255 gateway investment offering - shane · 2018-04-25 · lease pending 4,150 46.11% jan-18 dec-22...

255 Gateway Drive, Bethlehem (Atlanta MSA), GA 770.481.1960 | www.shanegroup.net

255 GATEWAY

See accompanying Confidentiality Statement.

255 Gateway Drive, Bethlehem (Atlanta MSA), GA


255 GATEWAY


255 GATEWAY


INVESTMENT SUMMARY

AERIAL MAP

THE GATEWAY DEVELOPMENT

PHOTOGRAPHS

RENT ROLL

NEW HOUSING CONSTRUCTION

AREA MAPS

DEMOGRAPHICS

FINANCIAL SUMMARY

255 Gateway Plaza is a newly constructed multi-tenant retail/professional center in The Gateway at University Parkway, a 160

acre mixed use development, located in Bethlehem (Atlanta MSA), GA. The immediate area is developed with a variety of big box

anchors, retail uses, commercial highway uses, new 130 unit apartment development and new residential development. Completed

in mid-2017, the center consists of 9,000 GLA on +1 acre with 58 parking spaces. Two professional tenants, Salyer Orthodontics

(10-year lease) and Bethlehem Dentistry (7-year lease) occupy 50% of the center. Leases are pending on the remaining space and

the seller will provide up to a 12-month rent guaranty on this spaces in the event rent has not commenced at the time of sale.

Located in 160-acre, Mixed-Use Development

Long-Term Leases: over 50% of center is 7 to 10 Years

Professional Uses - Stable Tenancy

New Construction - Delivered in mid-2017

Ease of Management: 3-Tenant Center

Bethlehem is located in Barrow County, the 24th fastest growing county in the nation. There are over 135,000 people within the

10-mile trade area with an average HH income over $65,000. Additionally, there is a very strong daytime population of over

11,700 employees within 5 mile and over 30,952 within 10 miles.

Located approximately 40 minutes from downtown Atlanta and 20 minutes from the college town of Athens in the growing

northeast Atlanta metro market, the center is located on the main thoroughfare between Atlanta and Athens. 255 Gateway is

located in the prime retail commercial district which has existing and planned retail development in excess of 600,000 square feet.

Existing anchor and national retailers in the immediate market area include Target, Publix, Home Depot, Carmike Cinemas and

PetSmart plus additional service and medical tenants.

BUILDING: 9,000 SF | LAND: + 1.0 ACRES | YEAR BUILT: 2017


255 GATEWAY


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Subject

https://www.google.com/maps/place/US-29+%26+University+Pkwy+%26+Hwy+81,+Georgia+30680/@33.9440722,-83.7537917,17z/data=!4m5!3m4!1s0x88f5dcd720b61eb3:0xa121dc677f12574!8m2!3d33.9460036!4d-83.7543496


255 GATEWAY


INVESTMENT SUMMARY

AERIAL MAP


PHOTOGRAPHS

RENT ROLL


AREA MAPS

DEMOGRAPHICS

FINANCIAL SUMMARY

Subject


255 GATEWAY


INVESTMENT SUMMARY

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Steel Frame with Brick and EIFS Exterior Construction


255 GATEWAY


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Total 58 Parking Spaces—6 per 1,000 SF


255 GATEWAY


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Brick and EFIFS Construction Brick and EIFS Construction

End Cap Unit Brick Construction


255 GATEWAY


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Athens Regional Medical Center New 67 Room Holiday Inn Express

Center Monument Sign Adjacent to New 60-Bed Gateway Gardens Assisted Living


255 GATEWAY


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12 Screen Carmike Cinemas Longhorn Steakhouse

Wendy’s

Chick-fil-A


255 GATEWAY


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START EXPIRATION

Salyer Orthodontics 3,000 33.33% Apr-17 Mar-27 $66,000 $22.00 $13,500 5% yr 6

Bethlehem Dentistry 1,850 20.56% Oct-17 Dec-24 $38,850 $21.00 $8,325 $0.50 psf/yr

Lease Pending 4,150 46.11% Jan-18 Dec-22 $87,150 $21.00 $18,675 Fixed

9,000 $40,500

Occupied 100% 9,000 100.00% $192,000 $21.33 $40,500

Vacant %

TENANT

200

300

2 x 5

2 x 5

OPTIONS

None100

ANNUAL

RENT/SQ. FT. ESCALATIONS

ESTIMATED

RECAPTURE

SQUARE

FOOTAGE

ANNUAL

BASE RENT

% OF

CENTER

LEASE TERM

SUITE

Seller will provide up to a 12 Month Rent Guaranty for Suite 300 if Rent has not commenced at

Closing

$192,000


255 GATEWAY


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B u i l d i n g

Price: 2017

Down Payment: 35.00% Building Square Feet: 9,000

7.05% Land Parcel (Acres): 1.02

7.05%

$302.78

$21.33

First Loan Amount:

Interest Rate: 4.75%

Amortization: 20

Term: 5

Monthly Payment:

Current Rents

192,000$ 19,440$

- 2,250

40,500 2,000

232,500$ 1,600

- 3.5% 6,720

232,500$ 4,000

40,310 1,800

192,190$ 750

137,355 400

54,835$ 5.7% 1,350

54,395 -

109,230$ 11.5% 40,310$

Per Rentable Square Foot: $4.48

Taxes

Less Expenses

Utilities (Parking Lot Lights)

Insurance

Utilities (Canopy Lights/Marquee Sign)

Landscaping/Sweeping

Management

$953,750

Year Built:

Current CAP:

F i n a n c i a l

$2,725,000

Market CAP:

Cost per Gross Square Foot:

Salyer Orthodontics (10-year Lease)

Bethlehem Dentistry (7-year Lease)

T e n a n t s

Annual Rent per Square Foot:

Pre Tax Cash Flow

Gross Operating Income

Total Income

Plus Recapture

Total Return Before Taxes

Less Vacancy

Total Expenses

Gateway Association Fees

$1,771,250

L o a n I n f o r m a t i o n

Plus Principal Reduction

Loan Payments

$11,446.24

R e t u r n

Net Operating Income

E x p e n s e s

Capital Reserves ($0.15 PSF)

Scheduled Gross Income

Plus Overage

Trash / Dumpster

Misc Repairs

*Note: Loan Information is proposed for analyses purposes only.

Buyer may obtain new loan or complete an all cash acquisition.


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Pointe South—120

Miller’s Lake—102

Roxywood - 160

Stonewilde—130

Apartments—120

Martins Crossing—32

Turtle Creek—320

Embassy Walk—141

Hearthstone— 43

Karrilla Gardens—68

Unnamed—63

Georgia Club—620

Lakewood Village—13

Azalea Ridge—16

Luke Estates—9

Jefferson Station—21

Diamond Ridge—32

Paynes Spring—83

Wheatherstone—30

Calgary Downs—124

Pinnacle—76

Northside Commons—30

The Creeks—26

Shoal Creek—32


255 GATEWAY


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Easy Highway Access

Strategically located between Atlanta and Athens (University of Georgia)

Subject

Subject


255 GATEWAY


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Three Miles Five Miles Ten Miles Notes

2017 Population 14,105 40,563 138,195 2010 Population 12,526 36,594 121,654 5 Year Projected 15,524 44,126 151,574 Growth Over the Past 5 Years 12.61% 10.85% 13.60%Projected Growth Over the Next 5 Years 10.06% 8.78% 9.68%

2017 Households 4,598 13,753 46,244 % Owner Occupied 75% 65% 71%% Renter Occupied 18% 27% 22%2010 Households 4,138 12,547 41,221 5 Year Projected 5,029 14,875 50,475 Growth Over the Past 5 Years 11.12% 9.61% 12.19%Projected Growth Over the Next 5 Years 9.37% 8.16% 9.15%

2017 Average Household Income $65,514 $63,061 $70,455 5 Year Projected $74,512 $71,773 $80,535 Projected Growth Over the Next 5 Years 13.73% 13.82% 14.31%

Employment & Establishments

2017 Employees/Daytime Population 4,750 14,367 29,496 2017 Total Establishments 355 1,435 3,130

White 72.6% 73.7% 72.8%African American 15.4% 14.6% 17.0%Hispanic Origin (Any Race) 13.0% 11.5% 9.4%Native American/Alaska Native 0.3% 0.3% 0.3%Asian/Pacific Islander 3.8% 3.4% 3.4%Two or More Races 2.9% 2.8% 2.7%Other Race 5.0% 5.0% 3.8%

Race

Population

Households

Income

255 gateway investment offering - shane · 2018-04-25 · lease pending 4,150 46.11% jan-18 dec-22...

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