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Offering MemorandumF I E L D STO N E V I L L AG E | 9 % C A P
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D I S C L A I M E R & L I M I T I N G C O N D I T I O N S 3E X E C U T I V E S U M M A R Y 4P R O P E R T Y S U M M A R Y 5
C O M P L E T E H I G H L I G H T S 6A D D I T I O N A L P H O T O S 7
L O C AT I O N M A P S 8A E R I A L M A P 9
S I T E P L A N 10T E N A N T P R O F I L E S 11
S A L E C O M P S 14R E N T C O M P S 17
D E M O G R A P H I C S 19B R O K E R P R O F I L E 20
T E A M P R O F I L E 21C O N F I D E N T I A L I T Y A G R E E M E N T 22
T A B L E O F C O N T E N T S
50 Glenlake Parkway, Suite 600Atlanta, GA 30328BullRealty.com
Will YoungV.P. National Retail [email protected] x141Cell: 706-346-4662
Exclusively listed by Bull Realty, Inc.
D I S C L A I M E R & L I M I T I N G C O N D I T I O N SF I E L D S T O N E V I L L A G E | 9 % C A P R A T E
Bull Realty has been retained as the exclusive listing broker to arrange the sale of the Subject Property.
This Offering Memorandum contains selected information pertaining to the Property but does not purport to be all-inclusive or to contain all of theinformation that a prospective purchaser may require. All financial projections are provided for general reference purposes only and are based uponassumptions relating to the general economy, competition and other factors, which therefore, are subject to material change or variation. Prospectivepurchasers may not rely upon the financial projections, as they are illustrative only. An opportunity to inspect the Property will be made available toqualified prospective purchasers.
In this Offering Memorandum, certain documents, including financial information, are described in summary form and do not purport to be complete oraccurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected toreview independently all documents.
This Offering Memorandum is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute arecommendation, endorsement, suitability or advice as to the value of the Property by Bull Realty Inc. or the current Owner/Seller. Each prospectivepurchaser is to rely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property described herein.
Owner/Seller expressly reserve the right, at its sole discretion, to reject any or all expressions of interest or offers and/or to terminate discussions withany party at any time with or without notice. Owner/Seller shall have no legal commitment or obligation to any purchaser reviewing this OfferingMemorandum or making an offer on the Property unless a written agreement for the purchase of the Property has been fully executed, delivered andapproved by the Owner/Seller and any conditions to the purchaser's obligations therein have been satisfied or waived. The Owner/Seller reserves theright to move forward with an acceptable offer prior to the call for offers deadline.
This Offering Memorandum may be used only by parties approved by the Broker. The Property is privately offered, and by accepting this OfferingMemorandum, the party in possession hereof agrees (i) to return it if requested and (ii) that this Offering Memorandum and its contents are of aconfidential nature and will be held and treated in the strictest confidence. No portion of this Offering Memorandum may be copied or otherwisereproduced or disclosed to anyone without the prior written authorization of Bull Realty, Inc. The terms and conditions set forth above apply to thisOffering Memorandum in its entirety and all documents, disks and other information provided in connection therewith.
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Bull Realty is proud to offer this retail investment property in Rock Springs, Georgia. Fieldstone Village provides an excellent opportunity for an investor to purchase awell-built neighborhood retail center with stable, long-term tenants at a 9% cap rate based on current income. This center consist of six buildings occupied by twelvetenants including Phibbs Bar & Grill, The Key Fitness, Norton Transportation, Marketing Partners, Mutual of Omaha and Pie Slingers Pizza. This property has excellentvisibility from its 400’ of frontage along Martha Berry Highway. The buildings are currently 98% occupied at below market rents, allowing for substantial upside as leasesturnover. The property boasts a traffic count of 12,341+ vehicles per day along Martha Berry Highway.
Located just south of the historic Chickamauga Battlefield and on Georgia Highway 27, Fieldstone Village is in the heart of rapidly growing Walker County. This "TownCenter" type development is part of the Fieldstone Farms mixed use development that is approved for up to 500 residential units. The Shops at Fieldstone Villageconsists of 24,050 square feet of retail, professional offices, a fitness center, restaurants and other business uses. Carefully planned designs and details duringconstruction created a cottage type look with brick detailed sidewalks, tin roofs, vaulted ceilings, and copulas with weather vanes. The signature accent is a forty footclock tower above a stage for local functions such as music events, outdoor movies, and neighborhood gatherings. Rising above the village, the illuminated clock toweris a beacon for the Village area as well as Fieldstone Farms. The blending of Fieldstone Village into the Fieldstone Farm community creates one of the most highlysought after standards of living in the area.
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PRICE | $2,520,000
E X E C U T I V E S U M M A RYF I E L D S T O N E V I L L A G E | 9 % C A P R A T E
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Property Address: 146 Fieldstone Village DriveRock Spring, GA 30739
Building Size: 24,050List Price: $2,520,000Cap Rate: 9%County: WalkerProperty Type: RetailAssessor’s Parcel ID: 0325-029Building Size: 24,050 SFSite Size: 2.64 acresZoning: PUDYear Built: 2007Number Of Buildings: 6Number Of Stories: 1Number Of Units: 16Occupancy: 98%Parking: 123 spaces
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PROPERTY HIGHLIGHTS• High-end architecture with unique accents
• Very secure income stream with long-term leases
• Diversified retail/office tenant mixture
• Priced less than the cost of construction
• 98% occupancy
• Below market rents
• Considerable upside when renewing leases to market
FINANCIAL HIGHLIGHTS• Price: $2,520,000
• NOI: $226,735
• 9% cap rate on actual income
C O M P L E T E H I G H L I G H T SF I E L D S T O N E V I L L A G E | 9 % C A P R A T E
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A D D I T I O N A L P H O TO SF I E L D S T O N E V I L L A G E | 9 % C A P R A T E
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Located just south of the historic Chickamauga Battlefield and on GeorgiaHighway 27, Fieldstone Village is in the heart of rapidly growing Walker County.
Source: ESRI
LOCATION DESCRIPTIONPOPULATION 3 MILES 5 MILES 10 MILESTOTAL POPULATION 9,077 27,087 127,003
MEDIAN AGE 39.2 39.4 38.7
MEDIAN AGE (MALE) 38.0 38.4 37.3
MEDIAN AGE (FEMALE) 40.4 40.4 40.3
HOUSEHOLDS & INCOME 3 MILES 5 MILES 10 MILESTOTAL HOUSEHOLDS 3,266 10,106 49,399
# OF PERSONS PER HH 2.8 2.7 2.6
AVERAGE HH INCOME $64,054 $59,640 $52,190
AVERAGE HOUSE VALUE $169,340 $160,601 $142,474
L O C AT I O N M A P SF I E L D S T O N E V I L L A G E | 9 % C A P R A T E
A E R I A L M A PF I E L D S T O N E V I L L A G E | 9 % C A P R A T E
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S I T E P L A NF I E L D S T O N E V I L L A G E | 9 % C A P R A T E
T E N A N T P R O F I L E SF I E L D S T O N E V I L L A G E | 9 % C A P R A T E
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Snooty Fox Salon
THE RUSTIC KEY BOUTIQUE
Norton TransportationNorton Transport is a drive-away company in business to exceed all client expectations providing prompt,professional service with the highest level of commitment to excellence found in the industry.
Salon serving Rock Spring, GA.
A women's clothing boutique in Chickamauga.
T E N A N T P R O F I L E SF I E L D S T O N E V I L L A G E | 9 % C A P R A T E
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Mutual Of Omaha
Pie Slingers
Cartier Pet BoutiqueCartier Pet Boutique focuses on providing only the highest quality of pet food available.
Ruth McNeese is a local Mutual of Omaha insurance agent in Rock Spring, GA. Mutual of Omaha is a leadingprovider of life insurance, medicare supplement, disability income, longer-term care, annuities, cancer, heartattack & stroke, and critical illness insurance, along with small business solutions. Mutual of Omaha has beenat this location for over seven years.
Pie Slingers is a family-oriented pizza restaurant in Rock Spring, GA. Pie Slingers has been at this location forover six years. Recently, Pie Slingers installed Phantom Horse Brewing Company, which produces craft beerbrewed inside the restaurant.
T E N A N T P R O F I L E SF I E L D S T O N E V I L L A G E | 9 % C A P R A T E
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Pibbs Bar & Grill
The Key Fitness Center
Installed Parts GroupInstalled Parts Group (IPG) represents America’s largest national account in the automotive aftermarket:The American Tire Distributors nationwide network of more than 25,000 independent Tire Pros andServiceBay dealers. IPG has been at this location for over seven years.
Phibbs Bar at Fieldstone Farms in Rock Spring not only serves up fresh food and brews, but also live musicand liquor. Pibbs Bar has two full bars inside, with a patio outside. The bar is located at 96 FieldstoneCommons in Rock Spring. Hours of operation are Wednesdays through Fridays from 5 P.M. to 1 A. M. andSaturdays from 5 P.M. to midnight.
At The Key Fitness Center, members achieve a sense of wellness, accomplishment and health with engaginggroup fitness classes such as spin, weight-loss workouts, and strength training. Kids play in a supervisedchildcare area as parents lift free weights or cycle away calories. Key Fitness has been at this location for overten years and has approximately 391 members.
S A L E C O M P SF I E L D S T O N E V I L L A G E | 9 % C A P R A T E
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146 Fieldstone Village Drive | Rock Spring, GA 30739SUBJECT PROPERTY
17548 E Brainerd RdChattanooga, TN 37421
CONCORDE CENTRE 27633 E Brainerd RdChattanooga, TN 37421
7633 E BRAINERD RD 37425 Commons BlvdChattanooga, TN 37421
THE CROSSINGS AT HAMILTON SHOPS
42260 Gunbarrel RdChattanooga, TN 37421
OVERLOOK AT HAMILTON PLACE 55239-5243 Highway 153Hixson, TN 37343
HWY 153 SHOPPING COMPLEX 61414 Jenkins RdChattanooga, TN 37421
THE SHOPPES AT THE NARROW BRIDGE
S A L E C O M P SF I E L D S T O N E V I L L A G E | 9 % C A P R A T E
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SUBJECT PROPERTY146 Fieldstone Village Drive | Rock Spring, GA 30739
$2,520,000Sale Price:
2.64 ACSite Size:
2008Year Built:
24,050 SFBuilding SF:
$104.78Price PSF:
98.0%Occupancy:
9.0%Cap:
CONCORDE CENTRE7548 E Brainerd Rd | Chattanooga, TN 37421
$2,700,000Sale Price:
1.9 ACSite Size:
1990Year Built:
21,131 SFBuilding SF:
$127.77Price PSF:
08/24/2015Closed:
94.0%Occupancy:
1
7633 E BRAINERD RD7633 E Brainerd Rd | Chattanooga, TN 37421
$990,000Sale Price:
0.65 ACSite Size:
2006Year Built:
7,724 SFBuilding SF:
$128.17Price PSF:
09/01/2015Closed:
100.0%Occupancy:
2 THE CROSSINGS AT HAMILTON SHOPS7425 Commons Blvd | Chattanooga, TN 37421
$1,841,000Sale Price:
1.74 ACSite Size:
2004Year Built:
12,500 SFBuilding SF:
$147.28Price PSF:
03/11/2016Closed:
100.0%Occupancy:
3
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OVERLOOK AT HAMILTON PLACE2260 Gunbarrel Rd | Chattanooga, TN 37421
$1,271,455Sale Price:
0.2 ACSite Size:
1992Year Built:
8,016 SFBuilding SF:
$158.61Price PSF:
12/22/2015Closed:
100.0%Occupancy:
4 HWY 153 SHOPPING COMPLEX5239-5243 Highway 153 | Hixson, TN 37343
$2,000,000Sale Price:
1.4 ACSite Size:
1976Year Built:
19,076 SFBuilding SF:
$104.84Price PSF:
04/30/2015Closed:
100.0%Occupancy:
5
THE SHOPPES AT THE NARROW BRIDGE1414 Jenkins Rd | Chattanooga, TN 37421
$3,848,187Sale Price:
6.9 ACSite Size:
2006Year Built:
23,972 SFBuilding SF:
$160.53Price PSF:
02/27/2015Closed:
90.0%Occupancy:
6
R E N T C O M P SF I E L D S T O N E V I L L A G E | 9 % C A P R A T E
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14199-4211 Cloud Springs RdRinggold, GA 30736
INTERSTATE COMMERCE CENTER 2Millenium CircleRinggold, GA 30736
MILLENIUM CIRCLE A 369-95 Crye-Leike DrFort Oglethorpe, GA 30742
CRYE-LEIKE DR
42641 N Highway 27Lafayette, GA 30728
N HIGHWAY 27 5667-695 Battlefield PkyFort Oglethorpe, GA 30742
PARKWAY VILLAGE 61785-1923 Battlefield PkwyFort Oglethorpe, GA 30742
1785-1923 BATTLEFIELD PKWY
72025-2045 Battlefield PkwyFort Oglethorpe, GA 30742
2025-2045 BATTLEFIELD PKWY 8102-136 Remco Shops LnRinggold, GA 30736
THE SHOPS AT REMCO
R E N T C O M P SF I E L D S T O N E V I L L A G E | 9 % C A P R A T E
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D E M O G R A P H I C SF I E L D S T O N E V I L L A G E | 9 % C A P R A T E
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* Demographic data derived from 2010 US Census
3 Miles 5 Miles 10 MilesTotal Population 9,077 27,087 127,003Population Density 321 345 404Median Age 39.2 39.4 38.7Median Age (Male) 38.0 38.4 37.3Median Age (Female) 40.4 40.4 40.3Total Households 3,266 10,106 49,399# of Persons Per HH 2.8 2.7 2.6Average HH Income $64,054 $59,640 $52,190Average House Value $169,340 $160,601 $142,474
B R O K E R P R O F I L EF I E L D S T O N E V I L L A G E | 9 % C A P R A T E
Bull Realty is a commercial real estate sales, leasing, management and advisory firm headquartered inAtlanta licensed in nine Southeast states. The firm was founded in 1998 on two primary missions: to provide acompany of advisors known for integrity and to provide the best disposition marketing in the nation. Stillguided by these philosophies, the firm's services have expanded to include disposition, acquisition, projectleasing, property management, tenant representation and consulting services. To add additional value andefficiency for clients, advisors focus on specific sectors and services in the office, retail, industrial,multifamily, land, healthcare, senior housing, self-storage, automotive, hospitality and single tenant net leasesectors.
The firm produces America's Commercial Real Estate Show, a national video show and podcast enjoyed bymillions of people around the country. Industry analysts, leading market participants and the firm's founderMichael Bull share market intelligence, forecasts and success strategies. The show has aired every week since2010 on iTunes, YouTube and www.CREshow.com. The firm also produces Atlanta's Commercial Real EstateShow available on AtlCREshow.com.
404-876-1640 x141
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50 Glenlake Parkway, Suite 600Atlanta, GA 30328
Cell: [email protected]
V.P. National Retail GroupWILL YOUNG Professional Background
Will Young delivers over 11 years of commercial real estate sales and valuation experience. While he isexperienced in various types of commercial properties, his primary brokerage focus is in retail investmentacquisitions and dispositions throughout the Southeast.
The Rome, Georgia native graduated with a Bachelors of Business Administration in Real Estate from theUniversity of Mississippi. Prior to working in commercial real estate sales, Mr. Young gained experience inAtlanta as a commercial real estate appraiser at Grubb & Ellis Landauer and G. Randall Hammond &Company.
Licensed as an appraiser and broker by the State of Georgia, Will has extensive knowledge with metroAtlanta’s real estate market, trends and growth opportunities. He will enhance his value proposition for hisclients by leveraging on the proven marketing platform and systems delivered by Bull Realty.
Will is a member of the International Council of Shopping Centers (ICSC), Atlanta Commercial Board ofRealtors (ACBR), ACBR Million Dollar Club Member, Young Council of Realtors (YCR), and is a candidatemember of the Certified Commercial Investment Member Institute (CCIM).
Bull Realty Inc.
T E A M P R O F I L EF I E L D S T O N E V I L L A G E | 9 % C A P R A T E
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Will YoungV.P. National Retail [email protected] x141Cell: 706-346-4662
Joe MitchellMarketing
Randee ComstockMarketing
Scott JacksonAnalyst
This Confidentiality Agreement (“Agreement”) is made and agreed to for the benefit of theundersigned party (“Receiving Party”), the owner of the subject property (the “Seller”) andundersigned broker Bull Realty Incorporated (“Broker”). Now therefore in consideration of theprivileges granted to Receiving Party with respect to receiving certain confidential information,and other good and valuable consideration, the Receiving Party hereby agrees to the following:
I. Confidential Information:Receiving Party will receive confidential information regarding property referred to as 146Fieldstone Village Drive. Prospect agrees to not disclose to any person that the property may beavailable for sale or lease, or that discussions or negotiations are taking place concerning theproperty, nor any terms, conditions, or other facts with respect to the property, including butnot limited to tenant information, lease rates, lease expirations, income and expenses, and anysuch possible purchase, including the status thereof. The term “person” used in this agreementshall be interpreted broadly and shall include, without limitation, any corporation, company,partnership or individual other than parties to which Broker approves in writing. Receiving Partymay share information with directors, officers, employees, agents, affiliates, counsel, lendingsources, accountants or representatives of Receiving Party that Receiving Party notifies of therequirements of this Agreement. Receiving Party agrees to not contact the property owner, themanagement, the tenants, the lender, the vendors, the insurers, the employees or the customersof any business at the site.
II. Acting as a Principal:Receiving Party hereby warrants that it is acting as a principal only, and not as a broker,regarding this contemplated transaction. Receiving Party acknowledges that Broker is workingan agency capacity as representing the Seller only in this transaction and is the only Brokerinvolved in this potential transaction. Receiving Party agrees to not be involved in anyarrangement to lease or purchase the property, in whole or in part, as a lender, partner, buyer ofthe note, buy in foreclosure, buy from bankruptcy court, or in any other manner acquire aninvestment in, joint venture or control of the property, unless Bull Realty, Incorporated is paid acommission at closing as per separate agreement with Seller.
This agreement will expire two years from the date hereof.
III. Governing LawThis Agreement shall be governed and construed in accordance with the laws of the State ofGeorgia.
If you are a broker, or a principal desiring to include an outside broker, contact the listing agentdirectly for a Buyer and Buyer’s Broker Confidentiality & Commission Agreement.
Accepted and agreed to __ / __ / __
Receiving Party
Signature
Printed Name
Title
Company Name
Address
Phone
Fax
W i l l Yo u n g4 0 4 - 8 7 6 -1 6 4 0 x 1 4 1 | C e l l : 7 0 6 - 3 4 6 - 4 6 6 2W Yo u n g @ B u l l R e a l t y . c o m
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C O N F I D E N T I A L I T Y AG R E E M E N TF I E L D S T O N E V I L L A G E | 9 % C A P R A T E
