OFFERING MEMORANDUM - SHOPPES AT COLLEGE HILLS INVESTMENT PORTFOLIO 301 & 311-313 S. Veterans Pkwy Normal, IL 61761 - Coldwell Banker Commercial ...
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INVESTMENT
RETAIL
OFFERING MEMORANDUM DEVONSHIRE REALTY
SHOPPES AT COLLEGE HILLS INVESTMENT PORTFOLIO
301 & 311-313 S. Veterans Pkwy Normal, IL 61761
Ryan Murphy, CCIM Ryan.murphy@cbcdr.com 217.403.3379
INVESTMENT
RETAIL
CONFIDENTIALITY & RESTRICTED USE AGREEMENT
DEVONSHIRE REALTY
This Confidential Investment Summary (“CIS”) is provided by Coldwell Banker Commercial Devonshire Realty (“CBCDR”), solely for your
consideration of the opportunity to acquire the commercial property described herein (the “Property”). This CIS may be used only as stated
herein and shall not be used for any other purpose, or in any other manner, without prior written authorization and consent of CBCDR.
This CIS does not constitute or pertain to an offer of a security or an offer of any investment contract. This CIS contains descriptive materials,
financial information and other data compiled by CBCDR for the convenience of parties who may be interested in the Property. Such
information is not all inclusive and is not represented to include all information that may be material to an evaluation of the acquisition
opportunity presented. CBCDR has not independently verified any of the information contained herein and makes no representations or
warranties of any kind concerning the accuracy or completeness thereof. All summaries and discussions of documentation and/or financial
information contained herein are qualified in their entirety by reference to the actual documents and/or financial statements, which upon
request may be made available. An interested party must conduct its own independent investigation and verification of any information the
party deems material to consideration of the opportunity, or otherwise appropriate, without reliance upon CBCDR.
The Property may be financed or withdrawn from the market without notice, and its owner(s) reserve(s) the right to negotiate with any
number of interested parties at any time. The Property is offered and sold by its owner(s) as is, where is, and with all faults, without
representation or warranty of any kind except for any customary warranties of title.
BY ACCEPTING THIS CIS, YOU AGREE THAT: (1) all information contained herein, and all other information you have received or may
hereafter receive from CBCDR relating to the Property, whether oral, written or in any other form (collectively, the “Information”), is strictly
confidential; (2) you will not copy or reproduce, and claim as your own without attribution to CBCDR, all or any part of this CIS or the
Information; (3) upon request by CBCDR at any time, you will return and/or certify your complete destruction of all copies of this CIS and the
Information; (4) for yourself and all your affiliates, officers, employees, representatives, agents and principals, you hereby release and agree
to indemnify and hold harmless CBCDR all of its affiliates, officers, employees, representatives, agents and principals, from and with respect
to any and all claims and liabilities arising from or related to the receipt or use of this CIS and/or any other Information concerning the
Property; (5) you will not provide this CIS or any of the Information to any other party unless you first obtain such party’s acceptance and
approval of all terms, conditions, limitations and agreements set forth herein, as being applicable to such party as well as to you; and (6)
monetary damages alone will not be an adequate remedy for a violation of these terms and that CBCDR shall be entitled to equitable relief,
including, but not limited to, injunctive relief and specific performance, in connection with such a violation and shall not be required to post
a bond when obtaining such relief.
COLDWELL BANKER COMMERCIAL DEVONSHIRE REALTY | CHAMPAIGN, IL | 217.352.7712
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OVERVIEW
DEVONSHIRE REALTY
THE OFFERING INVESTMENT HIGHLIGHTS
Coldwell Banker Commercial Devonshire Realty (CBCDR) is proud to • Prominent Open-Air Shopping Center
exclusively offer for sale a portfolio containing four adjacent retail buildings • Corner of Veterans Pkwy & College Ave
(seven parcels) located in the Shoppes at College Hills in Normal, IL. These • Minimal Landlord Responsibilities
buildings are located in the Plaza tract within the Shoppes at College Hills • National Tenants
providing prime frontage and visibility along Veterans Parkway. • Value-Add Upside
The Shoppes at College Hills is ideally located on the corner of Veterans
Parkway (Historic U.S. 66), which is the prominent retail corridor in
Bloomington-Normal, and College Avenue, which connects the open-air
shopping center to Illinois State University (20,635 students and 3,654
faculty & staff). In addition to the properties contained in this investment
portfolio the center provides a combination of quality national and local
retailers such as Von Maur, Target, Hobby Lobby, Starbucks, Xfinity, LOFT,
Joe's Station House, Flat Top Grill and Massage Envy.
Bloomington-Normal is the home to State Farm, COUNTRY Financial, the
Central Illinois Regional Airport, Illinois State University, Illinois Wesleyan
University, Heartland Community College, Advocate BroMenn Healthcare,
OSF St. Joseph Medical Center and many other nationally-recognized
PORTFOLIO OVERVIEW
entities.
Price Call For Offers
This portfolio has minimal Landlord responsibilities, stability from national
Buildings 4
tenants and significant value-add potential. The current tenants include T-
Mobile, Panda Express, Logan's Roadhouse, Beauty Brands and Enterprise Gross Leasable Area 101,862 SF
Rent-A-Car. Excess land for an additional outlot and a new vacancy due
Tax Parcels 7
to Hobby Lobby’s relocation within the center provide huge upside for this
portfolio. Total Lot Size 13.57 Acres
COLDWELL BANKER COMMERCIAL DEVONSHIRE REALTY | CHAMPAIGN, IL | 217.352.7712
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AERIAL
DEVONSHIRE REALTY
COLDWELL BANKER COMMERCIAL DEVONSHIRE REALTY | CHAMPAIGN, IL | 217.352.7712
INVESTMENT
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SITE PLAN
DEVONSHIRE REALTY
COLDWELL BANKER COMMERCIAL DEVONSHIRE REALTY | CHAMPAIGN, IL | 217.352.7712
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SITE PLAN LEGEND
DEVONSHIRE REALTY
Site Plan # Address Tax Parcel Lot Size (Acres) RE Taxes Building Size (SF)
1 311 S. Veterans 14-26-376-029 1.06 $24,366 7,000
2 312 S. Veterans 14-26-376-030 0.58 $13,351 3,540
3 313 S. Veterans 14-26-376-026 2.10 $35,169 7,176
4 Lot 7 14-26-376-031 1.68 $12,598 0
5 Common Drive 14-26-376-023 0.59 $2,685 0
6 301 S. Veterans 14-26-376-024 7.25 $131,871 84,146
7 Common Drive 14-26-376-027 0.31 $1,601 0
TOTAL 13.57 $221,641 101,862
COLDWELL BANKER COMMERCIAL DEVONSHIRE REALTY | CHAMPAIGN, IL | 217.352.7712
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311 S. VETERANS PKWY
DEVONSHIRE REALTY
BUILDING OVERVIEW
311 S. Veterans Parkway is a 7,000 SF retail building constructed and leased in 2010 via a ground lease to Beauty Brands. The
property is located at the corner of Veterans Parkway and Von Maur Drive, which is the prominent entrance to the Shoppes at
College Hills.
The tenant, Beauty Brands, is a salon and spa superstore offering a wide variety of brands, products and treatments. They have 3
locations in the state of Illinois and 58 locations across the United States.
COLDWELL BANKER COMMERCIAL DEVONSHIRE REALTY | CHAMPAIGN, IL | 217.352.7712
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311 S. VETERANS PKWY CONTINUED
DEVONSHIRE REALTY
RENT ROLL LEASE ABSTRACT
Dates Annual Base Rent Tenant Beauty Brands Inc.
6/1/2010 - 5/31/2020 $ 175,000 Lease Type Ground Lease
Option Term Dates Annual Base Rent Property Address 311 S. Veterans Pkwy, Normal, IL
6/1/2020 - 5/31/2025 $ 182,000 Leased Premises (Lot) 46,174 SF
6/1/2025 - 5/31/2030 $ 189,000 Building Size 7,000 SF
Lease Commencement June 1, 2010
Lease Expiration May 31, 2020
Renewal Options Two Options of Five Years
ROFR/Offer No
Exclusivity Yes
Sublet/Assignment With LL consent unless Permitted Assignee
Real Estate Taxes Tenant
Insurance Tenant
Operating Expenses Tenant
CAM Share* 2019= $4,973 (2% annual increase)
*Paid to Landlord to maintain non-exclusive common areas of joint use and
benefit within the shopping center
COLDWELL BANKER COMMERCIAL DEVONSHIRE REALTY | CHAMPAIGN, IL | 217.352.7712
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312 S. VETERANS PKWY
DEVONSHIRE REALTY
BUILDING OVERVIEW
312 S. Veterans Parkway is a 3,540 SF retail building constructed in 2011. The property is located along Veterans Parkway in
the Shoppes at College Hills. The building is a 2-tenant building leased to T-Mobile and Panda Express.
T-Mobile is a subsidiary of the German telecommunication company Deutsche Telekom AG and specializes in wireless
communication products. T-Mobile has over 44,000 employees and 2017 revenue was reported at over $40 Billion.
Panda Express is a fast casual restaurant chain with over 2,000 locations. It is the largest Asian segment restaurant chain in
the United States with approximately 39,000 employees and 2017 sales over $3 Billion.
COLDWELL BANKER COMMERCIAL DEVONSHIRE REALTY | CHAMPAIGN, IL | 217.352.7712
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312 S. VETERANS PKWY CONTINUED
DEVONSHIRE REALTY
RENT ROLL LEASE ABSTRACT
Dates Annual Base Rent Tenant TCC Wireless LLC d/b/a T-Mobile
12/1/2011 - 11/30/2016 $ 43,120 Lease Type NNN
12/1/2016 - 11/30/2021 $ 49,280 Property Address 312 S. Veterans Pkwy, Suite 2, Normal, IL
Leased Premises 1,540 SF
Building Size 3,540 SF
Lease Commencement December 1, 2011
Lease Expiration November 30, 2021
Renewal Options None Remaining
ROFR/Offer No
Exclusivity Yes
Sublet/Assignment With LL consent
Real Estate Taxes Tenant reimbursement
Insurance Tenant reimbursement
Utilities Tenant
Sanitary/Sewer Tenant reimbursement
HVAC Tenant
Trash/Hauling Tenant
Exterior, Roof & Structure Landlord– Subject to OpEx reimbursement
Operating Expense Cap 2019= $2.46/SF (3% annual increase)
COLDWELL BANKER COMMERCIAL DEVONSHIRE REALTY | CHAMPAIGN, IL | 217.352.7712INVESTMENT
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312 S. VETERANS PKWY CONTINUED
DEVONSHIRE REALTY
RENT ROLL LEASE ABSTRACT
Dates Annual Base Rent Tenant Panda Express, Inc.
10/1/2011 - 9/30/2016 $ 56,000 Lease Type NNN
10/1/2016 – 9/30/2021 $ 61,600 Property Address 312 S. Veterans Pkwy, Suite 1, Normal, IL
Leased Premises 2,000 SF
Option Term Dates Annual Base Rent
10/1/2021 – 9/30/2026 $ 67,760 Building Size 3,540 SF
Lease Commencement October 1, 2011
10/1/2026 – 9/30/2031 $ 74,536
10/1/2031 – 9/30/2036 $ 81,990 Lease Expiration September 30, 2021
Renewal Options Three Options of Five Years
ROFR/Offer No
Exclusivity Yes
Sublet/Assignment With LL consent
Real Estate Taxes Tenant reimbursement
Insurance Tenant & Landlord
Utilities Tenant
Sanitary/Sewer Tenant reimbursement
HVAC Tenant
Trash/Hauling Landlord– Subject to OpEx reimbursement
Exterior, Roof & Structure Landlord– Subject to OpEx reimbursement
Operating Expense Cap 2019= $1.96/SF (3% annual increase)
COLDWELL BANKER COMMERCIAL DEVONSHIRE REALTY | CHAMPAIGN, IL | 217.352.7712INVESTMENT
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313 S. VETERANS PKWY
DEVONSHIRE REALTY
BUILDING OVERVIEW
313 S. Veterans Parkway is a 7,000 SF restaurant constructed and leased in 2006 via a ground lease to Logan's Roadhouse. The
property is located along Veterans Parkway in the Shoppes at College Hills.
The tenant, Logan's Roadhouse, is a roadhouse chain founded in 1991 and currently based in Nashville, Tennessee. They have
over 200 company operated locations (this property included) across the United States.
COLDWELL BANKER COMMERCIAL DEVONSHIRE REALTY | CHAMPAIGN, IL | 217.352.7712INVESTMENT
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313 S. VETERANS PKWY CONTINUED
DEVONSHIRE REALTY
RENT ROLL LEASE ABSTRACT
Dates Annual Base Rent Tenant Logan’s Roadhouse, Inc.
1/1/2007 – 12/31/2011 $ 100,000 Lease Type Ground Lease
1/1/2012 – 12/31/2016 $ 110,000 Property Address 313 S. Veterans Pkwy, Normal, IL
1/1/2017 – 12/31/2021 $ 121,000 Leased Premises (Lot) 91,476 SF
Building Size 7,176 SF
Option Term Dates Annual Base Rent
1/1/2022 – 12/31/2026 $ 133,100 Lease Commencement January 1, 2007
1/1/2027 – 12/31/2031 $ 146,410 Lease Expiration December 31, 2021
1/1/2032 – 12/31/2036 $ 161,051 Renewal Options Three Options of Five Years
ROFR/Offer 30 Days
Exclusivity Yes
Sublet/Assignment With LL consent
Real Estate Taxes Tenant
Insurance Tenant
Operating Expenses Tenant
CAM Share* 2019= $3,958 (2% annual increase)
*Paid to Landlord to maintain non-exclusive common areas of joint use and
benefit within the shopping center
COLDWELL BANKER COMMERCIAL DEVONSHIRE REALTY | CHAMPAIGN, IL | 217.352.7712INVESTMENT
301 S. VETERANS PKWY
RETAIL
DEVONSHIRE REALTY
BUILDING OVERVIEW
301 S. Veterans Parkway is a 84,146 SF retail building constructed in 1980 located in the Shoppes at College Hills. Hobby Lobby
recently relocated within the shopping center, so the building will have 79,247 SF available for lease on January 1, 2019. The
building has substantial value-add upside.
Additionally, Enterprise Rent-A-Car has leased 4,899 SF in the building since 2002. Enterprise Rent-A-Car is an American car
rental company founded in 1957 and has approximately 7,200 branches in cities, neighborhoods and airports.
Ownership will consider offers to purchase this building individually as well as part of the portfolio package.
COLDWELL BANKER COMMERCIAL DEVONSHIRE REALTY | CHAMPAIGN, IL | 217.352.7712INVESTMENT
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301 S. VETERANS PKWY CONTINUED
DEVONSHIRE REALTY
RENT ROLL LEASE ABSTRACT
Dates Annual Base Rent Tenant Enterprise Rent-A-Car Midwest
1/1/2002 – 12/31/2006 $ 38,400 Lease Type Net Net
1/1/2007 – 12/31/2011 $ 44,400 Property Address 301 S. Veterans Pkwy, Normal, IL
1/1/2012 – 12/31/2016 $ 50,400 Leased Premises 4,899 SF
1/1/2017 – 12/31/2021 $ 56,400 Building Size 84,146 SF
Lease Commencement January 1, 2002
Lease Expiration December 31, 2021
Renewal Options None Remaining
ROFR/Offer No
Exclusivity Yes
Sublet/Assignment With LL consent unless affiliated entity
Real Estate Taxes Tenant reimbursement
Insurance Tenant reimbursement
Utilities Landlord
Sanitary/Sewer Landlord
HVAC Tenant, but split costs on replacement
Trash/Hauling Landlord
Exterior, Roof & Structure Landlord
Termination Option On-going with 30 days notice
COLDWELL BANKER COMMERCIAL DEVONSHIRE REALTY | CHAMPAIGN, IL | 217.352.7712INVESTMENT
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CONTACT INFORMATION
DEVONSHIRE REALTY
DEVONSHIRE REALTY
Ryan Murphy, CCIM
217.403.3379
Ryan.murphy@cbcdr.com
Coldwell Banker Commercial
Devonshire Realty
201 W. Springfield Ave. | 11th Floor
Champaign, IL 61820
217.352.7712
COLDWELL BANKER COMMERCIAL DEVONSHIRE REALTY | CHAMPAIGN, IL | 217.352.7712You can also read
