nnn Investment offerIng
nnn Investment offering PetSmart | 2210 Croatan Highway, Nags Head, North Carolina Investment Highlights
40
Frederick 50
70
340
522
695
Bowie
301
50 220
Delaware Bay
301
97
33
13
Washington 66
522
50
50 301
17
1 64
29
64
60
15
64
RICHMOND
17
Lynchburg 360
460
13 501
460 460
95
360
Virginia Beach Norfolk Portsmouth Chesapeake
258 15
85
158
158
15
158
401
1
95
301
13
258
Rocky Mount
Durham 64
Cary
64
64 264
RALEIGH
1
258
70
13
17 264
Greenville
401
117 13 701
401
13
95
70
40 117
Fayetteville
258
401
Nearby Retailers include
17
421
701
74
74 17 95
158
17
15
74
501
17
13 258
76
Strategically positioned alongside the only TJ Maxx and Staples in the Outer Banks, the Property is also within close proximity to the area’s predominant share of major retailers
•
Excellent access and visibility along Route 158/Croatan Highway – The Outer Banks’ primary commercial corridor
•
PetSmart has prime monument signage with exposure to over 40,000 vehicles per day
•
Zero direct pet competition within 75 miles of the subject location
701
Wilmington
17
PORTFOLIO Summary
Suffolk
58
58
15
•
Newport News
85
1
A NNN lease with minimal landlord obligations make the Property an ideal 1031 exchange opportunity
Hampton
29
421
•
Chesapeake Bay
295
60
501
13
360
522
81
15
Location on a densely developed peninsula in conjunction with lack of public sewer and scarcity of commerical land presents high barriers to entry for new retail developments in the market
301 33
64
•
522
95
oro
New, build-to-suit construction of PetSmart’s streamlined store layout
9
17
33 340
501
•
113
15
29
460
9
495
211 522
250
Corporately leased by PetSmart, Inc. (NASDAQ:PETM) – the nation’s largest specialty pet retailer, operating over 1,333 stores in North America with annual net sales in excess of $6.9 Billion
Alexandria
340
81
• 9
Gaithersburg 29
17
Irreplaceable location in the heart of North Carolina’s coastal Outer Banks. A popular tourist destination, the region attracts more than seven million visitors annually
13
Baltimore
270 15
•
Jacksonville
70
TOTAL SF
12,319
PRICE
$3,700,000
CAP RATE
6.5%
LAND AREA
+/- 3.57 acres
LEASE TYPE
NNN
LEASE COMMENCEMENT
September 17, 2012
INITIAL TERM
10 Years
RENEWAL OPTIONS
Four (4), 5-Year Options
RENEWAL OPTION INCREASES
13% in option, 10% in options 2-5
PARKING
4:1,000
YEAR BUILT
2012
zoning
C2 (General Business)
Pe tsmart | 2210 croatan hig hway 158
ay ghw Hi ) tan oa vpd Cr 00 uth (40,0 So
Monument Signage
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For more information, please contact: CATHARINE SPANGLER [email protected] (804) 344 7140
CHRISTOPHER E. ROUZIE [email protected] (757) 596 2897 NC License #: 150976
THALHIMER CENTRE 11100 West Broad Street, Glen Allen,VA 23060
Compass Pointe One Compass Way Suite 100, Newport News,VA 23606
No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any specific listing conditions, imposed by our principals. Actual property not pictured. Photos contained herein are used strictly for marketing purposes.
CONFIDENTIALITY AGREEMENT PROPERTY: PETSMART | 2210 CROATAN HIGHWAY, NAGS HEAD, NORTH CAROLINA 27959 Thalhimer, Inc of Virginia (“Broker”), licensed broker in North Carolina, in conjunction with the Owner has prepared this confidential due diligence material intended solely for your limited use in determining whether you desire to express any further interest in the acquisition of a PetSmart located at 2210 Croatan Highway in Nags Head, North Carolina (the “Property”). The Owner has directed that all inquiries and communications with respect to the contemplated sale of such Property be directed to Broker. All fees due Broker in connection with the sale of the Property shall be paid by the Owner. Neither Broker nor Owner shall be responsible for paying any fees to agents representing Potential Purchasers. Broker has available for review certain information concerning the Property which includes brochures and other materials (collectively “Informational Materials”). Broker will not disclose such Informational Materials to Potential Purchaser unless and until the Purchaser has executed this agreement. Upon Broker’s receipt of this executed agreement, Broker is prepared to provide the Informational Materials for the Potential Purchaser’s consideration in connection with the possible purchase of the Property subject to the following conditions. 1.
All Informational Materials pertaining to the Property which may be furnished to the Potential Purchaser by Owner shall continue to be the property of the Owner and Broker. The Informational Materials will be used solely for the purpose of the Potential Purchaser and may not be copied or duplicated without Owner’s written consent and must be returned to Owner immediately upon Owner’s request or when the Potential Purchaser terminates negotiations with respect to the Property.
2.
The Informational Materials may be disclosed to the Potential Purchaser’s partners, employees, legal counsel and institutional lenders (“Related Parties”), for the purpose of evaluating the potential purchase of the Property.
3.
The Potential Purchaser understands and acknowledges that Broker and the Owner do not make any representations or warranties as to the accuracy or completeness of the Informational Materials and that the information used in the preparation of the Informational Materials was furnished to Broker by others and has not been independently verified by Broker and is not guaranteed as to completeness or accuracy.
4.
The Potential Purchaser hereby indemnifies and holds harmless Broker, Owner and their respective affiliates and successors and assigns against and from any loss, liability or expense, including attorney’s fees, arising out of any breach of any of the terms of this Agreement.
5.
The Potential Purchaser acknowledges that the Property has been offered for sale subject to withdrawal from the market, change in offering price, prior sale or rejection of any offer because of the terms thereof, lack of satisfactory credit references of any prospective purchaser, or for any other reason whatsoever, without notice. The Potential Purchaser acknowledges that the Property is being offered without regard to race, creed, sex, religion, national origin or any other protected class as provided by the laws of the State of North Carolina. This agreement terminates one (1) year from the date hereof except as to written claims by Owner against Potential Purchaser prior thereto.
6.
This Agreement shall be construed in accordance with the laws of the State of North Carolina. In the event of any action or claim arising from an alleged breach of this Agreement, Venue shall lie with a court of competent jurisdiction within the State of North Carolina. IT IS EXPRESSLY UNDERSTOOD THAT THE SIGNATORIES TO THIS AGREEMENT WAIVE ANY AND ALL RIGHTS TO TRIAL BY JURY IN THE EVENT OF A SUIT OR ACTION ARISING FROM AN ALLEGED BREECH OF THIS AGREEMENT.
If in agreement with the foregoing, please return one signed copy of this agreement to: Attention: Christopher Rouzie and Catharine Spangler, Thalhimer 11100 W. Broad Street Glen Allen, VA 23060 Phone: (804) 344-7140 Fax: (804) 697-3479 POTENTIAL PURCHASER: ACCEPTED AND AGREED TO:
COMPANY:
SIGNATURE: ________________________
ADDRESS:
NAME: TITLE:
PHONE NUMBER:
DATE: ______________________________
FAX NUMBER: E-mail: ____________________________________
AGENCY DISCLOSURE North Carolina law and regulations require real estate agents to disclose their agency relationships to all prospective customers and clients. In addition to meeting that requirement, this disclosure is intended to inform customers about agency relationships and the duties of real estate agents, brokers and firms. For convenience, Thalhimer and all other real estate agents, brokers and firms are hereinafter collectively referred to as "licensees" since they are all required to be licensed by the North Carolina Real Estate Board. AGENCY is the relationship formed when one person works for or represents another person by express authority. People whom licensees represent are called "clients". People who receive services from licensees without being represented by the licensees are called "customers". A licensee does not necessarily represent the person who pays him or her. As a result, a licensee can represent the buyer, but be paid by the seller, or vice versa. Although agency relationships can be formed without a written agreement, you should not assume that any person represents you unless you have a written agreement with such person. The agreement between the licensee and the client creates a brokerage relationship. CLIENT STATUS. As a client, you enter into an agreement with a licensee for that licensee to represent you. This agreement may be called a "listing," a "management agreement," a "buyer broker agreement," or an "agency agreement," depending on whether you are a seller, landlord, buyer, or tenant. You are then the licensee's client. If the agreement is an exclusive agreement, you are required to work through that licensee. A licensee will generally be entitled to a commission if you buy, sell, or lease (as applicable) property, even if you do not use the services of the licensee. A licensee is required to provide you certain assistance, such as to fulfull contractual obligations, facilitate settlement or finalize a lease, and to disclose any material information related to the property or the transaction of which the licensee has actual knowledge. The licensee is also required not to disclose to other parties any personal or financial information about you or any other information you ask to be kept confidential. CUSTOMER STATUS. As a customer, you do not sign an agreement with a licensee (although the licensee is still required to obtain this Agency Disclosure form executed by you). You are then the licensee's customer. The licensee may represent the other party in the transaction, who will be the licensee's client. You are not legally required to work through a licensee, and the licensee will only be entitled to a commission if you buy, sell or lease (as applicable) property through the licensee. A licensee can give you general advice and is required to treat you honestly and disclose material adverse facts known to the licensee regarding the physical condition of the property, but the licensee generally cannot give advice regarding price or assistance in negotiating favorable terms. The licensee is required to disclose to its client any information which it knows about you which might be helpful to the client. If you will be a customer, you should be aware that there may be other relevant information concerning the transaction which may be obtained from other sources. ADDITIONAL DUTIES OF LICENSEES. In addition to the duties that are described above and any duties included in the agreement between the licensee and the client, a licensee has certain duties under North Carolina law and the regulations of the North Carolina Real Estate Board. A licensee must promote the interests of its client by seeking a buyer or tenant or an appropriate property for its clients, although a licensee is not required to continue these efforts after a contract has been signed, and by timely presenting all written offers and counter-offers. A licensee must account to its client for all money and property which the licensee receives in which the client has an interest. Before a licensee enters into a brokerage relationship, the licensee must advise the prospective client of the type of relationship which is proposed, the licensee's compensation and whether the licensee will share that compensation with a licensee who represents another party to the transaction. A licensee owes its clients a duty of ordinary care. "Thalhimer" is a registered trade name for Morton G. Thalhimer, Inc., a North Carolina corporation, which is a duly licensed real estate brokerage and services firm and an independently owned and operated business. This is not an agreement, but only a disclosure form. DISCLOSURE OF BROKERAGE RELATIONSHIP I acknowledge that Thalhimer and Christopher Rouzie and/or Catharine Spangler, have disclosed to me that they represent the following party in this real estate transaction: Seller The commission for the transaction contemplated between the undersigned will be paid by: Seller Property:
2210 Croatan Highway, Nags Head, North Carolina 27959
_______ Date
Printed Name
Signature
Company
40
Frederick 50
70
340
522
695
Bowie
301
50 220
Delaware Bay
301
97
33
13
Washington 66
522
50
50 301
17
1 64
29
64
60
15
64
RICHMOND
17
Lynchburg 360
460
13 501
460 460
95
360
Virginia Beach Norfolk Portsmouth Chesapeake
258 15
85
158
158
15
158
401
1
95
301
13
258
Rocky Mount
Durham 64
Cary
64
64 264
RALEIGH
1
258
70
13
17 264
Greenville
401
117 13 701
401
13
95
70
40 117
Fayetteville
258
401
Nearby Retailers include
17
421
701
74
74 17 95
158
17
15
74
501
17
13 258
76
Strategically positioned alongside the only TJ Maxx and Staples in the Outer Banks, the Property is also within close proximity to the area’s predominant share of major retailers
•
Excellent access and visibility along Route 158/Croatan Highway – The Outer Banks’ primary commercial corridor
•
PetSmart has prime monument signage with exposure to over 40,000 vehicles per day
•
Zero direct pet competition within 75 miles of the subject location
701
Wilmington
17
PORTFOLIO Summary
Suffolk
58
58
15
•
Newport News
85
1
A NNN lease with minimal landlord obligations make the Property an ideal 1031 exchange opportunity
Hampton
29
421
•
Chesapeake Bay
295
60
501
13
360
522
81
15
Location on a densely developed peninsula in conjunction with lack of public sewer and scarcity of commerical land presents high barriers to entry for new retail developments in the market
301 33
64
•
522
95
oro
New, build-to-suit construction of PetSmart’s streamlined store layout
9
17
33 340
501
•
113
15
29
460
9
495
211 522
250
Corporately leased by PetSmart, Inc. (NASDAQ:PETM) – the nation’s largest specialty pet retailer, operating over 1,333 stores in North America with annual net sales in excess of $6.9 Billion
Alexandria
340
81
• 9
Gaithersburg 29
17
Irreplaceable location in the heart of North Carolina’s coastal Outer Banks. A popular tourist destination, the region attracts more than seven million visitors annually
13
Baltimore
270 15
•
Jacksonville
70
TOTAL SF
12,319
PRICE
$3,700,000
CAP RATE
6.5%
LAND AREA
+/- 3.57 acres
LEASE TYPE
NNN
LEASE COMMENCEMENT
September 17, 2012
INITIAL TERM
10 Years
RENEWAL OPTIONS
Four (4), 5-Year Options
RENEWAL OPTION INCREASES
13% in option, 10% in options 2-5
PARKING
4:1,000
YEAR BUILT
2012
zoning
C2 (General Business)
Pe tsmart | 2210 croatan hig hway 158
ay ghw Hi ) tan oa vpd Cr 00 uth (40,0 So
Monument Signage
d E PC nal Ro Veau De
eld
st We
erfi Satt
ing
d Lan
For more information, please contact: CATHARINE SPANGLER [email protected] (804) 344 7140
CHRISTOPHER E. ROUZIE [email protected] (757) 596 2897 NC License #: 150976
THALHIMER CENTRE 11100 West Broad Street, Glen Allen,VA 23060
Compass Pointe One Compass Way Suite 100, Newport News,VA 23606
No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any specific listing conditions, imposed by our principals. Actual property not pictured. Photos contained herein are used strictly for marketing purposes.
CONFIDENTIALITY AGREEMENT PROPERTY: PETSMART | 2210 CROATAN HIGHWAY, NAGS HEAD, NORTH CAROLINA 27959 Thalhimer, Inc of Virginia (“Broker”), licensed broker in North Carolina, in conjunction with the Owner has prepared this confidential due diligence material intended solely for your limited use in determining whether you desire to express any further interest in the acquisition of a PetSmart located at 2210 Croatan Highway in Nags Head, North Carolina (the “Property”). The Owner has directed that all inquiries and communications with respect to the contemplated sale of such Property be directed to Broker. All fees due Broker in connection with the sale of the Property shall be paid by the Owner. Neither Broker nor Owner shall be responsible for paying any fees to agents representing Potential Purchasers. Broker has available for review certain information concerning the Property which includes brochures and other materials (collectively “Informational Materials”). Broker will not disclose such Informational Materials to Potential Purchaser unless and until the Purchaser has executed this agreement. Upon Broker’s receipt of this executed agreement, Broker is prepared to provide the Informational Materials for the Potential Purchaser’s consideration in connection with the possible purchase of the Property subject to the following conditions. 1.
All Informational Materials pertaining to the Property which may be furnished to the Potential Purchaser by Owner shall continue to be the property of the Owner and Broker. The Informational Materials will be used solely for the purpose of the Potential Purchaser and may not be copied or duplicated without Owner’s written consent and must be returned to Owner immediately upon Owner’s request or when the Potential Purchaser terminates negotiations with respect to the Property.
2.
The Informational Materials may be disclosed to the Potential Purchaser’s partners, employees, legal counsel and institutional lenders (“Related Parties”), for the purpose of evaluating the potential purchase of the Property.
3.
The Potential Purchaser understands and acknowledges that Broker and the Owner do not make any representations or warranties as to the accuracy or completeness of the Informational Materials and that the information used in the preparation of the Informational Materials was furnished to Broker by others and has not been independently verified by Broker and is not guaranteed as to completeness or accuracy.
4.
The Potential Purchaser hereby indemnifies and holds harmless Broker, Owner and their respective affiliates and successors and assigns against and from any loss, liability or expense, including attorney’s fees, arising out of any breach of any of the terms of this Agreement.
5.
The Potential Purchaser acknowledges that the Property has been offered for sale subject to withdrawal from the market, change in offering price, prior sale or rejection of any offer because of the terms thereof, lack of satisfactory credit references of any prospective purchaser, or for any other reason whatsoever, without notice. The Potential Purchaser acknowledges that the Property is being offered without regard to race, creed, sex, religion, national origin or any other protected class as provided by the laws of the State of North Carolina. This agreement terminates one (1) year from the date hereof except as to written claims by Owner against Potential Purchaser prior thereto.
6.
This Agreement shall be construed in accordance with the laws of the State of North Carolina. In the event of any action or claim arising from an alleged breach of this Agreement, Venue shall lie with a court of competent jurisdiction within the State of North Carolina. IT IS EXPRESSLY UNDERSTOOD THAT THE SIGNATORIES TO THIS AGREEMENT WAIVE ANY AND ALL RIGHTS TO TRIAL BY JURY IN THE EVENT OF A SUIT OR ACTION ARISING FROM AN ALLEGED BREECH OF THIS AGREEMENT.
If in agreement with the foregoing, please return one signed copy of this agreement to: Attention: Christopher Rouzie and Catharine Spangler, Thalhimer 11100 W. Broad Street Glen Allen, VA 23060 Phone: (804) 344-7140 Fax: (804) 697-3479 POTENTIAL PURCHASER: ACCEPTED AND AGREED TO:
COMPANY:
SIGNATURE: ________________________
ADDRESS:
NAME: TITLE:
PHONE NUMBER:
DATE: ______________________________
FAX NUMBER: E-mail: ____________________________________
AGENCY DISCLOSURE North Carolina law and regulations require real estate agents to disclose their agency relationships to all prospective customers and clients. In addition to meeting that requirement, this disclosure is intended to inform customers about agency relationships and the duties of real estate agents, brokers and firms. For convenience, Thalhimer and all other real estate agents, brokers and firms are hereinafter collectively referred to as "licensees" since they are all required to be licensed by the North Carolina Real Estate Board. AGENCY is the relationship formed when one person works for or represents another person by express authority. People whom licensees represent are called "clients". People who receive services from licensees without being represented by the licensees are called "customers". A licensee does not necessarily represent the person who pays him or her. As a result, a licensee can represent the buyer, but be paid by the seller, or vice versa. Although agency relationships can be formed without a written agreement, you should not assume that any person represents you unless you have a written agreement with such person. The agreement between the licensee and the client creates a brokerage relationship. CLIENT STATUS. As a client, you enter into an agreement with a licensee for that licensee to represent you. This agreement may be called a "listing," a "management agreement," a "buyer broker agreement," or an "agency agreement," depending on whether you are a seller, landlord, buyer, or tenant. You are then the licensee's client. If the agreement is an exclusive agreement, you are required to work through that licensee. A licensee will generally be entitled to a commission if you buy, sell, or lease (as applicable) property, even if you do not use the services of the licensee. A licensee is required to provide you certain assistance, such as to fulfull contractual obligations, facilitate settlement or finalize a lease, and to disclose any material information related to the property or the transaction of which the licensee has actual knowledge. The licensee is also required not to disclose to other parties any personal or financial information about you or any other information you ask to be kept confidential. CUSTOMER STATUS. As a customer, you do not sign an agreement with a licensee (although the licensee is still required to obtain this Agency Disclosure form executed by you). You are then the licensee's customer. The licensee may represent the other party in the transaction, who will be the licensee's client. You are not legally required to work through a licensee, and the licensee will only be entitled to a commission if you buy, sell or lease (as applicable) property through the licensee. A licensee can give you general advice and is required to treat you honestly and disclose material adverse facts known to the licensee regarding the physical condition of the property, but the licensee generally cannot give advice regarding price or assistance in negotiating favorable terms. The licensee is required to disclose to its client any information which it knows about you which might be helpful to the client. If you will be a customer, you should be aware that there may be other relevant information concerning the transaction which may be obtained from other sources. ADDITIONAL DUTIES OF LICENSEES. In addition to the duties that are described above and any duties included in the agreement between the licensee and the client, a licensee has certain duties under North Carolina law and the regulations of the North Carolina Real Estate Board. A licensee must promote the interests of its client by seeking a buyer or tenant or an appropriate property for its clients, although a licensee is not required to continue these efforts after a contract has been signed, and by timely presenting all written offers and counter-offers. A licensee must account to its client for all money and property which the licensee receives in which the client has an interest. Before a licensee enters into a brokerage relationship, the licensee must advise the prospective client of the type of relationship which is proposed, the licensee's compensation and whether the licensee will share that compensation with a licensee who represents another party to the transaction. A licensee owes its clients a duty of ordinary care. "Thalhimer" is a registered trade name for Morton G. Thalhimer, Inc., a North Carolina corporation, which is a duly licensed real estate brokerage and services firm and an independently owned and operated business. This is not an agreement, but only a disclosure form. DISCLOSURE OF BROKERAGE RELATIONSHIP I acknowledge that Thalhimer and Christopher Rouzie and/or Catharine Spangler, have disclosed to me that they represent the following party in this real estate transaction: Seller The commission for the transaction contemplated between the undersigned will be paid by: Seller Property:
2210 Croatan Highway, Nags Head, North Carolina 27959
_______ Date
Printed Name
Signature
Company
