For Sale Parkside Walk Lane - LoopNetimages4.loopnet.com/d2/x03hTpqAgLdJII7caY6bogto72YZmxxR4BLzxEfM3Us/... · The presence of any corporation’s logo or name is not intended to

OFFERING MEMORANDUM

For Sale

Parkside Walk Lane Lawrenceville, Georgia

Tommy Tang404 812 [email protected]

Ray Mokhberi404 812 [email protected]

5555 Glenridge Connector, Suite 1100 Atlanta, GA 30342

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Property Description

DisclosureCONFIDENTIALITY AND DISCLAIMER

The information contained in the following Offering

Memorandum is proprietary and strictly confidential. It

is intended to be reviewed only by the party receiving

it from NAI Brannen Goddard, LLC and should not be

made available to any other person or entity without

the written consent of NAI Brannen Goddard, LLC.

This Offering Memorandum 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. NAI Brannen Goddard, LLC 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,

PCB’s 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 Offering

Memorandum has been obtained from sources we

believe to be reliable; however, NAI Brannen Goddard,

LLC has not verified, and will not verify, any of the

information contained herein, nor has NAI Brannen

Goddard, LLC conducted any investigation regarding

these matters and makes no warranty to 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.

NON-ENDORSEMENT NOTICE

NAI Brannen Goddard, LLC is not affiliated with,

sponsored by, or endorsed by any commercial tenant

or lessee identified in this Offering Memorandum.

The presence of any corporation’s logo or name is

not intended to indicate or imply affiliation with, or

sponsorship or endorsement by, said corporation of

NAI Brannen Goddard, LLC, its affiliates or subsidiaries,

or any agent, product, service, or commercial listing

of NAI Brannen Goddard, LLC, and is solely included

for the purpose of providing tenant lessee information

about this listing to prospective customers.

Table of Contents

1 Property Overview

2 Financials

3 Comparables

4 Location Summary

5 Additional Photos

Information is deemed from reliable sources. No warranty is made as to its accuracy.


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Property Overview

Subject proper ty is a 89.2% leased 60,273 square

foot retai l str ip center comprised of f ive bui ldings.

The proper ty has great f rontage along Duluth

Highway (Highway 120 ) and is located only minutes

from GA-316 (Atlanta’s main ar tery into Athens) and

the Gwinnett Medical Center in Lawrencevi l le.

The center is being of fered at $99.55 per square foot

and a 5.6% cap rate on the current income.

OFFERING SUMMARY

Asking Price $6,000,000

Rentable Square Feet 60,273

Price/Rentable Square Feet $99.55

Year Built 1999

Parking 340 Surface Spaces

Type of Ownership Fee Simple

We are pleased to submit our exclusive offering memorandum for Parkside Walk Lane in Lawrenceville, Georgia. We share with you the following information to highlight key points of this great opportunity.


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Property Overview

THE OFFERING

Property Address 905, 909, 915 & 919 Parkside Walk Lane910 Parkside Walk LaneLawrenceville, GA 30043

Parcel Number R7032 402R7032 403

Zoning C2, Gwinnett County

Acres 8.42

Location Frontage on Duluth Hwy (Hwy 120) and minutes from GA-316 and the Gwinnett Medical Center

Traffic Counts 24,500 VPD on Duluth Hwy (Hwy 120)

VITAL DATA 2015 ACTUAL 2016 PRO FORMA*

YEAR 5 PRO FORMA**

Cap Rate 5.6% 6.8% 9.0%

NOI $336,609 $411,432 $540,368

Property Fact Sheet

*Based on Feb. 2016 new 10 year lease signed for Building 909.**Based on 10% vacancy rate at lease price $15/SF


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Property Overview

Intersection AerialAERIAL


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Property Overview

Property Fact SheetDEMOGRAPHICS

TAX PARCEL MAP

1 Mile Radius 3 Mile Radius 5 Mile Radius

Population

2015 Estimate 9,036 74,406 226,741

2020 Projected 9,606 79,600 226,741

Households

2015 Estimate 3,567 25,118 67,785

2020 Projected 3,771 26,754 73,020

Average HH Income

2015 Estimate $71,288 $77,038 $80,395

2020 Projected $80,444 $86,661 $90,635


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Financials

INCOME 2015 ACTUAL 2016 PRO FORMA

Gross Rent Income $519,819 $607,046

Vacancy 19.9% 10%

Total Expenses $177,831 $195,614

Net Operating Income $336,609 $411,432

Total Return 5.6% 6.8%

EXPENSES 2015 ACTUAL PER SF2016

PRO FORMAPER SF

Real Estate Taxes $56,910 $0.97 $62,601 $1.07

Insurance $13,081 $0.22 $14,389 $0.24

Repairs & Maintenance $26,259 $0.45 $28,885 $0.49

Management Fee $25,722 $0.44 $28,294 $0.49

Operating Expense $55,859 $0.95 $61,445 $1.05

Total Expense $177,831 $3.03 $195,615 $3.33

Annualized Operating Data


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Financials

Financial Comparison

2014 Actual 2015 Actual 2016 Pro-FormaGross Rent $504,966.48 $514,439.00 $607,046.00 Insurance $12,769.00 $13,081.00 $14,389.00 Property Tax $63,833.21 $56,910.00 $62,601.00 Maintenance $84,768.14 $26,259.00 $28,885.00 Administration Fee $45,855.09 $25,722.00 $28,294.00 Utilities $36,375.98 $55,859.00 $61,445.00 Total Expense $243,601.42 $177,831.00 $195,614.00Net Income $261,365.06 $336,609.00 $411,432.00NOI Growth rate 0.00% 28.79% 22.20%


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Financials

Rent Roll

Bldg 910

100 910/100 1,000 2/1/16 4/30/16 -$ -$ -$ -$ -$ 2,930$

100 910/100 1,000 5/1/16 9/30/16 500.00$ -$ 500.00$ 6,000$ 6.00$ 2,930$

100 910/100 1,000 10/1/16 3/31/17 833.33$ -$ 833.33$ 10,000$ 10.00$ 2,930$

101 910/101 3,636 4/1/15 3/31/16 4,250.01$ -$ 4,250.01$ 51,000$ 14.03$ 10,653$

101 910/101 3,636 4/1/16 3/31/17 4,391.67$ -$ 4,391.67$ 52,700$ 14.49$ 10,653$

101 910/101 3,636 4/1/17 3/31/18 4,533.34$ -$ 4,533.34$ 54,400$ 14.96$ 10,653$

Bldg 910 4,636 4,750.01$ 4,750.01$ 57,000$ 12.30$ 13,583$

Bldg 919

100 919/100 1,070 n/a -$ -$ -$ -$ -$ -$

101 919/101 279 11/30/16 1,047.34$ -$ 1,047.34$ 12,568$ 45.09$ 355$

101 919/101 139 n/a -$ -$ -$ -$ -$ -$

101 919/101 139 n/a -$ -$ -$ -$ -$ -$

101 919/101 146 n/a -$ -$ -$ -$ -$ -$

101 919/101 143 n/a -$ -$ -$ -$ -$ -$

101 919/101 299 mnth to mnth mnth to mnth 1,500.00$ (1,000.00)$ 500.00$ 6,000$ 20.07$ -$

101 919/101 143

101 919/101 125 n/a -$ -$ -$ -$ -$ -$

101 919/101 50 mnth to mnth mnth to mnth -$ -$ -$ -$ -$ -$

101 919/101 796

102 919/102 1,671 1/31/17 1,567.27$ (1,310.27)$ 257.00$ 3,084$ 1.85$ 5,013$

Bldg 919 5,000 4,114.61$ (2,310.27)$ 1,804.34$ 21,652$ 4.33$ 5,368$

Bldg 915 915 30,547 11/30/2028* 15,426.24$ -$ 15,426.24$ 185,115$ 6.06$ 86,753$

Bldg 909 909 6,271 5/31/26 4,432.35$ -$ 4,432.35$ 53,188$ 8.48$ 18,374$

Bldg 905

106 905/106 1,600 n/a -$ -$ -$ -$ -$ -$

107 905/107 2,200 6/30/16 2,811.88$ -$ 2,811.88$ 33,743$ 15.34$ 6,446$

108 905/108 1,400 9/30/18 1,600.00$ -$ 1,600.00$ 19,200$ 13.71$ 4,102$

109 905/109 1,200 mnth to mnth 1,600.00$ -$ 1,600.00$ 19,200$ 16.00$ 3,516$

101 & 105 905/101& 105 2,292 1/31/17 3,188.00$ -$ 3,188.00$ 38,256$ 16.69$ 6,715$

100A 905/100A 1,200 1/31/19 850.00$ -$ 850.00$ 10,202$ 8.50$ 3,516$

100B 905/100B 2,047 n/a -$ -$ -$ -$ -$ -$

905 905 1,880 mnth to mnth 2,820.00$ (1,280.00)$ 1,540.00$ 18,480$ 9.83$ 5,508$

Bldg 905 13,819 12,869.88$ (1,280.00)$ 11,589.88$ 139,081$ 10.06$ 29,804$

60,273 41,593.09$ 38,002.82$ 456,036$ 7.57$ 153,883$

CAMRent Credit/ Deferral

Effective Monthly Rent

Effective Annual Rent

Effective Rent / Sq.Ft.

Suites/f Lease From Lease To


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Comparables

Comparables

No. Property

Photo Property Name Address SF Acres

Sale Date

Sale Price Price/SF

Cap Rate Leased Notes

Lawrenceville Market 875 Lawrenceville Suwanee Rd Lawrenceville, GA 30043

290,856 132.74 12/20/2013 $37,000,000 $127.21 9.5% 100% Multi

Building

Old Norcross Plaza 1760 Old Norcross Rd Lawrenceville, GA 30044

38,800 7.13 8/10/2015 $4,900,000 $126.29 N/A 90.5% Multi

Building

Rite Aid 1097 Duluth Hwy Lawrenceville, GA 30043

11,200 1.78 6/11/2014 $1,900,000 $169.64 N/A 0%

Lawrenceville Commons 65 Lawrenceville Suwanee Rd Lawrenceville, GA 30044

30,900 8.66 7/13/2015 $5,075,000 $164.24 N/A N/A

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RECENTLY SOLD


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Comparables

No. Property

Photo Property Name Address

SF Leased Floor

Lease Sign Date

Lease Expiration Type Rent

Rent Type

2090 Lawrenceville Suwanee Rd Suwanee, GA 30024

1,200 1st 7/9/2015 8/2020 New $15.00/NNN Starting

Riverside Commons 1090 Duluth Hwy Lawrenceville, GA 30043

1,180 1st 4/17/2015 N/A New $14.00/MG Asking

1860 Duluth Hwy Lawrenceville, GA 30043

3,500 1st 2/17/2015 3/2020 New $17.14/NNN Effective

1340 Lawrenceville Suwanee Rd Lawrenceville, GA 30043

3,273 1st 2/1/2015 5/2030 Renewal $17.01/NNN Starting

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Comparables Continued

No. Property

Photo Property Name Address SF Acres

Asking Price Price/SF Leased Notes

Cruse Corner 2771 Cruse Rd Lawrenceville, GA 30044

16,232 1.50 $1,600,000 $98.57 84.6%

706 Grayson Hwy Lawrenceville, GA 30045

50,598 17.61 $5,000,000 $98.82 82.0% Multi

Building

2815 Lawrenceville Suwanee Rd Suwanee, GA 30024

11,050 1.20 $1,865,000 $168.78 100%

Sugarloaf Pointe 3130 Sugarloaf Pkwy Lawrenceville, GA 30045

18,200 3.40 $2,800,000 $153.85 61.5%

4

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FOR SALE

FOR LEASE


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Location Summary

Location MapsMICRO MAP

MACRO MAP


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Location Summary

Lawrenceville, Georgia

As the second oldest city next to Atlanta and the

County Seat of Gwinnett County, Lawrenceville

maintains a healthy respect for the past while

embracing the future. Among the downtown district’s

period buildings and landmarks are the Gwinnett

Historic Courthouse, home to the Gwinnett Historical

Society and voted among the top 30 places in the

country to have a wedding, and the Lawrenceville

Female Seminary. With new residences, shopping,

dining, and entertainment, including the Aurora

Theatre, redevelopment initiatives make it possible to

live, work and play within walking distance.

The 2006 opening of Georgia Gwinnett College—the

nation’s first four-year public college created in the 21st

Century and Georgia’s first four-year public college

established in over 100 years—has further enhanced

the appeal of Lawrenceville for students, educators,

professionals, and business leaders. The liberal arts

institution offers bachelor and associate degrees, as

well as graduate programs, in conjunction with the

University of Georgia and Georgia Perimeter College.

From services to sports—Gwinnett Medical Center, the

Gwinnett Justice and Administration Center, Georgia

Gwinnett College, Gwinnett Technical College, and the

Gwinnett Braves Minor League Baseball—Lawrenceville

covers all bases.

Source: City of Lawrenceville, Georgia

Location Information




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Gwinnett County has been one of America’s fastest-growing counties for the past 20 years.

Gwinnett County has been one of America’s fastest-

growing counties for the past 20 years. This dynamic

and exciting county combines the best of big-city

l iv ing with the comfor ts of the suburbs.

Gwinnett has many advantages, beginning with i ts

location and road system. The county is just 45

minutes from Har tsf ie ld International Airpor t and 30

minutes from downtown Atlanta. Georgia Highway

316 has been extended to Athens, reducing travel

t ime to the University of Georgia to 25 minutes.

Gwinnett’s infrastructure includes more than 2,750

miles of roadways to provide excel lent mobil i ty for

their cit izens.

The county is home to 16 municipal i t ies. Although

the major ity of Gwinnett’s cit izens l ive in

unincorporated areas, these municipal i t ies play a

vital role in the economic and social fabr ic of the

county.

Source: Gwinnet t County Government

Gwinnett County, Georgia

Location Summary

Retail Aerial

Location Summary

1 Kroger Walgreens Fidelity Bank Goodwill Advance Auto Parts FedEx Office Golden Corral Waffle House

2 Publix BB&T Fifth Third Bank Wells Fargo Bank Verizon Great Clips LongHorn Steakhouse O’Charley’s Steak’n’Shake

3 Target Home Depot Hobby Lobby PetSmart Dollar Tree Payless Shoe Source Sally Beauty Supply Shoe Carnival AMC Theatre Chili’s IHOP Panera Bread Pollo Tropical

4 Gold’s Gym Chipotle Einstein Bros. Bagels Firehouse Subs Five Guys Hooters Moe’s Southwest Grill Panda Express Starbucks

5 SunTrust Bank Applebee’s KFC McDonald’s Stevi B’s Pizza Taco Bell

6 Wells Fargo Bank Chick-Fil-A Sonny’s BBQ Wendy’s

7 CVS Bank of America Pep Boys Auto Burger King Captain D’s Krystal Subway Zaxby’s

8 Walmart Supercenter Kohl’s Chase Bank Metro PCS UPS Store

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Additional Photos

Documents

For Sale Parkside Walk Lane - LoopNetimages4.loopnet.com/d2/x03hTpqAgLdJII7caY6bogto72YZmxxR4BLzxEfM3Us/... · The presence of any corporation’s logo or name is not intended to