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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
1BANK OF AMERICA
3303 SOUTH TAMIAMI TRAIL | SARASOTA, FL
Offering Memorandum
RACETRAC 7921 MACON HWY WATKINSVILLE, GA 30677
STEVEN J. SIEGEL | SENIOR MANAGING DIRECTORExecutive Director - Institutional Property Advisors (IPA)
Senior Managing Director - Investments
National Retail Group
Net Leased Properties Group
Office: (212) 430-5166Cell: (646) 996-3709E-mail: [email protected] License: NY: 30SI0857139 NJ: 0015107 CT: REB.0754170
EXCLUSIVELY LISTED BY :
BORMICHAEL J. FASANO
Licence: 352663
7921 MACON HWY | WATKINSVILLE, GA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
2 RACETRAC
7921 MACON HWY | WATKINSVILLE, GA
Investment Contacts
STEVEN J. SIEGELExecutive DirectorInstitutional Property Advisors (IPA)Senior Managing Director - Investments
Office: (212) 430-5166Cell: (646) 996-3709E-mail: [email protected] License: NY: 30SI0857139
NJ: 0015107CT: REB.0754170
M&M CAPITAL CORPCHRISTOPHER MARKSFirst Vice President - Capital Markets, Origination
Office: (212) 430-5137Cell: (516) 448-3293E-mail: [email protected]
PHIL BIANCAVILLAAssociate DirectorSJS & Partners LLC
Office: (212) 430-5293Cell: (914) 525-7735E-mail: [email protected] License: NY: 10401253283
NICHOLAS GILLOTTSenior Financial Analyst
Office: (646) 805-1455E-mail: [email protected]
3
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
3RACETRAC
7921 MACON HWY | WATKINSVILLE, GA
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9-13
14-16
Investment Overview
Offering Summary
Property Details
Tenant & Lease Overview
Maps
Demographic & Location Overview
Table of Contents
7921 MACON HWY | WATKINSVILLE, GA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
4 RACETRAC
7921 MACON HWY | WATKINSVILLE, GA
SUBJECT PROPERTY
5
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
5RACETRAC
7921 MACON HWY | WATKINSVILLE, GA
Marcus & Millichap is pleased to present for sale a RaceTrac located at 7921 Macon Highway in Watkinsville, Georgia. RaceTrac has a gross leasable area (GLA) of 3,952 square feet and is situated on a 1.98-acre lot. The subject property has 11 years remaining in the base term of a NNN lease with 7.50% increases every 5 years. RaceTrac Petroleum operates over 670 convenience stores and gasoline service stations, across the southern U.S. They are ranked #39 on the list of America’s largest private companies by Forbes with $8.7 Billion in sales for the fiscal year of 2017. The company continues to rapidly expand and recently entered the Nashville market where it plans to open 30 new stores by 2023.
RaceTrac is located at the intersection of Macon Highway (15,943 Vehicle Per Day (VPD)) and Hog Mountain Road (8,880 VPD).
Racetrac is just south of University of Georgia with nearly 40,000 students currently enrolled and home to the Georgia Bulldogs and Sanford Stadium. Other major retailers surrounding RaceTrac include The Markets at Epps Bridge Shopping Center with tenants such as Best Buy, Dicks, Marshalls, Chick Fil A, Bank of America and many others, The College Station Shopping Center with tenants such as Publix, Kroger, KFC, Burger King Rite Aid and many others, Lowe’s Kohl’s, Target, Walmart, CVS, Outback Steakhouse, Mattress Firm, TJ Maxx and many others. RaceTrac is in an affluent and dense location with the average household income within a 3-mile radius being $90,000 and has over 78,800 people living within a 5-mile radius. RaceTrac presents investors with an opportunity to invest in a stable and well-located property tenanted by a healthy and continuously
growing company.
Investment Overview
NNN RaceTrac Located at 7921 Macon Highway in Watkinsville,
Georgia at the Intersection of Macon Highway (15,943 VPD)
and Hog Mountain Road (8,880 VPD).
Subject Property has a GLA of 3,952 SF and is Situated on a
1.98-Acre Lot.
11 Years Remaining in the Base Term of a NNN Lease with 7.50%
Increases every 5 Years.
RaceTrac Ranked #39 on the List of America’s Largest Private
Companies by Forbes with $8.7 Billion in Sales.
Racetrac is just South of University of Georgia with nearly
40,000 Students Currently Enrolled and Home to the Georgia
Bulldogs and Sanford Stadium.
Other Major Retailers Surrounding RaceTrac Include The
Markets at Epps Bridge Shopping Center with Tenants Such
as Best Buy, Dicks, Marshalls, Chick Fil A, Bank of America
and Many Others, The College Station Shopping Center with
Tenants Such as Publix, Kroger, KFC, Burger King Rite Aid and
Many Others, Lowe’s Kohl’s, Target, Walmart, CVS, Outback
Steakhouse, Mattress Firm, TJ Maxx and Many Others.
RaceTrac is in an Affluent and Dense Location with the Average
Household Income within a 3-Mile Radius being $90,000 and
has over 78,800 People Living within a 5-Mile Radius.
Investment Highlights
7921 MACON HWY | WATKINSVILLE, GA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
6 RACETRAC
7921 MACON HWY | WATKINSVILLE, GA
PERIOD COMMENCEMENT DATE EXPIRATION DATE ANNUAL RENT MONTHLY RENT RPSF PERCENTAGE INCREASE
Years 1-5 6/18/2015 6/17/2020 $223,200 $18,600 $56 fdf
Years 6-10 6/18/2020 6/17/2025 $239,940 $19,995 $61 7.50%
Years 11-15 6/18/2025 6/17/2030 $257,936 $21,495 $65 7.50%
Offering Summary
TOTAL PRICE $4,173,000
Gross Leasable Area
Price Per SF $1,029NOI as of 6/18/2020**
Cap Rate$239,940
Lease Years RemainingExpiration 11Lot Size
5.75%* 3,952 SF
June 17, 2030 1.98 Acres Lease Type NNN
Rent Schedule
**Seller will credit buyer the difference in the current rent and the increased rent in 6/17/2020 times the number of months from closing until the increase. *Based on 6/18/2020 Annual Rent of $239,940
Option 1 6/18/2030 6/17/2035 $277,281 $23,107 $70 7.50%
Option 2 6/18/2035 6/17/2040 $298,077 $24,840 $75 7.50%
Option 3 6/18/2040 6/17/2045 $320,432 $26,703 $81 7.50%
Option 4 6/18/2045 6/17/2050 $344,465 $28,705 $87 7.50%
Option 5 6/18/2050 6/17/2055 $370,300 $30,858 $94 7.50%
Option 6 6/18/2055 6/17/2060 $398,072 $33,173 $101 7.50%
Option 7 6/18/2060 6/17/2065 $427,928 $35,661 $108 7.50%
7
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
7RACETRAC
7921 MACON HWY | WATKINSVILLE, GA
Property Details
Street Address 7921 Macon Hwy
City State Zip Watkinsville, GA 30677
Building SF 3,952
Lot Size 86,250 SF (1.98 Acres)
Tax ID C-03-017-HA
Zoning B-2
SUBJECT PROPERTY
SUBJECT PROPERTY
7921 MACON HWY | WATKINSVILLE, GA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
8 RACETRAC
7921 MACON HWY | WATKINSVILLE, GA
Headquartered in Atlanta, GA, RaceTrac operates a chain of convenience stores and gasoline service stations across the Southern United States. RaceTrac Petroleum Inc.
operates over 670 convenience stores and gaso-line stations under the RaceTrac and RaceWay banners. RaceTrac stores are company owned and operated while RaceWay
stores are leased to a third party contractor.
RaceTrac Petroleum is ranked #39 on the list of America’s 100 Largest Private Companies by Forbes with $8.7 Billion in sales for the fiscal year of 2017 and 8,716 employees.
Convenience Store News rates RaceTrac Petroleum as #18 and Raceway as #33 on their list of the Top 202 Convenience Stores of 2018.
Most RaceTracs feature 20 to 24 fueling positions and a 5,000+ sq. ft. conve-nience store offering over 4,000 items. In January 2012, RaceTrac introduced its new 6,000
square-foot store design, the RT6K, which features Swirl World frozen yogurt and toppings, free wi-fi internet, 360-degree brick walls and in-door and outdoor seating. A key
feature of the RT6K model is also more back-room space allowing for more storage and room to move around. Check out is located in the center of the store for easy access.
Raceway locations operate as a franchisee of RaceTrac Petroleum Inc. Race-Trac owns the site, the building and gas facility. Each store is modeled after and offers products
reflecting the local culture of the surrounding area. The operators must use the company’s proprietary gasoline brand and pay a com-mission per gallon sold. The inside
inventory and sales are the responsibility of the operator.
RaceTrac is rapidly expanding. The chain recently entered the Nashville market, where it plans to open 30 news stores by 2023. Nashville marks the chain’s first expansion into
a new market in more than 15 years, company officials said. They have also opened dozens of new stores in Florida in recent years, making it home to nearly half of RaceTrac’s
entire network.
Tenant Overview - RACETRAC PETROLEUM, INC. RACETRAC PETROLEUM, INC. Lease Abstract
Tenant RaceTrac
Industry Gas/Convenience
Public/Private Private
Revenue $9.1B
Number of Stores 670
Headquarters Atlanta, GA
Website www.racetrac.com
Year Founded 1934
Tenant & Lease Overview
Original Lease Term 15 Years
Remaining Term 11 Years
Lease Expiration June 17, 2030
Lease Type Triple Net (NNN)
Ownership Interest Fee Simple
Rent Escalations 7.5% Every 5 Years
Rent as of 6/18/2020 $239,940
Rent per GLA $56.00
9
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
9RACETRAC
7921 MACON HWY | WATKINSVILLE, GA
*Borders are approximate and to be used for reference purposes only.
Parcel Map
HOG MOUNTAIN RD | 8,880 VPD
SUBJECT PROPERTY
MAC
ON
HW
Y | 1
5,94
3 VP
D
7921 MACON HWY | WATKINSVILLE, GA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
10 RACETRAC
7921 MACON HWY | WATKINSVILLE, GA
*Borders are approximate and to be used for reference purposes only.
Parcel Map
SUBJECT PROPERTYHOG MOUNTAIN RD | 8
,880 VPD
MA
CO
N H
WY
| 15,943 V
PD
11
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
11RACETRAC
7921 MACON HWY | WATKINSVILLE, GA
*Borders are approximate and to be used for reference purposes only.
Regional Map
SUBJECT PROPERTY
7921 MACON HWY | WATKINSVILLE, GA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
12 RACETRAC
7921 MACON HWY | WATKINSVILLE, GA
Retail Map
SUBJECT PROPERTY
N
13
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
13RACETRAC
7921 MACON HWY | WATKINSVILLE, GA
SUBJECT PROPERTY
7921 MACON HWY | WATKINSVILLE, GA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
14 RACETRAC
7921 MACON HWY | WATKINSVILLE, GA
Location Overview
5 MILE RADIUS OF 7921 MACON HWY | WATKINSVILLE, GA 30677
<$15 ,000
$1 5,000 - $24,999
$25,000 - $34,999
$35,000 - $49,999
$50,000 - $74,999
21.1%
$75,000 - $99,999
11.2%
$1 00,000 - $149,999
7.9%
$1 50,000 - $199,999
11.2%
$200,000+
14.2%
-2.9%
9.7%
-2.3%
11.2%
-1.7%
5.9%
-1.5%
7.6%
-1.4%
+1 .1%
+3.0%
+2.4%
+3.3%
72%White Collar
13%Blue Collar
16%Services
3.5%
UnemploymentRate
Average HouseholdIncome
Bachelor's/Grad/ProfDegree
High SchoolGraduate
78,846
$24,418
3,025
KEY FACTS
Population26.2
Median Age
2.4
AverageHousehold Size
EDUCATION
8%
No HighSchool
Diploma 15%
22%Some College 55%
BUSINESS
Total Businesses
38,216Total Employees
EMPLOYMENT
INCOME
$47,533Median Household
Income
$29,718Per Capita Income Median Net Worth
Households By IncomeThe largest group: <$15,000 (21.1%)The smallest group: $150,000 - $199,999 (5.9%)Indicator Value
Bars show deviation fromClarke County
$77,073
15
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
15RACETRAC
7921 MACON HWY | WATKINSVILLE, GA
About WATKINSVILLE, GEORGIA
Watkinsville, GA has a population of 2,872 people with a median age of 36.5. he economy of Watkinsville, GA is specialized in EducationalServices; Manufacturing; and Real Estate, Rental & Leasing, which employ respectively 2.21; 1.52; and 1.45 times more people than what would be expected in a location of this size. The homeownership rate of Watkinsville, GA is 71.7%, which is higher than the national average of 63.6%. (source: https://datausa.io/profile/geo/watkinsville-ga/).
Watkinsville, known as the Artland of Georgia, is the county seat of Oconee located approximately 8 miles south of Athens and 60miles east of Atlanta. The population Watkinsville was named the
Artland of Georgia for having more artists per capita than any other city in the state. Supported by numerous artists, art galleries, museums, and events, you can experience the ultimate art experience in Watkinsville by shopping galleries, viewing exhibits, touring studios, witnessing demonstrations, and creating art. (source: https://www.exploregeorgia.org/city/watkinsville).
DOWNTOWN WATKINSVILLE DOWNTOWN WATKINSVILLE
7921 MACON HWY | WATKINSVILLE, GA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
16 RACETRAC
7921 MACON HWY | WATKINSVILLE, GA
2018 Summary 1 Mile 3 Miles 5 MilesPopulation 1,640 19,661 78,846
Households 559 7,156 29,518
Families 441 4,400 14,387
Average Household Size 2.93 2.74 2.37
Owner Occupied Housing Units 405 4,164 12,927
Renter Occupied Housing Units 154 2,992 16,592
Median Age 41.8 30.1 26.2
Median Household Income $103,867 $62,012 $47,533
Average Household Income $136,752 $90,184 $77,073
Pulled from STDB.com
SUBJECT PROPERTY
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
17RACETRAC
7921 MACON HWY | WATKINSVILLE, GA
Pulled from STDB.com