laurinburg commons - laurinburg, nc€¦ · • rare annual rent increases in verizon and fastmed...

OFFERING MEMORANDUM NNN Lease Investment Opportunity

907 US 401 Bypass | Laurinburg, NC 28352Actual Property Image

Jeff AschierisLic # 98467

843.410.2706 | [email protected]

Exclusively Marketed By: Sands Investment Group

In Cooperation with Cooper Commercial Investment Group, LLCBoR: Dan Cooper – Lic # 2009003618

Sands Investment Group1017 Chuck Dawley Blvd, Suite 200

Mount Pleasant, SC 29464844.4.SIG.NNN

www.SIGnnn.com

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03 INVESTMENT SUMMARY• Investment Summary• Investment Highlights• Site Plan & Elevations

07 AREA OVERVIEW• Location Map• Aerial & Retail Maps• City Overview

10 TENANT OVERVIEW • Tenant Profiles• Lease Summaries

13 LEASE ABSTRACT• Rent Roll

Exclusively Marketed By: Sands Investment Group

© 2018 Sands Investment Group (SIG). The information contained in this ‘Offering Memorandum,’ has been obtained from sources believed to be reliable. Sands InvestmentGroup does not doubt its accuracy, however, Sands Investment Group makes no guarantee, representation or warranty about the accuracy contained herein. It is theresponsibility of each individual to conduct thorough due diligence on any and all information that is passed on about the property to determine it’s accuracy and completeness.Any and all projections, market assumptions and cash flow analysis are used to help determine a potential overview on the property, however there is no guarantee or assurancethese projections, market assumptions and cash flow analysis are subject to change with property and market conditions. Sands Investment Group encourages all potentialinterested buyers to seek advice from your tax, financial and legal advisors before making any real estate purchase and transaction.

Chris SandsNC Lic. # 300021


Brett SheldonNC Lic. # 294754


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ADDRESS907 US 401 Bypass

Laurinburg, NC 28352

COUNTYScotland

BUILDING AREA9,800 SF

LAND AREA0.85 Acres

YEAR BUILT2016

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PRICE $3,325,643

CAP 7.00%

NOI $232,795

PRICE PER SF $339.35

YEARS REMAINING Varies

Investment Highlights

Triple Net(NNN) Leases

• Great Tenant Mix with Long Term NNN Leases

• Rare Annual Rent Increases in Verizon and FastMed Urgent Care Leases; 8% Increases Every 5 Year inPetsense Lease

• Walmart Shadow Anchored Strip Center

• Immediate Access to Interstate 74 – Over 16,000 Vehicles Per Day

• Select Nearby Tenants: Lowe’s Home Improvement, Walmart Supercenter, Belk, Walgreens andZaxby’s


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LAURINBURG COMMONS

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SUBJECT PROPERTY DEMOGRAPHICS1 Mile 3 Mile 5 Mile

Population 3,790 15,553 22,005

Average Household Income $43,439 $41,919 $42,453

STREET/CROSS ROAD AVERAGE VEHICLES PER DAY

US 401 Bypass 16,000

Interstate 74 16,000


McColl Rd

LAURINBURG COMMONS

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ABOUT THE CITY

ECONOMY

CULTURE & CONTEMPORARY LIFE

Laurinburg is a city in and the county seat of Scotland County, North Carolina. The city is located in southernNorth Carolina near the South Carolina border, and is situated southwest of Fayetteville. Laurinburg is on USHighway 74, a major east-west four-lane highway, and is only minutes away from Interstate 95. As of the U.S.Census Bureau's 2016 estimate, Laurinburg has a population of 15,473 people. The city is known for its severalhistoric sites which are listed on the National Register of Historic Places in Scotland County, North Carolina.Laurinburg is also home to St. Andrews University. The city offers a wide variety of activities including year-round outdoor recreation, a vibrant arts scene, progressive community services, and close proximity tobeaches, the mountains, big city attractions, and college and professional sports.

Laurinburg is conveniently located for business purposes for the expansion generated byBase Realignment and Closing (BRAC) and the impending growth of Fort Bragg, which is43 miles away from Laurinburg. In 2005, the BRAC Commission recommended the closureof 33 military installations, which relocated up to 40,000 soldiers, government workers andtheir families assigned to Fort Bragg. The largest industries in the Laurinburg areManufacturing, Educational Services and Healthcare & Social Assistance. Recent efforts foreconomic development in Laurinburg include the completion of the new Diane HoneycuttCenter for Richmond Community College and the creation of the “Small BusinessInnovation Center” by Scotland County Economic Development Corporation.

Laurinburg is rich in history and rural Carolina culture. Over a century old, the John Blue and Heritage Center is the numberone destination for the history lovers. There are countless dining and lodging options in the city for visitors and residents.Cypress Bend Vineyards, the local winery in Laurinburg, offers samples of the area’s finest wines. The city offers a widevariety of activities including year-round outdoor recreation, a vibrant arts scene, progressive community services, and closeproximity to beaches, the mountains, big city attractions, and college and professional sports.

LEASE SUMMARY

TENANT Verizon Wireless

PREMISESA Building of Approximately

2,500 SF

LEASE COMMENCEMENT January 12, 2016

LEASE EXPIRATION January 31, 2021

LEASE TERM REMAINING 3 Years

RENEWAL OPTIONS 1 x 5 Year

RENT INCREASES 3% Annually

LEASE TYPE Triple Net (NNN)

USE Retail

PROPERTY TAXES Tenant’s Responsibility

INSURANCE Tenant’s Responsibility

COMMON AREA Tenant’s Responsibility

ROOF & STRUCTURE Tenant’s Responsibility

REPAIRS & MAINTENANCE Tenant’s Responsibility

HVAC Tenant’s Responsibility

UTILITIES Tenant’s Responsibility


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COMPANY TYPENYSE: VZ

HEADQUARTERBasking Ridge, NJ

# OF LOCATIONS2,330+

FOUNDED2000

WEBSITEverizonwireless.com

The company is headquartered in Basking Ridge, New Jersey.It was founded in 2000 as a joint venture of Americantelecommunications firm Bell Atlantic, which would soonbecome Verizon Communications, and British multinationaltelecommunications company Vodafone. VerizonCommunications became sold owner in 2014 by buyingVodafone’s 45 percent stake in the company.

It operates a national 4G LTE network covering about 98percent of the U.S. population, which in December 2015 wontop honors in each category of the RootMetrics RootScoreReports. Verizon Wireless offers mobile phone servicesthrough a variety of devices. It’s LTE in Rural AmericaProgram, with 21 rural wireless carriers participating, covers2.7 million potential users in 169 rural counties. VerizonWireless announced in 2015 that it was developing a 5G, orfifth generation, network.

Verizon Wireless is anAmerican telecommunications company, a wholly ownedsubsidiary of Verizon Communications, whichoffers wireless products and services. With 149 millionsubscribers as of October 2017, Verizon Wireless is thelargest wireless telecommunications provider in the U.S.

LEASE SUMMARY


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TENANT Petsense


4,500 SF

LEASE COMMENCEMENT December 9, 2016

LEASE EXPIRATION December 31, 2026

LEASE TERM ~8 Years

RENEWAL OPTIONS 2 x 5 Years

RENT INCREASES 8% Every 5 Years


USE Retail







UTILITIES Tenant’s ResponsibilityCOMPANY TYPE

SubsidiaryHEADQUARTERScottsdale, AZ

# OF LOCATIONS165

FOUNDED2005

WEBSITEpetsenseonline.com

Petsense is a chain of retail outlet pet supply stores in the Unites States. Thestores offers pet products and provides grooming, pet vaccination, and trainingservices. The company currently operates over 165 stores across 24 states. Storescan be found in outlet malls and rural markets.

Petsense was founded in 2005 by Jim Dougherty, the founder of PetSmart. The first Petsense store opened in CastleRock, Colorado in October of 2005. On September 29, 2016, Tractor Supply Company announced its acquisition ofPetsense, Inc. with a transaction price of approximately $116 million, net of acquired estimated future tax benefits of$29 million. Petsense currently operates as a subsidiary of Tractor Supply Company from Petsense’s currentheadquarters in Scottsdale, Arizona. Petsense is estimated to generate $43.3 million in annual revenues. The companyvision is to become the nationwide leader in small market pet specialty retail.


LEASE SUMMARY


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TENANT FastMed Urgent Care


2,800 SF

LEASE COMMENCEMENT January 1, 2016

LEASE EXPIRATION December 31, 2030

LEASE TERM 12 Years

RENEWAL OPTIONS 1 x 5 Year

RENT INCREASES 1.5% Annually


USE Medical







UTILITIES Tenant’s Responsibility


COMPANY TYPEPrivate

HEADQUARTERSClayton, NC

# OF LOCATIONS109

FOUNDED2001

WEBSITEfastmed.com

FastMed Urgent Care is a NorthCarolina-based operator of a network ofphysician-owned urgent care centersfocusing on walk-ins for urgent carepatients. Currently, 109 clinics operatein Arizona, North Carolina and Texas.FastMed’s clinics offer a full range ofservices and tailors the size of its clinicsto local market conditions and locates inconvenient retail areas of thecommunity.

FastMed’s first clinic was opened in Hope Mills, NC in 2001. Over the next 10 years, the network grew from 1 to 9under the direction of Urgent Cares of America, the predecessor to FastMed Urgent Care. In April 2011, all clinicswere rebranded as FastMed Urgent Care. In September 2012, Blue Cross and Blue Shield of North Carolina made aninvestment to enable FastMed Urgent Care to expand its network of clinics across the state, while helping to launchinnovative programs for BCBSNC customers. On November 17, 2014 FastMed announced the acquisition of CarolinaQuick Care “CQC” with 7 locations in the state of North Carolina.

In 2015, Inc. Magazine ranked FastMed Urgent Care number 1,123 on its 34th annual Inc. 5000, an exclusive ranking ofthe nation’s fastest-growing private companies. FastMed achieved over 956% growth between 2011 and 2014, withrapid expansion of high quality urgent care centers in rural communities.


RENT ROLL

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Verizon Wireless 2,500 SF 25.5% $6,010 3% Annually 01/12/2016 01/31/2021 1 x 5 Year

Petsense 4,500 SF 45.9% $9,188 8% Every 5 Years 12/09/2016 12/31/2026 2 x 5 Years

FastMed Urgent Care 2,800 SF 28.6% $6,158 1.5% Annually 01/01/2016 12/31/2030 1 x 5 Year

TOTAL 9,800 SF 100% $21,356

The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to bereviewed only by the party receiving it from Sands Investment Group and should not be made available to any other person orentity without the written consent of Sands Investment Group.

This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and toestablish only a preliminary level of interest in the subject property.

The information contained herein is not a substitute for a thorough due diligence investigation, and makes no warranty orrepresentation, with respect to the income or expenses for the subject property, the future projected financial performance of theproperty, 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 thefinancial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subjectproperty.

The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, SandsInvestment Group has not verified, and will not verify, any of the information contained herein, nor has Sands Investment Groupconducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracyor completeness of the information provided. All potential buyers must take appropriate measures to verify all of the informationset forth herein.

By receipt of this Memorandum, you agree that this Memorandum and itscontents are of confidential nature, that you will hold and treat it in the strictestconfidence and that you will not disclose its contents in any mannerdetrimental to the interest of the Owner. You also agree that by accepting thisMemorandum you agree to release Sands Investment Group and hold itharmless from any kind of claim, cost, expense, or liability arising out of yourinvestigation and/or purchase of this property.

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Chris SandsNC Lic. # 300021


Exclusively Marketed By:

Sands Investment Group1017 Chuck Dawley Blvd, Suite 200

Mount Pleasant, SC 29464844.4.SIG.NNN

www.SIGnnn.com

Brett SheldonNC Lic. # 294754


laurinburg commons - laurinburg, nc€¦ · • rare annual rent increases in verizon and fastmed...

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