Dobbins Air Reserve Base Subject Property Subject Property Akers Mill Square Cumberland Mall Subject Property 2009 Construction VERIZON WIRELESS & CLEAR CHANNEL BILLBOARD $2,470,000 / 8.2% CAP (8.95% in 2013) 100% Occupied Single Tenant Corporate Verizon Wireless (S&P: A) Plus Clear Channel Billboard Thriving North Atlanta Retail Corridor Where I-75 & I-285 Intersect Traffic in Excess of 400,000 Cars / Day Excellent Highway Visibility Strategically Located Between Dobbins Air Base and Cumberland Mall EXCLUSIVE LISTING AGENT: Joe Caputo 212.686.0079 joe@exp1031.com In association with GA Broker of Record: Mark Liles Shadow Anchored by Best Buy, Cost Plus, TJ Maxx, Michaels, Ross, Petsmart Across from Target Other Neighboring Tenants Include Wal-Mart, Burlington Coat Factory, Guitar Center, Bally s Total Fitness Smyrna, GA Avg. HH Income: $84,379 9.2% Estimated Population Growth by 2015 Atlanta MSA: Largest Population in the U.S. Northwest Atlanta is the Fastest Growing Region in the MSA
TABLE OF CONTENTS PAGE 1: PAGE 2: PAGE 3: PAGES 4-5: PAGE 6: PAGE 7: PAGE 8: PAGES 9-10: PAGE 11: COVER TABLE OF CONTENTS - DISCLAIMER INVESTMENT OVERVIEW PROPERTY PHOTOGRAPHS AERIAL PHOTOGRAPHS SITE PLAN LOCATION OVERVIEW LOCATION MAPS DEMOGRAPHICS CONFIDENTIAL MEMORANDUM & DISCLAIMER EXP Realty Advisors, Inc. ( Agent ) has been engaged as the exclusive agent for the sale of the building located at 2540 Cobb Parkway, Smyrna, GA more commonly known as Creekview Shops. 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. 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 nor 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 hereunder 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 and Agent. TABLE OF CONTENTS DISCLAIMER 2
INVESTMENT OVERVIEW Price: CAP Rate (Current): CAP Rate (2013) Building Area: Land Area: Occupancy: Lease Type: Year Built: Ownership: $2,470,000 8.2% 8.95% Approximately 4,500 Square Feet Approximately 0.90 Acres 100% NN - Roof & Structure on Landlord 2008 Fee Simple Interest VERIZON WIRELESS LEASE OVERVIEW Tenant: Verizon Wireless (VAW) LLC, a Delaware limited liability company Leasable Area: Approximately 4,500 Square Feet Initial Lease Term: 10 years (8 years remain) Early Termination: Tenant has a 1 time right to terminate after year 7 Options to Renew: 2, 5 year options Start Date (Occupancy): October 2008 Lease Expiration (Primary Term): October 2018 Verizon Wireless www.verizonwireless.com S&P Credit Rating: A NYSE Symbol: VZ Employees: 79,000+ Locations: 2,200+ Headquarters: Basking Ridge, NJ Verizon Wireless is a wireless phone provider that owns and operates the largest mobile telecommunications network in the US, based on a total of 92.1 million U.S. subscribers. The company is a joint venture of U.S. telecommunications firm Verizon Communications and British-based multinational mobile network operator Vodafone Group, with 55 and 45 percent ownership respectively. Verizon Wireless had the second largest revenue of all U.S. Lease Type: NN Roof & structure is the Landlord's responsibility Rent Increases: 10% every five (5) years Year 1-5 Annual Rent: $186,525 (Current) Year 6-10 Annual Rent: $205,155 (Oct 2013) Year 11-15 Annual Rent (Option 1): $225,675 (Oct 2018) Year 16-20 Annual Rent (Option 2): $248,625 (Oct 2023) CLEAR CHANNEL OUTDOOR LEASE OVERVIEW Clear Channel Outdoor www.clearchanneloutdoor.com Tenant: Clear Channel Outdoor, a Delaware Corporation NYSE Symbol: COO Employees: 6,300+ Locations: 1 Million+ Headquarters: San Antonio, TX Clear Channel Outdoor is the world s largest outdoor advertising company with close to one million displays in over 50 countries across 5 continents. In the United States, the company operates just under 200,000 advertising displays and has a presence in all of the top 50 Designated Market Areas. It also operates airport, rail, and mall advertising businesses worldwide Lease Term: 20 years (17.5 years remain) Start Date: April 2008 Lease Expiration: March 2028 Year 1-5 Annual Rent: $16,000 (Current) Year 6-10 Annual Rent: $21,000 (Apr 2018) INVESTMENT OVERVIEW 3
PROPERTY PHOTOGRAPH 4
PROPERTY PHOTOGRAPH 5
Adjacent to Subject Property Not a Part Adjacent to Subject Property Not a Part PROPERTY PHOTOGRAPHS 6
Subject Property AERIAL PHOTOGRAPH 7
Dobbins Air Reserve Base Subject Property Akers Mill Square Cumberland Mall 10 Miles to Atlanta AERIAL PHOTOGRAPH 8
SITE PLAN 9
IMMEDIATE TRADE AREA The subject property sits along Cobb Parkway (Traffic: 39,320 cars / day) just northwest of the intersection of Interstate 285 (Traffic: 284,770 cars / day) and Interstate 75 (Traffic: 147,240 cars / day); commonly known as The Perimeter, I- 285 is the beltway that encircles Atlanta. Verizon Wireless is an outparcel to a regional shopping center whose tenants include Cost Plus, Best Buy, Michaels, Ross, TJ Maxx and Petsmart. Other neighboring anchor tenants include Target and a Wal-Mart Supercenter. One mile southeast at the intersection of I-75 and I-285 is the 1,050,000 square foot Cumberland Mall, which underwent a multi-million dollar renovation in 2007 and is anchored by Sears, H&M, Macy s, and Costco. Dobbins Air Reserve Base is located just north of the subject property and is the home station of the 94th Airlift Wing, Twenty-Second Air Force, and the Georgia Army National Guard. The base s population consists of more than 4,500 Air Force, Navy, Marine Corps, and Army reservists. SMYRNA, GEORGIA Smyrna, Georgia is located 10 miles northwest of downtown Atlanta. The City of Smyrna is the fourth largest city in the metro Atlanta area and the second fastest growing city in Cobb County with a projected population increase of 9.2% by 2015. The city is part of the Atlanta-Sandy Springs-Marietta Metropolitan Statistical Area, which is the most populous metro area in the state of Georgia and the ninth-largest MSA in the United States. Smyrna s demographic profile shows its residents are younger and have a higher per capita income as compared with the Atlanta MSA, which makes it an attractive location for residential development. The average household income is $84,379. The Atlanta Bread Company, Home Depot, Travelport and the Weather Channel are all also headquartered in Smyrna. Additionally, many Fortune 500 companies have a presence in Smyrna including Eaton Corporation and IBM. Smyrna is also a short drive from The Georgia Aquarium, Six Flags over Atlanta, and Six Flags Whitewater. ATLANTA MSA The Atlanta MSA, which consists of 28 counties located in northwest Georgia., is the most populous MSA in the United States The area covers 8,376 square miles and has a history of strong population and employment growth that has resulted in extensive real estate development activity within all property types. The diversity of Atlanta s economic base, together with its critical mass of population, employment, and development, has typically mitigated the impact of economic downturns. With a population of 5.4+ million residents, Atlanta is nationally recognized as the transportation, financial, governmental, and marketing center of the southeastern United States. Atlanta s development and rapid growth has been enhanced by its location near the geographic center of the southeast region. This central location has spurred Atlanta s emergence as the highway, railroad, and air transportation hub of the Southeast, while absence of natural barriers has allowed growth in all directions. The Hartsfield Jackson Atlanta International Airport has been the busiest airport in the world since 1998. The Atlanta metropolitan area is one of the country's fastest growing areas. The suburbs continue to expand - particularly to the northwest and northeast - while central neighborhoods are experiencing a renaissance as well. LOCATION OVERVIEW 10
Subject Property LOCATION MAPS 11
Subject Property LOCATION MAPS 12
2010 DEMOGRAPHIC SNAPSHOT Category 3-Mile 5-Mile 7-Mile Population Total Population 82,551 199,352 403,934 Male Population 50.0% 50.0% 49.8% Female Population 50.0% 50.1% 50.2% Median Age 32.6 35.5 37.0 Population Density (per sq. mi.) 2,917.1 2,536.0 2,621.7 Employees 88,629 152,845 300,175 Establishments 6,075 11,113 23,052 Income Median HH Income $53,455 $55,668 $60,713 Per Capita Income $39,863 $42,692 $44,251 Average HH Income $84,379 $99,589 $106,141 Households Total Households 38,984 84,135 164,523 Average Household Size 2.1 2.3 2.4 Household Growth 2000-2010 7.1% 9.5% 10.8% Housing Owner Occupied Housing Units 32.3% 43.9% 49.7% Renter Occupied Housing Units 55.4% 44.8% 37.3% Vacant Housing Units 12.3% 11.3% 13.0% DEMOGRAPHICS 13