offering memorandum - loopnet · 2020. 1. 27. · high profile national & regional tenant mix...

HAMPDEN SHOPS4957 Carlisle Pike • Mechanicsburg, PA 17050

Offering Memorandum

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HAMPDEN SHOPS4957 Carlisle Pike • Mechanicsburg, PA 17050

Offering Memorandum

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N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E

Confidentiality and DisclaimerThe 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. © 2018 Marcus & Millichap. All rights reserved.

Non-Endorsement NoticeMarcus & 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 MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

HAMPDEN SHOPS

Mechanicsburg, PA

ACT ID ZAA0300332

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TABLE OF CONTENTS

SECTION

INVESTMENT OVERVIEW 01Offering Summary

Location Overview

Regional Map

Local Map

Aerial Photo

Site Plan

Parcel Map

FINANCIAL ANALYSIS 02Tenant Summary

Lease Expiration Chart

Operating Statement

Notes

Pricing Detail

Acquisition Financing

MARKET OVERVIEW 03

Market Analysis

Demographic Analysis

HAMPDEN SHOPS

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HAMPDEN SHOPS

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INVESTMENT

OVERVIEW

HAMPDEN SHOPS

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EXECUTIVE SUMMARY

OFFERING SUMMARY

MAJOR EMPLOYERS

EMPLOYER # OF EMPLOYEES

Rite Aid 3,644

Navy Ships Parts Control Ctr 3,000

Diakon Lthran Scial Ministries 2,504

Geisinger Holy Spirit 2,300

Harrisburg Hospital 2,300

Highmark Blue Cross Blue Sheld 2,288

ATT Holding Co 2,055

BB&T 2,024

Navsup Weapon System Support 2,000

Legislative Off Comm of PA 1,800

Naval Inventory Control Point 1,700

House Representatives PA 1,569

DEMOGRAPHICS

1-Miles 3-Miles 5-Miles

2018 Estimate Pop 5,475 66,251 137,788

2010 Census Pop 5,241 61,985 128,922

2018 Estimate HH 2,387 27,500 58,793

2010 Census HH 2,290 25,641 54,939

Median HH Income $63,234 $76,145 $69,157

Per Capita Income $37,183 $40,834 $39,156

Average HH Income $84,826 $97,774 $90,734

VITAL DATA

YEAR 1 YEAR 2

Price $3,995,000 CAP Rate 6.58% 6.61%

Down Payment 25% / $998,750Net Operating Income

$262,860 $263,932

Loan Amount $2,996,250Net Cash Flow After Debt Service

7.32% / $73,076 7.42% / $74,148

Loan Type Proposed New Total Return 14.45% / $144,306 14.85% / $148,281

Interest Rate / Amortization 4.00% / 25 Years

Gross Leasable Area (GLA) 10,700 SF

Price/SF $373.36

Current Occupancy 100%

Year Built / Renovated 2018

Lot Size 1.03 acre(s)

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MAJOR TENANTS

TENANT GLA LEASE EXPIRATION LEASE TYPE

Sprint 2,400 5/31/2024 NNN

Studio Nova 1,500 1/31/2024 NNN

IVXpress 2,040 5/31/2024 NNN

HAMPDEN SHOPS

OFFERING SUMMARY

▪ NNN Multi-Tenant Retail Strip

▪ Newly Redeveloped In 2017- All New Tenants & Leases

▪ All Landlord Expense Are Reimbursable

▪ High Profile National & Regional Tenant Mix

▪ Located On Primary Retail Corridor - Carlisle Pike

INVESTMENT HIGHLIGHTS

Marcus & Millichap is proud to exclusively present 4957 Carlisle Pike, Mechanicsburg, PA 17050.

The subject Property is a 10,700 SF newly renovated retail space known as Hampden Shops with six retail spaces. The site was newly renovated in 2017 and has a tenant

mix that features National tenants such as UBreakIfix, Sprint, & Sharky's Haircuts for Kids. Zoning permits a variety of retail, restaurants, and commercial services which

offers flexibility for any future tenanting needs.

The property was completely redeveloped in 2017 and features all new tenants and new leases. All leases are NNN with Common Area Maintenance Charges Covering -

Taxes, Insurance, All Operating Costs, and Management Fee. All Landlord Expense are Reimbursable to the Landlord - Based on Tenant's proportionate share of the

premises for the CAM, Insurance, Taxes, and Management Fee. Each lease has a 10% increase after each 5 year renewal period.

The Hampden Shops offer 55 parking spaces and is situated on on 1.03 AC. This site is located adjacent to Rite Aid, CVS, AMC Movie Theaters, and a Grocery Anchored

Shopping Center. Nearby is the hard-corner of Sporting Hill Road and Carlisle Pike and is a mid point between Camp Hill and Mechanicsburg in the heart of Harrisburg's

"West Shore" primary retail corridor.

Located 0.22 miles from the Harrisburg Express Way, 54,000 plus cars per day. The average household income over $85,000 within 3 miles, has 19,000 cars per day, and

has over 17,208 feet of frontage on The Carlisle Pike.

INVESTMENT OVERVIEW

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HAMPDEN SHOPS

PROPERTY SUMMARY

OFFERING SUMMARY

PROPOSED FINANCING

First Trust Deed

Loan Amount $2,996,250

Loan Type Proposed New

Interest Rate 4.00%

Amortization 25 Years

Loan Term 5 Years

Loan to Value 75%

Debt Coverage Ratio 1.39

THE OFFERING

Property Hampden Shops

Price $3,995,000

Property Address 4957 Carlisle Pike, Mechanicsburg, PA

Assessors Parcel Number 10-21-0279-005

Zoning Commercial

SITE DESCRIPTION

Number of Stories 1

Year Built/Renovated 2018

Gross Leasable Area 10,700 SF

Ownership Fee Simple

Lot Size 1.03 acre(s)

Parking 55

Parking Ratio Ratio of 5.10/1,000 SF

Topography Flat

Access Points Carlisle Pike & N. Sporting Hill Rd.

UTILITIES

Gas Yes - Tenant Pays

Electric Yes - Tenant Pays

Water Public - Tenant Pays

Sewer Public - Tenant Pays

Trash Yes - Tenant Pays

CONSTRUCTION

Foundation Concrete

Framing Steel, Wood

Exterior Masonry, Stucco, Aluminum

Parking Surface Macadam

Roof Metal

MECHANICAL

HVAC Roof Top Units

Fire Protection Yes - On Site

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#

LOCATION OVERVIEW

CLOSE PROXIMITY TO:

4957 Carlisle Pike, Mechanicsburg, PA 17050

LOCATION OVERVIEWTENANT SUMMARYPRICING AND VALUATION MATRIX

PROPERTY NAMEHAMPDEN SHOPS

PRICING AND VALUATION MATRIX

PROPERTY NAMEHAMPDEN SHOPS

LOCATION OVERVIEW

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REGIONAL MAP

HAMPDEN SHOPS

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LOCAL MAP

HAMPDEN SHOPS

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AERIAL PHOTO

HAMPDEN SHOPS

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SITE

AERIAL PHOTO

HAMPDEN SHOPS

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Marcus & Millichap closes

more transactions than any other

brokerage firm.

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HAMPDEN SHOPS

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PROPERTY PHOTO

AERIAL PHOTO

HAMPDEN SHOPS

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AERIAL PHOTO

HAMPDEN SHOPS

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PARCEL MAP

HAMPDEN SHOPS

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HAMPDEN SHOPS

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FINANCIAL

ANALYSIS

FINANCIAL ANALYSIS

HAMPDEN SHOPS

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TENANT SUMMARY

% Annual Renewal Options

Square Bldg Lease Dates Rent per Total Rent Total Rent Changes Changes Lease Expense and Option YearTenant Name Suite Feet Share Comm. Exp. Sq. Ft. Per Month Per Year on to Type Reimbursements Rental Information

Sprint F 2,400 23.2% 6/1/19 5/31/24 $21.50 $4,300 $51,600 May-2024 $56,760.00 NNN $9,305

Two (2) - Five (5) Year

Options - w/ 10%

Increase

Sharky's Cuts for Kids E 1,200 11.6% 4/5/18 4/4/23 $30.00 $3,000 $36,000 Apr-2024 $39,600.00 NNN $4,625


Options - w/ 10%

Increase

Quick Chick D 1,600 15.5% 4/1/20 3/31/25 $28.00 $3,733 $44,800 Apr-2022 $46,399.92 NNN $6,173


Options - w/ 3.4%

Annual Increase

UBREAKIFIX C 1,600 15.5% 3/29/18 3/28/23 $27.50 $3,667 $44,000 Mar-2023 $48,399.96 NNN $6,173


Options - w/ 10%

Increase

Studio Nova B 1,500 14.5% 2/1/19 1/31/24 $25.00 $3,125 $37,500 Feb-2024 $41,250.00 NNN $5,780


Options - w/ 10%

Increase

IVXpress A 2,040 19.7% 6/1/19 5/31/24 $24.00 $4,080 $48,960 Jun-2024 $56,760.00 NNN $8,304


Options - w/ 10%

Increase

Total 10,340 $25.42 $21,905 $262,860 $40,359

Occupied Tenants: 6 Unoccupied Tenants: 0 Occupied GLA: 100.00% Unoccupied GLA: 0.00%

FINANCIAL ANALYSIS

HAMPDEN SHOPS

OPERATING STATEMENT

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FINANCIAL ANALYSIS

HAMPDEN SHOPS

NOTES

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FINANCIAL ANALYSIS

HAMPDEN SHOPS

PRICING DETAIL

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TENANT PROFILES

HAMPDEN SHOPS

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UBREAKIFIX

General Information

Tenant Name UBREAKIFIX

Website https://www.ubreakifix.com/

Rentable Square Feet 1,600 SF

Percentage of RBA 15.00%

Lease Commencement 3/29/2018

Lease Expiration 2/22/2028

At uBreakiFix we’re obsessed with gadgets and gizmos. We’re the folks

standing in line on launch day waiting for the latest smartphone or gaming

console. We love all things tech and we’re experts at what we do.

We’re not overly sentimental, but we do what we do because we care about

people and their tech. That’s why uBreakiFix works; we put our customers

above anything else. Of course, we love fixing cracked screens and broken

charge ports, but we get our satisfaction from helping out folks who lost

their connection to the outside world

uBreakiFix fixes electronic devices (it’s in our name after all). From the

classic phone drop in the parking lot to the tablet in the toilet. We’ve seen it

all. We understand how traumatic it is when you break your favorite devices

and we want you to feel better the moment you walk in.

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TENANT PROFILE

HAMPDEN SHOPS

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Sprint

General Information

Tenant Name Sprint

Website https://www.sprint.com/

Parent Company Nu Wave Wireless - Franchise Operator

Headquartered Barrington, IL & Langhorne, PA



No. of Locations 50 Plus

Nu-Wave Wireless is a family owned and operated business incorporated in the

state of New Jersey. Founded by Carl Hillen and Scott Thomas, we opened our first

location as Nu-Wave Paging & Cellular in August of 1997. Not long after, we began

doing business as Nu-Wave Wireless to more accurately represent the products and

services we offer. Over the years, we have grown into an organization with over 50

retail and partner locations serving Pennsylvania, New Jersey, and

Delaware.Wireless.

Sharky's Cuts for Kids

General Information

Tenant Name Sharky's Cuts for Kids

Website https://sharkeyscutsforkids.com/

Parent Company Stone Cut Enterprises, INC

Headquartered Mechanicsburg, PA





No. of Locations 1 Location

At Mechanicsburg Sharkey’s Cuts for Kids, we know that kids and parents want

something different with their haircut experience. So we provide it all: a superior

haircut with warm, experienced stylists in a meticulously clean place filled with fun!

Children can sit in a Dodge Charger Police Car, Firetruck, Frozen Jeep, Lightning

McQueen Race Car, XBOX Stations or Tween Lounge while watching their favorite

cartoons or Netflix!

Older kids will love the chance to play XBox One or PS4 on 40″ screen

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TENANT PROFILE

HAMPDEN SHOPS

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Studio Nova

General Information

Tenant Name Studio Nova



General Information

Tenant Name Quick Chick



Quick Chick

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TENANT PROFILE

HAMPDEN SHOPS

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Infusion Express

General Information

Tenant Name Infusion Express

Website https://www.infusionexpress.com/

Parent Company IVXpress

Headquartered Brentwood, TN





No. of Locations 14

IVXpress Inc., doing business as Infusion Express, Inc., provides intravenous and

injectable drug therapies for patients with chronic and sub-acute non-infectious

conditions. The company offers personalized care and intravenous delivery of drugs,

vitamins, and minerals as prescribed by a physician, in a private setting with flexible

hours, covering Actemra, Ascorbic Acid, B12, Benlysta, Boniva, Cimzia ,Entyvio,

Hydration, HYQVIA, Iron/Venofer/Feraheme, IVIG, Krystexxa, Lab Draws, Lemtrada,

MARCUS & MILLICHAP CAPITAL CORPORATION

CAPABILITIES

MMCC—our fully integrated, dedicated financing arm—is committed to providing

superior capital market expertise, precisely managed execution, and unparalleled

access to capital sources providing the most competitive rates and terms.

We leverage our prominent capital market relationships with commercial banks,

life insurance companies, CMBS, private and public debt/equity funds, Fannie Mae,

Freddie Mac and HUD to provide our clients with the greatest range of

financing options.

Our dedicated, knowledgeable experts understand the challenges of financing

and work tirelessly to resolve all potential issues to the benefit of our clients.

National platform

operating

within the firm’s

brokerage offices

$6.24 billion

billion total

national

volume in 2018

Access to more

capital sources

than any other

firm in the

industry

Optimum financing solutions to

enhance value

Our ability to enhance buyer

pool by expanding finance

options

Our ability to enhance

seller control

• Through buyer

qualification support

• Our ability to manage buyers

finance expectations

• Ability to monitor and

manage buyer/lender progress,

insuring timely,

predictable closings

• By relying on a world class

set of debt/equity sources

and presenting a tightly

underwritten credit file

WHY MMCC?

Closed 1,678

debt and equity

financings

in 2018

ACQUISITION FINANCING

HAMPDEN SHOPS

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HAMPDEN SHOPS

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MARKET

OVERVIEW

MARKET OVERVIEW

OVERVIEW

HARRISBURG

Located in the Susquehanna Valley, the Harrisburg metro of

Pennsylvania consists of the counties of Perry, Cumberland and

Dauphin. It is anchored by the cities of Harrisburg and Carlisle. The area

is home to the state capitol in Harrisburg and various federal employers

and military bases, making government a major employment sector. The

community is also home to the Hershey Chocolate Co., which makes the

well-known Hershey Bar and Hershey's Kisses.

▪ Harrisburg’s downtown is a vibrant atmosphere of entertainment, retail and museums. The area

houses government operations, SoMa South of Market District redevelopment area with museums

and a retail area in Strawberry Square, and the Shops On Third.

▪ Harrisburg Area Community College and Harrisburg University of Science and Technology are

among the institutions of higher education that provide a skilled employment base.

▪ Employers represent industries such as service, healthcare, technology, biotechnology and

government. Large firms include Giant Food Stores, Penn State Hershey Medical Center, Hershey

Entertainment and Resorts, the Hershey Co., Highmark and TE Connectivity.

DEMOGRAPHICS

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ECONOMY

* Forecast

Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau

HAMPDEN SHOPS

GOVERNMENT PRESENCEA strong government presence includes the Ronald Reagan Federal Building

and the state capitol in Harrisburg.

DIVERSE EMPLOYMENT BASEThe metro includes nearly 50,000 diverse businesses, with large corporations

based or operating locally such as IBM and Hershey Foods.

MILITARY PRESENCEVarious military bases in the area include the Naval Supply Systems Command,

Harrisburg Air Guard Base, Fort Indiantown Gap and Carlisle Barracks.

METRO HIGHLIGHTS

572K

2018POPULATION:

232K

2018HOUSEHOLDS:

40.2

2018MEDIAN AGE:

$63,000

2018 MEDIAN HOUSEHOLD INCOME:

U.S. Median:

38.0U.S. Median:

$58,8004.5%

Growth2018-2023*:

3.1%

Growth2018-2023*:

PROPERTY NAME

MARKETING TEAM

HAMPDEN SHOPS

DEMOGRAPHICS

Source: © 2018 Experian

Created on January 2020

POPULATION 1 Miles 3 Miles 5 Miles

▪ 2023 Projection

Total Population 5,664 68,871 144,140

▪ 2018 Estimate


▪ 2010 Census


▪ 2000 Census


▪ Current Daytime Population

2018 Estimate 11,103 88,542 174,808

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

▪ 2023 Projection

Total Households 2,484 28,966 62,229

▪ 2018 Estimate


Average (Mean) Household Size 2.14 2.28 2.26

▪ 2010 Census


▪ 2000 Census


▪ Occupied Units

2023 Projection 2,484 28,966 62,229

2018 Estimate 2,654 28,712 61,773

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

▪ 2018 Estimate

$150,000 or More 11.18% 15.19% 12.57%

$100,000 - $149,000 16.72% 19.19% 17.39%

$75,000 - $99,999 14.51% 16.37% 16.13%

$50,000 - $74,999 18.64% 16.41% 17.87%

$35,000 - $49,999 14.09% 10.75% 11.83%

Under $35,000 24.87% 22.10% 24.21%

Average Household Income $84,826 $97,774 $90,734

Median Household Income $63,234 $76,145 $69,157

Per Capita Income $37,183 $40,834 $39,156

HOUSEHOLDS BY EXPENDITURE 1 Miles 3 Miles 5 MilesTotal Average Household Retail Expenditure

$70,326 $76,408 $73,219

▪ Consumer Expenditure Top 10 Categories

Housing $20,177 $21,746 $20,883

Shelter $11,744 $12,652 $12,151

Transportation $9,527 $10,696 $10,248

Personal Insurance and Pensions $6,923 $8,101 $7,544

Food $6,561 $6,871 $6,682

Health Care $5,447 $5,877 $5,504

Utilities $4,501 $4,802 $4,634

Entertainment $3,131 $3,330 $3,240

Household Furnishings and Equipment

$1,944 $2,181 $2,067

Education $1,942 $2,313 $2,178

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

▪ Population By Age

2018 Estimate Total Population 5,475 66,251 137,788

Under 20 21.33% 21.78% 21.82%

20 to 34 Years 18.60% 19.38% 19.78%

35 to 39 Years 6.05% 6.69% 6.74%

40 to 49 Years 12.43% 13.19% 13.06%

50 to 64 Years 19.41% 20.17% 20.51%

Age 65+ 22.19% 18.79% 18.12%

Median Age 43.49 41.70 41.33

▪ Population 25+ by Education Level

2018 Estimate Population Age 25+ 4,072 48,603 100,929

Elementary (0-8) 2.69% 1.35% 1.49%

Some High School (9-11) 3.97% 4.63% 5.22%

High School Graduate (12) 29.56% 27.93% 29.29%

Some College (13-15) 19.89% 16.27% 16.76%

Associate Degree Only 6.37% 7.70% 7.84%

Bachelors Degree Only 24.67% 26.42% 24.68%

Graduate Degree 12.68% 15.14% 14.15%

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Income

In 2018, the median household income for your selected geography is

$63,234, compare this to the US average which is currently $58,754.

The median household income for your area has changed by 37.77%

since 2000. It is estimated that the median household income in your

area will be $75,660 five years from now, which represents a change

of 19.65% from the current year.

The current year per capita income in your area is $37,183, compare

this to the US average, which is $32,356. The current year average

household income in your area is $84,826, compare this to the US

average which is $84,609.

Population

In 2018, the population in your selected geography is 5,475. The

population has changed by 7.27% since 2000. It is estimated that the

population in your area will be 5,664.00 five years from now, which

represents a change of 3.45% from the current year. The current

population is 47.86% male and 52.14% female. The median age of the

population in your area is 43.49, compare this to the US average

which is 37.95. The population density in your area is 1,739.95 people

per square mile.

Households

There are currently 2,387 households in your selected geography. The

number of households has changed by 13.40% since 2000. It is

estimated that the number of households in your area will be 2,484

five years from now, which represents a change of 4.06% from the

current year. The average household size in your area is 2.14

persons.

Employment

In 2018, there are 9,817 employees in your selected area, this is also

known as the daytime population. The 2000 Census revealed that

72.95% of employees are employed in white-collar occupations in this

geography, and 27.75% are employed in blue-collar occupations. In

2018, unemployment in this area is 2.25%. In 2000, the average time

traveled to work was 21.00 minutes.

Race and Ethnicity

The current year racial makeup of your selected area is as follows:

82.02% White, 3.51% Black, 0.11% Native American and 10.63%

Asian/Pacific Islander. Compare these to US averages which are:

70.20% White, 12.89% Black, 0.19% Native American and 5.59%

Asian/Pacific Islander. People of Hispanic origin are counted

independently of race.

People of Hispanic origin make up 3.15% of the current year

population in your selected area. Compare this to the US average of

18.01%.

PROPERTY NAME

MARKETING TEAM

HAMPDEN SHOPS

Housing

The median housing value in your area was $202,426 in 2018,

compare this to the US average of $201,842. In 2000, there were

1,257 owner occupied housing units in your area and there were 849

renter occupied housing units in your area. The median rent at the

time was $583.

Source: © 2018 Experian

DEMOGRAPHICS

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HAMPDEN SHOPS

DEMOGRAPHICS

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offering memorandum - loopnet · 2020. 1. 27. · high profile national & regional tenant mix...

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