CORPORATE PRICE RITE SUPERMARKET | Syracuse, NY

Asset Summary

Annual Rent $492,804

Rent/Month $41,067

Rent/SF $13.55

Rentable Square Feet 36,360+/- SF

Land Area 6.40+/- Acres

Tenant Price Rite

Website www.priceritesupermarkets.com

Stock Symbol Nasdaq: VLGEA

Guarantor Corporate (Wakefern Food Corp)

Ownership Type Fee Simple

Lease Type NN

Landlord ResponsibilitiesRoof & Structure

(15-Year Roof Warranty)

Year Built 2012

Lease Term Remaining 13 Years

Rent Commencement October 28, 2012

Lease Expiration October 31, 2032

Increases See Rent Schedule

Investment Highlights

• 13-year corporate lease, recent lease extension

• Corporate guarantee by Wakefern Food Corp with total retail sales of $16.3Bil in 2017

• 1 mile away from Syracuse University with 22,500 students enrolled

• Dense population of over 216,000 people within a 5 mile radius

• Located just off I-690 with traffic counts of 124,000 VPD

• Price Rite agreed to exercise their first option early to extend the lease to 2032

• 15-year Firestone roof warranty through 2027

Rent ScheduleTerm Increases Annual Rent Monthly Rent

11/1/17-10/31/22 - $492,804.00 $41,067.00

11/1/22-10/31/27 8% $532,228.32 $44,352.36

11/1/27-10/31/32 5% $558,876.24 $46,573.02

11/1/32-10/31/37 (Option 1) 5% $586,619.28 $48,884.94

11/1/37-10/31/42 (Option 2) 5% $616,187.52 $51,348.96

11/1/42-10/31/47 (Option 3) 5% $646,850.88 $53,904.24

11/1/47-10/31/52 (Option 4) 5% $679,229.44 $56,611.62

Asking Price$8,013,073

Cap Rate 6.15%

1625 Erie Blvd ESyracuse, NY 13210

Calkain Companies | 2

Price Rite Supermarket | Financial Summary

About Price Rite SupermarketPrice Rite is a chain of limited-assortment supermarkets found in Connecticut, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Virginia. Based in Keasbey, New Jersey, Price Rite is owned by New Jersey-based Wakefern Food Corporation, the cooperative behind ShopRite Supermarkets, Dearborn Market, and The Fresh Grocer. Prior to 2014, Wakefern owned and operated all Price Rite stores.

As of 2019, there were 65 Price Rite supermarkets in the rapidly-growing chain; three of those, found in New Jersey, are individually operated by Wakefern cooperative members.

Price Rite supermarkets feature expansive produce departments, fresh-baked goods delivered daily, choice pre-packaged meat and seafood products and a remarkably low-priced assortment of quality private label items. Price Rite offers its customers many of the most popular grocery items on the market today, including leading national brands, all at incredibly low prices. By finding the best deals and limiting the number of items stocked, Price Rite passes huge savings along to its customers, who can save up to 50% off of their grocery bills.

Tenant SnapshotTenant Snapshot

Headquarters

Keasbey, NJ, U.S

# of Employees

4,000+

# of Locations

65

2018 Revenue

$16.5Bil (1.6% Increase)


Tenant Overview

Hollywood

Boston, MA

Syracuse, NY

Albany, NY

Binghamton, NY

Scranton, PA

Rochester, NY

Providence, RI

New York, NY

81

81

84

86

8890

390

Subject Site

Binghampton, NY 74 miles

Rochester, NY 87 miles

Scranton, PA 132 miles

Albany, NY 144 miles

Buffalo, NY 153 miles

New York, NY 248 miles


Location Overview

Distance To

Keep all map content (except background) above this margin for website cropping purposes

I-81

89,0

00 V

PD

22,500 StudentsEnrolled

1 mile away

Subject Site690

81

81

690

Future Development

Site for

I-690 124,000 VPD

Institute ofTechnology Thornden

Park

1625 Erie Blvd E | Syracuse, NY 13210

C

lick fo

r Street View

Keep all map content (except background) above this margin for website cropping purposes

690690 I-690 124,000 VPD

Erie Blvd E 20,200 VPD

Teal

l Ave

15,

000

VPDSubject Site

12,000 SF

Development Opportunity Site

1625 Erie Blvd E | Syracuse, NY 13210

Location Highlights

Just off I-690 (124,000 VPD)

20,200 VPD Pass the Site

Located on 6.40 Acre Lot

Syracuse University 1 Mile Away

Site Plan

Erie Blvd E 20,200 VPD

Teal

l Ave

12,000 SF

Development Opportunity Site


Syracuse

1 Mile 3 Miles 5 MilesPopulation2019 Population 24,129 136,065 209,674

2024 Population 24,134 138,459 210,469

2019 Median Age 29.1 32.5 35.6

Households2019 Total Households 9,357 56,346 89,627

2024 Total Households 9,743 59,432 92,273

Median Household Income2019 Median HH Income $33,873 $43,734 $61,285

2024 Median HH Income $39,947 $51,057 $58,956

Average Household Income2019 Average HH Income $42,222 $54,193 $61,285

2024 Average HH Income $46,962 $60,810 $69,254

Population 209,674

Median Age 35.6

Avg HH Income $61,285

Total Businesses 11,895

Total Employees 190,209

Annual HH Spending $4,126

5 Mile Radius | Demographics

81

81

Location Overview, 1/3/5 Miles

481

481

6901 Mile

3 Miles

5 Miles


About UsCalkain Companies LLC is a boutique commercial real estate investment banking firm that provides consulting and brokerage services to both private and institutional clientele with a focus on single tenant net lease investments. We pride ourselves on being an innovative leader by providing our clients a full array of commercial real estate investment brokerage and asset management solutions, including advisory, research, debt and equity placement and wealth management.

Calkain has built solid, lasting relationships that have been the cornerstone of how we do business. Calkain approaches each assignment with an eye toward each client’s individual needs. Whether private or institutional investors, Calkain delivers real estate solutions that maximize value while building wealth for all of our clients.

At Calkain, our foresight and innovation are leading the net lease investment industry.

Building a solid foundation for your investment portfoliocalkain.com

Disclaimer: The information contained in this document is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Calkain and its subsidiaries, and should not be made available to any other person or entity without the written consent of Calkain. This document has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property(s). The information contained herein is not a substitute for a thorough due diligence investigation. Calkain and its subsidiaries have not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property(s), the future projected financial performance of the property, the size and square footage of the property(s) and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property(s). The information contained in this document has been obtained from sources we believe to be reliable; however neither Calkain and its subsidiaries nor the Seller have verified, and will not verify, any of the information contained herein, nor has Calkain and its subsidiaries or the Seller conducted any investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

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CORPORATE PRICE RITE SUPERMARKET | Syracuse, NY

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