Tractor Supply Company - Offering Memorandum 1352 Michigan Ave. | Benzonia, MI 49616 - Stan Johnson Company
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Representative Photo
Offering Memorandum
Tractor Supply Company
1352 Michigan Ave. | Benzonia, MI 49616
Confidential Disclaimer
This Confidential Memorandum has been prepared by Stan Johnson Company (“SJC”) and is being furnished to
you solely for the purpose of your review of the commercial property located at 1352 Michigan Ave., Benzonia,
MI 49616 (the “Property”). The material contained in this Offering Memorandum shall be used for the purposes
of evaluating the Property for acquisition and shall not be used for any purpose or made available to any other
person without the express written consent of Stan Johnson Company (“Broker”).
Offered Exclusively by
By accepting the Confidential Memorandum, you acknowledge and agree that: (1) all of the information
contained herein and any other information you will be receiving in connection with this transaction, whether
oral, written or in any other form (collectively, the “Materials”), is confidential; (2) you will not reproduce the
Confidential Memorandum in whole or in part; (3) if you do not wish to pursue this matter, you will return
this Confidential Memorandum to SJC as soon as practicable together with all other materials relating to the
Jason Powell, CCIM
Property which you may have received from SJC; and (4) any proposed actions by you which are inconsistent in
Director
any manner with the foregoing agreements will require the prior written consent of SJC. jpowell@stanjohnsonco.com
P: +1 404.823.6754
This Confidential Memorandum has been prepared by SJC, based upon certain information pertaining to the
Property and any information obtained from SJC to assist interested parties in making their own evaluation of
the Property is offered on a no representation or warranty provision other than customary warranties of title Tyler Molleson
and is sold on an “as-is, where-is” basis and with all faults. The material and transaction does not purport to be Associate
all inclusive. This Confidential Memorandum contains descriptive materials, financial information and other data tmolleson@stanjohnsonco.com
compiled for the convenience of parties interested in the Property. The Materials are being delivered by SJC to P: +1 404.823.6760
prospective investors with the understanding that it is not all inclusive and that it is qualified in its entirety by
independent investigation by prospective investors of those matters which they deem appropriate in evaluating
this offering without reliance upon SJC, the Broker or any of their respective affiliates or any of the information
set out in the Materials. Neither SJC, the Broker, nor any of their respective affiliates have independently verified
any of the information contained herein or in any of the Materials, and no representations or warranties as to the In Association With:
accuracy or completeness thereof or of any other kind whatsoever are made or intended and none should be Melissa Diane Stickels
inferred. MI Broker #6502387293
SJC, for itself and its affiliates of the Property, expressly disclaim any and all liability for statements or
representations, express or implied, contained herein or for omissions from the Materials or for any other Stan Johnson Company
written, oral or other format of communication transmitted to a prospective investor in the course of its 3340 Peachtree Road NE | Suite 650
evaluation of the proposed transaction. All summaries and discussions of documentation and/or financial Atlanta, Georgia 30326
information contained herein are qualified in their entirety by reference to the actual documents and/or financial 404.823.6360
statements, which upon request may be made available. The terms and conditions described herein are subject
to change without notice. stanjohnsonco.com
This Confidential Memorandum does not constitute an offer to accept any investment proposal but is merely
a solicitation of interest with respect to the investment described herein. The Confidential Memorandum does
not constitute an offer of security. The investment described herein may be financed or withdrawn from the
market, without prior notice. By accepting this Confidential Memorandum you agree to release SJC and hold it
harmless from any kind of claim, expense, or liability arising out of your discovery or purchase of the Property.
SJC reserves the right to request the return of the Materials at any time. Ownership of the Property reserves the
right to negotiate with one or more prospective investors at any time.
Purchase Price: $3,293,548
The Offering
Stan Johnson Company is pleased to offer for sale to qualified investors the opportunity to
acquire a Tractor Supply Company property located on Michigan Avenue in Benzonia, MI.
Tractor Supply Company has a long term lease on the subject property providing
approximately thirteen (13) years of base term. The corporate-guaranteed lease features ten
(10%) percent rent increases every five (5) years during the primary term and options.
Investment Highlights
Strong Tenant - Founded in 1938, Tractor Supply Company is a large retail chain of stores
that offers products for home improvement, agriculture, lawn and garden maintenance, and
livestock/pet care. They currently have over 1,422 locations nationwide and have annual
revenue of over $6.22 billion with net income of over $410 million.
Rent Increases - The lease includes 10% rent increases every five years during the initial
term and option periods. Many other retail leases are flat, or provide modest rent increases
every five years. The rent increases also provide leverage for the landlord in future lease
negotiations.
Remaining Lease Term - With over 13 years of lease term remaining, the subject Tractor
Supply Company property provides investors with long term, steady cash flow.
Recently Constructed - The subject building was built in 2014 so roof and structure
maintenance will be minimal. In addition, the construction warranty is still in place.
Representative Photo
Tractor Supply Company • Benzonia, MI 3
Lease Abstract
Tenant Tractor Supply Company
Address 1352 Michigan Ave., Benzonia, MI 49616
Building SF +/- 19,097 SF
Outdoor SF +/- 15,000 SF
Lease Start Date 9/20/2014
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Lease End Date 9/30/2029
Lease Structure NN (Roof, Exterior Structure, Parking Lot)
Rent Increases 10% every five (5) years
Four (4), five (5) Year Renewal Options
Renewal Options
with 10% rent increases each period
Due to a confidentiality agreement with
Tractor Supply Company, we cannot
Cap Rate
disclose the cap rate in the OM. Please
contact broker for details.
Tractor Supply Company • Benzonia, MI 4
Tenant Overview
Tractor Supply Company (NASDAQ: TSCO)
operates rural lifestyle retail stores in
the United States. It offers a selection of
merchandise, including equine, livestock, pet,
and animal products, such as items necessary for their health,
care, growth, and containment; hardware, truck, towing, and tool
products; seasonal products comprising lawn and garden items,
power equipment, gifts, and toys; work/recreational clothing and
footwear products; and maintenance products for agricultural and
rural use.
As of March 28, 2015, it operated 1,422 retail stores in 49 states.
It operates its retail stores under the Tractor Supply Company,
Del’s Feed & Farm Supply, and HomeTown Pet names. The
company sells its products to recreational farmers, ranchers, and
others, as well as to tradesmen and small businesses. Tractor
Supply Company was founded in 1938 and is based in Brentwood,
Tennessee.
As of December 26, 2015, Tractor Supply Company has total
revenues in excess of $6.22 Billion, net income in excess of $410
Million and a net worth in excess of $1.39 Billion.
TENANT PROFILE
Parent Company: Tractor Supply Company
Stock Symbol: TSCO
Exchange: NASDAQ
Total Revenue: (As of December
$6.22 billion
2015)
Net Income: (As of December 2015) $410 million
Net Worth: (As of December 2015) $1.39 billion
Tenant Business: Retail
Founded: 1938
Headquarters: Brentwood, Tennessee
Website: Tractor Supply Company • Benzonia, MI 5
www.tractorsupply.com
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Location Overview
Benzonia is a village in Benzie County
in Michigan. The population was 497 at
the 2010 census. The village is located
within Benzonia Township at the
southeast end of Crystal Lake on U.S.
Highway 31 at the junction with M-115
west. Benzonia has beautiful swimming
beaches and several small shops to
visit. Crystal Lake, the largest lake
of this name in Michigan, is located
near Lake Michigan in Benzie County
about 25 miles southwest of Traverse
City and about 2 miles northeast of
Frankfort.
Tractor Supply Company • Benzonia, MI 6
Crystal LakeHILL TOP
SODA SHOPPE
BENZIE COUNTY
CENTRAL SCHOOLS
CRYSTAL FALLS
MINI GOLF & CENTRAL
STORAGE STATE BANK
BENZONIA PUBLIC
LIBRARY
MICHIGAN AVE (7,013 VPD) VACATION
TRAILER SALES
BETSIE VALLEY
SALES & SERVICE
WATSON
BENZIE
BENZONIA
RECREATIONAL
CENTER
Tractor Supply Company • Benzonia, MI 7Demographics
1352 Michigan Ave. | Benzonia, MI 49616 0 - 1 mi. 0 - 3 mi. 0 - 5 mi.
Population
2015 Population 722 2,457 4,826
2020 Population 711 2,448 4,864
2010-2015 Annual Rate -0.80% -0.47% -0.19%
2015-2020 Annual Rate -0.31% -0.07% 0.16%
Households
2015 Total Households 288 1,044 2,042
2020 Total Households 285 1,042 2,062
2010-2015 Annual Rate -0.65% -0.31% -0.02%
2015-2020 Annual Rate -0.21% -0.04% 0.20%
2015 Average Household Income $55,946 $57,242 $58,530
2015 Median Household Income $42,170 $44,716 $45,330
NOffered Exclusively by
Jason Powell, CCIM
Director
jpowell@stanjohnsonco.com
P: +1 404.823.6754
going beyond
Tyler Molleson
Associate
tmolleson@stanjohnsonco.com
P: +1 404.823.6760
In Association With:
Melissa Diane Stickels
MI Broker #6502387293
Stan Johnson Company
3340 Peachtree Road NE | Suite 650
Atlanta, Georgia 30326
404.823.6360
stanjohnsonco.com
The information contained herein was obtained from sources believed reliable, however,
Stan Johnson Company makes no guaranties, warranties or representations as to the
completeness thereof. The presentation of this property for sale, rent or exchange is
submitted subject to errors, omissions, change of price or conditions, or withdrawal
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