Columbia Corners - Columbia, MS by STRIVE

COLUMBIA CORNERS COLUMBIA, MS

PRICING & FINANCIAL ANALYSIS

CO LU M B IA CO R NE R S

Columbia Corners 1003 Highway 98 Bypass Columbia, MS 39429

OFFERING SUMMARY Price Cap Rate Current Net Operating Income

$2,450,000 6.37% $156,022

Price PSF

$117.41

Occupancy

79.2%

Pro forma Yield

9.37%

Pro forma Net Operating Income Year Built

$229,462 2007

Gross Leasable Area

20,867 SF

Lot Size

1.88 Acres

F I N A N C I A L A N A LY S I S

PRICING & FINANCIAL ANALYSIS

CO LU M B IA CO R NE R S

PROJECTED INCOME & EXPENSES Base Rent - Occupied Space

CURRENT 100%

GROSS POTENTIAL RENT

PSF

EXPENSES

CURRENT

PSF

$192,294

$9.22

Real Estate Taxes

$36,094

$1.73

$192,294

$9.22

Insurance

$12,698

$0.61

Expense Reimbursements

CAM

CAM Recoveries

$16,611

$0.80

Cleaning

$9,708

$0.47

Management Fee Recoveries

$3,680

$0.18

Electrical

$96

$0.00

Insurance Recoveries

$7,324

$0.35

Building Services

$1,761

$0.08

Real Estate Tax Recoveries

$20,817

$1.00

Utilities

$4,181

$0.20

Total Expense Reimbursements

$48,432

$2.32

Landscaping

$9,800

$0.47

$240,730

$11.54

Parking Lot

$300

$0.01

General Admin

$441

$0.02

$26,287

$1.26

$9,629

$0.46

$84,708

$4.06

EFFECTIVE GROSS REVENUE Operating Expenses Total CAM Management Fee Total Insurance Total Real Estate Taxes Total Recoverable Expenses Net Operating Income

4.00%

$26,287

$1.26

$9,629

$0.46

$12,698

$0.61

$36,094

$1.73

$84,708

$4.06

$156,022

$7.48

Total CAM Management Fee Total Expenses

4.00%

F I N A N C I A L A N A LY S I S

RE NT RO L L

Tenant

CO LU M B IA CO R NE R S

Suite

SQ FT

% of SQFT

Lease Dates

Minimum Rent

Recoveries

Total

Start

End

Annual

Monthly

PSF

Annual

PSF

Revenue

% of Revenue

Verizon Wireless

2,450

11.74%

02/17

08/20

$30,624

$2,552

$12.50

$9,124

$3.72

$39,748

16.51%

Available

1,225

5.87%

$0.00

0.00%

VIP Nails

1,225

5.87%

11/09

07/23

$21,300

$1,775

$17.39

$5,204

$4.25

$26,504

11.01%

B&E Fine Wines & Spirits

1,225

5.87%

10/09

10/19

$19,600

$1,633

$16.00

$5,204

$4.25

$24,804

10.30%

Factory Connection

4,492

21.53%

01/18

01/21

$30,000

$2,500

$6.68

$0.00

$30,000

12.46%

Game Stop

1,610

7.72%

08/08

08/20

$22,540

$1,878

$14.00

$5,996

$3.72

$28,536

11.85%

Little Caesars

2,025

9.70%

06/14

06/19

$22,275

$1,856

$11.00

$8,475

$4.19

$30,750

12.77%

Available

1,975

9.46%

$0.00

0.00%

Available

1,140

5.46%

$0.00

0.00%

Azteca Mexican Restaurant

3,500

16.77%

01/16

08/19

$45,955

$3,830

$13.13

$14,428

$4.12

$60,383

25.08%

Total Count/GLA

20,867

100%

$192,294

$16,025

$240,726

100.00%

Occupied

16,527

79.2%

Available

4,340

20.8%

$11.64

16,527

100.0%

Total Avg Rent

$48,432

F I N A N C I A L A N A LY S I S

ESTIMATED REIMBURSEMENT REVENUE

Tenant

Suite

SQ FT

CO LU M B IA CO R NE R S

% of SQFT

CAM

Management Fee

Insurance

Real Estate Taxes

Total Recovery

Monthly

PSF

Monthly

PSF

Monthly

PSF

Monthly

PSF

Monthly

PSF

Verizon Wireless

2,450

11.74%

$283

$1.39

$0.00

$124

$0.61

$353

$1.73

$760

$3.72

Lease Up

1,225

5.87%

$0.00

VIP Nails

1,225

5.87%

$148

$1.45

$47

$0.46

$62

$0.61

$177

$1.73

$434

$4.25

B&E Fine Wines & Spirits

1,225

5.87%

$148

$1.45

$47

$0.46

$62

$0.61

$177

$1.73

$434

$4.25

Factory Connection

4,492

21.53%

$0.00

Game Stop

1,610

7.72%

$186

$1.39

$0.00

$82

$0.61

$232

$1.73

$500

$3.72

Little Caesar's

2,025

9.70%

$234

$1.39

$78

$0.46

$103

$0.61

$292

$1.73

$706

$4.19

Lease Up

1,975

9.46%

$0.00

Lease Up

1,140

5.46%

$0.00

Azteca Mexican Restaurant

3,500

16.77%

$386

$1.32

$135

$0.46

$177

$0.61

$505

$1.73

$1,202

$4.12

20,867

100%

$1,384

TOTALS

$307

$610

$1,735

$4,036

F I N A N C I A L A N A LY S I S

L E A SE PROVIS ION S

Tenant

Verizon Wireless

CO LU M B IA CO R NE R S

Suite

SQ FT

2,450

Base Rental Increases

Renewal Options

Date

PSF

Options

Date

PSF

1x3

9/1/2020

$13.75

User Restrictions & Exclusive Rights

Termination Rights

Sales Reporting

Available

1,225

VIP Nails

1,225

2x5

8/1/2018 8/1/2023

$19.80 $21.75

Yes

B&E Fine Wines & Spirits

1,225

1x5

11/1/2019

$18.00

Yes

Factory Connection

4,492

Yes

Game Stop

1,610

Yes

Little Caesar's

2,025

3x5

7/1/2019 7/1/2024 7/1/2029

$12.10 $13.31 $14.64

Yes

Available

1,975

Available

1,140

Azteca Mexican Restaurant

3,500

2x3

9/1/2019 9/1/2022

3% Annual Increases

TOTAL

20,867

PROPERTY DESCRIPTION

PRO F ORMA PRI CI N G & FI N AN CI AL A NALYSI S

PROJECTED INCOME & EXPENSES Base Rent - Occupied Space

PRO FORMA 100%

CO LU M B IA CO R NE R S

PSF

EXPENSES

PRO FORMA

PSF

$266,074

$12.75

Real Estate Taxes

$36,094

$1.73

$266,074

$12.75

Insurance

$12,698

$0.61

$22,078

$1.06

Cleaning

$9,708

$0.47

Management Fee Recoveries

$7,489

$0.36

Electrical

$96

$0.00

Insurance Recoveries

$9,965

$0.48

Building Services

$1,761

$0.08

Real Estate Tax Recoveries

$28,324

$1.36

Utilities

$4,181

$0.20

Total Expense Reimbursements

$67,856

$3.25

Landscaping

$9,800

$0.47

$317,230

$15.20

Parking Lot

$300

$0.01

General Admin

$441

$0.02

$26,287

$1.26

Total CAM

$26,287

$1.26

$12,689

$0.61

Management Fee

$12,689

$0.61

$12,698

$0.61

Total Expenses

$87,768

$4.21

$36,094

$1.73

$87,768

$4.21

$229,462

$11.00

GROSS POTENTIAL RENT Expense Reimbursements

CAM

CAM Recoveries

EFFECTIVE GROSS REVENUE Operating Expenses Total CAM Management Fee Total Insurance Total Real Estate Taxes Total Recoverable Expenses Net Operating Income Capitalization Rate Capital Reserves at $0.15 PSF Cash Flow before Debt Service Market Loan Cash Flow after Debt Service Cash-on-Cash Return

4.00%

9.37% $3,130 $226,332 $132,134 $94,198 15.89%

F I N A N C I A L A N A LY S I S

PRO F ORMA REN T R OLL

Tenant

Suite

CO LU M B IA CO R NE R S

SQ FT

% of SQFT

Lease Dates

Minimum Rent

Recoveries

Total

Start

End

Annual

Monthly

PSF

Annual

PSF

Revenue

% of Revenue

Verizon Wireless

2,450

11.74%

02/17

08/20

$30,624

$2,552

$12.50

$9,124

$3.72

$39,748

11.90%

Lease Up

1,225

5.87%

$20,825

$1,735

$17.00

$5,152

$4.21

$25,977

7.78%

VIP Nails

1,225

5.87%

11/09

07/23

$21,300

$1,775

$17.39

$5,384

$4.40

$26,684

7.99%

B&E Fine Wines & Spirits

1,225

5.87%

10/09

10/19

$19,600

$1,633

$16.00

$5,384

$4.40

$24,984

7.48%

Factory Connection

4,492

21.53%

01/18

01/21

$30,000

$2,500

$6.68

$0.00

$30,000

8.98%

Game Stop

1,610

7.72%

08/08

08/20

$22,540

$1,878

$14.00

$5,996

$3.72

$28,536

8.55%

Little Caesar's

2,025

9.70%

06/14

06/19

$22,275

$1,856

$11.00

$8,772

$4.33

$31,047

9.30%

Lease Up

1,975

9.46%

$33,575

$2,798

$17.00

$8,307

$4.21

$41,882

12.54%

Lease Up

1,140

5.46%

$19,380

$1,615

$17.00

$4,795

$4.21

$24,175

7.24%

Azteca Mexican Restaurant

3,500

16.77%

01/16

08/19

$45,955

$3,830

$13.13

$14,942

$4.27

$60,897

18.24%

Total Count/GLA

20,867

100%

$266,074

$22,173

$333,930

100.00%

Occupied

20,867

100.0%

Available

0.0%

$12.75

20,867

100.0%

Total Avg Rent

$67,856

F I N A N C I A L A N A LY S I S

PRO F ORMA ES TI MAT ED R EN T R EI MB U RSE M ENTS

Tenant

Suite

SQ FT

% of SQFT

CO LU M B IA CO R NE R S

CAM

Management Fee

Insurance

Real Estate Taxes

Total Recovery

Monthly

PSF

Monthly

PSF

Monthly

PSF

Monthly

PSF

Monthly

PSF

Verizon Wireless

2,450

11.74%

$283

$1.39

$0.00

$124

$0.61

$353

$1.73

$760

$3.72

Lease Up

1,225

5.87%

$129

$1.26

$62

$0.61

$62

$0.61

$177

$1.73

$429

$4.21

VIP Nails

1,225

5.87%

$148

$1.45

$62

$0.61

$62

$0.61

$177

$1.73

$449

$4.40

B&E Fine Wines & Spirits

1,225

5.87%

$148

$1.45

$62

$0.61

$62

$0.61

$177

$1.73

$449

$4.40

Factory Connection

4,492

21.53%

$0.00

Game Stop

1,610

7.72%

$186

$1.39

$0.00

$82

$0.61

$232

$1.73

$500

$3.72

Little Caesar's

2,025

9.70%

$234

$1.39

$103

$0.61

$103

$0.61

$292

$1.73

$731

$4.33

Lease Up

1,975

9.46%

$207

$1.26

$100

$0.61

$100

$0.61

$285

$1.73

$692

$4.21

Lease Up

1,140

5.46%

$120

$1.26

$58

$0.61

$58

$0.61

$164

$1.73

$400

$4.21

Azteca Mexican Restaurant

3,500

16.77%

$386

$1.32

$177

$0.61

$177

$0.61

$505

$1.73

$1,245

$4.27

20,867

100%

$1,840

TOTALS

$624

$830

$2,360

$5,655

F I N A N C I A L A N A LY S I S

TE NA NT INF ORMAT I ON

CO LU M B IA CO R NE R S

DBA

Little Caesars Pizza

Entity on Lease

Four Gavins, LLC

Corporate/Franchise

Franchise

Locations

5,400+

Credit Rating

Not Rated

Public/Private

Private

Line of Business

Little Caesars Pizza, known for its HOT-N-READY® pizza and famed Crazy Bread®, is the largest carryoutonly pizza chain in the world with locations in all 50 states and 18 countries and territories worldwide.

DBA

GameStop

Entity on Lease

GameStop, Inc

Corporate/Franchise

Corporate

Locations

7,200+

Credit Rating

S&P: BB+

Public/Private

NYSE: GME

Line of Business

GameStop Corporation, or simply referred to as GameStop, is an American video game, consumer electronics, and wireless services retailer. The company is headquartered in Grapevine, Texas, United States, and operates 6,627 retail stores throughout the United States, Canada, Australia, New Zealand, and Europe. The company’s retail stores primarily operate under the GameStop, EB Games, and Micromania brands.

DBA

Verizon Wireless

Entity on Lease

JAG Wireless, LLC

Corporate/Franchise

Franchise

Locations

2,330+

Credit Rating

S&P: BBB+

Public/Private

NYSE: VZ

Line of Business

Cellco Partnership, doing business as Verizon Wireless, is an American telecommunications company which offers wireless products and services. It is a wholly owned subsidiary of Verizon Communications. With 149 million subscribers as of October 2017, Verizon Wireless is the largest wireless telecommunications provider in the United States.

PROPERTY DESCRIPTION

I N VE S TMENT HI GHLI GHT S

• 20,876-Square Foot Retail Strip Anchored by Walmart Supercenter

CO LU M B IA CO R NE R S

Shadow-

• 79 Percent Occupied -- Potential Future Upside by Leasing Vacant Suites

• Triple-Net Leases with Staggered Lease Turnover - Minimal Landlord Responsibility

• Complementary Mix of Tenants Including GameStop, Little Ceasar’s, and Several Others

• Location on High Traffic Corridor -- Surrounding Retailers Include Walmart, Walgreen’s, Dollar Tree, Cato, McDonald’s, and Several Others

• Benefits from the Regional Retail Consumer Traffic Draw of the Walmart Supercenter

PROPERTY DESCRIPTION

S I T E PL A N

CO LU M B IA CO R NE R S

Factory Connection

PROPERTY DESCRIPTION

A E R I AL MA P

CO LU M B IA CO R NE R S

9 WY

PROPERTY DESCRIPTION

LO C AL MA P

CO LU M B IA CO R NE R S

PROPERTY DESCRIPTION

REG IONA L MA P

CO LU M B IA CO R NE R S

PROPERTY DESCRIPTION

M A R KET S U MMARY

CO LU M B IA CO R NE R S

OVERVIEW Hattiesburg is a city in Mississippi, bisected by the county line between Forrest County (where it is the county seat) and Lamar County. It is the principal city of the Hattiesburg, Mississippi, Metropolitan Statistical Area which encompasses Forrest, Lamar and Perry counties. Hattiesburg is home to several national business branches that hold thousands of jobs across the Pine Belt. It was headquarters to the now defunct International Filing Company and currently hosts branches of Kohler Engines and BAE Systems Inc., as well as the CocaCola Bottling Co., Pepsi Cola Bottling Co., and Budweiser Distribution Co. Companies such as Sunbeam (shared with Mr. Coffee and the Coleman Company) and Kimberly Clark used to manufacture in Hattiesburg.

Though Hattisburg is not the biggest city, it has some of the best art and cultural events in southern Mississippi. The Saenger Theater in downtown hosts plays, musical artists, and conventions. The Historic Downtown Association holds an art walk several times a year to support local artists and downtown small businesses. The town also holds festivals for families, a Rennaissance Festival, a yearly concert for students of the local college, a craft beer festival, and more. Being highlighted for its youth development programs and community focus, Hattiesburg was named 2015â&#x20AC;&#x2122;s Most Livable Cities in America at the U.S. Conference of Mayors.

PROPERTY DESCRIPTION

D E M OG RA PHIC STAT I ST I CS

CO LU M B IA CO R NE R S

1 MILE

3 MILE

5 MILE

1,641 1,690 1,824 -2.90% -7.35% 41

8,271 8,527 9,226 -3.00% -7.58% 164

10,841 11,191 12,180 -3.13% -8.12% 187

1,126 508 16 18 0 23 0

4,622 3,689 38 63 3 112 0

6,418 4,520 42 68 5 136 0

582 603 663 -3.48% -9.05% 379 223 $57,863 $28,845

3,022 3,121 3,398 -3.17% -8.15% 2,087 1,034 $57,501 $31,835

3,979 4,113 4,500 -3.26% -8.60% 2,890 1,223 $56,853 $32,814

271 119 55 55 30 22 23 27

1,305 663 351 292 104 112 199 93

1,642 935 513 359 152 161 245 108

Population: 2023 Projection 2018 Estimate 2010 Census Growth 2018-2023 Growth 2010-2018 2018 Population Hispanic Origin

2018 Population by Race: White Black Am. Indian & Alaskan Asian Hawaiian & Pacific Island Other U.S. Armed Forces:

Households: 2023 Projection 2018 Estimate 2010 Census Growth 2018 - 2023 Growth 2010 - 2018 Owner Occupied Renter Occupied 2018 Avg Household Income (National Avg - $75,558) 2018 Med Household Income (National Avg - $53,889)

2018 Households by Household Inc: <$25,000 $25,000 - $50,000 $50,000 - $75,000 $75,000 - $100,000 $100,000 - $125,000 $125,000 - $150,000 $150,000 - $200,000 $200,000+ Demographic data Â© CoStar 2018

PROPERTY DESCRIPTION

CONFIDENTIALITY AGREEMENT 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 STRIVE and it should not be made available to any other person or entity without the written consent of STRIVE. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to STRIVE. This offering memorandum has been prepared to provide summary, unverified financial and physical 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. STRIVE has not made any investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenantâ&#x20AC;&#x2122;s plans or intentions to continue its occupancy of the subject property. The information contained in this offering memorandum has been obtained from sources we believe to be reliable; however, STRIVE has not verified, and will not verify, any of the information contained herein, nor has STRIVE 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. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT STRIVE AGENT FOR MORE DETAILS.

Commercial Disclaimer STRIVE hereby advises all prospective purchasers of commercial property as follows: The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, STRIVE has not and will not verify any of this information, nor has STRIVE conducted any investigation regarding these matters. STRIVE makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided. As the Buyer of a commercial property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. STRIVE expressly denies any obligation to conduct a due diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a commercial property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any commercial property to determine to your satisfaction with the suitability of the property for your needs. Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenants and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenants history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term leases, including the likelihood of locating replacement tenants if any of the current tenants should default or abandon the property, and the lease terms that Buyer may be able to negotiate with any potential replacement tenants considering the location of the property, and Buyer’s legal ability to make alternate use of the property. By accepting this Marketing Brochure you agree to release STRIVE and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this commercial property.

Information About Brokerage Services

Texas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. TYPES OF REAL ESTATE LICENSE HOLDERS: • A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker. • A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker. A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents): • Put the interests of the client above all others, including the broker’s own interests; • Inform the client of any material information about the property or transaction received by the broker; • Answer the client’s questions and present any offer to or counter-offer from the client; and • Treat all parties to a real estate transaction honestly and fairly. A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION: AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner’s agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner’s agent must perform the broker’s minimum duties above and must inform the owner of any material information about the property or transaction known by the agent, including information disclosed to the agent or subagent by the buyer or buyer’s agent. AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant’s agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer’s agent must perform the broker’s minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by th e seller or seller’s agent. AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. A broker who acts as an intermediary: • Must treat all parties to the transaction impartially and fairly; • May, with the parties’ written consent, appoint a different license holder associated with the broker to each party (owner and • buyer) to communicate with, provide opinions and advice to, and carry out the instructions of each party to the transaction. • Must not, unless specifically authorized in writing to do so by the party, disclose: ӽӽ that the owner will accept a price less than the written asking price; ӽӽ that the buyer/tenant will pay a price greater than the price submitted in a written offer; and ӽӽ any confidential information or any other information that a party specifically instructs the broker in writing not to disclose, unless required to do so by law. AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH: • The broker’s duties and responsibilities to you, and your obligations under the representation agreement. • Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated. LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation for you to use the broker’s services. Please acknowledge receipt of this notice below and retain a copy for your records.

Regulated by the Texas Real Estate Commission

Information available at www.trec.texas.gov IABS 1-0

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