i cannery row m -u o d · 2020. 7. 27. · cannery row is a new infill mixed-use development on the...
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CANNERY ROW214 South Mill Road | Kennett Square, PA 19348
Exclusive Marketing Advisors:
Tess [email protected]
James [email protected]
1306 Wilmington Pike, Suite A-2 West Chester, PA 19382 610.359.1100 | www.zmcre.com
KNOWLEDGE . INTEGRITY . RESULTS .
O F F E R I N G M E M O R A N D U M
InvestmentOppOrtunIty
mIxed-usedevelOpment
KNOWLEDGE . INTEGRITY . RESULTS
1306 Wilmington Pike, Suite A-2 West Chester, PA 19382
610.359.1100www.zmcre.com
Tess [email protected]
James [email protected]
Commercial real estate is one of the most important and expensive financial transactions your business will make. The results of this complex process will affect your profits and productivity for years. Successful decisions will depend on much more than location and price. To achieve your goals, you need a real estate firm with a deep understanding of the market, a dedication to detail and the ability to negotiate aggressively and effectively.
Zommick McMahon Commercial Real Estate, Inc. has devoted Real Estate Specialists in the area of Investments, Office, Retail and Industrial Real Estate.
Whether you are purchasing a commercial property for your business or as an investment, the ZMCRE Team provides a deep understanding of the market, a dedication to detail and the ability to negotiate aggressively and effectively.
Marketing strategy is a series of unified actions that lead to a competitive advantage.
OFFERING MEMORANDUM: CANNERY ROW - KENNETT SQUARE 2
3OFFERING MEMORANDUM: CANNERY ROW - KENNETT SQUARE
TABLE OF CONTENTS
Executive Summary 4
Property Overview Photo 5
Property Photos 6
Site Location Aerial 7
Site Plan 8
Demographics & Traffic 9
Rent Roll - Multifamily 10
Rent Roll - Retail / Office 11
Market Overview 12
214 South Mill Road | Kennett Square, PA 19348
EXECUT IVE SUMMARY
4OM | CANNERY ROW - 214 SOUTH MILL ROAD | KENNETT SQUARE, PA 19348
Cannery Row is a new infill mixed-use development on the site of a former mushroom cannery. Located adjacent to Magnolia Place, which features 79 townhomes and 33 apartments, along with Victory Brew Pub. Cannery Row offers a walkable destination for Kennett Square’s thriving downtown and consists of three (3) buildings totaling ± 34,899 square feet of gross building area and ± 28,207 square feet of net rentable area. Building “A” totals 25,500 square feet and consists of eleven (11) apartment units and four (4) commercial tenants. Building “B” totals 2,975 square feet and has two (2) commercial tenants. Building “C” totals 6,424 square feet and has three (3) apartment units and two commercial tenants.
Address 214 South Mill Road Kennett Square, PA 19348
Lot Size ± 5.6 Acres
GLA ± 28,207 SF
NOI $470,000
Price $9,200,000
PROPERTY OVERVIEW PHOTO
5OM | CANNERY ROW - 214 SOUTH MILL ROAD | KENNETT SQUARE, PA 19348
N
SITE
PROPERTY PHOTOS
6OM | CANNERY ROW - 214 SOUTH MILL ROAD | KENNETT SQUARE, PA 19348
SITE LOCAT ION AERIAL
7OM | CANNERY ROW - 214 SOUTH MILL ROAD | KENNETT SQUARE, PA 19348
SITE
W Cypres St
W Cypres St
W Cypress St
W Cypress St
Old Baltimore Pike
Old Baltimore Pike
Old Baltimore Pike
Old Baltimore Pike
N
N Mill RdN Mill Rd N Mill RdN Mill Rd
SITE PLAN
8OM | CANNERY ROW - 214 SOUTH MILL ROAD | KENNETT SQUARE, PA 19348
SITEW
Cypress StW
Cypress St
N Mill RdN Mill Rd N Mill RdN Mill Rd
Old Baltimore Pike
Old Baltimore Pike
DEMOGRAPHICS & TRAFF IC
DEMOGRAPHICS 1 MILE 3 MILE 5 MILE
TOTAL POPULATION 8,477 22,152 48,309
AVERAGE HHI $101,386 $137,985 $142,847
TOTAL HOUSEHOLDS 2,729 7,421 16,855
9
REGIONAL MAP
SITE
N
N
LOCAL MAP
SITE
N
SITEW Cypress St ±6,226 VPDW Cypress St ±6,226 VPD
Old Baltimore PkOld Baltimore Pk ±7,012 VPD±7,012 VPD
±10,306 VPD±10,306 VPD
OM | CANNERY ROW - 214 SOUTH MILL ROAD | KENNETT SQUARE, PA 19348
RENT ROLL - MULT IFAMILY
10OM | CANNERY ROW - 214 SOUTH MILL ROAD | KENNETT SQUARE, PA 19348
# Building Unit/Tenant Unit Type/Suite SF Leased Contract Rent Lease Expiration Annual Esculations
1 A 201 1BD/1BA 547 $1,400
2 A 202 1BD/1BA 547 $1,050
3 A 203 1BD/1BA 547 $1,200
4 A 204 1BD/1BA 547 $1,130
5 A 205 1BD/1BA 547 $1,100 6/30/20 Finding new tenants
6 A 206 1BD/1BA 547 $1,150 6/30/20 Finding new tenants
7 A 207 1BD/1BA 547 $1,150
8 A 301 2BD/1BA 974 $1,400
9 A 302 2BD/1BA 974 $1,450
10 A 303 2BD/1BA 974 $1,400
11 A 304 2BD/2BA 974 $2,175
12 C 233 2BD/2BA 974 $1,500
13 C 232 2BD/2BA 974 $1,650
14 C 231 2BD/2BA 974 $1,650
Total Vacant 0 $0
Total Occupied 10,647 $19,405
Totals/Avg 10,647 $19,405
Occupancy/Annual GPR 100.00% $232,860
RENT ROLL - RETA IL / OFF ICE
11OM | CANNERY ROW - 214 SOUTH MILL ROAD | KENNETT SQUARE, PA 19348
# Building Unit/Tenant Unit Type/Suite
SF Leased-
Rent/SFYear
BaseRent/Year
Lease Commencement
Lease Expiration
AnnualEscalations
CAM (% Base Rent)
Tenant Reimbursements
Retail Space
1 A Revolution Boxing 101 2,137 $19.50 $41,672 9/1/19 12/22/23 Added 3 months to end reduced rent through dec 2020 $2500 3.90% Pro-rata Share
2 A Yoga Secrets 102 2,018 $20.00 $40,360 10/1/19 8/23/25 3.00% Pro-rata Share
3 A Textile Boutique 103 892 $20.00 $17,840 10/1/18 9/23/21 Deferred 3 months over 10 months starting 8/1 3.75% Pro-rata Share
4 B Kennett Square Eye Care 112 1,785 $26.89 $47,999 4/1/19 5/1/29 3.75% Pro-rata Share
5 B Evergreen Café 111 909 $22.00 $19,998 1/1/19 12/1/23 3.90% Pro-rata Share
6 C Action Potential 121 1,620 $22.00 $35,640 1/1/20 3/31/27 Added 1 month to end 2.50% Pro-rata Share
7 C Health & Wellness 122 1,620 $22.00 $35,640 7/1/20 6/30/23 2.50% Pro-rata Share
Office Space
8 A Robinhurst Inc 104 6,559 $21.69 $142,245 8/1/19 8/24/28 3.75% Pro-rata Share
Total Vacant 0 $0.00 $0
Total Occupied 17,540 $21.74 $381,393
Totals/Avg 17,540 $21.74 $381,393
MARKET OVERVIEW
12
CHESTER COUNTY OVERVIEW TOP EMPLOYERS
ENTERTAINMENT & ATTRACTIONS
POPULATION522,046
MEDIAN HHI$99,119
MEDIAN AGE40.6
EMPLOYEES277,332
• Chester County is located in southeast Pennsylvania in the Philadelphia Metropolitan Area.• Chester County is 759 square miles or approximately 485,600 acres in size.• Chester County is the 7th most populated county in Pennsylvania (2010 Census).
1. Vanguard Group Inc2. QVC Network Inc3. County of Chester4. Federal Government5. The Chester County Hospital6. Giant Food Stores LLC7. Main Line Hospitals Inc8. PA State Systems of Higher Ed9. YMCA of Greater Brandywine Valley10. The Devereux Foundation
OM | CANNERY ROW - 214 SOUTH MILL ROAD | KENNETT SQUARE, PA 19348
KNOWLEDGE . INTEGRITY . RESULTS
1306 Wilmington Pike, Suite A-2 West Chester, PA 19382
610.359.1100www.zmcre.com
Tess [email protected]
James [email protected]
OFFERING MEMORANDUM