topsham crossing free standing strip center

CONTACT:
Erik Nelson
407-650-3667
erik.nelson@nnnreit.com
TOPSHAM CROSSING
FREE STANDING STRIP CENTER
127-133 Topsham Fair Mall Rd Topsham, ME
CONTACT:
Jon Adamo
407-650-3654
jon.adamo@nnnreit.com
Investment Summary
INVESTMENT OVERVIEW
•
100% Occupied with Tenants:
• GameStop
• Edward Jones
• Supercuts
• Sally Beauty Supply
• Gentle Dental
INVESTMENT HIGHLIGHTS
Price
Cap Rate
$1,875,000
7.25%
Current NOI
$136,243
Rentable SF
8,317
Shadow anchored by Target, Bed, Bath & Beyond and
Dick's Sporting Good
Average Rent PSF
Year Built
2007
•
Strong tenant mix with staggered lease terms
Land Area
0.93 Acres
•
Conveniently located just off Exit 31 of I-295 at the main
retail hub of the local area
Occupancy
•
Robust demographics and traffic counts
•
LEASE NOTES
•
Leases are modified NNN
•
Tenants are required to reimburse landlord for CAM,
Taxes, Utilities and Insurance
•
Landlord is responsible for replacement of roof and
structure
$17.26
100%
Map
Topsham Crossing is a 100% occupied, 8,317 square-foot freestanding strip center within the
Topsham Fair Mall Road power center. It is conveniently located just off of I-295 near the
intersection of State Route 196 (Brunswick-Topsham Bypass). The strip center is shadow anchored by
Target, Dick’s, Bed Bath & Beyond and Petco. Other national retailers in the surrounding
development include Hannaford’s, Home Depot, Reny’s, Best Buy, Starbucks, Panera Bread, Ruby
Tuesday, Jo-Ann Fabrics, etc. The location is the retail hub for the surrounding area and has enjoyed
consistent new store development over the past decade. Major employers included Highlands &
Highland Green, Harry C. Crooker & Sons, General Contractors, L.L. Bean, Mid Coast Hospital,
Parkview Adventist Hospital and Bath Iron Works.
Rent Roll
Option
Options Rent Increases
Concept
Tenant
Lease
Commencement
Lease
Expiration
Size
(GLA)
Rent
Annual
Rent
(PSF)
Rent
Increases
Edward Jones
Edward D. Jones & Co., LP
12/23/2009
03/31/2015
1,786
$17,860
$10.00
None
1 - 5yr
15% in 1st
option year
GameStop
GameStop, Inc.
12/21/2006
01/31/2019
1,746
$43,650
$25.00
None
None
-
Gentle Dental
Gentle Dental, P.C.
01/09/2013
03/31/2024
2,385
$22,658
$9.50
Rent increases
annually beginning
CPI x 2, capped
1 - 10yr
on the 4th LY by CPI
at 2 % Annually
x 2, capped at 2%
Sally Beauty Supply
Sally Beauty Supply, LLC
10/25/2007
01/31/2018
1,200
$29,040
$24.20
None
1 - 6yr
10% in 1st
option year
SuperCuts
SuperCuts, Inc.
08/23/2007
12/31/2017
1,200
$30,360
$25.30
None
2-5yr
10% in each
option
TOTALS
8,317 $143,568 $17.26
NOI Calculation
Income:
Total Rental Income
Expense & Admin Reimbursement
Total Gross Income
$143,568
$42,279
$185,847
Expenses:
Expenses
Vacancy
Structural Reserve
Total Expenses
($41,594)
($7,178)
($832)
($49,604)
Net Operating Income
5%
$0.10 PSF
$136,243
Aerial
Aerial
Aerial
Tenant Overview
GameStop is the world’s largest video game retailer. The company operates 6,627 retail stores
throughout the United States and other international locations. The company also operates an ecommerce site, GameStop.com, and publishes Game Informer(R) magazine, a leading multi-platform
video game publication. GameStop Corp. sells new and used video game software, hardware and
accessories for video game systems from Sony, Nintendo, and Microsoft. In addition, the company
sells PC entertainment software, related accessories, and other merchandise. GameStop is a
publically traded company (NYSE: GME) with an annual revenue of over $9 billion.
Edward Jones is a financial services firm headquartered in Des Peres, Missouri in Greater St. Louis
which serves investment clients in the United States and Canada, through its branch network of
more than 11,000 locations and currently have relationships with nearly 7 million clients worldwide.
The firm focuses solely on individual investors and small-business owners. Edward Jones is a limited
partnership owned only by its employees and retired employees and is not publicly traded.
Sally Beauty meets the needs of professional cosmetologists with more than 6,000 products for hair,
nail and skin care, as well as a full range of salon equipment. Sally Beauty stores also appeal to
consumers who recognize the exceptional value and benefits of professional beauty products for use
at home between salon visits. They offer special membership programs, such as the Beauty Club Card
for our non-professional customers and the Sally ProCard for our professional customers.
Supercuts is a hair salon franchise with over 2,000 locations across the United States that never
require an appointment. The company was founded in the San Francisco Bay Area in 1975, by
Geoffrey M. Rappaport and Frank E. Emmett. The company's first location, which is still in existence,
is in Albany, California. Its headquarters are in Minneapolis, Minnesota. It is a wholly owned
subsidiary of Regis, which also owns Regis Salons, Mia & Maxx, MasterCuts, Cost Cutters, SmartStyle,
and First Choice Haircutters in the United States and Canada.
Gentle Dental is a dental practice devoted to restoring and enhancing the natural beauty of your
smile using conservative, state-of-the-art procedures that will result in beautiful, long lasting smiles!
A standard of excellence in personalized dental care enables us to provide the quality dental services
our patients deserve. We provide comprehensive treatment planning and use restorative and
cosmetic dentistry to achieve your optimal dental health. Should a dental emergency occur, we
make every effort to see and care for you as soon as possible.