new family dollar 10-year nn property for sale · 2018. 4. 28. · charleston, sc 29412 phone843)...
TRANSCRIPT
New Family Dollar 10-Year NN Property for Sale1404 Brookland Park Blvd. | Richmond, VA
FOR FURTHER INFORMATION
Joe Boydoffice 843.973.8283mobile 843.906.7751web [email protected]
125-G Wappoo Creek Drive Charleston, SC 29412
phone (843) 722.9925fax (843) 722.9947web twinriverscap.com
LocatorMap .................................................................. 3
LocatorMap .................................................................. 4
Aerial ..............................................................................5
Site Aerial ...................................................................... 6
Site Plan ........................................................................7
Elevations ......................................................................8
Photos ...........................................................................9
Property Information .................................................. 10
Area Information ......................................................... 11
Tenant & Lease Information ...................................... 12
Financials .................................................................... 13
About Us ...................................................................... 14
Table of Contents
1404 Brookland Park Blvd.Richmond, VA
Locator Map
RICHMOND,VA
Locator Map
SITE
Aerial
SITE
5,982VPD
ChickenBoxRestaurant
Highland Christian Academy
Highland ParkSchool
HotchkissCommunity Center
Overby-SheppardUniversity
Bus Stop
8,200VPD1,800VPD
4,900
VPD4,200VPD
Brookland Park Boulevard
(planned 76-unit apartmentcomplex)
Site Aerial
SITE
ChickenBoxRestaurant
Highland ParkSchool
Bus Stop
Highland Christian Academy
1,800VPD
8,200VPD
5,982VPD
4,900V
PD
4,200VPD
Brookland Park Boulevard
(planned 76-unit apartmentcomplex)
Site Plan
Elevations
Photos
PropertyandLocationHighlightsRICHMOND,VARichmond is the capital of the Commonwealth of Virginia. It is the center of the Richmond MSA and the Greater Richmond Region, situated 44 miles west of Williamsburg, 66 miles east of Charlottesville, and 98 miles south of Washington, D.C.
Richmond’s diversified employment base extends from chemical, food and tobacco manufacturing to biotechnology, semiconductors and high-tech fibers. The city consistently ranks among “Best Places to Live and Work in America” in several national publications.
Richmond’s economy is primarily driven by law, finance, and government, with federal, state, and local governmental agencies, as well as notable legal and banking firms, located in the downtown area. The city is home to both the United States Court of Appeals for the Fourth Circuit and the Federal Reserve Bank of Richmond.
The area is home to six Fortune 500 companies: electric utility Dominion Resources; CarMax; Owens & Minor; Genworth Financial; WestRock Company; McKesson Medical-Surgical, Markel Corporation, and Altria Group.
Other Fortune 500 companies, while not headquartered in the area, do have a major presence. These include SunTrust Bank, Capital One Financial Corporation, and the medical and pharmaceutical giant McKesson. Capital One and Altria company’s Philip Morris USA are two of the largest private Richmond-area employers. DuPont maintains a production facility in South Richmond known as the Spruance Plant. UPS Freight has its corporate headquarters in Richmond.
> MAJOR CAPITAL INVESTMENT BY TENANT +/- $300,000> 10 YEAR NN LEASE> .69 ACRES> 8,600 SF> NEWLY RENOVATED BUILDING FOR FAMILY DOLLAR > AREA PART OF MAJOR REVITALIZATION EFFORT> HIGH TRAFFIC, URBAN ENVIRONMENT> RARE DENSE INFILL LOCATION, EXTREME BARRIERS TO ENTRY> POTENTIAL FUTURE REDEVELOPMENT OPPORTUNITY> IN THE HEART OF HIGHLAND PARK RETAIL CORRIDOR> HIGH GROWTH AREA> SURROUNDED BY RESIDENTIAL NEIGHBORHOODS, COMMUTER ROADS
> DEMOGRAPHICS 1 Mile 3 Mile Population 14,478 118,052 Average HHI 42,446 52,842
Property Information
Originally developed in the 1890’s as a streetcar suburb, the Brookland Park commercial corridor served to support its wealthy surrounding neighborhoods with community amenities such as a theater, post office, banks, bakeries and other goods and services all within walking distance.
The area is currently experiencing renewed public and private investment. With new residents moving into the neighborhoods in the North Side, both income and property levels are rising at a pace faster than citywide averages.
Brookland Park Boulevard is located within minutes of downtown, with two bus lines passing through its center, as well as interstates 95 and 64 accessible from either direction.
Community High School, one of Richmond’s top high schools, has relocated to the historic area at the east gateway into the corridor. Parents and students travel from across the city to attend this highly acclaimed and academically challenging school.yesrichmondva.com
Area Information
“...THISCOMMUNITYHASNEEDS.WENEEDGROCERYSTORES.WENEEDCLOTHINGSTORES.
WENEEDEVERYTHING.”Willie Hilliard, president of the Brookland Park Area Association
About two years ago, the Brookland Park commercial corridor was given a $113,605 face-lift through the City of Richmond’s Commercial Area Revitalization Effort Program. Thirty-eight properties received exterior facade paint or awnings.
Richmond Times-Dispatch
His [Sean Croft of Nest Realty] clients buying in the Brookland Park area are, for the most part, young, college-educated 25- to 35-year-olds who do not have
children and who want to be in the city. They are willing to pay $200,000 to $300,000 for a good renovation and want urban amenities such as coffee shops
or restaurants within walking distance.Richmond Times-Dispatch
Leased space averages $10 to $12 per square foot. That’s a bargain compared with the going rate in the Willow Lawn area at about $16 per square foot
and about $13.31 per square foot in the East End, according to a Cushman & Wakefield | Thalhimer retail market analysis for the Richmond area
for the fourth quarter of 2016.Richmond Times-Dispatch
RECENTAREABUSINESSOPENINGSNomad Deli (May 2015)Luncheonette Northside (April 2017)Black Hand Coffee Co. (roasting & wholesale operation, café planned)Boogaloos Bar & Grill (summer, 2017)
Lamplighter Coffee Roasters (planned)Dixie Bell’s Burger Bar (September 2017) Savage Apparel Co. (production & sales operations, July 2017)
LEASEINFORMATION> Initial lease term of 10 years
> Six 5-year options increasing at 5% each option period
Tenant & Lease Information
TENANTPROFILE
Tenant: Family Dollar Stores of Virginia, Inc.
Dollar Tree, a Fortune 200 Company which acquired Family Dollar in July, 2015, now operates more than 15,000 stores across 48 states and five Canadian prov-inces. Stores operate under the brands of Dollar Tree, Dollar Tree Canada, Deals, and Family Dollar with a Market Capitalization of $25 Bn.
Dollar Tree is the nation’s leading operator of fixed price-point stores, selling everything for $1 or less, and Family Dollar is a leading national operator of multi price-point stores offering merchandise generally ranging in price from $1-$10 including consumables, home products, apparel and accessories, electronics, and seasonal goods to primarily low and middle-income consumers in convenient neighborhood stores. The Company intends to retain and to grow both banners going forward and will optimize the combined real estate portfolio.
> Corporate Guarantee by Family Dollar, Inc. a Subsidiary of Dollar Tree> Financial Strength: Investment grade. S&P 500 credit rating of BB+ and Moody’s of Ba1> Amazon (e-commerce) Proof: Discount stores are being described as “immune to e-commerce” due to their focus on convenience and small store formats (source: eMarketer Inc., a leading market research company)> Dollar Tree reported $5.64 billion in net sales in its most recent quarter> The combined Dollar Tree and Family Dollar company operates more than 15,000 stores nationwide, making it the largest dollar-store chain in the U.S. by store count> The combined company has sales of over $19 billion a year> Family Dollar continues as a wholly-owned subsidiary of Dollar Tree
NYSE: DLTR
Financials
Rent Roll Tenant: Family Dollar Stores of Virginia, Inc. Guarantor: Family Dollar Stores, Inc. NN Lease 1404 Brookland Pard Blvd., Richmond, VA
Price SummaryPrice $1,844,893Cap Rate 6.5% NOI $119,918.04 (years 1-10)
TENANT BUILDINGSQ FT
LEASE START/EXPIRATION
RENT PERSQ FT
MONTHLYRENT
ANNUALRENT OPTIONS
Family Dollar 8,600SF
2018 /2028 $13.94 $9,993.17 $119,918.04
Six 5-year options
increasing at 5%each
optionperiod
TRC provides national retailers with a comprehensive solution for growing their business by developing new locations.
TWINRIVERSCAPITAL,LLC
Twin Rivers Capital, LLC is a privately held real estate investment, development and brokerage company, founded in 2002 and headquartered in Charleston, SC. Focusing on the growth regions of the Southeastern US, TRC provides national retailers with a comprehensive solution for adding new locations. TRC has developed more than 1.2 million SF of real estate with values of nearly$200 million. TRC also handles third party brokerage, including tenant and landlord representation and investment brokerage services in FL, GA, SC, NC, VA, TN and AL.
BuildtoSuit•JVPrograms•PreferredDeveloperforNationalRetailersBrokerage • Fee Development Programs
FAMILY DOLLARAUTOZONE
MCDONALD’SVERIZON
WALMARTDUNKIN DONUTS
DICK’SAT&T
HOBBY LOBBYSTARBUCKS
DOLLAR TREEEDWARD JONES
About Us
ClientRoster
YOURTWINRIVERSCAPITALCONTACT
Joe BoydJoe is responsible for all property and asset management and is also involved in property sales.
With over 25 years of experience in property management, Joe has served as Property Manager for numerous lifestyle centers and super-regional malls, including properties held by Madison Marquette Realty Services, CBL Properties and The Jacobs Group.
Joe received his Bachelor’s Degree from Grove City College and his MBA from Indiana University of Pennsylvania. He received his CSM in 1995, his CMD in 1997 and his SC Realtor’s License in 2008.
OFFICE 843.973.8283MOBILE 843.906.7751EMAIL [email protected] twinriverscap.com