Walmart Shadow Anchored Retail Portfolio€¦ · said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus

SALEM, IL

Offering Memorandum

Walmart Shadow Anchored Retail PortfolioNew York • Illinois • Kentucky

OAK GROVE, KYMARION, IL

EVANS MILLS, NY

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 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 indicate 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.

Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”) 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 indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of M&M, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee information about this listing to prospec-tive customers.

NON-ENDORSEMENT NOTICE

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

CONFIDENTIALITY AND DISCLAIMER

exclusively listedJD ParkerBroker of RecordNEW YORK OFFICETel: (212) 430-5100

Aaron JohnsonBroker of RecordKENTUCKY OFFICETel: (502) 329-5900

Steven WeinstockBroker of Record ILLINOIS OFFICE Tel: (630) 570-2200

OFFICES NATIONWIDEwww.marcusmillichap.com

Exclusively listed by: Investment Sales:

Philip LevyFirst Vice President InvestmentsFORT WORTH OFFICETel: (817) 932-6123Fax: (817) [email protected] License: TX 522087

Table of ContentsEXECUTIVE SUMMARY

Offering Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

EVANS MILLS, NYProperty Details . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Location Maps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Investment Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Aerial Photo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Financing & Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Rent Roll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Lease Expiration Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

Demographic Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

MARION, ILProperty Details . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Location Maps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Investment Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Aerial Photo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21


Rent Roll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24



SALEM, ILProperty Details . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

Location Maps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30


Aerial Photo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32


Rent Roll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35


OAK GROVE, KYProperty Details . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

Location Maps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41


Aerial Photo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43


Rent Roll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46



Walmart Shadow Anchored Retail Portfolio

summaryE X E C U T I V E S U M M A R Y

EXECUTIVE SUMMARY

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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 . © 2014 Marcus & Millichap

2

Property Overview

Offering Highlights


Walmart Shadow Anchored Retail -4 Property Portfolio

Pricing SummaryPROPOSED FINANCING

Price $18,891,000

CAP Rate 8.00%

Down Payment 34% / $6,419,460

Loan Amount $12,471,540

Loan Type Assumption

Interest/Amortization 4.879% / 30 Years

NOI $1,511,325

Debt Service $822,000

Debt Coverage Ratio 1.84

Net Cash Flow After Debt Service 10.74% / $689,325

Principal Reduction $213,516

Total Return 14.06% / $902,841

PROPERTY ADDRESS GLA NOI PRICE

Evans Mills Shopping Center25737 - 26461 Johnson RdEvans Mills, NY 13637

35,900 $436,767 $5,460,000

Marion Shopping Center 2406 Williamson County PkwyMarion, IL 62959 24,500 $310,979 $3,887,000

Salem Center 103 Baldridge RdSalem, IL 62881 27,500 $312,671 $3,908,000

Oak Grove Center 200 - 266 Segler Dr.Oak Grove, KY 42262 32,660 $450,908 $5,636,000

TOTAL 120,560 *$1,511,325 $18,891,000

*Most of the leases include a capital expenditure reserve charge billed in CAM that is non-refundable to the tenants. TheNOI includes the Replacement Reserve amounts collected as income.

ASSUMPTION OF EXISTING RECOURSE NOTE

Loan Amount $12,471,540

Loan Type Assumption

Interest Rate 4.879%

Amortization 30 Years

Original Term 10 Years

Due Date 11/2023

Current Monthly Payment $68,500.38

Lender Name Wells Fargo

EXECUTIVE SUMMARY

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3This 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 . © 2014 Marcus & Millichap

Offering Highlights


■■ Four Walmart Shadow Anchored Multi-Tenant Retail StripCenters | Evans Mills, New York; Marion, Illinois; Salem,Illinois; and Oak Grove, Kentucky

■■ Stabilized Centers | Portfolio Occupancy of 99 .06%

■■ 70% of the GLA has National Credit Tenants IncludingDollar Tree, CATO, Shoe Show (The Shoe Department),AT&T, Verizon, GameStop, Sally Beauty Supply andOthers

■■ Portfolio Average Rental Rate is $12 Per Square Foot

■■ Most of the Leases Provide Options for Renewal withScheduled Rent Escalations

■■ All Buildings are 2006 and 2007 Construction

■■ Attractive Assumable Non-Recourse Financing in Place

Evans Mills Shopping Center | Evans Mills, NY

35,900-square foot retail strip that is 100% occupied with all triple-net leases . Anchored by Dollar Tree, other tenants include Navy Federal Credit Union, Grand Buffet, CATO, Pawn King, Verizon, Little Caesar's Pizza, and GameStop . The building was constructed in 2007 and sits on 6 .48 acres .

Marion Shopping Center | Marion, IL

24,500-square foot retail strip, fully stabilized with 100% occupancy and all triple-net leases . Anchored by Dollar Tree, other tenants include Maurices, Don Taco, AT&T, Sally Beauty Supply, Sports Clips, Beltone, and Baan Thai Restaurant . Sitting on 2 .45 acres, the building was con-structed in 2007 .

Salem Center | Salem, IL

27,500-square foot retail strip, with 100% occupancy . An-chored by Dollar Tree, other tenants consist of Shoe Show, CATO, World Finance Corp ., AT&T, The Cash Store, and other local tenants . All leases except for Shoe Show are triple-net . The building was constructed in 2007 and sits on 3 .4 acres .

Oak Grove Center | Oak Grove, KY

32,660-square foot retail strip, currently 96% occupied with a mix of national and local tenants . Tenants include Buddy’s Home Furnishings, Shoe Show, CATO, Sally Beauty Supply, Quiznos, GameStop, China Buffet, World Finance Corp ., and others . All leases are triple-net . Constructed in 2006, the building is situated on 4 .93 acres .

summaryE V A N S M I L L S , N Y

Evans Mills Shopping Center25737-26461 Johnson Rd • Evans Mills, NY

EVANS MILLS SHOPPING CENTER

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7

Property Details

Site Plan


THE OFFERINGProperty Evans Mills Shopping Center

Property Address 25737-26461 Johnson Rd

Evans Mills, NY 13637

SITE DESCRIPTION Year Built 2007

Gross Leasable Area (GLA) 35,900

Lot Size 6.48 Acres

Type of Ownership Fee Simple


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Regional Map

Local Map



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Investment Overview

Investment Highlights

■■ 35,900-Square Foot Multi-Tenant Retail Center

■■ Shadow Anchored by Walmart Supercenter

■■ 100 Percent Occupied | All Leases are Triple-Net

■■ 63 Percent of the GLA has Credit Tenants

■■ Anchored by Dollar Tree | Other Major Tenants Include Grand

Buffet, Navy Federal Credit Union, CATO, and Verizon

■■ Great Visibility from U.S. Highway 11 | Traffic Counts are

Approximately 21,000-VPD

■■ The Property is Directly West of Fort Drum U .S . Army Military

Reservation | Home to 19,605 Active Duty Military and 4,740

Civilian Workers

The subject property is a 35,900-square foot multi-tenant retail center in Evans Mills, New York . The center is 100 percent occupied, and all leases are triple-net . Tenants are a mix of national and local retailers, with 63 percent having national credit . Anchored by Dollar Tree, other tenants include Navy Federal Credit Union, Grand Buffet, CATO, Pawn King, Verizon, Little Caesar’s Pizza, GameStop, Casablanca Nails Spa, and Wayback Burgers . The building was constructed in 2007 and sits on 6 .48 acres .

The subject property is located on Johnson Road off of U .S . Highway 11 with great visibility from the highway. Traffic counts are approximately 21,000-vehicles per day on Highway 11 . The property is shadow anchored by Walmart Supercenter and adjacent to Candlewood Suites and Taco Bell . Other retailers in the surrounding area include Arby’s, McDonald’s, Microtel Inn & Suites, Days Inn, Avis Car Rental, AutoZone, Dunkin’ Donuts, KFC, and Pizza Hut. The five mile population is 29,808 with an average household income of $51,000 .

Evans Mills is a village in Jefferson County, New York, within the town of Le Ray . It is home to Fort Drum U .S . Army military reservation, home of the 10th Mountain Division . Its mission includes command of active component units assigned to the installation, provide administrative and logistical support to tenant units, support to tenant units, support to active and reserve units, and planning and support for the mobilization and training of almost 80,000 troops annually . Fort Drum has an active duty military population of 19,605 and civilian work force of 4,740 .


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Aerial Photo



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Expenses Current Per SFReal Estate Taxes $65,266 $1.82

Insurance $20,754 $0.58

CAM Utilities $23,352 $0.65 Repairs $1,333 $0.04 HVAC $159 $0.00 Landscaping $7,942 $0.22 Porter Service $1,965 $0.05 Parking Lot Sweeping $5,027 $0.14 Fire Alarm Testing & Repair $200 $0.01 Fire Alarm Telephone $850 $0.02 Snow Removal $26,705 $0.74TOTAL CAM $67,533 $1.88

Management Fee $25,429 $0.71

TOTAL EXPENSES $178,982 $4.99

TENANTS (% OF GLA)

Financing & Expenses

Income Current Per SF Base Rent

Occupied Space $458,284 $12.77GROSS POTENTIAL RENT $458,284 $12.77

Expense Reimbursements Real Estate Taxes $63,403 $1.77 Insurance $13,606 $0.38 CAM/Management Fee/Admin Fee $112,864 $3.14Total Expense Reimbursements $189,873 $5.29

GROSS POTENTIAL INCOME $648,157 $18.05Vacancy/Collection Allowance (5% of GPI) $32,408 $0.90EFFECTIVE GROSS INCOME $615,749 $17.15

Total Expenses $178,982 $4.99

NET OPERATING INCOME $436,767 $12.17Total Return 8.00% / $436,767

Evans Mills Shopping Center

Price $5,460,000Gross Leasable Area (GLA) 35,900Price/SF $152.09CAP Rate 8.00%NOI $436,767

Lot Size 6.48 AcresYear Built 2007


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Rent Roll

SuiteTenant Name

Lease Dates & TermFloor SFBldg Share % of GLA

AnnualRent

Rent/SF

ExpenseReimbursement

Other Options/% Rent Lease Type

201 Navy Federal Credit Union7/01/16 - 6/30/21

4,700 13.09% $43,240.00 $9.20 $27,744.70 2, 5-Yr NNN

1001 Pawn KingMTM

1,600 4.46% $25,600.00 $16.00 $9,676.61 NNN

101 Verizon10/15/13 - 10/14/16

2,500 6.96% $50,000.00 $20.00 $14,891.60 2, 3-Yr@ $21.20

and $23.30

NNN

1101 Little Caesar's Pizza12/11/07 - 12/31/18

1,600 4.46% $28,800.00 $18.00 $9,500.70 1, 5-Yr@ $19.80

NNN

301 Cato's11/05/07 - 1/31/18

3,900 10.86% $44,850.00 $11.50 $17,264.96 2, 5-Yr@ $12.00

and $12.75

NNN

401 Dollar Tree9/29/07 - 9/30/17

10,000 27.86% $105,000.00 $10.50 $43,166.27 2, 5-Yr@ $11.00

and $11.50

NNN

501 Grand Buffet1/28/08 - 1/31/18

6,000 16.71% $69,300.00 $11.55 $34,954.92 1, 5-Yr@ $12.71

NNN

601 GameStop11/01/07 - 1/31/19

1,600 4.46% $36,800.00 $23.00 $9,413.73 NNN

701 Casablanca Nails Spa1/01/09 - 12/31/18

1,600 4.46% $32,000.00 $20.00 $9,530.63 1, 5-Yr@ $24.00

NNN

801 Wayback Burgers1/01/15 -12/31/21

2,400 6.69% $22,694.00 $9.46 $13,727.93 NNN

TOTAL VACANTTOTAL OCCUPIED 35,900 100.00% $458,284.00 $189,872.05

TOTAL 35,900 100.00% $458,284.00 $189,872.05


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Lease Expiration SummaryYear 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

For The Year Ending JAN-2016 JAN-2017 JAN-2018 JAN-2019 JAN-2020 JAN-2021 JAN-2022 JAN-2023 JAN-2024 JAN-2025

Tena

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Verizon Dollar Tree Little Caesar'sCATO's

Grand BuffetCasablanca Nails Spa

GameStop Navy Federal CUWayback Burgers

Total Number of Tenants

1 1 4 1 2

Total Square Feet 2,00 10,000 13,100 1,600 7,100

Total Percentage 7.0% 27.9% 36.5% 4.5% 19.8%

Cumulative Percentage

7.0% 34.8% 71.3% 75.8% 95.6%



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Demographic Summary

INCOME 1-MILE 5-MILES 10-MILES

$0 - $ 14,999 10.2% 11.2% 12.8%

$15,000 - $24,999 14.8% 12.7% 12.7%

$25,000 - $34,999 19.0% 16.6% 14.5%

$35,000 - $49,999 21.0% 20.4% 19.4%

$50,000 - $74,999 19.5% 22.7% 22.2%

$75,000 - $99,999 8.7% 9.2% 9.5%

$100,000 - $124,999 4.5% 4.6% 5.5%

$125,000 - $149,999 0.6% 0.8% 1.3%

$150,000 - $200,000 1.3% 1.2% 1.4%

$200,000 to $249,999 0.3% 0.3% 0.3%

$250,000 + 0.3% 0.3% 0.4%

2014 Median HH Income $38,304 $40,660 $42,243

2014 Per Capita Income $18,334 $16,635 $17,969

2014 Average HH Income $47,944 $49,664 $51,243

HOUSEHOLDS 1-MILE 5-MILES 10-MILES

2000 Households 1,701 4,137 7,495

2010 Households 1,927 4,999 9,121

2014 Households 2,021 5,357 9,711

2019 Households 2,133 5,771 10,454

2014 Average HH Size 2.77 2.88 2.79

2014 Daytime Population 383 1,485 5,094

2000 Owner Occupied Housing Units

18.49% 21.00% 35.41%

2000 Renter Occupied Housing Units

77.91% 75.05% 58.40%

2000 Vacant 3.60% 3.95% 6.19%


16.59% 19.22% 33.00%


83.41% 80.78% 67.00%

2014 Vacant 3.90% 3.50% 3.48%


16.67% 18.74% 31.97%


83.33% 81.26% 68.03%

2019 Vacant 3.86% 3.46% 3.13%

POPULATION 1-MILE 5-MILES 10-MILES

2000 Population 5,091 16,647 25,644

2010 Population 5,053 15,756 28,013

2014 Population 5,291 16,953 29,808

2019 Population 5,486 17,995 31,854

Geography: 5 Miles


summaryM A R I O N , I L

Marion Shopping Center2406 Williamson County Pkwy • Marion, IL

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MARION SHOPPING CENTER

Property Details

THE OFFERINGProperty Marion Shopping Center

Property Address 2406 Williamson County Parkway

Marion, IL 62959



Lot Size 2.45 Acres


Property Details

Walmart Shadow Anchored Retail

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Local Map

Regional Map


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MARION SHOPPING CENTER Walmart Shadow Anchored Retail

Investment Overview





■■ Anchored by Dollar Tree and Maurices

■■ Located in a Dense Retail Corridor in the Northwestern Quadrant of

I-57 and Illinois Route 13

■■ Illinois Star Centre Mall is Just West of the Property | Anchored by

Target, Dillard's, and Sears

■■ Southern Illinois Miners Professional Baseball Stadium is Nearby

■■ Affluent Area with a One Mile Average Household Income of $91,200

■■ Marion Serves as the Largest Retail Trade Center in Southern Illinois

The subject property is a 24,500-square foot multi-tenant retail center in Marion, Illinois . The center is fully stabilized with 100 percent occupancy, and all leases are triple-net . Anchored by Dollar Tree, other tenants include Maurices, Don Taco, AT&T, Sally Beauty Supply, Sports Clips, Beltone, and Baan Thai Restaurant . The building was constructed in 2007 and sits on 2 .45 acres .

The subject property is located on Williamson County Parkway in a dense retail corridor in the northwestern quadrant of Interstate 57 and Illinois Route 13 (Deyoung Street) . The property is shadow anchored by Walmart Supercenter and just west of Illinois Star Centre Mall, which is anchored by Target, Dillard’s, and Sears . Numerous other national and regional retailers are in the vicinity, including Gold’s Gym, Harley-Davidson, Toys ‘R Us, Red Lobster, AMC Theater, McAlister’s Deli, Fairfield Inn & Suites, Country Inn & Suites, Hampton Inn, Panera Bread, Applebee’s, Steak ‘n Shake, Burger King, Holiday Inn Express, Menards grocery, Gander Mountain, and more . The Southern Illinois Miners professional baseball team stadium is also nearby. The affluent area has a one mile average household income of $91,200, and the five mile population exceeds 29,270.

Marion is the county seat of Williamson County and serves as the largest retail trade center in Southern Illinois with its central location along I-57 and Illinois Route 13 . Illinois Route 13, currently a 4-lane divided highway, extends east and west through Williamson County . Construction is currently underway to expand Illinois Route 13 to 6-lanes from Marion to Carbondale, IL . The city is part of the Marion-Herrin Micropolitan Area and is a part of the Carbondale-Marion-Herrin, Illinois Combined Statistical Area .

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MARION SHOPPING CENTER Walmart Shadow Anchored Retail Portfolio

Aerial Photo

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MARION SHOPPING CENTER Walmart Shadow Anchored Retail Portfolio


Insurance $7,701 $0.31

CAM Utilities $3,034 $0.12 Landscaping $1,680 $0.07 Porter Service $1,270 $0.05 Parking Lot Sweeping $6,965 $0.28 Fire Sprinkler $275 $0.01 Fire Alarm Monitoring & Repair $1,844 $0.08 Parking Lot Lights $2,944 $0.12 Fire Alarm Telephone $894 $0.04 Signage & Miscellaneous $141 $0.01 Snow Removal $2,890 $0.12

TOTAL CAM $21,937 $0.90



TENANTS (% OF GLA)





GROSS POTENTIAL INCOME $432,805 $17.67Vacancy/Collection Allowance (5% of GPI) 5% / $21,640 $0.88EFFECTIVE GROSS INCOME $411,165 $16.78



Marion Shopping Center



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MARION SHOPPING CENTER Walmart Shadow Anchored Retail

Rent Roll

SuiteTenant Name


AnnualRent

Rent/SF Changes On Changes To


Other Options

Lease Type

101 Brad McMillan, Inc.(Beltone)

10/17/15 - 8/31/18

1,600 6.53% $15,072.00 $9.42 9/01/18 $18,672.00 $8,085.65 NNN

201 Sports Clips12/18/10 - 12/31/20

1,200 4.90% $22,800.00 $19.00 1/01/21 $25,200.00 $6,064.23 1, 5-Yr

@ $21 .00

NNN

301 AT&T4/26/07 - 4/30/18

2,800 11.43% $49,280.00 $17.60 $11,693.23 NNN

401 Akachanee Albert(Baan Thai Restaurant)

12/01/15 - 12/31/16

1,600 6.53% $27,200.00 $17.00 $8,085.65 NNN

501 Sally Beauty5/18/07 - 5/31/17

1,600 6.53% $24,800.00 $15.50 $7,481.85 1, 5-Yr

@ $16 .50

NNN

601 Maurice's5/10/07 - 5/31/17

4,500 18.37% $58,500.00 $13.00 $22,527.69 2, 5-Yr

@ $14 .00

and $15 .50

NNN

701 Dollar Tree4/19/07 - 4/30/17

8,000 32.65% $70,000.00 $8.75 $35,499.82 2, 5-Yr

@ $9 .25

and $9 .75

NNN

801 Don Taco, LLC8/13/07 - 8/31/18

3,200 13.06% $49,600.00 $15.50 $16,114.66 2, 5-Yr

@ $17 .00

and $18 .70

NNN

TOTAL VACANTTOTAL OCCUPIED 24,500 100.00% $317,252.00 $43,872.00 $115,552.78

TOTAL 24,500 100.00% $317,252.00 $43,872.00 $115,552.78

*Total Annual Rent is based on the future base rent of $317,252 to occur on 8/01/16. Current actual rent is $309,252.

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For The Year Ending JAN-2016 JAN-2017 JAN-2018 JAN-2019 JAN-2020 JAN-2021 JAN-2022 JAN-2023 JAN-2024 JAN-2025Te

nant

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Baan Thai Sally BeautyMaurice'sDollar Tree

BeltoneAT&T

Don Taco

Sports Clips


1 3 3 1

Total Square Feet 1,600 14,100 7,600 1,200

Total Percentage 6.5% 57.6% 31.0% 4.9%


6.5% 64.1% 95.1% 100.0%


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Demographic Summary


$0 - $ 14,999 10.2% 17.7% 15.3%

$15,000 - $24,999 9.8% 13.9% 12.2%

$25,000 - $34,999 15.7% 13.2% 13.0%

$35,000 - $49,999 11.3% 14.3% 14.5%

$50,000 - $74,999 21.5% 19.2% 20.6%

$75,000 - $99,999 9.5% 9.5% 10.5%

$100,000 - $124,999 5.1% 4.9% 6.7%

$125,000 - $149,999 4.4% 3.1% 3.2%

$150,000 - $200,000 4.8% 1.9% 2.0%

$200,000 to $249,999 2.0% 0.8% 0.7%

$250,000 + 5.7% 1.7% 1.4%

2014 Median HH Income $54,460 $40,636 $45,083




2000 Households 376 6,042 11,084

2010 Households 511 6,413 12,359

2014 Households 526 6,453 12,485

2019 Households 575 6,618 12,989

2014 Average HH Size 2.11 2.21 2.30

2014 Daytime Population 2,740 13,923 18,780


63.40% 58.02% 63.47%


27.87% 33.43% 28.69%

2000 Vacant 8.73% 8.55% 7.84%


67.43% 58.71% 66.02%


32.57% 41.29% 33.98%

2014 Vacant 12.02% 11.51% 9.88%


67.24% 58.73% 66.12%


32.76% 41.27% 33.88%

2019 Vacant 12.60% 11.90% 10.12%


2000 Population 935 13,813 26,309

2010 Population 1,173 14,507 29,024

2014 Population 1,200 14,567 29,274

2019 Population 1,280 14,798 30,249

Geography: 5 Miles

Walmart Shadow Anchored Retail

summaryS A L E M , I L

Salem Center103 Baldridge Road • Salem, IL

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SALEM CENTER



Property Details

THE OFFERINGProperty Salem Center

Property Address 103 Baldridge Road

Salem, IL 62881



Lot Size 3.40 Acres


Site Plan

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SALEM CENTER


Regional Map

Local Map


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SALEM CENTER



Investment Overview




■■ 100 Percent Occupied | All Leases Except for Shoe Show are

Triple-Net

■■ Anchored by Dollar Tree | the Center is a mix of National and

Local Retailers and Restaurants

■■ Located off of Highway 50 (West Main Street) near the

Intersection with I-57 | Traffic Counts are 18,000-Vehicles Per

Day on Highway 50

■■ Salem is Located in Southern Illinois, 90 Minutes East of St .

Louis, Missouri

The subject property is a 27,500-square foot multi-tenant retail center in Salem, Illinois . The property is currently 100 percent occupied . Anchored by Dollar Tree, the center is a mix of national and local tenants including Shoe Show, CATO, World Finance Corp ., The Cash Store, AT&T, El Rancherito Restaurant, Internet Cafe, and Zen Nails & Spa . Shoe Show has a gross lease; all other leases are triple-net . Additional income is provided by an ATM lease with Marion County Savings Bank . The building was constructed in 2007 and sits on 3 .4 acres .

The subject property is located on Baldridge Road, off of Highway 50 (West Main Street) near the intersection with Interstate 57. Traffic counts are approximately 18,000-vehicles per day on Highway 50 . Shadow anchored by a Walmart Supercenter, other surrounding retailers include KFC, Arby’s, Denny’s, Comfort Inn & Suites, Applebee’s, Super 8 Motel, among others . The average household income within five miles of the property is $52,340 with over 10,460 residents .

Located in Southern Illinois, Salem is the county seat of Marion County . The city is only a ninety minute drive from St . Louis, Missouri, with its museums, zoo, major entertainment facilities, sports centers and an international airport .

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SALEM CENTER



Aerial Photo

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SALEM CENTER





CAM Utilities $8,583 $0.31 Repairs $4,688 $0.17 Landscaping $1,613 $0.06 Porter Service $1,125 $0.04 Parking Lot $5,110 $0.19 Fire Alarm Monitoring & Repair $1,013 $0.04 Fire Alarm Telephone $937 $0.03 Snow Removal $1,200 $0.04TOTAL CAM $24,269 $0.88



TENANTS (% OF GLA)





GROSS POTENTIAL INCOME $463,063 $16.84Vacancy/Collection Allowance (5% of GPI) 5% / $23,153 $0.84EFFECTIVE GROSS INCOME $439,910 $16.00



Salem Center



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SALEM CENTER



Rent Roll

SuiteTenant Name


AnnualRent

Rent/SF

Changes On Changes To


OtherOptions Lease Type

ATM Marion County Savings Bank

8/01/07 - 7/31/17

$12,000.00 1, 5-Yr

@ $13,200101 The Cash Store

6/04/07 - 6/30/17

1,600 5.82% $38,400.00 $24.00 $8,853.41 2, 5-Yr

@ $24 .50 and

$27 .00

NNN

201 Midwest Cellular, Inc.

2/01/08 - 1/31/17

1,600 5.82% $25,600.00 $16.00 $8,942.86 1, 5-Yr

@ $17 .50

NNN

301 El Rancherito

1/28/09 - 1/31/19

3,200 11.64% $48,000.00 $15.00 $17,885.73 2, 5-Yr

@ $15 .00 and

$17 .00

NNN

401 Dollar Tree

6/19/07 - 6/30/17

8,000 29.09% $60,000.00 $7.50 $38,958.00 3, 5-Yr

@ $8, $8 .50,

and $9

NNN

501 Shoe Show

8/10/07 - 8/31/18

4,700 17.09% $60,000.00 $12.77 $0.00 3, 5-Yr

@ $12 .50, $14

and $15 .50

Gross

601 Cato

5/14/07 - 1/31/18

3,600 13.09% $36,900.00 $10.25 $16,735.81 2, 5-Yr

@ $11 and

$11 .75

NNN

701 WABB Enterprises (Internet Cafe)

12/01/12 - 11/30/17

1,600 5.82% $20,800.00 $13.00 $8,801.65 3, 5-Yr

@ $14 .40, $16,

and $17 .75

NNN

801 Zen Nails & Spa7/01/09 - 5/31/19

1,600 5.82% $21,000.00 $13.13 $8,942.86 1, 5-Yr@ $14 .30

NNN

901 World Finance Corp4/19/10 - 4/30/20

1,600 5.82% $22,400.00 $14.00 5/01/175/01/19

$23,200.00$24,000.00

$8,842.03 NNN

TOTAL VACANTTOTAL OCCUPIED 27,500 100.00 $345,100.00 $117,962.35

TOTAL 27,500 100.00 $345,100.00 $117,962.35

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SALEM CENTER




Tena

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Marion County Savings Bank

The Cash StoreMidwest Cel-

lularDollar Tree

Internet Cafe

Shoe ShowCATO

El RancheritoZen Nails &

Spa

World Finance Corp


5 2 2 1

Total Square Feet 12,800 8,300 4,800 1,600

Total Percentage 46.6% 30.2% 17.5% 5.8%


46.6% 76.7% 94.2% 100.0%


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SALEM CENTER


Demographic Summary


$0 - $ 14,999 14.9% 15.6% 14.7%

$15,000 - $24,999 15.9% 16.3% 15.3%

$25,000 - $34,999 7.5% 11.5% 11.6%

$35,000 - $49,999 17.5% 16.2% 16.1%

$50,000 - $74,999 26.7% 23.4% 23.7%

$75,000 - $99,999 7.1% 8.0% 9.0%

$100,000 - $124,999 5.1% 4.1% 4.2%

$125,000 - $149,999 2.0% 2.8% 3.1%

$150,000 - $200,000 2.6% 1.6% 1.6%

$200,000 to $249,999 0.2% 0.2% 0.3%

$250,000 + 0.5% 0.4% 0.5%

2014 Median HH Income $45,820 $40,852 $43,258




2000 Households 1,204 3,655 4,446

2010 Households 1,185 3,511 4,353

2014 Households 1,161 3,439 4,265

2019 Households 1,156 3,399 4,248

2014 Average HH Size 2.40 2.35 2.37



71.09% 67.06% 69.45%


23.98% 26.43% 24.31%

2000 Vacant 4.93% 6.50% 6.24%


71.87% 69.06% 71.46%


28.13% 30.94% 28.54%

2014 Vacant 9.05% 10.22% 10.12%


71.70% 69.06% 71.53%


28.30% 30.94% 28.47%

2019 Vacant 9.63% 10.75% 10.66%


2000 Population 3,246 9,072 11,138

2010 Population 3,030 8,586 10,662

2014 Population 2,971 8,424 10,463

2019 Population 2,938 8,313 10,384

Geography: 5 Miles


summaryO A K G R O V E , K Y

Oak Grove Center200-266 Segler Drive • Oak Grove, KY

OAK GROVE CENTER

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Property Details

THE OFFERINGProperty Oak Grove Center

Property Address 200-266 Segler Drive

Oak Grove, KY 42262



Lot Size 4.93 Acres


OAK GROVE CENTER

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Local Map


OAK GROVE CENTER

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Investment Overview


■■ 32,660-Square Foot, Multi-Tenant Retail Center


■■ 58 Percent of the Gross Leasable Area is Leased to NationalTenants


■■ Located off of Fort Campbell Boulevard, the Major North/SouthThoroughfare

■■ Traffic Counts are 24,660-Vehicles Per Day

■■ Less Than Two Miles East of Fort Campbell U.S. ArmyInstallation, the 5th Largest Military Population in the Army

■■ Fort Campbell Supports 29,784 Active Duty Military | 53,116Family Members | Over 4,000 Civilian Jobs

■■ Oak Grove is Located on the Boundaries of Western Kentuckyand Middle Tennessee

Oak Grove Center is a 32,660-square foot multi-tenant retail center in Oak Grove, Kentucky. The center is currently 96% occupied with a mix of national and local tenants. Tenants include Buddy’s Home Furnishings, Shoe Show, CATO, Sally Beauty Supply, Quiznos, GameStop, China Buffet, Don Pancho Mexican Restaurant, World Finance Corp., and Oak Grove Credit Union. All leases are triple-net. Constructed in 2006, the building is situated on 4.93 acres.

The subject property is located on Segler Drive off of Fort Campbell Boulevard, the city’s major north/south thoroughfare. Traffic counts are 24,660-vehicles per day. The subject property is shadow anchored by Walmart Supercenter. Other neighboring retailers include Mapco Mart, Navy Federal Credit Union, Sonic Drive-In, Dollar Tree, and Hibbett Sports. The center benefits from its close proximity to Fort Campbell U.S. Army Installation. Less than two miles west of the property, Fort Campbell supports the 5th largest military population in the Army with 29,784 active duty military; 53,116 family members; and over 4,000 civilian jobs.

The City of Oak Grove, Kentucky, just off Interstate 24, is located on the boundaries of Western Kentucky and Middle Tennessee. The city is less than four hours from Atlanta, Louisville, St. Louis, Memphis and Nashville. Oak Grove has a population of approximately 9,000 and is noted to be one of the fastest growing cities in Kentucky. The quiet rural community is most popularly known as “The Hometown of Fort Campbell”, conveniently nestled outside the gates of the 101st Airborne Division.

OAK GROVE CENTER

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Aerial Photo

OAK GROVE CENTER

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CAM Utilities $8,602 $0.26 Landscaping $5,100 $0.16 Porter Service $1,800 $0.06 Parking Lot Maintenance $13,770 $0.42 Fire Alarm Monitoring $1,597 $0.05 Fire Alarm Telephone $4,010 $0.12 Roof Repair $1,399 $0.04 Pressure Washing $880 $0.03 Snow Removal $4,050 $0.12TOTAL CAM $41,208 $1.26



TENANTS (% OF GLA)


Oak Grove Center

Price $5,636,000Gross Leasable Area (GLA) 32,660Price/SF $172.57CAP Rate - Current 8.00%CAP Rate - Pro Forma 8.52%NOI - Current $450,908


Income Current Per SF Pro Forma Per SFBase Rent

Occupied Space $456,171 $14.47 $456,171 $14.47Vacant Space @ Market Rents (1,128 SF) $0 $0.00 $16,920 $15.00GROSS POTENTIAL RENT $456,171 $13.97 $473,091 $14.49

Expense Reimbursements

Real Estate Taxes $50,878 $1.56 $52,698 $1.61 Insurance $8,105 $0.25 $8,396 $0.26

CAM/Management/Admin Fee $68,696 $2.10 $70,000 $2.14

Total Expense Reimbursements $127,679 $3.91 $131,093 $4.01

GROSS POTENTIAL INCOME $583,850 $17.88 $604,184 $18.50

Vacancy/Collection Allowance 1.5% / $8,758 $0.27

EFFECTIVE GROSS INCOME $575,092 $17.61 $604,184 $18.50

Total Expenses $124,184 $3.80 $124,184 $3.80

NET OPERATING INCOME $450,908 $13.81 $480,000 $14.70

OAK GROVE CENTER

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SuiteTenant Name


AnnualRent

Rent/SF


Other Options/% Rent Lease Type

200 GameStop

10/11/07 - 1/31/18

1,600 4.90% $33,600.00 $21.00 $6,370.09 1, 5-Yr

@ $23.00

NNN

204 Quiznos

MTM

1,600 4.90% $23,600.00 $14.75 $5,882.35 NNN

208 Fort Campbell Federal CU

8/30/13 - 12/31/18

3,200 9.80% $55,392.00 $17.31 $12,556.65 2, 5-Yr

@ $19.00

and $20.95

NNN

216 World Finance

4/01/08 - 3/31/17

1,564 4.79% $27,839.00 $17.80 $6,422.37 1, 3-Yr

@ $19.00

NNN

228 Don Pancho

7/23/07 - 7/31/17

4,000 12.25% $64,000.00 $16.00 $17,434.25 1, 5-Yr

@ $17.50

NNN

240 China Buffet & Grill

9/01/07 - 8/31/17

5,528 16.93% $85,300.00 $15.43 $26,341.68 1, 5-Yr@ $16.54

NNN

244 Vacant 1,128 3.45% $0.00250 Buddy’s

6/10/14 - 6/30/19

5,000 15.31% $60,000.00 $12.00 $18,722.87 NNN

256 Shoe Show

8/24/07 - 8/31/17

3,440 10.53% $37,840.00 $11.00 $13,214.34 1, 5-Yr@ $12.00

NNN

260 Sally Beauty Supply

8/31/07 - 8/31/17

1,600 4.90% $25,600.00 $16.00 $6,568.49 1, 5-Yr@ $17.50

NNN

266 Cato

6/04/07 - 1/31/18

4,000 12.25% $43,000.00 $10.75 $14,165.72 2, 5-Yr@ $11.50

and $12.25

NNN

TOTAL VACANT 1,128 3.45%

TOTAL OCCUPIED 31,532 96.55% $456,171.00 $127,678.81

TOTAL 32,660 100.00% $456,171.00 $127,678.81

Rent Roll

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Cato

Buddy’s


6 2 1

Total Square Feet 17,732 7,200 5,000

Total Percentage 54.3% 22.1% 15.3%


54.3% 76.4% 91.7%


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Demographic Summary


$0 - $ 14,999 17.6% 14.0% 11.9%

$15,000 - $24,999 14.9% 15.6% 13.1%

$25,000 - $34,999 26.0% 22.4% 19.5%

$35,000 - $49,999 19.8% 18.7% 18.9%

$50,000 - $74,999 15.6% 17.7% 20.4%

$75,000 - $99,999 3.2% 6.3% 8.9%

$100,000 - $124,999 1.9% 3.2% 4.2%

$125,000 - $149,999 0.1% 0.8% 1.5%

$150,000 - $200,000 0.2% 0.7% 1.1%

$200,000 to $249,999 0.7% 0.4% 0.3%

$250,000 + 0.1% 0.3% 0.3%

2014 Median HH Income $31,312 $33,908 $39,643




2000 Households 535 5,978 10,018

2010 Households 1,010 6,948 12,576

2014 Households 1,045 7,321 13,606

2019 Households 946 7,760 14,903

2014 Average HH Size 4.05 3.11 3.02



11.43% 23.71% 31.28%


79.09% 67.01% 59.67%

2000 Vacant 9.47% 9.29% 9.05%


5.93% 22.57% 33.99%


94.07% 77.43% 66.01%

2014 Vacant 5.51% 9.47% 8.43%


6.70% 22.91% 34.46%


93.30% 77.09% 65.54%

2019 Vacant 6.39% 9.78% 8.40%


2000 Population 2,199 23,212 37,985

2010 Population 4,024 26,232 43,177

2014 Population 4,175 27,363 46,134

2019 Population 3,724 28,495 49,626

Geography: 5 Miles


exclusively listedInvestment Sales:

OFFICES NATIONWIDEwww.marcusmillichap.com

Exclusively listed by:

JD ParkerBroker of RecordNEW YORK OFFICETel: (212) 430-5100

Aaron JohnsonBroker of RecordKENTUCKY OFFICETel: (502) 329-5900

Steven WeinstockBroker of Record ILLINOIS OFFICE Tel: (630) 570-2200

Philip LevyFirst Vice President InvestmentsFORT WORTH OFFICETel: (817) 932-6123Fax: (817) [email protected] License: TX 522087

Y0410026

Documents

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