offering memorandum - loopnet · tionery, books, and a variety of consumer items. in early 2006,...

W W W. g r u b b e l l i s a r . co m

Northwest Arkansas

609 SW 8th StreetSuite 220Bentonville, AR 72712P 479.271.6118

Central Arkansas

401 Main St.Suite 203N Little Rock, AR 72114P 501.978.4333

Presented by:

Clinton Bennett, CCIM

Austin Benedict

HoPe, arKaNsas reTail ceNTer1301 N. Hervey street, Hope, arkansas 71801

oFFeriNg memoraNDum

Price: $2,873,000caPiTaliZaTioN raTe: 8.83%YearlY NeT iNcome: $253,749occuPaNcY: 95%


g r u b b & e l l i s s o l o m o N P a r T N e r s

s i T e P H o T o s

H o P e, a r r e Ta i l c e N T e r

VIEWING EAST

VIEWING NORTHEAST

VIEWING SOUTHEASTVIEWING EAST-SOUTHEAST

VIEWING WESTVIEWING SOUTH

VIEWING NORTHWEST

VIEWING DIRECTLY NORTH

VIEWING EAST

WEST ENDCAP INTERIOR

H o P e, a r r e Ta i l c e N T e rW W W. g r u b b e l l i s a r . co m

s i T e a N D b u i l D i N g i N F o r m aT i o N

g r u b b & e l l i s s o l o m o N P a r T N e r sg r u b b & e l l i s s o l o m o N P a r T N e r s

DOLLAR TREESUITE E

13,155 SF

ABC STORAGESUITE H

LOADING DOCKABC STORAGE

SUITE J

HIBBETTSSUITE D24,520 SF

SEARSSUITE D18,200 SF

PAYLESSSHOESSUITE C3,453 SF

CATO’SSUITE B5,092 SF

RIGHT-WAYRENTALSSUITE A4,590 SF

ABC STORAGESUITE G

ABC STORAGECONTROLLED TEMPRATURE WAREHOUSE

SUITE I20,000 SF

VACANTSUITE F2,975 SF

SITE PLAN

FLOOR PLAN


s H o P P i N g c e N T e r lo c aT i o N


30 commerce blvd

n hervey st

5,600 Cars/day

Proposed Center

10,000 Cars/day

FLOOR PLANThe Hope, AR Retail Center is .5 miles from the local Wal-Mart, across Interstate 30.


r e N T r o l l a N D T e N a N T s


TENANT

Right-ChoiceRentals

CATO

Payless Shoe

Sears

Hibbett

Dollar Tree

ABC Storage

SQ FT

4,264

5,092

3,453

8,200

4,520

13,155

20,000

ANNUAL RENT

$36,244.00

$40,736.00

$20,718.00

$48,000.00

$29,380.00

$85,507.50

$24,000.00

RATE PER SF

$8.50

$8.50

$6.00

$5.85

$6.50

$6.50

$1.20

TERM

5 years

5 years

5 years

5 years

2 years

5 years

5 years

LEASE

COMMENCE

9/19/06

2/1/09

11/30/08

6/1/08

2/1/09

2/13/03

1/1/09

LEASE

EXPIRATION

11/30/2011

2/1/2012

11/30/2011

5/31/2013

1/31/2011

6/30/2013

1/1/2014

RENEWALOPTIONS

6-10 $9.3511-15 $10.29

6-8 $8.0011-15 $9.00 6-10 $6.4411-15 $7.08 8-10 $7.0011-15 $7.50 6-10 $6.5011-15 $7.0016-20 $7.50 6-10 $1.5011-15 $1.8016-20 $2.10

6-10 $8.5011-15 $9.0016-20 $9.50

*Cato may cancel lease if key tenants (CATO & Dollar Tree) cease to operate business for 90 consecutive days includes a 20% decrease in �oor area Section 3.04 - Tenant owes 5% of gross sales amount that exceeds the amount of rent for the preceding lease year. If Tenants sales do not exceed $400,000 by end of 3rd operating year they may terminate.

DETAILS

CURRENT AND PRO-FORMA FINANCIAL INFORMATION AVAILABLE WITH COMPLETION OF CONFIDENTIALITY AGREEMENT

email Clinton Bennett at [email protected]

CURRENT FINANCIALS

Right Choice RentalsRight Choice Rental has been operating in Southwest Arkansas for nearly a decade. The company maintains two locations; this one, as well as a location at 1110 West 1st St. North, Prescott, AR. Right Choice offers an array of products including, refrigerators, freezers, stoves, washers, dryers, living room furniture, bedroom furniture, TV’s, stereos, computers, custom rims and tires and portable storage buildings. Brands available include: GE, Samsung, JVC, Sanyo, Pioneer, Kenwood, Crosley, RCA, La-z-Boy, JVC, Dell, Ashley, and Frigidaire just to name a few.

Cato’s Women’s ApparelNYSE: CTR- The Company, founded in 1946, operates over 1,300 women’s apparel specialty stores in 31 states under the names “Cato” and “It’s Fashion”. The Company offers quality fashion apparel and accessories at everyday low prices in junior, missy and plus sizes, as well as girls sizes 7-16. A substantial portion of the Company’s mer-chandise is sold under its private labels and is produced by various vendors in accordance with the Company’s specifications. Most stores range in size from 3,000 to 6,000 square feet and are located primarily in strip shop-ping centers anchored by national discount stores. The Company emphasizes customer service and coordinated merchandise presentations in an appealing store environment. The Company offers its own credit card and lay-away plan.

Payless ShoeSourceNYSE: PSS- Payless ShoeSource, Inc. is the largest specialty family footwear retailer in the Western Hemisphere. The company was founded in 1956 in Topeka, Kansas, on a revolutionary idea - selling shoes in a self-select en-vironment. More than 50 years later, Payless serves millions of customers through its powerful network of more than 4,500 stores, in a variety of retail settings, in all 50 U.S. states, as well as in Puerto Rico, Guam, Saipan, the U.S. Virgin Islands, Canada, Central America, the Caribbean, and South America.


T e N a N T s


Sears FranchiseNASDAQ: SHLD- This store is an independent franchise operated by PKW Enterprises who leases the real-estate while Sears Holdings handles the marketing and owns the inventory. There are no franchising fees levied against the store proprietor. They primarily concentrate on hardware, appliances, and lawn and garden supplies.

Hibbet Sporting GoodsNASDAQ: GS- Currently, Hibbett Sporting Goods maintains 650 stores in over 23 states including: Alabama, Ar-kansas, Arizona, Florida, Georgia, Iowa, Illinois, Indiana, Kansas, Kentucky, Louisiana, Missouri, Mississippi, North Carolina, Nebraska, New Mexico, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Virginia, and West Virginia. This retailer stocks a wide variety of sporting goods to provide products for various customers. Hibbett’s stocks men’s, women’s and youth sizes in apparel and footwear.

Dollar TreeNASDAQ: DLTR- Dollar Tree was started in 1986 known as the place where everything is $1. They currently oper-ate in shopping centers and malls, with stores in all 48 contiguous states. Stores are stocked with a wide array of gift bags, party supplies, housewares, seasonal decor, candy and food, toys, health and beauty care, gifts, sta-tionery, books, and a variety of consumer items. In early 2006, Dollar Tree purchased 138 Deal$ stores. Last year Dollar Tree set Record Annual Sales of $4.64 Billion.

Vacant- 2,975 SFCurrently the easternmost end cap unit of the proposed shopping center is vacant. It previously served as a dine-in and take-out pizza restaurant. It contains all of the finish-outs of a food service location, and can be utilized for such use.

3 , 5 a N D 1 0 m i l e r a D i u s


W W W. g r u b b e l l i s a r . co m H o P e, a r r e Ta i l c e N T e r

PopulationIn the identified market area, the current year population is 13,634. In 2000, the Census count in the market area was 13,503. The rate of change since 2000 was 0.12 percent annually. The five-year projection for the population in the market area is 13,744, representing a change of 0.16 percent annually from 2008 to 2013. Currently, the population is 47.6 percent male and 52.4 percent female.

HousingCurrently, 57.5 percent of the 5,560 housing units in the market area are owner occupied; 35.0 percent are renter occupied; and 7.6 percent are vacant. In 2000, there were 5,559 housing units— 55.5 percent owner occupied, 36.1 percent renter occupied and 8.4 percent vacant. The rate of change in housing units since 2000 is 0 percent. Median home value in the market area is $70,493, compared to a median home value of $192,285 for the U.S. In five years, median home value is projected to change by 0.95 percent annually to $73,899. From 2000 to the current year, median home value changed by 4.5 percent annually.

3, 5 AND 10 MILE RADII


H o P e , a r K a N s a s


HOPE, AR RETAIL CENTER33.4 MILES NE TEXARKANA, AR110 MILES SW LITTLE ROCK, AR

CITY HALLDOWNTOWN LOCAL BAPTIST CHURCH

Hope is a city in Hempstead County, Arkansas. The city is the county seat of Hempstead County and the principal city of the Hope Micropolitan Statistical Area, which includes all of Hempstead and Nevada counties. It was founded in 1852 as a station on the Cairo and Fulton (now Union Pacific) Railroad and

was named for the daughter of James Loughborough, a railroad land commissioner who laid out the town site. It developed as a shipping center for timber and agricultural products, notably watermelons, beef cattle, cotton, eggs, and poultry. The economy is based on poultry processing, bakery goods, and the manufacture of steel joists, auto parts, audio equipment and molded plastics. A community college affiliated with the University of Arkansas is located in the city. Enrollment for the University of Arkansas Community College at Hope set a record of official enrollment for the Spring 2009 Semester of 1336 students.

5 , 1 0 a N D 1 5 m i N u T e D r i V e T i m e s




5, 10, AND 15 MINUTE DRIVE TIMES

INCOME BREAKDOWN RACE BREAKDOWN

2008 HisPaNic origiN:12%

H o P e , a r a r T i c l e s




SWEPCO receives ADEQ air permit for Turk Power PlantHopeUSA.com11/5/2008 “We are extremely pleased to receive the ADEQ air permit for the Turk Plant, which will be one of the cleanest coal plants ever built,” said Michael G. Morris, AEP chairman, president and chief executive officer. “The Turk facility represents the most affordable choice to meet the future energy needs of SWEPCO’s customers and it’s good for the local economy.” Plant construction, expected to take about 48 months, will begin immediately, and will create about 1,400 jobs at the height of the project, now slated for completion in late 2012. The construction will generate about $38 million in sales and property tax revenues, and upon completion, will bring 110 permanent jobs with an annual payroll of around $9 million to the southwest corner of Arkansas near Hope...

Hope Clothing Manufacturer to Increase ProductionArkansasBusiness.com article3/5/2009 Government Sewing & Apparel LLC of Knoxville, Tenn., announced Thursday that it will increase production at its plant in Hope, according to a news release. The company will add about 25 new jobs and increase its payroll by about $540,000 per year. The company’s payroll currently stands at $1 million. The company has a contract to manufacture coats and pants for the U.S. Marine Corp, according to the release...

Hope Directors take a step for big improvementsBy Ken McLemoreHope Star3/5/2009 The Hope City Board of Directors took a big step toward significant improvements at Kiwanis Field and Hope Fair Park here Tuesday in authorizing some $303,571.57 in bids for a three-phase baseball field, splash park, and community center project.

Hope Parks and Recreation Director Paul Henley outlined the three-phase plan to rebuild two baseball fields at Kiwanis Park, add a children’s “splash park” at Hope Fair Park, and renovate the Fair Park Community Center...

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CLINTON BENNETT, CCIM As a Managing Member of Grubb & Ellis | Solomon Partners, Clinton Bennett CCIM provides a wide range of services, including retail and office leasing, tenant representation, and the sale of retail buildings, office buildings and land. Clinton has completed over 100 commercial real estate transactions and has leased over 170,000 square feet of retail and office space for local, regional and publicly traded national clients.Clinton attended the University of Arkansas where he received a Bachelor of Science Degree in Agricultural Business and a Master of Business Administration Degree from the Sam M. Walton College of Business. Some of Clinton’s other accomplishments include:• Beingamongthesixpercentofcommercialrealestatepractitionersnationwidetoholdthe designation of Certified Commercial Investment Member. • CompletionoftheInternationalCouncilofShoppingCenters,JohnT.RiordanSchoolfor Professional Development. • BeingarecipientoftheAwardforOutstandingAchievementandSalesmanshipinRealEstate awarded by the Arkansas Business Journal.

AUSTIN BENEDICT Austin Benedict is a member of the retail services group of Grubb & Ellis | Solomon Partners. Austin joined the company in 2007 and he is instrumental in the development and continual improvement of marketing for listed properties. Although he has a broad set of responsibilities his primary focus is serving as a landlord representative in the leasing of retail developments.

Austin attended John Brown University where he earned a Bachelor’s Degree in Marketing and a minor in Construction Management. In late 2008, Austin was recognized as one of NWA’s promising commercial realtors, and received The CCIM Institute (Certified Commercial Investment Member) award for enrollment in Financial Analysis course CI- 101. He is involved with both Northwest Arkansas CCIM and International Council of Shopping Centers.

The information contained herein was obtained from sources believed reliable; however, Grubb & Ellis | Solomon Partners makes no guaranties, warranties, or representations as to the completeness or accuracy thereof. The presentation of this property for sale, rent, or exchange is submitted subject to errors, omissions, change of price or conditions, or withdrawal without notice.


offering memorandum - loopnet · tionery, books, and a variety of consumer items. in early 2006,...

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