GREENLEAF - LoopNet · Greenleaf at Howell is located on the high-traffic northeast corner of U.S. Route 9 and Lanes Mill Road, with traffic counts of 30,526 vehi-cles per day and

AT HOWELLGREENLEAF A REGIONAL COMMUNITY CENTER LOCATED IN ONE OF

NEW JERSEY’S HIGH GROWTH TRADE AREAS

5313 U.S. 9, Howell Township, NJ 07731

WGREENLEAFA • T H • O • • E • L • L

OFFERING MEMORANDUM

SUMMARY OF TERMS

INTEREST OFFERED

The fee simple interest in Greenleaf at Howell, a regional community center offering a value-add opportunity located at 5313 U.S. 9, Howell Township, New Jersey.

TERMS OF SALE

The Property is offered for sale at $78,500,000 based on a 5.24% capitalization rate on In-Place Net Operating Income of $4,112,795. The Property is offered subject to the assumption of $46,500,000 of existing non-recourse debt.

PROPERTY TOURS

Prospective purchasers are encouraged to visit the subject property prior to submitting offers. Please do not contact the tenants, management or staff without prior approval.

TABLE OFCONTENTS

Executive Summary

Property Overview

Financial Analysis

Market Overview

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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap Activity ID ZAA0280964


EXECUTIVESUMMARY

PhiladelphiaPhiladelphia

New YorkNew York

TrentonTrenton

TomsRiver

Brooklyn

Town ofHempstead

Haverford Twp

Lakewood Twp

Bronx

Queens

Hamilton Twp

Palmer Twp

Bensalem Twp

Easton

Brick Twp

Upper Darby Twp

CamdenCherry Hill Twp

Hanover Twp Syosset

Annandale

Martinsville

OakhurstMontgomeryville

PointLookout

Fords

WestOrange

Glen Head

WhitehouseStation

Leonardo

Seaford

Dayton

Blue Bell

Mt Laurel Twp

Short Hills

OceanGrove

Morganville

Warminster

PortWashington

Franklin Twp

Newtown Twp

Inwood

EastRutherford

Marlton

ScotchPlains

Princeton

Lincroft

PlymouthMeeting

Jericho

EastHanover

Allenwood

Bridgewater

Linden

Abington Twp

Oceanside

EastBrunswick

Bristol Twp

Hazlet

RoslynHeights

Cinnaminson Twp

Newark

PrincetonJunction

Bryn Mawr

Eatontown

Richboro

Merrick

SouthPlainfield

Robbinsville Twp

FlorhamPark

FortWashington

Elmont

Zarephath

Secaucus

Moorestown Twp

Old Bridge Twp

PortReading

FairlessHills

Hewlett

Horsham

StatenIsland

FranklinPark

GlenwoodLanding

PortMonmouth

Millburn

Wyncote

Kingston

LivingstonManhasset

Croydon

NewBrunswick

KearnyCarlePlace

Ardmore

ElizabethBaldwin

Middletown

Feasterville-Trevose

Piscataway

Colonia

Levittown

Plainsboro

Union

Greenvale

Westfield

Woodmere

GardenCity

Woodbridge

Glenside

Roosevelt

Iselin

RockvilleCentre

Albertson

Wind Gap

Belvidere

Nazareth

Richlandtown

White Twp

Lower MtBethel Twp

SeasidePark

Sellersville

PortMurray

Riegelsville

Flanders

BrownsMills

Stockertown

Bayville

Washington Twp

ProspectPark

Milford

Lavallette

Dublin

LongValley

Lakehurst

Bloomsbury

Mantoloking

Pemberton

Oxford Twp

Frenchtown

Medford Twp

Silverdale

Randolph

Cookstown

Stewartsville

Point PleasantBeach

Westville

Plumstead Twp

Beachwood

Hampton

Chester

Hatfield

Barrington

NewHanover Twp

Califon

Sea Girt

Williams Twp

Stockton

Eastampton Twp

Collingdale

OceanGate

Asbury

Sea Bright

New Egypt

Mendham

Flemington

Jackson

Perkasie

Pottersville

Lumberton Twp

LakeComo

Doylestown

BreezyPoint

Freehold TwpNorthWales

Alpha

Lahaska

Roosevelt

RockawayPark

MonmouthBeach

Ridgefield

CliftonHeights

Peapack andGladstone

Levittown

Bay Head

Plymouth Twp

ThreeBridges

HighBridge

Lambertville

HowellHowell

Edison

AudubonPark

Highlands

Chalfont

WhitestoneMorristown

Allentown

Oldwick

WestConshohocken

Caldwell

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Raritan Bay

AtlanticOcean

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GREENLEAFAT HOWELL

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OFFERING SUMMARYPrice $78,500,000

In-place Cap Rate 5.24%

Current Occupancy 100%

Gross Leasable Area (GLA) Entitled 346,169

Gross Leasable Area (GLA) Completed 228,664

Price/SF $343

Year Built 2015 - 2019

Parcel Size 50.63 acres

Parking Spaces - 1,797 7.86 | 1000

PROJECTED CASH FLOWIn-place Net Operating Income $4,112,795

Expansion Pro Forma NOI - Pro Forma Year 5

(68.6% increase)$6,934,708


(76.8% increase)$7,272,946


(84.2% increase)$7,576,954

Estimated Cost to Complete $14,888,435

Estimated Return on Cost 17.98%

Estimated Leveraged IRR 13.64%

TENANTS GLA TERM RENT

BJ’s Wholesale 90,588 SF Feb ‘15 - Jan’35 $1,138,644

Xscape Theatres 82,382 SF May ‘16 - Apr ‘31 $1,585,892

LA Fitness 37,000 SF Sep ‘17 - Aug ‘29 $610,500

Starbucks 2,200 SF Jun ‘19 - May ‘29 $120,000

Mattress Firm 4,061 SF Nov ‘16 - Oct ‘26 $133,650

TRAFFIC GENERATORS

Georgian Court University

Lakewood High School

Monmoth Medical Southern Campus

OHI Lakewood Health Center

Jackson Liberty High School

AT HOWELLGREENLEAF

DEMOGRAPHICS 3 MILE 5 MILES 10 MILES2018 Population 90,623 169,005 477,860

2018 Households 22,055 46,479 173,155

2023 Households (Projected) 22,934 50,238 182,486

2018 Median HH Income $73,275 $75,490 $76,777

2018 Average HH Income $96,138 $98,712 $105,843

LOT 54.06SF: 82,382

LOT 54.03SF: 90,588

5313 U.S. 9, Howell Township, NJ 07731

LOT 54.10SF: 37,000

LOT 54.07SF: 2,200

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LOT 54.08SF: 16,494

RetailShops

LOT 54.06SF: 25,743

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Marcus & Millichap has been chosen to exclusively offer for sale the fee simple interest in Greenleaf at Howell, a newly constructed open-air community center located in Howell Township, New Jersey. The 50.63-acre site is at the northeast corner of U.S. Route 9 and Lanes Mill Road, providing favorable visibility along the Route 9 Corridor.

Developed in phases, this exceptional core-plus asset features an ex-isting 228,664 square feet anchored by BJ’s Wholesale, LA Fitness and Xscape Theatres. The property consists of five separate parcels with parking at-grade and is currently 100% occupied. A complementary mix of restaurant and shop tenants on long-term net leases include Starbucks, T-Mobile, ClimbZone, Hair Cuttery, Mattress Firm, Jer-sey Shore Supplements and Children’s Dental. National, regional and credit tenants account for 85% of the center’s net operating income.

Greenleaf at Howell presents the value-add opportunity to build an ad-ditional 117,505 square feet of commercial space to achieve projected mid-teen internal rates of return. Entitlements are in place, creating enhanced value of the to-be-developed land within the center. Please refer to the Expansion Analysis outlined in the Financial Overview.

EXCELLENT LOCATION, VISIBILITY AND DEMO-GRAPHICS ALONG THE ROUTE 9 CORRIDORGreenleaf at Howell is located on the high-traffic northeast corner of U.S. Route 9 and Lanes Mill Road, with traffic counts of 30,526 vehi-cles per day and a five-mile daytime population of 134,859. The Route 9 Corridor is a popular throughway used by residents and employees commuting to and from job centers in Freehold and Trenton. The Jer-sey Shore is located 20 minutes from the property, also providing sig-nificant through-traffic.

Greenleaf at Howell’s strategic location and surrounding townships provide favorable demographics that continue to trend upward. The property’s five-mile population increased from 140,118 to 147,785 be-tween 2010 and 2018. In that same period, the property’s five-mile av-erage household income increased from $103,027 to $117,125.Monmouth County continues to experience impressive residential de-velopment indicating confidence in the growing submarket. Per Mar-cus & Millichap research, Monmouth County currently has 3,830,000 square feet and 2,331 multifamily and single-family units planned or underway. Cornerstone projects include Woodmere at Howell, the Heights at Monmouth, Ocean Gates Apartment and Asbury Ocean Club Residence.

NEAR DESIRABLE EMPLOYERS AND PRESTIGIOUS SCHOOLSGreenleaf at Howell’s location benefits from the region’s largest em-ployers, providing the center visibility from a variety of high-income employees. Monmouth Medical Southern Campus and OHI Lakewood Health Center are within four miles of the property along the Route 9 Corridor. Church & Dwight, the famed holding company of Arm & Hammer and Oxiclean, has a manufacturing plant within seven miles of the property and is headquartered in nearby Ewing Township. Sa-ker ShopRites, Inc., Monmouth County’s second largest employer with more than 5,000 employees, is within nine miles of the property in nearby Freehold, and Meridian Heath Systems, the second largest em-ployer in adjacent Ocean County, is within 15 miles of the property. Greenleaf at Howell is within 10 miles of about 20 different schools, in-cluding Howell High School, Newbury Elementary School and Howell Township Middle School South.

GREENLEAF AT HOWELL

INVESTMENT OVERVIEW

NEWLY CONSTRUCTED, HIGH BARRIER TO ENTRY COMMUNITY CENTER ON 50.63 ACRES IN HOWELL TOWNSHIP, NEW JERSEY


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LONG-TERM LEASES

with national and credit tenants including BJ’s Wholesale, LA Fitness,

Xscape Theatres, Starbucks and T-Mobile

SIGNIFICANT NEW RESIDENTIAL

DEVELOPMENT3,830,000 square feet and 2,331

multifamily and single-family units planned or underway

VALUE-ADD OPPORTUNITY:

117,000 square feet of entitled commercial space

On the high-traffic northeast corner of U.S. Route 9 and Lanes

Mill Road

Twenty schools, including Howell High School, Newbury Elementary School and Howell Township Middle School South, are within a 10-mile radius of the center

Currently 100% occupied and anchored by BJ’s Wholesale, LA

Fitness and Xscape Theatres

85% OFRENTAL INCOME

is from national, regional and credit tenants

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INVESTMENTHIGHLIGHTS

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PROPERTYOVERVIEW

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap Activity ID ZAA0280964

PROPERTY DETAILSTHE OFFERING

Property Greenleaf at Howell

Property Address 5313 - 5731 U.S. Route 9 and 90 - 108 Lanes Mill Road, Howell, Monmouth County, New Jersey 07731

SITE DESCRIPTION

Gross Leasable Area 228,664 SF Existing; 117,505 Additional Expansion

Percent Leased 100%

Year Built 2015-2019

Number of Parking Spaces 1,792 7.86|1,000

Construciton Type Steel Frame

Foundation Poured Concrete Slab

Exterior Walls Concrete and Brick veneer

HVAC, PME Tenant Responsibility

PARCELS

Land Area 50.63 acres

Parcels Block: 25, Lots: 54.03, 54.06, 54.07, 54.08 and 54.10

Zoning Designation HD-1, Highway Development 1

Note: Believed to be accurate. Buyer to verify all building sizes, lot sizes and parcel information.

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LOT 54.06SF: 82,382

LOT 54.03SF: 90,588

LOT 54.10SF: 37,000

LOT 54.06SF: 25,743

LOT 54.07SF: 2,200LOT 54.08

SF: 16,494Retail Shops

Dentistryfor Children 9

SITE PLAN

PHASE I | Existing buildings

PHASE II | Expansion potential

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PHASE IExisting buildings

82,382 SF

37,000 SF

90,588 SF25,743 SF

2,200 SF

50.63ACRES OF LAND

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GAS

16,494 SFRetail Shops

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EXPANSION PLAN

Expansion potential

Existing buildings

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50.63ACRES OF LAND

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LOT 54.06

LOT 54.10

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50.63ACRES OF LAND

LOT 54.03

LOT 54.07

LOT 54.08

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OWNERSHIP OWNERSHIPTICKER HEADQUARTERS

EMPLOYEES INDUSTRYLOCATIONS LOCATIONS

Public PrivateNYSE: BJ NEW ALBANY, IND.

~26,400 Entertainment~220 7

BJ’s Wholesale Club Holdings, Inc. operates as a warehouse club on the East Coast of the United States. It offers perishable, edible grocery, general merchandise, and non-ed-ible grocery products. The company was formerly known as Beacon Holding Inc. and changed its name to BJ’s Wholesale Club Holdings in February 2018.

TENANT SUMMARIES

Xscape Theatres is a New Albany, Indi-ana-based privately owned motion picture exhibition company. Xscape has set the standard for first-class entertainment, of-fering widebody reclining seats and digital projection in all auditoriums. It currently operates locations in New Jersey, Maryland, Ohio, Kentucky, Florida and Texas.

RATING S&P: B+

ANNUAL SALES $13.0B

MARKET CAP $3.4B

RENTABLE SF 90,588

RENT SCHEDULE Feb-2015 to Jan-2035

OPTIONS (5) five-year options

TERM 240 Months

CAM METHOD NNN - see details

EQUITY PARTNER PATOKA CAPITAL

WEBSITE PATOKA CAPITAL.COM

MARKET CAP -

RENTABLE SF 56,639

RENT SCHEDULE May-2016 to Apr-2031


TERM 180 Months

CAM METHOD Full Service Gross

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OWNERSHIP OWNERSHIP OWNERSHIPHEADQUARTERS HEADQUARTERSTICKER

INDUSTRY EMPLOYEES INDUSTRYLOCATIONS LOCATIONS LOCATIONS

Private Public PrivateIRVINE, CALIF. NASDAQ: SBUX LAUREL, MD.

Recreation Clubs ~291,000 RECREATION CLUBS~700 ~30,000+ 3

LA Fitness, founded in 1984, is a fast-grow-ing health club chain in the U.S. and pres-ently operates nearly 700 locations in 26 states and Canada. Its mission is to help as many people as possible achieve the ben-efits of a healthy lifestyle by creating a na-tionwide network of health clubs with the widest range of amenities.

Starbucks Corporation, together with its subsidiaries, operates as a roaster, market-er, and retailer of specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Mid-dle East, and Africa; and Channel Develop-ment. Starbucks is based in Seattle, Wash-ington.

ClimbZone is a revolutionary concept in family entertainment that provides a unique climbing experience. The ClimbZone con-cept was brought from New Zealand (where it has been incredibly popular since its launch in 2008) to the United States. The first U.S. climbing center was opened in Laurel, Maryland, in 2014.

FOUNDED 1984

CEO LOUIS WELCH

WEBSITE LAFITNESS.COM

RENTABLE SF 37,000

RENT SCHEDULE Sep-2017 to Aug-2029


TERM 144 Months


RATING S&P: BBB+

ANNUAL SALES $24.7B

MARKET CAP $110.2B

RENTABLE SF 2,200

RENT SCHEDULE Jun-2019 to May-2029


TERM 120 Months


FOUNDED 2008

BUSINESS TYPE FRANCHISE

WEBSITE CLIMBZONE.US

RENTABLE SF 25,743

RENT SCHEDULE Jun-2019 to May-2029


TERM 120 Months


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NON-ENDORSEMENTS

DISCLAIMER

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Ser-vices, Inc. © 2019 Marcus & Millichap. All rights reserved.

Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to in-dicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

NON-ENDORSMENT & DISCLAIMER NOTICE

Offices Throughout the U.S. and Canada | www.marcusmillichap.com

Confidentiality and Buyer Registration Agreement Marcus & Millichap Real Estate Investment Services (“Broker”) has been retained as the exclusive advisor and broker for the owner of the property known as Greenleaf at Howell, an approximate 288,664 square foot power center, located at 5313 U.S. 9, Howell Township, New Jersey 07731. To receive the Offering Material the Accepting Party must read, sign and return this completed Confidentiality Agreement to Broker or, if applicable, click “I Agree”.

1. No Representations by Seller or Broker. The Offering Material has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which Accepting Party may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and, therefore, are subject to variation. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, the Seller and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Broker, the Seller and its employees disclaim any and all liability for representations and warranties, express and implied, contained in or omitted from the Offering Material or any other written or oral communication transmitted or made available to the Accepting Party. The Offering Material does not constitute a representation that there has been no change in the business or affairs of the property or the Owner since the date of preparation of the Offering Material. Analysis and verification of the information contained in the Offering Material are solely the responsibility of the Accepting Party. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective Buyers.

2. Indemnification. By accepting the Offering Material, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney’s fees, collectively “Claims”) arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

3. Accepting Party Acting as a Principal. By accepting the Offering Material, you acknowledge that you are a principal and not an agent of, or acting on behalf of, any other party in connection with the acquisition. Accepting Party shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney’s fees and court costs which may be incurred with respect to any claims for other real estate commissions, broker’s fees or finder’s fees in relation to or in connection with the Property to the extent claimed, through or under Seller

4. No Obligation. The Seller and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Material or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller and its legal counsel, and any conditions to the Seller’s obligation thereunder have been satisfied or waived.

5. Confidentiality. The Offering Material and the contents, except such information, which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Offering Material, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Material or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the Offering Material or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

6. Non-disturbance of Property or Employees. All on-site inspections of the Property must be approved in

advance by Broker. No employee of seller or at the subject property is to be contacted without the written approval of the listing agents and doing so would be a violation of this confidentiality agreement.

Marcus & Millichap may offer a Buyer’s agent fee subject to a separate written agreement. By clicking “I Agree” or signing this Confidentiality Agreement you hereby acknowledge and agree to the terms set forth in this Confidentiality Agreement and authorize Marcus & Millichap to contact you regarding this transaction or any other transaction in the future. AGREED AND ACCEPTED: Signature:__________________________________________ Print Name:_________________________________________ Company:___________________________________________ Title:_______________________________________________ Address:____________________________________________ City, State, Zip:_______________________________________ Phone:______________________________________________ Fax:________________________________________________ E-mail:______________________________________________ Date:_______________________________________________

Documents

GREENLEAF - LoopNet · Greenleaf at Howell is located on the high-traffic northeast corner of U.S. Route 9 and Lanes Mill Road, with traffic counts of 30,526 vehi-cles per day and