Net Lease Enterprise For Sale | The Boulder Group

ENTERPRISE RENT-A-CAR 24400 Drake Road, Farmington Hills, MI 48335 (Detroit MSA)

TABLE OF CONTENTS

TABLE OF CONTENTS I. Executive Summary

II. Location Overview

III. Market & Tenant Overview

Executive Summary

Photographs

Demographic Report

Investment Highlights

Aerial

Market Overview

Property Overview

Tenant Overview

Site Plan

Maps

NET LEASE INVESTMENT OFFERING (VALUE ADD)

DISCLAIMER STATEMENT

DISCLAIMER STATEMENT:

The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from The Boulder Group and should not be made available to any other person or entity without the written consent of The Boulder Group.

This Offering Memorandum 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. The Boulder Group has not made any investigation, and makes no warranty or representation.

The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, The Boulder Group has not verified, and will not verify, any of the information contained herein, nor has The Boulder Group 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.

NET LEASE INVESTMENT OFFERING (VALUE ADD)

EXECUTIVE SUMMARY

EXECUTIVE SUMMARY:

The Boulder Group is pleased to exclusively market for sale a single tenant net leased Enterprise Rent-A-Car property located in an affluent suburb of Detroit. Enterprise Rent-A-Car has successfully operated at this location since 1994. The property is strategically located in close proximity to many premium car dealerships including BMW, Mercedes Benz, Audi, Range Rover, and Toyota. There are over five years remaining on the Enterprise Rent-A-Car lease that expires December 31, 2020. The lease features 2% annual rental escalations. Enterprise Rent-A-Car is the largest car rental brand in North America with total revenue in excess of $18 billion.

The Enterprise Rent-A-Car property is strategically located off of the heavily trafficked signalized intersection of Drake Road and Grand River Road. The property is located across the street from a Busch’s Fresh Market grocery store and Rite Aid anchored development. A recently constructed McDonald’s and AutoZone are adjacent to the Enterprise to the south. The Enterprise Rent-A-Car is centrally located amongst many car dealerships including BMW, Mercedes Benz, Land Rover, Audi, Porsche, Jaguar, Infinity, Ford, Toyota, Honda, Jeep and Dodge. There are over 68,000 people living within a three mile radius of the property earning average annual household incomes of approximately $95,000.

There are over five years remaining on the Enterprise Rent-A-Car lease that expires December 31, 2020. The absolute triple net lease features 2% annual rental escalations. Enterprise is the largest car rental brand in North America with over 7,000 locations

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INVESTMENT HIGHLIGHTS

INVESTMENT HIGHLIGHTS:

• Located within an affluent suburb of the Detroit MSA • Long and successful operating history at this location (since 1994) • Enterprise Rent-A-Car is the largest car rental brand in North America with over 7,000 locations • 2% annual rental escalations • No landlord responsibilities • Located in a commercial corridor that features many car dealerships including BMW, Mercedes Benz, Land Rover, Audi, Porsche, Jaguar, Infinity, Ford, Toyota, Honda, Jeep and Dodge • Positioned just off of the heavily trafficked signalized intersection of Drake Road and Grand River Avenue • Over 68,000 people living within a three mile radius of the property earning average annual household incomes of approximately $95,000

NET LEASE INVESTMENT OFFERING

PROPERTY OVERVIEW

PROPERTY OVERVIEW:

Price:

$473,684

Cap Rate:

9.50%

Net Operating Income:

$45,000

Lease Expiration Date:

December 31, 2020*

Rental Escalations:

2% Annually

Renewal Options:

Two 5-Year

Tenant:

Enterprise Leasing Company of Detroit, LLC (An operating subsidiary of Enterprise Holdings, Inc.)

Year Built:

1980

Lease Type:

NNN

Building Size:

2,357 SF

Land Size:

25,636 SF

*Tenant may terminate this lease with three months advance written notice, but shall pay a penalty of six months’ rent. Termination clauses are standard in most Enterprise leases. Enterprise Rent-A-Car has operated at this location since at least 1994. As part of their lease renewal, Enterprise Rent-A-Car has plans to replace the roof and parking lot at their expense.

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PHOTOGRAPHS

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AERIAL

D R A K E R O A D (14,000 VPD)

275 90

E N U E (42,800 VPD) G R A N D R I V E R AV

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DRAKE ROAD

SITE PLAN

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MAPS

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MAPS

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DEMOGRAPHIC REPORT

DEMOGRAPHIC REPORT:

NET LEASE INVESTMENT OFFERING

Population

1-Mile

3-Mile

5-Mile

Total Population

13,636

68,492

192,350

Total Households

6,356

29,501

81,477

Income

1-Mile

3-Mile

5-Mile

Median Household Income

$59,210

$67,277

$67,311

Average Household Income

$83,485

$94,014

$92,729

MARKET OVERVIEW

MARKET OVERVIEW:

Farmington Hills is an affluent community in southeastern Michigan and the second largest city in Oakland County. At the time of the 2010 U.S. Census, the population in Farmington Hills was 79,740. Farmington Hills is located 25 miles northwest of downtown Detroit and 30 miles northeast of Ann Arbor. Farmington Hills consistently ranks as one of the safest cities in the United States, as well as in the state of Michigan. In 2010, the area ranked as the 30th safest city in America by CQ Press and Sage Publications The largest employers in Farmington Hills include Botsford Hospital, Bosch, Gale, TD Auto Finance, Nissan Technical Center of North America and Quicken Loans. In April 2013, Farmington Hills had an unemployment rate of 6.3%, a full percent lower than the national average.

Detroit is the largest city in the state of Michigan and the county seat of Wayne County. At the time of the 2010 U.S. Wayne County was ranked as the 15th most populous county in the United States with a population of 1,820,584. The Detroit MSA is the 13th most populated metropolitan area in the United States with 4,296,250 residents. The Detroit metropolitan area, commonly referred to as Metro Detroit, is widely known as the automobile industry hub of North America. Most notably, Detroit is known for the “Big Three� automobile companies, General Motors, Ford and Chrysler, all headquartered in Metro Detroit. The Detroit auto industry employs over 70,000 people.

Downtown Detroit is home to the Compuware world headquarters, Blue Cross Blue Shield, HP Enterprise Services, and Quicken Loans, who recently relocated its headquarters and 4,000 employees downtown. Detroit also benefits from the casino gaming industry. Detroit is the largest city in the United States to offer casino resort hotels and is home to the MGM Grand Detroit, MotorCity Casino and Greektown Casino.

NET LEASE INVESTMENT OFFERING

TENANT OVERVIEW

TENANT OVERVIEW:

Founded in 1957, Enterprise Rent-A-Car is an internationally recognized brand with more than 7,000 neighborhood and airport locations throughout North America and Europe. Through tremendous leadership and the entrepreneurial spirit of its’ employees, Enterprise is the largest car rental brand in North America, well-known for its great rates, award-winning customer service and picking up local car rental customers at no extra cost.

Today, Enterprise is a total mobility provider offering consumers neighborhood and airport car rental, car sharing, ride-matching, vanpooling services, car sales, exotic car rental, motorcycle rental and commercial truck rental. In addition, the Enterprise Holdings Foundation has contributed more than $200 million to thousands of local non-profits focused on community improvement, education and environmental stewardship.

Website: www.enterprise.com Number of Locations: 7,000+ Number of Employees: 68,000+ Revenue: $18.0 Billion Headquarters: St. Louis, Missouri

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Randy Blankstein President 847.562.0003 randy@bouldergroup.com

Jimmy Goodman Partner 847.562.8500 jimmy@bouldergroup.com

666 Dundee Road, Suite 1801 Northbrook, IL 60062 www.bouldergroup.com