Montgomery HeightsPENNROSE PROPERTIES RETAIL LEASE UP PROSPECTUS March 9, 2012
Rentable SF’sRetail Space Frontage Rentable SFs % of Total A Montgomery St. 1,521 17% B Montgomery St. 1,914 21% C Dr. MLK Blvd 3,093 34% D Dr. MLK Blvd 2,650 29% 9,178 100%
Lease PlanPOTENTIAL TENANTS• Space A&B: Pyramid Academy Pre- School• Space C: Indigo Heights Restaurant• Space D: Pharmacy/Convenience Store
Indigo Heights• Space C - Corner Montgomery & MLK (3,093 SF)• Rent 15 PSF (11 Base + 4 CAM)• Restaurant – sitdown/takeout, BBQ & Soul Food• Owner Lance Knowling veteran of restaurants in Maplewood and Montclair
Pyramid Academy• Spaces A&B - Both Montgomery St (3,435 SF)• Rent: 20 PSF (16 Base + 4 CAM)• Daycare ~ 70 Students @ full capacity• Would use playground• Husband-wife owners have operated similar facility in East Orange for 7 years
Koffi Pharmacy• Space D – Dr. MLK Boulevard (2,650 SF)• Rent 20 PSF (16 Base + 4 CAM)• Neighborhood pharmacy with both walk-in and mail order prescription business• Some space dedicated to convenience items• Proprietor has 15+ years experience managing pharmacies, this would be his first venture
Pros & Cons PROS CONS• All neighborhood- • Not credit tenants serving businesses • All need funds for fit-• Would meet needs of out/start up community • Will require investment• Retail activity will help generate buzz & bridge from landlord beyond to Montgomery II $300,000 “tenant fit-• Ability to adjust out” budget included financing model to in Montgomery St maximize return budget
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