OFFERING MEMORANDUM ADVANCE AUTO RETAIL CENTER
ADVANCE AUTO RETAIL CENTER GREEN BAY , WI
OFFERING MEMORANDUM
to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property.
The information contained herein is not a substitute for a thorough due diligence
investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
CONFIDENTIALITY AND DISCLAIMER CONFIDENTIALITYAGREEMENT
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended
SECTION TWO ..................................................PROPERTY DESCRIPTION SECTION THREE ......................................DEMOGRAPHIC ANALYSIS
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
TABLE OF CONTENTS
SECTION ONE ...............................................PRICING & FINANCIAL ANALYSIS
PRICING & FINANCIAL ANALYSIS
ADVANCE AUTO RETAIL CENTER GREEN BAY , WI
Price Down Payment Price per Square Foot (GLA)
$2,000,000 30% $600,000 $208.29
Gross Leasable Area (GLA)
9,602
Year Built
2006
Lot Size
1.50 Acres
VITAL DATA
CAP Rate - Current Value Net Operating Income - Current Value Net Cash Flow After Debt Service - Current Total Return - Current Value CAP Rate - Current Cash Flow
8.02% $160,435 $47,000 11.69% $70,115 8.62%
Net Operating Income - Current Cash Flow
$172,308
Net Cash Flow After Debt Service - Current
$58,873
Total Return - Current Cash Flow
PRICING & FINANCIAL ANALYSIS
Offering Summary
13.66% $81,989
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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EXISTING FINANCING Loan Type
Free and Clear
PROPOSED FINANCING
FIRST TRUST DEED Loan Amount Loan Type Interest Rate Amortization Debt Coverage Ratio
$1,400,000 Proposed New 6.5% 25 Years 1.41
PRICING & FINANCIAL ANALYSIS
Financing
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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CURRENT VALUE
PER SF
CURRENT CASH FLOW
PER SF
$26,770
$2.79
$26,770
$2.79
1,799
0.19
1,799
0.19
Snow/Lawn/Grounds
9,034
0.94
9,034
0.94
Utilities
5,212
0.54
5,212
0.54
949
0.10
949
0.10
$15,195
$1.58
$15,195
$1.58
6,315
0.66
$50,079
$5.22
$43,764
$4.56
Taxes Insurance CAM
Repairs & Main. TOTAL CAM Management (% of EGI) TOTAL EXPENSES
PRICING & FINANCIAL ANALYSIS
Expenses
TENANTS (% OF GLA)
Aurora Pharmacy: 29.61%
Advance Auto Parts: 70.39%
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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Gross Leasable Area (GLA)
9,602
SF
CURRENT VALUE
PER SF
CURRENT CASH FLOW
PER SF
$185,267
$19.29
$185,267
$19.29
$185,267
$19.29
$185,267
$19.29
Base Rent Occupied Space GROSS POTENTIAL RENT Expense Reimbursements 30,805
3.21
30,805
3.21
Total Expense Reimbursements
$30,805
$3.21
$30,805
$3.21
GROSS POTENTIAL INCOME
$216,072
$22.50
$216,072
$22.50
(3%) 5,558
0.58
$210,514
$21.92
$216,072
$22.50
$50,079
5.22
$43,764
4.56
$160,435
$16.71
$172,308
$17.95
Vacancy (% of GPR) EFFECTIVE GROSS INCOME Total Expenses NET OPERATING INCOME
PRICING & FINANCIAL ANALYSIS
Income & Expenses
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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Suite
Tenant
GLA
% of GLA
Lease Commence
Lease Expire
Annual Rent
Rent/ Lease SF Type
A
Advance Auto Parts
6,759
70.39%
11/26/06
11/30/21
$136,937.00
$20.26
NN
B
Aurora Pharmacy
2,843
29.61%
6/3/08
6/30/13
$48,330.96
$17.00
Gross
TOTAL OCCUPIED
9,602
100.00%
$185,267.96
TOTAL
9,602
100.00%
$185,267.96
PRICING & FINANCIAL ANALYSIS
Tenant Summary
TOTAL VACANT
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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LOCATION
ANNUALIZED OPERATING DATA
1900 Main St
INCOME
Green Bay, WI 54302
CURRENT VALUE
CURRENT CASH FLOW
Occupied Space
$185,267
$185,267
Gross Potential Rent
$185,267
$185,267
30,805
30,805
$216,072
$216,072
Base Rent
Expense Reimbursements Gross Potential Income Vacancy Price
$2,000,000
Down Payment Gross Leasable Area (GLA) Price/SF
30% $600,000 9,602 $208.29
CAP Rate - Current Value
8.02%
CAP Rate - Current Cash
8.62%
Year Built
2006
Lot Size
1.50 Acres
Type of Ownership
Fee Simple
3% 5,558
Effective Gross Income
$210,514
$216,072
50,079
43,764
$160,435
$172,308
113,435
113,435
1.41
1.52
7.83% $47,000
9.81% $58,873
23,115
23,115
11.69% $70,115
13.66% $81,989
$26,770
$26,770
1,799
1,799
Snow/Lawn/Grounds
9,034
9,034
Utilities
5,212
5,212
949
949
$15,195
$15,195
Total Expenses Net Operating Income Debt Service Debt Coverage Ratio Net Cash Flow After Debt Service Principal Reduction Total Return
PRICING & FINANCIAL ANALYSIS
Financial Overview
EXPENSES Taxes
FINANCING
Insurance CAM
FIRST TRUST DEED Loan Amount Loan Type Interest Rate Amortization
$1,400,000 Proposed 6.5% 25 Years
Repairs & Main. TOTAL CAM Management (% of EGI) TOTAL EXPENSES EXPENSES/SF
3% 6,315 $50,079
$43,764
$5.22
$4.56
Loan information is time sensitive and subject to change. Contact your local Marcus & Millichap Capital Corporation representative.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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PROPERTY DESCRIPTION
ADVANCE AUTO RETAIL CENTER GREEN BAY , WI
PROPERTY DESCRIPTION
Investment Overview
INVESTMENT HIGHLIGHTS
•
100% Leased by Advance Auto Parts & Aurora Pharmacy
•
Advance Auto Parts Recently Upgraded to BBB- Credit Tenant
•
AAP is 1.075 Billion Net Worth Company
•
Long Term Credit Tenants
•
Located on "Main on Main" Signalized Intersection
•
Comparable Market Rents
•
Immediate Trade Area Retailers Include Dollar General, East Town Mall, Cub Foods, Shopko, Applebee's, McDonalds, Perkins, Sonic Dive-In and Many More!
Marcus & Millichap is pleased to present for sale this 100% occupied, multi-tenant building of approximately 9,602 square feet, currently leased to Advance Auto Parts and Aurora Pharmacy. The subject property is located at 1900 East Main Street at a signalized "main on main" intersection in Green Bay, The building is surrounded by numerous nationally recognized tenants such as Dollar General, Copps Foods, Shopko, Perkins, Applebee’s, Dairy Queen, McDonalds, Papa Johns, Sonic Drive-In and East Town Mall. The Advance Auto lease agreement was signed in late 2006 with an initial term expiring in 2021; the lease agreement also includes three 5-year options to extend with 5% rental increases occurring in each option period. Aurora Pharmacy occupies 2,843 square feet of the building and signed a lease agreement in June of 2008 for a period of 5 years; this lease agreement also includes three 5-year options to extend. The city of Green Bay is a port city on Lake Michigan. Green Bay is home to the National Railroad Museum, the Neville Public Museum and the University of WisconsinGreen Bay which enrolls over 5,800 students. The Green Bay Packers professional football team has been based in the city since 1919. Presently, Green Bay is the smallest city to have an NFL franchise, and the team is the city's claim to fame. Green Bay is nicknamed "Titletown, USA" for the twelve it has won over the years. There are over 135,000 residents within a five mile radius of the property and an average household income of over $58,000.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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THE OFFERING Property
Property Address
Advance Auto Retail Center 1900 Main St Green Bay, WI 54302
SITE DESCRIPTION
Year Built Gross Leasable Area (GLA) Lot Size Type of Ownership
2006 9,602 SF 1.50 Acres Fee Simple
PROPERTY DESCRIPTION
Property Summary
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
9
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
Property Photos
10
PROPERTY DESCRIPTION
PROPERTY DESCRIPTION
Property Photos
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
11
PROPERTY DESCRIPTION
Property Photos
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
12
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
Aerial - Close
13
PROPERTY DESCRIPTION
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
Aerial - Distant
14
PROPERTY DESCRIPTION
PROPERTY DESCRIPTION
Intersection Properties
Above properties include; N.E. Corner Just completed Copps Grocery Store and the S.E Corner is a future retail development. Given the ideal location this is a high probability future development. New development will only support and ultimately push the subject properties rents. However given the frontage and location of the Subject is is likely it will be the strongest performing.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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PROPERTY DESCRIPTION
Area Maps
LOCAL MAP
REGIONAL MAP This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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PROPERTY DESCRIPTION
Site Plan
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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DEMOGRAPHIC ANALYSIS
ADVANCE AUTO RETAIL CENTER GREEN BAY , WI
1 Miles:
3 Miles:
5 Miles:
10,631 12,279 12,505 12,647
59,909 67,156 69,185 69,814
114,989 127,215 130,635 132,086
1990 Households 2000 Households 2009 Households 2014 Households 2009 Average Household Size
4,533 5,192 5,445 5,541 2.28
23,929 27,161 28,633 28,993 2.37
45,017 50,782 53,478 54,204 2.36
2009 Daytime Population
6,366
59,501
99,652
$55,189 $93,429
$57,604 $100,952
$57,630 $101,200
2000 Owner Occupied Housing Units 2000 Renter Occupied Housing Units 2000 Vacant
55.2% 42.4% 2.42%
52.4% 43.6% 4.01%
58.2% 38.4% 3.38%
2009 Owner Occupied Housing Units 2009 Renter Occupied Housing Units 2009 Vacant
46.4% 47.3% 6.32%
45.3% 47.0% 7.71%
50.6% 42.1% 7.24%
2014 Owner Occupied Housing Units 2014 Renter Occupied Housing Units 2014 Vacant
37.3% 56.0% 6.75%
36.7% 55.2% 8.11%
41.0% 51.3% 7.65%
$ 0 - $ 14,999 $ 15,000 - $24,999 $ 25,000 - $34,999
11.6% 14.7% 12.3%
11.3% 12.4% 11.8%
9.4% 11.2% 11.3%
$ 35,000 - $49,999 $ 50,000 - $74,999 $ 75,000 - $99,999 $100,000 - $124,999 $125,000 - $149,999 $150,000 - $200,000 $200,000 to $249,999
18.2% 24.5% 9.1% 5.3% 2.2% 1.1% 0.3%
15.7% 22.4% 12.8% 6.9% 3.0% 2.0% 0.5%
15.7% 22.5% 13.9% 7.7% 3.4% 2.4% 0.7%
0.7%
1.3%
1.9%
Median Household Income Per Capita Income
$44,117 $19,747
$48,781 $22,585
$52,377 $24,620
Average Household Income
$45,597
$52,956
$58,031
1990 Population 2000 Population 2009 Population 2014 Population
1990 Median Housing Value 2000 Median Housing Value
$250,000 +
DEMOGRAPHIC ANALYSIS
Demographic Report
Demographic data © 2008 by Experian/Applied Geographic Solutions. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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Geography: 5 Miles Population In 2009, the population in your selected geography is 130,635. The population has changed by 2.69% since 2000. It is estimated that the population in your area will be 132,086 five years from now, which represents a change of 1.11% from the current year. The current population is 50.25% male and 49.75% female. The median age of the population in your area is 36.3, compare this to the US average which is 37.1. The population density in your area is 1,663.30 people per square mile. Households There are currently 53,478 households in your selected geography. The number of households has changed by 5.31% since 2000. It is estimated that the number of households in your area will be 54,204 five years from now, which represents a change of 1.36% from the current year. The average household size in your area is 2.36 persons. Income
DEMOGRAPHIC ANALYSIS
Summary Report
In 2009, the median household income for your selected geography is $52,377, compare this to the $US average which is currently $53,684. The median household income for your area has changed by 26.88% since 2000. It is estimated that the median household income in your area will be $56,396 five years from now, which represents a change of 7.67% from the current year. The current year per capita income in your area is $24,620, compare this to the $US average, which is $26,485. The current year average household income in your area is $58,031, compare this to the $US average which is $69,346. Race & Ethnicity The current year racial makeup of your selected area is as follows: 85.98% White, 1.68% Black, 0.93% Native American and 2.35% Asian/Pacific Islander. Compare these to US% averages which are: 73.92% White, 12.38% Black, 0.78% Native American and 4.41% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin make up 10.29% of the current year population in your selected area. Compare this to the US% average of 15.61%. Housing The median housing value in your area was $101,200 in 2000, compare this to the $US average of $115,194 for the same year. In 2000, there were 30,609 owner occupied housing units in your area and there were 20,173 renter occupied housing units in your area. The median rent at the time was $458. Employment In 2009, there are 99,652 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 57.3% of employees are employed in white-collar occupations in this geography, and 42.7% are employed in blue-collar occupations. In 2009, unemployment in this area is 10.03%. In 2000, the median time traveled to work was 15.7 minutes.
Demographic data © 2008 by Experian/Applied Geographic Solutions.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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DEMOGRAPHIC ANALYSIS
Population Density
Demographic data © 2008 by Experian/Applied Geographic Solutions.
Population Density Theme
Low
High
High
170
or more
Above Average
107
170
Average
68
107
Below Average
43
68
Low
less than
43
Number of people living in a given area per square mile.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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DEMOGRAPHIC ANALYSIS
Employment Density
Demographic data © 2008 by Experian/Applied Geographic Solutions.
Employment Density Theme
Low
High
High
82
or more
Above Average
52
82
Average
33
52
Below Average
21
33
Low
less than
21
The number of people employed in a given area per square mile.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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DEMOGRAPHIC ANALYSIS
Average Household Income
Demographic data © 2008 by Experian/Applied Geographic Solutions.
Average Household Income Theme
Low
High
High
$138,692
or more
Above Average
$87,370
$138,692
Average
$55,040
$87,370
Below Average
$34,673
$55,040
Low
less than
$34,673
Average income of all the people 15 years and older occupying a single housing unit.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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DEMOGRAPHIC ANALYSIS
Traffic Counts
Traffic Count data © 2008 by TrafficMetrix. All rights reserved.
Two-way, average daily traffic
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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ADVANCE AUTO RETAIL CENTER GREEN BAY , WI
OFFERING MEMORANDUM Exclusively Listed By: Jason S. Ladner Associate Vice President Investments Associate Director, National Retail Group Milwaukee Office Tel: (262) 364-1925 Fax: (262) 364-2111 [email protected] www.marcusmillichap.com/JasonSLadner License: WI: 64612-094
Offices Nationwide www.MarcusMillichap.com
OFFERING MEMORANDUM
to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property.
The information contained herein is not a substitute for a thorough due diligence
investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
CONFIDENTIALITY AND DISCLAIMER CONFIDENTIALITYAGREEMENT
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended
SECTION TWO ..................................................PROPERTY DESCRIPTION SECTION THREE ......................................DEMOGRAPHIC ANALYSIS
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
TABLE OF CONTENTS
SECTION ONE ...............................................PRICING & FINANCIAL ANALYSIS
PRICING & FINANCIAL ANALYSIS
ADVANCE AUTO RETAIL CENTER GREEN BAY , WI
Price Down Payment Price per Square Foot (GLA)
$2,000,000 30% $600,000 $208.29
Gross Leasable Area (GLA)
9,602
Year Built
2006
Lot Size
1.50 Acres
VITAL DATA
CAP Rate - Current Value Net Operating Income - Current Value Net Cash Flow After Debt Service - Current Total Return - Current Value CAP Rate - Current Cash Flow
8.02% $160,435 $47,000 11.69% $70,115 8.62%
Net Operating Income - Current Cash Flow
$172,308
Net Cash Flow After Debt Service - Current
$58,873
Total Return - Current Cash Flow
PRICING & FINANCIAL ANALYSIS
Offering Summary
13.66% $81,989
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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EXISTING FINANCING Loan Type
Free and Clear
PROPOSED FINANCING
FIRST TRUST DEED Loan Amount Loan Type Interest Rate Amortization Debt Coverage Ratio
$1,400,000 Proposed New 6.5% 25 Years 1.41
PRICING & FINANCIAL ANALYSIS
Financing
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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CURRENT VALUE
PER SF
CURRENT CASH FLOW
PER SF
$26,770
$2.79
$26,770
$2.79
1,799
0.19
1,799
0.19
Snow/Lawn/Grounds
9,034
0.94
9,034
0.94
Utilities
5,212
0.54
5,212
0.54
949
0.10
949
0.10
$15,195
$1.58
$15,195
$1.58
6,315
0.66
$50,079
$5.22
$43,764
$4.56
Taxes Insurance CAM
Repairs & Main. TOTAL CAM Management (% of EGI) TOTAL EXPENSES
PRICING & FINANCIAL ANALYSIS
Expenses
TENANTS (% OF GLA)
Aurora Pharmacy: 29.61%
Advance Auto Parts: 70.39%
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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Gross Leasable Area (GLA)
9,602
SF
CURRENT VALUE
PER SF
CURRENT CASH FLOW
PER SF
$185,267
$19.29
$185,267
$19.29
$185,267
$19.29
$185,267
$19.29
Base Rent Occupied Space GROSS POTENTIAL RENT Expense Reimbursements 30,805
3.21
30,805
3.21
Total Expense Reimbursements
$30,805
$3.21
$30,805
$3.21
GROSS POTENTIAL INCOME
$216,072
$22.50
$216,072
$22.50
(3%) 5,558
0.58
$210,514
$21.92
$216,072
$22.50
$50,079
5.22
$43,764
4.56
$160,435
$16.71
$172,308
$17.95
Vacancy (% of GPR) EFFECTIVE GROSS INCOME Total Expenses NET OPERATING INCOME
PRICING & FINANCIAL ANALYSIS
Income & Expenses
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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Suite
Tenant
GLA
% of GLA
Lease Commence
Lease Expire
Annual Rent
Rent/ Lease SF Type
A
Advance Auto Parts
6,759
70.39%
11/26/06
11/30/21
$136,937.00
$20.26
NN
B
Aurora Pharmacy
2,843
29.61%
6/3/08
6/30/13
$48,330.96
$17.00
Gross
TOTAL OCCUPIED
9,602
100.00%
$185,267.96
TOTAL
9,602
100.00%
$185,267.96
PRICING & FINANCIAL ANALYSIS
Tenant Summary
TOTAL VACANT
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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LOCATION
ANNUALIZED OPERATING DATA
1900 Main St
INCOME
Green Bay, WI 54302
CURRENT VALUE
CURRENT CASH FLOW
Occupied Space
$185,267
$185,267
Gross Potential Rent
$185,267
$185,267
30,805
30,805
$216,072
$216,072
Base Rent
Expense Reimbursements Gross Potential Income Vacancy Price
$2,000,000
Down Payment Gross Leasable Area (GLA) Price/SF
30% $600,000 9,602 $208.29
CAP Rate - Current Value
8.02%
CAP Rate - Current Cash
8.62%
Year Built
2006
Lot Size
1.50 Acres
Type of Ownership
Fee Simple
3% 5,558
Effective Gross Income
$210,514
$216,072
50,079
43,764
$160,435
$172,308
113,435
113,435
1.41
1.52
7.83% $47,000
9.81% $58,873
23,115
23,115
11.69% $70,115
13.66% $81,989
$26,770
$26,770
1,799
1,799
Snow/Lawn/Grounds
9,034
9,034
Utilities
5,212
5,212
949
949
$15,195
$15,195
Total Expenses Net Operating Income Debt Service Debt Coverage Ratio Net Cash Flow After Debt Service Principal Reduction Total Return
PRICING & FINANCIAL ANALYSIS
Financial Overview
EXPENSES Taxes
FINANCING
Insurance CAM
FIRST TRUST DEED Loan Amount Loan Type Interest Rate Amortization
$1,400,000 Proposed 6.5% 25 Years
Repairs & Main. TOTAL CAM Management (% of EGI) TOTAL EXPENSES EXPENSES/SF
3% 6,315 $50,079
$43,764
$5.22
$4.56
Loan information is time sensitive and subject to change. Contact your local Marcus & Millichap Capital Corporation representative.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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PROPERTY DESCRIPTION
ADVANCE AUTO RETAIL CENTER GREEN BAY , WI
PROPERTY DESCRIPTION
Investment Overview
INVESTMENT HIGHLIGHTS
•
100% Leased by Advance Auto Parts & Aurora Pharmacy
•
Advance Auto Parts Recently Upgraded to BBB- Credit Tenant
•
AAP is 1.075 Billion Net Worth Company
•
Long Term Credit Tenants
•
Located on "Main on Main" Signalized Intersection
•
Comparable Market Rents
•
Immediate Trade Area Retailers Include Dollar General, East Town Mall, Cub Foods, Shopko, Applebee's, McDonalds, Perkins, Sonic Dive-In and Many More!
Marcus & Millichap is pleased to present for sale this 100% occupied, multi-tenant building of approximately 9,602 square feet, currently leased to Advance Auto Parts and Aurora Pharmacy. The subject property is located at 1900 East Main Street at a signalized "main on main" intersection in Green Bay, The building is surrounded by numerous nationally recognized tenants such as Dollar General, Copps Foods, Shopko, Perkins, Applebee’s, Dairy Queen, McDonalds, Papa Johns, Sonic Drive-In and East Town Mall. The Advance Auto lease agreement was signed in late 2006 with an initial term expiring in 2021; the lease agreement also includes three 5-year options to extend with 5% rental increases occurring in each option period. Aurora Pharmacy occupies 2,843 square feet of the building and signed a lease agreement in June of 2008 for a period of 5 years; this lease agreement also includes three 5-year options to extend. The city of Green Bay is a port city on Lake Michigan. Green Bay is home to the National Railroad Museum, the Neville Public Museum and the University of WisconsinGreen Bay which enrolls over 5,800 students. The Green Bay Packers professional football team has been based in the city since 1919. Presently, Green Bay is the smallest city to have an NFL franchise, and the team is the city's claim to fame. Green Bay is nicknamed "Titletown, USA" for the twelve it has won over the years. There are over 135,000 residents within a five mile radius of the property and an average household income of over $58,000.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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THE OFFERING Property
Property Address
Advance Auto Retail Center 1900 Main St Green Bay, WI 54302
SITE DESCRIPTION
Year Built Gross Leasable Area (GLA) Lot Size Type of Ownership
2006 9,602 SF 1.50 Acres Fee Simple
PROPERTY DESCRIPTION
Property Summary
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
Property Photos
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PROPERTY DESCRIPTION
PROPERTY DESCRIPTION
Property Photos
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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PROPERTY DESCRIPTION
Property Photos
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
Aerial - Close
13
PROPERTY DESCRIPTION
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
Aerial - Distant
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PROPERTY DESCRIPTION
PROPERTY DESCRIPTION
Intersection Properties
Above properties include; N.E. Corner Just completed Copps Grocery Store and the S.E Corner is a future retail development. Given the ideal location this is a high probability future development. New development will only support and ultimately push the subject properties rents. However given the frontage and location of the Subject is is likely it will be the strongest performing.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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PROPERTY DESCRIPTION
Area Maps
LOCAL MAP
REGIONAL MAP This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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PROPERTY DESCRIPTION
Site Plan
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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DEMOGRAPHIC ANALYSIS
ADVANCE AUTO RETAIL CENTER GREEN BAY , WI
1 Miles:
3 Miles:
5 Miles:
10,631 12,279 12,505 12,647
59,909 67,156 69,185 69,814
114,989 127,215 130,635 132,086
1990 Households 2000 Households 2009 Households 2014 Households 2009 Average Household Size
4,533 5,192 5,445 5,541 2.28
23,929 27,161 28,633 28,993 2.37
45,017 50,782 53,478 54,204 2.36
2009 Daytime Population
6,366
59,501
99,652
$55,189 $93,429
$57,604 $100,952
$57,630 $101,200
2000 Owner Occupied Housing Units 2000 Renter Occupied Housing Units 2000 Vacant
55.2% 42.4% 2.42%
52.4% 43.6% 4.01%
58.2% 38.4% 3.38%
2009 Owner Occupied Housing Units 2009 Renter Occupied Housing Units 2009 Vacant
46.4% 47.3% 6.32%
45.3% 47.0% 7.71%
50.6% 42.1% 7.24%
2014 Owner Occupied Housing Units 2014 Renter Occupied Housing Units 2014 Vacant
37.3% 56.0% 6.75%
36.7% 55.2% 8.11%
41.0% 51.3% 7.65%
$ 0 - $ 14,999 $ 15,000 - $24,999 $ 25,000 - $34,999
11.6% 14.7% 12.3%
11.3% 12.4% 11.8%
9.4% 11.2% 11.3%
$ 35,000 - $49,999 $ 50,000 - $74,999 $ 75,000 - $99,999 $100,000 - $124,999 $125,000 - $149,999 $150,000 - $200,000 $200,000 to $249,999
18.2% 24.5% 9.1% 5.3% 2.2% 1.1% 0.3%
15.7% 22.4% 12.8% 6.9% 3.0% 2.0% 0.5%
15.7% 22.5% 13.9% 7.7% 3.4% 2.4% 0.7%
0.7%
1.3%
1.9%
Median Household Income Per Capita Income
$44,117 $19,747
$48,781 $22,585
$52,377 $24,620
Average Household Income
$45,597
$52,956
$58,031
1990 Population 2000 Population 2009 Population 2014 Population
1990 Median Housing Value 2000 Median Housing Value
$250,000 +
DEMOGRAPHIC ANALYSIS
Demographic Report
Demographic data © 2008 by Experian/Applied Geographic Solutions. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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Geography: 5 Miles Population In 2009, the population in your selected geography is 130,635. The population has changed by 2.69% since 2000. It is estimated that the population in your area will be 132,086 five years from now, which represents a change of 1.11% from the current year. The current population is 50.25% male and 49.75% female. The median age of the population in your area is 36.3, compare this to the US average which is 37.1. The population density in your area is 1,663.30 people per square mile. Households There are currently 53,478 households in your selected geography. The number of households has changed by 5.31% since 2000. It is estimated that the number of households in your area will be 54,204 five years from now, which represents a change of 1.36% from the current year. The average household size in your area is 2.36 persons. Income
DEMOGRAPHIC ANALYSIS
Summary Report
In 2009, the median household income for your selected geography is $52,377, compare this to the $US average which is currently $53,684. The median household income for your area has changed by 26.88% since 2000. It is estimated that the median household income in your area will be $56,396 five years from now, which represents a change of 7.67% from the current year. The current year per capita income in your area is $24,620, compare this to the $US average, which is $26,485. The current year average household income in your area is $58,031, compare this to the $US average which is $69,346. Race & Ethnicity The current year racial makeup of your selected area is as follows: 85.98% White, 1.68% Black, 0.93% Native American and 2.35% Asian/Pacific Islander. Compare these to US% averages which are: 73.92% White, 12.38% Black, 0.78% Native American and 4.41% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin make up 10.29% of the current year population in your selected area. Compare this to the US% average of 15.61%. Housing The median housing value in your area was $101,200 in 2000, compare this to the $US average of $115,194 for the same year. In 2000, there were 30,609 owner occupied housing units in your area and there were 20,173 renter occupied housing units in your area. The median rent at the time was $458. Employment In 2009, there are 99,652 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 57.3% of employees are employed in white-collar occupations in this geography, and 42.7% are employed in blue-collar occupations. In 2009, unemployment in this area is 10.03%. In 2000, the median time traveled to work was 15.7 minutes.
Demographic data © 2008 by Experian/Applied Geographic Solutions.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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DEMOGRAPHIC ANALYSIS
Population Density
Demographic data © 2008 by Experian/Applied Geographic Solutions.
Population Density Theme
Low
High
High
170
or more
Above Average
107
170
Average
68
107
Below Average
43
68
Low
less than
43
Number of people living in a given area per square mile.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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DEMOGRAPHIC ANALYSIS
Employment Density
Demographic data © 2008 by Experian/Applied Geographic Solutions.
Employment Density Theme
Low
High
High
82
or more
Above Average
52
82
Average
33
52
Below Average
21
33
Low
less than
21
The number of people employed in a given area per square mile.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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DEMOGRAPHIC ANALYSIS
Average Household Income
Demographic data © 2008 by Experian/Applied Geographic Solutions.
Average Household Income Theme
Low
High
High
$138,692
or more
Above Average
$87,370
$138,692
Average
$55,040
$87,370
Below Average
$34,673
$55,040
Low
less than
$34,673
Average income of all the people 15 years and older occupying a single housing unit.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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DEMOGRAPHIC ANALYSIS
Traffic Counts
Traffic Count data © 2008 by TrafficMetrix. All rights reserved.
Two-way, average daily traffic
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Chicago, Inc. © 2010 Marcus & Millichap R0170010
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ADVANCE AUTO RETAIL CENTER GREEN BAY , WI
OFFERING MEMORANDUM Exclusively Listed By: Jason S. Ladner Associate Vice President Investments Associate Director, National Retail Group Milwaukee Office Tel: (262) 364-1925 Fax: (262) 364-2111 [email protected] www.marcusmillichap.com/JasonSLadner License: WI: 64612-094
Offices Nationwide www.MarcusMillichap.com
