confidential offering memorandum -...

1111 Post Road East Westport, CT Capital Markets | Institutional Properties

CONFIDENTIAL OFFERING MEMORANDUMFOR SALE

AFFILIATED BUSINESS DISCLOSURE AND CONFIDENTIALITY AGREEMENT

©2017 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. 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.

CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.

Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.

CBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).

Your receipt of this Memorandum constitutes your acknowledgement that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.This Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with indepen-dent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.

The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.© 2017 CBRE, Inc. All Rights Reserved.

PATRICK COLWELLSenior Vice President+1 203 352 [email protected]

LOUIS ZUCKERMANVice President+1 203 352 [email protected] Capital Markets | Investment Properties

EXECUTIVE SUMMARY04 MARKET OVERVIEW 12PROPERTY DESCRIPTION08

NINA BECKER Vice President+1 203 352 [email protected]

EXECUTIVE SUMMARY

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Shopping Center Shopping Center

Chase BankAngelina’s Trattoria Headliners Salon

Post PlazaPost PlazaStarbucks(drive thru)

(select retail approximatley 1.5+/- miles from Property)

Stiles Farmers MarketSuperior Seafood SDSS Martial Arts of WestportFirst Nail and SpaThen Again

Jennings PlazaJennings Plaza

Sherwood Diner

Compo Shopping CenterCompo Shopping Center

Post Road East

Post Road East

Morningside Drive N.Morningside Drive N.

Post

Road

East

Post

Road

East

Marketplace Shopping Center, Downtown Westport

approximately 2.5+/- miles West of Property



N

1111 Post Road East

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EXECUTIVE SUMMARY

51111 POST ROAD EAST WESTPORT, CT

CBRE, Inc. has been retained as the exclusive advisor in the sale of 1111 Post Road East (“Property”) located in the affluent Town of Westport, Connecticut.

The 4,000± square foot building sits directly on US Route 1, one the busiest roads in Westport, with various retailers and restaurants all located nearby.

The Town of Westport is one the country’s most affluent communities with a median household income of $151,171 and average home value of

$1,010,301. A unique opportunity exists for an investor/user as the property will be delivered vacant.

THE OFFERING

Rentable SF: 4,000+ SF

Site Size: 0.47+ Acres (20,473 SF)

Year Built: 1945

Stories: 1-Story

RE Taxes: $27,319

Zoning:BPD

(Business Preservation District)

Parking: 26

Occupancy: 0%

Traffic Count (Post Road):

25,000+ cars per day

EXECUTIVE SUMMARY

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INVESTMENT HIGHLIGHTS

EXCEPTIONAL DEMOGRAPHICS

The Property is easily accessible by a population of nearly 41,353 within three-mile radius increasing to 122,708 within a five-mile radius. Within one-mile

radius, 87.1% of the employment base is employed in a white collar profession, with a median household income of $151,171 and over 50% of

household’s incomes are over $500,000.

WESTPORT COMMERCIAL RETAIL SPACE The Town of Westport boasts some of the highest commercial retail rents in Fairfield County outside of Greenwich. The average retail asking rent in

Westport is $40.07 NNN per square foot. There are 267 existing buildings in Westport, and the five-year average vacancy rate is 7.0%. 1111 Post Road

East provides prospective tenants the opportunity to occupy space in an elite location with great accessibility.

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EXECUTIVE SUMMARY


AMENITY RICH LOCATION1111 Post Road East is surrounded by abundant shopping, convenience retail, and restaurants along Route 1 including: CVS Pharmacy, Trader Joe’s,

Five Guys, SoulCycle Westport, Walgreens, The Fresh Market, Tiffany & Co, and Restoration Hardware. The Property has excellent visibility and access as

it sits on Route 1 (25,000± cars per day), and is located in close proximity to two major thoroughfares: Interstate 95 (2.3± miles away; 195,000 cars

per day) and the Merritt Parkway (3.2± miles away and 92,000 cars per day).

REPOSITIONING OPPORTUNITYThe Property will be delivered vacant, providing an investor or user with the utmost flexibility to reconfigure the space to precisely fit their needs. The

Property’s BPD zoning permits the use of banks, restaurants, cafes and taverns, business/professional/medical offices, grocery stores, and retail shops.


PROPERTY OVERVIEW

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Post

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Post

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Morningside Drive N.


PROPERTY OVERVIEW

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PROPERTY OVERVIEW


Address: 1111 Post Road East, Westport, CT

Land Acres: 0.46+ AC (20,473 SF)

Building SF: 4,000+ SF

Number of Stories: 1- Story

Year Built: 1945

Zoning:BPD (Business Preservation District)

Permitted Uses Include: retail stores, grocery stores, restaurants, banks, offices

Parking: 26

2017 Real Estate Taxes: $27,319

Foundation: Reinforced concrete on grade

Interior: Interior spaces include carpet and sheet rock walls

Exterior: Clapboard

Roof: Gambrel

Heating: Gas

Utility Provider:Gas-Southern Conneticut Gas Co

Electric-EversourceWater-Acquarion Water Company of Connecticut

PROPERTY OVERVIEW

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Post

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PROPERTY OVERVIEW

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Post Road East Post Road East



PROPERTY OVERVIEW

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PROPERTY OVERVIEW


FLOOR PLANS

Basement

2nd Floor

Post Road East Post Road East



Ground Floor

MARKET OVERVIEW

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FAIRFIELD COUNTY Westport is located in Fairfield County which is routinely ranks among the top 20 wealthiest counties in the United States. The county is also home to five of

the ten most populous cities in Connecticut (Bridgeport, Stamford, Norwalk, Danbury and Greenwich) and provides its residents with a multitude of

recreational and cultural amenities in addition to a prime location only 30± miles north of New York City.

The county has an exceptional network of major traffic arteries, which allows for convenient travel between employment centers, residential neighborhoods

and entertainment options. Interstate 95 and the Merritt Parkway connect residents to New York City and Westchester County to the south and Boston to the

North.

Fairfield County is home to several Fortune 500 firms such as Xerox, Charter Communications, Terex, EMCOR Group, W.R. Berkley, Priceline.com, Pitney

Bowes and Frontier employees. Fairfield County is located in the southwestern sector of Connecticut, providing easy access to the New York Metropolitan

region and all of New England. Recreation is found along the miles yacht clubs, boats clubs and marinas. Fairfield County is also home to 43 private and

public golf courses.

1111 Post Road East is located in the Town of Westport surrounded various restaurants

and retailers. The town borders Fairfield, Weston, Norwalk and Wilton and is considered

to be a part of the Gold Coast of Connecticut. The Town of Westport is a community of

over 24,710 residents with an average home value of $1,010,301, 46% above the

Fairfield County’s average. Of the occupied households in the Town of Westport, 57% of

the households are valued above $1,000,000 and the median household income is

$151,171.

©2017 CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. 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.

TOWN OF WESTPORT

MARKET OVERVIEW

2017 FAIRFIELD COUNTY & TOWN OF WESTPORT STATISTICS

Fairfield County Population 948,053

Town of Westport Population 27,899

Town of Westport Median Income $151,171

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MARKET OVERVIEW

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One-Mile Three-Mile Fairfield County

Population

2017 Estimate 4,730 31,951 948,053

Household Information (2017)

Number of Households 1,689 11,620 359,910

Median Household Income $151,667 $154,390 $134,337

Average Home Value $1,000,000 $843,825 $621,104

EXCEPTIONAL DEMOGRAPHICS The Property is easily accessible by a population of nearly 41,353 within three-mile radius increasing to 122,708 within a five-mile radius. Within one-mile

radius, 87.1% of the employment base is employed in a white collar profession, with a median household income of $151,171 and over 50% of

household’s incomes are over $500,000.

Shake Shack, approximately 1.4+ miles east of Property, on Post Road East.


MARKET OVERVIEW


EMPLOYER INDUSTRY PRIMARY LOCATION

EMPLOYEES IN FAIRFIELD COUNTY

Sikorsky Aircraft Aerospace Stratford 9,200

UBS Securities LLC Financial Services Stamford 4,000

Danbury Hospital Healthcare Danbury 3,500

Boehringer Ingelheim Pharmaceuticals Danbury/Ridgefield 3,300

Pitney Bowes Business Services Stamford 3,000

RBS Financial Services Stamford 3,000

Bridgeport Hospital Healthcare Bridgeport 2,600

Stamford Hospital Healthcare Stamford 3,000

People’s United Bank Financial Services Bridgeport 2,100

MAJOR EMPLOYERS IN FAIRFIELD COUNTY As of July 2017, the Bridgeport-Stamford-Norwalk Labor Market Area (“LMA”) which Westport is a part of has a total employment of 411,900 which ranks

as second largest in the state. The average unemployment of the LMA is 4.13% and the state average is 5.6%, the third lowest among other LMAs in

Connecticut. Nearly 50% of the total population within the LMA is employed by services-related industries which include professional and business services,

educational and health services, and leisure and hospitality. The table below lists several of the major employers within Fairfield County:


MARKET OVERVIEW

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The Property has excellent visibility as it sits on Post Road East with approximately 25,000+ cars passing per day.

Space features great visibiltiy with 252’ of street frontage on Post Road East and 179’ on Morningside Drive N, with a traffic count of 25,000+ vehicles per day passing the Property.

MARKET OVERVIEW


TRANSPORTATION OVERVIEW

1111 Post Road East is located on

US Route 1 (25,000± cars per day)

with easy accessibility to Interstate

95 (153,600± cars per day) and

Merritt Parkway (92,000± cars per

day). The Property is located less

than three miles from two Metro

North train station: Southport and

Westport offering access to New

York City, Stamford and New Haven

via the Metro North New Haven line.

Interstate 95: 2.3+ miles

Merritt Parkway: 3.2+ miles

Southport Metro North: 2.1+ miles

Westport Metro North: 3.0+ miles

1111 Post Road East

MARKET OVERVIEW

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AMENITY RICH LOCATION1111 Post Road East is surrounded by abundant shopping, convenience retail, and restaurants along Route 1 including: CVS Pharmacy, Trader Joe’s, Five

Guys, SoulCycle Westport, Walgreens, The Fresh Market, Tiffany & Co, and Restoration Hardware. The Property has excellent visibility and access as it sits

on Route 1 (25,000± cars per day), and is located in close proximity to two major thoroughfares: Interstate 95 (1.7± miles away; 195,000 cars per day)

and the Merritt Parkway (1.8± miles away and 92,000 cars per day).

The Property is directly across the street from Post Plaza Shopping Center anchored by Marshalls.

MARKET OVERVIEW


Shopping Center Shopping Center

Chase BankAngelina’s Trattoria Headliners Salon

Post PlazaPost PlazaStarbucks(drive thru)

(select retail approximatley 1.5+/- miles from Property)

Stiles Farmers MarketSuperior Seafood SDSS Martial Arts of WestportFirst Nail and SpaThen Again

Jennings PlazaJennings Plaza

Sherwood Diner

Compo Shopping CenterCompo Shopping Center

Post Road East

Post Road East

Morningside Drive N.Morningside Drive N.

Post

Road

East

Post

Road

East





N

1111 Post Road East


MARKET OVERVIEW

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Main StreetMain Street

Post Road East

Post Road East

Parker Harding Plaza Parker Harding Plaza

Elm Street

Elm Street

Church Lane Church Lane

Downtown Westport is a unique combination of quaint New England charm and sophisticated shopping and dining in a lovely riverside setting.Marketplace Shopping Center is approximately 2.5+ miles west of the Property.

MARKET OVERVIEW


Main StreetMain Street

Post Road East

Post Road East

Parker Harding Plaza Parker Harding Plaza

Elm Street

Elm Street

Church Lane Church Lane

Location of Retail Buildings

Total SF of Retail Properties

Average Asking Rents

Westport 2,570,993 SF $40.07 NNN

Greenwich 2,778,701 SF $74.65 NNN

Norwalk 6,624,338 SF $24.93 NNN

Stamford 7,130,159 SF $27.95 NNN

Main StreetAnn Taylor

Ann Taylor Loft

Anthropologie & Co.

Athleta

Bananna Republic

BCBG Max Azria

Benefit Cosmetics

Bluemercury

Brooks Brothers

Coach

Eileen Fisher

Fay Kim Designs

Francois Du Pont

Jewelers

Fring 125 Salon

Gap

Intermix

Jack Willis Westport

J.Crew

Kate Spade

LF

Lucky Brand

Lululemon

Lux Bond & Green

Madwell

MARKETPLACE SHOPPING CENTER (2.5+ miles west of the Property)

Main Street (cont)Nike Running

Pottery Barn

Shoe-Inn

Papyrus

Simon Pearce

Tavern on Main

TD Bank

Solstice Sunglass

Boutique

Starbucks

Sunglass Hut

Talbots

Theory

Vineyard Vines

Vince

West Elm

William Sonoma

Post Road EastAT&T

Bank of America

Cotelac

Design Within Reach

Destination Maternity

Dove Coat

Fig linens

Post Road East (cont)Restoration Hardware

Finalmente Trattoria

First New England Capital

Jeera thai kitchen

Jesup Hall

Joie

Le Penguin

Lillian August

Mixology

ODDZ of Westport

Papersource

Patagonia Westport

Rothbard Ale & Larder

Soleil Toile

South Moon Under

Specs of Westport

Steven Allen

Paper Source

Tiffany & Co.

Top This Frozen Yogurt

Urban Outfitters

West

Westport Pizzeria

& Restaurant

RETAIL MARKET

There are 267 retail properties within the Westport submarket with

average asking rents of $40.07 per square foot. According to CoStar,

over the last 12 months there has been retail leasing volume of

32,435 square feet.

MARKET OVERVIEW

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Main Street, Downtown Westport

MARKET OVERVIEW


RETAIL LEASE COMPARABLES

Address Date Tenant Term Square Feet

Rent Per SF

1790 Post Rd. EWestport, CT

Nov. 2016

Orthopedic & Sports Medicine

10Y 2,900 $40 NNN

111-131 Post Rd. EWestport, CT

May 2016

West 2Y 2,045 $42.82 NNN

1529-1543 Post Rd. EWestport, CT

Oct. 2014

Sun Reflexology 5Y 1,850 $40 NNN

877 Post Rd. E Westport, CT

April 2014

Westport Wine & Spirits

5Y 2,500 $45 NNN

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BANK SALES COMPARABLES

Address Date Tenant Square Feet

Purchase Price

Price Per SF

310 Connecticut Ave.Norwalk, CT

June 2016

Vacant / Bank 3,000 $2,250,000 $750

50 Charles St.Westport, CT

Nov. 2014

Patriot National Bank (now vacant asking $50.00 prsf)

3,432 $1,925,000 $561

RETAIL SALES COMPARABLES

950 Post Rd.EWestport, CT

June 2016

Men’s Warehouse (10 Year Lease)

6,616 $5,000,000 $755

1849 Post Rd. EWestport, CT

Jan. 2016

Shake Shack & Fitness Center

6,237 $3,960,000 $635

1340 Boston Post Rd. Darien, CT

Jan. 2015

Chucks Steak House (demolished)

3,916 $2,045,000 $522

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1111 Post Road East Westport, CT

PATRICK COLWELLSenior Vice President+1 203 352 [email protected]

LOUIS ZUCKERMANVice President+1 203 352 [email protected] Capital Markets | Investment Properties

CONFIDENTIAL OFFERING MEMORANDUM

FOR SALE 1111 Post Road East

CONFIDENTIAL OFFERING MEMORANDUM, FOR SALE

NINA BECKER Vice President+1 203 352 [email protected]

confidential offering memorandum -...

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