Wal-Mart SuperCenter Shadow Anchored Coshocton Retail Plaza 23655 Airport Road, Coshocton, OH 43812 Investment Summary: The property is is a new Wal-Mart SuperCenter shadow anchored strip center which was built in in 2006. It It is is comprised of 39,880 sf sfon 4 acres ( total of 2 parcels 2.17 & 1.83 acres) and located at at the intersection of State Rte. 36 & Airport Rd. The center is is 86% leased with a 3,000 sf sfend-cap vacancy and a 2,500 sf sfin-line vacancy. Seller will master lease the vacant units up to to the vacancy factor, for a period of 6 months from closing. Tenants include Dollar Tree, Shoe Show, Cato, Alltel, Famous Hair, Aaron s Rents, Hibbetts Sports and China Buffet. Coshocton Ohio, located in in the rolling Appalachian hills, is is a historically and culturally rich town that has been named one of the 100 top towns to to visit. Coshocton is is growing in in population and business, which many feel is is due to to its strategic location at at the intersection of numerous state routes and major interstates, in in addition to to being on SR 16. Coshocton has a wide range of available outdoor activities, along with a selection of lodging and fine shopping and dining. It It prides itself on being a family getaway and also on its historic sites, arts & crafts and hunting and fishing. It It is is home to to the Johnson-Humrickhouse Museum and the Historic Roscoe Village living history museum. Coshocton is is also home to to three different wineries, the Pearl Valley Cheese company, a brand new recreational complex with a 15,000 sf sfaquatic center for swimming, a stocked fishing pond, Hilton Top golf course, and local airport Richard Downing Airport, which is is currently expanding its runways to to in in order for more jet traffic to to pass through. Major employers include General Electric, Armco, Stone Container, AK Steel Holding Corp, American Electric Power Co, Kraft Foods Inc, McWane Corp/Clow Water Systems, and Smurfit-Stone Container Corp. The roof is is 4 ply built up with a 5 year warranty, 20-30 year useful life. Price and Cap: We offer this property at at $5,498,503 which is is a 7.75% CAP based on pro forma NOI of $426,134. Seller will master lease the remaining vacancy, as of closing, for 6 months up to to the vacancy factor. Major Tenants: Dollar Tree Stores, Inc. (Nasdaq: DLTR) Dollar Tree operates 3,100 stores in in 48 states, including 2,962 Dollar Tree Stores and 138 Deal$ stores. As of January 2006, DLTR had a market CAP of $3.55 billion, sales of $3.39 billion, net income of $175.9 million and net tangible assets of $1.04 billion. Revenue increased 8.57% over the previous year. The company offers candy, food, health and beauty care products, frozen and refrigerated food, household consumables, toys, durable housewares, gifts, party goods, greeting cards, hardware, and seasonal items. Cato (NYSE: CTR) The Company, founded in in 1946, operates over 1,250 women's apparel specialty stores in in 31 states under the names "Cato" and "It's Fashion". Most stores range in in size from 3,000 to to 6,000 square feet and are located primarily in in strip shopping centers anchored by national discount stores. The Company's sales for fiscal 2006 were $862.8 million as compared to to fiscal 2005 sales of $821.6 million, a 5% increase. Full year 2006 net income was $51.5 million as compared to to $44.8 million for 2005. For the year, net income and earnings increased 15% over 2005. Aaron Rents, Inc. (NYSE:RNT) Aaron Rents, Inc. is isthe nation s leader in in the rental, sales and lease ownership, and specialty retailing of residential and office furniture, consumer electronics and home appliances and accessories, with more than 1,410 Company-operated and franchised stores in in 48 states and Canada. Sales for 2006 were $1.4 billion with income of $85.3 million.
3,000
LEASE LEASE ANNUAL ANNUAL OPTION PERIODS TENANT S/F START EXPIRATION RENT S/F BASE RENT COST RECOVERY RENT/PSF Shoe Show 4,240 9/1/2006 8/31/2011 10.00 $42,400.00 Pro rata (2) 5-Yrs 11.50/13.00 Cato 4,160 5/1/2006 4/30/2011 10.00 41,600.00 Pro rata (4) r-yrs. $10.50/11.00/11.50/12.00 Alltel 1,200 10/1/2006 9/30/2011 16.00 19,200.00 Prorata 5-Yrs. @ $18.00 Famous Hair 1,280 6/1/2006 5/31/2011 16.00 20,480.00 Pro rata 5-Yrs. @$18.00 psf Aaron's Rents 6,000 8/1/2007 9/30/2012 11.50 69,000.00 Pro rata 5 Yrs @$ Hibbet's 5,000 11/1/2006 10/31/2011 11.60 58,000.00 Pro rata (2) 5-Yrs. @ $12.75/14.00 China Buffet (gross) 4,500 10/1/2006 9/30/2016 15.50 69,750.00 gross rent (2) 5 Yrs @ $16.50/17.50 psf Dollar Tree 8,000 8/1/2006 7/31/2011 9.00 72,000.00 Pro rata (3) 5-Yrs. @ 9.50/10.00/10.50 Vacant 3,000 14.00 42,000.00 Vacant 2,500 11.00 27,500.00 Pro rata 5 Yrs @ $12.00 psf PROPERTY TOTALS 39,880 $461,930.00 Economic Vacancy 15.05% Physical Vacancy 13.79% $8,080.00 Non Recoverable Expense 453,850.00 Operating Income Pro Forma Pro-Forma* In Place Operating Income 453,850 384,350 3% Vacancy on Base Rent (13,858) 3% Management Fee (13,858) Pro Forma NOI 426,134 384,350 Note: No reserve taken because property is new 60 Minute Drive Time