Offering Memorandum New Port Richey, Florida (Tampa MSA)...10627 State Road 54, New Port Richey,...

Offering Memorandum

New Port Richey, Florida(Tampa MSA)

Representative Photo

Brand New Construction | New, 10-Year, Corporate Guaranteed Lease with 20-

Year Roof Warranty

Two, Five-Year Renewal Options with 10 Percent Increases Every Five Years

Located on State Road 54, with a Traffic Count of More Than 46,000 Vehicles

Per Day

Surrounding Retailers Include Publix, Walmart Supercenter, Dollar General, Outback Steakhouse, Bonefish Grill,

Wells Fargo and Many More

Tenant Publicly Traded on NASDAQ

CONFIDENTIALITY AND DISCLAIMER

NON-ENDORSEMENT NOTICE

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap Real Estate Investment Services of Florida, Inc. (“Marcus & Millichap”) and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property 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. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes 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.

Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows:

The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.

As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this Property for Buyer.

Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors.

Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the property for your needs.

Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success.Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.

By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.

Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corpora-tion’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

NET LEASED DISCLAIMER

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services© 2017. All rights reserved.

Investment Highlights• Brand New, 10-Year LeaseThe Tire Choice located at 10627 State Road 54 in New Port Richey, has a new, 10-year, corporate guaranteed lease and a 20-year roof warranty. Brand new construction; this property is opening Summer 2018.• Renewal Options and Rent IncreasesTwo, five-year renewal options and 10 percent increases every five years throughout the base term and option periods.• Strong Traffic CountsThe Tire Choice is located on State Road 54, with a traffic count of more than 46,000 vehicles per day. Surrounding national retailers include Walmart Supercenter, Publix, Dollar General, CVS, Outback Steakhouse, Bonefish Grill, McDanald’s, Taco Bell, Coldstone Creamery, Wells Fargo and many more.

Overview10627 State Road 54, New Port Richey, Florida 34655

Price: $2,075,000Cap Rate: 5.90%Rentable Square Feet: 5,500Annual Rent: $122,398Rent/Square Foot: $22.25Land Area: 0.75 AcresYear Built: 2018

Lease SummaryTenant: Monro, Inc. (dba The Tire Choice)Website: www.Monro.comLease Type: Modified NNNLease Term: 10 YearsOption Periods: 2, 5-Year OptionsRental Increases: 10% Every 5 YearsRoof & Structure: Landlord*Commencement: 6/8/2018 estLease Expiration: 5/31/2028 est

Base Term Annual Rent PSF Cap Rate

Lease Years 1-5: $122,398 $22.25 5.90%Lease Years 6-10: $134,638 $24.48 6.49%

Option Periods Annual Rent PSF Cap Rate

Option 1, Years 11-15: $148,101 $26.93 7.14%Option 2, Years 16-20: $162,912 $29.62 7.85%

FINANCIAL OVERVIEW

*20-Year Roof Warranty in Place

http://www.monro.com

TENANT SUMMARY


With 1,140 company-operated stores in 27 states, it is their mission to provide customers with superior maintenance and repair services, quality replacement parts, and name brand tires, at affordable prices.

The Tire Choice & Total Car Care, with more than 85 stores across Florida, provides complete under-car care, including oil changes, brakes, shocks and struts, exhaust, air conditioning and, of course, tire sales. All tire purchases are backed by a 30-day ride and lowest total price guarantee. The Tire Choice will beat any competitor’s written estimate for tires, maintenance work, or repairs by five percent.

Every store is company-owned and operated, not a franchise, ensuring maximum control over service quality and costs. Launched in 2006, The Tire Choice quickly grew to 35 stores. Monro Inc. bought the group in 2014, followed by a series of additional Florida acquisitions, including the 28-store McGee Auto Service and Tires chain, all of which now operate under The Tire Choice banner.

For more information about this company, visit www.Monro.com or www.TheTireChoice.com

$944Million

SALES VOLUME

NYSE:MNRO

STOCK SYMBOL

1,140+LOCATIONS

$1.78BillionMARKET

CAP

http://www.Monro.com

http://www.Monro.com

http://www.thetirechoice.com/

LEASE ABSTRACT


Taxes Tenant shall pay directly to the taxing authority the real estate taxes and assessments, general and special, and all other impositions, ordinary and extraordinary of every kind and nature whatsoever, which may be levied or assessed against the Premises.

Premises

At all times during the Occupancy Term, except as otherwise stated herein Tenant shall, at its sole cost and expense, keep, maintain, and replace when necessary the entire Premises, including by way of example, not limitation, the interior of the Premises and the exterior wall surfaces of the Premises, all glass, doors, the HVAC system, plumbing, electrical, landscaping, and parking lot, in good order and repair and in a clean and safe condition.

Except for damaged caused by Tenant, its employees, vendors and customers, during the Occupancy Term, Landlord shall, at its sole cost and expense, maintain, repair and replace the roof of the Building in which the Premises is located and maintain repair and replace any and all structural components of the Building in which the Premises is located (including the walls, floor slab and foundation thereof), in good order, repair and a safe condition. Landlord shall also, at its sole cost and expense, contain, repair and replace the electric and gas lines to the meter on the Building, and the water and sanitary sewer lines from the mains to the connection at the perimeter of the building.

Insurance

Tenant shall procure and maintain, and pay all premiums, fees, and charges for the purpose of procuring and maintaining continuously throughout the Term subsequent to the Delivery Date, commercial general liability insurance for bodily injury or property damage in such amounts (not less than ($2,000,000 for personal injury and $250,000 for property damage) and with such coverages and deductibles as are consistent with Tenant’s current insurance programs.

Tenant shall procure and maintain, and pay all premiums, fees and charges for the purpose of procuring and maintaining continuously throughout the Term subsequent to the Delivery Date insurance on all improvements on the Premises against loss or damage by fire or other casualty (including flood, if required by law and wind) with endorsements providing what is commonly known as all risk fire and extended coverage, vandalism and malicious mischief insurance, in an amount equal to the full replacement cost thereof, with deductibles as are consistent with Tenant’s current insurance program. Tenant’s insurance shall include “Loss of Rents” coverage.

20-Year Roof

Warranty in Place

SITE PLAN


BUILDING PLAN


State Road 54

McDonald’s

46,000Daily

AERIAL


McDonald’s

State Road 54

46,000Daily

AERIAL


LOCAL & REGIONAL MAPS


MARKET OVERVIEW

TAMPA-ST. PETERSBURGOVERVIEW

Tampa Bay refers both to a larger metropolitan area and to the bay

that extends inland from the Gulf of Mexico. The Tampa-St.

Petersburg metro contains 2.9 million residents and spans four

counties along the west coast of central Florida: Hillsborough, Pasco,

Hernando and Pinellas. Tampa, the county seat of Hillsborough

County, is the most populous city with more than 365,400 people and

is situated northeast of the bay. St. Petersburg follows with nearly

255,000 residents and is located on the peninsula near the mouth of

the bay. Robust job growth is attracting new people to the metro,

many of whom are living in higher-density redevelopment projects

near city cores.

MARKET OVERVIEW

METRO HIGHLIGHTS

FAVORABLE BUSINESS CLIMATE

A low cost of living and economic development

bring a thriving business landscape to the Tampa

Bay-St. Petersburg metro.

PORT ACTIVITY

One of the largest seaports in the Southeast, the

Port of Tampa services passenger cruise ships and

commercial freighters. The Port of St. Petersburg is

also in the metro.

DIVERSE ECONOMY

High-tech industries as well as the tourism, military,

finance and seaborne commerce segments drive

the region’s economy.

MARKET OVERVIEW

ECONOMY▪ Local ports contribute to a major presence in the shipping, distribution and logistics

industry. The CSX Intermodal facility in nearby Polk County provides quick access to

markets throughout the nation.

▪ Bioscience and other high-tech industries are expanding. Local Fortune 500 companies

include WellCare Health Plans, Tech Data and Jabil Circuit.

▪ Tourism also plays a significant role in the local economy. Visitors can go to Busch

Gardens, the Dali Museum and the region’s many beaches, among other sites.

SHARE OF 2017 TOTAL EMPLOYMENT

MAJOR AREA EMPLOYERS

BayCare Health Care Systems

Publix Supermarkets, Inc.

HCA West Florida

Walmart

Verizon Communications, Inc.

MacDill Air Force Base

University of South Florida

JPMorgan Chase

Citibank

TECO Energy Inc.* Forecast

MANUFACTURING

5%GOVERNMENT

HEALTH SERVICES

EDUCATION AND

+OTHER SERVICES

4%

LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES

AND UTILITIES

TRADE, TRANSPORTATION

19%

PROFESSIONAL AND

BUSINESS SERVICES

2%INFORMATION

18%

CONSTRUCTION

6%

12% 11% 8%

15%

MARKET OVERVIEW

DEMOGRAPHICS

SPORTS

EDUCATION

ARTS & ENTERTAINMENT

▪ The local population will expand to approximately 3.2 million residents through

2022. During this time the number of households will increase to 1.3 million.

▪ Homeownership of nearly 65 percent is slightly above the national rate of 64

percent; the median home price, at $226,300, is below the national median.

▪ More than 36 percent of residents hold bachelor’s degrees, with 9 percent having

also attained a graduate or professional degree.

The metro boasts a mild climate and a beautiful waterfront that attract many residents and

visitors. It has professional football, hockey and baseball teams. The area has more than

200 golf courses and abundant water-related activities, with Tampa Bay and the Gulf Coast

nearby. There are more than 11,000 acres of parkland and 100 trail acres within a 60-mile

radius. Numerous state parks, historic sites, museums, theaters and retail centers also dot

the landscape. The world-famous Busch Gardens theme park draws visitors. Educational

advancement is available at numerous institutions of higher learning located in the Tampa

Bay area. The University of South Florida, located in Tampa, is the third-largest university in

the state.

* Forecast

Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s

Analytics; U.S. Census Bureau

QUALITY OF LIFE

2017 Population by Age

0-4 YEARS

5%5-19 YEARS

17%20-24 YEARS

6%25-44 YEARS

25%45-64 YEARS

27%65+ YEARS

19%

42.1

2017MEDIAN AGE:

U.S. Median:

37.8

$48,700

2017 MEDIAN HOUSEHOLD INCOME:

U.S. Median:

$56,300

3M

2017POPULATION:

Growth2017-2022*:

6.4%

1.2M

2017HOUSEHOLDS:

7.7%

Growth2016-2022*:


Click to View in Google Maps

DEMOGRAPHICS

POPULATION 1 MILE 3 MILES 5 MILES2010 Population 3,881 25,032 66,4432017 Population 4,470 27,908 72,1172022 Population 4,932 31,498 81,0472017 Male Population 2,111 13,097 34,3552017 Female Population 2,358 14,811 37,7622017 Median Age 49.3 51.4 48.2

RACE & ETHNICITY 1 MILE 3 MILES 5 MILESAmerican Indian, Eskimo 0.2% 0.2% 0.2%Asian 2.1% 2.6% 2.5%Black 1.5% 1.7% 2.3%Hawaiian/Pacific Islander 0.0% 0.0% 0.0%White 94.1% 92.9% 91.7%Other 0.7% 0.9% 1.4%Multi-Race 1.4% 1.7% 2.0%Hispanic Ethnicity 5.4% 7.0% 8.8%Not of Hispanic Ethnicity 94.6% 93.0% 91.2%

HOUSEHOLDS 1 MILE 3 MILES 5 MILES2010 Households 1,410 10,378 27,6522017 Households 1,627 11,581 29,8642022 Households 1,795 13,406 33,987

HOUSEHOLD INCOME 1 MILE 3 MILES 5 MILES2010 Avg Household Income $79,952 $74,868 $70,4222017 Avg Household Income $90,502 $81,671 $76,3432022 Avg Household Income $98,248 $89,687 $84,7962010 Med. Household Income $58,069 $54,585 $49,3142017 Med. Household Income $64,587 $59,778 $53,9622022 Med. Household Income $70,534 $66,363 $61,1732010 Per Capita Income $29,044 $31,078 $29,4072017 Per Capita Income $32,934 $33,928 $31,7112022 Per Capita Income $35,761 $38,205 $35,646

https://www.google.com/maps/place/10627+FL-54,+New+Port+Richey,+FL+34655/@28.1941143,-82.6403621,1025m/data=!3m1!1e3!4m5!3m4!1s0x88c296a820a76971:0xb909e536a21d454e!8m2!3d28.1950599!4d-82.6391712

The Wolfe Retail Group of Marcus & Millichap specializes in the sale of single-tenant properties and shopping centers and has successfully assisted clients in selling over 450 separate commercial properties with a market value exceeding $1.25 billion. Having closed sales in more than 40 states, our track record is evidence that we are one of the premier brokerage teams in the United States.

With our experience and background in various fields such as law and finance, we have proved to be invaluable to our clients, earning their trust and exceeding their expectations while best assisting them in their real estate transactions.

For more about the Wolfe Retail Group, or to view all of our available listings, visit www.WolfeRetailGroup.com

Marcus & Millichap (NYSE: MMI) has established itself as a leading and expanding investment real estate company with nearly 1,500 brokers in 78 markets throughout the United States and Canada. The foundation of our investment sales is the depth of our local market knowledge. Our 44-year history of maintaining investor relationships in local markets enables us to be the best information source and transaction service provider in North America.

About Marcus & Millichap

The Wolfe Retail Group has sold over

450 properties in more than

40 states

http://www.WolfeRetailGroup.com

Barry M. WolfeSenior Managing Director Investments

[email protected](954) 245-3493

Alan LipskyVice President Investments


Evan WhelanAssociate


Catie JacksonMarketing Coordinator


Angelica LinaresTransaction Coordinator


mailto:Evan.Whelan%40marcusmillichap.com?subject=

mailto:Angelica.Linares%40marcusmillichap.com?subject=

Offering Memorandum New Port Richey, Florida (Tampa MSA)...10627 State Road 54, New Port Richey,...

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