Michael Zimmerman

Transcription

1 KNOXVILLE, TENNESSEE The Vitamin Shoppe Asking Price: $2,450,000 Cap Rate: 6.86% Michael Zimmerman Allison Kirchner Listed in conjunction with Tennessee broker DZ Net Lease Realty, LLC (license ). BOSTON, MA CHAPEL HILL, NC CHARLOTTE, NC JUPITER, FL LOS ANGELES, CA PITTSBURGH, PA ATLANTICRETAIL.COM

2 PRIME RETAIL LOCATION The 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, Home Goods, David s Bridal and more, the Property is also conveniently located less 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 LEASE This NN lease has minimal landlord responsibilities and comes with a corporate guarantee and fixed rent increases within the remaining lease option. No state income tax in Tennessee provides a low tax burden for the investor. 126,622 EST POPULATION IN 5-MILE RADIUS $3.50 B AVG HH SPENDING IN 5-MILE RADIUS $85,510 AVG HH INCOME IN 5-MILE RADIUS 196,214 ADT ON NEARBY INTERSTATE 40 Representative Photo THE VITAMIN SHOPPE INVESTMENT HIGHLIGHTS ATLANTICRETAIL.COM 1

3 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 offering products 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 companyoperated 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 open store 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. THE VITAMIN SHOPPE TENANT PROFILE ATLANTICRETAIL.COM 2

4 Representative Photo Lease Summary Rent Schedule ADDRESS TENANT GUARANTOR 7833 Kingston Pike Knoxville, TN Vitamin Shoppe Industries, Inc. Corporate ASKING PRICE $2,450,000 CAP RATE 6.86% BUILDING LAND SIZE YEAR BUILT /- 3,500 SF +/ acres COMMENCEMENT October 18, 2007 EXPIRATION October 17, 2027 LEASE TERM ANNUAL RENT 10-Year Base Lease Term 10-Year Early Extension $168,000 ($48.00/SF) OPTIONS 1 x 5 Option With 10% Rental Increase LEASE TYPE LANDLORD ADDITIONAL RENT NN Roof & Structure Taxes & Insurance YEARS ANNUAL RENT INCREASE 1 20 $168,000 ($48.00/SF) None (Option 1) $184,800 ($52.80/SF) 10% ADDITIONAL RENT Real Estate Taxes: $13,917 ($3.98/SF) Insurance: $726 ($0.21/SF) THE VITAMIN SHOPPE LEASE SUMMARY ATLANTICRETAIL.COM 3

5 NORTH GALLAGHER VEW ROAD: 19,519 ADT TE RSTA INTE, : ADT DT 0A N TO GS,09 : 30 E PIK W BLVD.: 10,080 ADT KIN DO WN TOW N WEST TOWN MALL BEARDEN HIGH SCHOOL 26 E RIV D SON A E L : 8,2 NW ADT 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. G T H E V I TA M I N S H O P P E M A R K E T A E R I A L AT L A N T I C R E TA I L. C O M 4

6 INTERSTATE 40: 196,214 ADT 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. 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. THE VITAMIN SHOPPE MARKET AERIAL ATLANTICRETAIL.COM 5

7 AREA ATTRACTIONS Knoxville College 7 miles University of Tennessee 8 miles UT Medical Center 8 miles Downtown Knoxville, TN 8 miles Thompson-Boling Areana 9 miles Neyland Stadium 9 miles McGee Tyson Airport 18 miles Dollywood 41 miles Downtown Nashville, TN 172 miles KENTUCKY VIRGINIA NORTH CAROLINA GEORGIA 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 SOUTH CAROLINA THE VITAMIN SHOPPE MARKET OVERVIEW ATLANTICRETAIL.COM 6

8 NEAR PROMINENT UNIVERSITY The 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. THE VITAMIN SHOPPE MARKET OVERVIEW ATLANTICRETAIL.COM 7

9 HIDDEN GEM OF TENNESSEE Home 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. THE VITAMIN SHOPPE MARKET OVERVIEW ATLANTICRETAIL.COM 8

10 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. THE VITAMIN SHOPPE MARKET OVERVIEW ATLANTICRETAIL.COM 9

11 GROWING TOURISM MARKET In 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. THE VITAMIN SHOPPE MARKET OVERVIEW ATLANTICRETAIL.COM 10

12 Demographics DEMOGRAPHICS 1 MILE 3 MILES 5 MILES DEMOGRAPHICS 1 MILE 3 MILES 5 MILES Estimated Population 7,792 65, ,622 Est. White 83.3% 83.7% 84.7% 2022 Projected Population 7,965 66, ,027 Est. Black 6.4% 6.8% 6.9% POPULATION 2010 Census Population 7,470 62, , Census Population 7,048 56, ,016 Projected Annual Growth ( ) 0.4% 0.4% 0.4% Historical Annual Growth ( ) 0.6% 0.9% 0.9% Estimated Households 4,206 30,257 56, Projected Households 4,381 31,603 58,531 RACE Est. Asian or Pacific Islander Est. American Indian or Alaska Native 4.5% 4.0% 3.7% 0.3% 0.3% 0.3% Est. Other Races 5.5% 5.2% 4.4% Est. Hispanic Population 510 3,630 6, Census Households 3,901 28,461 52, Census Households 3,614 25,334 47,226 Projected Annual Growth ( ) 0.8% 0.9% 0.9% Est. Hispanic Population 2022 Projected Hispanic Population 6.5% 5.6% 4.8% 7.5% 6.4% 5.4% Historical Annual Growth ( ) 1.0% 1.1% 1.1% Est. HH Income $200, % 7.0% 8.5% 2010 Hispanic Population 6.2% 5.2% 4.4% Est. HH Income $150,000-$199, % 4.9% 5.8% Est. HH Income $100,000 $149, % 13.9% 13.7% Est. HH Income $75,000-$99, % 12.8% 13.1% INCOME Est. HH Income $50,000 $74, % 19.1% 18.8% Est. HH Income $35,000 $49, % 14.6% 13.2% Est. HH Income $25,000 $34, % 8.8% 8.9% Est. HH Income $15,000 $24, % 9.9% 9.0% Est. HH Income Under $15, % 8.9% 9.0% Est. Average Household Income $75,543 $79,169 $85,510 Est. Median Household Income $60,268 $65,533 $69,133 THE VITAMIN SHOPPE DEMOGRAPHICS ATLANTICRETAIL.COM 11

13 Confidentiality & Disclaimer 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 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. THE VITAMIN SHOPPE CONFIDENTIALITY ATLANTICRETAIL.COM 12

14 KNOXVILLE, TENNESSEE The Vitamin Shoppe Asking Price: $2,450,000 Cap Rate: 6.86% Michael Zimmerman Allison Kirchner Listed in conjunction with Tennessee broker DZ Net Lease Realty, LLC (license ). BOSTON, MA CHAPEL HILL, NC CHARLOTTE, NC JUPITER, FL LOS ANGELES, CA PITTSBURGH, PA ATLANTICRETAIL.COM