FIRESTONE COMPLETE AUTO CARE –CORPORATE GROUND

REPRESENTATIVE PHOTO
EXCLUSIVE OFFERING | $2,178,000 – 5.00% CAP
FIRESTONE COMPLETE AUTO CARE – CORPORATE GROUND LEASE
2903 Berlin Turnpike, Newington, Ct (Hartford)
214.915.8888
JOE CAPUTO
joe@exp1031.com
BOB MOORHEAD
bob@exp1031.com
RUSSELL SMITH
russell@exp1031.com
Property. Brand new 8,394+ SF of building area on 1.00+ acre site.
Tenant. Bridgestone Retail Operations, LLC (Lease Guarantor) Operates 2,200+ Stores w/ 20,000+ Employees. Lessee is a Subsidiary of Bridgestone
Corporation, the World’s Largest Tire Maker, S&P Rated: BBB+
Lease structure. Brand new, 20-year corporate ground lease with 7, 5-year options. 6.5% rent bumps every 5-years during primary term and option periods.
Location. Firestone Complete Auto Care is strategically located along the Berlin Turnpike (34,300 Cars / Day) in Newington, Connecticut. The Berlin Turnpike is
a 4-lane/6-lane divided arterial road carrying U.S. Route 5 and Route 15 through the towns of Berlin, Newington, and Wethersfield, Connecticut. The road begins
south of the Meriden-Berlin town line. This accessibility has led to the growth of numerous shopping centers and retailers in the immediate trade area. National
credit tenants include Walmart, Lowe’s, Target, Best Buy, Big Lots!, Dick’s Sporting Goods, Pier 1 Imports, JO-ANN, RadioShack, Advance Auto parts, 7-Eleven,
Subway, TGI Friday’s, Panera Bread, Chili’s, Chuck E Cheese, Bonefish Grill, Bertucci’s, and many others. The subject property also benefits from close proximity
to John Paterson Elementary School, John Wallace Middle School, and the Connecticut Department of Transportation headquarters. Newington is located 6-miles
south of downtown Hartford, CT.
Table of contents | Disclaimer
FIRESTONE COMPLETE AUTO CARE – CORPORATE GROUND LEASE
2903 Berlin Turnpike, Newington, Ct (Hartford)
PAGE 1:
COVER
PAGE 2:
TABLE OF CONTENTS | DISCLAIMER
PAGE 3:
INVESTMENT | TENANT | LEASE OVERVIEW
PAGE 4:
SITE PLAN
PAGE 5-8:
AERIAL PHOTOS
PAGE 9:
LOCATION OVERVIEW
PAGE 10-11:
LOCATION MAPS
PAGE 12:
DEMOGRAPHICS
Disclaimer
EXP Realty Advisors, Inc. (“Agent”) has been engaged as an agent for the sale of the
property located at 2903 Berlin Turnpike, Newington, CT by the owner of the Property
(“Seller”). The Property is being offered for sale in an “as-is, where-is” condition and Seller
and Agent make no representations or warranties as to the accuracy of the information
contained in this Offering Memorandum. The enclosed materials include highly confidential
information and are being furnished solely for the purpose of review by prospective
purchasers of the interest described herein. The enclosed materials are being provided
solely to facilitate the prospective investor’s own due diligence for which it shall be fully and
solely responsible. The material contained herein is based on information and sources
deemed to be reliable, but no representation or warranty, express or implied, is being made
by Agent or Seller or any of their respective representatives, affiliates, officers, employees,
shareholders, partners and directors, as to the accuracy or completeness of the information
contained herein. Summaries contained herein of any legal or other documents are not
intended to be comprehensive statements of the terms of such documents, but rather only
outlines of some of the principal provisions contained therein. Neither the Agent nor the
Seller shall have any liability whatsoever for the accuracy or completeness of the
information contained herein or any other written or oral communication or information
transmitted or made available or any action taken or decision made by the recipient with
respect to the Property. Interested parties are to make their own investigations, projections
and conclusions without reliance upon the material contained herein. Seller reserves the
right, at its sole and absolute discretion, to withdraw the Property from being marketed for
sale at any time and for any reason. Seller and Agent each expressly reserves the right, at
their sole and absolute discretion, to reject any and all expressions of interest or offers
regarding the Property and/or to terminate discussions with any entity at any time, with or
without notice. This offering is made subject to omissions, correction of errors, change of
price or other terms, prior sale or withdrawal from the market without notice. Agent is not
authorized to make any representations or agreements on behalf of Seller. Seller shall
have no legal commitment or obligation to any interested party reviewing the enclosed
materials, performing additional investigation and/or making an offer to purchase the
Property unless and until a binding written agreement for the purchase of the Property has
been fully executed, delivered, and approved by Seller and any conditions to Seller’s
obligations hereunder have been satisfied or waived. By taking possession of and
reviewing the information contained herein, the recipient agrees that (a) the enclosed
materials and their contents are of a highly confidential nature and will be held and treated
in the strictest confidence and shall be returned to Agent or Seller promptly upon request;
and (b) the recipient shall not contact employees or tenants of the Property directly or
indirectly regarding any aspect of the enclosed materials or the Property without the prior
written approval of the Seller or Agent; and (c) no portion of the enclosed materials may be
copied or otherwise reproduced without the prior written authorization of Seller and Agent.
Connecticut Broker of Record:
Charlotte Goldblatt | License: REB 0266830
2
Investment overview
FIRESTONE COMPLETE AUTO CARE – CORPORATE GROUND LEASE
2903 Berlin Turnpike, Newington, Ct (Hartford)
PRICE:
$2,178,000
CAP RATE:
5.00%
NET OPERATING INCOME:
$108,893
TOTAL BUILDING AREA:
8,394+ Square Feet
LAND AREA:
1.00+ Acres
YEAR BUILT:
2015
OWNERSHIP:
Fee Simple Interest
OCCUPANCY:
100%
Tenant overview
Tenant: Bridgestone Retail Operations, LLC, a Delaware limited liability company
DBA: Firestone Complete Auto Care
Lease overview
Lease Term:
20 Years with 7, 5-year options to extend
Projected Rent Commencement:
April 2015
Projected Lease Expiration:
April 2035
Lease Type:
Ground Lease – Absolute NNN
Rent Increases:
6.5% Every 5 Years In Primary Term & Options
Annual Rent Yrs 1-5:
$108,893
Option 3 | Yrs 31-35:
$158,891
Annual Rent Yrs 6-10:
$115,972
Option 4 | Yrs 36-40:
$169,219
Annual Rent Yrs 11-15: $123,510
Option 5 | Yrs 41-45:
$180,218
Annual Rent Yrs 16-20: $131,538
Option 6 | Yrs 46-50:
$191,933
Option 1 | Yrs 21-25:
$140,088
Option 7 | Yrs 51-55:
$204,408
Option 2 | Yrs 26-30:
$149,194
Right of First Refusal:
Yes*
* Subject to and not limiting Tenant's rights to renew or extend as set forth in this Lease, if any, beginning on
the thirty-sixth (36th) full calendar month after the Rent Commencement Date and continuing during Tenant's
occupancy under this Lease, or any extension or renewal thereof, Tenant shall have a right of first refusal to
purchase the Premises.
BRIDGESTONE RETAIL OPERATIONS, LLC dba FIRESTONE COMPLETE AUTO CARE | www.firestonecompleteautocare.com
Automotive service is the largest part of Bridgestone Retail Operations, LLC's business, accounting for approximately 50 percent of sales with tire and financial
services making up the rest. Bridgestone Firestone North American Tire manufactures Bridgestone, Firestone, and Dayton truck tires along with tires for virtually
every wheeled vehicle made. Harvey S. Firestone (1868-1938) founded The Firestone Tire & Rubber Company in Akron, Ohio, in August 1900, and started
marketing solid rubber tires for carriage wheels. Firestone joined the retail store arena offering basic car service and tire sales in the mid-1920s when the original
Firestone Service Centers were opened. In the late 1970s the company, in an effort to re-focus its business solely on automotive service and tire sales, began to
phase out the sale of all non-auto related merchandise. Shortly thereafter, in 1981, the Firestone Master Care Car Service concept was introduced and established
as a premier brand of quality service being delivered to customers in a consistent and distinctive manner. Bridgestone Corporation,
founded
in 1931 in Kurume,
SUBJECT
PROPERTY
Japan, purchased Firestone in 1988, transforming the company into the world's largest manufacturer of tires and other rubber products.
Bridgestone
and Firestone
PRIOR TO
PANDA EXPRESS
EXPANSION
operations in the Americas were consolidated in 1990 as Bridgestone/Firestone, Inc. Bridgestone/Firestone, Inc. initiated a series of changes to its corporate
structure in December 2001, reorganizing its operations in the Americas under a holding company, Bridgestone Americas Holding, Inc., and several operating
subsidiaries. The largest of these operating subsidiary companies is Bridgestone Retail Operations, LLC. In 2001 Bridgestone/Firestone also announced its
majority ownership stake in Morgan Tire & Auto, Inc. (MTA), then the nation's second largest independent retailer of tires. Responsibility for MTA was shifted to
Bridgestone Retail Operations, LLC following the reorganization of Bridgestone/Firestone. Today, Bridgestone Retail Operations, LLC and its subsidiaries employ
approximately 22,000 teammates in North America. Bridgestone Retail Operations, LLC consists of more than 2,200 company-owned consumer and commercial
stores in the United States as well as the company's own credit card operations. The store channels include Firestone Complete Auto Care, Morgan Tire / Tires
Plus, Expert Tire, Commercial & Farm, and Mark Morris.
3
Site plan
FIRESTONE COMPLETE AUTO CARE – CORPORATE GROUND LEASE
2903 Berlin Turnpike, Newington, Ct (Hartford)
4
Aerial photo
FIRESTONE COMPLETE AUTO CARE – CORPORATE GROUND LEASE
2903 Berlin Turnpike, Newington, Ct (Hartford)
Connecticut
Department of
Transportation
Headquarters
John Paterson Elementary School
John Wallace Middle School
5
Aerial photo
FIRESTONE COMPLETE AUTO CARE – CORPORATE GROUND LEASE
2903 Berlin Turnpike, Newington, Ct (Hartford)
Connecticut
Department of
Transportation
Headquarters
6
Aerial photo
FIRESTONE COMPLETE AUTO CARE – CORPORATE GROUND LEASE
2903 Berlin Turnpike, Newington, Ct (Hartford)
Connecticut
Department of
Transportation
Headquarters
7
Aerial photo
FIRESTONE COMPLETE AUTO CARE – CORPORATE GROUND LEASE
2903 Berlin Turnpike, Newington, Ct (Hartford)
Connecticut
Department of
Transportation
Headquarters
8
Location overview
FIRESTONE COMPLETE AUTO CARE – CORPORATE GROUND LEASE
2903 Berlin Turnpike, Newington, Ct (Hartford)
IMMEDIATE TRADE AREA
Firestone Complete Auto Care is strategically located along the Berlin Turnpike
(34,300 Cars / Day) in Newington, Connecticut. The Berlin Turnpike is a 4lane/6-lane divided arterial road carrying U.S. Route 5 and Route 15 through
the towns of Berlin, Newington, and Wethersfield, Connecticut. The road
begins south of the Meriden-Berlin town line. This accessibility has led to the
growth of numerous shopping centers and retailers in the immediate trade
area.
National credit tenants include Walmart, Lowe’s, Target, Best Buy, Big Lots!,
Dick’s Sporting Goods, Pier 1 Imports, JO-ANN, RadioShack, Advance Auto
parts, 7-Eleven, Subway, TGI Friday’s, Panera Bread, Chili’s, Chuck E Cheese,
Bonefish Grill, Bertucci’s, and many others. The subject property also benefits
from close proximity to John Paterson Elementary School, John Wallace
Middle School, and the Connecticut Department of Transportation
headquarters.
NEWINGTON / HARTFORD, CONNECTICUT
Newington is a town in Hartford County, Connecticut, United States. As of the
2010 census, it had a population of 30,562. The Connecticut Department of
Transportation has its headquarters in Newington.
Hartford is the capital of Connecticut and the historic seat of Hartford County
until Connecticut disbanded county government in 1960. As of the 2010
Census, Hartford's population was 124,775, making it Connecticut's fourthlargest city after the coastal cities of Bridgeport, New Haven, and Stamford.
Hartford is the historic international center of the insurance industry, with
companies such as Travelers, Aetna, The Hartford, The Phoenix Companies,
United Healthcare and Hartford Steam Boiler based in the city, and companies
such as Lincoln National Corporation having major operations in the city. The
city is also home to the corporate headquarters of U.S. Fire Arms and United
Technologies.
A number of companies that are regularly listed in the Fortune 100 are
headquartered in Hartford including United Technologies Corporation, Aetna
and the Hartford Financial Services Group. Travelers Insurance has its largest
national employment center and historical headquarters in the city. CIGNA
insurance is headquartered in the region with a presence in Hartford and its
suburb Bloomfield. United Health Insurance has a significant presence in the
city. At the same time, many companies have moved to or expanded in the
central business district and surrounding neighborhoods.
Aetna announced mid-decade that by 2010 it would move nearly 3,500
employees from its Middletown, Connecticut offices to its corporate
headquarters in the Asylum Hill section of the city. Travelers recently expanded
its operations at several downtown locations. In 2008, Sovereign Bank
consolidated two bank branches as well as its regional headquarters in a
nineteenth-century palazzo on Asylum Street. In 2009, Northeast Utilities, a
Fortune 500 company and New England's largest energy utility, announced it
would establish its corporate headquarters downtown. In the same year, work
began at the southeastern corner of Constitution Plaza on the AI Technology
Center, the future headquarters of the eponymous engineering firm. AI's chief
executive helped finance the building, the first commercially leasable structure
in Connecticut to be certified at the platinum level under the US Green Building
Council's LEED (Leadership in Energy and Environmental Design) program.
Other recent entrants into the downtown market include GlobeOp Financial
Services and specialty insurance broker S.H. Smith. CareCentrix, a patient
home healthcare management company, is moving into downtown from East
Hartford, where it will add over 200 jobs within the next few years.[citation
needed]
Hartford is a center for medical care, research, and education. Within Hartford
itself the city includes Hartford Hospital, The Institute of Living, Connecticut
Children's Medical Center, and Saint Francis Hospital & Medical Center (which
merged in 1990 with Mount Sinai Hospital).
Hartford houses several world-class institutions such as Trinity College. Other
notable institutions include Capital Community College (located Downtown in
the old G. Fox Department Store building on Main Street), the University of
Connecticut School of Business (also Downtown), the Hartford Seminary (in the
West End), the University of Connecticut School of Law (also in the West End)
and Rensselaer at Hartford (a Downtown branch campus of Rensselaer
Polytechnic Institute). Saint Joseph College opened its school of pharmacy in
the downtown area in 2011.
Hartford Region Highlights:
-
1st in gross domestic product per capita in the world
2nd in U.S. patents issued per capita
3rd in labor productivity in the world
3rd in the nation in readiness for the knowledge-based economy
Top 6% of North American regions for the arts
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Location map
FIRESTONE COMPLETE AUTO CARE – CORPORATE GROUND LEASE
2903 Berlin Turnpike, Newington, Ct (Hartford)
10
Location map
FIRESTONE COMPLETE AUTO CARE – CORPORATE GROUND LEASE
2903 Berlin Turnpike, Newington, Ct (Hartford)
11
Demographics
FIRESTONE COMPLETE AUTO CARE – CORPORATE GROUND LEASE
2903 Berlin Turnpike, Newington, Ct (Hartford)
Demographic snapshot
Radius
1 Mile
3 Mile
5 Mile
2019 Projection
8,731
62,721
197,535
2014 Estimate
8,653
62,387
195,721
2010 Census
8,581
62,552
193,702
Growth 2014-2019
0.90%
0.54%
0.93%
Growth 2010-2014
0.84%
-0.26%
1.04%
2019 Projection
3,658
25,109
79,305
2014 Estimate
3,627
24,948
78,549
2010 Census
3,604
24,941
77,667
Growth 2014 - 2019
0.85%
0.65%
0.96%
Growth 2010 - 2014
0.19%
-0.29%
0.85%
Owner Occupied
2,798
17,330
50,730
Population:
Households:
829
7,618
27,819
2014 Avg Household Income
Renter Occupied
$89,808
$84,509
$75,727
2014 Med Household Income
$74,744
$68,976
$60,647
<$25,000
397
4,617
16,847
$25,000 - $50,000
675
4,708
15,967
$50,000 - $75,000
748
4,224
15,084
$75,000 - $100,000
580
3,717
10,974
$100,000 - $125,000
427
2,921
7,547
$125,000 - $150,000
280
1,426
4,185
$150,000 - $200,000
363
2,066
4,953
$200,000+
155
1,270
2,993
NEWINGTON VA CAMPUS, NEWINGTON, CT
2014 Households by Household Inc:
HARTFORD, CT
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