for sale* 15-year sale-leaseback on 2/3 of building by kiddie academy … · 2019. 7. 17. ·...
TRANSCRIPT
GOMAN+YORK Property Advisors, LLC
111 Founders Plaza
East Hartford, CT 06108
www.gomanyork.com
FOR MORE INFORMATION:
Thomas York, SIOR(860) 416-2239
[email protected] ADVISORS
FOR SALE*• 15-year sale-leaseback on 2/3 of
building by Kiddie Academy franchisee
• Additional space available for owner/user or extra investment income
Offered at
$3.5 million
158 New Britain Avenue, Rocky Hill, Connecticut
* REAL ESTATE ONLY FOR SALE – DOES NOT INCLUDE BUSINESS
2
GOMAN+YORK Property Advisors, LLC
111 Founders Plaza
East Hartford, CT 06108
www.gomanyork.com
FOR MORE INFORMATION:Thomas York, SIOR(860) [email protected]
PROPERTY ADVISORS
For Sale: 158 New Britain Ave, Rocky Hill, CTTABLE OF CONTENTS
1. Executive summary
2. Location Summary
3. Regional Map
4. Local Trade Area Map
5. Immediate Site Area Map
6. Offering Key Facts
7. Property Description &
Building Floor Plans
8. Tenant Overview
9. Goman+York Company Overview
©2019 GOMAN+YORK Property Advisors, LLC. The information in this document has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
3
GOMAN+YORK Property Advisors, LLC
111 Founders Plaza
East Hartford, CT 06108
www.gomanyork.com
FOR MORE INFORMATION:Thomas York, SIOR(860) [email protected]
PROPERTY ADVISORS
For Sale: 158 New Britain Ave, Rocky Hill, CTEXECUTIVE SUMMARY
Goman+York Property Advisors, LLC has been retained by 3 Bluebirds,
LLC to offer to qualified investors and/or occupiers the opportunity to
purchase 158 New Britain Avenue, Rocky Hill, Connecticut, a three
story, commercial building (±15,750 SF).
The building is located within the land condominium association known
as Old Main Village with two other owners and their associated
structures which are currently used for retail and office space. The
association encompasses 3.56 acres of land. Per the condominium
documents, Unit C’s pro-rata share is 33% based on total area which
would translate to 1.18 acres of land.
Built in 2016, 158 New Britain Avenue is located at a signalized
intersection with Hayes Rd, contains 15,750 SF on three floors, with
elevator access serving each floor. The first two floors (both on grade)
are leased to the current property owner for a high-end day care
operation called Kiddie Academy with an outdoor playground. The third
floor, 5,250 SF, is currently in raw condition with base building HVAC,
sprinkler and electrical stubbed on the floor and ready for horizontal
distribution.
As part of a sale to a qualified investor and/or occupier, Kidde Academy
(franchise operator) is prepared to lease back the 1st and 2nd floors for
15-years. In addition, Kidde Academy is willing to initially lease the
third floor “as is” for term which is the sooner of:
a) 12-months or
b) when purchaser secures a lease from a third-party tenant.
Acquisition highlights
• Long-term lease (15 years) on 2/3 of the building
with an established high-end day care center
• Value-add investor opportunity with the lease-up of
the 3rd floor
• Investment income opportunity for an
owner/occupier to benefit from
• Excellent condition recently constructed (2016)
building with high-end improvements and fixtures
including a playground.
• Well located and highly visible property in the
Route 3 Rocky Hill trade area
• Numerous nearby amenities including shops and
restaurants including
Offering Features
Sale Price $3,550,000
Cap. Rate 7.00%
NOI $248,400
Total Building 15,750 SF on 3 floors
Site 3.56 acres
Year Built 2016
Parking Spaces ±45
Traffic Counts 10,050 AADT on New Britain Ave (2012)
4
GOMAN+YORK Property Advisors, LLC
111 Founders Plaza
East Hartford, CT 06108
www.gomanyork.com
FOR MORE INFORMATION:Thomas York, SIOR(860) [email protected]
PROPERTY ADVISORS
For Sale: 158 New Britain Ave, Rocky Hill, CTLOCATION SUMMARY
Profile of the Town of Rocky Hill, Connecticut
Source: www.rockyhillct.gov
Rocky Hill (13.9 square miles) is centrally located in Connecticut, sitting
along the Connecticut River 8 miles south of the capital city Hartford.
The town’s rich heritage dating back to being independently
incorporated in 1843. The population in 2018 was 20,319 and has an
expected 5-year growth rate of 0.28%.
Located just south of the state capital of Hartford, Rocky Hill is home to
Dinosaur State Park, one of the largest dinosaur track sites in North
America. The Nations oldest, continuously running ferry service still
operates here on a seasonal basis offering a peaceful alternative to
crossing the Connecticut River via highway.
Rocky Hill’s vision of the future includes preservation of historic areas
and maintenance of a comfortable mix of amenities and housing
choices for all age groups. It is the Town’s intention to grow in such a
fashion that we have a mix of both residential and commercial
properties. This mix will support the growth needed to maintain the
services the residents and businesses have come to expect while
keeping the tax burden in check.
Town Hall: 761 Old Main Street, Rocky Hill, CT
Phone: 860-258-2700
Website: www.rockyhillct.gov
Drive Time Trade Area Demographics
Drive times from 158 New Britain Ave 3 min. 5 min. 18 min.
2018 Number of Families 916 3,860 88,493
2018 Average Family Size 3.10 3.02 3.13
2018 Total Population 3,454 14,065 369,650
2018 Housing Units 1,462 5,809 157,960
2018 Owner Occupied Housing 74.4% 77.9% 48.9%
2018 Renter Occupied Housing 20.4% 16.7% 43.0%
2018 Vacant Housing Units 5.3% 5.4% 8.1%
2018 Median Household Income $87,092 $96,866 $57,335
5
GOMAN+YORK Property Advisors, LLC
111 Founders Plaza
East Hartford, CT 06108
www.gomanyork.com
FOR MORE INFORMATION:Thomas York, SIOR(860) [email protected]
PROPERTY ADVISORS
For Sale: 158 New Britain Ave, Rocky Hill, CTREGIONAL MAP
Driving Times:
15 minutes to Middletown
18 minutes to Hartford
35 minutes to New Haven
6
GOMAN+YORK Property Advisors, LLC
111 Founders Plaza
East Hartford, CT 06108
www.gomanyork.com
FOR MORE INFORMATION:Thomas York, SIOR(860) [email protected]
PROPERTY ADVISORS
For Sale: 158 New Britain Ave, Rocky Hill, CTLOCAL TRADE AREA MAP
Kid's Lane Daycare & Learning Center
158 New Britain Ave
7
GOMAN+YORK Property Advisors, LLC
111 Founders Plaza
East Hartford, CT 06108
www.gomanyork.com
FOR MORE INFORMATION:Thomas York, SIOR(860) [email protected]
PROPERTY ADVISORS
For Sale: 158 New Britain Ave, Rocky Hill, CTIMMEDIATE SITE AERIAL
10,200 VEHICLES PER DAY 158 New Britain Avenue
8
GOMAN+YORK Property Advisors, LLC
111 Founders Plaza
East Hartford, CT 06108
www.gomanyork.com
FOR MORE INFORMATION:Thomas York, SIOR(860) [email protected]
PROPERTY ADVISORS
For Sale: 158 New Britain Ave, Rocky Hill, CTOFFERING KEY FACTS
Financial Summary
Pursuant to a sale transaction, the
seller (3 Bluebirds, LLC - dba Kiddie
Academy) will be leasing back the 1st
and 2nd floors of the building for a 15-
year period. In addition, the seller is
willing to lease back the 5,250 SF 3rd
floor for a period of twelve months from
closing in order to accommodate a
lease-up schedule.
Current Expenses - 10,500 SF
(vacant third floor) Annual PSF
Real Estate Taxes $27,300 $2.60
Utilities $24,812 $2.36
Condo Fees $16,707 $1.59
Insurance $7,245 $0.69
General Maintenance $2,000 $0.19
Total $78,064 $7.43
Current Revenue - 10,500 SF
Base NNN Rent $248,400 $23.66
Reimbursable Expenses $78,064 $7.43
Total $326,464 $31.09
Current Valuation Summary Annual PSF
Net Operating Income $248,400 $23.66
Capitalization Rate 7.00% 7.00%
Sales Price $3,548,571 $337.96
Projected Expenses - 15,750 SF
(including third floor expansion) Annual PSF
Real Estate Taxes $40,950 $2.60
Utilities $37,170 $2.36
Condo Fees $16,707 $1.06
Insurance $10,868 $0.69
General Maintenance $2,993 $0.19
Total $108,687 $6.90
Year 3 Projected Revenue - 15,750 SF
Kiddie Academy Base NNN Rent $168,000 $16.00
3rd Flr Tenants Base NNN Rent $94,500 $18.00
Kiddie Academy Reimb. Revenue $72,494 $4.60
3rd Floor Reimbursement Revenue $36,301 $2.30
Total $371,296 $40.91
Pro Forma Valuation Summary
Net Operating Income $262,500 $25.00
Capitalization Rate 7.00% 7.00%
Indicated Property Value (Proj.) $3,750,000 $238.10
Typical classroom Unfinished Third Floor
9
GOMAN+YORK Property Advisors, LLC
111 Founders Plaza
East Hartford, CT 06108
www.gomanyork.com
FOR MORE INFORMATION:Thomas York, SIOR(860) [email protected]
PROPERTY ADVISORS
For Sale: 158 New Britain Ave, Rocky Hill, CTPROPERTY DESCRIPTION & FLOOR PLANS
Property Description
Square footage 15,750 on 3 floors
Year Built 2016
Parking Spaces ±45
Signage Pylon and Building
Utilities Sewer, Water, Electricity, Natural Gas
Construction Wood frame, Exterior block walls
Foundation Poured concrete
Roof Asphalt shingle
Elevator One (1) Passenger elevator
Sprinklers Dry
10
GOMAN+YORK Property Advisors, LLC
111 Founders Plaza
East Hartford, CT 06108
www.gomanyork.com
FOR MORE INFORMATION:Thomas York, SIOR(860) [email protected]
PROPERTY ADVISORS
For Sale: 158 New Britain Ave, Rocky Hill, CT
Kiddie Academy is a national franchise of early
childhood education centers.
• Headquartered in Abingdon, Maryland, USA
• Operates over 200 locations in 29 States.
• Total sales over $3.3 Billion
• Was named the fastest growing child care franchise by
Franchise Times in 2017.
• After 24 months, a franchise typically generates >$1.5
million in revenue and >$400,000 in gross profit
annually.
• Range of product offerings:
1. Preschool
2. Kindergarten
3. Day care
4. Youth summer camps
TENANT OVERVIEW
https://kiddieacademy.com/academies/rocky-hill/
Tenant: 3 Bluebirds, LLC – franchise operator of Kiddie Academy
11
GOMAN+YORK Property Advisors, LLC
111 Founders Plaza
East Hartford, CT 06108
www.gomanyork.com
FOR MORE INFORMATION:Thomas York, SIOR(860) [email protected]
PROPERTY ADVISORS
For Sale: 158 New Britain Ave, Rocky Hill, CTCOMPANY OVERVIEW
Research & Consulting Services:
▪ Strategic Planning & Consulting
▪ Strategic Site Selection
▪ Broker Opinion of Values
▪ Real Estate Organizational Consulting
▪ Asset & Portfolio Management Strategies
▪ Development Services
▪ Due Diligence Management
▪ Highest & Best Use Analysis
▪ Feasibility Studies
▪ Lease Review & Analysis
Transactional Brokerage Services:
▪ Agency Leasing
▪ Tenant Advisory
▪ Asset Acquisition
▪ Asset Disposition
▪ Transaction Management
Philosophy
Goman+York brings a unique level of focus for each client. Unlike many other commercial real-estate companies, we are not simply in the business of constantly adding new clients. Instead, we develop a specific plan for each client and then focus tirelessly on executing that plan. We approach each assignment with a client’s mindset. Our goal is to add productivity and value to our clients’ investments. We provide a high-end service with a focus on consultation and strategic planning and we do it with high ethical standards and integrity.
Company Overview
Goman+York Property Advisors, LLC, provides expert advice and high-value services to landlords and tenants, owners and investors in the commercial real-estate industry. We deliver “real world,” customized real-estate solutions for all our clients. We consistently exceed our clients’ expectations. With decades of extensive experience, we naturally think and act as property owners or tenants. Our primary goal is to enhance and protect our clients’ position in the marketplace. Importantly, we choose our clients and properties carefully, providing each with the strategic focus and effort that is necessary to advance client performance in the market. At Goman+York, we provide a few clients with a lot of attention instead of a lot of clients with a little attention. We understand that focus brings performance, and performance brings improved results. At Goman+York, we expect nothing less.
Services
Goman+York Property Advisors prides itself on offering a wide range of services based on our in-depth marketing knowledge and experience. A differentiating element of our services is our ability to approach owners’ services from the perspective of property owners, and tenant services from the viewpoint of tenants. This is because we have been both and therefore have special insights that we employ to our clients’ benefit.