Gro ce r y A n c h o re d Sh o p p in g C e n t e r in t h e H e a r t of t h e L e hi g h Va ll ey R e n a i s s a n ce
ALM ER P TOW N CENTR E 721 S o u t h 25 t h St re et | Ea s to n , PA 18 04 5
O FFER IN G M EMO R ANDUM
E xclu s i v e l t y Pre s e n t e d By: Jeffrey Oram +973 299 3008 jeffrey.oram@colliers.com
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Derek Zerfass +610 295 6125 derek.zerfass@colliers.com
Tom Lagos, CCIM +213 532 3299 tom.lagos@colliers.com
El Warner +213 532 3267 el.warner@colliers.com
CONTENTS 04
04
04
04
04
Offering Summary
Physical Description
Easton & Lehigh Valley Overview
Offering Summary
Marshalls
Investment Highlights
Parcel Map
Demographics
Investment Highlights
Giant Food Stores
Financial Summary
Aerial
Top Employers
Dairy Quieen Grill & Chill
Featres & Benefits
Site Plan
Area Development
Papa John’s
EXECUTIVE SUMMARY
PROPERTY OVERVIEW
TRADE AREA OVERVIEW
Competing Centers
will be updated with next draft
FINANCIAL SUMMARY
TENANT OVERVIEW
EXECUTIVE OV ERV IEW
PAL M ER TOW N CENTR E OFFERING SUM M ARY Palmer Town Center is located on the intersection of South 25th Street and William Penn Highway, in the city of Easton, Pennsylvania and in the Lehigh Valley region (“Property”). Easton and Lehigh Valley are undergoing a booming renaissance of economic development, and timing could never be better to invest in the region. Palmer Town Center’s unique qualities and strong customer draw make the perfect investment. With immaculate tenant synergy, strong investment returns, and a diverse demographic, Palmer Town Center provides a unique and unmatched formula for success.
INV ESTMENT HIGHLIGHTS Financial Highlight 1 shankle strip steak doner tail meatball sausage sirloin brisket cupim. Strong Customer Draw and Excellent Tenant Synergy Palmer Town Center attracts customers from all over Easton with its excellent tenant synergy and daily needs amenities. With the popluar grocer Giant and Home Depot as a shadow Anchor, the Property provides an eclectic mix of big box tenants. Ease of Accessibility Located minutes away from U.S. Route 22 and Interstate 78, Palmer Town Center can be easily accessed by Easton commuters as well as the surrounding areas. The Property also features ample parking and benefits from [insert frontage measurement] frontage along S. 25th Street. Financial Highlight 2 shankle strip steak doner tail meatball sausage sirloin brisket cupim. Lehigh Valley’s Economic Development Boom Central to large project developments that will bring thousands of jobs, commuters, and shoppers to Palmer Town Center as well as the immediate trade area Financial Highlight 3 Pork ribeye beef ribs prosciutto turkey cupim. Pork doner meatloaf corned beef biltong, kevin turducken cow shoulder capicola beef boudin alcatra. Pork chop kevin sausage pastrami pork loin biltong.
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FINANCIAL SUM M ARY
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FEATUR ES AND BENEFITS
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PROPERTY OV ERV IEW
PH YSICAL DESCRIPTIO N Property Name Property Address Location
APNs
Land Acres Land SF Zoning Parking
PARCEL MAP Palmer Town Centre
25th St. & William Penn Highway, Easton, PA 18045 Intersection of William Penn Hwy & 25th Street M9-1-2F-0324 M9-1-2C-0324 M9-1-2H-0324 M9-1-2D-0324 M9-1-2G-0324 M9-1-2E-0324
William
y
w Penn H
2a
15.44
2b
2f
672,566
M9-1-2F-0324
H1, Easton
2c
1,500 Spaces
M9-1-2C-0324
25th S treet
2
2d
M9-1-2D-0324
2h
M9-1-2H-0324
2g
2e
M9-1-2E-0324
M9-1-2G-0324
N
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William Penn Hwy
S 25th Street
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SITE PLAN
6
12 3 45
7
8
28 27 25 21
Tenant Name
ANCC ANCD
PetsMart #1524 Babies R Us #6479
SF 19,858 37,961
ANCE
Wal-Mart #3291 (NAP)
141,291
ANCF ANCG ANCH
Old Navy #03450 TJ Maxx #843 Bed Bath & Beyond #423
20,000 30,000 30,026
ANCJ
Michaels #2740
24,170
ANCK D1 D10
Lowe's Home Centers #1512 Saishivam, Inc. (Dollar Party)1 Sleepy's-Klein Sleep2
135,039 4,800 7,200
D12
Famous Footwear #2660
6,008
D1A D6 D7
Sports Clips (GRI, Inc.) Town Nails3 Wireless Empire, Inc.
1,200 1,200 1,200
eet 25th Str
29
23
Suite
9
26 24
22
N
20
19 18
16
17
14
13 12
10/11
t tree
nS bor
r
Dea
15
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N
7
COM PETING CENTERS
22
4 3 2 1 22
SUBJECT PROPERTY 5
6
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78
COMPETING CENTERS Site
Major Tenants
Approx. Distance from Palmer Town Centre
74%
Rent-A-Center, Arby's
.15 Mile
1979
100%
LA Fitness
.30 Mile
90,250
1970
100%
KMART
.40 Mile
2439 Nazareth Rd Easton PA 18045
147,819
1968
80%
Petco, Dollar Tree, Advanced Auto
.65 Mile
William Penn Plaza
3001 William Penn Highway Easton PA 18045
87,866
1985
90%
Weis, Friendly's
.70 Mile
Palmer Super Center
3745 Nicholas Street Easton PA 18045
101,612
1970
86%
Redners, Century Buffet
1.15 Miles
Palmer Park Mall
NEC of Nazareth Rd & Park Ave Easton PA 18045
457,694
1972
96%
Boscov's, Bonton
1.2 Miles
Property Name
Location
Size (SF)
Year Built
Occupancy
Palmer Town Centre
25th St. & William Penn Hwy Easton PA 18045
251,295
-
-
25th & Butler Street Plaza
2417 Butler Street Easton PA 18042
72,546
1973
LA Fitness
340 S 25th Street Easton PA 18042
38,532
KMART
320 S 25th Street Easton PA 18042
25th Street Shopping Plaza
1
2
3
4
5
6
7
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TRADE AR EA OV ERV IEW
Palmer Park Mall
Northampton Crossings
47,781 CPD
248
22
22 10,111 CPD
William Penn Hwy 15,689 CPD
SUBJECT PROPERTY 5 S2 th Str eet
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LEHIGH VALLEY The Lehigh Valley consists of Allentown, Bethlehem, and Easton and is known as the Allentown-Bethlehem-Easton MSA. The area has seen a massive revitalization project and offers new business, redevelopments, and developments financial incentives, including both state and local tax breaks. Lehigh Valley is considered one of the fastest growing and third most populous regions in the state of Pennsylvania, the 64th most populated metropolitan area, and was recognized by Site Selection Magazine as one of the second-best performing regions of its size for economic development. Bounded by The Poconos to the north and the Delaware River to the east, the Lehigh Valley is a part of the Great Appalachian Valley and is served by four major highways (Interstate 78, U.S. Route 22, Pennsylvania Route 33, and Interstate 476).
WHY INV EST IN LEHIGH VALLEY ?
>>Voted Site Selection Magazine’s best performing region of its size for >
economic development in the northeast in the United States in its prestigious Governor’s Cup Awards rankings for 2014. This marks the seventh consecutive year Lehigh Valley has been ranked in the Top 10, one of only two communities to accomplish this consistency.
>>The Lehigh Valley region is the fastest growing and third most populous area in the state of Pennsylvania with a population of more than 650,000 residents.
>
>>Lehigh Valley was recognized as one of just two U.S. regions to be
designated as an “emerging market” at the ICON 2014 Industrial Conference for Real Estate held in Jersey City, N.J.
>>Boasts one of the largest solar panel installations in Pennsylvania and is a leading producer of solar and other renewable energy in the region.
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90
minutes west of New York City
68
th
largest metropolitan region in the United States
2nd
deepest lake in the U.S.
15K
plus businesses in Lehigh Valley
34B
dollars in Gross Domestic Product
24M
tourists welcomed to the Poconos each year
LEHIGH VALLEY’ S TOP EM PLOYERS Employer
# of Employees
Lehigh Valley Hospital and Health Network
11,659
St. Luke’s Hospital and Health Network
8,900
Air Products
3,500
Giant Food Stores
2,449
PPL
2,413
Sands Casino Resort Bethlehem
2,200
Sodexo
2,170
B. Braun Medical
1,942
Amazon.com
1,937
Mack Trucks
1,900
Lehigh University
1,884
Wegman’s
1,803
Guardian Life Insurance Co.
1,574
Weis Markets
1,400
Northampton Community College
1,355
HCR Manorcar
1,298
Easton Hospital
1,289
Good Shepard Rehabilitation Network
1,248
Sacred Heart Healthcare System
1,219
KidsPeace
1,187
Lutron Electronics Co., Inc.
1,100
Crayola
1,100
Wells Fargo
1,057
Walmart
1,000
Lehigh Carbon Community College
961
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EASTON, PA
“Easton’s Renaissance a bright light in the Lehigh Valley.”
-Mayor, Sal Panto Jr.
Easton, PA is located at the confluence of the Delaware River and the Lehigh River and is the easternmost city of the Lehigh Valley. Known as a “clean and safe” city, Easton is divided into four sections: Historic Downtown, Sixth Street, The West Ward, and the South Side. Currently, all four areas have seen a boom in economic development and has been experiencing an economic renaissance. Most notably, Easton’s downtown revival continues to bring startling changes to the city and is making strides with its financial incentives that are attracting developers. Easton’s distinctive historic buildings offer expanding opportunities for storefront and upper floor enterprises. An active and growing artist community is complemented by galleries displaying nationally known as well as local artists’ work. Much of the revitalization of Easton’s Downtown can be attributed to the success of Easton’s restaurants which have added vibrancy to the downtown in the evenings. Easton has a rich history spanning across the colonial era, revolutionary war, and through America’s industrial boom. Notably, Easton was a major commercial center during the 19th century and became a transportation hub for the steel industry. Today, The Greater Easton Development Partnership (GEDP), in partnership with the City of Easton, The Easton Business Association (EBA), The Greater Lehigh Valley Chamber of Commerce and an economic development network of over 20 agencies in the Lehigh Valley, is ready to assist your business with access to financing programs, site selection, and coordination with city and outside agencies. With over 27,000 residents, Easton is a full service working community that maintains industrial areas with light manufacturing, distribution and warehousing, a vibrant downtown, and residential neighborhoods.
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PR OXIMIT Y Location
Miles
Travel Time
Pocono Mountains
29.6 Miles
32 Minutes
Lehigh Valley International Airport
11.6 Miles
14 Minutes
Lehigh Gorge State Park
42.7 Miles
1 Hour
Lafayette College
3.6 Miles
7 Minutes
Historic Downtown - Centre Square
3.8 Miles
8 Minutes
Crayola Experience
3.8 Miles
8 Minutes
New York City
75.2 Miles
1 Hour
New Jersey
92.9 Miles
2 Hours
Philadelphia
75.6 Miles
1 Hour
EASTON , PA ACCOLADES
>>Easton is home to The Crayola Experience, National Canal Museum,
Northampton County Historical Sigal Museum, The State Theatre and the Heritage Corridor’s Visitors Center
>>2,488 students enrolled at Lafayette College >>Home to food and beverage giants such as Coca-Cola, Nestle
Waters, and Samuel Adams brewer Boston Beer Co., Ocean Spray, and Kraft Foods.
>>Easton is one of the only three reading sites of the Declaration of Independence in 1776 >>Boasts one of the largest solar panel installations in Pennsylvania and is a leading producer of solar and other renewable energy in the region.
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SUBURBAN WEST & CITY EAST
SUBURBAN WEST
Palmer Town Center benefits from serving two separate demographics. Cradled by the Lehigh River and the Lehigh Valley Throughway, the two demographics converge at Palmer Town Center.
Population
To the West, the center is boarded by a suburban neighborhood that sees an average household income of $81,538 per year. With very few centers south of William Penn Highway, Palmer Town Center attracts a current of daily traffic from both directions. Although the demographic on the eastern boarder of the center sees an average household income of $53,304, many commute to the center for amenities specific to services and products provided by its tenants. Notably, the East will show a 1.28% increase in households within the next five years, while the West will increase 47%.
2019 Projection
10,531
2015 Estimate
10,509
Growth 2015-2020
0.21%
Households 2019 Projection
4,177
2015 Estimate
4,157
Growth 2015-2020
0.47%
Income 2015 Est. Average Household Income
$81,538
2015 Est. Median Household Income
$66,083
INNER CIT Y EAST Population
22
PALMER TOWN CENTRE
2019 Projection
11,814
2015 Estimate
11,969
Growth 2015-2020
-1.29%
Households 2019 Projection
4,491
2015 Estimate
4,549
Growth 2015-2020
-1.28%
Income
78
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2015 Est. Average Household Income
$53,304
2015 Est. Median Household Income
$44,560
DEMO GRAPHICS 3 Mile
5 Mile
10 Mile
2020 Projection
73,320
130,817
306,329
2015 Estimate
72,916
129,275
303,799
Growth 2015-2020
0.55%
1.19%
0.83%
2020 Projection
27,243
49,043
117,243
2015 Estimate
27,112
48,500
116,281
Growth 2015-2020
0.48%
1.12%
0.83%
White Alone
55,027
102,851
248,659
Black or African American Alone
7,849
11,527
20,475
199
289
702
2,660
4,835
9,512
44
83
134
Some Other Race Alone
4,305
5,581
15,658
Two or More Races
2,832
4,110
8,659
2015 Est. Average Household Income
$68,687
$76,917
$75,653
2015 Est. Median Household Income
$52,967
$60,822
$59,471
Population
Households
2015 Est. Population by Single Classification Race
American Indian and Alaska Native Alone Asian Alone Native Hawaiian and Other Pacific Islander
Income
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EASTON ’S ECO NOM IC DEVELO PMENTS
MAIN STREET INITIATIVE Focused on enhancing the quality of life in downtown Easton and solidifying a “college town” identity, to promote Easton’s unique community, history, architecture, diversity, and riverfront location. The initiative covers a 20-square block area bound by the Delaware River on the east, the Lehigh River to the south, the Bushkill Creek to the north, and Sixth Street to the west.
PINE STREET LOFTS Located a few steps from the Crayola Experience, this 24 open floor plan building will provide seven stories of exquisite views. This redevelopment of the historic Pomeroy building will incorporate loft-style living in the heart of downtown Easton.
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EASTON AMBASSADORS Easton Ambassadors play a crucial role in the future of Easton’s downtown economic development and provide assistance to residents and business owners. Some of their services include: sprucing up Downtown Easton, removing graffiti, directional assistance, planting and watering mulching, and shoveling snow in the winter.
WOLF BUILDING Will include 50 new residential units while maintaining the buildings historic architecture. With renovations scheduled to reach completion in early 2016, the Wolf building encapsulates the rejuvenation of the historic buildings sprawled along the historic, Downtown Easton area.
SILK MILL PROJECT The $50 million project will be a mix of market rate residential, retail, commercial, office, production facilities, venues, and will be a self-sustaining community. The first phase of the redevelopment project on the edge of the city’s struggling West Ward is expected to open early next year. A third phase will include 148 apartments and 150,000 square feet of mixed-use space.
EASTON CITY HALL AND TRANSPORTATION CENTER The center will sit in a high profile location on South Third St., and include commercial and retail space and will stem from the redevelopment of two abandoned retail facilities. Seen as a centerpiece for Easton’s economic revival, the 183,800 SF mixed use center is a $31 million dollar project will be built in two phases and will add a 138,000 SF, three story garage.
Development Map
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ALLENTOWN’S ECO NOM IC DEV ELO PMENTS
PPL CENTER A new $177 million arena built in 2014 and become one of Lehigh Valley’s biggest economic developments. The arena is part of a larger redevlopment project of teh central business district of Allentown.
THREE CITY CENTER & FIVE CITY CENTER Three City Center will be a 7-story, office/retail complex located on the 500 block of Hamilton Street and is slated for a 2015 opening. Five City Center is considered the biggest City Center procet to date and will include 800-space parking deck, 200 upscale apartments, and 300,00 square feet of office and retail space.
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OCEAN SPRAY MANUFACTURING & DISTRIBUTION CENTER A $110 million dollar, 300,000 SF bottling plant built in 2014. The plant is projected to bottle about 30 million cases of drinks each year and handle about 40 percent of Ocean Spray’s beverage volume in Northern America.
STRATA FLATS Completed in the summer of 2015, Strata consists of 170 flats luxury flats located in the bustling and rejuvenated downtown district. Downtown residents are an essential part of the City Center’s revitializaion. The developers of the Strat Flats anticipate bulding more luxury flats in the downtown area to serve the growing interest.
BETHLEHEM’S ECO N OMIC DEVELOPM ENTS
SOCIAL STILL
Map or image
One of the Bethlehem’s City Revitalization and Improvement Zone’s (CRIZ) first projects and a prime example of the area’s economic incentives. The distillery will redevelop an old bank building and is projected to distill an estimated 2000-3000 gallons of liquor in their first year.
ZULILY DISTRIBUTION CENTER An 820,000 SF fulfillment center set to employ 1,200 people. This $43.6 million warehouse will be the largest Zulily center thus far and will rank as one of Lehigh Valley’s largest companies.
WALMART DISTRIBUTION & FULFILLMENT CENTER Walmart will bring a 1 million SF distribution center to the Lehigh Valley Industrial Park VII and a 1.2 million SF fulfillment center to the Majestic Bethlehem Center. The new development is expected to employ over 650 people and is considered the largest Walmart distribution center nationally.
GREENWAY COMMONS A three-building complex of 110 luxury apartments, office, and retail space. The $35 million project will include 50,000 SF of retail space and 63,000 SF of office space.
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FINAN CIAL OV ERV IEW
FIN AN CI ALS
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FIN AN CI ALS
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FIN AN CI ALS
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FIN AN CI ALS
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FIN AN CI ALS
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FIN AN CI ALS
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FIN AN CI ALS
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FIN AN CI ALS
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TENANT OV ERV IEW
MARSH ALLS
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GI ANT
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MADISO N CAPITAL
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N ATIO N AL PENN BAN K
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CONFIDENTIALITY AGREEMENT This Offering Memorandum contains select information pertaining to the business and affairs of the Property at 25th St & William Penn Hwy, Easton PA 18045. It has been prepared by Colliers International. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Owner and Colliers International. The material is based in part upon information supplied by the Owner and in part upon financial information obtained by Colliers International from sources it deems reliable. Neither Owner, nor their officers, employees, or agents make any representation or warranty, express or implied, as to the accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence. By acknowledging your receipt of this Offering Memorandum from Colliers International, you agree: 1) The Offering Memorandum and its contents are confidential; 2) You will hold it and treat it in the strictest of confidence; 3) All photographs and graphic elements are property of Colliers International and use without express written permission is prohibited; and 4) You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Owner. Owner and Colliers International expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered. If you wish not to pursue negotiations leading to the acquisition of 25th St & William Penn Hwy, Easton PA 18045 or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum. A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Owner or Colliers International or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property. This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.
EXCLUSIVELY PR ES ENTED BY Jeffrey Oram +973 299 3008 jeffrey.oram@colliers.com
Derek Zerfass +610 295 6125 derek.zerfass@colliers.com
Tom Lagos, CCIM +213 532 3299 tom.lagos@colliers.com
El Warner +213 532 3267 el.warner@colliers.com