property summary

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$603,500
9.25% Cap Rate
INVESTMENT HIGHLIGHTS:
Subject property is located on North Main Street /
Clemson Blvd which is the primary commercial and traffic
artery in Anderson
5-year NNN guaranteed lease with 4% rent bumps in each
of the 2, 5 year renewal option periods
Across the street from the Anderson Mall anchored by
Sears, Belk’s, Dillard’s and JC Penney
14 South Main Street
Second Floor
Greenville, SC 29601
Jack Jamison, BIC
SC License No: 15143
www.realtylinkdev.com
ANDERSON (GREENVILLE MSA)
ANDERSON COUNTY, SOUTH CAROLINA
2,700 SQ FT NNN INVESTMENT
FREESTANDING SINGLE TENANT OUTPARCEL
Estimated population just below 64,000 in a 5 mile radius
of property representing 12.5% growth since 2000
Traffic counts of approx. 40,000 cars per day on North
Main Street in front of property
Tremendous exposure on North Main Street with a traffic
signal, pylon signage and approx. 138 feet of frontage
Anderson is part of the Greenville MSA that had a
population of more than 1.24 million as of the ‘08 census
For more information, contact:
Adam Chandler
Broker
achandler@realtylinkdev.com
Office: (864) 242-4008 x5416
Mobile: (864) 905-4780
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INVESTMENT PROPERTY
3325 North Main Street
Anderson, Anderson County, South Carolina 29621
ATTENTION: This brochure has been prepared to provide summary information
to prospective purchasers and to establish a preliminary level of interest in the
property presented. It does not, however, purport to present all material
information regarding the subject property, and it is not a substitute for a
thorough due diligence investigation. In particular, RealtyLink, LLC has not made
any investigation and makes no warranty or representation with respect to the
financial condition or business prospects of any tenant or any tenant’s plans or
intentions to continue or renew its occupancy of the subject property. The
information contained in this brochure has been obtained from sources we
believe to be reliable; however, RealtyLink, LLC has not conducted any
investigation regarding these matters and makes no warranty or representation
whatsoever regarding the accuracy or completeness of the information provided.
The RealtyLink name is a registered trademark of RealtyLink, LLC.
The RealtyLink logo is a registered service mark of RealtyLink, LLC.
Text and content © Copyright 2008 RealtyLink, LLC
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TABLE OF CONTENTS
Investment Summary
Financial Summary
Location Maps
Market Aerial
Property Summary
Property Site Plan
Property Photos
Market Profile
Market Photos
Demographics
INVESTMENT SUMMARY
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LOCATION:
3325 North Main Street, Anderson, SC 29621
3 miles south of I-85 and 25 miles southwest of Greenville
TENANT:
Select Management Resources, LLC
LEASE TYPE:
NNN
LEASE TERM:
5 Years
LEASE COMMENCEMENT:
January 31, 2006 (addendum on March 1, 2010)
LEASE EXPIRATION:
January 31, 2016
ANNUAL RENT:
$56,153.28
RENT INCREASES:
4% annually
OPTIONS:
2 options of 5 years each
LAND SIZE:
+/- 0.7 Acres
BUILDING SIZE:
+/- 2,700 square feet
BUILDING AGE:
25+ years old
LANDLORD RESPONSIBILITY:
Limited Mgmt, Underground Sewage, Drainage System, Roof, Structure,
HVAC
TENANT RESPONSIBILITY:
Taxes, Insurance, Utilities, Electrical Wiring, Plumbing and Heating
FRONTAGE:
+/- 138 Feet on Clemson Blvd
ACCESS:
To curb cut onto Clemson Blvd and 1 curb cut onto Country Club Lane
TRAFFIC COUNTS:
+/- 40,000 on North Main Street
PARKING:
+/- 32 spaces with 2 handicap spaces (spaces/1,000 SF of bldg area)
ZONING:
C1
RIGHT OF FIRST REFUSAL:
None
DEMOGRAPHICS:
2010
Population
Households
Average HH Income
(Years 1-5)
3-Mile
32,284
13,555
$61,094
5-Mile
63,931
25,938
$57,216
10-Mile
115,997
46,444
$54,610
FINANCIAL SUMMARY
ASKING PRICE:
$603,500
ANNUAL RENT:
$56,153.28
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(Years 1-5+)
OPTION RENTS (1st option): $4,750.00
$5,115.24
(2/1/2016) $4,868.75 (2/1/2017) $4,990.47 (2/1/2018)
(2/1/2019) $5,243.13 (2/1/2020)
OPTION RENTS (2nd option): $5,750.00
$6,192.13
(2/1/2021) $5,893.75 (2/1/2022) $6,041.10 (2/1/2023)
(2/1/2024) $6,346.94 (2/1/2025)
GOING IN CAP RATE:
9.25%
SQUARE FOOTAGE:
+/- 2,700
RENT PER SQUARE FOOT:
$20.79
(Years 1-5+)
(Years 1-5+)
PRICE PER SQUARE FOOT: $223.51
FINANCING:
Delivered free and clear at closing
TENANT PROFILE:
Select Management Resources LLC is a private company categorized under
Management Services and headquartered in Alpharetta, GA. The
company was established in 1998 and incorporated in Georgia. It has
more than 40 locations in the United States.
LOCATION MAPS
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Subject
Property
Subject
Property
PROPERTY SUMMARY
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The Subject Property is located in Anderson, SC, which is part of the Greenville-Spartanburg-Anderson
CSA that had a population of more than 1.24 million as of the 2008 census. Positioned on North Main
Street / Clemson Boulevard, across the Anderson Mall, the property is only 3 miles off I-85 and 25
miles southwest of Greenville. Clemson Blvd is the primary commercial and traffic artery in Anderson,
and I-85 is the main interstate corridor connecting Atlanta and the South to Charlotte and the MidAtlantic.
The property consists of a 2,700 square foot retail store. The property has excellent exposure on North
Main Street / Clemson Boulevard with pylon signage and approx. 138 feet of frontage. Clemson Blvd
experiences traffic counts of approx. 40,000 cars per day in front of the property. Access to the
property is convenient with a signalized entrance on North Main Street and right-in/right-out access in
front of the site. There is also access to the property on Country Club Lane. Adequate parking is
provided on site with 32 spaces including 2 handicap spaces. The property sits across the street from
the Anderson Mall anchored by Dillard’s, Sears, Belk’s and JC Penney. The Anderson Mall features more
than 76 nationally recognized specialty stores.
Neighboring trade area tenants include Toys R Us, Target, Lowe’s, Logan’s Roadhouse, Red Lobster,
Office Depot, Wachovia, La Quinta, Verizon Wireless, Denny’s, The Miracle Mile Shopping Center with
Books a Million, TJMaxx, Lane Bryant, Talbots, The Vitamin Shoppe, and several banks, restaurants and
other service retailers.
Select Management Resources still has a 5 year net lease on January 31, 2010 that provides 4% rental
increases in each of the 2, 5 year renewal options. See Financial Summary section for information on
Select Management Resources.
SITE PLAN
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North Main Street
+/- 32,000 Cars Per Day
Country Club Lane
2,700 square feet
SUBJECT
PROPERTY
PROPERTY PHOTOS
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MARKET PROFILE
Anderson is located at the foothills of the Blue Ridge Mountains in
upstate South Carolina. Anderson is approximately a 90 minute drive
to Atlanta, GA, the unofficial capital of the South, Charlotte, NC, the
financial capital of the South, and Columbia, the actual state capital of
South Carolina. The city of Anderson had a population of 182,850 as of
the 2008 census.
Economy
Anderson MSA include manufacturers producing automotive products,
industrial machinery, metal products, plastics, publishing and paper
products. With over 23 international firms located inside the county’s
boundaries, it qualifies as one of the Upstate ‘s economic engines. The
manufacturing sector, a major contributor to the local economy,
accounts for 46.3% of the jobs for the top 23 employers in Anderson
County. The automotive-related manufacturers employ 18.5% of the
pool (Michelin’s headquarters and BMW ‘s are located in the area),
followed by textile manufacturers with 11%. The government
continues its historical role as a major contributor to the economic
well-being of the region. The public school system is the single largest
employer in the MSA, providing 4,151 jobs. Overall, the governmental
sector employs 6,693 workers, the single largest non-manufacturing
employment sector in the MSA. AnMed Health System, providing
health services to the region, employs 3,500 persons in 4 hospitals and
24 other medical facilities.
Transportation
Businesses benefit from efficient access to domestic and international
markets via efficient air, rail and freight services. GreenvilleSpartanburg International Airport (GSP) is located 45 minutes from
downtown Anderson off of Hwy I-85. GSP is serviced by seven airlines
offering over 125 daily flights to seventeen destinations within the U.S.
Anderson County is immediately served by Interstate I-85, enjoying the
benefit of 37 miles of frontage along the interstate. Interstate 85 is the
primary artery into and out of Anderson, and directly connects the
region to I-26, I-77, I-385 and I-985. In addition, three US Highways
(29, 76 and 178) and six South Carolina primary highways also serve
the immediate area, and the new bypass, the Southern Connector,
links I-85 and SC 153 to I-385 from both Anderson and Greenville
Counties.
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MARKET PROFILE
Education
Anderson school district has 11 elementary schools, 3 middle schools,
2 high schools and several private schools. There are 4 colleges and
one technical college within a 30-mile radius of Anderson: Forrest
Junior College, Southern Wesleyan University, a four-year and graduate
Christian college that serves more than 2,700 in total, Tri-County
Technical College, a 2-year community college, Anderson University, an
exclusively undergraduate 4-year school enrolling almost 2,000
students. Clemson University has 17,585 students with 89 countries
represented and 1,223 full-time teaching faculty members. Clemson
has been named one of the nation’s top-25 public universities.
Healthcare
AnMed Health is one of the largest and most technologically advanced
health systems in the state and employs 3,500 people. In addition to
four hospitals (Anderson Area Medical Center, a 461-bed acute-care
hospital, AnMed Health South Rehabilitation Hospital, a 37-bed
inpatient and outpatient facility, AnMed Wellspring, a 27-bed chemical
dependency hospital, and AnMed Women and Children’s Hospital, 72bed private rooms), the system includes a comprehensive cancer
center, a digestive health center, a cardiac and orthopedic center, a
sleep diagnostic center, a blood donor center and a pediatric therapy
facility, Pediatric Therapy Works. AnMed Health is the only hospital in
South Carolina to be named a 2008 Distinguished Hospital both for
Patient Safety and for Clinical Excellence by HealthGrades, the nation’s
leading healthcare ratings company.
Recreation/Leisure
Anderson hosts art and entertainment attractions that draw people
regionally. The Anderson Civic Center seats 5,100 and hosts various
community events, professional entertainers, and trade and craft
shows. Anderson also hosts the Freedom Weekend Aloft, one of the
nation’s largest hot-air balloon festivals. The Anderson Sports and
Entertainment Complex, with its 18,000-seat amphitheater, hosts the
nationally renowned All-American Rhythm and Blues Festival as well as
regional sporting events. Clemson University offers additional outlets
and venues for entertainment, sports and the arts. Several lakes
(Hartwell Lake, Lake Russell, Lake Jocassee and Lake Keowee) are
within a short drive, offering additional venues for boating, fishing and
water sports.
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MARKET PHOTOS
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MARKET PHOTOS
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