Family Dollar Offering Memorandum.indd
Confidential Offering Memorandum
Family Dollar NNN Investment Property 850 North Lamb Boulevard, Las Vegas, NV 89110
Michael Kammerling Senior Vice President [email protected]
Patrick Luther Associate [email protected]
GRUBB & ELLIS|LAS VEGAS 3930 Howard Hughes Parkway Suite 180 Las Vegas, Nevada 89169 702.733.7500
Confidential Offering Memorandum
Family Dollar NNN Investment Property 850 North Lamb Boulevard, Las Vegas, NV 89110
Executive Summary Offering Summary Rent Roll
4 5
Property Description Project Highlights Aerial Photograph Property Photographs Parcel Map Vicinity Map Surrounding Retailers Aerial
7 8 9 10 11 12
Tenant Information Tenant & Investment Highlights Las Vegas Area Locations Lease Abstract
Confidentiality Disclaimer
14 15 16
18
E X E C U T I V E
S U M M A R Y
OFFERING SUMMARY
The subject property is a single tenant Family Dollar (NYSE:FDO) constructed in 2004 and located in Las Vegas, Nevada. The store is located on North Lamb Boulevard (40,000 vehicles per day) just south of E. Washington Avenue. Family Dollar is rated BBB- by Standard and Poors and has over 3.5 years remaining on the lease term. The store benefits from high visibility, excellent ingress & egress and is located adjacent to Autozone and a variety of national credit tenants. The property is comprised of one (1) freestanding single tenant retail building totaling ± 8,000 SF situated on ± .80 acres. APN#: 140-30-701-013. Single story build-to-suit property for Family Dollar. 44 dedicated parking spaces for a parking ration of 6.1 spaces per 1,000 square feet of GLA.
Family Dollar NNN Investment Offering Summary Address
850 N. Lamb Blvd.
Square Footage
8,000 square feet
Year Built Price
2004 $1,125,000
Price PSF
$140.63
Cap Rate
7.48%
NOI
EXE CUTI VE S UM M ARY
Michael Kammerling and Patrick Luther of Grubb & Ellis|Las Vegas, as the exclusive advisors to the Owner, are pleased to present the opportunity to acquire a Family Dollar NNN Iinvestment, a freestanding retail building, located at 850 N. Lamb Boulevard, Las Vegas, Nevada 89110.
$84,200.04
FAMI LY DOLLAR N N N I NVESTMENT
4
Tenant
Rentable Area
% of Total
Monthly Rent
Base Per SF
Lease Type
Lease Start
Lease Expires
Lease Options
Option Increases
Family Dollar Stores, Inc.
8,000 SF
100%
$7,016.67
$0.87
NNN
1/1/2005
12/31/2014
4 (5-Year) Options
10% Increases Each Option
8,000 SF
100%
$7,016.67
$0.87
EXE CUTI VE S UM M ARY
RENT ROLL
FAMI LY DOLLAR N N N I NVESTMENT
5
P R O P E R T Y
D E S C R I P T I O N
PROJECT HIGHLIGHTS
Building Size Number of Floors
850 N. Lamb Boulevard, Las Vegas, Nevada 89110 8,000 square feet 1
Year Built
2004
Land Area
0.80 acres (approximately 34,848 square feet)
Parcel Number
P ROP E RT Y D E S C R I PTI ON
Address
140-30-701-013
Zoning
C-1 Limited Commercial (Las Vegas)
Parking
There are 44 parking spaces on the parcel providing a parking ratio of approximately 6.1:1000.
Access
Ingress & egress are convenient off North Lamb Boulevard, with left and right turns in and out of the property. The asset is positioned just south of the southwest corner (SWC) of Washington Ave. and Lamb Blvd. near one of Las Vegas’s most dense retail trade areas. The property features unobstructed street visibility and an excellent curb presence.
FAMI LY DOLLAR N N N I NVESTMENT
7
A E R I A L P H OTO G RA P H
LAMB BLVD
P ROP E RT Y D E S C R I PTI ON
WASHINGTON AVE
FAMI LY DOLLAR N N N I NVESTMENT
8
P ROP E RT Y D E S C R I PTI ON
P RO P E RT Y P H OTO G RA P H S
FAMI LY DOLLAR N N N I NVESTMENT
9
161
160
159
176
177
178
179
180
51
19056 109.09
MAP 24
12
5
1
5
1
6
2
6
30
29
28
27
26
25
2
7
3
7
31
32
33
34
35
36
3
8
4
8
4
5
1
5
1
3
PT 2
50 50
002 40
005 338.92
339.03
003 1.94
SD
215
10
004
PEARL ST
IMPRIAL DR
RO WN
GRAND WY
NOBILITY WY
TIARA CIR T HREE C
215
10
10
006
R 250
138.68
PM 103-30 013 0.8
004 005
138.68
138.13
007 014 0.8
2221.17
2
60
250
R=20
006 008
PM 93-38
014
50
1
336.45
GARNET WY
701 CROWN COLONY DR
138.13
CO RO
A CIR TI A R
N E T CIR
002 33.59
SANDHILL RD
> 40
100
KINGSWAY DR
CORONE
EE CROWNS DR
54
011
40
003
Y
R TH
10
010
016
ROYAL WY
R EG E N C Y W
EMERALD WY
13
23
LAMB BLVD
50
MONARCH WY
14
22
R=25
TIARA CIR
50
10 15
21
2215.84
T CIR
OPEL CT
02 .23
9 16
20
028 2888.95
4
WASHINGTON AVE
001
SAPPHIRE LN
011 0.4
8 17
19
60
8
004
007
RUBY CT
7 18
Rev: 02/09/2011
029 18 91.34
140-30-7
4
P ROP E RT Y D E S C R I PTI ON
162
11
N 2 SE 4 8
1
2
50
163
3
50
141
4
65.08
140
5
44.
047 26115.27
139
30 6
40
1 046 89.29
138
65 70.36
60
122
43.
001 190.79
36.5
1
97-001
123
Scale: 1" = 200 '
STAFF
A
124
009
50
50
031
140 146 145144143142141 30 67.31 72.99
67.04 65
91.55
87. 1
73.79
44.
95
3
71 70 69 68 67 66 65 64 63 62 61 60 59 58 57 56 55 74 52.37 73 72 35 37
27.4
60
800
95
11
40.92
8 01
39 .
041 042
600
T20S R62E 125
R=
A 3 75 5
40
394 75.27
400
4
81.76 111
200
7.9
54
100
5
35.1
USE THIS SCALE(FEET) WHEN MAP REDUCED FROM 11X17 ORIGINAL
202
40.26 62.85
This map is compiled from official records, including surveys and deeds, but only contains the information required for assessment. See the recorded documents for more detailed legal information.
0
PARCEL BOUNDARY CONDOMINIUM UNIT 001 ROAD PARCEL NUMBER SUB BOUNDARY 001 PARCEL NUMER AIR SPACE PCL PM/LD BOUNDARY 1.00 ACREAGE RIGHT OF WAY PCL ROAD EASEMENT PARCEL SUB/SEQ NUMBER SUB-SURFACE PCL MATCH / LEADER LINE PB 24-45 PLAT RECORDING NUMBER HISTORIC LOT LINE HISTORIC SUB BOUNDARY BLOCK NUMBER HISTORIC PM/LD BOUNDARY 5 LOT NUMBER SECTION LINE GL5 GOV. LOT NUMBER
MAP LEGEND
NOTES
No liability is assumed for the accuracy of the data deliniated herein. Information on roads and other non-assessed parcels may be obtained from the Road Document Listing in the Assessor's Office.
BOOK
ASSESSOR'S PARCELS - CLARK CO., NV. Michele W. Shafe - Assessor
This map is for assessment use only and does NOT represent a survey.
SEC.
PA R C E L M A P
R=20 249.46
008 130
62.32
007
359.64
015 3.29
009
009 230
100
345.12
488.03
008 24.76
710 010 105.08
130.03
PB 50-73
41
41
40
41
40
41
41
41
41
41
41
35.89
41
006
1 2
3
4
5 6 7
8 9 10 11 12 13 14 15
9
810 1
0
PB 56-01
0
8
01 0
001 002 003 004 005 006 007 008 001 002 003 004 005 006 007 008 009 010 011 012 013 014 015
30
30
34.2
40.5
40.5
40.5
008
655.58
005 50
40.5
40.5
40.5
40.5
40.5
40.5 40.5
40.5 35.9
001 002 003 004 005 006 007 008 009 010 011 012 013 014
007 30
30
R=15
30
009
30
30
HARRIS AVE
004 41
050
003 30
004 001
003 002 00
19 17
41.04 43.76
40
9.14
41
013 R=25
R=25
260
.36
41
10
013 225.12
010
61
41
115
41
99.9
41
115
41
100.12
41
HIDDEN DESERT-UNIT 1 00
15
655.58
003
30 28.13
.5
2
44.28
30.45
103.69
047 16 016 118.53 1 118.53 002 ECLIPSE 015
40
19.1
130.05
130.06
130.1
130.08
130.12
130.13
130.15
130.17
130.2
130.18
130.22
130.23
130.25
130.27
130.29
130.3
130.32
130.34
130.35
130.37
130.39
130.4
130.42
130.44
130.45
130.47
130.5
130.49
130.52
130.54
130.57
130.56
130.59
130.61
130.62
130.64
130.66
130.68
130.69
130.71
130.73
130.74
130.76
130.78
130.79
130.81
130.83
130.85
130.86
130.9
002 83.59
001
01
40
40
7.5
9.88
9.92
5001
008
012
011 24.53
42
30
30 30
42
COOL VALLEY SUBDIVISION
012 001 002 003 004 005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023 024 025 026 027 028 029 030 031 032 033 034 035 036 037 038 039 040 041 042 043 044 045 046 047 048 049 050 051 052 053 054 055 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 1 2 3 4 5 6 740 8 9 10 0.33 40.89 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 64.04 40 40 40 40 40 40 40 40 40 40 40
013
08 009 010
130.88
40
130.92
130.94
130.96
130.98
2
TAX DIST 200
FAMI LY DOLLAR N N N I NVESTMENT
10
ERN H
IG
PEBBLE RD
N LA
GE
SILVERADO RANCH BLVD ROBINDALE RD
HENDERSON
WIGWAM AVE
PASEO VERD
KWY HORIZON RIDGE P
GE
RID
GH HEI TS
WARM SPRINGS RD
AMERICAN PACIFIC DR
SUNSET RD
FOSTER AVE
WY E PK
215
KE LA
WARM SPRINGS RD
D EA RD EM C VA LAK SI NW BA AG EN EN ST
PUEBLO
CENTER ST
PATRICK LN
RACETRACK RD
95
AV E PALO VERDE DR
MAULE AVE BL VD
MA JO R
NT E
EVELYN AVE
RA
TREELINE DR
MABEL RD
CHRISTY
LA KE M EA D
D EA M
PA RK W AY
P ROP E RT Y D E S C R I PTI ON
LOS FELIZ
C
DOLLY
VI CI
LOS FELIZ
TENAYA WAY
MARINER
DR
RADWICK
LINN LANE
BENEDICT TEMPLE VIEW
HOLLYWOOD BLVD
BONNIE LN
HARRIS AVE
PABCO RD
SAHARA AVE SLOAN LN
EASTERN AVE
BONANZA
ALBANY WY
LAMB BLVD
PALM ST
MOJAVE
CHARLESTON BLVD
MERZE AVE
TROPICANA AVE IA VE
UR
SO
HACIENDA AVE MIS
FLAMINGO RD
WHITN EY RANCH
HARMON AVE
T KS S MAR
PATRICK LN
STEWART AVE
GIBSON RD
RUSSELL RD MOUNTAIN VISTA ST
VIKING RD
GALLERIA DR
RENO AVE SANDHILL RD
DESERT INN RD
ON
SEV
Y.
WASHINGTON AVE MONROE
PACIFIC AVE
WINDMILL LN
MOJAVE RD
ST. LOUIS AVE
RIZ
E
W PK
McLEOD DR
SAHARA AVE
93 95
HO
DS
RICHMAR
OWENS AVE
STEPHANIE ST
SUNSET RD
McLEOD DR
OAKEY BLVD
ANNIE OAKLEY DR
UNLV EASTERN AVE
MARYLAND PKWY
SWENSON ST
DOWNTOWN
ARROYO GRANDE BLVD
McCarran International Airport
TONOPAH
ST
H
Southern Highlands SERENE AVE
PARADISE RD
95
JUDSON
R
TH
RANCHO DR
LAKE MEAD BLVD
E AT W
U
WIGWAM AVE
HUALAPAI WAY
NELLIS
LAMB BLVD
PECOS
CENTER DR
D
ER
SE
LO
RAINBOW BLVD
JONES BLVD
WALNUT
Y
O
ALNORTE
HE
LL
COMMERCE ST
MI N
R KE EA
TC
CA
MI
W ARCATA
CAMPUS DR
5TH ST
MARTIN L. KING BLVD
CLAYTON ST
SIMMONS ST
DECATUR BLVD
TORREY PINES DR
TENAYA WAY
BUFFALO DR
PECO
5TH
CAMIN
SIM
DURANGO DR
93
Y RD GREENWA
WIGWAM AVE
15
LONE MOUNTAIN RD
COLLEGE DR
BLUE DIAMOND RD
RUSSELL RD
KOVAL LN
BUFFALO DR
LAKE MEAD
VALLE VERDE DR
HACIENDA AVE TROPICANA AVE
EY P KW Y
215 PECOS RD
RENO AVE HARMON AVE
EASTERN AVE
HARMON AVE
TWAIN AVE
EASTERN AVE
TWAIN AVE
GREEN VALL
WINDMILL LN IN DU ST RIA LR D
DESERT INN RD
SPENCER ST
SPRING MOUNTAIN RD
THE ST RIP
PENNWOOD AVE
LAS VEGAS BLVD
OAKEY BLVD VALLEY VIEW BLVD
SAHARA AVE
SPENCER ST
DEWEY
FLAMINGO RD ARVILLE ST
LORENZI
ANTELOPE
ALTA
MARYLAND PKWY
INDUSTRIAL RD
JONES BLVD
TORREY PINES DR
RAINBOW BLVD
CHARLESTON BLVD
HAVEN
ROBINDALE RD
VALLEY VIEW BLVD
DECATUR BLVD
RI ST
MONTESSOU
BUFFALO DR
WESTCLIFF
LAS VEGAS BLVD
INDUSTRIAL RD
JONES BLVD
RAINBOW BLVD
TENAYA WAY
TENAYA WAY
BONANZA
S
VD BL
TENAYA WAY
CIMARRON RD
CRYSTAL WATER
HILLS CENTER
RAMPART BLVD
WASHINGTON AVE
LA
T EN DB
BUFFALO DR
DURANGO DR
L VIL A
15 S
U
DURANGO DR
CEN TER DR
VEGAS DR
GOWAN RD
D MY JIM
EL CAPITAN WAY
FORT APACHE RD
TOW N
SUMMERLIN PKWY
AEROJET WAY
AY
MOUNTAIN’S EDGE PKWY
CAREY AVE
W
FORT APACHE RD
HUALAPAI WAY GRAND CANYON DR
SMOKE RANCH RD
H
FORT APACHE RD
R
North Las Vegas Airport
IG
SUNSET RD
SO
Mountain’s Edge OQUENDO RD
CHEYENNE AVE
H
RUSSELL RD
GOWAN RD
ER
TROPICANA AVE
CRAIG RD
LD
GRAND CANYON DR
ER D NT
EDNA
LONE MOUNTAIN RD
U
CE
SUMMERLIN
WASHBURN
O
N W TO
ANN RD
B
HUALAPAI WAY C IR N TE R
ALTA
HUALAPAI WAY G E CE
HIL LS
215 GOWAN RD
DR
DEL WEBB
CRAIG RD
SO M ERSE T
ALEXANDER RD
HO NC RA
DESERT FOOTH ILL SD R.
VICINITY MAP NORTH LAS VEGAS
Nellis Air Force Base
CRAIG RD
GA
VE VD BL CHEYENNE ALTO
CAREY
WILDCAT WY
BR OA
RUSSELL RD
GIBSO N RD AY W RK PA
HORIZON DR
MISSION DR
FAMI LY DOLLAR N N N I NVESTMENT
11
P ROP E RT Y D E S C R I PTI ON
S U R R O U N D I N G R E TA I L E R S A E R I A L
LAMB BLVD
WASHINGTON AVE
FAMI LY DOLLAR N N N I NVESTMENT
12
T E N A N T
I N F O R M A T I O N
TE N A N T & I N V E STM E N T H I G H L I G H TS Tenant Strength: Family Dollar Stores, Inc is a publicly traded, Fortune 500 Company (NYSE: FDO) rated BBB- by S&P. Family Dollar Stores, Inc operates over 6,800 locations in 45 states with 2010 revenues of over $7.90 Billion, up from $7.40 Billion in 2009. Family Dollar’s long-term debt obligations as of 2010 were only $250 million compared to Dollar General, with long-term debt obligations of over $3.39 billion. The Family Dollar Stores Inc., lease guarantee provides long term income security and ease of financing. According to its 2011 2nd Quarter Report, Family Dollar Stores Inc, also repurchased 8.9 million shares of stock at a total cost of $408 million and increased its quarterly cash dividend by 16.1%. 5 Year History of Increasing Sales at this Location: This specific Family Dollar Store experienced sales increases over 13% from 2005 until 2010. Family Dollar Store, Inc, reported steady 6% increases in comparable store sales as of 2nd quarter 2011. The company is continuing to grow with 146 new store openings for the first half of 2011. Family Dollar renovated 131 stores YTD with 800 additional store renovations planned for 2011. Attractive Rent to Sales Ratio: Family Dollar’s rent to sales ratio is under 7% at this location. Rent Increases & Percentage Rent: 4 (5-Year) options to renew with 10% increases every 5 years through option terms. A percentage rent bonus of 3% of gross sales in excess of $2,806,667 is in place.
Recession Proof Tenant: Family Dollar is a value oriented retailer that is ideally suited for this trade area and demographic profile. Typically, Family Dollar Stores perform well in a variety of economic conditions based on a diverse product mix of grocery items, housewares, clothing, home furnishings, pet supplies and more. Assumable Financing: Attractive assumable financing in place at 6.63%, maturing in May 2015. High Density Trade Area: Over 232,000 people live in a 3 mile radius of the property a number which is nearly double the benchmark requirement of 125,000 people for most national retailers. Average household income is just over $52,000 which is ideal for the tenant’s demographic target.
TENANT I N F ORM ATION
Minimal Management Requirements: Lease is NNN. Tenant is responsible for taxes, insurance and utility expenses as well as all non-structural portions of the property. Recent 2005 construction limits building maintenance.
Excellent Traffic Counts, Access and Visibility: Ingress & Egress is convenient off North Lamb Boulevard, with left and right turns in and out of the property. The asset is positioned just south of the southwest corner (SWC) of Washington Avenue and Pecos Road near one of Las Vegas’s most dense retail trade areas. The property features unobstructed street visibility and an excellent curb presence.
FAMI LY DOLLAR N N N I NVESTMENT
14
TENANT I N F ORM ATION
L A S V E G A S A R E A L O C AT I O N S
FAMI LY DOLLAR N N N I NVESTMENT
15
LEASE ABSTRACT TENANT:
LOCATION: 850 N. Lamb Blvd.
FAMILY DOLLAR, INC. No. 5283
Las Vegas, NV
PARCEL SF: 34,532.50
SQUARE FEET: 8,000
TERM: 10 years LEASE EXPIRATION DATE: 12-31-14 OPTIONS: Four (4) 5-year (Automatic, unless Tenant give LL prior written notice 120 days before expiration of Term) Date
Years
1-10
Options
1st 2nd 3rd 4th
Monthly
Annual
PSF
7,016.67
84,200.04
10.53
7,718.34 8,490.17 9,339.17 10,273.09
92,620.08 101,882.04 112,070.04 123,277.08
11.58 12.74 14.01 15.41
PERCENTAGE RENT:
3% of gross sales in excess:
Years
1-10
2,806,667
Options
1st 2nd 3rd 4th
3,087,333 3,396,067 3,735,667 4,109,233
TENANT I N F ORM ATION
RENTAL:
LEASE YEAR: 1/1 – 12/31
UTILITIES: Tenant shall pay all charges for utilities. Except for losses insurable under LL’s insurance on the DP, LL shall not be liable in damages or otherwise for any interruption or failure in the supply of any utilities to the DP, provided such interruption has been outside LL’s control. In the event Tenant is unable to conduct business in the DP for longer than 48 hours, the rent shall abate until utility service restored.
CAM:
Tenant responsibility. (Under maintenance & repairs)
TAXES:
Tenant shall pay directly to the taxing authority all ad valorem real estate taxes which may be levied, assessed or charged against the DP form Rent Commencement Date. LL shall direct the taxing authority to send tax bills directly to Tenant. Tenant shall also pay all personal property taxes on its trade fixtures, inventory, stock or merchandise. Tenant shall provide LL evidence of payment within 30 days after receipt of LL’s written request.
FAMI LY DOLLAR N N N I NVESTMENT
16
LEASE ABSTRACT INSURANCE:
(CONTINUED)
Landlord: Fire/Extended & Ordinance coverage on the Demised Premises. Tenant to reimburse LL within 30 days of receipt of LL’s statement accompanied by a copy of the insurance premium. LL agrees the premium shall be at a competitive rate. Tenant has the right from time to time to elect to carry the Fire/Ext. Coverage by notifying LL in writing within 30 days after receiving LL’s statement. Such election shall be binding for 2 years, and then thereafter Tenant may elect to require LL to insure the DP. Tenant: Public Liability for personal injury or death or property damage occurring in the DP arising out of the use or occupancy by Tenant, in a minimum limit of $1,000,000.
REPAIR/MAINT:
Landlord: Shall remedy any defect in workmanship, materials or equipment on the DP furnished by LL provided Tenant notifies LL of the defect within 11 months of the Rent Commencement Date. Landlord shall maintain, keep and repair all structural portions of the building. Tenant: Tenant shall maintain in working order, keep and repair all portions of the DP after the 11-month period following Rent Commencement.
ASSIGNMENT/SUBLETTING:
Tenant shall have the right to assign the Lease or sublet the DP or any part thereof but shall remain liable on the Lease. See restrictions Section 29.
DEFAULT RENT: Tenant shall fail to pay any installment of fixed rent when due and such failure continues for 20
ALTERATIONS:
TENANT I N F ORM ATION
days after Tenant receives written notice from LL, or Tenant shall fail to pay any other sums (i.e., additional rent), when due under the Lease and failure continues for 30 days after receipt of written notice from LL. Tenant has the right & privilege at all times to make, at its own expense, such changes, improvements, alterations & additions to the DP as Tenant may desire, except Tenant will not make (i) any alterations which would decrease the value of the DP or (ii) any structural improvements or alterations or any improvements or alterations to the front exterior of the DP, (except relocation of doors & window), without the consent of LL
FAMI LY DOLLAR N N N I NVESTMENT
17
Confidential Offering Memorandum
Family Dollar NNN Investment Property 850 North Lamb Boulevard, Las Vegas, NV 89110
CONFIDENTIAL MEMORANDUM AND DISCLAIMER Grubb & Ellis|Las Vegas (“Agent”) has been engaged as the exclusive agent for the sale of Family Dollar, 850 N. Lamb Boulevard in Las Vegas, Nevada (the “Property”), by the owner of the Property (“Seller”). The Property is being offered for sale in an “as-is, where-is” condition and Seller and Agent make no representations or warranties as to the accuracy of the information contained in this Offering Memorandum. The enclosed materials include highly confidential information and are being furnished solely for the purpose of review by prospective purchasers of the interest described herein. Neither the enclosed materials nor any information contained herein is to be used for any other purpose or made available to any other person without the express written consent of the Seller. Each recipient, as a prerequisite to receiving the enclosed, should be registered with Grubb & Ellis|Las Vegas as a “Registered Potential Investor” or as “Buyer’s Agent” for an identified “Registered Potential Investor.” The use of this Offering Memorandum and the information provided herein is subject to the terms, provisions and limitations of the confidentiality agreement furnished by Agent prior to delivery of this Offering Memorandum. The enclosed materials are being provided solely to facilitate the prospective investor’s own due diligence for which it shall be fully and solely responsible. The material contained herein is based on information and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by Agent or Seller or any of their respective representatives, affiliates, officers, employees, shareholders, partners and directors, as to the accuracy or completeness of the information contained herein. Summaries contained herein of any legal or other documents are not intended to be comprehensive statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. Neither the Agent or the Seller shall have any liability whatsoever for the accuracy or completeness of the information contained herein or any other written or oral communication or information transmitted or made available or any action taken or decision made by the recipient with respect to the Property. Interested parties are to make their own investigations, projections and conclusions without reliance upon the material contained herein. Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from being marketed for sale at any time and for any reason. Seller and Agent each expressly reserves the right, at their sole and absolute discretion, to reject any and all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time, with or without notice. This offering is made subject to omissions, correction of errors, change of price or other terms, prior sale or withdrawal from the market without notice. Agent is not authorized to make any representations or agreements on behalf of Seller. Seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing additional investigation and/or making an offer to purchase the Property unless and until a binding written agreement for the purchase of the Property has been fully executed, delivered, and approved by Seller and any conditions to Seller’s obligations thereunder have been satisfied or waived. By taking possession of and reviewing the information contained herein, the recipient agrees that (a) the enclosed materials and their contents are of a highly confidential nature and will be held and treated in the strictest confidence and shall be returned to Agent or Seller promptly upon request; and (b) the recipient shall not contact employees or tenants of the Property directly or indirectly regarding any aspect of the enclosed materials or the Property without the prior written approval of the Seller or Agent; and (c) no portion of the enclosed materials may be copied or otherwise reproduced without the prior written authorization of Seller or Agent or as otherwise provided in the Confidentiality and/or Registration Agreement executed and delivered by the recipient(s) to Grubb & Ellis|Las Vegas. If you have no interest in the Property at this time, please return this Offering Memorandum immediately to: Michael Kammerling or Patrick Luther Grubb & Ellis|Las Vegas - Las Vegas Commercial Brokerage, LLC 3930 Howard Hughes Parkway, Suite 180 Las Vegas, Nevada 89169 70.2733.7500
Confidential Offering Memorandum
Family Dollar NNN Investment Property 850 North Lamb Boulevard, Las Vegas, NV 89110
The subject property is a single tenant Family Dollar (NYSE:FDO) constructed in 2004 and located in Las Vegas, Nevada. The store is located on North Lamb Boulevard (40,000 vehicles per day) just south of East Washington Avenue. Family Dollar is rated BBB- by Standard and Poors and has over 3.5 years remaining on the lease term. The store benefits from high visibility, excellent ingress & egress and is located adjacent to Autozone and a variety of national credit tenants. The property is comprised of one (1) freestanding single tenant retail building totaling ± 8,000 SF situated on ± .80 acres. APN#: 140-30-701-013. Single story build-to-suit property for Family Dollar. 44 dedicated parking spaces for a parking ration of 6.1 spaces per 1,000 square feet of GLA.
Family Dollar NNN Intvestment Offering Summary Address
850 N. Lamb Blvd.
Square Footage
8,000 square feet
Year Built Price
2004 $1,125,000
Price PSF
$140.63
Cap Rate
7.48%
NOI
Michael Kammerling Senior Vice President [email protected]
Patrick Luther Associate [email protected]
$84,200.04
GRUBB & ELLIS|LAS VEGAS 3930 Howard Hughes Parkway Suite 180 Las Vegas, Nevada 89169 702.733.7500
Family Dollar NNN Investment Property 850 North Lamb Boulevard, Las Vegas, NV 89110
Michael Kammerling Senior Vice President [email protected]
Patrick Luther Associate [email protected]
GRUBB & ELLIS|LAS VEGAS 3930 Howard Hughes Parkway Suite 180 Las Vegas, Nevada 89169 702.733.7500
Confidential Offering Memorandum
Family Dollar NNN Investment Property 850 North Lamb Boulevard, Las Vegas, NV 89110
Executive Summary Offering Summary Rent Roll
4 5
Property Description Project Highlights Aerial Photograph Property Photographs Parcel Map Vicinity Map Surrounding Retailers Aerial
7 8 9 10 11 12
Tenant Information Tenant & Investment Highlights Las Vegas Area Locations Lease Abstract
Confidentiality Disclaimer
14 15 16
18
E X E C U T I V E
S U M M A R Y
OFFERING SUMMARY
The subject property is a single tenant Family Dollar (NYSE:FDO) constructed in 2004 and located in Las Vegas, Nevada. The store is located on North Lamb Boulevard (40,000 vehicles per day) just south of E. Washington Avenue. Family Dollar is rated BBB- by Standard and Poors and has over 3.5 years remaining on the lease term. The store benefits from high visibility, excellent ingress & egress and is located adjacent to Autozone and a variety of national credit tenants. The property is comprised of one (1) freestanding single tenant retail building totaling ± 8,000 SF situated on ± .80 acres. APN#: 140-30-701-013. Single story build-to-suit property for Family Dollar. 44 dedicated parking spaces for a parking ration of 6.1 spaces per 1,000 square feet of GLA.
Family Dollar NNN Investment Offering Summary Address
850 N. Lamb Blvd.
Square Footage
8,000 square feet
Year Built Price
2004 $1,125,000
Price PSF
$140.63
Cap Rate
7.48%
NOI
EXE CUTI VE S UM M ARY
Michael Kammerling and Patrick Luther of Grubb & Ellis|Las Vegas, as the exclusive advisors to the Owner, are pleased to present the opportunity to acquire a Family Dollar NNN Iinvestment, a freestanding retail building, located at 850 N. Lamb Boulevard, Las Vegas, Nevada 89110.
$84,200.04
FAMI LY DOLLAR N N N I NVESTMENT
4
Tenant
Rentable Area
% of Total
Monthly Rent
Base Per SF
Lease Type
Lease Start
Lease Expires
Lease Options
Option Increases
Family Dollar Stores, Inc.
8,000 SF
100%
$7,016.67
$0.87
NNN
1/1/2005
12/31/2014
4 (5-Year) Options
10% Increases Each Option
8,000 SF
100%
$7,016.67
$0.87
EXE CUTI VE S UM M ARY
RENT ROLL
FAMI LY DOLLAR N N N I NVESTMENT
5
P R O P E R T Y
D E S C R I P T I O N
PROJECT HIGHLIGHTS
Building Size Number of Floors
850 N. Lamb Boulevard, Las Vegas, Nevada 89110 8,000 square feet 1
Year Built
2004
Land Area
0.80 acres (approximately 34,848 square feet)
Parcel Number
P ROP E RT Y D E S C R I PTI ON
Address
140-30-701-013
Zoning
C-1 Limited Commercial (Las Vegas)
Parking
There are 44 parking spaces on the parcel providing a parking ratio of approximately 6.1:1000.
Access
Ingress & egress are convenient off North Lamb Boulevard, with left and right turns in and out of the property. The asset is positioned just south of the southwest corner (SWC) of Washington Ave. and Lamb Blvd. near one of Las Vegas’s most dense retail trade areas. The property features unobstructed street visibility and an excellent curb presence.
FAMI LY DOLLAR N N N I NVESTMENT
7
A E R I A L P H OTO G RA P H
LAMB BLVD
P ROP E RT Y D E S C R I PTI ON
WASHINGTON AVE
FAMI LY DOLLAR N N N I NVESTMENT
8
P ROP E RT Y D E S C R I PTI ON
P RO P E RT Y P H OTO G RA P H S
FAMI LY DOLLAR N N N I NVESTMENT
9
161
160
159
176
177
178
179
180
51
19056 109.09
MAP 24
12
5
1
5
1
6
2
6
30
29
28
27
26
25
2
7
3
7
31
32
33
34
35
36
3
8
4
8
4
5
1
5
1
3
PT 2
50 50
002 40
005 338.92
339.03
003 1.94
SD
215
10
004
PEARL ST
IMPRIAL DR
RO WN
GRAND WY
NOBILITY WY
TIARA CIR T HREE C
215
10
10
006
R 250
138.68
PM 103-30 013 0.8
004 005
138.68
138.13
007 014 0.8
2221.17
2
60
250
R=20
006 008
PM 93-38
014
50
1
336.45
GARNET WY
701 CROWN COLONY DR
138.13
CO RO
A CIR TI A R
N E T CIR
002 33.59
SANDHILL RD
> 40
100
KINGSWAY DR
CORONE
EE CROWNS DR
54
011
40
003
Y
R TH
10
010
016
ROYAL WY
R EG E N C Y W
EMERALD WY
13
23
LAMB BLVD
50
MONARCH WY
14
22
R=25
TIARA CIR
50
10 15
21
2215.84
T CIR
OPEL CT
02 .23
9 16
20
028 2888.95
4
WASHINGTON AVE
001
SAPPHIRE LN
011 0.4
8 17
19
60
8
004
007
RUBY CT
7 18
Rev: 02/09/2011
029 18 91.34
140-30-7
4
P ROP E RT Y D E S C R I PTI ON
162
11
N 2 SE 4 8
1
2
50
163
3
50
141
4
65.08
140
5
44.
047 26115.27
139
30 6
40
1 046 89.29
138
65 70.36
60
122
43.
001 190.79
36.5
1
97-001
123
Scale: 1" = 200 '
STAFF
A
124
009
50
50
031
140 146 145144143142141 30 67.31 72.99
67.04 65
91.55
87. 1
73.79
44.
95
3
71 70 69 68 67 66 65 64 63 62 61 60 59 58 57 56 55 74 52.37 73 72 35 37
27.4
60
800
95
11
40.92
8 01
39 .
041 042
600
T20S R62E 125
R=
A 3 75 5
40
394 75.27
400
4
81.76 111
200
7.9
54
100
5
35.1
USE THIS SCALE(FEET) WHEN MAP REDUCED FROM 11X17 ORIGINAL
202
40.26 62.85
This map is compiled from official records, including surveys and deeds, but only contains the information required for assessment. See the recorded documents for more detailed legal information.
0
PARCEL BOUNDARY CONDOMINIUM UNIT 001 ROAD PARCEL NUMBER SUB BOUNDARY 001 PARCEL NUMER AIR SPACE PCL PM/LD BOUNDARY 1.00 ACREAGE RIGHT OF WAY PCL ROAD EASEMENT PARCEL SUB/SEQ NUMBER SUB-SURFACE PCL MATCH / LEADER LINE PB 24-45 PLAT RECORDING NUMBER HISTORIC LOT LINE HISTORIC SUB BOUNDARY BLOCK NUMBER HISTORIC PM/LD BOUNDARY 5 LOT NUMBER SECTION LINE GL5 GOV. LOT NUMBER
MAP LEGEND
NOTES
No liability is assumed for the accuracy of the data deliniated herein. Information on roads and other non-assessed parcels may be obtained from the Road Document Listing in the Assessor's Office.
BOOK
ASSESSOR'S PARCELS - CLARK CO., NV. Michele W. Shafe - Assessor
This map is for assessment use only and does NOT represent a survey.
SEC.
PA R C E L M A P
R=20 249.46
008 130
62.32
007
359.64
015 3.29
009
009 230
100
345.12
488.03
008 24.76
710 010 105.08
130.03
PB 50-73
41
41
40
41
40
41
41
41
41
41
41
35.89
41
006
1 2
3
4
5 6 7
8 9 10 11 12 13 14 15
9
810 1
0
PB 56-01
0
8
01 0
001 002 003 004 005 006 007 008 001 002 003 004 005 006 007 008 009 010 011 012 013 014 015
30
30
34.2
40.5
40.5
40.5
008
655.58
005 50
40.5
40.5
40.5
40.5
40.5
40.5 40.5
40.5 35.9
001 002 003 004 005 006 007 008 009 010 011 012 013 014
007 30
30
R=15
30
009
30
30
HARRIS AVE
004 41
050
003 30
004 001
003 002 00
19 17
41.04 43.76
40
9.14
41
013 R=25
R=25
260
.36
41
10
013 225.12
010
61
41
115
41
99.9
41
115
41
100.12
41
HIDDEN DESERT-UNIT 1 00
15
655.58
003
30 28.13
.5
2
44.28
30.45
103.69
047 16 016 118.53 1 118.53 002 ECLIPSE 015
40
19.1
130.05
130.06
130.1
130.08
130.12
130.13
130.15
130.17
130.2
130.18
130.22
130.23
130.25
130.27
130.29
130.3
130.32
130.34
130.35
130.37
130.39
130.4
130.42
130.44
130.45
130.47
130.5
130.49
130.52
130.54
130.57
130.56
130.59
130.61
130.62
130.64
130.66
130.68
130.69
130.71
130.73
130.74
130.76
130.78
130.79
130.81
130.83
130.85
130.86
130.9
002 83.59
001
01
40
40
7.5
9.88
9.92
5001
008
012
011 24.53
42
30
30 30
42
COOL VALLEY SUBDIVISION
012 001 002 003 004 005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023 024 025 026 027 028 029 030 031 032 033 034 035 036 037 038 039 040 041 042 043 044 045 046 047 048 049 050 051 052 053 054 055 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 1 2 3 4 5 6 740 8 9 10 0.33 40.89 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 64.04 40 40 40 40 40 40 40 40 40 40 40
013
08 009 010
130.88
40
130.92
130.94
130.96
130.98
2
TAX DIST 200
FAMI LY DOLLAR N N N I NVESTMENT
10
ERN H
IG
PEBBLE RD
N LA
GE
SILVERADO RANCH BLVD ROBINDALE RD
HENDERSON
WIGWAM AVE
PASEO VERD
KWY HORIZON RIDGE P
GE
RID
GH HEI TS
WARM SPRINGS RD
AMERICAN PACIFIC DR
SUNSET RD
FOSTER AVE
WY E PK
215
KE LA
WARM SPRINGS RD
D EA RD EM C VA LAK SI NW BA AG EN EN ST
PUEBLO
CENTER ST
PATRICK LN
RACETRACK RD
95
AV E PALO VERDE DR
MAULE AVE BL VD
MA JO R
NT E
EVELYN AVE
RA
TREELINE DR
MABEL RD
CHRISTY
LA KE M EA D
D EA M
PA RK W AY
P ROP E RT Y D E S C R I PTI ON
LOS FELIZ
C
DOLLY
VI CI
LOS FELIZ
TENAYA WAY
MARINER
DR
RADWICK
LINN LANE
BENEDICT TEMPLE VIEW
HOLLYWOOD BLVD
BONNIE LN
HARRIS AVE
PABCO RD
SAHARA AVE SLOAN LN
EASTERN AVE
BONANZA
ALBANY WY
LAMB BLVD
PALM ST
MOJAVE
CHARLESTON BLVD
MERZE AVE
TROPICANA AVE IA VE
UR
SO
HACIENDA AVE MIS
FLAMINGO RD
WHITN EY RANCH
HARMON AVE
T KS S MAR
PATRICK LN
STEWART AVE
GIBSON RD
RUSSELL RD MOUNTAIN VISTA ST
VIKING RD
GALLERIA DR
RENO AVE SANDHILL RD
DESERT INN RD
ON
SEV
Y.
WASHINGTON AVE MONROE
PACIFIC AVE
WINDMILL LN
MOJAVE RD
ST. LOUIS AVE
RIZ
E
W PK
McLEOD DR
SAHARA AVE
93 95
HO
DS
RICHMAR
OWENS AVE
STEPHANIE ST
SUNSET RD
McLEOD DR
OAKEY BLVD
ANNIE OAKLEY DR
UNLV EASTERN AVE
MARYLAND PKWY
SWENSON ST
DOWNTOWN
ARROYO GRANDE BLVD
McCarran International Airport
TONOPAH
ST
H
Southern Highlands SERENE AVE
PARADISE RD
95
JUDSON
R
TH
RANCHO DR
LAKE MEAD BLVD
E AT W
U
WIGWAM AVE
HUALAPAI WAY
NELLIS
LAMB BLVD
PECOS
CENTER DR
D
ER
SE
LO
RAINBOW BLVD
JONES BLVD
WALNUT
Y
O
ALNORTE
HE
LL
COMMERCE ST
MI N
R KE EA
TC
CA
MI
W ARCATA
CAMPUS DR
5TH ST
MARTIN L. KING BLVD
CLAYTON ST
SIMMONS ST
DECATUR BLVD
TORREY PINES DR
TENAYA WAY
BUFFALO DR
PECO
5TH
CAMIN
SIM
DURANGO DR
93
Y RD GREENWA
WIGWAM AVE
15
LONE MOUNTAIN RD
COLLEGE DR
BLUE DIAMOND RD
RUSSELL RD
KOVAL LN
BUFFALO DR
LAKE MEAD
VALLE VERDE DR
HACIENDA AVE TROPICANA AVE
EY P KW Y
215 PECOS RD
RENO AVE HARMON AVE
EASTERN AVE
HARMON AVE
TWAIN AVE
EASTERN AVE
TWAIN AVE
GREEN VALL
WINDMILL LN IN DU ST RIA LR D
DESERT INN RD
SPENCER ST
SPRING MOUNTAIN RD
THE ST RIP
PENNWOOD AVE
LAS VEGAS BLVD
OAKEY BLVD VALLEY VIEW BLVD
SAHARA AVE
SPENCER ST
DEWEY
FLAMINGO RD ARVILLE ST
LORENZI
ANTELOPE
ALTA
MARYLAND PKWY
INDUSTRIAL RD
JONES BLVD
TORREY PINES DR
RAINBOW BLVD
CHARLESTON BLVD
HAVEN
ROBINDALE RD
VALLEY VIEW BLVD
DECATUR BLVD
RI ST
MONTESSOU
BUFFALO DR
WESTCLIFF
LAS VEGAS BLVD
INDUSTRIAL RD
JONES BLVD
RAINBOW BLVD
TENAYA WAY
TENAYA WAY
BONANZA
S
VD BL
TENAYA WAY
CIMARRON RD
CRYSTAL WATER
HILLS CENTER
RAMPART BLVD
WASHINGTON AVE
LA
T EN DB
BUFFALO DR
DURANGO DR
L VIL A
15 S
U
DURANGO DR
CEN TER DR
VEGAS DR
GOWAN RD
D MY JIM
EL CAPITAN WAY
FORT APACHE RD
TOW N
SUMMERLIN PKWY
AEROJET WAY
AY
MOUNTAIN’S EDGE PKWY
CAREY AVE
W
FORT APACHE RD
HUALAPAI WAY GRAND CANYON DR
SMOKE RANCH RD
H
FORT APACHE RD
R
North Las Vegas Airport
IG
SUNSET RD
SO
Mountain’s Edge OQUENDO RD
CHEYENNE AVE
H
RUSSELL RD
GOWAN RD
ER
TROPICANA AVE
CRAIG RD
LD
GRAND CANYON DR
ER D NT
EDNA
LONE MOUNTAIN RD
U
CE
SUMMERLIN
WASHBURN
O
N W TO
ANN RD
B
HUALAPAI WAY C IR N TE R
ALTA
HUALAPAI WAY G E CE
HIL LS
215 GOWAN RD
DR
DEL WEBB
CRAIG RD
SO M ERSE T
ALEXANDER RD
HO NC RA
DESERT FOOTH ILL SD R.
VICINITY MAP NORTH LAS VEGAS
Nellis Air Force Base
CRAIG RD
GA
VE VD BL CHEYENNE ALTO
CAREY
WILDCAT WY
BR OA
RUSSELL RD
GIBSO N RD AY W RK PA
HORIZON DR
MISSION DR
FAMI LY DOLLAR N N N I NVESTMENT
11
P ROP E RT Y D E S C R I PTI ON
S U R R O U N D I N G R E TA I L E R S A E R I A L
LAMB BLVD
WASHINGTON AVE
FAMI LY DOLLAR N N N I NVESTMENT
12
T E N A N T
I N F O R M A T I O N
TE N A N T & I N V E STM E N T H I G H L I G H TS Tenant Strength: Family Dollar Stores, Inc is a publicly traded, Fortune 500 Company (NYSE: FDO) rated BBB- by S&P. Family Dollar Stores, Inc operates over 6,800 locations in 45 states with 2010 revenues of over $7.90 Billion, up from $7.40 Billion in 2009. Family Dollar’s long-term debt obligations as of 2010 were only $250 million compared to Dollar General, with long-term debt obligations of over $3.39 billion. The Family Dollar Stores Inc., lease guarantee provides long term income security and ease of financing. According to its 2011 2nd Quarter Report, Family Dollar Stores Inc, also repurchased 8.9 million shares of stock at a total cost of $408 million and increased its quarterly cash dividend by 16.1%. 5 Year History of Increasing Sales at this Location: This specific Family Dollar Store experienced sales increases over 13% from 2005 until 2010. Family Dollar Store, Inc, reported steady 6% increases in comparable store sales as of 2nd quarter 2011. The company is continuing to grow with 146 new store openings for the first half of 2011. Family Dollar renovated 131 stores YTD with 800 additional store renovations planned for 2011. Attractive Rent to Sales Ratio: Family Dollar’s rent to sales ratio is under 7% at this location. Rent Increases & Percentage Rent: 4 (5-Year) options to renew with 10% increases every 5 years through option terms. A percentage rent bonus of 3% of gross sales in excess of $2,806,667 is in place.
Recession Proof Tenant: Family Dollar is a value oriented retailer that is ideally suited for this trade area and demographic profile. Typically, Family Dollar Stores perform well in a variety of economic conditions based on a diverse product mix of grocery items, housewares, clothing, home furnishings, pet supplies and more. Assumable Financing: Attractive assumable financing in place at 6.63%, maturing in May 2015. High Density Trade Area: Over 232,000 people live in a 3 mile radius of the property a number which is nearly double the benchmark requirement of 125,000 people for most national retailers. Average household income is just over $52,000 which is ideal for the tenant’s demographic target.
TENANT I N F ORM ATION
Minimal Management Requirements: Lease is NNN. Tenant is responsible for taxes, insurance and utility expenses as well as all non-structural portions of the property. Recent 2005 construction limits building maintenance.
Excellent Traffic Counts, Access and Visibility: Ingress & Egress is convenient off North Lamb Boulevard, with left and right turns in and out of the property. The asset is positioned just south of the southwest corner (SWC) of Washington Avenue and Pecos Road near one of Las Vegas’s most dense retail trade areas. The property features unobstructed street visibility and an excellent curb presence.
FAMI LY DOLLAR N N N I NVESTMENT
14
TENANT I N F ORM ATION
L A S V E G A S A R E A L O C AT I O N S
FAMI LY DOLLAR N N N I NVESTMENT
15
LEASE ABSTRACT TENANT:
LOCATION: 850 N. Lamb Blvd.
FAMILY DOLLAR, INC. No. 5283
Las Vegas, NV
PARCEL SF: 34,532.50
SQUARE FEET: 8,000
TERM: 10 years LEASE EXPIRATION DATE: 12-31-14 OPTIONS: Four (4) 5-year (Automatic, unless Tenant give LL prior written notice 120 days before expiration of Term) Date
Years
1-10
Options
1st 2nd 3rd 4th
Monthly
Annual
PSF
7,016.67
84,200.04
10.53
7,718.34 8,490.17 9,339.17 10,273.09
92,620.08 101,882.04 112,070.04 123,277.08
11.58 12.74 14.01 15.41
PERCENTAGE RENT:
3% of gross sales in excess:
Years
1-10
2,806,667
Options
1st 2nd 3rd 4th
3,087,333 3,396,067 3,735,667 4,109,233
TENANT I N F ORM ATION
RENTAL:
LEASE YEAR: 1/1 – 12/31
UTILITIES: Tenant shall pay all charges for utilities. Except for losses insurable under LL’s insurance on the DP, LL shall not be liable in damages or otherwise for any interruption or failure in the supply of any utilities to the DP, provided such interruption has been outside LL’s control. In the event Tenant is unable to conduct business in the DP for longer than 48 hours, the rent shall abate until utility service restored.
CAM:
Tenant responsibility. (Under maintenance & repairs)
TAXES:
Tenant shall pay directly to the taxing authority all ad valorem real estate taxes which may be levied, assessed or charged against the DP form Rent Commencement Date. LL shall direct the taxing authority to send tax bills directly to Tenant. Tenant shall also pay all personal property taxes on its trade fixtures, inventory, stock or merchandise. Tenant shall provide LL evidence of payment within 30 days after receipt of LL’s written request.
FAMI LY DOLLAR N N N I NVESTMENT
16
LEASE ABSTRACT INSURANCE:
(CONTINUED)
Landlord: Fire/Extended & Ordinance coverage on the Demised Premises. Tenant to reimburse LL within 30 days of receipt of LL’s statement accompanied by a copy of the insurance premium. LL agrees the premium shall be at a competitive rate. Tenant has the right from time to time to elect to carry the Fire/Ext. Coverage by notifying LL in writing within 30 days after receiving LL’s statement. Such election shall be binding for 2 years, and then thereafter Tenant may elect to require LL to insure the DP. Tenant: Public Liability for personal injury or death or property damage occurring in the DP arising out of the use or occupancy by Tenant, in a minimum limit of $1,000,000.
REPAIR/MAINT:
Landlord: Shall remedy any defect in workmanship, materials or equipment on the DP furnished by LL provided Tenant notifies LL of the defect within 11 months of the Rent Commencement Date. Landlord shall maintain, keep and repair all structural portions of the building. Tenant: Tenant shall maintain in working order, keep and repair all portions of the DP after the 11-month period following Rent Commencement.
ASSIGNMENT/SUBLETTING:
Tenant shall have the right to assign the Lease or sublet the DP or any part thereof but shall remain liable on the Lease. See restrictions Section 29.
DEFAULT RENT: Tenant shall fail to pay any installment of fixed rent when due and such failure continues for 20
ALTERATIONS:
TENANT I N F ORM ATION
days after Tenant receives written notice from LL, or Tenant shall fail to pay any other sums (i.e., additional rent), when due under the Lease and failure continues for 30 days after receipt of written notice from LL. Tenant has the right & privilege at all times to make, at its own expense, such changes, improvements, alterations & additions to the DP as Tenant may desire, except Tenant will not make (i) any alterations which would decrease the value of the DP or (ii) any structural improvements or alterations or any improvements or alterations to the front exterior of the DP, (except relocation of doors & window), without the consent of LL
FAMI LY DOLLAR N N N I NVESTMENT
17
Confidential Offering Memorandum
Family Dollar NNN Investment Property 850 North Lamb Boulevard, Las Vegas, NV 89110
CONFIDENTIAL MEMORANDUM AND DISCLAIMER Grubb & Ellis|Las Vegas (“Agent”) has been engaged as the exclusive agent for the sale of Family Dollar, 850 N. Lamb Boulevard in Las Vegas, Nevada (the “Property”), by the owner of the Property (“Seller”). The Property is being offered for sale in an “as-is, where-is” condition and Seller and Agent make no representations or warranties as to the accuracy of the information contained in this Offering Memorandum. The enclosed materials include highly confidential information and are being furnished solely for the purpose of review by prospective purchasers of the interest described herein. Neither the enclosed materials nor any information contained herein is to be used for any other purpose or made available to any other person without the express written consent of the Seller. Each recipient, as a prerequisite to receiving the enclosed, should be registered with Grubb & Ellis|Las Vegas as a “Registered Potential Investor” or as “Buyer’s Agent” for an identified “Registered Potential Investor.” The use of this Offering Memorandum and the information provided herein is subject to the terms, provisions and limitations of the confidentiality agreement furnished by Agent prior to delivery of this Offering Memorandum. The enclosed materials are being provided solely to facilitate the prospective investor’s own due diligence for which it shall be fully and solely responsible. The material contained herein is based on information and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by Agent or Seller or any of their respective representatives, affiliates, officers, employees, shareholders, partners and directors, as to the accuracy or completeness of the information contained herein. Summaries contained herein of any legal or other documents are not intended to be comprehensive statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. Neither the Agent or the Seller shall have any liability whatsoever for the accuracy or completeness of the information contained herein or any other written or oral communication or information transmitted or made available or any action taken or decision made by the recipient with respect to the Property. Interested parties are to make their own investigations, projections and conclusions without reliance upon the material contained herein. Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from being marketed for sale at any time and for any reason. Seller and Agent each expressly reserves the right, at their sole and absolute discretion, to reject any and all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time, with or without notice. This offering is made subject to omissions, correction of errors, change of price or other terms, prior sale or withdrawal from the market without notice. Agent is not authorized to make any representations or agreements on behalf of Seller. Seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing additional investigation and/or making an offer to purchase the Property unless and until a binding written agreement for the purchase of the Property has been fully executed, delivered, and approved by Seller and any conditions to Seller’s obligations thereunder have been satisfied or waived. By taking possession of and reviewing the information contained herein, the recipient agrees that (a) the enclosed materials and their contents are of a highly confidential nature and will be held and treated in the strictest confidence and shall be returned to Agent or Seller promptly upon request; and (b) the recipient shall not contact employees or tenants of the Property directly or indirectly regarding any aspect of the enclosed materials or the Property without the prior written approval of the Seller or Agent; and (c) no portion of the enclosed materials may be copied or otherwise reproduced without the prior written authorization of Seller or Agent or as otherwise provided in the Confidentiality and/or Registration Agreement executed and delivered by the recipient(s) to Grubb & Ellis|Las Vegas. If you have no interest in the Property at this time, please return this Offering Memorandum immediately to: Michael Kammerling or Patrick Luther Grubb & Ellis|Las Vegas - Las Vegas Commercial Brokerage, LLC 3930 Howard Hughes Parkway, Suite 180 Las Vegas, Nevada 89169 70.2733.7500
Confidential Offering Memorandum
Family Dollar NNN Investment Property 850 North Lamb Boulevard, Las Vegas, NV 89110
The subject property is a single tenant Family Dollar (NYSE:FDO) constructed in 2004 and located in Las Vegas, Nevada. The store is located on North Lamb Boulevard (40,000 vehicles per day) just south of East Washington Avenue. Family Dollar is rated BBB- by Standard and Poors and has over 3.5 years remaining on the lease term. The store benefits from high visibility, excellent ingress & egress and is located adjacent to Autozone and a variety of national credit tenants. The property is comprised of one (1) freestanding single tenant retail building totaling ± 8,000 SF situated on ± .80 acres. APN#: 140-30-701-013. Single story build-to-suit property for Family Dollar. 44 dedicated parking spaces for a parking ration of 6.1 spaces per 1,000 square feet of GLA.
Family Dollar NNN Intvestment Offering Summary Address
850 N. Lamb Blvd.
Square Footage
8,000 square feet
Year Built Price
2004 $1,125,000
Price PSF
$140.63
Cap Rate
7.48%
NOI
Michael Kammerling Senior Vice President [email protected]
Patrick Luther Associate [email protected]
$84,200.04
GRUBB & ELLIS|LAS VEGAS 3930 Howard Hughes Parkway Suite 180 Las Vegas, Nevada 89169 702.733.7500
