CONFIDENTIAL OFFERING MEMORANDUM 4670 ROOSEVELT BLVD, PHILADELPHIA, PA
CONFIDENTIAL OFFERING MEMORANDUM
4670 ROOSEVELT BLVD, PHILADELPHIA, PA
TABLE OF CONTENTS
3
9
PROPERTY OVERVIEW
LOCATION OVERVIEW
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
4670 Roosevelt Blvd, Philadelphia, PA 19124
2005 Market Street, Suite 1510Philadelphia, PA 19103
www.marcusmillichap.com
© 2020 Marcus & Millichap. All Rights Reserved.
BRAD NATHANSONSenior Managing DirectorCapital Markets+1 215 531 [email protected]: PA: RS278775
MICHAEL HELPERNDebt & Structured Finance+1 212 [email protected]
LIOR REGENSTREIFSenior Managing Director of Investments+1 818 212 [email protected]: CA: 01267761
C H I C K - F I L - A A T N O R T H E A S T T O W E R C E N T E R2
INVESTMENT OFFERING
Marcus & Millichap exclusively offers for sale a trophy ground lease with Chick-Fil-A on a pad site to Northeast Tower Center located in Philadelphia, Pennsylvania. Constructed in 2016, Chick-Fil-A has approximately 16 years remaining on a 20 year ground lease with attractive 10% rental increases every five years. Chick-Fil-A operates more than 2,300 restaurants in the United States, third largest fast-food operator in the country, and has over $11 billion in revenue, remaining as one of the only fast food operators that remains private and all corporate leases. The average Chick-Fil-A remains in the $4.6 million dollar range which is more than double to what an average McDonalds does in volume. In addition on this parcel is a Wells Fargo (S&P A- rated) ATM of which had done a lease in 2016. This provides for an additional $25,000 per year with 10% rental increases every five years.
The pad is situated fronting the Roosevelt Boulevard, a twelve-lane main artery within the city limits, with traffic counts exceeding 93,000 cars per day. Chick-Fil-A is at the entrance to Northeast Tower Center, a 500,000 square foot shopping center anchored by the number one Home Depot in Pennsylvania performing in excess of $100 million in sales and Walmart. Additional tenants include Ross, Petsmart, Old Navy, DD’s, and Staples.
The shopping center has been a staple in Northeast Philadelphia since 1996 with very little turnover, historically averaging close to 20 years on its tenancy. The Chick-Fil-A came in as part of an expansion with a neighboring strip center occupied by Panda Express, Xfinity, and AM Best. The tenants at Northeast Tower have some of the best sales overall in the greater Philadelphia MSA. With only four restaurants servicing Northeast Tower, Chick-Fil-A stands to benefit from the draw of a very successful shopping center on the most traveled highway within Philadelphia proper.
WELLS FARGO ATM
C H I C K - F I L - A A T N O R T H E A S T T O W E R C E N T E R3
Property Overview
GLA 4,946 SF Price $4,200,000Year Built 2016Lot Size .883 AcresZoning CMX-3Net Operating Income $168,000Cap Rate 4.00%Financing Free and ClearParking 43 SpacesParking Ratio 8.7:1
2019 Demographics1 Mile 3 Miles 5 Miles
2019 Population 44,742 432,991 870,488
2019 Households 14,439 147,101 315,834
2019 Average HH Income $50,731 $50,900 $55,227
Daytime Population 33,400 291,634 662,507
EXECUTIVE SUMMARY
COMPANY INDUSTRY EMPLOYEES
Thomas Jefferson Health System Healthcare 24,700
University of PA Health System Healthcare 20,200
Comcast Corporation Media & Tech 15,000
Children's Hospital of Philadelphia Healthcare 14,996
Chubb International Insurance 9,680
Wells Fargo Bank Banking 7,000
Independence Health Group Insurance 7,000
Glaxosmithkline Pharmaceutical 4,500
Defense Personnel Support Government 3,539
Philadelphia Media Network Newspapers 3,500
Aramark Food Service 3,000
Urban Outfitters, Inc. Clothing 3,000
Philadelphia Major Employers
RENT ROLL
TENANT SQUARE LEASE TERM RENTAL RATES LEASE OPTIONSNAME FEET BEGIN END BEGIN PSF ANNUALLY TYPE AVAILABLE DATE PSF ANNUALLY COMMENTS / OPTIONS
Chick-Fil-A 4,927 Apr-2016 Apr-2036 Current $29.02 $143,000 Absolute Net 8 x 5 Option 1 $38.63 $190,333 Owner will credit back to purchaser the difference from COE until April 2021 the monthly rental increase of $1,083.33
Apr-2026 $31.93 $157,300 Option 2 $42.49 $209,366
Apr-2031 $35.12 $173,030 Option 3 $46.74 $230,303
Option 4 $51.42 $253,333
Option 5 $56.56 $278,667
Option 6 $62.21 $306,533
Option 7 $68.44 $337,187
Option 8 $75.28 $370,905
Wells Fargo ATM Jun-2016 Jun-2026 Current $25,000 No Expense
Reimb1 x 5 Option 1 $30,250
Free-standing ATM located on Chick-Fil-A parcel; Corporate Guarantee by Wells Fargo (S&P A-)
C H I C K - F I L - A A T N O R T H E A S T T O W E R C E N T E R4
SHADOW ANCHORED BY 500,000 SF CENTER WITH CONSISTENT PERFORMING GLOBAL RETAILERS HOME DEPOT AND WALMART, SOME OF THEIR BEST PERFORMING
LOCATIONS WITHIN THE REGION AND STATE
85 M+S T O R E S A L E S ( N O N -S U P E R C E N T E R )
100 MS T O R E S A L E S
SHADOW-ANCHORED
C O M P L E T E I N T E R I O R R E M O D E L I N 2 0 1 6
H I G H E S T V O L U M E S T O R E I N D I S T R I C T O F 9
3 RD
S T O R E I N D I S T R I C TR A N K S # 2 5 I N C H A I N
#1
2,800,000ESTIMATED NUMBER OF VISITS PER YEAR
1,500,000ESTIMATED NUMBER OF VISITS PER YEAR
INVESTMENT HIGHLIGHTS
84% of the overall gross leasable area of Northeast Tower Center has been a tenant at the property for at least fifteen years, speaking to the stability and performance of the retailers
Hyper Urban Infill Location with over 430,000 people within three miles, located approximately 6.5 miles north of Center City Philadelphia
Positioned next to major employers Cardone Industries Headquarters (5,000 employees) and Naval Support Activity Campus (5,200 employees – 2.25 million square feet) as well as the newly build Samuel Fels High School
Temple University, the second largest university in Pennsylvania with over 40,000 students, is located just four miles south off of Route 611, providing for the closest regional shopping center for the students.
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C H I C K - F I L - A A T N O R T H E A S T T O W E R C E N T E R5
LEASE ABSTRACT
CHICK-FIL-ACam, Insurance Fixed CAM annual contribution (every 1/1) for lease years 1-5 is $500 and increases by 10% every five years to the main shopping center. Absolute
Net Ground Lease where tenant self-maintains
Taxes Tenant pays 100% of real estate taxes assessed upon the premises (Chick-Fil-A parcel a/k/a 4670 E. Roosevelt Blvd) directly to the Dept. of Revenue for the City of Philadelphia
Management Fee None
Guarantor Corporate - Chick-Fil-A, Inc.
"Exclusive " "(i) No restaurant will be permitted on any portion of the Adjoining Property unless the restaurant independently maintains a parking ratio of the number of spaces required by law without a variance. In addition, no restaurants can be located in the building designated on Exhibit B as ""Restricted Building"", except as follows: (1) any restaurant in the Restricted Building shall be fast food or ""fast casual"" only, with no waiter or waitress service and no drive-through or drive-up service permitted, (2) the total square footage of restaurants in the Restricted Building shall not exceed 3,500 in the aggregate and (3) any restaurants shall be located in the 3,500 square feet of the northern-most portion of the Restricted Building (farthest away from the Land). (ii) No portion of the Adjoining Property will be leased, used or occupied as a fast food restaurant selling or serving chicken as a principal menu item (the ""Chicken Restriction"") ""a fast food restaurant selling or serving chicken as a principal menu item"" means a fast food restaurant deriving 25% or more of its gross sales from the sale of chicken. Tenant makes an exception to the aforementioned Chicken Restriction solely in respect to a Panda Express Restaurant doing business in the Restricted Building in the northern-most ""end cap"" position of the Restricted Building (which space will be counted towards the 3,500 square foot limitation in (i) above). The specific exception will not be deemed to apply to any other agreement entered into by Tenant or waive any of its rights. (iii) No portion of the Adjoining Property will be leased, used or occupied by or for any of the following uses: McDonald's, Wendy's, Arby's, Boston Market, Kenny Roger's, Kentucky Fried Chicken, Popeye's, Church's, Bojangle's, Mrs. Winner's, Carl's Jr., Hardee's, In N Out Burger, Chicken Out,Willie May's Chicken, Biscuitville, Zaxby's, Ranch One, El Polio Loco, Koo Koo Roo, Polio Campero, Polio Tropical, Charo Chicken, Raising Cane's. Chester's or Bush's Chicken. "
Go Dark If Tenant ceases to operate for business for a period in excess of 18 consecutive months, LL will have, as its sole remedy, the right to terminate the Lease upon providing 30 days written notice
ROFR "None"
Assignment/Sublease "Tenant may assign the lease or sublet all or part of the Premises without LL’s consent, but upon giving LL a written notice within 30 days after transaction. Tenant continues to remain liable for all of its obligations under the Lease. Notwithstanding the foregoing, if Tenant assigns the Lease to an entity with a net worth of $50,000,000.00 or greater, then on the date of the assignment Tenant will be released from any and all liability from and after the date of assignment.”
Co-Tenancy None
Sales Kickouts/Termination Rights None
"Sales Reporting/Percentage Rent Provisions "
None
Cap-Ex and Repairs "HVAC: Tenant is responsible to maintain and repair HVAC. Roof: Tenant is responsible to repair and replace. Parking Lot: Tenant is responsible to maintain and repair."
Option Notice 12 months prior written notice to LL; 1st option due 4/30/2035
C H I C K - F I L - A A T N O R T H E A S T T O W E R C E N T E R6
2,300LOCATIONS IN THE UNITED STATES
3RD LARGEST FAST-FOOD OPERATOR IN THE COUNTRY4.6 M
AVERAGE STORE REVENUE(DOUBLE MCDONALDS VOLUME)
11 BI N R E V E N U E
CHICK-FIL-A TENANT PROFILE
C H I C K - F I L - A A T N O R T H E A S T T O W E R C E N T E R7
SeafoodPalaceBu�et
Hair Buzz
1,550 SF1,550 SFWhitaker Avenue
Adams Avenue
Roosevelt Boulevard 1
ExistingPower Plant
Firehouse
Langdon Street
Foulkrod Street
1
2 34 5 6 7
8 9 1011 12 13
1415
16
2223
24
25
17
18
19
20
21
NORTHEAST TOWER CENTER SITE PL AN
305,500WAGE AND SAL ARIED POSITIONS IN CENTER CIT Y PHIL ADELPHIA
23,385RESIDENTIAL UNITS
71,100NEW JOBS SINCE 2009
SOURCE: CENTERCIT YPHIL A.ORG
15,100
20
18
NEW JOBS ADDED
193,187R E S I D E N T S 2
2%
INC
RE
ASE
SI
NC
E 2
010
PHIL ADELPHIA CENTRAL BUSINESS DISTRICT
6.5 Miles from the Property
N O R T H E A S T TOWER CENTER
40,031 STUDENTS
E ROOSEVELT BLVD - 93,000 VPDE ROOSEVELT BLVD - 93,000 VPD WH
ITAK
ER AV
E - 17,350 VPD
WH
ITAK
ER AV
E - 17,350 VPD
ADAMS AVE ADAMS AVE INTERSECTION INTERSECTION - 19,000 VPD- 19,000 VPD
C H I C K - F I L - A A T N O R T H E A S T T O W E R C E N T E R9
Major EmployersCOMPANY INDUSTRY EMPLOYEESThomas Jefferson Health System Healthcare 24,700
University of PA Health System Healthcare 20,200
Comcast Corporation Media & Tech 15,000
Children's Hospital of Philadelphia Healthcare 14,996
Chubb International Insurance 9,680
Wells Fargo Bank Banking 7,000
Independence Health Group Insurance 7,000
Glaxosmithkline Pharmaceutical 4,500
Defense Personnel Support Government 3,539
Philadelphia Media Network Newspapers 3,500
Aramark Food Service 3,000
Urban Outfitters, Inc. Clothing 3,000
CENTER CIT Y PHIL ADELPHIA
C H I C K - F I L - A A T N O R T H E A S T T O W E R C E N T E R10
Cardone Industries Inc.Headquarters
1.3 Million sq. ft.
116 Rooms
Creighton Charter Schools (K-8)700 Students
International Christian Charter (9-12)120 Students
120 Employees701 Beds
100 Acres - 219 Beds
J, K, R
1, 8, J, K, R
One and Onley SquareMcDonald’s
HAIR BUZZ
E RO
OSEVELT B
LVD
E RO
OSEVELT B
LVD
12 Lane Hig
hway
12 Lane Hig
hway
WHITAKER AVEWHITAKER AVE
227,500 SF Mixed use facility: office, retail,
church
Rising Sun Plaza
®
Adams Plaza
Grover Washington Middle School (5-8)
541 Students
5,197 Students
N O R T H E A S T TOWER CENTER
ADAMS AVE
ADAMS AVE
COMBINED TRAFFIC COUNTS OF OVER
129,000 VPD
11
Cardone Industries Inc.Headquarters
1.3 Million sq. ft.
Aria Jefferson Health855 Beds
Samuel Fels High School988 Students (9-12)
Built in 2009
Oxford House Luxury Apartments
207 Units
Philadelphia Protestant Nursing Home
600 Beds
Thalheimer Brothers LLC101 Employees
60,000 total sq. ft.
Naval Support Activity Philadelphia
- 134 acre Naval Base - 2,250,000 Total sq. ft.- 5,200 Employees- Consists of office-converted warehouses
for various Naval supply commands - Living quarters for US Navy Sailors- Headquarters of Defense Logistics Agency
500,000 Residents live in Northeast Philadelphia
Passenger volumes entering local SEPTA stations has increased 78% since 2000
J, K, R
Asian Superstore
N O R T H E A S T TOWER CENTER
Lawndale Plaza
COMBINED TRAFFIC COUNTS OF OVER
129,000 VPD 12
LOCATION OVERVIEW
Northeast Tower Center is located in Philadelphia, Pennsylvania within Philadelphia County, the 6th largest city in the United
States with a population of over 1.58 million people. Northeast Tower Center is the closest regional shopping center to
major colleges Temple University (5 miles) and La Salle University (3.5 miles).
13
611
95
95
95
278
295
678
95
280
80
95
97
76
78
78
287
476
276
76
81
81
295
695
695
83
895
70
195
322
422
322
301
40
222
209
209
209
46
206
206
1115
30
322
222
50
9
1
202
30
225
309
6154
2
55
49
47
313
300
10
1
23
72
74
24
183
50
27
611
33
36
9A
27
25A
35
1833
70
72
WhartonState Forest
Delaw
are Bay
Philadelphia
New York
Baltimore
Chester DeptfordTownship
Mt LaurelTownship
JacksonTownship
FreeholdTownship
BrickTownship
BarnegatTownship
Sta�ordTownship
HamiltonTownship
Long BeachIsland
Beach Haven
Galloway
Atlantic CityEgg HarborTownship
Woodbine
Ocean City
Sea Isle City
Wildwood
Toms River
Long Branch
Asbury Park
Bridgeton
Vineland
Millville
York
Camp Hill
Elizabethtown
Elizabethville
Sunbury
Selinsgrove
Lewisburg Danville Hazleton
Jim Thorpe
Lehighton
Danielsville
EastonNorthampton
Shamokin
St ClairPottsville
Pottstown
Kutztown
King ofPrussia
Wayne
SchuylkillHaven
Hershey
Lebanon
Quakertown
Perkasie
Doylestown
Flemington
Hackettstown
Morristown
Parsippany-TroyHills
Princeton
Edison
Piscataway
The Bronx
Queens
Manhattan
Brooklyn
Reading
Lancaster
LititzEphrata
Intercourse
CoatesvilleWest Chester
Exton
New Holland
Bel AirAberdeen
New Castle
Smyrna
Dover
Camden
Chestertown
Centreville
QueenstownAnnapolisBowie
Glen Burnie
Middle River
Owings MillsTowson
Columbia
Newark
Middletown
Elkton
Oxford
PENNSYLVANIA
MARYLAND
DELAWARE
NEW JERSEY
Wilmington
Trenton
Levittown
Allentown
Newark
Harrisburg
N O R T H E A S T TOWER CENTER
90 MILES TO NEW YORK CIT Y
C H I C K - F I L - A A T N O R T H E A S T T O W E R C E N T E R13
The Northeast’s main traffic arteries are Interstate 95 (Delaware Expressway)
and Roosevelt Boulevard (U.S. 1). Roosevelt Boulevard begins at the Schuylkill
Expressway in Fairmount Park, running as a freeway also known as the
Roosevelt Boulevard Extension or the Roosevelt Expressway through North
Philadelphia, then transitioning into a twelve-lane divided highway that
forms the pine of Northeast Philadelphia to its end at the city line. Major
secondary arteries include Cottman Avenue (PA 73), Frankford Avenue
(US 13), Woodhaven Road (PA 63), Grant Avenue, Oxford Avenue (PA-
232), State Road, Bustleton Avenue (PA-532), Bridge Street, Harbison
Avenue, and Academy Road. The Northeast is served by SEPTA’s
Market-Frankford Line, often called the Frankford El” or “the El”
because portions of the rail line are elevated above streets below,
including Frankford and Kensington avenues. The northernmost and
easternmost terminus of the line is at the Frankford Transportation
Center, Frankford Avenue and Bridge Street. Three commuter rail
lines also serve the Northeast. Many SEPTA bus routes and all three
of its trackless trolley routes run through the Northeast. Most
north-south routes terminate at the Frankford Transportation
Center. Nearby Lawndale Station and Cheltenham Station
primarily serve the Lawndale neighborhood in addition to
some residents from Cheltenham, PA and are located just
minutes from Northeast Tower.
TRANSPORTATION IN THE NORTHEAST
C H I C K - F I L - A A T N O R T H E A S T T O W E R C E N T E R14
EDUCATION
2018-2019 SCHOOL YEAR ENROLLMENT
61%
Philadelphia’s educational heritage began with the founding of one of the nation’s first universities
and a world-renowned Ivy League school - The University of Pennsylvania. Today, there are over
100 degree granting institutions within 50 miles of Center City Philadelphia, offering the highest
concentration of colleges and universities in the United States and producing over 66,000 new
graduates every year. Twenty-six of them, including the five largest within the region, are located
within the City itself. Three major universities (Drexel University, Temple University and the University
of Pennsylvania) are immediately adjacent to Center City. Business Week recently ranked the
University of Pennsylvania’s Wharton School of Business the number two business school in the
country. Philadelphia also boasts five medical schools and 26 teaching hospitals. The medical
schools include the University of Pennsylvania (the first in the nation), Jefferson, Temple, Drexel
University College of Medicine, and Philadelphia College of Osteopathic Medicine. Correspondingly,
the Greater Philadelphia Region ranks in the top 10 U.S. metros in the number of engineering degrees
obtained per year.
A recent study from CampusPhilly showed that 67% of students currently studying in Philadelphia
have an interest in remaining in Philadelphia after graduation, up 15% since 2010.
Temple University 40,031
Community College of Philadelphia 26,081
University of Pennsylvania 25,860
Drexel University 24,190
Thomas Jefferson University 7,831
St. Joseph’s University 7,589
LaSalle University 5,197
University of the Sciences 2,231
University of the Arts 1,900
Peirce College 1,833
OF CENTER CITY RESIDENTS HAVE ABACHELOR’S DEGREE OR HIGHER
LA SALLE UNIVERSITY
C H I C K - F I L - A A T N O R T H E A S T T O W E R C E N T E R15
EDS & MEDS
H E A LT H C A R E
One of the nation’s largest concentrations of health care resources is here in Greater Philadelphia. In addition to five medical schools, the region has
two dental schools, three pharmacy schools, veterinary, optometry, and podiatry schools, with multiple area universities offering advanced degrees in
biological sciences. There are more than 120 hospitals in the Greater Philadelphia area including specialized institutions such as Children’s Hospital of
Philadelphia and Wills Eye Hospital. Well-known medical research centers include the Wistar Institute and Fox Chase Cancer Center.
PHILADELPHIA
BOSTON
NEW YORK
BALTIMORE
WASHINGTON, DC
10% 15% 20%
PERCENTAGE OF TOTAL EMPLOYMENT IN EDUCATION & MEDICINE
S I N C E 2 0 0 5 , H I G H E R E D U C A T I O N A N D H E A LT H C A R E E M P L O Y M E N T I N P H I L A D E L P H I A H A S I N C R E A S E D B Y 1 7 % A N D N O W P R O V I D E S 3 7 % O F A L L J O B S I N P H I L A D E L P H I A .
RANKED 10th BEST HOSPITAL IN THE COUNTRY Hospitals of the University of Pennsylvania
4TH BEST JOB PLACEMENT RATE of Nation’s Colleges
RANKED #1 FOR BUSINESS, FINANCE,
REAL ESTATE AND INSURANCEUndergrad Programs
#1 LARGEST PRIVATE EMPLOYER 2019
In Center City UNIVERSITY AND HEALTH SYSTEM 24,700 employees, a substantial increase since acquiring
Philadelphia University in 2017
RATED 2ND BEST CHILDREN’S HOSPITAL In The Country
Source: Center City District, US News, BLS
C H I C K - F I L - A A T N O R T H E A S T T O W E R C E N T E R16
EMPLOYMENT
RENDERING FOR TEMPLE UNIVERSITY RECONSTRUCTION COMCAST TOWER
Since the recession, starting in 2009, Philadelphia has added 71,100 jobs, 44% of them in just the last
two years. Philadelphia added jobs in 12 of the last 13 years, the longest period of expansion in more
than 50 years. The recovery has been led by education and health services, which account for 56% of
the jobs added in industries largely exempt from real estate and business taxes.
Growth occurred across all private sector categories, except manufacturing and financial and
information services. Center City holds 305,500 wage and salaried positions with approximately 9,500
more individuals compensated as partners, self-employed, or working freelance. Located at the center
of the region’s transit and highway network, 47.5% of downtown’s 305,500 jobs are held by commuters
from outside the city; 52.5% are held by Philadelphians with the city.
Professional, business and financial services, real estate and information account for 40% of downtown
jobs, occupying 43.5 million square feet of space - including the recent completion of the 1.8
million-square-foot Comcast Technology Center and Aramark’s 600,000-square-foot expansion at
2400 Market Street. Education and health services, the largest sector citywide, is the second largest
downtown with jobs provided by 14 colleges and universities and five hospitals, accounting for 20%
of Center City employment. Entertainment, leisure, hospitality and retail provide 16% of downtown
jobs in 354 arts and cultural institutions, 12,283 hotel rooms, 986 retail premises and 468 full-service
restaurants. Federal, state and local government employment provides 12% of Center City jobs.
71,100
13,600
10,600
15,400
N E W J O B S S I N C E
I N 2 0 1 6
I N 2 0 1 7
I N 2 0 1 8
20
09
C H I C K - F I L - A A T N O R T H E A S T T O W E R C E N T E R17
1-MILE 3-MILE 5-MILE
PO
PU
LAT
ION
2019 Population - Current Year Estimate 44,742 432,991 870,488
2024 Population - Five Year Projection 44,623 429,678 863,642
2019 Population 25 and Over 26,895 271,184 565,617
Ave HH Size 3.10 2.91 2.69
Median Age of Population 30.69 32.35 34.06
HO
USE
-H
OLD
S 2019 Households - Current Year Estimate 14,439 147,101 315,834
2024 Households - Five Year Projection 14,494 147,566 317,417
H.H
INC
OM
E
2019 Average Household Income $50,731 $50,900 $55,227
2019 Per Capita Income $16,401 $17,394 $20,398
2019 Median Household Income $38,207 $38,260 $39,764
HO
USI
NG
2019 Occupied Housing Units 15,229 158,101 343,798
2019 Owner Occupied Housing Units 7,455 81,745 175,754
2019 Renter Occupied Housing Units 4,568 57,568 139,304
DA
YT
IME
D
EM
OS
2019 Daytime Businesses 678 9,433 21,078
2019 Daytime Employment 10,502 101,055 229,027
Daytime Population 33,400 291,634 662,507
EX
PE
ND
ITU
RE
2019 Total Consumer Spending $238,021 $2,661,094 $6,115,470
2024 Total Consumer Spending $256,874 $2,914,212 $6,760,613
2019 Average Household Consumer Spending $19,797 $19,102 $19,411
2024 Average Household Consumer Spending $21,738 $20,881 $21,197
CENSUS DEMOGRAPHICS
C H I C K - F I L - A A T N O R T H E A S T T O W E R C E N T E R18
MAJOR LOCAL EMPLOYERS ADJACENT TO NORTHEAST TOWER CENTER
NAVAL SUPPLY DEPOT
One of the largest employers in Northeast Philadelphia is the
Naval Supply Depot which employs 5,200 and is the single
largest employer in the area. The Naval Support Activity (NSA)
Philadelphia and Philadelphia Navy Yard Annex missions are to
provide operationally ready, secure shore infrastructure built
upon a streamlined shore installation management organization
committed to quality of life to military members and civilian staffs
and quality of community developed through extensive interaction
and involvement with the community. The Support Activity in
Northeast Philadelphia supports 424 on-site tenant organizations.
CARDONE INDUSTRIES
Cardone Industries USA Corporate Headquarters is located behind
Northeast Tower Center. Cardone Industries, Inc., founded in 1970, is a
leading supplier of automotive replacement parts with 5,000 employees.
Since its beginning over 50 years ago, Cardone has grown from six
employees into the largest
privately-held automotive
parts remanufacturer in
the world.
SAMUEL FELS HIGH SCHOOL
988 Students attend the newly developed 9-12 High
School, which sits behind Northeast Tower Center
134 ACRES 5,200 EMPLOYEES
37 BUILDINGS 2.25 MILLION SQ. FT
C H I C K - F I L - A A T N O R T H E A S T T O W E R C E N T E R19
CONFIDENTIALITY AGREEMENT
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc.
© 2020 Marcus & Millichap. All rights reserved.
NON-ENDORSEMENT NOTICE
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR IPA ADVISOR FOR MORE DETAILS.
SPECIAL COVID-19 NOTICE
All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.)
C H I C K - F I L - A A T N O R T H E A S T T O W E R C E N T E R20
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
2005 Market Street, Suite 1510Philadelphia, PA 19103
www.marcusmillichap.com
© 2020 Marcus & Millichap. All Rights Reserved.
BRAD NATHANSONSenior Managing DirectorCapital Markets+1 215 531 [email protected]: PA: RS278775
LIOR REGENSTREIFSenior Managing Director of Investments+1 818 212 [email protected]: CA: 01267761
MICHAEL HELPERNDebt & Structured Finance+1 212 [email protected]
4670 Roosevelt Blvd, Philadelphia, PA 19124