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HIRAM SQUARE Hiram, Georgia
OFFERED BY:
RYAN D. O’CONNELL
P. 602.595.4000 [email protected]
RDO I N V E S T M E N T S
Office 602.595.4000 Fax 602.467.3218 ・ 3219 East Camelback Road ・ Phoenix, Arizona 85018 ・ www.RDOinvestments.com
Listed in conjunction with Gregory Fitzgerald
Tri-‐Oak Consulting Group BROKER OF RECORD
License No. 297753
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 RDO Investments, LLC and should not be made available to any other person or entity without the written consent of RDO Investments, LLC. 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. RDO Investments, LLC 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, RDO Investments, LLC has not verified, and will not verify, any of the information contained herein, nor has RDO Investments, LLC 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. All properties visits are by appointment only.
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SITE: Hiram Square LOCATION: 5157 Jimmy Lee Smith Parkway
Hiram, Georgia 30141 PROPERTY TYPE: Multi-‐Tenant Shopping Center TYPE OF OWNERSHIP: Fee Simple LEASE TYPE: Net Lease OCCUPANCY: 91% LIST PRICE: Make Offer
Senior Existing CMBS Loan
LOAN BALANCE: $ 3,300,000. INTEREST RATE: 4.665% AMORTIZATION: 30 Year ANNUAL INTEREST $ 152,848. (thru 8/17) PAYMENT: ANNUAL P&I PAYMENT: $ 204,548. (starting 9/17) NET OPERATING INCOME: $ 420,451.
SQUARE FOOTAGE: 27,730 SF LAND AREA: 4.67 Acres YEAR BUILT: 2005 PARKING: 184
6 +/-‐ per 1,000 sq. feet GLA TRAFFIC COUNTS: 39,000 +/-‐ VPD (Jimmy Lee Smith Parkway) FINANCING: Existing Non-‐Recourse Loan must be assumed
PROPERTY SUMMARY RDO I N V E S T M E N T S
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PROPERTY OVERVIEW: RDO Investments is pleased to present Hiram Plaza, a fee simple, 27,730 square foot multi-‐tenant retail center located at 5157 Jimmy Lee Smith Parkway in Hiram, Georgia. Hiram is a northwestern suburb of metro Atlanta approximately 25 miles from downtown. The subject property is strategically located on the north side of Jimmy Lee Smith Parkway (U.S. Highway 278) and is currently 91% occupied. The property is positioned between two signalized intersections with four points of ingress and egress. Direct access is located off of Jimmy Lee Smith Parkway, as well as thru two access roads at lighted intersections to the east and west of the property. Directly to the north of the property is Hiram Pavilion, a 360,000 square foot Power Center anchored by Target, Kohl’s, Ross, Marshalls, Michaels, Home Depot, and PetSmart. Hiram Plaza has four outparcels, leased to Applebee's, BB&T, Jim ‘N Nick’s BBQ and Cheeseburger Bobby’s. Hiram Plaza is made up of two strip centers on over 4.6 acres of land. The subject property is surrounded by more than 850,000 square feet of retail in the immediate area. Retailers within the immediate area include: Best Buy, JCPenney, Discount Tire, Steak n’ Shake, Mattress Firm, IHOP, O’Charleys, Longhorn Steakhouse, Sam's Club, Home Depot, Five Below, Party City, PetSmart, Dollar Tree, Kirkland's, Bank of America, Chili's, Buffalo Wild Wings, Starbucks, Ross, Target, Kohl's, Chase, SunTrust, ALDI, Carmike Cinemas, Academy Sports, Hobby Lobby and WellStar Paulding Hospital (recently acquired by Emory University Healthcare).
PROPERTY SUMMARY Hiram Square – Hiram, GA RDO
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Based upon the 2010 Census, the national demographics consulting firm Claritas has estimated that for 2017 there are approximately 86,689 residents and 29,925 households with a five-‐mile radius of the Property. According to Claritas, the average household income with a five-‐mile radius of the Property was estimated to be $86,046. Growth with in the area increased over 81% within a 1 mile radius from 2000-‐2017 and is expected to increase another 8% within the next five year according to Claritas.
LOCATION OVERVIEW: The Atlanta MSA is made up of 28 counties which has seen an increase in population to a staggering 5.3M residents in 2016. The growth within this MSA has skyrocketed to 24% over the last decade which has added over one million new residents. It is forecasted that by 2020, the population will have increased to six million residents. Established in 1891 as a sleepy, rural railroad town, the City of Hiram has progressed into the major commercial corridor for Paulding County, one of the fastest growing counties in the United States. Just a short drive northwest of Atlanta, Hiram blends the best of the past, present, and future. Hiram's downtown business district offers a more relaxed, nostalgic dining and shopping experience while only a moment away from an impressive and growing variety of modern conveniences, including shopping, dining, and entertainment.
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Mellow Mushroom Pizza Bakers is a pizzeria that was established in Atlanta, Georgia in 1974 and operates as a restaurant franchise with over 150 locations throughout the United States. Its headquarters are in unincorporated Fulton County, Georgia. Mellow Mushroom specializes in pizza, but also serves calzones, hoagies, salads, and appetizers. Pizza is sold in three sizes, but slices are available during lunch and late night at some locations. Some Mellow Mushrooms deliver; those that do not have a pick-‐up option. They often feature a large selection of beer, typically 20-‐40 beers on draft and 50 or more bottles. Each store is decorated differently and sometimes there is a unifying theme to the artwork. Tie-‐dye and colorful mushrooms are a common theme for locations. Some stores occasionally feature live music, trivia competitions, or bingo. The franchise aims to give customers a "relaxing yet eclectic dining experience" with "easygoing atmosphere and funky decor" Mellow Mushroom also sells branded merchandise and clothing on their website Mellow Gear and at stores. Liberty Tax, Inc., (Nasdaq: TAX) together with its subsidiaries, provides tax preparation services and solutions in the United States and Canada. The company also facilitates refund-‐based tax settlement financial products, such as refund transfer products, refund-‐based loans, and personal income tax refund discounting, as well as provides an online digital Do-‐It-‐Yourself tax program in the United States. Its customers include taxpayers who, for reasons of complexity, convenience, or the need for prompt tax refunds, seek assisted tax preparation services. Liberty Tax, Inc. offers its products and services through a network of company-‐owned offices and franchised locations under the Liberty Tax, Liberty Tax Service, Liberty Income Tax, Liberty Canada, and SiempreTax+ brand names. The company was formerly known as JTH Holding, Inc. and changed its name to Liberty Tax, Inc. in July 2014. Liberty Tax, Inc. was founded in 1996 and is headquartered in Virginia Beach, Virginia. Cartridge World is a locally owned chain selling recycled ink & toner cartridges for printers, copiers & other office equipment. Cartridge World is the world's largest ink and toner retailer. The Company offers businesses and consumers a 30-‐40% savings on all major brands of printer cartridges. Their customers are supported by more than 1,000 local business experts, offering unbiased recommendations for printers and printing supplies that help your home or office print smarter and save money. Cartridge World launched the cartridge remanufacturing industry more than 20 years ago and has grown to become a global leader by delivering high-‐performance printing products that save you time, money and the environment. Every Cartridge World store is operated by an independent business professional, a small business owner in your community.
TENANT OVERVIEW Hiram Square – Hiram, GA RDO
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The School Box opened in 1990 when David and Christine Persson had a vision to open a "hands on" Educational store for teachers and parents. Today, The School Box is a business with more then 200 employees, 11 retail locations, national catalog and website. Headquartered in Kennesaw, Georgia, The School Box is the Southeast's largest family-‐owned and operated retail educational store. The vision began when Christine began teaching first grade in Marietta, Georgia. David realized the need for quality educational stores after spending many hours shopping with his wife. After several years of researching and educating, David and Christine opened their first store in Marietta, Georgia. Over the years, The School Box has grown to 11 stores in Georgia, Tennessee, and Virginia. The School Box has established itself as a well-‐respected business and supportive corporate citizen. We continue to support a number of local events including: Cure Childhood Cancer, Children's Restoration Network, and Toys for Tots Tennessee. Throughout the year they also make numerous donations to schools, church groups, charitable organizations and more. Yogli Mogli is a premium frozen yogurt store that offers a variety of nutritional yogurt flavors in a self serve environment. You also have the choice to top off your yogurt with a wide variety of options from fruits to nuts to gummy worms Criterion Diamonds is one of Atlanta's premier jewelry manufacturers and retailers specializing in purchasing gold, silver, diamonds, jewelry, flatware, silverware, and coins. They design, manufacture and repair jewelry on-‐site, eliminating the middle man therefore offering confidence and value to their customers. Criterion Diamonds does more than just jewelry. The Company will also service and repair watches including brands such as Rolex and Movado.
TENANT OVERVIEW Hiram Square – Hiram, GA RDO
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AERIAL/RETAILER MAP Hiram Square – Hiram, GA RDO
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SITE
PHOTOS Hiram Square – Hiram, GA RDO
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PHOTOS Hiram Square – Hiram, GA
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PHOTOS Hiram Square – Hiram, GA
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RENT ROLL Hiram Square – Hiram, GA RDO
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CASH FLOW Hiram Square – Hiram, GA RDO
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LOAN SUMMARY Hiram Square – Hiram, GA
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RDO I N V E S T M E N T S
Hiram Square is encumbered by an attractive existing CMBS loan that is assumable by the Purchaser. The loan is interest only until in August 2017.
Originator: Barclays Bank
Servicer: PNC
Current Principal Balance: $3,300,000.
Original Principal Balance: $3,300,000.
Origination Date: June 25, 2015
Interest Rate: 4.665%
Amortization: 30 Year
Monthly Interest: $12,828.
Monthly P&I: $17,045. Maturity Date: July 1, 2025
Loan Assumption Fee: 1%
Payoff Lock Out Period: August 2017
Monthly Tax/Insurance Reserve: $3,720. (LL shall fund 1/12 of Tax/Insurance reserves per month) Monthly Tax/Insurance Reserve Balance (8/1/16): $29,067.
Monthly TI/LC Reserve: $2,658. Monthly TI/LC Reserve Balance (8/1/16): $59,727. *
* Loan requires Borrower to make monthly deposits into TI/LC Reserve Account in an amount equal to $1.11 psf per annum. The TI/LC Reserve Account shall be capped at $99,828. Lender shall make disbursements from the TI/LC reserve Account for approved tenant improvements and leasing commissions at the Property in accordance with the loan documents.
SITE PLAN Hiram Square – Hiram, GA RDO
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LOCATION MAP Hiram Square – Hiram, GA RDO
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DEMOGRAPHICS Hiram Square – Hiram, GA RDO
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Descrip.on 1 Mile Radius 3 Mile Radius 5 Mile Radius Total Total Total % % %
DEMOGRAPHICS Hiram Square – Hiram, GA RDO
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CONTACT Hiram Square – Hiram, GA
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Ryan D. O’Connell RDO Investments
3219 East Camelback Road Phoenix, Arizona 85018
P. 602-595-4000 F. 602-467-3218 M. 602-790-9036
RDO I N V E S T M E N T S