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Albanese Cormier | A Short Story
Since 2001, AlbaneseCormier has been acquiring, managing, leasing and developing real estate properties across the United States. Through a clear vision, selective choices, creative hiring, skilled management and a dedicated staff, we have been able to consistently grow a sustainable business that has exceeded 6 million square feet of real estate since inception. As the industry continues to evolve, we are positioned to take advantage of opportunities as they are presented to us. We are AlbaneseCormier . AlbaneseCormier | A Short History
Albanese Cormier Holdings | 3
Looking At Retail In A Whole New Light
RetailUnplugged ™ is a 21st century way to imagine brick and mortar retail. Think of it as a stable, analog solution to an increasingly volatile, digital world. By owning, managing and leasing retail projects that are resistant to the ups and downs of the economy, as well as significantly less impacted by online sales, we ensure sustainable growth and financial stability.
retailunplugged ™
Portfolio Breakdown
9 States
769,852 SF
24 Properties
92% Occupancy
NOI $7,708,684
Price $110,100,000
Por tfolio Breakdown | 5
Portfolio Breakdown by Revenue
TOP TENANTS BY RENTAL REVENUE
SUM OF YEAR 1 REVENUE STORE COUNT
• Opening 80+ new stores in 2020. Al l deal s were agreed on before COVID-19. CATO honored thei r commi tment to open new stores despi te pandemic. • Increased CAPEX to $9.8M through Q2 2020 vs. $2.2M pr ior year. Al l spending went to new stores and di str ibut ion center upgrades. • Liquidi ty of $175.9M cons i sts of ful l revolver avai labi l i ty of $35M and $140.9M cash. • Per Analyst , “CATO’s balance sheet i s very strong. They’re in a better pos i t ion f inancial ly than January 2020.” • Dol lar Tree i s the growth vehicle of the Company (Dol lar Tree and Fami ly Dol lar). • Three out of every four stores the Company opens are Dol lar Tree banners. • No concerns wi th Dol lar Tree’s debt portfol io. Net debt down 38% f rom last year. • Liquidi ty i s plent i ful wi th $1.75B cash and $614M avai lable under revolver. Bank agreement for revolver i s unsecured. • Q2 Dol lar Tree total company sales up 9.4% and comps up 7.2% f rom previous year, respect ively. • Q2 comps up 79% year over year • Increased sales helped by general shi ft towards athlei sure style. • Onl ine sales up 200% year over year. • Excel lent relat ionship wi th major manufacturers (Nike and Under Armour) • Founded in 1960 in Kannapol i s, NC, Shoe Show’s success has been based on a s imple formula of providing qual i ty products, service, and value. • Largest pr ivately owned fami ly shoe store in the Uni ted States wi th over 1,100 stores in 47 states. • Shoe Show i s completely debt f ree and has a rock-sol id balance sheet • As a company Shoe Show had pos i t ive comps in May, June, and September versus 2019 • Management enthus iast ical ly expressed a focus on expans ion as a main point of thei r short , intermediate, and long-term goal s. • Expect ing incredibly strong Q4 wi th the launch of new consoles (Sony PS5 and Microsoft Xbox X). • Q2 - Global e-commerce sales increased 800%. • Q2 - Generated $181.9M in f ree cash f low. • Cur rent ly s i tt ing wi th $735M cash vs. $472M Debt . • Wi l l pay of f over $200M in debt before year end (due March 2021). Remainder of debt not due unt i l 2023.
$1,096,784
21
$882,346
10
$296,178
5
$262,386
5
$252,256
8
GRAND TOTAL
$2,789,949
49
Por tfolio Breakdown | 6
Portfolio Breakdown by Square Footage
TOP TENANTS BY SQUARE FOOTAGE
SUM OF SQUARE FOOTAGE
STORE COUNT
• Opening 80+ new stores in 2020. Al l deal s were agreed on before COVID-19. CATO honored thei r commi tment to open new stores despi te pandemic. • Increased CAPEX to $9.8M through Q2 2020 vs. $2.2M pr ior year. Al l spending went to new stores and di str ibut ion center upgrades. • Liquidi ty of $175.9M cons i sts of ful l revolver avai labi l i ty of $35M and $140.9M cash. • Per Analyst , “CATO’s balance sheet i s very strong. They’re in a better pos i t ion f inancial ly than January 2020.” • Dol lar Tree i s the growth vehicle of the Company (Dol lar Tree and Fami ly Dol lar). • Three out of every four stores the Company opens are Dol lar Tree banners. • No concerns wi th Dol lar Tree’s debt portfol io. Net debt down 38% f rom last year. • Liquidi ty i s plent i ful wi th $1.75B cash and $614M avai lable under revolver. Bank agreement for revolver i s unsecured. • Q2 Dol lar Tree total company sales up 9.4% and comps up 7.2% f rom previous year, respect ively. • Incredibly strong balance sheet per analyst . • Debt to equi ty rat io of 0.15 • $276M avai lable of $305M revolver • Management has expressed interest in expanding as other retai lers cont inue closure. • Ross opened 27 new locat ions in Q1 and cont inues to expect to open an addi t ional 39 stores in the second hal f of 2020. • Cash f low improved s igni f icant ly in Q2. The company ended Q2 wi th $2.43B in cash and $500M avai lable under i ts new 364-day credi t faci l i ty. • On Apr i l 2, 2020, Ross i ssued $2B of unsecured senior notes in response to the pandemic. Per analyst , Ross has al ready begun repurchas ing these notes. • Sales extremely strong upon reopening and are expected to cont inue through the end of the year. • TJX (parent company) repaid $1B outstanding under i ts two $500M unsecured revolving credi t faci l i t ies dur ing Q2. • The Company ended Q2 wi th $7.62B in l iquidi ty. $6.62B in cash and $1.0B of credi t . • Management sees great potent ial to cont inue global store growth long-term and expects to grow market share aggress ively as other retai lers close stores.
96,950
21
85,744
10
50,232
1
25,000
1
25,000
1
GRAND TOTAL
282,926
34
Por tfolio Breakdown | 7
Portfolio Breakdown
SUM OF # TENANTS
SUM OF SQ FOOTAGE
SUM OF 1ST YEAR REVENUE
SUM OF COUNT
SALES CATEGORY
BEAUTY SALON
16
26,151
378,085
4.64%
BEAUTY SUPPLY
10
17,337
262,658
3.22%
% RENT BY SALES CATEGORY
CELL PHONE
16
37,107
580,601
7.12%
DISCOUNT RETAIL
47
352,001
3,499,490
42.91%
Sporting Goods 6.01%
ELECTRONICS
5
8,256
157,759
1.93%
Beauty Salon
Tobacco 1.02%
Beauty Salon Beauty Supply Cell Phone Discount Retail Electronics Financial Services Fitness Furniture Hardware Home Improvement
4.64% Beauty Supply 3.22%
Services 1.61%
Retail 3.77%
FINANCIAL SERVICES
18
35,656
611,179
7.49%
FITNESS
1
28,200
151,152
1.85%
Restaurant 8.70%
Cell Phone 7.12%
FURNITURE
1
5,985
99,890
1.22%
Rent to Own 1.75%
HARDWARE
1
15,162
114,928
1.41%
Office 0.65%
Medical 2.07%
HOME IMPROVEMENT
1
20,360
101,800
1.25%
Laundry 0.20%
JEWELRY
3
6,200
95,190
1.17%
Jewelry Laundry Medical Offi ce Rent to Own Restaurant Retail Services Sporting Goods Tobacco
Jewelry 1.17%
LAUNDRY
1
1,600
16,112
0.20%
Home Improvement 1.25%
MEDICAL
4
9,998
168,955
2.07%
Hardware 1.41%
Discount Retail 42.91%
OFFICE
1
2,014
53,351
0.65%
Furniture 1.22%
RENT TO OWN
3
12,420
142,620
1.75%
Fitness 1.85%
RESTAURANT
20
47,502
709,839
8.70%
Financial Services 7.49%
Electronics 1.93%
RETAIL
11
21,372
307,252
3.77%
SERVICES
2
13,523
131,595
1.61%
SPORTING GOODS
5
70,122
489,981
6.01%
TOBACCO
3
4,780
83,077
1.02%
GRAND TOTAL
169
735,746
8,155,514
100.00%
Por tfolio Breakdown | 8
Investment Summary
retailunplugged.com
Inputs & Assumptions
ASSUMPTIONS
RENT GROWTH:
3.00%
INFLATION:
2.00%
MANAGEMENT FEE:
3.00%
CLOSING COSTS:
1.00%
INTEREST RATE:
3.50%
RISK FREE (10 YR):
0.68%
DISCOUNT RATE:
8.25% 7.00%
ENTRY CAP:
EXIT CAP:
7.00%
ACQUISITION PRICE:
$
110,000,000
LOAN AMOUNT (%):
80%
LOAN AMOUNT ($):
$
88,000,000
LOAN TERM (YR):
10
AMORTIZATION (YR):
25
INTEREST ONLY PERIOD (MOS.):
12
Investment Summar y | 11
5 Year Hold
WALMART SHADOW PORTFOLIO:
YOY NET OPERATING INCOME
PROFORMA CASH FLOWS
PROPERTY
STATE
YEAR 1 171,597 148,899 194,543
YEAR 2 171,276 149,540 195,492
YEAR 3 173,971 152,700 198,957
YEAR 4 177,529 156,576 203,101
YEAR 5 181,773 160,569 207,371
YEAR 6 187,400 164,681 213,554
RUSSELLVILLE PLAZA SUMMERFIELD PLAZA
ALABAMA FLORIDA GEORGIA KENTUCKY KENTUCKY KENTUCKY LOUISIANA LOUISIANA LOUISIANA LOUISIANA LOUISIANA LOUISIANA MISSISSIPPI MISSISSIPPI MISSISSIPPI MISSISSIPPI
TIFTON SQUARE
ALEXANDRIA VILLAGE LEITCHFIELD PLAZA
1,234,826
1,235,334
1,239,743
1,246,661
1,267,121
1,291,608
118,608 125,857 321,659 215,835 143,435 434,956 199,899 73,760 309,447 99,127 475,715 179,875 142,999 306,409 167,895 150,014 117,183 715,197 399,235
101,938 127,507 326,261 217,485 145,344 441,719 201,062 73,744 317,975 99,812 476,270 184,766 143,901 315,062 170,481 151,721 117,380 717,361 400,527
142,645 129,208 332,928 220,041 149,405 453,565 202,262 74,496 332,122 100,527 479,067 186,236 144,847 326,505 171,607 153,811 119,347 719,299 402,066
145,371 130,962 340,511 226,118 153,589 466,548 205,361 85,676 333,521 103,537 485,027 187,750 160,653 328,303 172,733 156,529 121,371 747,426 402,054
149,256 134,981 348,321 233,104 157,899 479,922 211,577 87,077 334,970 106,636 494,317 195,033 163,472 331,622 177,393 162,236 123,454 754,009 410,691
153,696 139,123 356,365 240,304 162,339 494,346 217,981 88,519 336,470 109,829 505,834 199,496 166,379 335,897 178,605 165,817 127,051 773,791 413,957
LEBANON PLAZA LEESVILLE PLAZA
ABBEVILLE PLAZA BAYOU VISTA PLAZA NEW IBERIA PLAZA PORT ALLEN PLAZA MANSFIELD PLAZA CORINTH PLAZA PHILADELPHIA PLAZA PICAYUNE PLAZA PONTOTOC PLAZA GREENVILLE PLAZA
NORTH CAROLINA NORTH CAROLINA
MURPHY PLAZA
CROSSVILLE PLAZA HUMBOLDT WM PLAZA JEFFERSON CITY PLAZA WEST ORANGE PLAZA
TENNESSEE TENNESSEE TENNESSEE
TEXAS TEXAS TEXAS
AMARILLO PLAZA
RENAISSANCE SQUARE
1,261,900 7,708,873
1,265,458 7,747,415
1,304,095 7,909,449
1,305,705 8,042,613
1,331,912 8,204,716
1,366,859 8,389,900
PORTFOLIO NOI :
ACQUISITION PRICE:
$(110,000,000) $(1,100,000) $88,000,000 $(23,100,000)
CLOSING COSTS:
DEBT (@ 80% ACQUISITION): INITIAL EQUITY INVESTMENT:
NOI :
7,708,873 (5,286,585)
7,747,415 (5,286,585)
7,909,449 (5,286,585)
8,042,613 (5,286,585)
8,204,716 (5,286,585)
8,389,900 (5,286,585)
DEBT SERVICE: NET CASH FLOW: CASH ON CASH:
$(23,100,000)
2,422,288
2,460,830
2,622,864
2,756,028
2,918,131
3,103,315
10.49%
10.65%
11.35%
11.93%
12.63%
13.43%
SALES PROCEEDS (@ 7.00% CAP):
119,855,711
COSTS OF SALE:
(1,198,557)
LOAN PAYOFF:
(75,961,955)
NET SALES PROCEEDS:
42,695,198
TOTAL CASH FLOWS:
$(23,100,000)
2,422,288
2,460,830
2,756,028
45,613,329
2,622,864
Investment Summar y | 12
5 Year Hold (CONT)
INVESTMENT HIGHLIGHTS
PRESENT VALUE OF FUTURE CASH FLOWS:
$39,099,391
NET PRESENT VALUE (@ STATED DISCOUNT RATE):
$15,992,291
EQUITY MULTIPLE:
2.42X
LEVERED IRR:
22.12%
AVERAGE CASH ON CASH:
11.41%
CAGR:
7.04%
Investment Summar y | 13
7 Year Hold (12 Month Interest Only)
WALMART SHADOW PORTFOLIO:
YOY NET OPERATING INCOME
PROFORMA CASH FLOWS
PROPERTY
STATE
YEAR 1 171,597 148,899 194,543
YEAR 2 171,276 149,540 195,492
YEAR 3 173,971 152,700 198,957
YEAR 4 177,529 156,576 203,101
YEAR 5 181,773 160,569 207,371
YEAR 6 187,400 164,681 213,554
YEAR 7 193,200 169,588 219,925
YEAR 8 199,177 174,642 226,488
RUSSELLVILLE PLAZA SUMMERFIELD PLAZA
ALABAMA FLORIDA GEORGIA KENTUCKY KENTUCKY KENTUCKY LOUISIANA LOUISIANA LOUISIANA LOUISIANA LOUISIANA LOUISIANA MISSISSIPPI MISSISSIPPI MISSISSIPPI MISSISSIPPI
TIFTON SQUARE
ALEXANDRIA VILLAGE LEITCHFIELD PLAZA
1,234,826
1,235,334
1,239,743
1,246,661
1,267,121
1,291,608
1,316,860
1,342,900
118,608 125,857 321,659 215,835 143,435 434,956 199,899 73,760 309,447 99,127 475,715 179,875
101,938 127,507 326,261 217,485 145,344 441,719 201,062 73,744 317,975 99,812 476,270 184,766 143,901 315,062 170,481 151,721 117,380 717,361 400,527
142,645 129,208 332,928 220,041 149,405 453,565 202,262 74,496 332,122 100,527 479,067 186,236 144,847 326,505 171,607 153,811 119,347 719,299 402,066
145,371 130,962 340,511 226,118 153,589 466,548 205,361 85,676 333,521 103,537 485,027 187,750 160,653 328,303 172,733 156,529 121,371 747,426 402,054
149,256 134,981 348,321 233,104 157,899 479,922 211,577 87,077 334,970 106,636 494,317 195,033 163,472 331,622 177,393 162,236 123,454 754,009 410,691
153,696 139,123 356,365 240,304 162,339 494,346 217,981 88,519 336,470 109,829 505,834 199,496 166,379 335,897 178,605 165,817 127,051 773,791 413,957
158,270 143,390 364,649 247,723 166,912 509,204 224,578 90,005 341,374 113,117 520,702 204,091 169,375 345,190 185,318 169,506 130,754 793,552 423,257
162,982 147,787 375,543 255,370 171,624 524,508 231,374 91,536 353,901 116,504 536,010 208,823 172,464 362,336 189,226 173,307 134,566 804,011 433,768
LEBANON PLAZA LEESVILLE PLAZA
ABBEVILLE PLAZA BAYOU VISTA PLAZA NEW IBERIA PLAZA PORT ALLEN PLAZA MANSFIELD PLAZA CORINTH PLAZA PHILADELPHIA PLAZA PICAYUNE PLAZA PONTOTOC PLAZA GREENVILLE PLAZA
NORTH CAROLINA 142,999 NORTH CAROLINA 306,409
MURPHY PLAZA
CROSSVILLE PLAZA HUMBOLDT WM PLAZA JEFFERSON CITY PLAZA WEST ORANGE PLAZA
TENNESSEE TENNESSEE TENNESSEE
167,895 150,014 117,183 715,197 399,235
TEXAS TEXAS TEXAS
AMARILLO PLAZA
RENAISSANCE SQUARE
1,261,900 7,708,873
1,265,458 7,747,415
1,304,095 7,909,449
1,305,705 8,042,613
1,331,912 8,204,716
1,366,859 8,389,900
1,391,765 8,592,305
1,423,723 8,812,573
PORTFOLIO NOI :
ACQUISITION PRICE:
$(110,000,000) $(1,100,000) $88,000,000 $(23,100,000)
CLOSING COSTS:
DEBT (@ 80% ACQUISITION): INITIAL EQUITY INVESTMENT:
NOI :
7,708,873 (3,080,000)
7,747,415 (5,286,585)
7,909,449 (5,286,585)
8,042,613 (5,286,585)
8,204,716 (5,286,585)
8,389,900 (5,286,585)
8,592,305 (5,286,585)
8,812,573 (5,286,585)
DEBT SERVICE:
NET CASH FLOW: CASH ON CASH:
$(23,100,000)
4,628,873
2,460,830
2,622,864
2,756,028
2,918,131
3,103,315
3,305,720
3,525,988
20.04%
10.65%
11.35%
11.93%
12.63%
13.43%
14.31%
15.26%
SALES PROCEEDS (@ 7.00% CAP):
125,893,904
COSTS OF SALE:
(1,258,939)
LOAN PAYOFF:
(70,526,004)
NET SALES PROCEEDS:
54,108,961
TOTAL CASH FLOWS:
$(23,100,000)
4,628,873
2,460,830
2,622,864
2,756,028
2,918,131
3,103,315
57,414,681
Investment Summar y | 14
7 Year Hold (12 Month Interest Only) (CONT)
INVESTMENT HIGHLIGHTS
PRESENT VALUE OF FUTURE CASH FLOWS:
$47,305,904
NET PRESENT VALUE (@ STATED DISCOUNT RATE):
$24,197,465
EQUITY MULTIPLE:
3.29X
LEVERED IRR:
23.31%
AVERAGE CASH ON CASH:
13.48%
CAGR:
9.53%
Investment Summar y | 15
10 Year Hold
WALMART SHADOW PORTFOLIO:
PROFORMA CASH FLOWS
YOY NET OPERATING INCOME
PROPERTY
STATE
YEAR 1 171,597 148,899 194,543
YEAR 2 171,276 149,540 195,492
YEAR 3 173,971 152,700 198,957
YEAR 4 177,529 156,576 203,101
YEAR 5 181,773 160,569 207,371
YEAR 6 187,400 164,681 213,554
YEAR 7 193,200 169,588 219,925
YEAR 8 199,177 174,642 226,488
YEAR 9 205,337 179,849 233,250
YEAR 10 211,685 185,211 240,217 1,397,443
YEAR 11 213,802 187,064 242,619 1,411,418
RUSSELLVILLE PLAZA SUMMERFIELD PLAZA
ALABAMA FLORIDA GEORGIA KENTUCKY KENTUCKY KENTUCKY LOUISIANA LOUISIANA LOUISIANA LOUISIANA LOUISIANA LOUISIANA MISSISSIPPI MISSISSIPPI MISSISSIPPI MISSISSIPPI
TIFTON SQUARE
ALEXANDRIA VILLAGE LEITCHFIELD PLAZA
1,234,826
1,235,334
1,239,743
1,246,661
1,267,121
1,291,608
1,316,860
1,342,900
1,369,753
118,608 125,857 321,659 215,835 143,435 434,956 199,899 73,760 309,447 99,127 475,715 179,875
101,938 127,507 326,261 217,485 145,344 441,719 201,062 73,744 317,975 99,812 476,270 184,766 143,901 315,062 170,481 151,721 117,380 717,361 400,527
142,645 129,208 332,928 220,041 149,405 453,565 202,262 74,496 332,122 100,527 479,067 186,236 144,847 326,505 171,607 153,811 119,347 719,299 402,066
145,371 130,962 340,511 226,118 153,589 466,548 205,361 85,676 333,521 103,537 485,027 187,750 160,653 328,303 172,733 156,529 121,371 747,426 402,054
149,256 134,981 348,321 233,104 157,899 479,922 211,577 87,077 334,970 106,636 494,317 195,033 163,472 331,622 177,393 162,236 123,454 754,009 410,691
153,696 139,123 356,365 240,304 162,339 494,346 217,981 88,519 336,470 109,829 505,834 199,496 166,379 335,897 178,605 165,817 127,051 773,791 413,957
158,270 143,390 364,649 247,723 166,912 509,204 224,578 90,005 341,374 113,117 520,702 204,091 169,375 345,190 185,318 169,506 130,754 793,552 423,257
162,982 147,787 375,543 255,370 171,624 524,508 231,374 91,536 353,901 116,504 536,010 208,823 172,464 362,336 189,226 173,307 134,566 804,011 433,768
167,837 152,318 386,763 263,250 176,477 540,272 238,376 93,113 361,475 119,992 551,772 213,697 175,649 367,010 193,252 177,224 138,490 834,552 444,594
172,838 156,987 398,319 271,371 181,476 556,509 245,588 94,737 369,277 123,585 568,000 219,975 181,546 371,825 201,411 181,260 142,529 845,670 463,065
174,567 158,557 402,303 274,085 183,291 562,074 248,044 95,684 372,970 124,821 573,680 222,175 183,361 375,543 203,426 183,073 143,955 854,127 467,695
LEBANON PLAZA LEESVILLE PLAZA
ABBEVILLE PLAZA BAYOU VISTA PLAZA NEW IBERIA PLAZA PORT ALLEN PLAZA MANSFIELD PLAZA CORINTH PLAZA PHILADELPHIA PLAZA PICAYUNE PLAZA PONTOTOC PLAZA GREENVILLE PLAZA
NORTH CAROLINA 142,999 NORTH CAROLINA 306,409
MURPHY PLAZA
CROSSVILLE PLAZA HUMBOLDT WM PLAZA JEFFERSON CITY PLAZA WEST ORANGE PLAZA
TENNESSEE TENNESSEE TENNESSEE
167,895 150,014 117,183 715,197 399,235
TEXAS TEXAS TEXAS
AMARILLO PLAZA
RENAISSANCE SQUARE
1,261,900 7,708,873
1,265,458 7,747,415
1,304,095 7,909,449
1,305,705 8,042,613
1,331,912 8,204,716
1,366,859 8,389,900
1,391,765 8,592,305
1,423,723 8,812,573
1,447,047 9,031,348
1,475,434 9,255,960
1,490,189 9,348,519
PORTFOLIO NOI :
ACQUISITION PRICE:
$(110,000,000) $(1,100,000) $88,000,000 $(23,100,000)
CLOSING COSTS:
DEBT (@ 80% ACQUISITION): INITIAL EQUITY INVESTMENT:
NOI :
7,708,873
7,747,415
7,909,449
8,042,613
8,204,716
8,389,900
8,592,305
8,812,573
9,031,348
9,255,960
9,348,519
DEBT SERVICE:
(5,286,585)
(5,286,585)
(5,286,585)
(5,286,585)
(5,286,585)
(5,286,585)
(5,286,585)
(5,286,585)
(5,286,585)
(5,286,585)
(5,286,585)
NET CASH FLOW: CASH ON CASH:
$(23,100,000)
2,422,288
2,460,830
2,756,028
2,918,131
3,103,315
3,305,720
3,525,988
3,744,763
3,969,375
4,061,934
2,622,864
10.49%
10.65%
11.35%
11.93%
12.63%
13.43%
14.31%
15.26%
16.21%
17.18%
17.58%
SALES PROCEEDS (@ 7.00% CAP):
133,550,276
COSTS OF SALE:
(1,335,503)
LOAN PAYOFF:
(61,625,332)
NET SALES PROCEEDS:
70,589,441
TOTAL CASH FLOWS:
$(23,100,000)
2,422,288
2,460,830
2,622,864
2,756,028
2,918,131
3,103,315
3,305,720
3,525,989
3,744,764
74,558,815
Investment Summar y | 16
10 Year Hold (CONT)
INVESTMENT HIGHLIGHTS
PRESENT VALUE OF FUTURE CASH FLOWS:
$51,652,931
NET PRESENT VALUE (@ STATED DISCOUNT RATE):
$28,534,974
EQUITY MULTIPLE:
4.39X
LEVERED IRR:
20.14%
AVERAGE CASH ON CASH:
13.35%
CAGR:
12.43%
Investment Summar y | 17
A L A B A M A
Russellville Plaza
Summar y | Demographics | Site Plan | Aerial | Tenants
CENTER NAME Russellville Plaza
LISTING ID 1702
LOCATION 13655 Highway 43 Russellville, AL | 35653
PROPERTY HIGHLIGHTS •
Super Walmart shadow center Fully leased shopping center
• •
National tenant mix
DEMOGRAPHIC SNAPSHOT
1 MILE 3 MILES 5 MILES
POPULATION HOUSEHOLDS
3,244 1,286
11,749
14,789
4,415
5,579
AVERAGE HH INCOME
$47,641
$48,269
$50,201
BUSINESSES
221
501
573
MAJOR TENANTS CATO Little Caesars Sally Beauty Supply Shoe Show
Proper ty Summar y / Demographics | 20
1702| Russellville Plaza
13655 Highway 43 Russellville, AL | 35653
N
TENANT LIST
A| B| C| D|
Little Caesars 1,200 SF Ms. Nail Salon 1,350 SF Shoe Show 3,150 SF CATO 4,050 SF Sally Beauty Supply 1,800 SF El Patron 2,700 SF
E| F|
A B
C
D
E
F
SITE LEGEND Available Leased
Leased But Available Not A Part (NAP)
409-892-0200 | ac-us.com is site plan is presented solely for the purpose of identif ying the property’s purpose and identif ying the property’s location and size. is is to be used for reference only.
S I T E P L AN
13655 Highway 43. | Russellville, Alabama | 35653 1702 | Russellville Plaza
Aerial | 22
The Market
Location | Russel lvil le, Alabama
Russellville is a city in Franklin County in the U.S. state of Alabama. At the 2010 census, the population of the city was 9,830, up from 8,971 at the 2000 census. The city is the county seat of Franklin County.
Russellville, Alabama | 24
The Financials
Rent Rol l | Underwritting Summar y | Loan Request
Russellville Plaza Rent Roll
RUSSELLVILLE PLAZA - RUSSELLVILLE AL RENT PROJECTION
UNIT(S)
LEASE
DESIGNATION
NRL AREA
%
LEASE FROM
LEASE TO
RENT/SF
MONTHLY
06/01/20 05/31/21
GLA
RENT ($)
$7.70
15,431.44
185,177
7/6/2009 1/31/2022
A
LITTLE CAESARS
RESTAURANT
NATIONAL 1,200
8.42%
$10.00
3,466.67
41,600
6/1/1999 1/31/2022
B
NAIL SALON
BEAUTY SALON
LOCAL 1,350
9.47%
DISCOUNT
$15.50
6,458.33
77,500
12/7/2010 1/31/2022
C
SHOE SHOW
NATIONAL 3,150
22.11%
RETAIL
DISCOUNT
$12.00
1,600.00
19,200
3/11/1999 12/31/2024
D
CATO
NATIONAL 4,050
28.42%
RETAIL
$14.00
3,733.33
44,800
8/23/2010 7/31/2020
E
SALLY BEAUTY SUPPLY BEAUTY SUPPLY
NATIONAL 1,800
12.63%
$15.23
2,030.67
24,368
5/1/2011 4/30/2022
F
EL PATRON
RESTAURANT
LOCAL 2,700
18.95%
$17.50
1,750.00
21,000
10/25/1999 10/24/2024
$17.50
3,937.50
47,250
5/6/2013
5/5/2023
6
TOTAL GLA LEASED
14,250
100.00%
$18.12
1,812.00
21,744
10/17/2000 1/31/2021
$13.50
1,800.00
21,600
VACANT SUITES
6/14/1999 12/31/2024
$17.00
3,400.00
40,800
3/15/2020 6/14/2025
0.00%
$26.49
4,445.91
53,351
9/1/2005 7/31/2021
0
TOTAL GLA VACANT
-
0.00%
$14.85
2,036.93
24,443
12/1/2016 11/30/2021
$-
2,100.00
25,200
12/5/2014 12/31/2022
$7.58
9,577.33
114,928
6/1/2020 5/31/2030
14,250
$12.67
1,900.50
22,806
9/1/2015 12/31/2025
CAM REIMBURSEMENT
20,756
INSURANCE REIMBURSEMENT
3,289
TAX REIMBURSEMENT
14,259
TOTAL EXPENSE REIMBURSEMENT
38,304
GROSS REVENUE
231,777
Russellville Plaza Rent Roll | 26
Metrics Breakdown
% RENT BY SALES CATEGORY
Restaurant 32.48%
Beauty Supply 10.98%
Beauty Salon 13.82%
Discount Retail 42.73%
Discount Retail
Beauty Supply
Restaurant
Beauty Salon
Metrics Breakdown | 27
Underwriting
RUSSELLVILLE PLAZA - RUSSELLVILLE AL
14,250
SF
$/SF
REVENUE
2020
ANNUAL BASE RENT
193,473
$13.58
20,756
$1.46
ANNUAL CAM INCOME
3,289
$0.23
ANNUAL INSURANCE INCOME
14,259
$1.00
ANNUAL RE TAX INCOME
38,304
$2.69
TOTAL EXPENSE REIMBURSEMENT
231,777
$16.27
EFFECTIVE GROSS INCOME
EXPENSES COMMON AREA MAINTENANCE
35,679
$2.50 $0.49
3.0%
6,953
MANAGEMENT FEE
3,289
$0.23
INSURANCE
14,259
$1.00
REAL ESTATE TAXES
60,180
$4.22
TOTAL OPERATING EXPENSES
NET OPERATING INCOME
171,597
$12.04
INDICATED STABILIZED VALUE
7.00%
2,500,000
ROUNDED
2,500,000
| 28 Underwriting
F L O R I D A
Summerfield Plaza
Summar y | Demographics | Site Plan | Aerial | Tenants
CENTER NAME Summerfield Plaza
LISTING ID 1302
LOCATION 11275 SE 178th Place Summerfield, FL | 34491 PROPERTY HIGHLIGHTS •
Super Walmart shadow center Fully leased shopping center
•
DEMOGRAPHIC SNAPSHOT
1 MILE 3 MILES 5 MILES
POPULATION HOUSEHOLDS
5,445 2,968
38,986 22,014 $56,619
81,140 44,063 $62,110
AVERAGE HH INCOME
$57,470
BUSINESSES
184
1,317
2,225
MAJOR TENANTS Dollar Tree GameStop Regis Salons Sally Beauty Supply
Proper ty Summar y / Demographics | 31
1302| Summerfield Plaza
11275 SE 178th Place Summer eld, FL | 34491
N
TENANT LIST
GameStop 1,152 SF Sally Beauty Supply 1,440 SF Dollar Tree 7,992 SF Regis (Hairmasters) 1,656 SF 1| 2| 4| 6|
6
4
1
2
SITE LEGEND Available Leased
Leased But Available Not A Part (NAP)
409-892-0200 | ac-us.com is site plan is presented solely for the purpose of identif ying the property’s purpose and identif ying the property’s location and size. is is to be used for reference only.
S I T E P L AN
11275 SE 178th Place | Summerfield, Florida | 34491 1302 | Summerfield Plaza
Aerial | 33
The Market
Location | Summer field, Florida
Summerfield is an unincorporated community in Marion County, Florida, United States. It is located near the intersection of US 301 and County Road 475A. The community is part of the Ocala Metropolitan Statistical Area
Summer field, Florida | 35
The Financials
Rent Rol l | Underwritting Summar y | Loan Request
Summerfield Plaza Rent Roll
SUMMERFIELD PLAZA - SUMMERFIELD FL RENT PROJECTION
UNIT(S)
LEASE
DESIGNATION
NRL AREA
%
LEASE FROM
LEASE TO
RENT/SF
MONTHLY
06/01/20 05/31/21
GLA
RENT ($)
$18.50
1,776.00
21,312
4/2/06
1/31/23
1
GAMESTOP
RETAIL
NATIONAL 1,152
9.41%
$16.00
1,920.00
23,040
4/2/06
7/31/25
2
SALLY BEAUTY SUPPLY BEAUTY SUPPLY
NATIONAL 1,440
11.76%
DISCOUNT
$10.75
7,159.50
85,914
7/2/06
6/30/21
3
DOLLAR TREE
NATIONAL 7,992
65.29%
RETAIL
$14.00
1,932.00
23,184
8/1/05
12/31/20
4
HAIRMASTERS
BEAUTY SALON
NATIONAL 1,656
13.53%
$-
150.00
1,800
7/1/18
6/30/21
BIN
FLSC, LLC
BINS
LOCAL -
0.00%
5
TOTAL GLA LEASED
12,240
100.00%
VACANT SUITES
0.00%
0
TOTAL GLA VACANT
-
0.00%
12,937.50
155,250
7/14/20
1/21/22
12,240
WALT
1.52
CAM REIMBURSEMENT
12,154
INSURANCE REIMBURSEMENT
7,931
TAX REIMBURSEMENT
23,589
TOTAL EXPENSE REIMBURSEMENT
43,675
198,925
GROSS REVENUE
Summer field Plaza Rent Roll | 37
Metrics Breakdown
% RENT BY SALES CATEGORY
Beauty Supply 14.84%
Discount Retail 55.34%
Beauty Salon 14.93%
Bins 1.16%
Traditional Retail 13.73%
Traditional Retail
Discount Retail
Beauty Supply
Beauty Salon
Bins
Metrics Breakdown | 38
Underwriting
SUMMERFIELD PLAZA - SUMMERFIELD FL
12,240
SF
$/SF
REVENUE
2020
ANNUAL BASE RENT
155,250
$12.68
12,154
$0.99
ANNUAL CAM INCOME
7,931
$0.65
ANNUAL INSURANCE INCOME
23,589
$1.93
ANNUAL RE TAX INCOME
43,675
$3.57
TOTAL EXPENSE REIMBURSEMENT
198,925
$16.25
EFFECTIVE GROSS INCOME
EXPENSES COMMON AREA MAINTENANCE
11,935
$0.98 $0.49
3.0%
5,968
MANAGEMENT FEE
8,534
$0.70
INSURANCE
23,589
$1.93
REAL ESTATE TAXES
50,026
$4.09
TOTAL OPERATING EXPENSES
NET OPERATING INCOME
148,899
$12.16
INDICATED STABILIZED VALUE
7.00%
2,100,000
ROUNDED
2,100,000
| 39 Underwriting
G E O R G I A
Tifton Plaza
Summar y | Demographics | Site Plan | Aerial | Tenants
CENTER NAME Tifton Plaza
LISTING ID 1104
LOCATION 1900 US Hwy 82 W. Tifton, GA | 31793
PROPERTY HIGHLIGHTS Super Walmart shadow center Traffic Counts: 22,000 VPD (Hwy 82)
DEMOGRAPHIC SNAPSHOT
1 MILE 3 MILES 5 MILES
POPULATION HOUSEHOLDS
435 163
17,909
29,308 11,084 $51,699
6,783
AVERAGE HH INCOME
$64,816
$49,253
BUSINESSES
73
1,489
1,924
MAJOR TENANTS A T&T CATO It’s Fashion Metro Shoe Show
Proper ty Summar y / Demographics | 42
1104| Tifton Plaza
1900 U.S. Highway 82 West Ti on, GA | 31793
N
TENANT LIST
1900| 1904| 1908| 1912| 1916| 1920| 1924|
AT&T 2,520 SF AVAILABLE 1,440 SF Nail Secrets 1,710 SF It’s Fashion Metro 3,420 SF Shoe Show 3,150 SF Georgia Vapor 1,980 SF CATO 4,680 SF
1900
1904
1908
1912
1916
1920
1924
SITE LEGEND Available Leased
Leased But Available Not A Part (NAP)
409-892-0200 | ac-us.com is site plan is presented solely for the purpose of identif ying the property’s purpose and identif ying the property’s location and size. is is to be used for reference only.
S I T E P L AN
1920 US-82 | Tifton, Georgia | 31793 1104 | Tifton Plaza
Aerial | 44
The Market
Location | Tif ton, Georgia
Tifton is a city in Tift County, Georgia, United States. The population was 16,350 at the 2010 census. The city is the county seat of Tift County. The area’s public schools are administered by the Tift County School District. Abraham Baldwin Agricultural College has its main campus in Tifton.
Tif ton, Georgia | 46
The Financials
Rent Rol l | Underwritting Summar y | Loan Request
Tifton Plaza Rent Roll
ACS TIFTON - TIFTON GA RENT PROJECTION
UNIT(S)
LEASE
DESIGNATION
NRL AREA
%
LEASE FROM
LEASE TO
RENT/SF
MONTHLY
06/01/20 05/31/21
GLA
RENT ($)
$16.00
3,360.00
40,320
8/26/15
8/31/20
1900
RED SKYE WIRELESS
CELL PHONE
LOCAL 2,520
13.33%
$11.54
1,644.45
19,733
1/1/11
12/31/22
1908
NAIL SECRETS
BEAUTY SALON
LOCAL 1,710
9.05%
DISCOUNT
$11.00
3,135.00
37,620
9/1/02
1/31/21
1912
CATO
NATIONAL 3,420
18.10%
RETAIL
DISCOUNT
$7.94
2,084.25
25,011
11/29/02
1/31/22
1916
SHOE SHOW
NATIONAL 3,150
16.67%
RETAIL
SOUTH GEORGIA
$10.14
1,673.10
20,077
10/1/13
11/30/20
1920
TOBACCO
LOCAL 1,980
10.48%
VAPOR
DISCOUNT
$13.10
5,109.00
61,308
9/1/02
1/31/25
1924
CATO
NATIONAL 4,680
24.76%
RETAIL
RECYCLABLE TEXTILE
$-
333.33
4,000
3/15/18
3/14/21
PAD
BINS
REGIONAL -
0.00%
MANAGEMENT
7
TOTAL GLA LEASED
17,460
92.38%
VACANT SUITES
RESTAURANT
LOCAL 1,440
1904
VACANT
7.62%
1
TOTAL GLA VACANT
1,440
7.62%
17,339.13
208,070
7/14/20
6/11/22
18,900
WALT
1.91
CAM REIMBURSEMENT
10,194
INSURANCE REIMBURSEMENT
3,304
TAX REIMBURSEMENT
16,410
29,909
TOTAL EXPENSE REIMBURSEMENT
237,979
GROSS REVENUE
Tif ton Plaza Rent Roll | 48
Metrics Breakdown
% RENT BY SALES CATEGORY
Beauty Salon 9.48%
Cell Phone 19.38%
Tobacco 9.65%
Discount Retail 59.57%
Bins 1.92%
Discount Retail
Beauty Salon
Cell Phone
Tobacco
Bins
Metrics Breakdown | 49
Underwriting
ACS TIFTON - TIFTON GA
18,900
SF
$/SF
REVENUE
2020
ANNUAL BASE RENT
208,070
$11.01
10,194
$0.54
ANNUAL CAM INCOME
3,304
$0.17
ANNUAL INSURANCE INCOME
16,410
$0.87
ANNUAL RE TAX INCOME
29,909
$1.58
TOTAL EXPENSE REIMBURSEMENT
237,979
$12.59
EFFECTIVE GROSS INCOME
EXPENSES COMMON AREA MAINTENANCE
10,258
$0.54 $0.38
3.0%
7,139
MANAGEMENT FEE
4,364
$0.23
INSURANCE
21,674
$1.15
REAL ESTATE TAXES
43,435
$2.30
TOTAL OPERATING EXPENSES
NET OPERATING INCOME
194,543
$10.29
INDICATED STABILIZED VALUE
7.00%
2,800,000
ROUNDED
2,800,000
| 50 Underwriting
K E N T U C K Y
Alexandria Village Green
Summar y | Demographics | Site Plan | Aerial | Tenants
CENTER NAME Alexandria Village Green
LISTING ID 702 LOCATION
6805 Alexandria Pike Alexandria, KY | 41001
PROPERTY HIGHLIGHTS Super Walmart shadow center Strong national tenant mix 28,000 VPD (Highway 27)
DEMOGRAPHIC SNAPSHOT
1 MILE 3 MILES 5 MILES
POPULATION HOUSEHOLDS
1,892
13,170
34,358 13,540 $79,799
707
5,120
AVERAGE HH INCOME
$97,973
$84,855
BUSINESSES
100
457
1,096
MAJOR TENANTS Bath & Body Works Dollar Tree Dunham’s Sports Factory Connection GameStop H&R Block Planet Fitness Pizza Hut Taco Bell Tuesday Morning Burke’s
Proper ty Summar y / Demographics | 53
702| Alexandria Village Green
6805 Alexandria Pike Alexandria, KY | 41001
N
TENANT LIST
AVAILABLE 2,800 SF GameStop 1,510 SF Eagle Financial Services 3,520 SF Rio Grande Mexican Restaurant 3,600 SF Watson’s 2,000 SF Advance U Cash 2,600 SF Bath & Body Works 3,000 SF Factory Connection 4,350 SF Tokyo Dragon 5,100 SF Dunham’s Sports 50,232 SF Alexandria Wellness Center 1,698 SF Pizza Hut 1,182 SF AVAILABLE 1,600 SF California Nails 960 SF AVAILABLE 2,000 SF Tuesday Morning 25,000 SF US Post Office 12,018 SF Dollar Tree 8,000 SF Planet Fitness 28,200 SF Supercuts 1,600 SF Dry Cleaners Plus 1,600 SF
100| 110| 130| 140| 150| 160| 170| 180A| 180| 190| 200B| 200| 210| 220| 230| 240| 250| 260| 270| 310| 320| 330| 340| 350| 350A| 360| P1|
210
110
240
190
200 220 200B
AVAILABLE 2,380 SF H&R Block 1,217 SF Burkes 25,000 SF Harbor Freight 16,439 SF Taco Bell 2,090 SF AVAILABLE 2,402 SF
SIGN
P1
NAP
NAP
NAP
NAP
NAP
360
NAP
NAP
NAP
N
SIGN
ALEXANDRIA PIKE / U.S. HIGHWAY 27 (28,000 VPD )
SITE LEGEND Available Leased
Leased But Available Build to Suit Land Not A Part (NAP)
409-892-0200 | ac-us.com is site plan is presented solely for the purpose of identif ying the property’s purpose and identif ying the property’s location and size. is is to be used for reference only.
S I T E P L AN
2801 S. Olive Street | Pine Bluff, Arkansas | 71603 405 | Jefferson Square Shopping Center 6 5 Alexandria Pike | Alexandria, KY | 41001 7 2 Alexandria Village Gree
Aerial | 55
The Market
Location | Alexandria, Kentucky
Alexandria is a home rule-class city in Campbell County, Kentucky, in the United States. Along with Newport, it is one of the dual seats of the county. The population was 9,438 at the 2017 census.
Alexandria, Kentucky | 57
The Financials
Rent Rol l | Underwritting Summar y | Loan Request
Alexandria Village Green Rent Roll
702 - ALEXANDRIA VILLAGE GREEN - ALEXANDRIA, KY RENT PROJECTION
UNIT(S)
LEASE
DESIGNATION
NRL
AREA
% LEASE FROM
LEASE TO
RENT/SF
MONTHLY 01/01/20
GLA
RENT ($)
12/31/20
$20.00
2,516.67
30,200
9/1/12
9/30/21
110
GAMESTOP
ELECTRONICS
NATIONAL
1,510
0.71%
$13.45
3,945.33
47,344
12/30/13
7/31/24
130
EAGLE FINANCE
FINANCIAL SERVICES
NATIONAL
3,520
1.65%
$18.29
5,487.00
65,844
1/1/09
12/31/23
140
RIO GRANDE
RESTAURANT
LOCAL
3,600
1.68%
$11.40
1,900.00
22,800
4/1/09
3/31/23
150
WATSON'S
RETAIL
NATIONAL
2,000
0.94%
$16.81
3,642.17
43,706
5/10/12
8/31/22
160
ADVANCE U CASH
FINANCIAL SERVICES
NATIONAL
2,600
1.22%
$-
-
-
7/1/01
1/31/20
170
BATH & BODY WORKS
RETAIL
NATIONAL
3,000
1.40%
$8.81
3,744.25
44,931
10/1/14
9/30/24
180
TOKYO DRAGON
RESTAURANT
LOCAL
5,100
2.39%
$6.89
2,497.63
29,972
7/1/19
6/30/24
DISCOUNT RETAIL
NATIONAL
180A
FACTORY CONNECTION
2.04%
4,350
$4.41
18,460.26
221,523
9/30/11
1/31/24
190
DUNHAM'S
SPORTING GOODS
NATIONAL
50,232
23.51%
$13.42
1,321.87
15,862
9/11/12
12/31/20
PIZZA HUT
RESTAURANT
NATIONAL
1,182
0.55%
200
$9.89
1,399.44
16,793
6/28/19
9/30/24
200B
ALEXANDRIA FAMILY WELLNESS
MEDICAL
REGIONAL
1,698
0.79%
$23.29
1,863.20
22,358
3/1/13
2/28/23
BEAUTY SALON
LOCAL
960
220
CALIFORNIA NAILS
0.45%
$3.61
7,520.83
90,250
2/1/11
1/31/22
240
TUESDAY MORNING
DISCOUNT RETAIL
NATIONAL
25,000
11.70%
$9.78
9,791.08
117,493
1/17/10
1/31/25
250
UNITED STATES POSTAL SERVICE
SERVICES
NATIONAL
12,018
5.62%
$8.50
5,666.67
68,000
6/1/06
5/31/21
3.74%
260
DOLLAR TREE
DISCOUNT RETAIL
NATIONAL
8,000
$5.36
12,596.00
151,152
7/8/19
7/7/39
270
PLANET FITNESS
FITNESS
NATIONAL
28,200
13.20%
$22.25
2,966.67
35,600
11/16/93
1/31/24
310
SUPERCUTS
BEAUTY SALON
NATIONAL
1,600
0.75%
$10.07
16,112
4/30/23
320
DRY CLEANERS PLUS
LAUNDRY
LOCAL
1,600
0.75%
1,342.67
$16.67
1,690.62
20,287
10/12/93
4/30/23
NATIONAL
1,217
0.57%
340
H & R BLOCK
FINANCIAL SERVICES
$11.05
18,750.00
225,000
1/31/20
1/31/30
350
BURKE'S
DISCOUNT RETAIL
NATIONAL
20,360
9.53%
$5.00
101,800
7/1/20
6/30/30
350A
HARBOR FREIGHT
HOME IMPROVEMENT
NATIONAL
20,360
9.53%
8,483.33
Alexandria Village Green Rent Roll | 59
Alexandria Village Green Rent Roll (Cont)
702 - ALEXANDRIA VILLAGE GREEN - ALEXANDRIA, KY RENT PROJECTION
UNIT(S)
LEASE
DESIGNATION
NRL
AREA
% LEASE FROM
LEASE TO
RENT/SF
MONTHLY 01/01/20
GLA
RENT ($)
12/31/20
$19.14
8/29/17
7/31/37
360
TACO BELL
RESTAURANT
NATIONAL
2,090
0.98%
3,333.55
40,003
$-
3/1/00
5/31/21
LAND
TRANSIT AUTHORITY OF NORTHERN KENTUCKY
OFFICE
REGIONAL
-
0.00%
225.11
2,701
4/1/13
3/31/21
PLOT3
STARLITE MEDIA
OFFICE
NATIONAL
-
0.00%
$-
100.00
1,200
24
TOTAL GLA LEASED
200,197
93.68%
VACANT SUITES
100
2,800
1.31%
210
1,600
0.75%
230
2,000
0.94%
320
1,600
0.75%
330
2,380
1.11%
350B
719
0.34%
P1
2,402
1.12%
1
TOTAL GLA VACANT
13,501
6.32%
213,698
9/28/20
4/7/27
1,430,932
WALT
6.53
109,050
CAM REIMBURSEMENT
10,495
INSURANCE REIMBURSEMENT
48,210
TAX REIMBURSEMENT
167,756
TOTAL EXPENSE REIMBURSEMENT
1,598,688
GROSS REVENUE
Alexandria Village Green Rent Roll | 60
Metrics Breakdown
% RENT BY SALES CATEGORY
Restaurant 11.65%
Home Improvement 7.11%
Fitness 10.56%
Financial Services 7.78%
Medical 1.17%
Beauty Salon 4.05%
Discount Retail 28.88%
Laundry 1.13%
Services 8.21%
Office 0.27%
Traditional Retail 19.18%
Traditional Retail Discount Retail Home Improvement Restaurant Fitness Financial Services Medical Beauty Salon Laundry Services Offi ce
Metrics Breakdown | 61
Underwriting
702 - ALEXANDRIA VILLAGE GREEN - ALEXANDRIA, KY 213,698 SF
$/SF
REVENUE
2020
ANNUAL BASE RENT
1,430,932
$6.70
109,050
$0.51
ANNUAL RE TAX INCOME
10,495
$0.05
ANNUAL INSURANCE INCOME
48,210
$0.23
ANNUAL CAM INCOME
167,756
$0.79
TOTAL EXPENSE REIMBURSEMENT
EFFECTIVE GROSS INCOME
1,598,688
$7.48
EXPENSES COMMON AREA MAINTENANCE
143,543
$0.67 $0.30
4.0%
63,948
MANAGEMENT FEE @ 4%
28,456
$0.13
INSURANCE
127,915
$0.60
REAL ESTATE TAXES
363,861
$1.70
TOTAL OPERATING EXPENSES
NET OPERATING INCOME
1,234,826
$5.78
INDICATED STABILIZED VALUE
7.00%
17,640,377
ROUNDED
17,600,000
| 62 Underwriting
Leitchfield Plaza
Summar y | Demographics | Site Plan | Aerial | Tenants
CENTER NAME Leitchfield Plaza
LISTING ID 703
LOCATION 1765 W Elizabethtown Road Leitchfield, KY | 42754 PROPERTY HIGHLIGHTS •
Super Walmart shadow center
• Great visibility and accessibility from Highway 62 DEMOGRAPHIC SNAPSHOT
1 MILE 3 MILES 5 MILES
POPULATION HOUSEHOLDS
1,114
8,382 3,209
11,777
292
4,555
AVERAGE HH INCOME
$44,534
$46,918
$50,851
BUSINESSES
95
556
682
MAJOR TENANTS CATO Fantastic Sams Shoe Show
Proper ty Summar y / Demographics | 64
703| Leitchfield Plaza
1765 W. Elizabethtown Road Leitch eld, KY | 42754
N
TENANT LIST
1773| 1771| 1765| 1767| 1763| 1761|
China King 2,680 SF Jasmine Nails 1,880 SF CATO 3,600 SF Shoe Show 3,440 SF Fantastic Sams 1,600 SF AVAILABLE 4,000 SF
1773 1771
1767
1765 1763
1761
SITE LEGEND Available Leased
Leased But Available Not A Part (NAP)
409-892-0200 | ac-us.com is site plan is presented solely for the purpose of identif ying the property’s purpose and identif ying the property’s location and size. is is to be used for reference only.
S I T E P L AN
1765 W. Elizabethtown Rd | Leitchfield, Kentucky | 42754 703 | Leitchfield Plaza
Aerial | 66
The Market
Location | Leitchfield, Kentucky
Leitchfield is the county seat of Grayson County, Kentucky, United States. Leitchfield is a home rule-class city with a population of 6,699 as of the 2010 census.
Leitchfield, Kentucky | 68
The Financials
Rent Rol l | Underwritting Summar y | Loan Request
Leitchfield Plaza Rent Roll
LEITCHFIELD PLAZA - LEITCHFIELD KY RENT PROJECTION
UNIT(S)
LEASE
DESIGNATION
NRL AREA
%
LEASE FROM
LEASE TO
RENT/SF
MONTHLY
06/01/20 05/31/21
GLA
RENT ($)
$13.80
1,840.00
22,080
10/1/04
9/30/21
1763
FANTASTIC SAMS
BEAUTY SALON
LOCAL 1,600
9.30%
DISCOUNT
$-
-
-
8/1/04
1/31/21
1765
CATO
NATIONAL 3,600
20.93%
RETAIL
DISCOUNT
$10.75
3,081.67
36,980
9/1/04
1/31/24
1767
SHOE SHOW
NATIONAL 3,440
20.00%
RETAIL
$8.00
1,253.33
15,040
6/1/10
12/31/24
1771
JASMINE NAILS
BEAUTY SALON
LOCAL 1,880
10.93%
$12.24
2,733.60
32,803
5/1/17
4/30/23
1773
YAMATO
RESTAURANT
LOCAL 2,680
15.58%
$-
250.00
3,000
3/1/18
2/28/21
PAD
OHIO MILLS
BINS
NATIONAL -
0.00%
6
TOTAL GLA LEASED
76.74%
13,200
VACANT SUITES
1761
LOCAL
VACANT
23.26%
4,000
LOCAL -
0.00%
PAD1
VACANT
0
TOTAL GLA VACANT
4,000
23.26%
9,158.60
109,903
7/14/20
12/16/22
17,200
WALT
2.42
CAM REIMBURSEMENT
10,642
INSURANCE REIMBURSEMENT
3,407
TAX REIMBURSEMENT
15,883
29,932
TOTAL EXPENSE REIMBURSEMENT
139,835
GROSS REVENUE
Leitchfield Plaza Rent Roll | 70