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Tucker placemat


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  • 1. S.W.O.T. ANALYSIS 13300 Midlothian Tnpk, Midlothian, VA STRENGTHS: WEAKNESSES: • Excellent demographic profile supporting successful convenience retail operation • Eastbound traffic access difficult • 41,000 ADT traffic & on the “going-home” side of traffic • Midlothian Village restrictions on signage • Center of Midlothian Village retail activity • Small parcel size with no expansion ability • Corner location with two access drives onto site • Building was “gutted” by 7-Eleven when they left • High-visibility to both directions of traffic • Condition of mechanical is unknown • Excellent parking ratio for short term customers • Retail market is still in recovery • C-3 Zoning permits virtually any type of retail operation • Owner will lease or sell property and consider hybrid transaction formats • All public utilities are connected to property permitting immediate use by new occupant. OPPORTUNITIES: THREATS: • Replace 7-Eleven with another convenience store operator • Potential for new traffic signal at newer 7-Eleven to the west • Solicit inline retailers seeking better visibility for operations • Title conditions relating to shared drive access and common parking behind building • Mt. Pisgah Methodist Church possible buyer or seller of adjacent parcel • Potential traffic restrictions on Eastbound traffic access and egress • Excellent sign visibility for prospects • Competing rents in area because of high vacancies • Good Subway, Jersey Mike’s or Firehouse Subs location • Growth of retail in Westchester and west of site EXCLUSIVELY PREPARED BY:804.396.4050 6802 Paragon Place, Suite 410 Richmond, VA 23230 Jim Tucker, CCIM Principal Broker/Strategist
  • 2. 13300 Midlothian Tnpk, Midlothian, VA Exit Strategy RecommendationsProperty Information: Comparable Lease & Sales Offerings: Marketing Strategy Recommendation: • 0.461 acres 1060 Eastridge Road • Market first to local and expanding C-store operations • 2,640 SF GLA frame bldg Richmond, VA 23229 • Proactively market to retail CRE brokers (50% fee) •“Midlothian Village” • 2,400 sf, for lease • Proactively market to residential agents (50% fee) • Chesterfield County • For Lease @ $18.00 psf • Proactively market to immediate area retail (inline tenants) • Zoned C-3 Retail • Co-tenancy in 4,864 sf • Eblast to proprietary database • CCIM Mailbridge blast + CCIM Deal Making Call •“Featured Property” on • Put on LoopNet and on CoStar databases • All municipal utilities • 41,000 ADT + “going-home” side • Excellent access & egress Quioccasin Square Center • 5.3:1 parking ratio (14 spaces) 9025 Quioccasin Marketing Materials Recommendation: • Hard corner location Richmond, VA 23229 •Outstanding visibility to traffic • For Lease @ $20.00 psf • Full Offering Memorandum (“OM”) print & digital • 670 – 1,880 SF avail. • For Sale or Lease sign (double facing) • Property website @ Vicinity Information: • Executive Summary property flyer • Demographic profile + Tapestry Report • Adjacent to Food Lion center • Multiple fast food adjacent Marketing Team Assigned: Former 7-Eleven Store • Across from Midlo Middle Sch 9911 Three Chopt Road • New retail in area Richmond, VA 23229 • As Virginia Licensee, coordinate all marketing • Banks & other convenience • Price: $645,000 ($240.22/SF) • Pro-active promotion of brokerage cooperation • New Family Fitness • 2,685 sf building • Direct calls to prospects and brokers • 0.70 acres of land • Conduct all property inspections • Responsible for due diligence package assembly • Weekly & Monthly written reports to Owners Pricing Conclusion: Jim Tucker, CCIMCurrent Market Information: Adjustments were made reflecting some inferior site characteristics for the subject and inferior location characteristics in all locations. Fees & Commissions: Further adjustments made for lack of market transaction activity and • Retail market in Richmond is in “recovery” with rents still unstable Owner’s rent and price preferences. • Six (6%) commission paid at sale • Competing vacant space in immediate area PRICE: $750,000 • All marketing costs borne by broker • Demographics are “Suburban Splendor” wealthy PRICE/SF: $284.09 • 50% of commission paid to buyer’s broker • Frontage parcels are scarce in immediate area LEASE RATE: $4,500/MO ($20.45/SF) • All negotiations through Tucker • Financing is available for owner/occupant here • Owner reserves right to reject any & all offers • $110,000 Av Household Income (3-mile radius OCCUPANCY: February, 2011 • Due diligence limited to 60 days, 30-day close EXCLUSIVELY PREPARED BY:804.396.4050 6802 Paragon Place, Suite 410 Richmond, VA 23230 Jim Tucker, CCIM Principal Broker/Strategist