Investment Opportunity. New Double Net Lease S&P Rated A. Verizon Wireless Woodbury Avenue - Portsmouth, NH

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Grant Sherman
5 years ago
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1 New Double Net Lease S&P Rated A Verizon Wireless 1840 Woodbury Avenue - Portsmouth, NH Investment Summary: This new Verizon Wireless store is is comprised of 3,700 sq ft ft on approximately 15 acres (of which 14 are wetlands) with 28 parking spaces. This property was recently redeveloped and is is located less than 1 mile from I-95, less than ½ mile from Spaulding Turnpike and ¼ mile away from the entrance to to the Crossings At Fox Run, a 475,000 sq. ft. power center anchored by Kohl s, Barnes & Noble, Best Buy, Old Navy and Regal Cinemas, and ¼ mile away from the Fox Run Mall, a 600,000 sq. ft. mall anchored by JCPenney, Macy s and Sears. The subject property is is also just north of Marshall s Mall, which is is a Big Kmart and Marshalls anchored shopping center that has been in in that location since Cosmopolitan magazine named Portsmouth in in its Top 10 list of the best places to to live and work in in the country. The UTNE Reader named it it in in its lineup of the 50 "most enlightened cities" in in the country. And finally, Money Magazine rated Portsmouth in in their Top 10 best places to to live in in the country five times over the last 10 years. Other tenants in in the immediate vicinity include Abercrombie & Fitch, Express, Ann Taylor Loft, Victoria s Secret, Bath & Body Works, Gap, Hollister Co., Charlotte Russe, American Eagle Outfitters, PacSun, Yankee Candle, T-Mobile, Kids R Us, Dick s Sporting Goods, Michael s, Old Navy, Staples, D Angelo Grilled Sandwiches, Starbucks, Gamestop, Boston Market, Mr. Bubbles Carwash and Jared Jewelers. Tenant: Cellco Partnership (S&P: A) d/b/a Verizon Wireless. Cellco Partnership, which does business as Verizon Wireless, is is the #1 US wireless phone operator (ahead of rival AT&T Mobility), serving more than 80 million customers nationwide. The company also offers mobile data services, including text messaging, multimedia content, and Web access. Verizon Wireless began operations in in 2000 when Bell Atlantic and Vodafone combined their US wireless assets. The company gained GTE's US wireless operations when Bell Atlantic bought GTE to to form Verizon Communications, which owns 55% of the company; Vodafone owns 45%. The company in in 2009 purchased ALLTEL in in a $28.1 billion deal that made Verizon Wireless the top wireless provider in in the US. Cellco operates in in over 2,300 locations and has over 85,000 employees. Revenue in in 2007 was $43.9 billion. Price and Cap: We offer this property at at $3,000,000 which is is an 8.0% cap rate on NOI of $240,000. Lease Summary: Term: 10 Years Annual Rent: $240,000 Rent Increases: 12.5% increases beginning in in year 6 ($270,000) Rent Commencement: June 1, 1, 2009 Options: 2 - (5) year options, with 12.6% and 12.5% escalations at at start of each, bringing the rent to to $304,000 and $342,000, respectively. Lease Type: This is is double net lease. Landlord is is responsible for repairing and replacing roof and structure. Landlord pays insurance and taxes directly and is is reimbursed monthly by Tenant. Tenant is is responsible for all other repairs, replacements and maintenance including parking lot, landscaping, plate glass, sidewalk, snow removal and others.

2 Picture taken prior to redevelopment Auto Repair Multi-Tenant Retail

3 Auto Repair Multi-Tenant Retail Picture taken prior to redevelopment

4 Multi-Tenant Retail Multi-Tenant Retail Auto Repair Multi-Tenant Retail (Former) Bank Anchored Center

5 Property Boundaries

6 Verizon Site Plan As Per Lease

600,000 sq. ft. mall anchored by JCPenney, Macy s and Sears. Other tenants include Abercrombie & Fitch, Express, Ann Taylor Loft, Victoria s Secret, Bath & Body Works, Gap, Hollister Co.

8 600,000 sq. ft. mall anchored by JCPenney, Macy s and Sears. Other tenants include Abercrombie & Fitch, Express, Ann Taylor Loft, Victoria s Secret, Bath & Body Works, Gap, Hollister Co., Charlotte Russe, American Eagle Outfitters, PacSun, Yankee Candle and more. 475,000 sq. ft. power center anchored by Kohl s, Barnes & Noble, Best Buy, Old Navy and Regal Cinemas. Other tenants include Dick s Sporting Goods, Michael s, Old Navy, Staples and Jared Jewelers. Car Dealership

9 Subject Property (Big Kmart & Marshalls anchored shopping center) Subject Property

10 Subject Property Traffic Counts

LOOP. the HUDSON VALLEY, NY HOME OVERVIEW RETAIL MAP ACCESS DEMOGRAPHICS MARKET RESEARCH RENDERING LOOP SUCCESS ABOUT WILDER CONTACT

LOOP. the HUDSON VALLEY, NY HOME OVERVIEW RETAIL MAP ACCESS DEMOGRAPHICS MARKET RESEARCH RENDERING LOOP SUCCESS ABOUT WILDER CONTACT the HUDSON VALLEY, NY Developed by At I-84 & I-87 in the heart of the Hudson Valley, New York dynamic ocation Into The Always family oriented, casual, convenient, and pedestrian friendly, this new shopping