Aspen Dental/T-Mobile Center - Walmart · PDF filedentistry and denture care for families and seniors. The company was formerly known as Upstate Dental Health Services and changed

Aspen Dental/T-Mobile Center - Walmart Outparcel 7510 Garners Ferry Road, Columbia, SC 29209

For investment information:J. Tyson Glasser, CCIM • Investment Sales [email protected] • 864.263.5427 o • 404.435.6312 c

$ 2,828,2007.0% Cap Rate+/- 7,500 Square Feet+/- 0.976 Acres

Table of ContentsExecutive Overview

Investment Highlights........................................................3

Investment Summary..........................................................4 Financial Summary...............................................................5 Rent Roll...................................................................................6

Property Overview Site Plan...................................................................................7 Property Photos................................................................8-9 Aerial......................................................................................10

Tenant Overview Tenant Profiles..............................................................11-12

Area Overview Trade Area Photos.......................................................13-14 Location Map......................................................................15 Market Profile...............................................................16-18 Demographics..............................................................19-21

Investment Highlights• 100% leased to credit tenants• Potential cash-on-cash return of 9%• 2012 construction on a high profile signalized intersection in front of

Walmart• Located in the capitol city of South Carolina within 7 miles of the

CBD• Traffic counts in excess of 34,000 cars per day in front of property• Population of more than 92,800 in a 5 mile radius of property• Average household income over $73,000 in a 5 miles radius of

property

Investment SummaryLocation: Central South Carolina on US Hwy 76/378 about 7 miles east of the Columbia CBD

Land Size: +/- 0.976 Acres

Building Size: +/- 7,500 Square Feet

Building Age: New construction in 2012

Occupancy: 100% leased to 4 tenants

Tenant Lineup: Aspen Dental 3,200 SF 42.7%

Famous Hair 1,433 SF 19.1%

Always Money 1,433 SF 19.1% T-Mobile 1,434 SF 19.1%

7,500 SF 100%

Guarantors: Corporate and Franchise (See Rent Roll)

Lease Types: Double Net

Lease Commencement: 2012-2015

Base Lease Terms: 5-10 years

Option Terms: 2-3 for 5 years each

Landlord Responsibility: Roof, Structure, Parking Lot, Management

Tenants Responsibility: CAM, Taxes, Insurance, Maintenance

Frontage: +/- 122 feet on Garners Ferry Rd and +/- 199 feet on Patterson Rd

Signage: Monument on Garners Ferry Rd and

all 4 sides of building

Access: One entrance/exit on east side of property

Parking: +/- 48 spaces with 2 handicap spaces

Zoning: C-3 (General Commercial District)

Declaration: Property subject to REA agreement with Walmart

Traffic Counts: +/- 36,400 cars per day on Garners Ferry Rd

DEMOGRAPHIC SUMMARY - 2015

3 Mile 5 Mile 7 MilePOPULATIONHOUSEHOLDSAVERAGE HH INCOMEMEDIAN HH INCOME

37,731 98,835 157,35114,705 34,869 59,484$66,913 $74,124 $65,031$44,927 $47,124 $41,669

Investment Summary

14,705 34,869 59,484$66,913 $74,124 $65,031

Financial SummaryPurchase Price: $2,828,000

Cap Rate: 7.0% (based on stabilized NOI)

Base Rental Income: $210,618.50

Reimbursements: $52,500.00

Administrative Fees: $1,622.36

Gross Income: $264,740.86

Vacancy Factor: $7,942.23 (3% of GI)

CAM/Taxes/Insurance: $52,500.00 ($7.00 PSF)

Management Fee: $6,318.56 (3% of Base Rents)

Capital Reserves: $0.00 (new construction)

Net Operating Income: $197,980.08

Assumable Financing: Delivered free and clear of debt at closing

Proposed Financing: Loan-to-Value - 70-75%

Interest Rate - 4.0-4.5%

Amortization - 20-25 years

Loan Term - 7-10 years

Annual Debt Service - $134,345 (75% LTV, 4% interest, 25 year amort.)

After Debt Cash Flow - $63,635

Cash-on-Cash Return - 9.0%

Tenant Financials: Contact broker for details

Notes

Rent RollSuite Tenant Square

FeetLeaseStart

LeaseEnd

RentPSF

AnnualRent

Rent Bumps

CAM/Tax/Insurance

Admin.Fee

Options(5 years each)

A Starbucks (Starbucks Corporation) 1,790 10/28/13 2/29/24 $37.00 $66,230.00 None NNN 10%

of CAM

Option 1: $42.55 Option 2: $46.81 Option 3: $51.49 Option 4: $56.63

BMattress King

(Mattress Discounters Operations, LLC)

6,501 12/19/13 11/30/20 $31.50 $204,750.00 None NNN 10% of CAM

Option 1: $34.65 Option 2: $38.11

CZoes Kitchen

(Zoes South Carolina, LLC)

2,770 1/9/14 1/31/24 $35.50 $98,335.00 10% in Year 6 NNN None

Option 1: $42.96 Option 2: $47.25 Option 3: $51.98

A Aspen DentalManagement, Inc.

3,200 12/20/12 12/31/22 $32.00 $102,400.00 10% in Year 6

NNN 5%Option 1: $ 38.72 Option 2: $42.59Option 3: $46.85

C Three Rivers Invest-ments

1,433 4/4/13 04/30/18 $25.00 $35,825.00 None NNN 15%

Option 1: $27.50 Option 2: $30.25

TOTALS 7,500 $210,618.50

BRegis Corp dba

Famous Hair 1,433 5/7/13 5/31/18 $23.50 $33,675.50 None NNN 10% Option 1: $25.50Option 2: Market

D Fall 2015 Fall 2020 $27.00 $38,718.00 None NNN 5% Option 1: $29.70Option 2: $32.67

1,434Express Management

Holdings, LLCdba T-Mobile

Notes

Always Money lease guaranteed by Triton Management, Inc.

Notes

Suite Tenant SquareFeet

LeaseStart

LeaseEnd

RentPSF

AnnualRent

Rent Bumps

CAM/Tax/Insurance

Admin.Fee

Options(5 years each)

A Starbucks (Starbucks Corporation) 1,790 10/28/13 2/29/24 $37.00 $66,230.00 None NNN 10%

of CAM

Option 1: $42.55 Option 2: $46.81 Option 3: $51.49 Option 4: $56.63

BMattress King

(Mattress Discounters Operations, LLC)

6,501 12/19/13 11/30/20 $31.50 $204,750.00 None NNN 10% of CAM

Option 1: $34.65 Option 2: $38.11

CZoes Kitchen

(Zoes South Carolina, LLC)

2,770 1/9/14 1/31/24 $35.50 $98,335.00 10% in Year 6 NNN None

Option 1: $42.96 Option 2: $47.25 Option 3: $51.98

Site Plan

Property Photos

Property Photos

Aerial

Tenant Profiles

Founded in Syracuse, New York in 1964, Aspen Dental is a private dental services company offering “complete dental care solutions,” providing general and cosmetic dentistry and denture care for families and seniors. The company was formerly known as Upstate Dental Health Services and changed its name to Aspen Dental Management, Inc. in 1998. As one of the nation’s largest and fastest-growing providers of dental and denture services, Aspen Dental serves approximately 1.9 million dental patients at more than 468 office locations in 28 states from Maine to Florida and Arizona to Washington.

Based in Montgomery, AL, Always Money™ is a regional leader in affordable short-term credit solutions. Always Money provides payday loans, in-store cash advances, title loans, installment loans and Western Union®, in locations throughout Alabama, South Carolina and Mississippi. Always Money also buys your broken or unwanted gold in most locations. With over 20 years in business, Always Money knows that everyone has different needs and different resources and that’s why we offer a variety of loan products to ensure there’s one for everyone. We are actively involved in each of our communities. Sponsoring both national and local charities such as the Muscular Dystrophy Association, we strive to help make our communities better places to live for everyone.

Tenant ProfilesBeauty means business at Regis Corporation. As a leader in beauty salons and cosmetology education, Regis Corporation is a multibillion-dollar enterprise with an impressive history of profitable growth. Nearly 10 times larger than our nearest competitor, we are currently ranked #817 on the Fortune 1000 list. We have a history of significant unit growth, and we own, franchise or hold ownership interests in approximately 10,0000 locations.Our salons are the backbone of our business and the largest contributor to our stability and growth. We provide affordable haircuts, styling, coloring and waxing services to more than 155 million satisfied system-wide clients each year; plus we offer them a wide selection of the most popular professional hair care products. Our North American company-owned and franchised salons operate in the United States, Canada and Puerto Rico, primarily under the trade names of Regis Salons, MasterCuts and SmartStyle, including the most recognized salon franchise concepts - Supercuts and Cost Cutters in the United States and First Choice Haircutters in Canada. Our international salons have historically been comprised of company-owned and franchise salons operating in countries throughout Europe. We currently own and operate salons in the United Kingdom, In its other strategic partnerships, Regis maintains ownership interests in Empire Education Group, Inc. and the MY Style concepts in Japan. Regis is headquartered in Minneapolis, Minnesota and its common stock is traded on the NYSE under the symbol RGS.

Deutsche Telekom is one of the world’s leading integrated telecommunications companies, with some 151 million mobile customers, 30 million fixed-network lines, and more than 17 million broadband lines. We provide fixed-network/broadband, mobile communications, Internet, and IPTV products and services for consumers, and information and communication technology (ICT) solutions for business and corporate customers. Deutsche Telekom is present in more than 50 countries. With a staff of some 228,000 employees throughout the world, we generated revenue of 62.7 billion Euros in the 2014 financial year, over half of it outside Germany.* So that we can continue to be successful, we are already evolving from a traditional telephone company into an entirely new kind of service company. Our core business, i.e., the operation and sale of networks and connections, remains the basis. But at the same time we are proactively committing to business areas that open up new growth opportunities for us. We are investing more in this than any other provider in Germany – more than 23 billion euros overall between 2010 and 2015.

Trade Area Photos

Trade Area Photos

SUBJECT PROPERTY

Location Map

Market Profile

Columbia is the capital of and largest city in the state of South Carolina.

Economy

Columbia enjoys a diversified economy, with the major employers in the area being South Carolina state government, the Palmetto Health hospital system, Blue Cross Blue Shield of South Carolina, Palmetto GBA, and the University of South Carolina. The corporate headquarters of Fortune 1000 energy company, SCANA, are located in the Columbia suburb of Cayce. Other major employers in the Columbia area include Computer Sciences Corporation, Fort Jackson, the U.S. Army’s largest and most active initial entry training installation, Richland School District One, Humana/TriCare, and the United Parcel Service, which operates its Southeastern Regional Hub at the Columbia Metropolitan Airport. Major manufacturers such as Square D, CMC Steel, Spirax Sarco, Michelin, International Paper, Pirelli Cables, Honeywell, Westinghouse Electric, Harsco Track Tech, Trane, Intertape Polymer Group, Union Switch & Signal, FN Herstal, Solectron, and Bose Technology have facilities in the Columbia area. There are over 70 foreign affiliated companies and fourteen Fortune 500 companies in the region. The gross domestic product (GDP) of the Columbia metropolitan statistical area as of 2010 was $31.97 billion, the highest among MSAs in the state.

Several companies have their global, continental, or national headquarters in Columbia, including Colonial Life & Accident Insurance Company, the second-largest supplemental insurance company in the nation; the Ritedose Corporation, a pharmaceutical industry services

company; AgFirst Farm Credit Bank, the largest bank headquartered in the state with over $30 billion in assets (the non-commercial bank is part of the Farm Credit System, the largest agricultural lending organization in the United States which was established by Congress in 1916); First Citizens Bank of South Carolina, the largest state-based commercial bank; South Carolina Bank and Trust; Nexsen Pruet, LLC, a multi-specialty business law firm in the Carolinas; Spectrum Medical, an international medical software company; Wilbur Smith Associates, a full-service transportation and infrastructure consulting firm; and Nelson Mullins, a major national law firm. CSC’s Financial Services Group, a major provider of software and outsourcing services to the insurance industry, is headquartered in the Columbia suburb of Blythewood.

Market Profile

Market ProfileEducation

Columbia is home to the University of South Carolina, the state’s flagship and largest university, and is also the site of Fort Jackson, the largest United States Army installation for Basic Combat Training. The University of South Carolina was chartered in 1801 as South Carolina College and in 1906 as the University of South Carolina. The university has 350-degree programs and enrolls 31,964 students throughout 15-degree-granting colleges and schools. It is an urban university, located in downtown Columbia. Columbia is also home to: Allen University, Benedict College, Columbia College, Columbia International University, ECPI University, Lutheran Theological Southern Seminary, Midlands Technical College, Fortis College, South Carolina School of Leadership and Virginia CollegeColumbia is also home to extension campuses, including: Erskine Theological Seminary, South University, and the University of Phoenix.

Healthcare

The Sisters of Charity Providence Hospitals is sponsored by the Sisters of Charity of Saint Augustine (CSA) Health System. The non-profit organization is licensed for 304 beds and comprises four entities: Providence Hospital, Providence Heart Institute, Providence Hospital Northeast, and Providence Orthopaedic & NeuroSpine Institute. Providence Hospital, located in downtown Columbia, was founded by the Sisters of Charity of Saint Augustine in 1938. The facility offers cardiac care through Providence Heart Institute, which is considered a quality cardiac center in South Carolina. Providence Hospital Northeast is a 46-bed community hospital established in 1999 that offers a range of medical services in surgery, emergency care, women’s and children’s services, and rehabilitation. Providence Northeast is home to Providence Orthopaedic & NeuroSpine Institute, which provides medical and surgical treatment of diseases and injuries of the bones, joints, and spine.Palmetto Health is a South Carolina nonprofit public benefit corporation consisting of Palmetto Health Richland and Palmetto Health Baptist hospitals (2 locations; 1 downtown and 1 in the Harbison area) in Columbia. Palmetto Health provides health care for nearly 70 percent of the

residents of Richland County and almost 55 percent of the health care for both Richland and Lexington counties. Palmetto Health Richland is the primary teaching hospital for the University of South Carolina School of Medicine. Palmetto Health Baptist recently underwent a $40 million multi-phase modernization which included 37,000 SF of new construction and 81,000 SF of renovations. The extensive health system also operates Palmetto Health Children’s Hospital and Palmetto Health Heart Hospital, the state’s first freestanding hospital dedicated solely to heart care, which opened in January 2006. The Palmetto Health South Carolina Cancer Center offers patient services at the Palmetto Health Baptist and Palmetto Health Richland campuses; both are recognized by the American College of Surgeons Commission on Cancer as a Network Cancer Program.

Percent16.2%8.2%9.9%

14.8%18.9%11.2%10.6%5.1%5.0%

Number Percent2,523 5.9%2,280 5.5%2,087 5.6%2,885 7.1%5,403 12.8%6,489 16.2%4,604 12.3%5,098 10.2%4,021 11.0%2,196 8.1%1,322 3.9%

440 1.4%

Number Percent20,094 47.9%16,757 44.4%

138 0.3%850 2.8%43 0.1%

701 2.1%766 2.4%

1,840 5.6%2,316Hispanic Origin (Any Race) 4.7% 2,017 5.1%

984Two or More Races 1.9% 853 2.1%

44Some Other Race Alone 1.8% 765 1.9% 874Pacific Islander Alone 0.1% 44 0.1%

138Asian Alone 2.2% 978 2.5% 1,133American Indian Alone 0.4% 137 0.3%

19,684Black Alone 42.6% 17,426 43.7% 18,279White Alone 51.1% 19,699 49.4%

Race and Ethnicity Percent Number Percent NumberCensus 2010 2015 2020

1,59885+ 1.1% 499 1.3% 559

75 - 84 3.4% 1,410 3.5%

4,50865 - 74 5.6% 2,756 6.9% 3,32855 - 64 10.2% 4,372 11.0%

5,06045 - 54 13.0% 4,552 11.4% 4,21135 - 44 11.7% 4,588 11.5%

5,28125 - 34 16.5% 6,820 17.1% 6,66120 - 24 13.7% 5,173 13.0%

2,30515 - 19 7.3% 2,824 7.1% 2,93210 - 14 5.3% 2,175 5.5%

2,4195 - 9 5.8% 2,364 5.9% 2,2750 - 4 6.4% 2,367 5.9%

Population by Age Percent Number Percent NumberCensus 2010 2015 2020

$73,590Per Capita Income $26,176 $29,607Average Household Income $65,072Median Household Income $43,290 $50,681

818$200,000+ 691 4.5% 796$150,000 - $199,999 629 4.1%

1,796$100,000 - $149,999 1,432 9.2% 1,692$75,000 - $99,999 1,535 9.9%

2,373$50,000 - $74,999 2,623 16.9% 3,031$35,000 - $49,999 2,259 14.6%

1,318$25,000 - $34,999 1,876 12.1% 1,592$15,000 - $24,999 1,741 11.2%

Number<$15,000 2,707 17.5% 2,599

Households by Income Number Percent2015 2020

Median Household Income 3.20% 2.94% 2.66%Owner HHs 0.55% 1.03% 0.70%Families 0.44% 0.94% 0.69%Households 0.66% 1.05% 0.77%Population 0.61% 0.99% 0.75%

Trends: 2015 - 2020 Annual Rate Area State NationalMedian Age 31.3 32.2 32.9Renter Occupied Housing Units 6,616 7,216 7,507Owner Occupied Housing Units 8,614 8,279 8,510Average Household Size 2.37 2.37 2.37Families 8,892 8,874 9,069Households 15,230 15,496 16,018Population 39,349 39,902 41,137

Summary Census 2010 2015 2020

7522 Garners Ferry Rd, Columbia, South Carolina, 29209 Ring: 3 mile radius

Demographic and Income Profile

Percent14.4%7.6%9.3%

14.6%18.5%11.2%11.6%5.6%7.2%

Number Percent4,923 5.2%4,632 5.0%4,184 5.0%7,981 8.6%

15,848 15.8%14,924 16.9%9,667 11.5%

10,197 9.1%8,722 10.2%4,582 7.7%2,766 3.6%1,220 1.5%

Number Percent53,490 57.2%30,033 34.6%

330 0.4%1,962 2.7%

151 0.2%1,689 2.2%1,990 2.7%


2,634Two or More Races 2.2% 2,262 2.4%

160Some Other Race Alone 1.9% 1,865 2.0% 2,135Pacific Islander Alone 0.2% 156 0.2%

345Asian Alone 2.2% 2,269 2.4% 2,656American Indian Alone 0.4% 336 0.4%



3,46885+ 1.4% 1,335 1.4% 1,414

75 - 84 3.1% 2,887 3.1%

9,87465 - 74 5.1% 6,050 6.5% 7,50855 - 64 9.7% 9,725 10.5%

11,13545 - 54 11.4% 9,293 10.0% 8,86435 - 44 10.8% 9,923 10.7%

15,32925 - 34 16.6% 16,253 17.5% 16,34420 - 24 17.7% 15,257 16.4%

4,81515 - 19 8.9% 7,932 8.5% 8,29110 - 14 4.7% 4,540 4.9%

5,0345 - 9 5.2% 4,832 5.2% 4,8500 - 4 5.5% 4,805 5.2%



2,065$200,000+ 2,308 6.6% 2,626$150,000 - $199,999 1,637 4.7%

4,119$100,000 - $149,999 3,429 9.8% 4,235$75,000 - $99,999 3,519 10.1%

5,365$50,000 - $74,999 5,797 16.6% 6,778$35,000 - $49,999 5,072 14.5%

2,789$25,000 - $34,999 3,973 11.4% 3,400$15,000 - $24,999 3,677 10.5%

Number<$15,000 5,453 15.6% 5,283





7522 Garners Ferry Rd, Columbia, South Carolina, 29209Ring: 5 mile radius


Percent18.2%8.3%9.7%

15.1%17.7%10.5%10.7%4.4%5.3%

Number Percent8,258 5.1%7,431 4.8%6,953 4.8%

16,588 10.2%25,964 15.8%23,023 15.1%15,396 10.9%17,435 9.1%15,238 10.5%8,223 8.1%5,455 3.9%2,433 1.8%

Number Percent85,241 53.6%57,033 38.3%

511 0.3%3,209 2.7%

204 0.1%2,994 2.3%3,205 2.6%


4,262Two or More Races 2.1% 3,656 2.3%

219Some Other Race Alone 2.0% 3,281 2.1% 3,725Pacific Islander Alone 0.1% 213 0.1%

524Asian Alone 2.1% 3,778 2.4% 4,466American Indian Alone 0.3% 513 0.3%



6,48885+ 1.6% 2,694 1.7% 2,889

75 - 84 3.6% 5,556 3.5%

17,27065 - 74 5.4% 10,703 6.8% 13,31355 - 64 10.0% 17,046 10.8%

17,86345 - 54 11.4% 15,731 10.0% 15,01735 - 44 10.1% 15,991 10.1%

25,94625 - 34 15.1% 24,641 15.6% 24,87020 - 24 17.0% 25,899 16.4%

7,91315 - 19 10.9% 16,406 10.4% 16,86710 - 14 4.6% 7,294 4.6%

8,3595 - 9 4.9% 7,877 5.0% 7,8310 - 4 5.4% 7,992 5.1%



2,791$200,000+ 2,900 4.9% 3,325$150,000 - $199,999 2,213 3.7%

6,618$100,000 - $149,999 5,480 9.2% 6,703$75,000 - $99,999 5,564 9.3%

9,453$50,000 - $74,999 9,492 15.9% 11,129$35,000 - $49,999 8,835 14.8%

5,218$25,000 - $34,999 6,943 11.6% 6,115$15,000 - $24,999 6,751 11.3%

Number<$15,000 11,535 19.3% 11,457





7522 Garners Ferry Rd, Columbia, South Carolina, 29209Ring: 7 mile radius


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Investment Contact:

550 S. Main Street, Suite 300 • Greenville, SC 29601864.263.5414 o • 864.232.0160 c • www.REALTYLINKDEV.com

J. Tyson Glasser, CCIM • Investment Sales [email protected] • 864.263.5427 o • 404.435.6312 c

Aspen Dental/T-Mobile Center - Walmart · PDF filedentistry and denture care for families and seniors. The company was formerly known as Upstate Dental Health Services and changed

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