Triple Net Lease Property For Sale


Published on

Triple net leased single te

Published in: Business, Economy & Finance
  • Be the first to comment

  • Be the first to like this

No Downloads
Total views
On SlideShare
From Embeds
Number of Embeds
Embeds 0
No embeds

No notes for slide

Triple Net Lease Property For Sale

  1. 1. NET LEASED INVESTMENT OFFERING Shopko2320 Lineville RoadGreen Bay, WI 54313
  2. 2. TABLE OF CONTENTS NET LEASED INVESTMENT OFFERING TABLE OF CONTENTS1) Confidentiality & Disclaimer2) Executive Summary3) Property Overview4) Aerial5) Map6) Tenant Profile7) Demographic Comparison Report8) Location Overview9) Contact Information
  3. 3. CONFIDENTIALITY & DISCLAIMER NET LEASED INVESTMENT OFFERING CONFIDENTIALITY CONFIDENTIALITY & DISCLAIMERThe information contained in the following Offering Memorandum is proprietary and strictly confidential. It isintended to be reviewed only by the party receiving it from The Boulder Group and should not be made available toany other person or entity without the written consent of The Boulder Group. This Offering Memorandum has beenprepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminarylevel of interest in the subject property. The information contained herein is not a substitute for a thorough duediligence investigation. The Boulder Group has not made any investigation, and makes no warranty orrepresentation. The information contained in this Offering Memorandum has been obtained from sources webelieve to be reliable; however, The Boulder Group has not verified, and will not verify, any of the informationcontained herein, nor has The Boulder Group conducted any investigation regarding these matters and makes nowarranty or representation whatsoever regarding the accuracy or completeness of the information provided. Allpotential buyers must take appropriate measures to verify all of the information set forth herein.
  4. 4. EXECUTIVE SUMMARY NET LEASED INVESTMENT OFFERING EXECUTIVE SUMMARYThe Boulder Group is pleased to exclusively market for sale a single tenant net leased Shopko property located in GreenBay, Wisconsin. The long term lease features rental escalations in the primary term and the property features a drive thrupharmacy on location. Shopko is a chain of 136 retail stores that provides quality name-brand merchandise along withpharmacy and optical services.The 80,000 square foot property was built in 2009 and has over 16 years remaining on the primary term of the lease. Theproperty is located within Urban Edge, a mixed use development featuring a Festival Foods grocery store and 62,000square feet of office and retail. Other retailers in Urban Edge include Dollar Tree, Verizon, Fantastic Sam’s, Pioneer CreditUnion and Papa Murphy’s. Urban Edge is also home to a Country Inn & Suites, the Suamico Ale House & Pro Bowl and theSuamico Banquet and Conference Center. The property is located along Lineville Road, which has a full accessinterchange with Highway 41 approximately one and one-half miles from the property. Highway 41 is the primary north-south thoroughfare in the area and has traffic volumes of 39,000 vehicles per day.Shopko’s original lease term was for 20 years and the lease expires in February 2029. The lease features a 10% rentalescalation in 2019 as well as four 5-year renewal options at escalated rents. Shopko is a privately-held company with a136 locations in 13 states.INVESTMENT HIGHLIGHTS• Located within the Green Bay MSA• Long term lease with over 16 years remaining• 10% rental escalation in the primary term of the lease• Located within a mixed use development featuring Festival Foods• Close proximity to Highway 41 (39,000 VPD)• Average household income approximately $80,000 within one mile of the property• Drive thru pharmacy on site
  5. 5. PROPERTY OVERVIEW NET LEASED INVESTMENT OFFERING PROPERTY OVERVIEWPrice: $9,026,222Cap Rate: 8.10%Rent Schedule: NOI Escalation Date $ 731,124 $ 804,236 2/4/2019 $ 884,660 2/4/2029 (Option 1) $ 973,126 2/4/2034 (Option 2) $ 1,070,439 2/4/2039 (Option 3) $ 1,177,483 2/4/2044 (Option 4)Renewal Options: Four 5-Year with escalationsLease Commencement Date: February 4, 2009Lease Expiration Date: February 3, 2029Year Built: 2009Tenant: ShopkoLease Type: NNRentable Square Feet: 80,000 SFLand Size: 8.00 acres
  8. 8. TENANT PROFILE NET LEASED INVESTMENT OFFERING TENANT PROFILEShopko is a chain of retail stores based in Green Bay, Wisconsin. Shopko operates 136 stores located in 13 statesand generates annual sales of approximately $2.2 billion. Shopko provides quality name-brand merchandise, greatvalues, pharmacy and optical services in small to mid-sized cities. In December 2005, the company was acquired byan affiliate of Sun Capital Partners. In 1999, Shopko purchased Pamida, a regional discount chain that operatedmainly in smaller communities of 3,000 to 8,000 people. Shopko operated Pamida as a separate division until2007, however in 2012, Shopko and Pamida merged into one company with most Pamida stores becoming ShopkoHometown stores.Shopko operates under three different brands; Shopko, Shopko Express and Shopko Hometown. Shopko Express is achain of pharmacies that carry a limited selection of general merchandise, groceries, beer, wine, health and beautysupplies, and over-the-counter medicines. Shopko Hometown, is Shopko’s newest concept which is aimed at smallercommunities ranging from 3,000 to 8,000 in population, and carry about 70% of the merchandise carried atShopkos larger stores. In addition to the multiple brands Shopko operates under Shopko, in 1999, signed a contractwith Payless Shoes to lease the chain floorspace within Shopko stores.Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, debt, and otherinvestments in market-leading companies that can benefit from its in-house operating professionals and experience.Sun Capital affiliates have invested in and managed more than 165 companies worldwide with combined sales inexcess of $35.0 billion since Sun Capital’s inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles,and New York, and affiliates with offices in London, Tokyo, and Shenzhen, China.Website: www.shopko.comNumber of Locations: 136State Locations: 13Standard & Poor’s Rating: PrivateEmployees: 16,000
  9. 9. DEMOGRAPHIC COMPARISON REPORT NET LEASED INVESTMENT OFFERING DEMOGRAPHIC COMPARISON REPORTPopulation 3-mi. 5-mi 10- 10-miTotal Population 19,238 45,910 190,034Total Households 6,938 18,625 76,541IncomeMedian Household Income $73,028 $62,849 $57,801Average Household Income $78,699 $69,933 $65,263
  10. 10. LOCATION OVERVIEW NET LEASED INVESTMENT OFFERING LOCATION OVERVIEWGreen Bay is located in Brown County, Wisconsin. At the time of the 2010 U.S.Census, Green Bay had a population of 104,057. Green Bay is the third-largest city inthe state of Wisconsin, after Milwaukee and Madison. It is also the third-largest cityon the west shore of Lake Michigan, after Chicago and Milwaukee. Green Bay ishome to the Green Bay Packers. Green Bay is the principal city of the Green Bay MSAand at the time of the 2010 U.S. Census, the Green Bay MSA had population of306,241.The largest employers in Green Bay include Humana (3,091 employees), OneidaTribe of Indians (2,916), Schneider National Inc. (2,818), Bellin Health (2,323),Georgia-Pacific Corp. (2,300), United Health Group (1,867), Aurora Health Care(1,709), St. Vincent Hospital (1,636), American Foods Group (1,503) and ShopkoStores, Inc. (1,297)
  11. 11. CONTACT INFORMATION NET LEASED INVESTMENT OFFERING CONTACT INFORMATION 666 Dundee Road Suite 1801 Northbrook, IL 60062Randy Blankstein Jimmy GoodmanPresident Partner847.562.0003