S H O P P E S AT GLO UC ESTE R 6499-6513
93% Leased High Performing Shopping Center | Gloucester, VA
MARKET
DRIVE
|
GLOUCESTER,
VA
E X ECU T IV E SUMMA RY The Offering Cushman and Wakefield | Thalhimer is pleased to exclusively offer for sale The Shoppes at Gloucester (“the Property”), a 93% leased, 92,273 square foot neighborhood retail center located along George Washington Memorial Highway (U.S. RT 17) in Gloucester, VA. The Property is leased to four national tenants including Ollie’s Bargain Outlet (NASDAQ: OLLI), Tractor Supply (NASDAQ: TSCO), Aaron’s (NYSE: AAN), and Planet Fitness (NYSE: PLNT) Strategically located in the heart of Virginia’s middle peninsula, Shoppes at Gloucester is situated in the middle peninsula’s only real retail corridor. Shoppers come from all over Virginia including many who travel up to 45 minutes to shop in Gloucester. Bordered to the south by a $2 toll on the Coleman Memorial Bridge, shoppers tend to stay on the middle peninsula for their shopping needs.
ADDRESS 6499-6513 Market Drive Gloucester, Virginia 23061 TOTAL GLA 92,273 SF OCCUPANCY 93.2%
As an investment, the property shows upside potential in sub-market rents and an asking price of just $60/SF that is substantially below replacement cost.
YEAR BUILT
With a location on the heavily traveled, retail destination corridor, The Shoppes at Gloucester presents the opportunity to buy a stable asset at a discount to replacement cost with sub-market rents.
ACREAGE
2018 DEMOGRAPHICS
10 MILES
20 MILES
30 MILES
2010 Population
37,893
287,585
587,424
2018 Population
40,217
308,414
616,341
Total Daytime Population
31,978
284,631
616,214
2018 Avg. Household Income
$97,843
$105,669
$94,564
39.4
38.0
$283,122
$252,132
2018 Median Age Median Home Value
42.9 $255,746
1992
±14.22 acres NUMBER OF TENANTS Four (4) MAIN TENANTS Ollie’s Bargain Outlet
33,625 SF
Tractor Supply
28,820 SF
WEIGHTED AVERAGE IN PLACE RENT $5.00/SF NNN PARKING 568 spaces; 6.16 per 1,000 SF
TRAFFIC COUNTS George Washington Memorial Highway
30,000 VPD
YEAR 1 NOI
Main Street
15,000 VPD
$478,050
Investment Highlights 93% leased shopping center with 100% of its income from national and credit tenants
Ollie’s Bargain Outlet (NASDAQ: OLLI), Tractor Supply (NASDAQ: TSCO), Aaron’s (NYSE: AAN) and Planet Fitness (NYSE: PLNT) are all publicly traded
Sticky anchor tenants – Ollie’s and Tractor Supply have been at the Property for approximately 10 years
Strong recent leasing momentum with Planet Fitness recently executing a 10-year deal
Excellent location directly off of Route 17, which sees over 30,000 vehicles pass by the Property each day
Located in the heart of the Virginia Middle Peninsula trade area with numerous nearby retailers Big Lots, Wal-Mart, Starbucks, TJ Maxx, Lowe’s, Home Depot, Ulta, Aldi, Chic Fil a, Hibbets, serving a multi-county trade area of approx. 100 square miles
Below market in-place rents
Recent major property upgrades include new roof, new paving and striping
INVESTMENT ADVISOR
LEASING ADVISOR
F I N A N C I A L A N A LY S T
Joe Kennedy
[email protected] 757 213 4151
Drew Haynie
[email protected] 757 873 9004
Bo McKown
[email protected] 804 697 3420
CONFIDENTIALITY AGREEMENT Cushman & Wakefield | Thalhimer PROPERTY ADDRESS: 6499 – 6513 Market Drive CITY: Gloucester STATE: VA ZIP: 23061 After review of this document, please execute and fax to: ATTN: Joe Kennedy FAX: 757-499-1265 EMAIL:
[email protected] This will serve to confirm our understanding and agreement concerning certain material, data and information (herein "Evaluation Material") which you will make available to us in connection with a possible purchase by us of the Property. You are prepared to furnish us with the Evaluation Material in connection with discussions and negotiations concerning a possible transaction involving the Property only on the conditions that we treat such Evaluation Material confidentially and confirm certain representations to you. Therefore, as a prerequisite to your furnishing to us the Evaluation Material, we hereby represent and agree as follows: 1. The Evaluation Material furnished to us will be used by us solely for evaluating a possible transaction exclusively for our own account, as principal in the transaction. Therefore, we agree to keep all Evaluation Material strictly confidential; provided however, that any of such Evaluation Material may be disclosed to our directors, officers or employees as well as our counsel, accounting firms and financial institutions who need to know such information for the purpose of assisting us with our possible purchase of the Property. Such directors, officers, employees, lawyers, financial institutions and accountants shall be informed by us of the confidential nature of such information and shall be directed by us to treat such information with strict confidence. We will keep a record as to the exact location of all Evaluation Materials and all copies thereof. We will promptly, upon your request, deliver to you all Evaluation Material furnished to us, whether furnished before or after the date of this letter, without retaining copies thereof.
and inspections of the Property as we deem necessary or desirable and as permitted by agreement with the Owner of the Property. 3. We understand that Owner and Owner’s Agent shall have no legal commitment or obligation to us or any other person or entity reviewing the Evaluation Material or making an offer to invest in the Property unless and until such investment in the Property is approved on whatever terms deemed desirable by Owner by the necessary officers and/or Financial Committee of the Board of Directors of Owner, a written agreement for the investment in the Property has been fully executed, delivered and approved by Owner and its legal counsel, any conditions to Owner's obligations hereunder have been satisfied or waived, and any conditions to our obligations thereunder have been fully satisfied in the opinion of Owner. 4. Purchaser and Owner each represent that no real estate broker, finder or intermediary has been consulted or used in connection with the purchase and sale of the Property, except Owner’s Agent and Broker. Owner shall pay and Broker shall accept an agreed upon amount of the final purchase as compensation upon closing pursuant to a separate agreement. All parties shall agree to indemnify and hold each other harmless from and against any other brokerage commissions and finder or intermediary fees claimed or owing by reason of the sale of the Property.
ACCEPTED AND AGREED TO: PROSPECTIVE PURCHASER:
2. Although you have endeavored to include in the Evaluation Material information which you believe to be relevant for the purpose of helping us in our evaluation of the Property for possible purchase, we understand and acknowledge that neither the Seller (“Owner”) of the Property nor Thalhimer of Virginia (“Owner’s Agent”) make any representation or warranty to us as to the accuracy or completeness of the Evaluation Material. The financial information and projections contained in the Evaluation Material represent estimates based upon assumptions considered reasonable under the circumstances, although they have not been independently verified by Owner’s Agent. We acknowledge and agree that neither Owner’s Agent nor Owner make any representation or warranty, express or implied that actual results will conform to such projections. We agree that the Owner and Owner’s Agent shall not have any liability to us as a result of our use of or reliance on the Evaluation Material and it is understood that we are expected to perform such due diligence investigations
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