i cannery row m -u o d...cannery row 214 south mill road | kennett square, pa 19348 exclusive...

CANNERY ROW214 South Mill Road | Kennett Square, PA 19348

Exclusive Marketing Advisors:

Tess [email protected]

James [email protected]

1306 Wilmington Pike, Suite A-2 West Chester, PA 19382 610.359.1100 | www.zmcre.com

KNOWLEDGE . INTEGRITY . RESULTS .

O F F E R I N G M E M O R A N D U M

InvestmentOppOrtunIty

mIxed-usedevelOpment

KNOWLEDGE . INTEGRITY . RESULTS

1306 Wilmington Pike, Suite A-2 West Chester, PA 19382

610.359.1100www.zmcre.com



Commercial real estate is one of the most important and expensive financial transactions your business will make. The results of this complex process will affect your profits and productivity for years. Successful decisions will depend on much more than location and price. To achieve your goals, you need a real estate firm with a deep understanding of the market, a dedication to detail and the ability to negotiate aggressively and effectively.

Zommick McMahon Commercial Real Estate, Inc. has devoted Real Estate Specialists in the area of Investments, Office, Retail and Industrial Real Estate.

Whether you are purchasing a commercial property for your business or as an investment, the ZMCRE Team provides a deep understanding of the market, a dedication to detail and the ability to negotiate aggressively and effectively.

Marketing strategy is a series of unified actions that lead to a competitive advantage.

OFFERING MEMORANDUM: CANNERY ROW - KENNETT SQUARE 2

3OFFERING MEMORANDUM: CANNERY ROW - KENNETT SQUARE

TABLE OF CONTENTS

Executive Summary 4

Property Photos 5

Property Overview Aerial 6

Site Plan 7

Demographics & Traffic 8

Rent Roll - Multifamily 9

Rent Roll - Retail / Office 10

Market Overview 11

214 South Mill Road | Kennett Square, PA 19348

EXECUT IVE SUMMARY

4OM | CANNERY ROW - 214 SOUTH MILL ROAD | KENNETT SQUARE, PA 19348

Cannery Row is a new infill mixed-use development on the site of a former mushroom cannery. Located adjacent to Magnolia Place, which features 79 townhomes and 33 apartments, along with Victory Brew Pub. Cannery Row offers a walkable destination for Kennett Square’s thriving downtown and consists of three (3) buildings totaling ± 34,899 square feet of gross building area and ± 28,207 square feet of net rentable area. Building “A” totals 25,500 square feet and consists of eleven (11) apartment units and four (4) commercial tenants. Building “B” totals 2,975 square feet and has two (2) commercial tenants. Building “C” totals 6,424 square feet and has three (3) apartment units and two commercial tenants.

Address 214 South Mill Road Kennett Square, PA 19348

Lot Size ± 5.6 Acres

GLA ± 28,207 SF

NOI $470,000

Price $9,200,000

PROPERTY PHOTOS


PROPERTY OVERVIEW


SITE

W Cypres St

W Cypres St

W Cypress St

W Cypress St

Old Baltimore Pike

Old Baltimore Pike

Old Baltimore Pike

Old Baltimore Pike

N

N Mill RdN Mill Rd N Mill RdN Mill Rd

SITE PLAN


SITEW

Cypress StW

Cypress St

N Mill RdN Mill Rd N Mill RdN Mill Rd

Old Baltimore Pike

Old Baltimore Pike

DEMOGRAPHICS & TRAFF IC

DEMOGRAPHICS 1 MILE 3 MILE 5 MILE

TOTAL POPULATION 8,477 22,152 48,309

AVERAGE HHI $101,386 $137,985 $142,847

TOTAL HOUSEHOLDS 2,729 7,421 16,855

8

REGIONAL MAP

SITE

N

N

LOCAL MAP

SITE

N

SITEW Cypress St ±6,226 VPDW Cypress St ±6,226 VPD

Old Baltimore PkOld Baltimore Pk ±7,012 VPD±7,012 VPD

±10,306 VPD±10,306 VPD

OM | CANNERY ROW - 214 SOUTH MILL ROAD | KENNETT SQUARE, PA 19348

RENT ROLL - MULT IFAMILY


# Building Unit/Tenant Unit Type/Suite SF Leased Contract Rent Lease Expiration Annual Esculations

1 A 201 1BD/1BA 547 $1,400

2 A 202 1BD/1BA 547 $1,050

3 A 203 1BD/1BA 547 $1,200

4 A 204 1BD/1BA 547 $1,130

5 A 205 1BD/1BA 547 $1,100 6/30/20 Finding new tenants

6 A 206 1BD/1BA 547 $1,150 6/30/20 Finding new tenants

7 A 207 1BD/1BA 547 $1,150

8 A 301 2BD/1BA 974 $1,400

9 A 302 2BD/1BA 974 $1,450

10 A 303 2BD/1BA 974 $1,400

11 A 304 2BD/2BA 974 $2,175

12 C 233 2BD/2BA 974 $1,500

13 C 232 2BD/2BA 974 $1,650

14 C 231 2BD/2BA 974 $1,650

Total Vacant 0 $0

Total Occupied 10,647 $19,405

Totals/Avg 10,647 $19,405

Occupancy/Annual GPR 100.00% $232,860

RENT ROLL - RETA IL / OFF ICE


# Building Unit/Tenant Unit Type/Suite

SF Leased-

Rent/SFYear

BaseRent/Year

Lease Commencement

Lease Expiration

AnnualEscalations

CAM (% Base Rent)

Tenant Reimbursements

Retail Space

1 A Revolution Boxing 101 2,137 $19.50 $41,672 9/1/19 12/22/23 Added 3 months to end reduced rent through dec 2020 $2500 3.90% Pro-rata Share

2 A Yoga Secrets 102 2,018 $20.00 $40,360 10/1/19 8/23/25 3.00% Pro-rata Share

3 A Textile Boutique 103 892 $20.00 $17,840 10/1/18 9/23/21 Deferred 3 months over 10 months starting 8/1 3.75% Pro-rata Share

4 B Kennett Square Eye Care 112 1,785 $26.89 $47,999 4/1/19 5/1/29 3.75% Pro-rata Share

5 B Evergreen Café 111 909 $22.00 $19,998 1/1/19 12/1/23 3.90% Pro-rata Share

6 C Action Potential 121 1,620 $22.00 $35,640 1/1/20 3/31/27 Added 1 month to end 2.50% Pro-rata Share

7 C Health & Wellness 122 1,620 $22.00 $35,640 7/1/20 6/30/23 2.50% Pro-rata Share

Office Space

8 A Robinhurst Inc 104 6,559 $21.69 $142,245 8/1/19 8/24/28 3.75% Pro-rata Share

Total Vacant 0 $0.00 $0

Total Occupied 17,540 $21.74 $381,393

Totals/Avg 17,540 $21.74 $381,393

MARKET OVERVIEW

11

CHESTER COUNTY OVERVIEW TOP EMPLOYERS

ENTERTAINMENT & ATTRACTIONS

POPULATION522,046

MEDIAN HHI$99,119

MEDIAN AGE40.6

EMPLOYEES277,332

• Chester County is located in southeast Pennsylvania in the Philadelphia Metropolitan Area.• Chester County is 759 square miles or approximately 485,600 acres in size.• Chester County is the 7th most populated county in Pennsylvania (2010 Census).

1. Vanguard Group Inc2. QVC Network Inc3. County of Chester4. Federal Government5. The Chester County Hospital6. Giant Food Stores LLC7. Main Line Hospitals Inc8. PA State Systems of Higher Ed9. YMCA of Greater Brandywine Valley10. The Devereux Foundation

OM | CANNERY ROW - 214 SOUTH MILL ROAD | KENNETT SQUARE, PA 19348

KNOWLEDGE . INTEGRITY . RESULTS

1306 Wilmington Pike, Suite A-2 West Chester, PA 19382

610.359.1100www.zmcre.com



OFFERING MEMORANDUM

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