 Years

Lease Commencement Date 4/1/2017*

Rent Commencement Date 4/1/2017*

Lease Expiration Date 3/31/2032*

Term Remaining on Lease ± 13 Years

Increases 12% Increase in 2024

Options None

* Exact dates may slightly vary.

Monthly Rent Annual Rent Rent/SF Cap Rate

4/1/2018* - 3/31/2024 $13,842 $166,100 $19.16 5.75%

4/1/2024 - 3/31/2030 $15,226 $182,710 $21.08 6.32%*Seller to credit the difference in rents upon closing.

Annualized Operating Data

5FIRESTONE | WEST SPRINGFIELD, MA

6 OFFERING MEMORANDUM

TENANT REPORT

Company Name Firestone Complete Auto Care

Parent Company Trade Name Bridgestone Retail Operations, LLC

Ownership Public

No. of Locations ± 1,700

No. of Employees (all) ± 22,000

Headquartered Bloomingdale, Illinois

Website www.firestonecompleteautocare.com

Year Founded 1926

F I R E S T O N E C O m p l e t e a u t o c a r e

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.

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 1,700 Firestone Complete Auto Care locations throughout the United States.

7FIRESTONE | WEST SPRINGFIELD, MA

PROPERTY FEATURES

T H E O F F E R I N G

Property Name Firestone Complete Auto Care

Property Address501 Memorial Avenue

West Springfield, MA 01089

Assessors Parcel Number WSPR M:00371 B:15000 L:000N3

Site Description

Number of Stories 1

Year Built / Renovated 1948 / 2017

Gross Leaseable Area (GLA) ± 8,668 SF

Lot Size ± 0.56 Acres (24,306 SF)

Type of Ownership Fee Simple

Parking ± 20 Surface Spaces

Parking Ratio 2.31 : 1,000 SF

Landscaping Professional

Topography Generally Level

Construction

Exterior Brick

Parking Surface Asphalt

Roof Flat

P A R C E L M A P

8 OFFERING MEMORANDUM

Memorial Ave

Subject Property

Bridge Street

± 15,000 ADT

Memorial Ave

A E R I A L B I R D ’ S E Y E

AREA OVERVIEW # 3 Q U A L I T Y O F L I F E- F O R B E S

I N

# 4 L A B O R S U P P LY- F O R B E S

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Sitting at the mouth of the Charles River along Boston Harbor on the east coast of Massachusetts, the city of Boston is one of the largest cities in the country and widely viewed as the intellectual and historic capital of the United States. The cosmopolitan city is the capital of the Commonwealth of Massachusetts and the largest city in both the state and all of New England.

Boston is a good walking city, offering a broad range of amenities, a complete set of services and an unparalleled culture. Its modern downtown area is dotted with Revolutionary period historic sites along the Freedom Trail and a mix of preserved, historic streetscapes. Close to the waterfront there is an abundance of attractions such as the Faneuil Hall marketplace, the New England Aquarium, numerous shops and restaurants and the North End neighborhood. Bustling with business and tourism, Boston is home to the headquarters of several Fortune 500 companies such as Raytheon, Staples, TJX and EMC. With tens of thousands of highly educated college graduates enter Boston’s work force with degrees from the region’s highly-regarded universities. From the charming cobblestones of Beacon Hill and revolutionary landmarks of the Freedom Trail, to the iconic grounds of Harvard University and Fenway Park, Boston is a treasure trove of Americana.

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B O S T O N , M A

OFFERING MEMORANDUM

- F O R B E S

L A B O R S U P P LY

11

W e s t S p r i n g f i e l d , M A

Overlooking the scenic Connecticut River, West Springfield is a place that successfully merges a small-town atmosphere with a bustling retail and restaurant business. West Springfield is an hour and a half drive west of Boston. The city began as a farming community, earning recognition as the location of the Josiah Day House and the host city of The Big E, the largest fair in the northeast with over one million guests annually. Amidst the city’s greenery, friendly neighbors greet visitors with annual events such as the UNICO 4th of July barbecue, Rotary’s Taste of the Valley and Summer Concerts.

Because of its location on the western side of the Connecticut River from Springfield, West Springfield is also known as “West Side”. The city is at the crossroads of New England, I-91 and the Massachusetts Turnpike, I-90. Furthermore, it is in close proximity to Bradley International Airport, which is in Windsor Locks, Connecticut.

SUBJECT PROPERTY

P R O P E R T Y D e m o g r a p h i c s

2 0 1 7 E S T. P O P U L at i o n

1 2 4 , 1 9 5

2 0 1 7 E s t. AV E R A G E H O U S E H O L D I N C O M E

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P R O J E C T E D P O P U L AT I O N G R O W T H 2 0 1 7 - 2 0 2 2

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3 - M i l e R a d i u s

This Offer ing Memorandum contains select informat ion pertaining to the business and af fa i rs of Firestone located at 501 Memorial Avenue, West Springfield, MA (“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 T A T E M E N T

FIRESTONE501 Memorial Avenue | West Springfield, MA 78634

™E x C l u s i v E l y l i s T E D B y :

K y l E M AT T H E W s

B R A D E N C R O C K E T TAVP & Director

braden.crockett@matthews.comDIR (214) 692-2040MOB (714) 345-6206

BROKER OF RECORDLIC # 1000083

COMPLETEAUTO CARE