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OFFERING MEMORANDUM

KINNEY PHARMACY TRIPLE NET LEASE

SINGLE TENANT

41 ALBANY STREET

CAZENOVIA, NEW YORK 13035

INVESTMENT OPPORTUNITY

Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance

CUSHMAN & WAKEFIELD|PYRAMID BROKERAGE COMPANY

Table of Contents

Section I

Confidentiality and Conditions

Offering Summary

Section II – The Property

Property Description

Tax Map

Lease Abstract

Property Aerial

Site Plan

Section III – Location Information

Location Map

Traffic Count Map

Location Market Aerial

Demographics

SECTION IConfidentiality and Conditions

Offering Summary




41 Albany Street, Cazenovia, New York 13035Confidentiality and Conditions

SECTION I

This Brochure was prepared by Pyramid Brokerage Company and has been reviewed by the owner of the Property (“Owner”). It contains selected information

pertaining to the Property and does not purport to be all-inclusive or to contain all of the information, which a prospective purchaser might desire. All financial

projections are provided for general reference purposes only and are based on assumptions relating to the general economy, competition, and other factors

beyond control, and therefore, are subject to material change or variation.

In this Brochure, certain documents and other materials are described in summary form. The summaries do not purport to be complete, nor necessarily

accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to

independently review all documents.

This Brochure is subject to prior placement, error, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement

or advise as to the value of the Property by Pyramid Brokerage Company or the Owner. Each prospective purchaser is to rely upon its own investigation,

evaluation and judgment as to the advisability of purchasing the Property described herein. Nothing contained in this Brochure shall constitute a

representation or warranty of Pyramid Brokerage Company or the Owner.

Owner and Pyramid Brokerage Company expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offer to purchase the

Property and/or terminate discussions with any party at any time with or without notice. Owner shall have no legal commitment or obligation to any purchaser

reviewing this Brochure or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed,

delivered, and approved by the Owner and any conditions to Owner’s obligations hereunder have been satisfied or waived. Pyramid Brokerage Company is

not authorized to make any representations or agreement on behalf of Owner.

This Brochure is the Property of Pyramid Brokerage Company and may be used only by parties approved by Pyramid Brokerage Company. The Property is

privately offered and by accepting this Brochure, the party in possession hereof agrees (i) to return it to Pyramid Brokerage Company immediately upon

request of Pyramid Brokerage Company or Owner and (ii) that this Brochure and its contents are of a confidential nature and will be held and treated in the

strictest confidence. No portion of this Brochure may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of

Pyramid Brokerage Company and Owner.

The terms and conditions set forth above apply to this Brochure in its entirety.

For additional information regarding the proposed transaction with respect to the Property, please contact the following:

WILLIAM P. EVERTZ

Real Estate Salesperson

315 445 8528

[email protected]




41 Albany Street, Cazenovia, New York 13035Offering Summary

THE OFFERING

Pyramid Brokerage Company has been retained to exclusively represent ownership ("Owner") in the sale of the asset occupied by Kinney Pharmacy

located at 41 Albany Street, Cazenovia, County of Madison, State of New York (the "Property").

Located in the geographic center of New York State, Madison County is nestled between Syracuse and Utica-Rome and a regional population of one

million people. Its location offers businesses exceptional transportation options, including ready access to Interstates, Class I rail, airports, and barge

access to the St. Lawrence Seaway and the Great Lakes.

A vibrant Community Supported Agriculture program brings locally-grown food to residents nearly year-round. And the big-city amenities of Syracuse,

Utica and Rome, New York, are only an hour away. Seventeen area colleges and universities provide workforce training and education, and also enhance

the region’s high quality of life. Madison County’s energetic college-age population that is 45% larger, on a percentage basis, than the U.S. average.

Over the last five years, Cazenovia has seen several new projects. Empire Farmstand Brewery, Red Barn 20/Windridge Estate, the Hampton Inn and Aldi

have brought a great deal of traffic to the area. A new drug store and bank are considering plans for locations in the immediate area. There is a

proposed affordable senior housing development under review and other apartment housing projects being planned. Retail space supply in the Village

and in the Tops anchored plaza is very tight with no availability.

The Kinney Pharmacy site is on the main route through Cazenovia, Albany Street which has over 13,000 cars per day. The property is situated one block

south of Cazenovia College and three blocks east of Cazenovia Lake. The village of Cazenovia dates back to 1793; in the early 1800’s several of the

houses still standing were constructed, as time went on, several different architectural styles were introduced creating a conglomerate effect the village

retains today.

The subject lease with a 11,500± SF Kinney Pharmacy had an initial term of 10 years in 2004 with (3) five year options. Instead of renewing for their 2nd

option term in 2019, we have restructured the initial lease with an amendment to the original lease. The amendment starts with a 10 year initial term

starting January 11, 2019 thru January 10, 2029 with (2) five year option terms. Please see lease abstract for additional details.

Kinney Drugs is a chain of approximately 100 drugstores and pharmacies throughout Central and Northern New York, as well as Vermont. Its

headquarters is located in Gouverneur. As a leading regional drugstore, Kinney Drugs has a strong presence throughout the metropolitan areas of

Syracuse, Watertown, and Plattsburgh; and also Burlington and the northern half of the state of Vermont. Many locations are freestanding stores with

drive-thru pharmacies. In some smaller towns such as Bomoseen and Old Forge. Kinney's also operates pharmacies with a smaller selection of general

merchandise.

OFFERING PROCEDURES

The Owner will consider all qualified offers on the property. Offers and letter of interest or intent are to be submitted through Cushman & Wakefield/

Pyramid Brokerage Company

SECTION I

SECTION IIProperty Description

Property Photo

Tax Map

Lease Abstract

Property Aerial

Site Plan




41 Albany Street, Cazenovia, New York 13035Property Description

SECTION II

Address: 41 Albany Street

Cazenovia, New York 13035

County: Madison

Tax ID: Village of Cazenovia

94.52-1-20

Building Size: 11,500± SF

Frontage: 136’ on Albany Street (Rt. 20)

Shape/Topography: Flat and square

Egress/Ingress Two curb cuts

Location: End cap of small retail plaza, contiguous

with Cazenovia College

Rent Commencement: January 2019

Parking 30

Signage: Front of the building

Sale Price: $1,850,000

CAP Rate: 7.25% on the 9 years remaining of the initial

term with 5% increases in option periods




41 Albany Street, Cazenovia, New York 13035Property Photos

SECTION II

Cazenovia

College

Contiguous

Cazenovia College

Contiguous




41 Albany Street, Cazenovia, New York 13035Property Photos

SECTION II




41 Albany Street, Cazenovia, New York 13035Tax Map

SECTION II




41 Albany Street, Cazenovia, New York 13035Lease Abstract

SECTION II

Lessor: Harvey’s Properties Inc

Lessee: Kinney Drugs Inc, a NY Corp. having HQ corporate office located at 29 E. Main Street, Gouverneur,

New York 13642

Premises: 0.49± Acre

Property Dimensions: 136’ x 175’

Lease Term 10 Years

Rent Commencement January 11, 2019 thru January 10, 2029 (New initial term)

Building Constructed 1970; Renovated in 2004, concrete block and wood frame constructed. Rubber membrane roof

and 600 amp service

Average Annual Sales $5,750,000 over the last 5 years

Options to continue Leasing Two (2), five (5) year options with 5% increases

Tenant Responsibility Tenant shall pay as additional rent taxes, insurance, and shall maintain the inside and is

responsible for half the cost of the roof

Landlord Responsibility Exterior and roof, however the landlord and tenant shall equally share in the cost of any roof repair,

maintenance or replacement

Rent: Per/SF Annually Monthly

Years 1-5 $130,800 $10,900

Years 6-10 $136,800 $11,400 4.6% increase in base rent






41 Albany Street, Cazenovia, New York 13035 SECTION II

Property Aerial

Bank of

America

SECTION IIILocation Map

Traffic County Map

Location Market Aerial

Demographics




41 Albany Street, Cazenovia, New York 13035Location Map

SECTION III




41 Albany Street, Cazenovia, New York 13035Traffic Count Map

SECTION III




41 Albany Street, Cazenovia, New York 13035Local Market Aerial

SECTION III

Cazenovia

Lake

Marquardt

Switches

Dielectric

Laboratories

Cazenovia

Equipment

Company

McDonald’s

Tops

Sears Hardware

Rite Aid

Dunkin

Donuts

Key Bank

Cazenovia

High SchoolBurton Street

Elementary School

The Country Inn

of Cazenovia

Cazenovia Lake

Cazenovia

College




41 Albany Street, Cazenovia, New York 13035Demographic Summary

SECTION III

BUSINESS SUMMARY

1 Mile 2 Miles 3 Miles

Total Businesses: 204 226 296

Total Employees: 1,923 2,120 2,723

Total Residential Population 2,952 3,909 5,671

Employee/ Residential Population Ratio

(per 100 residents):65 54 48

DEMOGRAPHIC & INCOME PROFILE - 2018 SUMMARY

1 Mile 2 Miles 3 Miles

Population 2,952 3,909 5,671

Households 1,047 1,414 2,092

Families 573 839 1,349

Average Household Size 2.18 2.26 2.37

Owner Occupied Housing Units 677 990 1,596

Renter Occupied Housing Units 370 424 496

Median Age 35.3 38.4 42.7

Median Household Income $61,816 $70,193 $76,211

Average Household Income $100,195 $108,622 $114,089

www.pyramidbrokerage.com

PREPARED BY:

WILLIAM P. EVERTZ

Real Estate Salesperson

O: (315) 445 8528

C: (315) 447 6855

5786 Widewaters Parkway

PO Box 3

Syracuse, New York 13214

[email protected]

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