exclusive offering package.pdf · boston and is also close to providence, rhode island. boston is...

214.915.8888

JOE CAPUTO

[email protected]

BOB MOORHEAD

[email protected]

RUSSELL SMITH

[email protected]

Property. Brand new 8,568+ SF of building area on 6.349+ acre site.

Tenant. Bridgestone Retail Operations, LLC (Lease Guarantor) Operates 2,200+ Stores w/ 20,000+ Employees. Lessee is a Subsidiary of Bridgestone

Corporation, the World’s Largest Tire Maker, S&P Rated: BBB+

Lease structure. Brand new, 20-year corporate ground lease with 7, 5-year options. 10% rent bumps every 5-years during primary term and option periods.

Location. Firestone Complete Auto Care is strategically located at the intersection of School Street (13,608 Cars / Day) and Commercial Street (20,544 Cars /

Day). The site also takes advantage of the close proximity to I-495 (89,047 Cars / Day) and I-95 (84,527 Cars / Day), which are arterial commercial thoroughfares

in the Greater Boston region. This accessibility has led to the growth of substantial shopping centers and retailers in the immediate trade area. The subject

property is a northern neighbor to the Mansfield Crossing Shopping Center, a 370,000 square foot center which features over 25 nationally recognized tenants.

Tenants in Mansfield Crossing include the likes of Best Buy, Michaels, Petco, Kohl’s, Sports Authority, Chico’s, Jos A. Bank, LOFT, American Eagle, Claire’s,

Buffalo wild Wings, TGI Fridays, Coldstone Creamery, Qdoba, and many others. The subject property also benefits from close proximity to Home Depot, CVS,

Longhorn Steakhouse, Wendy’s, Subway, Mansfield High School, and Qualters Middle School. Mansfield is located 30-miles south of Boston, MA.

EXCLUSIVE OFFERING | $2,040,000 – 5.00% CAP

FIRESTONE COMPLETE AUTO CARE – CORPORATE GROUND LEASE

229-243 School Street, Mansfield, MA (GREATER BOSTON)

REPRESENTATIVE PHOTO

EXP Realty Advisors, Inc. (“Agent”) has been engaged as an agent for the sale of the

property located at 229-243 School Street, Mansfield, MA by the owner of the Property

(“Seller”). The Property is being offered for sale in an “as-is, where-is” condition and Seller

and Agent make no representations or warranties as to the accuracy of the information

contained in this Offering Memorandum. The enclosed materials include highly confidential

information and are being furnished solely for the purpose of review by prospective

purchasers of the interest described herein. The enclosed materials are being provided

solely to facilitate the prospective investor’s own due diligence for which it shall be fully and

solely responsible. The material contained herein is based on information and sources

deemed to be reliable, but no representation or warranty, express or implied, is being made

by Agent or Seller or any of their respective representatives, affiliates, officers, employees,

shareholders, partners and directors, as to the accuracy or completeness of the information

contained herein. Summaries contained herein of any legal or other documents are not

intended to be comprehensive statements of the terms of such documents, but rather only

outlines of some of the principal provisions contained therein. Neither the Agent nor the

Seller shall have any liability whatsoever for the accuracy or completeness of the

information contained herein or any other written or oral communication or information

transmitted or made available or any action taken or decision made by the recipient with

respect to the Property. Interested parties are to make their own investigations, projections

and conclusions without reliance upon the material contained herein. Seller reserves the

right, at its sole and absolute discretion, to withdraw the Property from being marketed for

sale at any time and for any reason. Seller and Agent each expressly reserves the right, at

their sole and absolute discretion, to reject any and all expressions of interest or offers

regarding the Property and/or to terminate discussions with any entity at any time, with or

without notice. This offering is made subject to omissions, correction of errors, change of

price or other terms, prior sale or withdrawal from the market without notice. Agent is not

authorized to make any representations or agreements on behalf of Seller. Seller shall

have no legal commitment or obligation to any interested party reviewing the enclosed

materials, performing additional investigation and/or making an offer to purchase the

Property unless and until a binding written agreement for the purchase of the Property has

been fully executed, delivered, and approved by Seller and any conditions to Seller’s

obligations hereunder have been satisfied or waived. By taking possession of and

reviewing the information contained herein, the recipient agrees that (a) the enclosed

materials and their contents are of a highly confidential nature and will be held and treated

in the strictest confidence and shall be returned to Agent or Seller promptly upon request;

and (b) the recipient shall not contact employees or tenants of the Property directly or

indirectly regarding any aspect of the enclosed materials or the Property without the prior

written approval of the Seller or Agent; and (c) no portion of the enclosed materials may be

copied or otherwise reproduced without the prior written authorization of Seller and Agent.

PAGE 3: INVESTMENT | TENANT | LEASE OVERVIEW

PAGE 1: COVER

PAGE 2: TABLE OF CONTENTS | DISCLAIMER

PAGE 12: DEMOGRAPHICS

Table of contents | Disclaimer FIRESTONE COMPLETE AUTO CARE – CORPORATE GROUND LEASE


PAGE 9: LOCATION OVERVIEW

PAGE 10-11: LOCATION MAPS

Disclaimer

2

PAGE 5-8: AERIAL PHOTOS

PAGE 4: SITE PLAN

Massachusetts Broker of Record:

George F. Gamache

SUBJECT PROPERTY PRIOR TO PANDA EXPRESS EXPANSION

BRIDGESTONE RETAIL OPERATIONS, LLC dba FIRESTONE COMPLETE AUTO CARE | www.firestonecompleteautocare.com

Automotive service is the largest part of Bridgestone Retail Operations, LLC's business, accounting for approximately 50 percent of sales with tire and financial

services making up the rest. Bridgestone Firestone North American Tire manufactures Bridgestone, Firestone, and Dayton truck tires along with tires for virtually

every wheeled vehicle made. Harvey S. Firestone (1868-1938) founded The Firestone Tire & Rubber Company in Akron, Ohio, in August 1900, and started

marketing solid rubber tires for carriage wheels. Firestone joined the retail store arena offering basic car service and tire sales in the mid-1920s when the original

Firestone Service Centers were opened. In the late 1970s the company, in an effort to re-focus its business solely on automotive service and tire sales, began to

phase out the sale of all non-auto related merchandise. Shortly thereafter, in 1981, the Firestone Master Care Car Service concept was introduced and established

as a premier brand of quality service being delivered to customers in a consistent and distinctive manner. Bridgestone Corporation, founded in 1931 in Kurume,

Japan, purchased Firestone in 1988, transforming the company into the world's largest manufacturer of tires and other rubber products. Bridgestone and Firestone

operations in the Americas were consolidated in 1990 as Bridgestone/Firestone, Inc. Bridgestone/Firestone, Inc. initiated a series of changes to its corporate

structure in December 2001, reorganizing its operations in the Americas under a holding company, Bridgestone Americas Holding, Inc., and several operating

subsidiaries. The largest of these operating subsidiary companies is Bridgestone Retail Operations, LLC. In 2001 Bridgestone/Firestone also announced its

majority ownership stake in Morgan Tire & Auto, Inc. (MTA), then the nation's second largest independent retailer of tires. Responsibility for MTA was shifted to

Bridgestone Retail Operations, LLC following the reorganization of Bridgestone/Firestone. Today, Bridgestone Retail Operations, LLC and its subsidiaries employ

approximately 22,000 teammates in North America. Bridgestone Retail Operations, LLC consists of more than 2,200 company-owned consumer and commercial

stores in the United States as well as the company's own credit card operations. The store channels include Firestone Complete Auto Care, Morgan Tire / Tires

Plus, Expert Tire, Commercial & Farm, and Mark Morris.

PRICE: $2,040,000

CAP RATE: 5.00%

NET OPERATING INCOME: $102,000

TOTAL BUILDING AREA: 8,568+ Square Feet

LAND AREA: 6.34+ Acres

YEAR BUILT: 2015

OWNERSHIP: Fee Simple Interest

OCCUPANCY: 100%

Tenant overview

3

Investment overviewFIRESTONE COMPLETE AUTO CARE – CORPORATE GROUND LEASE


Tenant: Bridgestone Retail Operations, LLC, a Delaware limited liability company

DBA: Firestone Complete Auto Care

Projected Lease Expiration: April 2035

Projected Rent Commencement: April 2015

Lease Term: 20 Years with 7, 5-year options to extend

Rent Increases: 10% Every 5 Years In Primary Term & Options

Lease Type: Ground Lease – Absolute NNN

Annual Rent Yrs 1-5: $102,000




Lease overview

Option 1 | Yrs 21-25: $149,338

Option 3 | Yrs 31-35: $180,699

Option 4 | Yrs 36-40: $198,769

Option 5 | Yrs 41-45: $218,646

Option 6 | Yrs 46-50: $240,510

Option 7 | Yrs 51-55: $264,561

Option 2 | Yrs 26-30: $164,272 Right of First Refusal: Yes*

* Subject to and not limiting Tenant's rights to renew or extend as set forth in this Lease, if any, beginning on

the thirty-sixth (36th) full calendar month after the Rent Commencement Date and continuing during Tenant's

occupancy under this Lease, or any extension or renewal thereof, Tenant shall have a right of first refusal to

purchase the Premises.

4

Site planFIRESTONE COMPLETE AUTO CARE – CORPORATE GROUND LEASE


5

Aerial photoFIRESTONE COMPLETE AUTO CARE – CORPORATE GROUND LEASE


Mansfield High School

Qualters Middle School

6



7



8



School Street (13,608 Cars / Day)

IMMEDIATE TRADE AREA

Firestone Complete Auto Care is strategically located at the intersection of

School Street (13,608 Cars / Day) and Commercial Street (20,544 Cars / Day).

The site also takes advantage of the close proximity to I-495 (89,047 Cars /

Day) and I-95 (84,527 Cars / Day), which are arterial commercial thoroughfares

in the Greater Boston region. This accessibility has led to the growth of

substantial shopping centers and retailers in the immediate trade area.

The subject property is a northern neighbor to the Mansfield Crossing

Shopping Center, a 370,000 square foot center which features over 25

nationally recognized tenants. Tenants in Mansfield Crossing include the likes

of Best Buy, Michaels, Petco, Kohl’s, Sports Authority, Chico’s, Jos A. Bank,

LOFT, American Eagle, Claire’s, Buffalo wild Wings, TGI Fridays, Coldstone

Creamery, Qdoba, and many others. The subject property also benefits from

close proximity to Home Depot, CVS, Longhorn Steakhouse, Wendy’s,

Subway, Mansfield High School, and Qualters Middle School.

MANSFIELD / BOSTON MASSACHUSETTS

Mansfield is a town in Bristol County, Massachusetts, As of the 2010 Census,

the town population was 23,184. Mansfield is in the south-southwest suburbs of

Boston and is also close to Providence, Rhode Island.

Boston is the capital and largest city of the Commonwealth of Massachusetts.

Boston also serves as county seat of Suffolk County. The largest city in New

England, the city proper, covering 48 square miles, had an estimated

population of 645,966 in 2014, making it the 24th largest city in the United

States. The city is the anchor of a substantially larger metropolitan area called

Greater Boston, home to 4.5 million people and the tenth-largest metropolitan

area in the country. Greater Boston as a commuting region is home to 7.6

million people, making it the sixth-largest Combined Statistical Area in the

United States.

The area's many colleges and universities make Boston an international center

of higher education and medicine, and the city is considered to be a world

leader in innovation for a variety of reasons. Boston's economic base also

includes finance, professional and business services, and government

activities. The city has one of the highest costs of living in the United States,

though it remains high on world livability rankings.

9

Location overviewFIRESTONE COMPLETE AUTO CARE – CORPORATE GROUND LEASE


A global city, Boston is placed among the top 30 most economically powerful

cities in the world. Encompassing $363 billion, the Greater Boston metropolitan

area has the sixth-largest economy in the country and 12th-largest in the world.

Boston's colleges and universities have a significant effect on the regional

economy. Boston attracts more than 350,000 college students from around the

world, who contribute more than $4.8 billion annually to the city's economy. The

area's schools are major employers and attract industries to the city and

surrounding region. The city is home to a number of technology companies and

is a hub for biotechnology, with the Milken Institute rating Boston as the top life

sciences cluster in the country. Boston receives the highest absolute amount of

annual funding from the National Institutes of Health of all cities in the United

States.

Tourism comprises a large part of Boston's economy, with 21.2 million

domestic and international visitors spending $8.3 billion in 2011. Because of

Boston's status as a state capital and the regional home of federal agencies,

law and government are another major component of the city's economy. The

city is a major seaport along the United States' East Coast and the oldest

continuously operated industrial and fishing port in the Western Hemisphere.

Other important industries are financial services, especially mutual funds and

insurance. Boston-based Fidelity Investments helped popularize the mutual

fund in the 1980s and has made Boston one of the top financial cities in the

United States. The city is home to the headquarters of Santander Bank, and

Boston is a center for venture capital firms. State Street Corporation, which

specializes in asset management and custody services, is based in the city.

Boston is a printing and publishing center — Houghton Mifflin is headquartered

within the city, along with Bedford-St. Martin's Press and Beacon Press.

Pearson PLC publishing units also employ several hundred people in Boston.

The city is home to three major convention centers—the Hynes Convention

Center in the Back Bay, and the Seaport World Trade Center and Boston

Convention and Exhibition Center on the South Boston waterfront.

10

Location mapFIRESTONE COMPLETE AUTO CARE – CORPORATE GROUND LEASE


11

Location mapFIRESTONE COMPLETE AUTO CARE – CORPORATE GROUND LEASE


12

DemographicsFIRESTONE COMPLETE AUTO CARE – CORPORATE GROUND LEASE


Demographic snapshot

BOSTON, MA

XFINITY CONCERT CENTER, MANSFIELD, MA

Radius 1 Mile 3 Mile 5 Mile

Population:

2019 Projection 2,561 27,894 74,678

2014 Estimate 2,552 27,507 73,336

2010 Census 2,569 27,027 71,609

Growth 2014-2019 0.35% 1.41% 1.83%

Growth 2010-2014 -0.66% 1.78% 2.41%

Households:

2019 Projection 986 10,303 27,130

2014 Estimate 982 10,162 26,599

2010 Census 991 10,008 25,927

Growth 2014 - 2019 0.41% 1.39% 2.00%

Growth 2010 - 2014 -0.86% 1.55% 2.20%

Owner Occupied 684 7,545 20,290

Renter Occupied 299 2,617 6,309

2014 Avg Household Income $104,551 $106,332 $106,574

2014 Med Household Income $91,666 $83,406 $86,857

2014 Households by Household Inc:

<$25,000 112 1,310 3,314

$25,000 - $50,000 177 1,621 4,403

$50,000 - $75,000 125 1,786 4,096

$75,000 - $100,000 117 1,081 3,134

$100,000 - $125,000 153 1,261 3,420

$125,000 - $150,000 88 893 2,372

$150,000 - $200,000 139 1,163 3,254

$200,000+ 73 1,046 2,606

exclusive offering package.pdf · boston and is also close to providence, rhode island. boston is...

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