Mattress firm & five guys - portland msa - LoopNet
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mattress firm & five guys
portland msa
offered as part of a portfolio:
click here for adjacent property
New Construction Net Leased Asset located on Major Retail
Corridor in one of Maine’s Fastest Growing Commercial Centers [ www.CapitalPacific.com ]
p
574 Alfred St, Biddeford, ME 04005
l i c k f or Ma
C
m ent highl NEW CONSTRUCTION TWO TENANT RETAIL ASSET FEATURING
s t i FIVE GUY’S BURGER & FRIES AND CORPORATE MATTRESS FIRM.
gh
inve
THE PROPERTY IS IDEALLY SITUATED ACROSS THE STREET FROM A
ts
TARGET-ANCHORED CENTER.
PRICE: $3,353,000 The subject property is a newly constructed net leased two
tenant asset that is part of a fully leased shopping center in
CAP: 6.85% Biddeford, ME, an affluent and quickly growing commercial
submarket within the Portland metropolitan area.
RENTABLE SF. . . . . . . . . . . 6,500 SF
Situated across the street from a Super Target anchored center,
CURRENT RENT. . . . . . . . . $35.08/SF Biddeford Shoppes is ideally located within the primary retail
YEAR BUILT . . . . . . . . . . . . 2016 trade area of Biddeford. The center benefits from excellent
visibility along Route 111 with strong daily traffic counts of
nearly 25,000 vehicles per day.
The offering is for a condominium interest in the larger center.
The adjacent strip center is also available for sale. Please click
HERE for the adjacent properties offering memorandum.
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer
must verify the information and bears all risk for any inaccuracies.
Listing Team Contact Info
zeb ripple chris kostanecki
zripple@capitalpacific.com | (415) 274-2702 ck@capitalpacific.com | (415) 274-2701
CA BRE# 01242540 CA BRE# 01002010
chris peters jack navarra
cpeters@capitalpacific.com | (415) 274-2703 jnavarra@capitalpacific.com | (415) 274-2705
CA BRE# 01339983 CA BRE# 01909630
Listed in conjunction with ME Licensed Broker: Capital Pacific collaborates.
Bill Sullivan | bill@sullivanmulti.com Click Here to meet the rest of
KW Commercial | 207-771-5556 our San Francisco team.
MATTRESS FIRM & FIVE GUYS | 2
core characteristics
Capital Pacific is pleased to offer for sale a newly constructed net leased EXCELLENT RETAIL TRADE AREA
asset that is part of a larger, fully occupied strip center located in the The subject property is situated in the center of Biddeford’s primary retail
primary retail trade area of Biddeford, ME. The subject property is a two trade area. Immediately to the south of Biddeford Shoppes is Biddeford
tenant freestanding building featuring a 10-year Five Guys Burger & Fries Crossing, a Target, TJ Maxx, Market Basket, and Staples anchored center.
and a 10-year corporate Mattress Firm. The ownership of this asset will Other major national retailers in the immediate area include a Walmart
be mostly passive as the management of the common area will be the Supercenter, The Home Depot, and Kohl’s. The subject property benefits
responsibility of the owner of the adjacent building. For more information from the draw to the area provided by these strong national retailers.
on the offering of the adjacent building please click HERE.
STRONG DEMOGRAPHICS & LOCAL ECONOMY
LEASE HIGHLIGHTS Biddeford is one of Maine’s fastest growing commercial centers due to its
• Both tenants feature new 10-year leases close proximity to the Seacoast Region of New Hampshire and northern
• 10% increases every 5 years in the primary term and options Massachusetts. The average household income within a seven minute
• Corporate lease signed by Mattress Firm, Inc. drive of the property is nearly $70,000 per year. The center also benefits
from an attractive density in the surrounding area: there are more than
STRONG TRAFFIC COUNTS & HIGH IDENTITY 43,000 people living within 15-minute drive of the property.
LOCATION
The subject property’s rare layout enhances the center’s visibility. The
building is situated along Route 111, with the parking located to the back
of the property rather than between the store fronts and the roadway, 100% occupied STRIP CENTER in the primary
giving the center great visibility and high-identity curb appeal. Located
near the confluence of Route 111 and Interstate 95 the site benefits from retail trade area of Biddeford, ME
average daily traffic counts of nearly 25,000 cars per day.
MATTRESS FIRM & FIVE GUYS | 3
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
aerial
SITUATED AMIDST A DENSE CLUSTER OF NATIONAL RETAILERS
95
111
Street
Alfred
Bid
de
111
for
ILY
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24,8
on
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Street
cto
Alfred
r
95
111 d
oa
inR
u nta
Mo
THE
SHOPS AT
BIDDEFORD
CROSSING
PORTLAND
95
MATTRESS FIRM & FIVE GUYS | 4
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
condo map The owner of the adjacent building will be responsible for the management of the center’s
common area. This will eliminate the need for a property manager for the owner of the subject
property.
SITE PLAN KEY
24,800 DAILY
PARCEL OUTLINE:
CONDO OUTLINE:
COMMON AREA:
LAND AREA: 4.8 AC
BUILDING AREA: 6,500 SF
INGRESS/EGRESS:
Alfred Street
111
SIGN
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
MATTRESS FIRM & FIVE GUYS | 5
income & expense
Current
Price: $3,353,000
Capitalization Rate: 6.85%
Price Per Square Foot: $515.85
Total Leased (SF): 100.00% 6,500
Total Vacant (SF): 0.00% 0
Total Rentable Area (SF): 100.00% 6,500
INCOME Per Square Foot
Scheduled Rent $35.08 $228,000
Expense Reimbursement $6.54 $42,513
EFFECTIVE GROSS INCOME $270,513
EXPENSE
Real Estate Tax ($2.49) ($16,365)
Insurance ($0.78) ($5,087)
CAM ($2.79) ($18,396)
Management Fee* ($0.06) ($368)
CapEx Reserve ($0.10) ($650)
TOTAL OPERATING EXPENSES ($6.29) ($40,866)
NET OPERATING INCOME $229,647
*Management fee paid to owner of Building 2 for CAM only
This site plan is a rendering that has been created based on sources we believe to be reliable, however we make no representations or warranties,
expressed or implied, as to the accuracy of the rendering. Buyer must verify the information and bears all risk for any inaccuracies. MATTRESS FIRM & FIVE GUYS | 6
rent roll
TENANT INFO LEASE TERMS RENT SUMMARY
Monthly Annual
Tenant Sq. Ft. Percent of GLA Term Rent/FT
Rent Rent
Mattress Firm 4,000 61.54% 08/05/16 08/31/21 $12,333 $148,000 $37.00
09/01/21 08/31/26 $13,567 $162,800 $40.70
Option 1 09/01/26 08/31/31 $14,923 $179,080 $44.77
Option 2 09/01/31 08/31/36 $16,416 $196,988 $49.25
Option 3 09/01/36 08/31/41 $18,057 $216,686 $54.17
Five Guys 2,500 38.46% *08/8/17 08/31/22 $6,667 $80,000 $32.00
* Rent commences in May-18 09/01/22 08/31/27 $7,333 $88,000 $35.20
Option 1 09/01/27 08/31/32 $8,067 $96,800 $38.72
Option 2 09/01/32 08/31/37 $8,873 $106,480 $42.59
Occupied 6,500 100.00% $19,000 $228,000 $35.08
Vacant 0 0.00%
Current Totals: 6,500 100.00%
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
MATTRESS FIRM & FIVE GUYS | 7
subject property
FULLY LEASED TO NATIONALLY
RECOGNIZED TENANTS
MATTRESS FIRM & FIVE GUYS | 8
tenants
MATTRESS FIRM FIVE GUYS
Mattress Firm (NASDAQ: MFRM) currently operates over 3,546 Twenty years after opening, Five Guys has over 1,000 locations in 47
locations across 48 states nationwide, making it the largest states and 6 Canadian provinces and over 1,500 in development.
bedding retailer in the country, with estimated fiscal 2016 sales The overwhelming success of franchising a local restaurant made
of approximately $4 billion. Mattress Firm offers conventional national news with articles in many trade publications including
mattresses, specialty mattresses, including viscoleastic foam Nation’s Restaurant News, Restaurant Business Magazine, and the
mattresses and YuMe sleep system (a revolutionary sleep system Franchise Times. Five Guys is a privately owned company. Their
made of foam produced from coconut oil), and bedding related menu offers a variety of hamburgers, hot dogs, and sandwiches
accessories (bed frames, mattress pads, pillows). The stores carry in addition to fries, milkshakes, and soft drinks.
a broad assortment of national mattress brands and exclusive
brands. In 2011, Mattress Firm Holding Corp went public and has This location is operated by a multi-unit franchisee.
shown very strong sales and profit growth since.
This location features a corporate lease.
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
MATTRESS FIRM & FIVE GUYS | 9
surrounding retail
SUBJECT PROPERTY IS SURROUNDED
BY MAJOR NATIONAL RETAILERS
MATTRESS FIRM & FIVE GUYS | 10MATTRESS FIRM & FIVE GUYS LOCATION
demographics & map
MATTRESS FIRM &
POPULATION FIVE GUYS
7-Min 10-Min 15-Min
2010 3,040 15,287 42,202 DAILY
2017 3,098 15,695 43,359 24,880
2021 3,170 16,047 44,530
2017 HOUSEHOLD INCOMES
7-Min 10-Min 15-Min
Average $69,219 $57,045 $64,821 REGIONAL MAP
Median $56,212 $43,132 $50,042
TOP EMPLOYERS IN YORK COUNTY, ME
PORTLAND
Webber Hospital Association
Pratt & Whitney Aircraft Group
27 MIN
Hannaford Bros Co 19 MILES
York Hospital
University of New England
Shaws Supermarkets Inc BIDDEFORD
Walmart / Sam’s Club
Camp Waban
Premier Group-Poland Spring
This information has been secured from sources we believe to be reliable but we make no representations or
warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears
all risk for any inaccuracies.
MATTRESS FIRM & FIVE GUYS | 11biddeford, me
PORTLAND, MAINE:
OVERVIEW:
Biddeford is the principal commercial center of York County, and with an estimated 2017 Biddeford is located less than
population of over 21,000, it is a principal population center of the Portland-South Portland- 20 miles southwest of Portland,
Biddeford metropolitan statistical area. The city includes the resort communities of Biddeford Maine’s largest city, which accounts
Pool, Fortunes Rocks, and Granite Point. Biddeford is also the site of the 540-acre University of for more than one-third of Maine’s
New England, which has over 12,000 students and includes Maine’s only medical school, the total population. Due to its large
University of New England College of Ostepathic Medicine. population, possession of Maine’s
largest port, and close proximity
to Boston, Portland has become
ECONOMY: Maine’s economic capital. The
Biddeford is one of Maine’s fastest growing commercial centers due to its close proximity local economy is largely service-
to the Seacoast Region of New Hampshire and to northern Massachusetts. Recent interest based, with most national financial
in revitalizing the downtown area has brought new life to old mills including the North services organizations such as
Dam Mill, which has been transformed to include retail stores, art studios, cultural events, Bank of America and Key Bank
and upscale housing. Anchoring Biddeford’s historic downtown are McArthur Public Library operating there. Other notable
and Biddeford’s City Theater, a restored Victorian opera house that hosts theater, dance, and companies with headquarters in
music performances year-round. The Lofts at Saco Falls, a redevelopment of a portion of Portland include Unum, Magellan
the Riverdam Mill, celebrated its grand opening in September of 2016. The redevelopment Petroleum, Maine Bank & Trust,
consists of nearly 150 new units, 82% of which are already leased to households new to ImmuCell Corp, and Pioneer
Biddeford. A new influx of residents will add vibrancy to the exciting development that has Telephone.
recently taken place in the Mill District as well as be a boon to downtown businesses.
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the
information. Buyer must verify the information and bears all risk for any inaccuracies.
MATTRESS FIRM & FIVE GUYS | 12
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.A unique HUMAN
RESULTS-DRIVEN THE CAPITAL PACIFIC EXPERIENCE - OUR DAILY COMMITMENT TO OUR CLIENTS
client experience [ www.CapitalPacific.com ]
ZEB RIPPLE CHRIS KOSTANECKI Capital Pacific collaborates. Click Here to
zripple@capitalpacific.com | (415) 274-2702 ck@capitalpacific.com | (415) 274-2701 meet the rest of our San Francisco team.
CA BRE# 01242540 CA BRE# 01002010
JOHN ANDREINI DAVE LUCAS
CHRIS PETERS JACK NAVARRA JOE CACCAMO RICK SANNER
cpeters@capitalpacific.com | (415) 274-2703 jnavarra@capitalpacific.com | (415) 274-2705
CA BRE# 01339983 CA BRE# 01909630 ZANDY SMITH AARON SUSMAN
Listed in conjunction with ME Licensed Broker:
Bill Sullivan | bill@sullivanmulti.com | KW Commercial | 207-771-5556
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