TOWN CENTER COMMONS KENNESAW (NORTH METRO ATLANTA), GEORGIA - OFFERING MEMORANDUM - LoopNet
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TOWN CENTER COMMONS KENNESAW (NORTH METRO ATLANTA), GEORGIA OFFERING MEMORANDUM
TABLE OF CONTENTS
3 EXECUTIVE SUMMARY
• Introduction
• Investment Highlights
• Transaction Guidelines
9 LOCATION OVERVIEW
• Location Map
• Atlanta Metro Economic Overview
• Kennesaw Submarket
• Retail Trade Area
• Demographics
17 PROPERTY DESCRIPTION
• Site Plan
• Site Description
• Improvement Features
22 FINANCIAL SUMMARY
• Introduction
• Rent Roll
• Cash Flow Projections
• Projection Assumptions
• Base Rental Revenue
• Tenant Expense Reimbursement
• Reimbursement Methodologies
• Lease Expiration Schedule
• Field & Steam Lease Abstract
• Salient Lease Provisions
36 TENANCY INFORMATION
• Field & Stream Profile
• Tenant Profiles
PRESENTED BY
Neal Pringle Adam Birnbrey
Director of Investment Sales Investment Sales Associate
P 770.955.2434 P 770.955.2434
C 678.230.7188 C 404.934.5558
Neal.Pringle@tscg.com Adam.Birnbrey@tscg.com
EXECUTIVE SUMMARY
LOOKING WEST PROPERTY DESCRIPTION
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TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM E PA R K WAY 4
EXECUTIVE SUMMARY
INTRODUCTION
The Shopping Center Group, LLC (“TSCG”), as an exclusive agent Town Center Commons is a 72,168 sf retail center, 100% occupied, anchored
on behalf of the Owner, is pleased to present Town Center Commons by a new 42,728 sf Field & Stream (Grand opening August 11, 2017), a
(the “Property”) located at 725 Ernest West Barrett Parkway in the city of 7,800 sf LifeWay Christian Resources Resources Resources and a 7,800 sf
Kennesaw (Metro Atlanta), Georgia. The Property is situated in the expansive Five Below. The Property has additional local, regional and national shop
6.2 million sf Kennesaw/Northwest Cobb submarket and is ¼ mile west of tenants with a history of low turnover. The center is shadow anchored by an
Town Center Mall (1,269,000 sf) and an Interstate 75 diamond interchange. 80,000 sf Dick’s Sporting Goods, a 7,650 sf Shane Company within Town
Center Commons, and an adjacent 147,132 sf Costco.
725 Ernest W Barrett Pkwy NW
Street Address Town Center Commons is ideally positioned on Ernest West Barrett Parkway,
Kennesaw, GA
General with traffic counts of 58,600 cars per day. The retail corridor is anchored by
Town Center Mall (1,269,000 sf), Barrett Pavilion (583,740 sf), Cobb Place
Owned Land Area 8.113 Acres
(334,883 sf), and Barrett Place (218,818).
Age 1998
Total GLA 159,818 SF
Owned GLA 72,168 SF
Occupancy
Total Occupancy 100.0%
Owned Occupancy 100.0%
Key Tenants:
Field & Stream, Original Mattress Factory,
Key Tenants
Five Below, LifeWay Christian Resources
Shadow Anchor Within Property Dick’s Sporting Goods, Shane Company
Shadow Anchor Adjacent to Property Costco
Shadow anchoring Town Center Commons, directly across Cobb Place
The new Field & Stream’s grand opening is August 11, 2017.
Boulevard, adjacent to the subject Property, is a 147,132 sf Costco.
TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM 5
EXECUTIVE SUMMARY
INVESTMENT HIGHLIGHTS
Town Center Commons is located in the city of Kennesaw (North Metro FIELD & STREAM GRAND OPENING: AUGUST 11, 2017
Atlanta), Georgia, in the third most populous county (Cobb County) in the The grand opening of the new 42,728 sf Field & Stream is August 11,
state of Georgia (10.6 million people). The Property is situated in the busy 2017. This will be one of the first locations of the combo Field & Stream/
retail hub surrounding Ernest West Barrett Parkway (58,600 AADT) at the Dick’s in the country, as well as the first Field & Stream in the state of Georgia.
intersection with Interstate 75 (154,000 AADT). Kennesaw has experienced This new concept, with Field & Stream contiguous to Dick’s Sporting Goods,
recent rapid growth increasing nearly 50% since 2000 to a population of will be the company’s approach moving forward, for all new store locations.
over 32,000 residents. The Kennesaw/Northwest Cobb County submarket There are two interconnected access points within Field & Stream and Dick’s
accounts for 7.5% of the Metro Area’s total inventory of neighborhood and Sporting Goods (as shown in the photo below), giving consumers access to
community shopping center space. Town Center Commons is approximately both stores internally.
20 miles north of Downtown Atlanta and sits in a densely populated, high
income demographic region. Within a 15 mile radius from the Property, there DICK’S SPORTING GOODS LEASE EXTENSION
is a current population of 1.2 million people with an Average Household Shadow anchor Dick’s Sporting Goods has recently signed a new lease
Income of $97,171. Employment of 120,065, within a 5-mile radius of the extension (15 years) for their premises co–terminus with the Field & Stream
Property, greatly enhances the overall economic dynamic of this retail node. lease.
STRONG LINE–UP OF NATIONAL TENANTS & SHADOW ANCHOR KENNESAW STATE UNIVERSITY
The section of Town Center Commons we are marketing is 72,168 SF in the Of major significance to the retail node surrounding Town Center Mall
larger 159,818 SF development anchored by Field & Stream, Five Below is the 581–acre campus of Kennesaw State University, located 2 miles
and LifeWay Christian Resources. The shadow anchors separately owned north of Ernest Barrett Parkway on Interstate 75. Kennesaw State is the
in the center include an 80,000 SF Dick’s Sporting Goods and a 7,650 3rd largest university in the state of Georgia and one of the fifty largest
SF Shane Company. A 147,132 sf Costco shadow anchors Town Center public universities in the country with 36,428 undergraduate and graduate
Commons, immediately adjacent to the center. students, 745 professors and a staff of 1,400. The University offers more than
150 undergraduate and graduate degrees, in an array of fields including;
STEM (science, technology, engineering and mathematics), architecture,
construction, nursing, business, education, and the arts.
Opening in 1963 with 5,200 students, Kennesaw State has experienced
the most rapid growth of any university in the State of Georgia. Research
funding at Kennesaw State has grown from $4 million in 2006 to $54
Shared access points for Field & Stream and Dick’s Sporting Goods. million over the past 5 years. The University has a tremendous $1.3 billion
economic impact on the local and regional economy.
TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM 6
EXECUTIVE SUMMARY
INVESTMENT HIGHLIGHTS (cont.)
ESTABLISHED RETAIL NODE IMPACT OF SOUTH BARRETT RELIEVER
The Property is situated in an expansive retail node, of over 2.7 million sf of The South Barrett Reliever is a four phase project to ultimately provide access
retail, anchored by the following major retail centers: around one of the busiest roads in the Town Center area, Ernest Barrett
Parkway (56,800 AADT). Phase one of the project (completed in 2010)
• Town Center Mall (1,269,000 sf), located ¾ mile east of Town Center consisted of the realignment of Greers Chapel Rd at its intersection with
Commons, at Interstate 75, is anchored by Belk, JC Penney, Macy’s, Barrett Lakes Blvd, the widening of the roadway to four lanes and a 20–foot
Macy’s Furniture & Men’s Store, Macy’s Backstage and Sears. raised median from Cobb Parkway to Ernest Barrett Parkway. The realignment
and 20–foot median have given the community convenient access to three
• Barrett Pavilion (583,740 sf) is immediately across Ernest Barrett signalized intersections along Ernest Barrett Parkway and Shiloh Valley Dr,
Parkway, with key anchors such as Target, Ulta Beauty, REI, Jo–Ann, south access points to both Town Center Commons and Costco.
Buy Buy Baby, Old Navy, AMC Theatres and Shoe Carnival. Fast food
and restaurant options include Chick–fil–A, Chili’s, Golden Corral, Ted’s The second phase of the South Barrett Reliever project will provide critical
Montana Grill and The Melting Pot. safety improvements to make the area more pedestrian–friendly. Scheduled
for completion in 2018, phase II will include the realignment of Barrett Lakes
• Cobb Place Shopping Center (334,000 sf), cater–corner from Town Blvd at Shiloh Valley Dr, with a two–lane roundabout at its intersection,
Center Commons, at the intersection of Cobb Place Pkwy and Ernest mitigating the congestion through this area. The new roundabout will
Barrett Pkwy, is anchored by Bed Bath & Beyond, Ashley Furniture provide improved access to Town Center Commons from Barrett Lakes
HomeStore, Bassett, DSW, Thomasville, Cost Plus World Market and Boulevard. Further improvements of the second phase include crosswalks,
American Signature Furniture. a 5 ft sidewalk and enhanced lighting and landscaping to be established
around the roundabout.
• Barrett Place (218,818 sf), situated center corner from the Property at
the intersection of Cobb Place Blvd and Ernest Barrett Pkwy, is anchored
by national credit tenants such as PetSmart, Best Buy, Office Max and
Michaels.
FINANCIAL SUMMARY
Year 1 Year 2 Year 7 Year 10
For the Years Ending
Dec–2018 Dec–2019 Dec–2024 Dec–2027
Effective Gross Revenue 1,401,462 1,443,938 1,593,719 $1,684,416
Total Operating Expenses $285,102 $293,669 $338,046 $367,668
Net Operating Income $1,116,360 $1,150,269 $1,255,673 $1,316,748
TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM 7
EXECUTIVE SUMMARY
TRANSACTION GUIDELINES
In addition to the limitations outlined herein, the Owner reserves the right to Inspection
accept or reject any offer at any time and to extend the date for submissions of No Investor shall enter onto the premises or into the Property, or contact any
offers for any reason at its sole discretion. tenant of the Property, without the authorization of the Seller or Seller’s broker
(“Broker”). Please contact TSCG to arrange a formal site inspection.
Due Diligence
Your acceptance of the Confidentiality Agreement provides you access to the Contact Information
online document center which contains Broker prepared materials and an
organized virtual deal room (“VDR”) containing all due diligence materials Neal Pringle
provided by Owner including leases, financial statements and third party Director of Investment Sales
reports. A detailed due diligence catalog will be posted for your convenience. P 770.955.2434
If you have difficulty accessing this information, please contact Neal Pringle at C 678.230.7188
Neal.Pringle@tscg.com or Adam Birnbrey at Adam.Birnbrey@tscg.com. Neal.Pringle@tscg.com
Call For Offers Adam Birnbrey
A call for offers date will be established during the marketing period. Investors Investment Sales Associate
will be notified in advance by email. P 770.955.2434
C 404.934.5558
Adam.Birnbrey@tscg.com
TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM 8
LOCATION OVERVIEW
LOOKING NORTHWEST
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APARTMENTSL O C AT I O N O V E R V I E W
ATLANTA METRO ECONOMIC OVERVIEW KENNESAW SUBMARKET
Population growth in the Atlanta Metropolitan Statistical Area (MSA) in 2016 The Kennesaw/Northwest Cobb County submarket is one of the twelve distinct
was approximately 91,000 residents (1.6%), well above the 1.1% national geographic concentrations within Atlanta containing 6.2 million square feet of
rate for the year. A gain of about 116,000 persons (2.1%) is projected for retail, or 7.5% of the metro’s total inventory of neighborhood and community
the Atlanta area for 2017. The current population base of the Atlanta MSA is shopping center space. Town Center Commons is ideally situated in an
nearly 5.8 million residents. expansive retail corridor consisting of nearly half (2.7 million square feet) of
the total retail in the Kennesaw/Northwest Cobb County submarket. In the
According to the U.S. Bureau of Labor Statistics (BLS) preliminary data, total ten–year period beginning with Q2 2007, new additions to the submarket
non–farm Metro Atlanta employment as of 2017 was up 87,200 jobs (3.3%) totaled 70,000 square feet, amounting to an annualized inventory growth rate
over the preceding twelve–month span. This was the second largest increase of 0.1%. Over the same period, the metro growth rate has been 0.4%.
in the nation behind Dallas, which increased nearly 105,000 jobs over the
past year. Since the beginning of Q2 2007, the metro Atlanta retail market recorded
an average annual absorption rate of 78,400 square feet. During the first
While mixed–use development will remain a key factor in the Atlanta area quarter, metro absorption totaled 62,000 square feet, of which the Kennesaw/
retail real estate market, strong demand and the healthy local economy lend Northwest Cobb County submarket captured 4,000 square feet. This is the
support to the development of conventional community and neighborhood second consecutive quarter during which this submarket recorded positive
centers. Demand is not expected to disappoint: 654,000 square feet of retail absorption, amounting to 36,000 square feet since year–end 2016. Over
is projected to be delivered to the metro by the end of 2017. Analysts are the last four quarters, submarket absorption totaled 70,000 square feet,
predicting a total delivery of 648,000 square feet of observed construction sharply higher than the average annual absorption rate of 10,600 square feet
activity during 2018 and 2019. Between now and year–end 2017, asking recorded since the beginning of Q2 2007. The submarket’s average vacancy
rents are expected to boost 1.5% to an average level of $18.73, while rate drifted downward 10 basis points during the first quarter to 8.5%, which
effective rental rates will increase by 1.6% to $16.43. is 3 percentage points lower than the long–term average, and 2.5 percentage
points lower than the current metro average.
The dynamic growth of the Atlanta area economy includes strength across
a broad base, including housing, construction, corporate relocations and
expansions, and the inflow of Millennials to the urban core. It would seem that
only a downturn at the national level will significantly hinder Atlanta’s growth.
TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM 12L O C AT I O N O V E R V I E W TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM 13
L O C AT I O N O V E R V I E W
SUBJECT PROPERTY FACTS
Town Center Commons Gross Leasable Area: 72,168 sf
725 Ernest W Barrett Pkwy NW Vacancy Rate: 0.00%
Kennesaw, GA Asking Shop Rent: $21.50/sf
Barrett Crossing Gross Leasable Area: 176,663 sf
1 1200 Earnest Barrett Pkwy Vacancy Rate: 3.20%
Kennesaw, GA Asking Shop Rent: $22.50/sf
Cobb Place Gross Leasable Area: 334,833 SF
2 840 Barrett Pkwy Vacancy Rate: 3.80%
Kennesaw, GA Asking Shop Rent: $16–$28/sf
Barrett Pavilion/Commons Gross Leasable Area: 583,740 sf
3 740 Earnest W Barrett Pkwy Vacancy Rate: 12.90%*
Kennesaw, GA Asking Shop Rent: $18–$25/sf
Barrett Place Gross Leasable Area: 218,818 sf
4 850 Cobb Place Blvd Vacancy Rate: 16.50%*
Kennesaw, GA Asking Shop Rent: $18–$25/sf
Towne Center Plaza Gross Leasable Area: 226,963 sf
5 425 Earnest W Barrett Pkwy Vacancy Rate: 3.90%
Kennesaw, GA Asking Shop Rent: $23.50/sf
Towne Center Plaza Gross Leasable Area: 326,683 sf
6 425 Earnest W Barrett Pkwy Vacancy Rate: 3.50%
Kennesaw, GA Asking Shop Rent: $22–$28/sf
TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM * Large Bay Vacancy
14L O C AT I O N O V E R V I E W DEMOGRAPHICS – DRIVE TIME TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM 15
L O C AT I O N O V E R V I E W DEMOGRAPHICS – RADII TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM 16
PROPERTY DESCRIPTION PROPERTY DESCRIPTION TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM 17
PROPERTY DESCRIPTION
SITE PLAN
LEGEND
Leased
Not Included
SUITE 1
Tract Line
SUITE 2
SHILOH VALLEY DRIVE NW
SUITE TENANT
1 LifeWay Christian Resources
2 Original Mattress Factory
4 Field & Stream
5 Five Below
7 ATL Vape Distro
8 Town Center Nails
9 K–Town Vapor Lounge
SUITE 12
SUITE 10
SUITE 9
SUITE 8
SUITE 7
10 Automation Personnel Services
12 Pinch of Spice
U13 Dick’s Sporting Goods
U14 Shane Company
TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM 19PROPERTY DESCRIPTION
SITE DESCRIPTION
There is one large Pylon sign along Ernest Barrett Pkwy,
725 Ernest W Barrett Pkwy NW located at the right in, right out access point. It contains all
Location Signage
Kennesaw, GA 30144 tenants within Town Center Commons with large emphasis
on the anchor and national tenants.
The Property is zoned CRC, Community Retail Commercial,
Area 8.113 Acres Zoning
by the city of Kennesaw, GA.
The Property has 375 feet of frontage along Ernest Barrett
Pkwy situated directly behind a Bahama Breeze, positioned There is a total of 396 parking spaces designated on the
on a contiguous outparcel. The main entrance to Town Center Parking Property, or 5.49 spaces per 1,000 for the 72,168 sf of
Commons contains a right in, right out access point. Traffic gross leasable area in the center.
counts at this entrance total 58,600 AADT on Ernest Barrett
Pkwy.
There are two other convenient access points to Town Center The entire site is attractively landscaped with grassed area
Visibility Commons (east and south boundaries) which are connected Landscaping
and mature shrubbery and trees.
by three signalized intersections: Ernest Barrett Pkwy & Barrett
Lakes Blvd, Ernest Barrett Pkwy & Cobb Place Pkwy and Ernest
Barrett Pkwy & Cobb Place Blvd. All three of these access
points to the Property are full right and left turn access.
The most recent environmental report dated June 10, 2013
The Property has excellent visibility from Cobb Place Blvd, Environmental prepared by AEI Consultants is provided by the Seller and is
situated 0.1 miles to the west of Interstate 75. Town Center available in the Virtual Deal Room.
Commons and Costco have cross access to Cobb Place Blvd.
TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM 20PROPERTY DESCRIPTION
IMPROVEMENT FEATURES
Gross Area 159,818 sf • Floors: Comprised of sheet vinyl, carpet, ceramic tile and
polished concrete
72,606 Gross sf/ 72,168 Net Leasable sf in three separate
• Walls: Painted sheetrock wallboard and painted CMU on
buildings: Interior Finish
metal studs.
Owned • Field & Stream/ shops building – 55,494 Gross SF
• Ceiling: Acoustical drop tile with lay in fluorescent or
Leasable Area (Grand Opening Aug. 11, 2017)
incandescent lighting fixtures.
• Five Below Building: 7,853 Gross SF
• Retail Shops Building: 9,259 Gross Sf Primary electrical service is fed from a pad–mounted step–down
transformer units throughout the Property at each building. Reportedly
Age 1998
the utility company owns and maintains each transformer. The
The Owned Center is configured in three building pods. The electric system to the Property appears to consist of 1,200–
55,494 sf Field & Stream/shops building is situated contiguous to Electric ampere, 120/208 volt, three phase, three wire alternating current
the east side of the existing 80,000 sf Dick’s Sporting Goods , on (AC). Electric consumption is centrally metered and each tenant
the southeast corner of the Property. Contiguous to the west side of is equipped with 150 to 600 amp service. The central meter is
Layout
Dick’s is the 7,853 sf Five Below building on the southwest corner mounted to the exterior of each building. Individual branch circuit
of the Property. Adjacent to the Five Below building, along the west overload protection is provided by Siemens circuit breaker panels.
boundary of the Property is the 9,258 sf multi–tenant Retail Shops The plumbing systems include the incoming water service, the
building. cold water piping system, hot water piping system, natural
Slab on grade foundation, concrete block construction with steel gas supply, and the sanitary sewer and vent system. Domestic
Construction
framing. water via a central main enters the facility underground to each
Painted Concrete Masonry Unit (CMU) block with stucco foam building. A single meter serves the entire facility. The water
molding, brick and stone veneers. Shop tenants have a variety of meter is located in vaults adjacent to the public streets. Sanitary
Exterior drainage and vent piping are PVC through out the building.
architectural metal, painted wood and canvas awnings over their Plumbing
exterior windows. Domestic water piping risers and horizontal distribution are
Roofs are classified as low slope or flat finished with a built–up roof copper. Natural gas enters the facility underground to a mains
Roof with gravel surfacing. Roofs are supported by a corrugated metal located at the rear of the building where it is distributed to
decking. each tenant for HVAC, domestic water heaters and kitchen/
cooking use. Natural gas is individually metered with meters
Full height glazing in aluminum frames including doors at entrances. located at the mains. All gas piping was observed to best
Windows /
Glass is clear with double glazing. Auxiliary and emergency exit standard, black–steel piping.
Doors
doors are constructed of metal in metal frames.
All spaces are equipped with fully automatic sprinklers, Class 4A
Loading All tenants are served by rear metal door loading access. Life Safety fire extinguishers and Exit Signs with Twin Emergency heads and
The tenant spaces are heated and cooled by a total of 21 batteries.
rooftop package units.
HVAC The majority of the package units were manufactured by
Carrier and have a minimum input capacity generally ranging
between 5 and 12 tons.
TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM 21FINANCIAL SUMMARY
FINANCIAL SUMMARY INTRODUCTION The Financial Summary Section contains the following: • Rent Roll • Cash Flow Projections (10 year) • Projection Assumptions (Used in the Cash Flow Projections) • Base Rental Revenue • Tenant Expense Reimbursement • Reimbursement Methodologies • Lease Expiration Schedule • Field & Stream Lease Abstract • Salient Lease Provisions TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM 24
FINANCIAL SUMMARY
RENT ROLL
Lease Term Option(s) Base Rent Rates Expense Assumption
SF
Unit Tenants As Of Option Rent Recovery Upon
PRS Start End (# / Yrs.) PSF Annual
1–1–18 Method Expiration
1 LifeWay Christian Resources of The Southern 7,800 9/29/98 9/30/18 None Jan–18 $18.62 $145,236 N/A NNN + 15% Roll to Market
Baptist Convention ex. Mgmt Fee
d/b/a LifeWay Christian Resources 4.88%
10.81%
2 DRMF, Inc. 4,600 4/10/98 12/31/19 None Jan–18 $23.50 $108,100 N/A NNN + 15% Roll to Market
d/b/a Original Mattress Factory 2.88% Jan–19 $24.00 $110,400
6.37%
4 Dick's Sporting Goods, Inc. 42,728 8/11/17 1/31/33 Four / 5–Yrs. Jan–18 $14.00 $598,192 Option 1: $15.50/sf NNN + 15% Exercise Option
d/b/a Field & Stream 26.74% Feb–23 $14.50 $619,556 Option 2: $16.00/sf
59.21% Feb–28 $15.00 $640,920 Option 3: $16.50/sf
Option 4: $17.00/sf
5 Five Below, Inc. 7,800 6/1/12 5/31/22 Two / 5–Yrs. Jan–18 $13.75 $107,250 Option 1: $15.13/sf NNN + 15% Exercise Option
d/b/a Five Below 4.88% Option 2: $16.64/sf
10.81%
7 ATL Vape Distro, LLC 1,040 2/15/16 3/31/21 None Jan–18 $21.63 $22,495 N/A NNN + 15% Roll to Market
d/b/a ATL Vape Distro 0.65% Mar–18 $22.28 $23,171
1.44% Mar–19 $22.95 $23,868
Mar–20 $23.64 $24,586
8 Chung V. Pham 1,040 3/5/99 3/31/19 None Jan–18 $22.95 $23,868 N/A NNN + 15% Roll to Market
d/b/a Town Center Nails 0.65% Apr–18 $23.65 $24,596
1.44%
9 Patricia Arford 1,330 1/15/16 2/28/21 None Jan–18 $21.63 $28,768 N/A NNN + 15% Roll to Market
d/b/a K–Town Vapor Lounge 0.83% Feb–18 $22.28 $29,632
1.84% Feb–19 $22.95 $30,524
Feb–20 $23.64 $31,441
10 Automation Personnel Services, Inc. 2,830 11/5/13 1/31/19 One / 5–Yrs. Jan–18 $21.66 $61,298 + 3% annually NNN + 3% Exercise Option
Base Rent
d/b/a Automation Personnel Services 1.77%
3.92%
12 Ash Vik Enterprises, LLC 3,000 2/22/15 2/29/20 None Jan–18 $19.36 $58,080 N/A NNN + 15% Roll to Market
d/b/a Pinch of Spice 1.88% Feb–18 $19.94 $20,738
4.16% Feb–19 $20.54 $21,362
1. CAM/Insurance PRS is based on total square footage (159,818) of Town Center Commons.
2. RET PRS is based on owned sf (72,168) of Town Center Commons.
TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM 25FINANCIAL SUMMARY
RENT ROLL (cont.)
Owned GLA SF Percent % of GLA
Leased 72,168 100.00%
Vacant 0 0.00%
TOTAL 72,168 100.00%
Lease Term Option(s) Base Rent Rates Expense Assumption
SF
Unit Shadow Anchor Tenants As Of Option Rent Recovery Upon
PRS Start End (# / Yrs.) PSF Annual
1–1–18 Method Expiration
U13 Dick's Sporting Goods, Inc. 80,000 4/1/99 *12/31/2095 None **REA N/A
d/b/a Dick's Sporting Goods 50.06%
U14 T. Michael & Associates LTD. 7,650 4/1/99 *12/31/2095 None **REA N/A
d/b/a Shane Company 4.79%
1. * Length of time the REA is effective
2. ** Contributes to CAM & Insurance
Rent Roll Summary
Estimated for FYE 2015 SF Percent % of GLA
Field & Stream 42,728 26.7%
Dick's Sporting Goods (Not Owned) 80,000 50.1%
Shane Company (Not Owned) 7,650 4.8%
Five Below 7,800 4.9%
LifeWay Christian Resources 7,800 4.9%
Total Leased Major Spaces 145,978 91.3%
Local and Regional Spaces 13,840 8.7%
Available Spaces 0 0.0%
Total Shopping Center 159,818 100.0%
Owned GLA 72,168 45.2%
TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM 26FINANCIAL SUMMARY
CASH FLOW PROJECTIONS
Year1 Year2 Year3 Year4 Year5 Year6 Year7 Year8 Year9 Year 10 Year 11
For the Years Ending Dec–2018 Dec–2019 Dec–2020 Dec–2021 Dec–2022 Dec–2023 Dec–2024 Dec–2025 Dec–2026 Dec–2027 Dec–2028
RENTAL REVENUE
Potential Base Rent 1,163,553 1,191,502 1,205,816 1,220,755 1,242,111 1,281,437 1,307,251 1,323,452 1,339,994 1,364,618 1,407,109
Absorption & Turnover Vacancy –28,789 –3,954 –24,088 –9,558 0 –16,687 –34,243 –34,498 –11,081 0 0
Scheduled Base Rent 1,134,764 1,187,548 1,181,728 1,211,197 1,242,111 1,264,750 1,273,008 1,288,953 1,328,914 1,364,618 1,407,109
Total Rental Revenue 1,134,764 1,187,548 1,181,728 1,211,197 1,242,111 1,264,750 1,273,008 1,288,953 1,328,914 1,364,618 1,407,109
OTHER TENANT REVENUE
Total Expense Recoveries 264,859 277,909 282,969 293,042 304,180 311,902 318,850 328,002 340,596 352,513 363,316
Total Other Tenant Revenue 264,859 277,909 282,969 293,042 304,180 311,902 318,850 328,002 340,596 352,513 363,316
APS 3% Base Rent 1,839 1,890 1,946 2,005 2,065 2,127 1,861 2,295 2,364 2,435 2,508
Total Tenant Revenue 1,401,462 1,467,347 1,466,643 1,506,244 1,548,356 1,578,779 1,593,719 1,619,250 1,671,874 1,719,566 1,772,933
Potential Gross Revenue 1,401,462 1,467,347 1,466,643 1,506,244 1,548,356 1,578,779 1,593,719 1,619,250 1,671,874 1,719,566 1,772,933
VACANCY & CREDIT LOSS
Vacancy Allowance 0 –23,409 –2,938 –19,134 –30,090 –13,360 0 0 –22,438 –35,150 –36,205
Total Vacancy & Credit Loss 0 –23,409 –2,938 –19,134 –30,090 –13,360 0 0 –22,438 –35,150 –36,205
Effective Gross Revenue 1,401,462 1,443,938 1,463,705 1,487,110 1,518,266 1,565,419 1,593,719 1,619,250 1,649,436 1,684,416 1,736,728
OPERATING EXPENSES
Electricity 27,316 28,136 28,980 29,849 30,745 31,667 32,617 33,595 34,603 35,641 36,711
Contract Services 20,953 21,581 22,229 22,896 23,583 24,290 25,019 25,769 26,542 27,339 28,159
Repairs & Maintenance 9,812 10,107 10,410 10,722 11,044 11,375 11,717 12,068 12,430 12,803 13,187
Water & Sewer 20,284 20,893 21,520 22,165 22,830 23,515 24,220 24,947 25,695 26,466 27,260
Mgmt Fee 41,989 43,261 43,853 44,553 45,486 46,899 47,756 48,509 49,412 50,459 52,027
Real Estate Taxes 139,439 143,622 147,931 152,369 156,940 161,648 166,498 171,493 176,638 181,937 187,395
Insurance 25,309 26,068 26,850 27,656 28,486 29,340 30,220 31,127 32,061 33,023 34,013
Total Operating Expenses 285,102 293,669 301,772 310,210 319,113 328,734 338,046 347,508 357,381 367,668 378,751
Net Operating Income 1,116,360 1,150,269 1,161,933 1,176,900 1,199,153 1,236,685 1,255,673 1,271,742 1,292,055 1,316,748 1,357,977
LEASING COSTS
Tenant Improvements 10,043 1,379 10,381 3,334 0 0 17,941 12,034 3,865 0 0
Leasing Commissions 15,064 2,069 15,571 5,001 0 0 26,911 18,051 5,798 0 0
Total Leasing Costs 25,106 3,448 25,952 8,336 0 0 44,852 30,086 9,663 0 0
CAPITAL EXPENDITURES
Capital Reserve 11,150 11,484 11,829 12,184 12,549 12,926 13,314 13,713 14,124 14,548 14,985
Total Capital Expenditures 11,150 11,484 11,829 12,184 12,549 12,926 13,314 13,713 14,124 14,548 14,985
Total Leasing & Capital Costs 36,256 14,932 37,781 20,520 12,549 12,926 58,166 43,799 23,788 14,548 14,985
Cash Flow Before Debt Service 1,080,104 1,135,337 1,124,152 1,156,380 1,186,604 1,223,759 1,197,507 1,227,943 1,268,267 1,302,200 1,342,992
Cash Flow Available for Distribution 1,080,104 1,135,337 1,124,152 1,156,380 1,186,604 1,223,759 1,197,507 1,227,943 1,268,267 1,302,200 1,342,992
TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM 27FINANCIAL SUMMARY
PROJECTION ASSUMPTIONS
GENERAL ASSUMPTIONS MARKET RENT ASSUMPTIONS
Projection Start Date: 1–Jan–18 Shops Anchor
Property sf: 72,168 Renewal Probability 75% 75%
Occupancy at Start Date: 100% Market Rent $21.50 $14.00
Annual Inflation: 3% Downtime (# mos) 6 12
General Vacancy (% of PGR): 5% Rent Changes 3% annually 10% Yr 6
Management Fee (% of EGR): 3% TI (New) $5.00 $10.00
Capital Reserves PSF: $0.15 TI (Renewal) $0.00 $0.00
Shadow Anchor Tenants Excluded: Dicks Sporting Goods, Shane Company LC (New) $3.00 $4.50
LC (Renewal) $1.50 $1.50
Reimbursements NNN + 15% NNN + 5%
Term (# Years) 5 10
Notes:
1. General Vacancy assumes 5% of PGR, except for the following credit tenants: Five Below and Field & Stream.
2. 2018 expenses are based on 2016 year end actual expenses inflated 3%, then 3% annual increases thereafter.
TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM 28FINANCIAL SUMMARY BASE RENTAL REVENUE For the Years Ending Occupied Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Tenant Suite Area Dec–2018 Dec–2019 Dec–2020 Dec–2021 Dec–2022 Dec–2023 Dec–2024 Dec–2025 Dec–2026 Dec–2027 Dec–2028 LifeWay Christian Resources 1 7800 123,321 173,163 178,358 183,708 189,220 178,209 189,062 211,922 218,279 224,828 231,573 Original Mattress Factory 2 4600 108,044 110,344 90,059 110,772 114,096 117,519 121,044 103,795 127,789 131,623 135,572 Field & Stream 4 42728 598,192 598,192 598,192 598,192 598,192 617,140 619,556 619,556 619,556 619,556 638,526 Five Below 5 7800 107,250 107,250 107,250 107,250 44,688 0 0 0 0 0 0 Five Below (Option 1) 5 7800 0 0 0 0 68,819 117,975 117,975 117,975 117,975 49,156 0 Five Below (Option 2) 5 7800 0 0 0 0 0 0 0 0 0 75,701 129,773 ATL Vape Distro 7 1040 23,087 23,781 24,497 20,827 25,607 26,375 27,166 27,981 23,958 29,539 30,426 Town Center Nails 8 1040 24,406 19,987 24,137 24,861 25,607 26,375 22,583 27,844 28,679 29,539 30,426 K-Town Vapor Lounge 9 1330 29,600 30,490 31,407 26,696 32,828 33,812 34,827 35,872 30,729 37,870 39,006 Automation Personnel Services 10 2830 61,298 5,108 0 0 0 0 0 0 0 0 0 Automation Personnel Services (Option 1) 10 2830 0 57,876 64,875 66,823 68,828 70,889 62,046 76,515 78,811 81,175 83,610 Pinch of Spice 12 3000 59,566 61,358 62,954 72,067 74,229 76,456 78,749 67,494 83,137 85,631 88,200 Total Scheduled Base Rent 1,134,764 1,187,548 1,181,728 1,211,197 1,242,111 1,264,750 1,273,008 1,288,953 1,328,914 1,364,618 1,407,109 TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM 29
FINANCIAL SUMMARY TENANT EXPENSE REIMBURSEMENT For the Years Ending Occupied Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Tenant Suite Area Dec–2018 Dec–2019 Dec–2020 Dec–2021 Dec–2022 Dec–2023 Dec–2024 Dec–2025 Dec–2026 Dec–2027 Dec–2028 LifeWay Christian Resources 1 7800 17,450 23,754 24,427 25,125 25,856 24,415 25,119 28,186 29,001 29,847 30,745 Original Mattress Factory 2 4600 13,709 14,121 12,004 14,817 15,248 15,707 16,160 13,852 17,103 17,602 18,132 Field & Stream 4 42728 122,473 126,151 129,737 133,457 137,347 141,481 145,571 149,747 154,085 158,585 163,358 Five Below 5 7800 21,436 21,926 22,429 22,948 9,785 0 0 0 0 0 0 Five Below (Option 1) 5 7800 0 0 0 0 15,083 26,406 26,974 27,558 28,159 11,991 0 Five Below (Option 2) 5 7800 0 0 0 0 0 0 0 0 0 17,411 30,485 ATL Vape Distro 7 1040 3,075 3,167 3,257 2,792 3,447 3,551 3,654 3,758 3,222 3,980 4,099 Town Center Nails 8 1040 3,075 2,639 3,257 3,350 3,447 3,551 3,045 3,758 3,867 3,980 4,099 K–Town Vapor Lounge 9 1330 3,932 4,050 4,165 3,570 4,409 4,541 4,672 4,806 4,121 5,089 5,242 Automation Personnel Services 10 2830 8,047 691 0 0 0 0 0 0 0 0 0 Automation Personnel Services (Option 1) 10 2830 0 7,598 8,525 8,770 9,026 9,298 8,254 10,227 10,522 10,829 11,155 Pinch of Spice 12 3000 8,870 9,136 8,585 9,663 9,945 10,244 10,539 9,034 11,154 11,479 11,825 Dick's Sporting Goods (Shadow) U13 80000 55,819 57,494 59,218 60,995 62,825 64,710 66,651 68,650 70,710 72,831 75,016 Shane Company U14 7650 6,972 7,182 7,364 7,555 7,763 7,998 8,212 8,425 8,652 8,890 9,160 Total Tenant Expense Reimbursement 264,859 277,909 282,969 293,043 304,180 311,902 318,850 328,002 340,596 352,513 363,316 TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM 30
FINANCIAL SUMMARY
REIMBURSEMENT METHODOLOGIES
Argus Year 1 LifeWay Original K–Town Automation Dick’s
Field & ATL Vape Town Center Pinch of Shane
Operating Expenses NNN + 15% Christian Mattress Five Below* Vapor Personnel Sporting
PSF Dec–2018 Stream Distro Nails Spice Company
Resources Factory Lounge Services** Goods
Common Area Expenses
Electricity $0.38 $27,316 PRS + 15% PRS + 15% PRS + 15% PRS PRS + 15% PRS + 15% PRS + 15% PRS + 15% PRS PRS + 15% PRS + 10% PRS
Contract Services $0.29 $20,953 PRS + 15% PRS + 15% PRS + 15% PRS + 5% PRS + 15% PRS + 15% PRS + 15% PRS + 15% PRS PRS + 15% PRS + 10% PRS
Repairs & Maintenance $0.14 $9,812 PRS + 15% PRS + 15% PRS + 15% PRS + 5% PRS + 15% PRS + 15% PRS + 15% PRS + 15% PRS PRS + 15% PRS + 10% PRS
Water & Sewer $0.28 $20,284 PRS + 15% PRS + 15% PRS + 15% PRS PRS + 15% PRS + 15% PRS + 15% PRS + 15% PRS PRS + 15% PRS + 10% PRS
Management Fee $0.58 $41,989 PRS + 15% PRS + 15% PRS + 5% PRS + 15% PRS + 15% PRS + 15% PRS + 15% PRS PRS + 15% PRS
Total Common Area Expenses $1.67 $120,354
Total Insurance Expenses $0.35 $25,309 PRS PRS PRS + 15% PRS PRS PRS PRS PRS PRS PRS PRS PRS
Real Estate Taxes $1.93 $139,439 PRO PRO PRO PRO PRO PRO PRO PRO PRO PRO
Total Operating Expenses $3.95 $285,102
* 1st calender year, capped at $0.55 psf with 7% cumulative cap
** Admin fee includes 3% of Tenant’s base rental revenue
RENT ROLL NOTES
• Common Area Maintenance (“CAM”): Reimbursable CAM expenses are based on the 2016 year end operating expenses.
• Insurance (“INS”): Reimbursable INS expenses are based on the 2016 year end operating expenses.
• Real Estate Taxes (“RET”): Reimbursable RET expenses are based on the 2016 year end expenses.
• Pro–Rata Share (“PRS”): Tenant’s SF over the total GLA of the shopping center.
• Pro–Rata Share (“PRO”): Tenant’s SF over the owned GLA of the shopping center, which excludes Dick’s and Shane Company.
TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM 31FINANCIAL SUMMARY
LEASE EXPIRATION SCHEDULE
Lease Lease Expiration Expiring Building Base Base Market
Tenants Suite Period Status Date Area Share % Rent Rent/SF Rent/SF
2018 Expirations
1. LifeWay Christian Resources 1 Base Contract 9/30/2018 7,800.00 10.81% 145,236.00 18.62 22.15
Total 2018 Expirations 7,800.00 10.81% 145,236.00 18.62 22.15
2019 Expirations
2. Original Mattress Factory 2 Base Contract 12/31/2019 4,600.00 6.37% 110,344.35 23.99 22.81
12. Town Center Nails 8 Base Contract 3/31/2019 1,040.00 1.44% 24,587.91 23.64 22.81
14. Automation Personnel Services 10 Base Contract 1/31/2019 2,830.00 3.92% 61,297.80 21.66 22.81
Total 2019 Expirations 8,470.00 11.74% 196,230.07 23.17 22.81
2020 Expirations
16. Pinch of Spice 12 Base Contract 2/28/2020 3,000.00 4.16% 61,620.00 20.54 23.49
Total 2020 Expirations 3,000.00 4.16% 61,620.00 20.54 23.49
2021 Expirations
11. ATL Vape Distro 7 Base Contract 3/31/2021 1,040.00 1.44% 24,585.60 23.64 24.20
13. K–Town Vapor Lounge 9 Base Contract 2/28/2021 1,330.00 1.84% 31,441.20 23.64 24.20
Total 2021 Expirations 2,370.00 3.28% 56,026.80 23.64 24.20
2022 Expirations
8. Five Below 5 Base Contract 5/31/2022 7,800.00 10.81% 107,250.00 13.75 24.92
Total 2022 Expirations 7,800.00 10.81% 107,250.00 13.75 24.92
2023 Expirations
1. LifeWay Christian Resources 1 Market Speculative 11/30/2023 7,800.00 10.81% 172,731.00 22.15 25.67
Total 2023 Expirations 7,800.00 10.81% 172,731.00 22.15 25.67
2024 Expirations
12. Town Center Nails 8 Market Speculative 5/31/2024 1,040.00 1.44% 23,721.72 22.81 26.44
15. Automation Personnel Services (Option 1) 10 Option Option 1/31/2024 2,830.00 3.92% 71,061.36 25.11 26.44
Total 2024 Expirations 3,870.00 5.36% 94,783.08 24.49 26.44
TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM 32FINANCIAL SUMMARY
LEASE EXPIRATION SCHEDULE (cont.)
Lease Lease Expiration Expiring Building Base Base Market
Tenants Suite Period Status Date Area Share % Rent Rent/SF Rent/SF
2025 Expirations
2. Original Mattress Factory 2 Market Speculative 2/28/2025 4,600.00 6.37% 108,070.70 23.49 27.24
16. Pinch of Spice 12 Market Speculative 3/31/2025 3,000.00 4.16% 70,480.89 23.49 27.24
Total 2025 Expirations 7,600.00 10.53% 178,551.59 23.49 27.24
2026 Expirations
11. ATL Vape Distro 7 Market Speculative 5/31/2026 1,040.00 1.44% 25,166.38 24.20 28.05
13. K–Town Vapor Lounge 9 Market Speculative 4/30/2026 1,330.00 1.84% 32,183.92 24.20 28.05
Total 2026 Expirations 2,370.00 3.28% 57,350.30 24.20 28.05
2027 Expirations
9. Five Below (Option 1) 5 Option Option 5/31/2027 7,800.00 10.81% 117,975.00 15.13 28.89
Total 2027 Expirations 7,800.00 10.81% 117,975.00 15.13 28.89
Final Totals 58,880.00 81.59% 1,187,753.84 20.17 25.30
TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM 33FINANCIAL SUMMARY
FIELD & STREAM LEASE ABSTRACT
Dick's Sporting Goods Tenant pays its natural pro rata share (total building
Tenant Name
d/b/a Field & Stream Insurance Reimbursements GLA – 159,818 sf) of all insurance maintained by
Landlord
Suite Number 4
Tenant pays pro rata share (owned GLA – 72,168
Real Estate Tax Reimbursement
sf) of all real estate taxes.
Demised Premises 42,728 sf – Total GLA
Estoppel Requirement Required but no deadline
Tenant’s term from August 11, 2017 to January
Lease Term
31, 2033 Tenant entiled to assign this Lease or sublet all
Assignment & Subletting or any part of the Demised Premises without
Renewal Options Four, 5–year renewal options
Landlord's consent.
Two hundred seventy (270) days prior to expiration Landlord must provide at least 5 parking spaces
Renewal Option Notice Parking
of the current term or extension period. per 1,000 sf of shopping center GLA
Annual Base Rent PSF Annual Landlord may audit Tenant's gross sales within
Financials thirty (30) days of written request; no more than
8/11/2017 to 1/31/2023 $14.00 $598,192.00 one (1) time in any lease year.
2/1/2023 to 1/31/2028 $14.50 $619,556.00
2/1/2028 to 1/31/2033 $15.00 $640,920.00
Option PSF Annual
Option 1 $15.50 $662,284.00
Option 2 $16.00 $683,648.00
Option 3 $16.50 $705,012.00
Option 4 $17.00 $726,376.00
Percentage Rent None
Tenant pays its natural pro rata share (total
building sf – 159,818) of all reasonable costs
and expenses paid or incurred by Landlord in the
CAM Reimbursements operation, maintenance repair, and security of all
of the Common Areas of the Shopping Center.
Landlord permitted to charge an admin fee on
CAM of 5%.
TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM 34FINANCIAL SUMMARY
SALIENT LEASE PROVISIONS
Sales Reporting/
Unit Tenant Exclusive Use Co–Tenancy Select Lease Provisions
Percentage Rent
1. Guarantor(s): None
LifeWay Christian Resources of The For the retail sale of religious
• Report sales monthly; on or
2. Estoppel Requirement: Ten (10) days
before the 20th day of each
1 Southern Baptist Convention merchandise and for no other None 3. Relocation: LL may relocate
calendar month
d/b/a LifeWay Christian Resources purpose. 4. Radius Restriction: Three (3) miles
• 3% percentage rent
5. Promotion Fund: None
1. Guarantor(s): None
For the retail sale of mattresses, • Report sales monthly; within
2. Estoppel Requirement: Ten (10) days
DRMF, Inc. and less that 20% of sales area fifteen (15) days after the
2 None 3. Relocation: LL may relocate
d/b/a Original Mattress Factory will be used for the retail sale of end of each calendar
4. Radius Restriction: None
bedding accessories. month.
5. Promotion Fund: Tenant becomes member if formed
Dick’s Sporting Goods, Inc.
4 See Lease Abstract provided herein.
d/b/a Field & Stream
Dick’s Sporting Goods 1. Guarantor(s): None
The retail display and sale of teen (or its successors, assigns 2. Estoppel Requirement: Required, but no deadline
5
Five Below, Inc.
and pre–teen oriented variety and or replacements) shall be
• Report sales monthly; no
3. Relocation: None
d/b/a Five Below date specification.
general merchandise. open and operating at the 4. Radius Restriction: None
shopping center. 5. Promotion Fund: None
1. Guarantor(s): Michael Dupree Jr, Patricia Arford and
• 10 days after receipt of
Justin Kicklighter
For the retail sale and distribution a written request from LL,
ATL Vape Distro, LLC 2. Estoppel Requirement: Ten (10) days
7 of electronic cigarettes and nothing None Tenant shall furnish to LL
d/b/a ATL Vape Distro 3. Relocation: LL may relocate
else. Tenant’s current financial
4. Radius Restriction: None
statement.
5. Promotion Fund: None
• Report sales monthly; within 1. Guarantor(s): None
fifteen (15) days after the 2. Estoppel Requirement: Ten (10) days
Chung V. Pham Only for the retail operation of a
8 None end of each calendar 3. Relocation: LL may relocate
d/b/a Town Center Nails full service hair salon.
month. 4. Radius Restriction: Five (5) miles
• 5% percentage rent 5. Promotion Fund: Tenant shall become member if formed
• 10 days after receipt of 1. Guarantor(s): Dennis Arford
For the retail sale of electronic a written request from LL, 2. Estoppel Requirement: Ten (10) days
Patricia Arford
9 cigarettes and for no other None Tenant shall furnish to LL 3. Relocation: LL may relocate
d/b/a K–Town Vapor Lounge
purpose. Tenant’s current financial 4. Radius Restriction: Five (5) miles
statement. 5. Promotion Fund: Tenant shall become member if formed
1. Guarantor(s): None
Operation of a temporary staffing 2. Estoppel Requirement: Required but no deadline
Automation Personnel Services, Inc.
10 agency for the light industrial None None 3. Relocation: None
d/b/a Automation Personnel Services
service industry. 4. Radius Restriction: None
5. Promotion Fund: Tenant shall become member if formed
For the operation of a restaurant
• 10 days after receipt of 1. Guarantor(s): Vikram & Archana Balasubramani
a written request from LL, 2. Estoppel Requirement: Ten (10) days
Ash Vik Enterprises, LLC serving indian stile food. Tenant
12 None Tenant shall furnish to LL 3. Relocation: None
d/b/a Pinch of Spice allowed to sell alcohol for on site
Tenant’s current financial 4. Radius Restriction: None
comsumption only.
statement. 5. Promotion Fund: None”
TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM 35TENANCY INFORMATION
T E N A N C Y I N F O R M AT I O N
FIELD & STREAM PROFILE
Field & Stream is a subsidiary of Dick’s Sporting Goods that specializes In 2007, the company acquired all of the stores for two separate entities,
in the sale of hunting, fishing, camping and related outdoor recreation Golf Galaxy and Chick’s Sporting Goods.
products. The company opened its doors in August of 2013 in Cranberry
Township, Pennsylvania. Since its debut, Field & Stream has opened 29 In August of 2013, Dick’s purchased Affinity Sports, a sports management
stores throughout the nation. technology company based in San Diego.
Dick’s Sporting Goods, parent company and lease signator to Field & On July 21, 2016 Dick’s completed the acquisition of now–defunct
Stream, is a publicly traded company that was founded in 1948 by Sports Authority’s intellectual property in an auction. Sports Authority
Dick Stack in the city of Binghamton, New York. The company started operated as a direct competitor to Dick’s. At the time of its bankruptcy,
out as a bait–and–tackle shop; it wasn’t until the late 1950s that Dick’s Sports Authority had over 450 store locations.
Sporting Goods began expanding the product line to include much of
Dick’s Sporting Goods, Inc. Credit Rating: B1 Credit Rating, according to CreditnTell,
the retail sold in stores today. Official records describing the company’s
which is equivalent to an A bond rating on the S&P.
history and growth are few. It wasn’t until the early 1990s that Dick’s
began chain operations, opening additional stores across upstate New
York. In 1994, the company moved its headquarters from Binghamton,
New York to Pittsburgh, Pennsylvania.
Dick’s Sporting Goods has integrated fully into the market since its
beginnings, now operating over 675 stores in 47 states (primarily
Eastern United States). Dick’s is a leading sporting goods retailer
offering extensive assortments of sports equipment, apparel, footwear
and accessories. The company currently trades on the New York Stock
Exchange (S&P 400) with the ticker symbol DKS.
In 2004, Dick’s Sporting Goods acquired the entirety of Galyan’s, an
Indiana based sporting chain. By the time of the acquisition, Galyan’s
had 47 stores in 21 states throughout the nation. Many of the stores
featured rock climbing walls, archery and gold simulators.
TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM 38T E N A N C Y I N F O R M AT I O N
TENANT PROFILES
ORIGINAL MATTRESS FACTORY ATL VAPE DISTRO
Original Mattress Factory is a top producer of ATL Vape Distro offers the sale and distribution of
mattresses and box springs that operates in a unique electronic cigarettes to consumers. The consumption
way, eliminating the middle man. The idea of selling of tobacco has become a critical issue globally due to
mattresses directly to consumers was conceived health complications from first hand and second hand
by Ron Trzcinski – a former employee at The Ohio smoke. This, in turn, has led to the evolution of the
Mattress Company. Original Mattress Factory e–cigarette and vaporizer market, which has grown
opened its doors in Cleveland, Ohio in 1990 with a rapidly throughout the nation and world. The health
group of just 5 employees. Since its debut, Original risks associated with vaporizers has been proven less
Mattress Factory has grown to over 400 employees, harmful than smoking health complications. Town
100 showrooms and 11 factories. Center Commons is ATL Vape Distro’s only location.
The company opened for business in early 2016.
LIFEWAY CHRISTIAN RESOURCES TOWN CENTER NAILS
LifeWay Christian Resources is a Nashville based Town Center Nails is a full service nail salon that
religious Nonprofit organization. The company opened in 1999. The company’s reputation has
began in 1891 and has since grown to over 4,000 evolved due to its price affordability, convenience
employees with more than 170 stores across the and breathtaking spa experience. Town Center Nails
nation. LifeWay is recognized as one of the largest allows all walk–ins during normal business hours and
providers of religious and Christian resources on a provides anything from French manicures to colored
global scale. The income the company generates is pedicures.
reinvested in mission work and other ministries around
the world.
FIVE BELOW K–TOWN VAPOR LOUNGE
Five Below is an American publicly held chain of K–Town Vapor Lounge is a top–of–the–line vape
discount stores that trades on the NASDAQ, using shop that differentiates itself from its competitors by
the ticker symbol FIVE. The retailer primarily aims at its environment and affordability. The vast selection
teens and pre–teens selling products that cost up to of devices, accessories and E Liquids is extremely
$5. The company was founded in 2002 in Wayne, unique. The E Liquid collection has over 400 flavors to
Pennsylvania and has since sprouted to nearly 550 choose from at a variety of outstanding price points!
stores in 32 states. Five Below has expanded rapidly
in the past decade and intends to open 100 more
stores nationwide by 2017 years end.
TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM 39T E N A N C Y I N F O R M AT I O N
TENANT PROFILES (cont.)
AUTOMATION PERSONNEL SERVICES
Automation Personnel Services is a top staffing agency
that began in 1990 in Birmingham, Alabama. Since
then, the company has grown to numerous offices
operating throughout the southeast. APS specializes
in providing light industrial employees (warehousing,
plastics manufacturing, electronics manufacturing,
distribution centers, etc.) to their clients. They far
exceed other companies in this field and have been
awarded prestigious recognitions such as “2017 Top
10 Most Recommended Staffing Services Providers”
and “Best of Staffing – Client Satisfaction, Inavero”
(with multiple other awards in previous years).
PINCH OF SPICE
Pinch of Spice is an Indian–style restaurant that
opened in 2015. Its philosophy originated with the
idea that the taste of food should be synonymous with
the dining experience. It is highly desirable due to
the atmosphere and customer service based platform.
This is currently the only location.
TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM 40D I SCLAIMER This Offering Memorandum has been prepared by The Shopping Center Group LLC (“TSCG”) for use by a limited number of parties to evaluate the potential acquisition of Town Center Commons in Kennesaw, Georgia (the “Property”). All projections have been developed by TSCG, Owner and designated sources, are based upon assumptions relating to the general economy, competition, and other factors beyond the control of TSCG and Owner, and therefore are subject to variation. No representation is made by TSCG or Owner as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied on as a promise or representation as to the future performance of the Property. Although the information contained herein has been obtained from sources deemed to be reliable and believed to be correct, TSCG, Owner and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, TSCG, Owner and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, or for omissions from, the Offering Memorandum or any other written or oral communication transmitted or made available to the recipient. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the Property or Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective purchaser. Additional information and an opportunity to inspect the property will be made available to interested and qualified prospective investors upon written request. Owner and TSCG each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligations to any entity reviewing this Offering Memorandum or making an offer to purchase the property unless and until such offer is approved by Owner, a written agreement for the purchase of the property has been fully executed, delivered and approved by Owner and its legal counsel, and any obligations set by Owner thereunder have been satisfied or waived. This Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting this Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose this Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of Owner or TSCG and that you will use the information in this Offering Memorandum for the sole purpose of evaluating your interest in the property and you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of Owner or TSCG. If you have no interest in the property, please return the Offering Memorandum to TSCG.
Neal Pringle Adam Birnbrey
Director of Investment Sales Investment Sales Associate
P 770.955.2434 P 770.955.2434
C 678.230.7188 C 404.934.5558
Neal.Pringle@tscg.com Adam.Birnbrey@tscg.comYou can also read
