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300 ERIE STREET SOUTH LEAMINGTON | ONTARIO
Offering Summary Address: 300 Erie Street South, Leamington Legal Description: Con 1 Pt Lot 7 Rp 12r8642 Pt 1 T/W R O W Over Rp
12r8321 Part 1 Ownership: Febau (Canada) Limited Lot Size: 38.10 Meters by 91.44 Meters Building Area: 4,500 Square Feet Building: A 4,500 Square Foot Brick/Block Retail Building
Current Use Is A Restaurant. Parking: 40 Spaces Topography: Level with Street Municipal Services: Full Services: Hydro, Gas, Water and Sewers Tax Roll Number: 37 06 320 000 02400 0000 Taxes: 2010 - $ Zoning: C1 Commercial Official Plan: Commercial District Zoning
Julian Battiston Sales Representative 416 822 7721 [email protected]
Parallel Realty Inc. 14 Prince Arthur, Suite 205 Toronto, Ontario M5R 1A9 T 416 971 7563 | F 416 971 5122 www.parallelrealty.com
RETAIL INVESTMENT
W. Harry Henderson Broker of Record 416 971 7563 [email protected]
TABLE OF CONTENTS 2
Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7
Offering Summary Offering Terms Area Description Property Description Tenancy Financials Confidentiality And Limiting Conditions
ADDRESS 300 Erie Street South, Leamington LOT SIZE 125 Feet by 300 Feet - (.86 Acres) BUILDING 4,500 Square Foot Brick/Block Retail Building TENANT Burger King Restaurants of Canada Inc. LEASE TERM December 1, 2004 - November 30, 2019 TENANT PAYS Taxes, Maintenance & Insurance PARKING 39 Spaces TAXES 2007 - $9,098.57 ZONING C1 Commercial OFFICIAL PLAN Commercial District Zoning
OFFERING SUMMARY 3
OFFERING TERMS 4
ASKING PRICE $1,500,000 TERMS The Vendor will consider cash offers. CONDITIONAL PERIOD Thirty (30) days CLOSING DATE Thirty (30) days following waiver of conditions LEGAL DESCRIPTION Con 1 Pt Lot 7 Rp 12r8642 Pt 1 T/W R O W Over Rp 12r8321 Part 1 VENDOR Febau (Canada) Limited VENDOR’S AGENT Parallel Realty Inc. EXCLUSIVE BROKER All inquiries regarding the property including all submissions or any information contained in this investment offering should be directed to the under-noted on behalf of the Vendor.
Julian Battiston Sales Representative 416 822 7721 [email protected]
Parallel Realty Inc. 14 Prince Arthur, Suite 205 Toronto, Ontario M5R 1A9 T 416 971 7563 | F 416 971 5122 www.parallelrealty.com
W. Harry Henderson Broker of Record 416 971 7563 [email protected]
MAP AREA | LEAMINGTON GENERAL LOCATION AND DATA The restructured Municipality of Leamington was incorporated on January 1, 1999. This was a combination of the former Town of Leamington and Township of Mersea. It has a land area of approximately 26,440 hectares and an estimated population in 2006 of 31,113. It is a municipality located in the southeast corner of Essex County, Ontario, bordered by the Town of Kingsville to the west, the Town of Lakeshore to the north, and Municipality of Chatham-Kent to the east, and lake Erie to the south. Leamington is located a short drive from Point Pelee National Park (a major site for migrating birds especially in spring), and on Lake Erie’s shore. Another natural area near Leamington is the wetland of Hillman Marsh. Its position on the lake makes it an important recreational center. Leamington was named Canada’s best place to live by Money Sense magazine. It has a large H.J. Heinz Company factory and it lays claim the being the “Tomato Capital of Canada”, with 4 square kilometers of tomato crop in the vicinity.
AREA DESCRIPTION 5
LEAMINGTON
CLIMATE Located on the north shore of Lake Erie, in the most southerly part of Canada, Leamington’s moderate climate is the second warmest climate in Canada, after the lower mainland of British Columbia. Long, hot summers and moderate winters makes Leamington the perfect place for a peaceful retirement, to raise a healthy family, or to build a thriving business. ECONOMIC CLIMATE Industrial development with Leamington is primarily related to food processing, dominated by the HJ Heinz Company of Canada factory (tomato based products) and Omstead Foods Limited (fish and vegetable products). Leamington claims it is the "Tomato Capital of Canada". Secondary feeder plants to the major auto industries are also becoming major employers in the area. It is expected that agriculture will remain the primary economic activity of the municipality. Leamington is renowned across North America for its greenhouses. It has the largest number of commercial greenhouses of any city in the continent. There are over 240 hectares of greenhouses producing tomatoes, cucumbers, peppers and flowers. These greenhouses create jobs for migrant workers from Mexico and the Caribbean. Leamington has become the greenhouse capital of North America for a variety of reasons. Started by immigrants to the area after World War II, greenhouse production has become a billion dollar industry. Principal crops include tomatoes, cucumbers and peppers. Greenhouse floriculture is also important. Leamington and neighboring Kingsville have the largest concentration of greenhouses in North America with over 1500 acres "under cover". In addition to agriculture, a substantial sand and gravel industry exists in the rural areas of the Municipality. Tourism in the town has increased, due in part to the municipal marina with increased ferry traffic to Pelee Island and Sandusky Ohio. Furthermore, the town area has an increasing number of high-end specialty retail shops and number of visitors. CULTURAL BACKGROUND Point Pelee National Park is widely popular for its bird watching, and attracts bird watchers from Canada, the USA and other countries. The most popular time of the year for bird watching in Leamington is May. The beaches on the shore of Lake Erie make Leamington a natural recreational spot for residents of southern Ontario. Leamington’s waterfront has undergone extensive redevelopment over the last 20 years and provides considerable recreational opportunities.
AREA DESCRIPTION 6
Due to the greater diversifications of services such as recreation, shopping and health care services (include a local hospital and county rest and nursing home), Leamington has experienced significant growth in its retirement-aged population. The Municipality acts as a sub regional service center serving a trade area of approximately 60,000. As a result there is a strong and diverse commercial base including a strong downtown, two shopping mall areas, as well as three highway/service commercial areas. POPULATION TRENDS The population has grown from 27,138 in 2001 to 31,113 in 2006. The community of 31,000 people is a culturally rich mosaic, and cherishes its ethic and rural roots. TRANSPORTATION FACILITIES Leamington is an easy 50-kilometer drive from the US international border at Windsor/Detroit. Leamington is also accessible to Highway 401, linking it to the larger metropolitan areas of London and Toronto, Ontario, and to other major business centers within North America. Leamington Transit provides transportation in and around the county. Leamington has a small private airport located 2 1/2 miles to the east of the town. Leamington has a large marina, offers ferry boat trips to Pelee Island and an also has an auto ferry that runs to Sandusky, Ohio.
AREA DESCRIPTION 7
PROPERTY PROFILE The subject property is ideally located at 300 Erie Street South in Leamington, Ontario. The property contains a 4,500 square foot freestanding retail building located on .86 acres of commercial land located in the downtown core. The building is currently used as a fast food restaurant with a national tenant, Burger King, under a lease agreement that does not expire until November 2019. The tenant maintains the subject property and the investment is carefree to the owner. Frontage: 125 feet - Erie Street South Depth: 300 feet
PROPERTY DESCRIPTION 8
PROPERTY DESCRIPTION 9
PROPERTY DESCRIPTION 10
ZONING MAP
PROPERTY DESCRIPTION 11
SURVEY
TENANCY 12
LEASE ABSTRACT
The property is currently leased to Burger King Restaurants of Canada Inc. The lease term commenced on December 1, 2004 and extends to November 30, 2019. As per the lease agreement, the tenant is responsible for paying all expenses related to taxes, maintenance, and insurance, making this a carefree investment for any prospective buyer. LEASE SUMMARY TERM: December 1, 2004 to November 30, 2019 AMOUNT: Dec. 2004 to Nov. 2014 - $8,250 / month ($22.00 / sq.ft.) Dec. 2014 to Nov. 2019 - $9,375 / month ($25.00 / sq.ft.) OPTIONS: 3 x 5 Year Renewal Options
FINANCIALS 13
RENT ROLL
The information contained herein has been obtained from the books and records of Febau (Canada) Limited and from other sources such made available to Parallel Realty Inc. and does not purport to contain all the information a prospective purchaser may require. This package has been compiled solely for the convenience of prospective purchasers to assist them in their determination of whether they wish to express further interest in acquiring the property. This package does NOT form part of any terms or conditions of sale. Parallel Realty Inc. has not independently verified any such information and assumes no responsibility for its accuracy or completeness and has no authority to bind Febau (Canada) Limited to any representation or warranty. Any financial estimates and projections contained herein are based on information obtained from the books and records of Febau (Canada) Limited provided to Parallel Realty Inc., and from other sources and involve an element of subjective judgment and analysis and are for general reference purposes only. Upon request, each recipient agrees that it will promptly return all material received from Parallel Realty Inc. Febau (Canada) Limited expressly reserves the right, at their sole discretion, to reject any or all proposals or expressions of interest for the Property; to terminate discussions with any party at any time, with or without notice; to withdraw the fee simple interest in the Property from the market, at any time, with or without notice; and to negotiate and enter into binding purchase and sale agreements with respect to the interest with any party at any time, all without any compensation to any party in all cases. Please direct all inquiries regarding the enclosed offering and any requests for additional information to: Julian Battiston W. Harry Henderson Sales Representative Broker of Record 416 822 7721 416 971 7563 [email protected] [email protected]
CONFIDENTIALITY AND LIMITING CONDITIONS 14
