The Vitamin Shoppe - LoopNet · The Vitamin Shoppe also carries products under its own private...
Transcript of The Vitamin Shoppe - LoopNet · The Vitamin Shoppe also carries products under its own private...
KNOXVILLE , TENNESSEE
The Vitamin Shoppe
Asking Price: $2,450,000Cap Rate: 6.86%
BOSTON, MA | CHAPEL HILL, NC | CHARLOTTE, NC | JUPITER, FL | LOS ANGELES, CA | PITTSBURGH, PA | ATLANTICRETAIL.COM
Michael Zimmerman919.391.9901 [email protected]
Allison Kirchner919.391.9902 [email protected]
Listed in conjunction with Tennessee broker DZ Net Lease Realty, LLC (license 262628).
ATLANT ICRETAIL .COM | 1THE V ITAMIN SHOPPE | INVESTMENT H IGHL IGHTS
PRIME RETAIL LOCATIONThe Property is located on the corner of the signalized intersection of Kingston Pike and North Winston Road just off Interstate 40. Surrounded by major national retailers including Trader Joe’s, Barnes & Noble, TJ Maxx, HomeGoods, David’s Bridal and more, the Property is also conveniently locatedless than one mile away from West Town Mall, the largest enclosed shopping mall in Tennessee. Other nearby attractions include Downtown Knoxville, the Thompson-Boling Arena, The University of Tennessee at Knoxville, Parkwest Medical Center, the Cherokee Farm Innovation Campus and the renowned University of Tennessee Medical Center.
CORPORATE-GUARANTEED LEASEThis NN lease has minimal landlord responsibilities and comes with acorporate guarantee and fixed rent increases within the remaining lease option. No state income tax in Tennessee provides a low tax burden for the investor.
$85,510AVG HH INCOME IN 5-MILE RADIUS
196,214ADT ON NEARBY INTERSTATE 40
126,622EST POPULATION IN 5-MILE RADIUS
$3.50 BAVG HH SPENDING IN 5-MILE RADIUS
Representative Photo
ATLANT ICRETAIL .COM | 2THE V ITAMIN SHOPPE | TENANT P ROF IL E
Representative Photo
The Vitamin Shoppe The Vitamin Shoppe is an omni-channel specialty retailer and contract manufacturer of nutritional products based in Secaucus, New Jersey. The Vitamin Shoppe is the second largest vitamins, minerals and supplements retailer with over $1 billion in annual revenue. Both online and in store, the Company carries one of the most comprehensive retail assortments in the industry, including vitamins, minerals, specialty supplements, herbs, sports nutrition, homeopathic remedies, green living products and beauty aids. In addition to offeringproducts from approximately 900 national brands, The Vitamin Shoppe also carries products under its own private brands, which include BodyTech®, True Athlete®, MyTrition® and more. The Vitamin Shoppe conducts business through close to 800 company- operated retail stores under The Vitamin Shoppe and Super Supplements retail banners, as well as online.
The Company celebrated its 40th anniversary this year and, in 2016, The Vitamin Shoppe launched a new website, an enhanced loyalty program, increased omni-channel capabilities and a modern store format. The new store format represents the future of The Vitamin Shoppe’s brick-and-mortar experience, boasting an evolved identity and an openstore layout that is inviting to customers and easy to navigate. The company is also offering expanded product assortments, sampling stations and store events designed to enable an enhanced shopping experience for customers.
ATLANT ICRETAIL .COM | 3THE V ITAMIN SHOPPE | LEASE S UMMARY
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ADDRESS 7833 Kingston PikeKnoxville, TN 37919
TENANT Vitamin Shoppe Industries, Inc.
GUARANTOR Corporate
ASKING PRICE $2,450,000
CAP RATE 6.86%
BUILDING +/- 3,500 SF
LAND SIZE +/- 0.59 acres
YEAR BUILT 2007
COMMENCEMENT October 18, 2007
EXPIRATION October 17, 2027
LEASE TERM 10-Year Base Lease Term10-Year Early Extension
ANNUAL RENT $168,000 ($48.00/SF)
OPTIONS 1 x 5 Option With 10% Rental Increase
LEASE TYPE NN
LANDLORD Roof & Structure
ADDITIONAL RENT Taxes & Insurance
YEARS ANNUAL RENT INCREASE
1–20 $168,000 ($48.00/SF) None
21–25 (Option 1) $184,800 ($52.80/SF) 10%
Rent Schedule
ADDITIONAL RENT Real Estate Taxes: $13,917 ($3.98/SF) Insurance: $726 ($0.21/SF)
Lease Summary
ATLANT ICRETAIL .COM | 4THE V ITAMIN SHOPPE | MARKET AER IAL
WEST TOWN MALL
BEARDEN HIGH SCHOOL
West Town Mall is an upscale shopping and lifestyle destination in Knoxville. With five anchors, more than 150 stores and 1.3 million square feet of GLA, this is the largest of any enclosed shopping malls in Tennesee.
KINGSTON PIKE: 30,090 ADTINTERSTATE 40: 196,214 ADT
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ATLANT ICRETAIL .COM | 5THE V ITAMIN SHOPPE | MARKET AER IAL
Conveniently located off Exit 380 on I-40, West Town Mall is considered the premier shopping destination in East Tennessee. With over 150 stores—40 of which are exclusive to the area—and five major anchor tenants, the 1.3 million square foot lifestyle and entertainment shopping center is the largest of any enclosed shopping mall in the state.
Named by Forbes as one of the country’s “Best Large Employers” in 2017, Parkwest Medical Center is West Knoxville’s premier medical facility and a top performing heart hospital. Parkwest is part of Covenant Health Systems and serves a 16-county area of East Tennessee.
INTERSTATE 40: 196,214 ADT
ATLANT ICRETAIL .COM | 6THE V ITAMIN SHOPPE | MARKET OVERVIEW
GEORGIA
VIRGINIA
SOUTH CAROLINA
NORTH CAROLINA
Nashville is the capital of the state of Tennessee and home to world-famous attractions including: Vanderbilt University, as well as legendary country music venues like the Grand Ole Opry, the Country Music Hall of Fame and the Honkey Tonk Highway. Nashville was recently named on the Travel & Leisure list of “50 Best Places to Travel in 2017.”
KENTUCKY
AREA ATTRACTIONS Knoxville College • 7 milesUniversity of Tennessee • 8 milesUT Medical Center • 8 milesDowntown Knoxville, TN • 8 milesThompson-Boling Areana • 9 milesNeyland Stadium • 9 milesMcGee Tyson Airport • 18 milesDollywood • 41 milesDowntown Nashville, TN • 172 miles
ATLANT ICRETAIL .COM | 7THE V ITAMIN SHOPPE | MARKET OVERVIEW
NEAR PROMINENT UNIVERSITYThe University of Tennessee at Knoxville is a major economic draw to the area, hosting an average of 28,000 students from all 50 states and more than 100 foreign countries each year. The university also employs nearly 10,000 faculty and staff members and has a $1.6 billion impact on the Tennessee economy. The public university was ranked 46th among public institutions of higher learning by the U.S. News & World Report in its 2017 universities ranking, and the school has a $1.1 billion endowment and a total budget (as of 2015) of more than $758 million.
ATLANT ICRETAIL .COM | 8THE V ITAMIN SHOPPE | MARKET OVERVIEW
“HIDDEN GEM” OF TENNESSEEHome of the University of Tennessee “Vols,” Knoxville is known by many as the “hidden gem” of Tennessee. The third largest city in the state after Nashville and Memphis, Knoxville is home to a growing population of over 185,000, and the Knoxville MSA has a population of nearly 853,000.
ATLANT ICRETAIL .COM | 9THE V ITAMIN SHOPPE | MARKET OVERVIEW
TOP METROPOLITAN “HOT SPOT”Ever since Knoxville hosted the World’s Fair in the early 1980s, the city has boomed both culturally and economically. In 2008, Forbes named Knoxville one of the “Top 10 Metropolitan Hot Spots in the U.S.,” and the city was listed in the magazine’s “Top 5 Hot Spots for Business and Careers,” just behind New York and Los Angeles. In 2011, Kiplinger ranked Knoxville at No. 5 on its list of “Best Value Cities” for its college sports, close proximity to the Smoky Mountains and the city’s entrepreneurial spirit.
ATLANT ICRETAIL .COM | 10THE V ITAMIN SHOPPE | MARKET OVERVIEW
GROWING TOURISM MARKETIn recent years, Knoxville has gained attention for its major downtown revitalization projects, earning the city a nod from Trip Advisor as a “Top Ten Destination on the Rise.” What makes this city so unique is that so many of its attractions are within walking distance of the downtown area, the city’s central business, shopping and entertainment district. The Sunsphere in World’s Fair Park has become a highlight of the Knoxville skyline, while sports fans flock to see the “Vols” in action at the University of Tennessee’s Neyland Stadium.
ATLANT ICRETAIL .COM | 1 1THE V ITAMIN SHOPPE | DEMOGRAP HICS
DEMOGRAPHICS 1 MILE 3 MILES 5 MILES
Estimated Population 7,792 65,309 126,622
2022 Projected Population 7,965 66,589 129,027
2010 Census Population 7,470 62,902 122,157
2000 Census Population 7,048 56,556 109,016
Projected Annual Growth (2017–2022) 0.4% 0.4% 0.4%
Historical Annual Growth (2000–2017) 0.6% 0.9% 0.9%
Estimated Households 4,206 30,257 56,012
2022 Projected Households 4,381 31,603 58,531
2010 Census Households 3,901 28,461 52,874
2000 Census Households 3,614 25,334 47,226
Projected Annual Growth (2017–2022) 0.8% 0.9% 0.9%
Historical Annual Growth (2000–2017) 1.0% 1.1% 1.1%
Est. HH Income $200,000+ 6.8% 7.0% 8.5%
Est. HH Income $150,000-$199,999 4.6% 4.9% 5.8%
Est. HH Income $100,000–$149,999 13.7% 13.9% 13.7%
Est. HH Income $75,000-$99,999 10.2% 12.8% 13.1%
Est. HH Income $50,000–$74,999 17.7% 19.1% 18.8%
Est. HH Income $35,000–$49,999 15.7% 14.6% 13.2%
Est. HH Income $25,000–$34,999 10.9% 8.8% 8.9%
Est. HH Income $15,000–$24,999 11.9% 9.9% 9.0%
Est. HH Income Under $15,000 8.6% 8.9% 9.0%
Est. Average Household Income $75,543 $79,169 $85,510
Est. Median Household Income $60,268 $65,533 $69,133
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DEMOGRAPHICS 1 MILE 3 MILES 5 MILES
Est. White 83.3% 83.7% 84.7%
Est. Black 6.4% 6.8% 6.9%
Est. Asian or Pacific Islander
4.5% 4.0% 3.7%
Est. American Indian or Alaska Native
0.3% 0.3% 0.3%
Est. Other Races 5.5% 5.2% 4.4%
Est. HispanicPopulation
510 3,630 6,024
Est. HispanicPopulation
6.5% 5.6% 4.8%
2022 ProjectedHispanic Population
7.5% 6.4% 5.4%
2010 HispanicPopulation
6.2% 5.2% 4.4%
Demographics
ATLANT ICRETAIL .COM | 12THE V ITAMIN SHOPPE | CONF IDENT IAL ITY
Confidentiality & DisclaimerThe 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 Atlantic Retail Investment Services and should not be made available to any other person or entity without the written consent of Atlantic Retail Investment Services. 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. Atlantic Retail Investment Services 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, PCBs 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, Atlantic Retail Investment Services has not verified, and will not verify, any of the information contained herein, nor has Atlantic Retail Investment Services 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.
KNOXVILLE , TENNESSEE
The Vitamin Shoppe
Asking Price: $2,450,000Cap Rate: 6.86%
BOSTON, MA | CHAPEL HILL, NC | CHARLOTTE, NC | JUPITER, FL | LOS ANGELES, CA | PITTSBURGH, PA | ATLANTICRETAIL.COM
Michael Zimmerman919.391.9901 [email protected]
Allison Kirchner919.391.9902 [email protected]
Listed in conjunction with Tennessee broker DZ Net Lease Realty, LLC (license 262628).