NJ Future Forum 2012 Getting Retail Right Henkel

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NJ Future Forum 2012 Getting Retail Right Henkel

  1. 1. Montgomery HeightsPENNROSE PROPERTIES RETAIL LEASE UP PROSPECTUS March 9, 2012
  2. 2. 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%
  3. 3. Lease PlanPOTENTIAL TENANTS• Space A&B: Pyramid Academy Pre- School• Space C: Indigo Heights Restaurant• Space D: Pharmacy/Convenience Store
  4. 4. 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
  5. 5. 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
  6. 6. 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
  7. 7. Start Up BudgetSources"Retail Fitout Budget" 300,000Partner Equity 21,084Rental Receipts (Year 1) + Security Deposits 62,214TOTAL 383,298UsesVbox budget 188,000Contingency @ 5% 9,400Construction Management Services 15,000Broker Commissions 5% 58,898Working Capital, Free Rent, etcAttorney / Leasing 12,000Additional Tenant Start Up 100,000 Daycare (Repayable) 30,000 Pharmacy Restaurant 70,000Funds Remaining 383,298
  8. 8. 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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