Ft. Wright Center · 4 | Fort Wright Center - 1987 Dixie Highway, Fort Wright, KY 10 minute drive time 5 minute drive time 20 minute drive time City of Fort Wright Total population

1 | Fort Wright Center - 1987 Dixie Highway, Fort Wright, KY

Ft. Wright Center

Confidential offering memorandumJLL has been exclusively retained to market for sale the fee-simple interest of the 10,300 square foot retail portion of Fort Wright Center - 1987 Dixie Highway located in Fort Wright, Kentucky (the “property”).

10,300 s.f. retail opportunity

1987 Dixie Highway Fort Wright, KY

June 2018


JLL has been exclusively retained to market for sale the fee-simple interest of the retail portion of Fort Wright Center - 1987 Dixie Highway located in Fort Wright, Kentucky (the “property”), a part of the Cincinnati metropolitan area.

The offering is a multi-tenant retail building totaling 10,300 square feet, which is currently 100% leased to three tenants. Investors will benefit from stable cash flow and staggered lease rollover. The Property is in a busy retail corridor and is adjacent to an outpatient health center.

The Christ Hospital Outpatient Center serves as a key off-campus site for The Christ Hospital network, a leading health system of the greater Cincinnati area. Over 20 key specialties and services provided include: cardiovascular testing, diabetes & endocrine center, ENT, general surgery, hematology & oncology, obstetrics & gynecology, cardiology, orthopedics & sports medicine, pain management, physical and occupational therapy, podiatry, orthopedics, spine, urgent care, primary care, urology, wound and ostomy care.

The Christ Hospital is a 555-bed, fully integrated, not-for-profit acute care hospital located in the historic Mount Auburn neighborhood in downtown Cincinnati. With over 125 years of history, Christ has remained an active and critical provider of healthcare throughout the Cincinnati area and currently maintains a 10.2 percent overall market share.

The Property - which was constructed in 1995 - is situated off of I-71/I-75, a major thoroughfare into and out of Cincinnati, giving the property substantial visibility (140,000 cars/day).

Address 1987 Dixie HighwayFort Wright, KY 41011

Product Type Retail

Square Footage 10,300

Site Size 0.78 acres

Year Built 1995

Occupancy 100.0%

Number of tenants 3

Parking ratio

5.0/1000 rentable s.f.Available to Tenant through a combination of the fee ownership and easement rights

Zoning Commercial

PROPERTY DETAILS

Introduction

AT

RIU

M

TRAFFIC COUNT - OVER 144,000 CARS PER DAY

DRIVETHRU

DIXIE HIGHWAY

10,300 s.f. parcel included in o�ering

70,700 s.f. Christ Hospital Outpatient Center

38,319 s.f. retail parcel available for sale - o�ered separately

ST. JOHNS

3,07

1 S.

F.

4,12

9 S.

F.

3,10

0 S.

F.


Property photos


10 minute drive time

5 minute drive time

20 minute drive time

City of Fort Wright

Total population 85,101 292,695 601,260 5,816

Total households 37,617 121,929 244,548 2,557

Median age 37.8 34.7 35.0 42.5

Average household income $66,900 $63,591 $69,042 $81,874

Total businesses 5,466 14,245 21,376 278

Daytime population 119,707 351,406 479,956 3,953

DEMOGRAPHICS

The Offering

Dixie Highway - SR 42

The economy of the Fort Wright, KY is specialized in Finance & Insurance, Transportation & Warehousing and Information. The largest industries are Healthcare & Social Assistance, Retail Trade and Education Services. The median household income, % of home ownership and median home value are all above the average for the United States.


• Conveniently located with easy access to I-75 at Highland Pike and Dixie Highway

• High visibility on I-71/I-75 with 140,000 cars per day

• Fort Wright, located in Northern Kentucky, is part of the Cincinnati MSA with a total population of 2.2 million in fifteen counties across Ohio, Kentucky and Indiana

• The Cincinnati MSA including Fort Wright/Kenton County is ranked 24th largest in the USA

Location Highlights

Cincinnati

Covington

Delhi

Erlanger

Fort Thomas

Reading

Norwood

Newport

Forest Park Springdale

Sharonville Loveland

Montgomery

Sycamore

Blue Ash

Aurora

LudlowLawrenceburg

Harrison

Saint Bernard

Batavia

Milford

Bellevue

Woodlawn

Greenhills

Greendale

Lincoln Heights

Ross

Mount HealthyWyoming

Highland Heights

Cheviot

The Village of Indian Hill

Crescent Springs

Lockland

Elsmere

Crestview Hills Amelia

Villa Hills

Golf Manor

Fort Wright

North College Hill

Amberley Village

Newtown

Mariemont

Kenwood

Edgewood

Silverton

Deer ParkMadeira

Dayton

SouthgateFort Mitchell

Cold Spring

SR 126

RR

SR 562

I 275

I 74

SR 32

US 52

SR 450

SR 32

SR 4

US 127

US 27 Truck

US 42

US 52

KY 17

SR 125

KY 18

KY 237

KY 842

KY 236

IN 56

US 27

US 50

5 mi May 31 2018 © Stepmap, 123map • Data: OpenStreetMap, License ODbL 1.0

Crescent Springs

Villa Hills

Fort Wright

Fort Mitchell

West Pike Street

Madison Avenue

Mad

ison

Pike

Dixie Highway

Deco

urse

y Av

enue

Win

ston

Ave

nue

James Avenue

Kyles Lane

Ande

rson

Roa

d

Collins Road

Amsterdam Road

Dolwick Drive

Buttermilk Pike

River Road

Highland Pike Decoursey Ave

Crescent Sprin

gs Pike

Howard Litzler Drive

Slee

py H

ollo

w R

oad

Scott BoulevardGreenup Street

Wallace Avenue

George Huser Drive

Anderson Road

Park

Roa

d

Bromley–Crescent Springs Road

1500 yd May 31 2018 © Stepmap, 123map • Data: OpenStreetMap, License ODbL 1.0

SITE


Financial summary

INCOME BASE RENTAL INCOME SF Per SF Annualized PPG Architectural Finishes 3,100 $13.06 $40,486 Mortenson Family Dental Holdings 3,071 $14.13 $43,393 The Pilates Body Barre Limited Liability 4,129 $11.00 $45,419 TOTAL BASE RENTAL INCOME 10,300 $129,298 CAM REIMBURSEMENT INCOME Pro-Rata PPG Architectural Finishes 30.10% $10,128 Mortenson Family Dental Holdings 29.82% $10,033 The Pilates Body Barre Limited Liability 40.09% $- TOTAL CAM REIMBURSEMENT INCOME $20,160 TOTAL INCOME $149,459 OPERATING EXPENSES COMMON AREA EXPENSE TOTAL COMMON AREA EXPENSE $1.28 $13,192 REAL ESTATE TAX & INSURANCE Real Estate Tax $1.81 $18,636 Insurance $0.18 $1,822 TOTAL REAL ESTATE TAX & INS $1.99 $20,458 TOTAL OPERATING EXPENSES $3.27 $33,649 NET OPERATING INCOME $115,809

RENT ROLL

Tenant Lease Type

SF Leased Lease Start Lease End Term/

Months Monthly Rent Annual Rent Annual Rent Per S.F.

Annual CAM per S.F.

Mortenson Family Dental Holdings, Inc. Office 3,071 11/1/2013 10/31/2024 132 $3,616.10 $43,393.23 $14.13 3.26

PPG Architectural Finishes Retail 3,100 3/1/1995 1/31/2020 299 $3,373.83 $40,485.96 $13.06 3.36

The Pilates Body Barre Limited Liability Retail 4,129 4/1/2018 7/31/2023 64 $4,473.08 $45,419.00 $11.00 Gross

$11,463.01 $129,298.19


PPG Architectural Finishes - www.ppg.com

PPG Paints is a respected leader in the paint industry. PPG Paints’ deep product line, superior technical support, and individualized customer service, including timely delivery and state-of-the-art color matching provides PPG Paints with a unique advantage compared to its competition. PPG Paints’ national network consisting of over 3,000 locations including independent dealers and company-owned stores ensures adequate inventories and consistent service coast-to-coast. PPG Paints is a business unit of PPG Industries which is headquartered in Pittsburgh and operates in nearly 70 countries around the world with sales in 2017 totaling $14.8 billion, a 3% increase from the previous year.

Suite # 1987

SF occupied 3,100

Lease start date Feb. 2010

Lease expiration date Jan. 2020

CAM Pro-rata 30.10%

Lease rate $13.06/s.f. NNN

TENANT DETAILS

Mortenson Family Dental - www.mortensonfamilydentistry.com

Mortenson Family Dental has been serving patients for over 35 years. What started as a single practice in Middletown, KY has grown to over 30 Mortenson Family Dental locations throughout Kentucky and Southern Indiana. Mortenson Family Dental offers a wide range of services including: general dentistry, orthodontics, cosmetic dentistry, and kids dentistry.

Suite # 1983

SF occupied 3,071

Lease start date Nov. 2013

Lease expiration date Oct. 2024

CAM Pro-rata 29.82%

Lease rate $14.13/s.f. NNN

TENANT DETAILS

Suite # 1985

SF occupied 4,129

Lease start date April 2018

Lease expiration date July 2023

CAM Pro-rata 40.09%

Lease rate $11.00/s.f. Gross

Pilates Body Barre - www.pilatesbodybarre.com

Pilates Body Barre offers three main types of classes: Reformer Pilates, Barre and Yoga classes in a clean, chic, and supportive environment. Mats and small sweat towels are provided to cleints and complimentary water stations are available to fill water bottles.

Pilates Body Barre is committed to offering a clean, calm, private space for clients, top of the line equipment and instructors, and a variety of classes that are innovative to keep clients fully engaged.

TENANT

Tenant summary


Sale comps

2030 Northside Drive, Hebron, KY 4104810,000 s.f. Retail - Storefront (Strip Center)

Sale Price $1,200,000 ($120/p.s.f.)

SF occupied 10,000 s.f.

% Leased at sale 100%

# Tenants 5

Year built 2004

2111 North Bend Road, Hebron, KY 41048 6,000 s.f. Retail - Storefront (Strip Center)

Sale Price $1,050,000 ($191/p.s.f.)


% Leased at sale 100%

# Tenants 4

Year built 2007

8731 Bankers Street, Florence, KY 4104210,600 s.f. Retail - Freestanding

Sale Price $1,280,000 ($120/p.s.f.)

SF occupied 10,600; 1.45 AC

% Leased at sale 86.8%

# Tenants 4

Year built 1990

Sale date: 11/1/2016Buyer: 237 Plaza LLCSeller: 237 Group LLC

Sale date: 11/15/2017Buyer: Tolson Investments, LLCSeller: Glenwood Land LLC

Sale date: 9/1/2015Buyer: SC Florence Real Estate LLCSeller: Special Tee Golf of Florida, Inc.


Lease comps

2091 North Bend Road, Hebron, KY 41048

Asking Rent $13.50 / s.f. NNN


Total s.f. available 17,341 s.f.

Tenancy Multi

Year built 2004

Tenant: Community First Urgent CareLease Term: 1/1/2017 - 12/31/2021

2404-2440 High Street - High Street Center, Crescent Springs, KY 41017




Tenancy Multi

Year built 1980

Tenant: AvailableLease Term: 10/1/2016 - 9/30/2019

8544-8550 US 42 Highway - Pleasant Valley Commons, Florence, KY 41042




Tenancy Multi

Year built 2010

Tenant: Embrace Dental CareLease Term: 7/1/2016 - 6/30/2019


The Greater Cincinnati market consists of fifteen counties located over a three-state area in Ohio, Kentucky, and Indiana. The region’s central location provides easy access to 2.2+ million people in the area, 25 of the largest metro regions, and more than half of all U.S. manufacturing establishments. Notably, Cincinnati and The Property are located within 600 miles and one-day drive of 54% of the nation’s total population and purchasing power.

Located in the heart of the Midwest, Cincinnati is well-connected business hub and has seen success in blending its culture, rich heritage and arts with social and economic initiatives that create an exceptional quality of life. Its robust, diverse economy shelters the region from the highs and lows of the national economy.

Named by KPMG as the least costly location to do business among all large U.S. cities, it is no surprise that Cincinnati is home to more Fortune companies per capita than New York, LA or Chicago. Two Foreign Trade Zones and the number one-ranked city for tax friendliness attract new businesses on a regular basis.

Greater Cincinnati has a legacy of producing startups that become some of the world’s most successful companies. From P&G, the world’s largest consumer products company, to The Kroger Co., a leading grocery chain, the region understands how to help young businesses thrive. In fact, more than 450 foreign-owned firms from over 20 countries employing over 45,000 people chose to locate in Greater Cincinnati to grow their businesses.

This year alone, online retail giant Amazon will invest 1.49 billion dollars and will bring over 2,000 jobs to the Cincinnati Metropolitan Area when they move their primary cargo hub to the Cincinnati International Airport, located in Hebron, KY. Businesses further fuel growth by tapping into the large, talented workforce that is boosted by 200,000 graduates annually from 300 colleges and universities in a 200-mile radius. Major Fortune 500 companies are beneficiaries of this deep talent pool and business-friendly environments

Cincinnati offers a quality of life that transcends other cities of it’s size. It is frequently listed as one of the top places to live and work with a cost of living 7.1 percent below the national average. With its growing and diversified economy, low cost of living, historical and cultural attractions and strategic geographic location, Cincinnati delivers one of the highest qualities of life in the county

CINCINNATI MSA DEMOGRAPHICS

Regional Economy

2.2 M2017Total

Populaton

$80KAverage

HouseholdIncomes

18Colleges

&Universities

9Fortune

500Companies

38.2Median

Age


Cincinnati has a diverse concentration of organizations in key industry clusters, including aerospace, consumer goods, financial services, biotechnology, advanced energy, marketing and branding, automotive and IT services. The region’s strength in these industries serve as a competitive advantage for companies in those fields. Cincinnati’s central location and access to key logistics corridors also offer companies of all sizes exceptional access to customers and suppliers across the globe.

LOCATIONThe property is located in the City of Fort Wright in the center of the northern half of Kenton County in Kentucky. The area was originally the site of one of the American Civil War fortifications built for the defense of Cincinnati. Fort Wright was incorporated in 1941 and named for Major General Horatio Gouverneur Wright, a Union Army engineer. The city is situated on a hillside with scenic views of Cincinnati and has ready access to urban amenities while retaining suburban charm and warmth.

AIRLocated only 12 miles from the Central Business District, Cincinnati/ Northern Kentucky International Airport (CVG) is one of the top facilities in the country in terms of passenger service and convenience. The airport offers a variety of travel and shipping options with more than 80 daily non-stop flights to North America and Europe. A major node for domestic travel, CVG is a 90-minute flight from more than 40 percent of the purchasing power in the U.S. In 2015, CVG was ranked the second best North American regional airport for the fifth year in a row. It also earned the title of sixth best regional airport in the world and fourth best airport staff in North America.

CVG is home to DHL’s global hub connecting businesses in the region to more than 100 DHL service centers and five international gateways in the U.S. Notably, DHL’s global hub processes more than two million international shipments monthly to the U.S., Canada, Mexico and Latin America. CVG is also home to Amazon’s primary cargo hub which just brought over 2000 jobs to the area. The Property is conveniently located 8.4 miles from CVG.

HIGHWAYCincinnati is well-connected to all major regional markets via multiple interstates; 20 major metro areas are located within 400 miles and are served by one-day truck driving time, with access to 30 additional markets by second day service. Three interstate highway systems (I-75, I-74, and I-71) and two interstate corridors (I-275 and I-471) serve the Cincinnati region and provide access to all geographic directions. I-75, the major Midwest route from Michigan to Florida, is vital to the region’s highway structure with almost 150,000 vehicles per pay pass through Cincinnati. Trucking is also a key factor to Cincinnati’s success as a distribution point with more than 900 interstate motor freight carriers and 29 freight forwarders. The Property is located 0.3 miles from Interstates 71 and 75.

Regional Economy

FOR MORE INFORMATION CONTACT:Rusty MyersExecutive Vice [email protected]+1 513 252 2158

Giorgio KarrasVice [email protected]+1 513 719 3720

Kevin ThobeVice [email protected]+1 513 252 2189

Jones Lang LaSalle312 Walnut StreetSuite 3030Cincinnati, OH 45202

jll.com

Ft. Wright Center1987 Dixie Highway Fort Wright, KY

DISCLAIMERThe information contained in this Offering Memorandum is confidential and is provided for the sole purpose of allowing persons to evaluate whether there is interest in proceeding with further discussions with the owner regarding a possible transaction with respect to 1987 Dixie Highway located in Ft. Wright, Kentucky (the “Property”). The information contained herein shall not be photocopied or disclosed to any other party and shall not be used for any other purpose. If the person receiving this Offering Memorandum does not choose to pursue such a transaction, this Offering Memorandum shall be returned to Jones Lang LaSalle (“JLL”).

Neither the owner, nor JLL, nor any of their officers, directors, employees or agents, assume any responsibility or make any representations or warranties, whether express or implied, by operation of law or otherwise, with respect to the Property or this Offering Memorandum or any information or statements (including financial statements and projections) contained herein or relating hereto, including the accuracy or completeness of such information or statements and the condition, quality or fitness of the Property. Such information and statements have in many circumstances been obtained from outside sources, have not been tested or verified and may be subject to errors or omissions. Projections, in particular, are based on various assumptions and subjective determinations as to which no guaranty or assurance can be given. With-out limiting the foregoing, in the event this Offering Memorandum contains information relating any hazardous, toxic or dangerous materials in relation to the Property, such information shall in no way be construed as creating any warranties or representations, express or implied, by operation of law or otherwise, by any party, as to the existence or non-existence or nature of such materials in, under, on or around the Property. Potential investors are urged to perform their own examination and inspection of the Property and information relating to same, and shall rely solely on such examination and investigation and not on this Offering Memorandum or any information or materials contained herein or otherwise provided.

The only party authorized to represent the owner of the Portfolio is JLL, and the owner shall not be obligated to pay any fees or commissions to any other advisor, broker or representative. Any party entering into a transaction with the owner shall be obligated to pay any fees or commissions due any advisors, brokers or representatives, other than JLL, dealing with such party. This Offering Memorandum is provided subject to prior sale or lease, change of price or terms and other changes to the materials, statements and information contained herein or relating to the Property, and is subject to withdrawal, all without notice or any liability. In no event shall the delivery or receipt of this Offering Memorandum be deemed to create any legal obligation to enter into any transaction with respect to the Property, and only a definitive agreement.

Documents

Ft. Wright Center · 4 | Fort Wright Center - 1987 Dixie Highway, Fort Wright, KY 10 minute drive time 5 minute drive time 20 minute drive time City of Fort Wright Total population