You Created a LinkedIn Account. Now What? - CCIM Live! Session
Tucker placemat
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 www.NetWorksCRE.com
Principal Broker/Strategist
2. 13300 Midlothian Tnpk, Midlothian, VA
Exit Strategy Recommendations
Property 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 www.NetWorksCRE.com
• 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 @ http://www.networkscre.com/7eleven.html
Immediate 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, CCIM
Current 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 www.NetWorksCRE.com
Principal Broker/Strategist