kimco exchange place - for additional information call 212-972-7456 ...

KIMCO EXCHANGE PLACE - FOR ADDITIONAL INFORMATION CALL 212-972-7456 X 11 OR GO TO WWW.KIMCOEXCHANGEPLACE.COM 9/25/2003 1 

BLDG. 

LAND LEASE LEASED RENT ESCALATIONS CAP SALES 

TENANT CITY ST SIZE TYPE THROUGH NOI AND OPTIONS RATE PRICE NOTES 

Wendy's 

Ground Lease 

Video Warehouse 

Del Taco 

Ground Lease 

Ponderosa Steakhouse 

Ponderosa Steakhouse 

Charleston Blvd & 

Burnham Avenue 

Las Vegas NV 3,018 sf NNN 6/30/2008 $28,714 

1664 N. Center 

Ave (Route 601) 

Somerset PA 

7,560 sf 

.817 acres NN 8/31/2011 $75,600 

Charleston Blvd & 

Burnham Avenue 

Las Vegas NV 2,458 NNN 10/31/2018 

499 South Indiana 

Street 

Mooresville IN 

12555 Rockside 

Rd, Garfield Hts 

(Cleveland) 

OH 

$47,040 as 

of 10/31/03 

6,770 sf 

1.46 acres NNN 12/31/2013 $69,000 

5345 sf 

1.9 acres NNN 8/31/2017 $75,000 

Rent increases annually by 

CPI in base term and 2(5) 

year options 5.74% $500,000 

$75,600 Years 1-5 

$83,160 Years 6-10 10.00% $756,000 

Rent increases by CPI every 

5 years in the primary term 

and 2 (5) year options (not 

to exceed 12% each 

increase); Percentage rent is 

equal to the amount by which 

5% of the tenant's sales 

exceeds base rent ($840,000 

breakpoint) 6.00% $784,000 

$69,000 for 2003 

$75,000 Years 2-3 

$78,000 Years 4-6 

$81,000 Years 7-11 8.10% $925,000 

$75,000 rent starts 12/1/02 

Rent increases 2% annually 

including in the 3 (5) year 

options. 5% percentage rent 

over natural breakpoint. ( 

12th month's rent abated - 

8/03 but will be credited back 

to buyer at closing) 8.00% $935,000 

This Wendy’s is a pad site to the 234,496 square foot Charleston Plaza Shopping 

Center, which is anchored by a 105,407 square foot Rodeo Discount Mall, Albertson’s 

Supermarket and Lucky’s. Other retailers in Charleston Plaza include Factory 2-U 

Stores, GreenBacks Doll, Hollywood Video, Casa de Caldero, Susies Deals, United 

Coin Machine, Best Price Fashions, Purrfect Auto, Payless Shoe, Del Taco, La 

Taqueria, Allegiance Staffing, Dollar King, Avons Products, Pizza Hut, Little Caesars, 

H&R Block, Sandra’s Beauty Salon and others.Please note that at $9.51 psf, this 

property is significantly below market and has a total remaining term (including 

options) of only 15 years. Wendy’s of Las Vegas, Inc., is a wholly owned subsidiary 

of Wendy's International, Inc. (NYSE:WEN). For the fiscal year ended December 

2002, sales were $2.730 billion, an one year increase of 14.2%. Net income was 

$218.8 million, an increase of 13%. 

This freestanding building was built in 1994 an is of concrete block construction and 

contains a large pylon sign. The property contains 35 parking spaces. It is located 

on the east side of Route 601 just north U.S. Route 70/76 interchange and has 

excellent visibility. Route 601 is fully developed with retail, restaurants and hotels. 

Property is free & clear of debt and environmentally clean. Lease is guaranteed by 

Super Video, Inc. Video Warehouse is the largest independent video retailer in the 

greater Washington, DC metropolitan area, currently operating approximately 50 

stores in the mid-Atlantic states. It enjoys substantial market share and has a loyal 

and growing customer base. 

This Del Taco Restaurant contains 2,458 square feet and is a pad site to the 234,496 

square foot Charleston Plaza Shopping Center, which is anchored by a 105,407 

square foot Rodeo Discount Mall, Albertson’s Supermarket and Lucky’s. Other 

retailers in Charleston Plaza include Factory 2-U Stores, 

GreenBacks Doll, Hollywood Video, Casa de Caldero, Susies Deals, United Coin 

Machine, Best Price Fashions, Purrfect Auto, Payless Shoe, Wendy’s, La Taqueria, 

Allegiance Staffing, Dollar King, Avons Products, Pizza Hut, Little Caesars, H&R 

Block, Sandra’s Beauty Salon and others. Sales at this location 

are currently $330 psf. Del Taco, Inc. is the #2 quick-service Mexican chain in the US 

(behind YUM! Brands Taco Bell division), with more than 400 locations in a dozen 

states. Sales for 2002 were $266 million, a one year sales growth of 

1.5%. Most of Del Taco's locations are company-owned. 

This freestanding Ponderosa Steakhouse contains approximately 6,770 square feet 

on 1.46 acres and is located directly across from a Kroger supermarket. The building 

was built in 1981 and is scheduled for remodeling this year to Ponderosa’s “New 

West” prototype. The property has 255 seats and 185 parking spaces. Sales at this 

location have averaged approximately $997,031 over the last 3 years. Sales are 

anticipated to increase once the remodel is completed 

The building was built in 1980 and is being remodeled in 2002/2003. Square footage 

will increas approximately 1,000 sf as a result of the remodel. Traffic count of 20,153 

vehicles daily. Nearby retailers include the Garfield Mall, K-Mart, Walgreen's, Arthur 

Treacher's, Arby's, Denny's and Pizza Hut. Tenant is Fast Family Casual, Inc. This 

franchisee operates about 17 Ponderosa Steakhouses in OH and FL and 3-4 local 

restaurant concepts in the Cleveland market. This franchisee has 2 managing 

partners (principals) with a very strong net worth who have guaranteed the lease. 

This is the #2 franchisee in the Ponderosa system. 

(This information was obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy. Purchaser must independently confirm the accuracy and completeness of this information.)


BLDG. 



Rite Aid 

(Sublet to Family Dollar) 

Rite Aid 

(Sublet to Dollar General) 

Miracle Fitness - Leasehold 

Jack in the Box - Ground Lease 

(Under Contract) 

7461-65 Jefferson 

Street, Pulaski, 

13142 NY 

352 Second 

Avenue, Elizabeth, 

15037 PA 

161 North Reino 

Road 

Thousand Oaks 

91320 CA 21,000 sf NNN 

SW Corner Riggs 

& McQueen 

Roads 

Phoenix 

(Chandler) AZ 

7,195 sf 

.95 acres NN 6/30/2006 $92,096 

7,076 sf 

.534 acres NN 7/31/2005 $93,403 

2,553 sf 

.55 acres NNN 

Tenant Lease - 

5/31/2006; 

Ground Lease- 

8/31/05 $147,000 

20 years from 

rent 

commencement 

- 

expected to 

be August 

2003 $60,000 

$93,535 Base Rent 

Percentage Rent = 2% over 

2.5% natural breakpoint 

($3,741,400 ) 

5 (5) year options. Each 

option increases by $5,000 

$94,818 Base Rent 

Percentage Rent = 2% over 

2.5% natural breakpoint 

($3,792,720) 

6 (5) year options. Each 

option increases by $3,538 

$147,000 to 5/31/03 

$168,000 to 5/31/06; 

3 (5) year options: 

To 5/31/08 - $193,200 

To 5/31/11 - $215,250; 

To 5/31/16 - $247,538 

To 5/31/21 - $284,668 

See flyer for ground rent 

details and cashflow 

11% cap unleveraged 

on base 

rent 

of $93,535; 

Cash on 

cash is 

5.78% 

based on 

cash flow of 

$25,365 

11% cap unleveraged 

on base 

rent of 

$94,818 

Cash on 

cash is 

5.45% 

based on 

cash flow of 

$23,519 

$850,000 

Equity 

required = 

$439,161 

$862,000 

Equity 

required = 

$431,747 

10.48% 

after 

$70,000 

Ground rent 

payment $935,000 

Rent increases 10% every 5 

years in the primary term and 

the 2 (5) year options. 6.00% $1,000,000 

The property consists of a masonry and glass 7,195 square foot building built in 1991 

on approximately .95 acres. The property is located in downtown Pulaski near other 

retailers including P&C Foods, Dunkin Donuts, Mr. Sub Sandwich Shop, Dollar Depot 

Inc., Country Gift Shoppe, River Street Lodge, Fish on Motel, Yankee Fly & Tackle. 

Rite Aid Corporation (NYSE:RAD) is the nation’s #3 drug store chain and operates 

about 3,400 stores in 28 states. Total annual sales for 2002 were in excess of $15 

billion, a sales growth of 4.5%. Net income for 2002 was $828 million. This property 

has been sublet to Family Dollar (NYSE:FDO) operates more than 4,700 stores in 42 

states and the District of Columbia. For the year ended August 2002 sales were 

$4.162 billion, a one year sales growth of 13.6%. Net income for the same period 

was $216.9 million, a one year growth of 14.5% 

The property consists of a 7,076 square foot masonry block building on .534 acres 

which was built in 1990. The property is located in downtown Elizabeth (Pittsburgh 

Metro area) at the corner of Second Street and McKeesport Rd., at the lower end of 

the exit/entrance ramp of State Rte. 51. It is clearly visible from both Second and 

Third Streets. It is situated near professional and medical offices, the Public Library 

and the Greyhound/Local Lines bus terminal. Major plants in the area include USX, 

Clairton Works, Hercules and the Ashland Oil Facility. Rite Aid Corporation 

(NYSE:RAD) is the nation’s #3 drug store chain and operates about 3,400 stores in 

28 states. Total annual sales for 2002 were in excess of $15 billion, a sales growth of 

4.5%. Net income for 2002 was $828 million. This property has been sublet to Dollar 

General (NYSE:DG) which commands a chain of about 6,000 discount stores in 27 

states, primarily in the Southeast and Midwest. 2002 sales were $5.323 million, a one 

year sales growth of 17%. 2002 net income was $208 million, a one year growth of 

193.9%. 

The Miracle Fitness center is located next to a newly completed 3000 unit single 

family housing development, community facilities, schools and a brand new 

Albertson’s grocery anchored shopping center. For sale is the sandwich leasehold 

interest subject to the tenant lease and a ground lease with a remaining term of 28 

years. The tenant, Miracle Fitness, is a local operator of this fitness facility. 

Jack in the Box is a pad site at the Fry's Marketplace Shopping Center, which is 

anchored by Fry's Marketplace. Other tenants include Subway, Hollywoord Video, 

Great Clips and a Nail Salon. The lease is guaranteed by Jack in the Box, Inc. 

(NYSE: JBX). Guarantor has an S & P rating of BB+ with stable outlook. 



BLDG. 



2 Freestanding NN Properties 

RAC Rent-A-Center & Green Tea 

Chinese Restaurant 

(* Can also be purchased with 

adjacent 15 unit self-storage facility 

not included in square footage) 

Olive Garden 


Pizza Hut 

Logan's Roadhouse 

Ground Lease 

910 & 918 

International 

Speedway Blvd 

Daytona Beach FL 

McAllister Road & 

Ashbury Blvd on I- 

35, Burleson 

76015 TX 

2117 S. 

Waukesha 

Bonifay 32425 FL 

Hwy I-35, Between 

McAllister & 

Ashbury, Burleson 

76015 TX 

7,000sf 

1.28 acres NN 

7,405 sf 

1.635 acres NNN 

RAC - 8/07 

Green Tea - 

10/10 

RAC = 

$60,000; 

Green Tea = 

$28,000; 

Self-storage = 

$48,000 

5/1/2013 

(anticipated 

commencement 

5/1/03) $75,000 

3,750 sq ft 

1 acre NNN 8/31/2021 $87,793 

8,000 sf 

1.4 Acres NNN 8/31/2023 $75,000 

RAC - flat until options, 1 (5) 

year option @68,400; 

Green Tea - 3% annual 

escalations, no options 

8.88% 

before 

reserves; 

with selfstorage 

cap 

will be 

11.33% 

RAC+ Green 

Tea = 

$1,000,000; 

Total price 

with selfstorage 

= 

$1,200,000 



the 4 (5) year options. 6.25% $1,200,000 

Rent increases by 2 times 

the cumulative CPI every 5 


4 (5) year options (not to 

exceed 5% each increase) 

7.1% cap 

unleveraged; 

Coc is 6% 

based on 

cash flow of 

$30,785 $1,236,521 



the 4(5) year options 6.00% $1,250,000 

Rent-A-Center has been at this location for eight years and recently renewed for 5 

additional years. The freestanding Green Tea Chinese Restaurant is 3,000 square 

feet located on the same piece of land. The Green Tea building has just been 

remodeled including new ceiling tile, floor tile, kitchen walls, hood, air conditioning 

unit, paint, signs, drive thru and landscaping for a total of about $75,000. The 

restaurant has recently signed a new lease for 10 years. An adjacent fifteen unit selfstorage 

facility with an stabilized NOI of approximately $48,000 can be acquired for 

an additional $200,000. Rent-A-Center (formerly Renters Choice) became the #1 

operator of rent-to-own stores in the US through a long string of acquisitions. 

Nationwide, the company owns and operates nearly 2,300 stores and franchises an 

additional 340 through subsidiary ColorTyme. For the fiscal year ended December 

2001 sales were $1,808,500,000, a one year sales growth of 12.9%. 2001 net 

income was $66,200,000, a one year net growth of 35.7%. Green Tea is a locally 

owned and operated Chinese Restaurant. 

The Olive Garden is a pad site to the Gateway Station Shopping Center, which is 

anchored by Kohl’s, Linens N Things, Staples, Michaels and Ross Stores. Other 

retailers at this center include AT&T Wireless, Claire’s Boutiques, Dress Barn, 

Famous Footwear, Mattress Giant, PetSmart, Pier 1 Imports and Subway. 

Tenant is GMRI of Texas, a wholly owned subsidiary of Darden Restaurants, the #1 

casual-dining restaurant operator in the world. GMRI of Texas operates 

approximately 100 restaurants in Texas and accounts for 7% of Darden’s income. 

Darden Restaurants is home to the 640 unit chain of Red Lobster, the 490 unit Olive 

Garden, as well as the 29 Bahama Breeze Caribbean restaurants. Sales for 2002 

are $4,368,700,000, a one year sales growth of 8.6%. Net income for 2002 is 

$237,800,000, a 1 year growth of 20.7%. 

This Pizza Hut, the new building prototype, opened in April 2000. The property is 

convenient to State Highway 79 off the ramp of I-10. I-10 is a major freeway running 

from Florida to California. Other nearby retailers include Exxon, Chevron, 

McDonald’s and lodging facilities. The building contains 3,750 square feet on 1.00 

acres, has a seating for approximately 100 with 37 parking spaces. Tenant is NPC 

International, Inc, the nation’s largest Pizza Hut franchisee and was ranked 47th in 

Nation’s Restaurant News Top 100 Food Service Companies. NPC generated sales 

of $425 million for 2002. Net income was $12 million. NPC sales account for 

approximately 12% of the entire Pizza Hut’s system’s revenue. NPC currently owns 

over 800 Pizza Hut restaurants employing over 17,000 employees in 27 states. The 

company also owns a stake in Romacorp, which operates Tony Roma’s casual dining 

chain. The company was public (NASDAQ: NPCI) until taken private in by its 

chairman in August, 2001. 

This new Logan’s Roadhouse, Inc. contains 8,000 square feet and is located on a 1.4 

acre parcel. The property is a pad site to the Gateway Station Shopping Center, 

which is anchored by Kohl’s, Linens N Things, Staples, Michaels, PetsMart, Pier 1 

Imports and Ross Stores. Other retailers at this center include AT&T Wireless, 

Claire’s Boutiques, Dress Barn, Famous Footwear, Mattress Giant, and Subway. 

Traffic counts at this location average 196,000 vehicles per day. Logan's 

Roadhouse, Inc. operates 85 company-owned and 12 franchised casual-dining 

restaurants in 17 states, mostly in the Southeast and southern Midwest. Designed to 

resemble roadhouses from the 1930s to the 1950s, the restaurants' exteriors are 

highlighted with rough-hewn cedar siding, corrugated metal, and neon. Inside, 

patrons listen to Wurlitzer jukeboxes and eat peanuts. Logan’s Roadhouse was 

acquired by CBRL Group(NASDAQ: CBRL), the owner of the Cracker Barrel Old 

Country Store restaurant chain (470 units) in 1999. For the fiscal year ended July 

2003, CBRL posted sales of $2.198 billion, a one year inc 



BLDG. 



KFC 

Ground Lease 

Chesapeake Plaza - Grocery 

Anchored Shopping Center 

Allegheny Ludlum (Technologies) 

Single Tenant Office Building 

SWC Shea & 

Saguaro Blvds 

Fountain Hills 

85268 AZ 

1 Chesapeake 

Plaza ( US 52/3rd 

Ave) Chesapeake 

45619 OH 

609 Epsilon Drive, 

RIDC Industrial 

Park, Fox Chapel 

(Pittsburgh) 15238 PA 

3,230 sf 

.86 Acres NNN 11/30/2022 $76,000 


years including the 4 (5) year 

options 6.00% $1,266,670 

39,035 sf 

4.15 acres NN Varies $139,250 Varies (See Flyer) 10.00% $1,392,500 

12,741 sf 

2.295 acres 

Full 

Service 

Gross 8/31/2006 $131,124 

1 (5) year option with bump 

based on annual cumulative 

CPI (estimated @ 15%) 8.50% $1,542,635 

This KFC contains 3,230 square feet and is located on a 37,331 sf parcel. The 

property is a pad site to the 306,838 square foot (when fully developed) Four Peaks 

Plaza Shopping Center, which is anchored by Walgreen’s, Pier 1 Imports, Petco, 

Famous Footwear and a 125,381 square foot Target. Other retailers include Checker 

Auto, Subway, Cost Cutters, Hollywood Video, Nextel, Sally Beauty Supply, Sleep 

America and Alisen Nails. Other nearby retailers include Fry’s Supermarket, Bank of 

America, Mc Donald’s, Denny’s, Baskin Robbins, Wendy’s, Arby’s, Taco Bell and 

Comfort Inn. 2002 traffic counts are 22,400 vehicles per day on Shea Blvd and 

17,200 on Saguaro Blvd.KFC of America, Inc., is a California corporation and 

subsidiary of Yum! Brands, Inc. (NYSE:YUM). Yum! Brands, Inc. is the world's 

largest restaurant company in terms of system units, with nearly 33,000 restaurants 

around the world in more than 100 countries and territories. For the fiscal year 

ended December 2002 sales were $7.757 billion, a one year growth of 11.6%. 2002 

net income was $583 million, a growth of 18.5%. 

Chesapeake Plaza is located on old US 52 in Chesapeake Ohio. It contains 39,035 

square feet on4.15 acres and is anchored by a 17,902 sf Save-A-Lot supermarket 

and a 6,000 sf Dollar General store, both of which are doing well. Save-A-Lot sales 

at this location are $3,955,528 ($221 psf), as of 2001. This grocery anchored 

neighborhood shopping center is convenient to traffic from 

Chesapeake, OH, Huntington, W. VA and Ashland, Kentucky. The population within 3 

miles is 56,198, 5 miles is 77,175 and 10 miles is 150,183. Chesapeake Village 

Town Hall, the US Post Office and Chesapeake Family Medical are in the immediate 

vicinity. Nearby retailers include 

CVS, Bob’s Tires, US Bank, C Store, Monty’s Pizza, Citgo, Dave’s Tire City and Auto 

Sales. **Note that 3.75 acres of adjacent land can be purchased for an additional 

$187,500. Allegheny Ludlum Corporation is a wholly owned subsidiary of Allegheny 

Technologies, Inc. (NYSE: ATI). For the fiscal year ended December 2002 sales 

were $1,907.8 million, a one year growth of 10.3%. 2002 net income was $65.80 

million. 

The Allegheny Ludlum Office Building is a one-story structure containing 12,741 

square feet, which houses the accounts payable department for the entire company. 

This department was relocated from downtown Pittsburgh in September 1996. The 

building was built in 1975 and is situated on 2.295 acres in the RIDC Industrial Park 

which contains almost 100 companies, including Aerotech, Eckerd Regional Office, 

Giant Eagle, Inc., Mine Safety Appliances, Holiday Inn, Max & Ermas, Pitney Bowes, 

Siemens, U of Pittsburg Computer Center, Westinghouse, et al. The building is 

located in Fox Chapel, the premier residential area in north Pittsburgh, which is 

conveniently located near major transportation routes and area employers . This 

property is situated directly off Highway 28 (the Allegheny Valley Expressway), 20 

miles from the Pittsburgh International Airport and one exit south of the Pennsylvania 

Turnpike. The foundation is reinforced concrete and exterior walls are concrete block 

with brick facade. The entire building is sprinklered. Approximately $162,000 was 

spent on renovations in 1996. 



BLDG. 



Tire Kingdom 


Sutherland's Friendly Home 

Improvement 

Pizza Hut 

JC Penney w/ Freestanding Auto 

Center - Leasehold Interest 

Capital Circle Dr. 

Tallahassee FL 

4015 Cy Street 

Casper 82604 WY 

2222 West Main 

Street, Tupelo 

38801 MS 

6,600 sf 

1 acre NNN 

15 years from 

rent 

commencement 

- 

expected to 

be 2/1/03 $135,000 

74,528sf 

6.83 acres NNN 11/30/2007 $150,000 

3,476 sq ft 

.7 acre NNN 8/31/2021 $118,672 

Rolling Acres Mall 

2400 Romig Rd 179,233 sf 

Akron OH 12.45 acres NNN 11/00/2005 $204,192 

Primary Term: 

Years 1-5 $135,000 

Years 6-10 $145,000 

Years 11-15 $157,000 

4 (5) Year Options: 

Options 1, 2 & 3 $157,000; 

Option 4 $171,000 8.50% $1,588,200 

Rent is $150,000 to 

11/30/04; $120,280 from 

12/1/04 to 11/30/07; annual 

debt service $83,424 

4 (3) year options at 

$120,280 flat 






9.1% Cap 

Unleveraged; 

12.1% CoC 

Rent is $204,192 ( flat), net 

of ground rent. (Ground rent 

of $63,750 paid directly by 

JC Penney to land fee 

owner.) 6 (5) year options @ 

$153,150 per year flat. 11.34% 

$1,650,000 

Equity 

required = 

$550,000 

7.1% cap 

unleveraged; 

Coc is 

5.67% 

based on 

cash flow of 

$42,357 $1,671,440 

$1,800,000 

($10.04 psf) 

The Tire Kingdom is an out parcel at Avery Park. Avery Park is a brand new office 

park on Capital Circle Drive, a main thoroughfare through Tallahassee with a daily 

traffic count in excess of 50,000. The tenant is TBC Corporation (Nasdaq:TBCC). 

The company is the nation’s largest private brand tire distributor, selling tires to a 

network of distribution centers in the US, Canada and Mexico. It also sells and 

services tires through its Big O Tires subsidiary. More than 500 Big O stores, mostly 

franchised, are located in about 20 primarily western states and Canada. TBC sells 

its tires under the Big O, Cordovan Multi-Mile, Vanderbilt/TurboTech and Sigma 

names, among others. Goodyear Tire & Rubber Company makes more than half of 

TBC’s tires. TBC also sells through its Tire Kingdom retail operation, with more than 

180 stores in the southeastern US. Sales for 2001 were $1,009,300 up 11.8% from 

the prior year. Net income for 2001 was $21,000,000, up 12.3% from the prior year. 

The Sutherland's property is a renovated Kmart location. Rent per square foot is only 

$2.01 and declines to $1.61. Other retailers in the area include Radio Shack, Burger 

King, Blockbuster Video, Big O Tires, Tru-Value Hardware and Taco Bell. Sutherland 

Lumber operates more than 60 lumber and home improvement stores in 15 states. 

Sales for 2001 were estimated at $850 million, which was a one year growth of 3%. 

Sutherland’s employs approximately 2,300 people. 

This Pizza Hut, the new building prototype, opened in May 2000. It is an out parcel to 

the Wal-Mart on Main Street and near the newly constructed Albertson’s, Papa John’s 

& Hollywood Video. The building has a seating for approximately 100 with 51 parking 

spaces. The subject site is highly visible from both directions on Main Street, which 

carries more than 14,000 cars per day. The Tupelo MSA has over 70,000 residents 

and historically positive job growth attracting an average of 1,000 new manufacturing 

jobs each year over the last decade. Tenant is NPC International, Inc, the nation’s 

largest Pizza Hut franchisee and was ranked 47th in Nation’s Restaurant News Top 

100 Food Service Companies. NPC generated sales of $425 million for 2002. Net 

income was $12 million. . NPC currently owns over 800 Pizza Hut restaurants 

employing over 17,000 employees in 27 states. The company also owns a stake in 

Romacorp, which operates Tony Roma’s casual dining chain. The company was 

public (NASDAQ: NPCI ) until taken private in by its chairman in August, 2001 

. 

J.C Penney's, which includes a freestanding auto center subleased to Firestone, is 

the front anchor to the Rolling Acres Mall ( largest shopping center in Northeast Ohio 

with 1.3 million square feet, over 75 stores and 5,400 parking spaces on an 85 acre 

site). The mall includes Target, Sears, Kaufman’s and Dillard’s, a food court, Dollar 

General, Kay Bee Toys, Walden Books, Charter 1 Bank, Wilson Leather, et al. 

Conveniently located near interstates 76 & 77, the Rolling Acres Mall draws 

customers from 4 counties. The Akron trade area has a population of 230,000 with 

an average household income of $41,000. J C. Penney Corporation (NYSE:JCP), 

formerly J. C. Penney Company, owns about 1,100 J.C. Penney department stores 

and a chain of 2,600 Eckerd drugstores. The company is investment grade, with a 

BBB- S & P credit rating. This is the fee interest in the building and is subject to a 

leasehold interest in the land. 



BLDG. 



Belk Department Store - 

Leasehold 

Rite Aids 

2 Cross- Collateralized Locations 

with Self Liquidating Debt 

Pizza Hut 

CVS Pharmacy 


1212 North Fraser 

Street 

Georgetown 

29440 SC 

Canton & Mt. 

Gilead OH 

4030 Singleton 

Parkway, 

Memphis 38128 TN 

40,050 sf 

4.34 acres NNN 

Property 1- 

10,507 sf 

.95 acres 

Property 2 

10,507 sf 

.82 acres NNN 

6/1/2008 

tenant lease; 

2/28/04 

ground lease $186,000 

Property 1 

5/31/2006 

Property 2 

9/30/07 

Property 1 

$190,423 

Property 2 

$80,983 

3,509 sq ft 

1.00acre NNN 8/31/2021 $148,650 

12 South Central 

Avenue 

Mechanicville 

12118 NY 12,118 NNN 1/31/2018 $174,960 

Rent = $186,000, no options 

to extend; 

Debt Service = $75,848; 

Ground rent = $9,477 (see 

flyer for details); 

2 (10) & 1 (5) year option 

Both pay percentage rent = 

2.5% on natural breakpoint 

Property 1 - Base Rent 

$78,880, % rent for year 

ended 5/31/02= $30,560 

Property 2 - Base Rent = 

$76,050, % rent for year 

ended 9/30/02 = $4,399 

Both have 4 (5) year options 

with bumps (see flyer) 






10% cap unleveraged; 

11.64% 

CoC 

10% cap unleveraged; 

after 

$74,856 of 

principal 

reduction 

over the 

next 12 

months 

CoC will be 

10.31% 

$1,865,000 

Equity 

required = 

$865,000 

$1,904,230 

Equity 

required = 

$1,172,741 

7.1% cap 

unleveraged; 

Coc is 

6.49% 

based on 

cash flow of 

$55,145 $2,093,660 

Current to 10/5/07 

$174,960 7.6 Cap 

10/6/07 to 10/5/12 

$188,932 8.2 Cap 

10/6/12 to 10/5/17 

$204,120 8.9 Cap 

Options to Renew - 4 (5) year 

options: 

To 10/5/22 9.6 Cap 

To 10/5/27 10.3 Cap 

To 10/5/32 11.2 Cap 

To 10/5/37 12.1 Cap 8.25% 

average $2,300,000 

The property is located next to Wal-Mart. Other tenants in the area include Peebles, 

Sears, Big!Lots, CVS and Dollar Tree. For sale is the fee interest in the building 

subject to a leasehold interest in the land. Upon lease termination, the building 

reverts to the owner of the land. Belk, Inc. is a 207 store retailer operating in 13 

states, primarily in the Southeast and Mid-Atlantic states. The Belk family runs the 

show and owns most of the company, which is the largest privately owned 

department store chain in the U.S. Sales for 2002 were $2.243 billion, a one year 

sales growth of 1.2%. Net income was $63.4 million. Belk employs 18,500 people. 

Property #1 consists of a 10,507 square foot masonry and steel building with brick 

veneer walls on .95 acres, which was built in 1986. The property is conveniently 

situated off exit 103 of Interstate 77, between I-77 and major Route 30. Its location in 

the well established commercial District, which extends along Cleveland Avenue, puts 

it in close proximity to other nearby businesses including City of Canton municipal 

departments, professional offices, Taco Bell, Peking Chinese Restaurant, Video 

Safari, Burger King, Keybank, Best Cuts, Rent A Center, Kerchner’s Hallmark, Sally 

Beauty Supply and Charter One Bank, et al. Property #2 consists of a 10,507 

square foot masonry and steel building on approximately .82 acres, which was built in 

1987. The property is conveniently located near the intersection of State Route 95 

and US42/State Route 61. Other nearby businesses include the post office, Mt. 

Gilead municipal buildings, Geyer’s Save A Lot Supermarket, Duke Gas Station, 

Edison Quick Stop, Dollar General, McDonald’s, Pizza Hut, Subway, Domino’s Pizza, 

Ponderosa, Pine Lakes Golf Club and the Morrow County Hospital. 

This Pizza Hut, the new building prototype, opened in April 2000. The property is 

located across the street from the Wal-Mart/Kroger anchored shopping center on 

Singleton Parkway, which carries 23,000 cars per day. The building contains 3,509 

square feet on 1.00 acres, has a seating for approximately 100 with 27 parking 

spaces. One mile to the north is the Raleigh Springs Mall, anchored by Dillard’s, 

Goldsmiths, JC Penney and Sears. Population in a 5 mile radius is 130,959 with a 

median household income of $47,973. Tenant is NPC International, Inc, the nation’s 

largest Pizza Hut franchisee and was ranked 47th in Nation’s Restaurant News Top 

100 Food Service Companies. NPC generated sales of $425 million for 2002. Net 

income was $12 million. . NPC currently owns over 800 Pizza Hut restaurants 

employing over 17,000 employees in 27 states. The company also owns a stake in 

Romacorp, which operates Tony Roma’s casual dining chain. The company was 

public (NASDAQ: NPCI ) until taken private in by its chairman in August, 2001 

. 

The property if free and clear of debt. This CVS is located near the intersection of 

Central Avenue and Railroad Street, just 6 miles off exit 9 (Clifton Park) of Interstate 

87. This location is at the center of town with two street entrances on Central and 

Main Street. The estimated 5 mile population is 26,230 with an average household 

incomes of $53,283. The lease is guaranteed by CVS Corporation (NYSE: CVS), 

which has a Moody’s rating of A2. CVS has made swift and steady progress since 

becoming a public company in 1996. The company fills more prescriptions and 

operates more drugstores than any other drugstore chain - more than 4,175, primarily 

in the eastern US. They are close to their top competitor, Walgreens, in total sales. 

CVS expects to continue their base and is currently establishing beachhead positions 

in some of the fastest growing US markets: Tampa, Fort Lauderdale, Orlando, 

Miami, Chicago, Las Vegas, Dallas and Houston. Sales for 2001 were $22.241 

billion, which was a one year growth of 10.7%. Net Income was $413 million, a one 

year growth of 44.6%. 



BLDG. 



Red Robin - Ground Lease 

(Available with self-liquidating debt 

not in place) 

Walgreens Drug Store 

Five Points Plaza - Big Kmart Center 

Rite Aid 

12 Tenant Professional 

Office Building 

NEC Hwy 35 & 

Loop 1604 

San Antonio 

78154 TX 

624 Jefferson 

Street, Kerrville TX 

224 East Dayton 

Yellow Springs 

Road 

Fairborn OH 

1497 Parkman 

Road NW 

Warren, 44485 OH 

2735 Mosside 

Blvd, Monroeville 

15146 PA 

6,351 sf 

1.663 acres NNN 4/1/2023 $199,000 

$199,000 Years 1-5 

$207,000 Years 6-10 

$215,800 Years 11-15 

$225,480 Years 16-20 

4 (5) year renewals 

Option 1 - $117,128.00 

Option 2 - $128,840.80 

Option 3 - $141,724.88 

Option 4 - $155,897.37 

13,905 sf 

1.55 acres NN 5/31/2016 $221,775 8 (5) year options 

137,065 sf 

15.52 acres 

7.50% $2,653,333 

8.0% cap 

unleveraged 

on base 

rent; Coc 

is 8.82% 

after 

$83,782 of 

principal 

reduction in 

2004 

$2,772,000 

Equity 

required = 

$1,084,179 

Reimbursable 

NNN Varies $284,670 Varies (See flyer) 9.80% $2,912,500 

11,100 sf 

1.33 acres NN 4/1/2020 $293,028 

36,000 sf 

1.5acres 

Full 

Service Varies $345,684 Varies (See flyer) 

$293,028 years 1-10 

$304,128 years 11-20 6 

(5) year options with $1psf 

bump per option 9.00% $3,255,000 

10.48% or 

11.26% 

CoC based 

on 

$261,684 

cash flow $3,300,000 

This Red Robin Restaurant contains 6,351 square feet on 1.663 acres. It is located 

at the intersection of Interstate Highway 35 and Loop 1604 in San Antonio, TX. 

Traffic counts are 140,000 vehicles per day. The property is a pad site to The Forum 

which is anchored by Target, Home Depot, Kohl’s, Best Buy, Linens N Things, Toy R 

Us, Ross, TJ Maxx, OfficeMax, Borders Books, Old Navy, PetSmart, Cost Plus, Pier 

1 Imports, and Haverty’s. Total property size will be 1.2 million square feet when fully 

developed. The property is located on a clover leaf intersection and has excellent 

access and visibility. 

The property consists of a 13,905 square foot masonry block building built in 1996 on 

1.55 acres. It is located 2 blocks north of Main St at the corner of Sidney Baker, the 

central street, which intersects with I-10 (main commercial area in Kerrville). 

Properties adjacent to Walgreen’s include a mix of commercial 

and residential. The Walgreen’s property is in eye view of the Sid Peterson Hospital 

(one of the best orthopedic hospitals in the U.S.). Nearby retailers include Bath & 

Body Works, Budget Inn, Church’s Chicken, Comfort Inn, Dairy Queen, Denny’s, 

Dollar General, GNC, Hampton Inn, JC Penney, Jack in the 

Box, McDonald’s, Office Max, Taco Bell and others. The Kerr County courthouse is 

to the south. This is the only Walgreen’s in town and has an excellent sales history. 

Available for a quick close. Walgreen Company (NYSE: WAG) is #1 in drug store 

sales, rated A+ by S&P and has about 4,000 stores in 43 states and Puerto Rico. For 

the fiscal year ended August 2002 sales were $28.681 billion, a one year sales 

growth of 16.5%. Net income was $1.019 billion, a one y 

Five Points Plaza contains 137,065 square feet on 15.52 acres. Tenants include an 

open 84,180 sf Big Kmart and 5,860 sf Dollar General. This investment offers 

excellent upside through leasing the three vacancies of 6,000 sf, 7,500 sf and 30,975 

sf (divisible). Kmart’s sales have steadily increased over the previous 5 years and 

currently are in excess of $141 psf. Because rent is only $2.68 psf, and rent as a 

percent of sales is less than $1.9%, this store has a low occupancy cost, is profitable 

and has never been on any closing list. The shopping center is located off the Dayton 

Yellow Springs Road exit of I-675, offering high visibility and traffic volume. There is 

excellent signage on Dayton Yellow Springs Road and easy ingress and egress to the 

parking lot which 

contains 899 parking spaces. Area retailers include Rent-A-Center. 

The property consists of an 11,100 square foot building on approximately 1.33 acres 

in a prime commercial area, built in 2000. Other nearby retailers include Kmart, 

Subway, McDonald’s, Nationwide, Rent- A-Center, Fashion Bug, Radio Shack, GNC, 

Giant Eagle, Super Tire, Dollar General, numerous medical offices, two banks and 

the Park Plaza Apartment Complex. It is located in Warren, southeast of Cleveland 

and near Youngstown. Construction is concrete block with four ply asphalt 

membrane roof. Sales: 2001 - $3,239,000; 2002 - $3,497,000; LTM (last twelve 

months) - $3,593,000. This property is un-leveraged but can also be purchased with 

$1,055,000 cash to an approved 

mortgage of $2,200,000 (not in place). Cash on cash is 10.8% based on cash flow of 

$113,655. 

This professional office building contains 36,000 square feet and is located on 1.5 

acres in the second busiest traffic area in Pennsylvania, adjacent to the Pennsylvania 

Turnpike. It is currently 95% occupied. The property has an excellent rental history, 

has many long-term tenants and low historical vacancy. The building is well 

maintained and in good physical condition. The property was built in in 3 phases – 

approximately 1980, 1986 and 1992. 



BLDG. 



Staples Warehouse 


CVS Pharmacy 


TeleTech Call Center 

Riggs Marketplace 


Sears w/ Freestanding Auto Center 

100 Highland Dr 

Putnam 06260 CT 

65,000 sf 

14 acres NNN 3/31/2009 

*$377,136 

(as of March 

2004) 

2287 Morris 

Avenue 

Union 07083 NJ 12,000 sf NNN 1/31/2019 $353,760 

6501 Flintridge 

Road, Fairfield AL 

SW Corner Riggs 

& McQueen 

Roads 

Phoenix 

(Chandler) AZ 

124 Crossroads 

Center 

Waterloo 50702 IA 

Property is being sold based 

on March 2004 rent. Current 

rent is $327,000. Seller will 

credit the rent differential at 

closing. There are no 

options. 9.43% $4,000,000 

12/5/97-6/08 = $353,760 

07/08-6/13 = $388,236 

07/13-6/18 = $426,160 

6 (5) year options: 

02/19-01/24 = $450,480 

02/24-01/29 = $486,600 

02/29-01/34 = $526,800 

02/34-01/39 = $568,920 

02/39-01/44 = $614,434 

02/44-01/49 = $663,588 

Rent is flat but increases by 

4.65% in first of 3 (5) yr 

6.32% $5,600,000 

86,566 sf 

10.16 acres NNN 2/28/2009 $537,500 options 9.20% $5,828,000 

Lease is guaranteed by Staples, Inc. (Nasdaq: SPLS) which is investment grade and 

rated BBB- by S & P. Sales for 2002 are $10,744,000,000 which represents a 1 year 

growth of .7%. 

This CVS is located near the intersection of Commerce Avenue and Route 82 in the 

vicinity of Hwy 78. The estimated 3 mile population is 175,892 with an average 

household income of $68,908. The lease is guaranteed by CVS Corporation 

(NYSE:CVS), which has a Moody’s rating of A2. The company operates more 

drugstores than any other drugstore chain -- more than 4,175, primarily in the eastern 

US. They are close to their top competitor, Walgreens, in total sales. CVS e is 

currently establishing beachhead positions in some of the fastest growing US 

markets: Tampa, Fort Lauderdale, Orlando, Miami, Chicago, Las Vegas, Dallas and 

Houston. Sales for 2001 were $22.241 billion, which was a one year growth of 

10.7%. Net Income was $413 million, a one year growth of 44.6%. There are a 

number of medical professional buildings on Morris Avenue including a HIP Center, in 

the immediate vicinity of CVS. Other nearby retailers include Consolidated 

Supermarket, Jaeger Lumber and Kitchen Center, Blimpies, Dunkin Donuts, Yankee 

Buffet & Bar, Investor’s sav-ings Bank and Citgo Service Station. Sales at this CVS location are ver 

Tenant has performed, at its sole cost, substantial improvements to the property 

estimated at $4 million. Including dual fiber-optic cable systems. 

Varies (See flyer) 

The Riggs Marketplace Shopping Center is comprised of 124,864 square feet on 

12.3 acres. It will be completed in Summer 2003. It is concrete block construction 

with stucco finish. Tenants included in this sale are: Panda Express, Subway, Little 

Caesars, Dollar Store, Golf, Etc. (pending) Nails U Luv, Great Clips, Oxford Cleaners, 

Planet Beach and a dental office, totaling 18,321 square feet on 2.10 acres (see rent 

roll on page 2 ). A 97,990 square foot Fry’s Marketplace plus 6,000 square foot 

garden center (shadow anchor) and a 2,553 sf Jack in the Box pad site are not 

included with this sale. Fry’s is owner occupied. Riggs Marketplace is located in a 

high growth area of Chandler, AZ. Historical annual growth is projected for 2001- 

2006, within a 3 mile radius. There are 19,700 new residential lots within 3 miles. 

Leases provide for 100% 

Chandler has one of the highest disposable incomes in Metropolitan Phoenix. Other 

Reim- 

recovery of all operating 

retailers in the area include Albertson’s, Beall’s Outlet, True Value Hardware, 

124,864 sf bursable 

expenses, including a 3% 

Safeway, Bank One and Keegan’s Grill. A new Walgreen’s has been constructed 

12.3 acres NNN Varies $418,642 management fee. 7.00% $5,980,600 directly east of this property. Major area employers are Intel, Boeing and Motorola. 

This Sears contains 212,500 square feet (a 205,015 sf department store and a 7,485 

sf free-standing auto center) on 13.2 acres. It is an anchor at the Crossroads Center 

Mall, along with Dillards, J.C. Penney and Younkers. The mall has 86 stores with a 

total of 836,049 square feet on 71.3 acres and 4,493 parking spaces. It was built in 

1970 and renovated in 1997. Other retailers include Victoria’s Secret, Dollar Tree, 

Old Navy, Foot Locker, Payless Shoe Source, Zales, Waldenbooks, Pier 1 Imports, 

Kay Bee Toys, et al. It is surrounded by big box retailers like Best Buy, Super Target, 

Walmart, Home Depot and Lowe’s. Lease is guaranteed by Sears, Roebuck and Co. 

(NYSE: S) Guarantor has an S&P rating of A-. Should Sears close this store during 

the term of the lease, it shall pay rent for the later of the next three years or until the 

Total rent is percentage rent. 

end of the term; based on the average rental paid over the previous 3 years. Store 

Rent for 2002 was $532,312. 

Sales: 2000 = $27,839,155; ($131 psf) 2001 = $26,981,511 ($127 psf); 2002 = 

Percentage rent on sales: 

$24,820,811 ($117 psf). Average 3 Year Sales: 2000-2002 = $26,550,000. Annual 

2.5% up to $14,000,000 

2.0% from $14-18,000,000 

sales for mall tenants excluding anchors are $275 psf. 

1.5% from $18,000,000+ 

$6,000,000 

212,500 sf 

1 (10) year option at same 

(only $28.23 

13.2 acres NNN 3/31/2009 $532,312 terms & conditions 8.90% psf) 



BLDG. 



Jenkintown - Main Street Retail 

Complex 

Winn-Dixie Supermarket 

Tire Kingdom Distribution Center 

(Offered to Principals Only) 

(Letter of Intent) 

Bell Park Shopping Center 

(Albertson's Shadow Grocery- 

Anchored) 

Old York Road (St 

Hwy 611) & West 

Ave 

Jenkintown PA 

1199 East Bay 

Drive, Largo 

(Tampa) 33771 FL 

108 Tyler Lakes 

Blvd, West Palm 

Beach FL 

NE Corner of 43rd 

Avenue & Bell 

Road 

Phoenix AZ 

8 separate 

buildings 

totaling 

69,579 

square feet NNN 

*Varies 

(See flyer) $670,843 Varies (See flyer) 

62,000 sf 

7.6 acres NNN 10/23/2019 $554,202 

111,000 sf 

6.5 acres NNN 

96,086 sf 

9.14 acres 

Estimated 

rent 

commencement 

date is 

March 2004 / 

15 year lease $553,000 

20 year flat + 1% of gross 

sales percentage rent; 

5 (5) year options 

15 Year Primary Term - 10% 

Bumps every 5 years 

Years 1-5 $553,000 

Years 6-10 $608,300 

Years 11-15 $669,130 

Options to Renew: 2 (5) 

year options - 10% Bumps 

every 5 years 

Option 1 $736,043 

Option 2 $809,647 

Varies 

(See flyer) $516,636 Varies (See Flyer) 

9.29% cap 

rate unleveraged 

on net 

operating 

income of 

$670,843. 

Cash on 

cash is 

9.32% 

based on 

cash flow of 

$253,819 

Total price is 

$7,222,404 

Equity 

Required = 

$2,722,404 

7.75% Cap 

unleveraged 

on NOI of 

$554,202; 

Cash on 

cash of 

7.11% 

based on 

cash flow of 

$224,106 $7,150,000 

7.50% $7,373,333 

7.0% cap 

rate unleveraged 

on NOI of 

$516,636 

Cash on 

cash is 

7.247% 

based on 

cash flow of 

$216,449 

Total price is 

$7,380,515 

Equity 

Required = 

$2,986,694 

The Main Street Retail Complex pictured above is comprised of 8 separate buildings 

totaling 69,579 square feet and leased to 24 tenants. All the buildings have been 

remodeled within the last 5 years as part of a revitalization of the downtown area. 

Tenants included in this sale are Buca di Beppo, Ventresca Ltd, Magerman Fashions, 

Modern Life Interiors, North Star Salon, La Pergola Restaurant, West Ave Grill, Drake 

Tavern, Dry Cleaners, Florist and various apartments and professional offices. The 

borough of Jenkintown, a wealthy Philadelphia suburb, has constructed a Town 

Square project with a redesigned municipal parking lot and public gathering area 

immediately behind and adjacent to the subject properties. Future municipal 

improvements include improved street landscaping, benches and cross-walks as well 

as a proposed 192 space parking garage across from the property on Greenwood 

Ave. Jenkintown is a northern suburb of Philadelphia that contains more than 

100,000 people within 3 miles, with an average household income in excess of 

$80,000 and has excellent access to major rail and road transportation routes. 

The Winn-Dixie property consists of a 62,000 square foot building on approximately 

7.6 acres in Largo, a suburb of Tampa, FL. It was constructed in 1999. The area 

has excellent demographics with a 3 mile population of 53,355 and 5 mile of 111,381. 

Average household income for 3 miles 

is $50,441 and for 5 miles, $55,065. Other nearby retailers include McDonald’s, 

Dollar General, Walgreen’s Drug Store, Eckerd Drugs, Tops Restaurant, Thai Bay 

Restaurant, Kash N Karry, Southtrust Bank and the East Bay Executive Golf Club. 

Winn-Dixie Stores, Inc. (NYSE:WIN) has a BB+ rating from S&P. They operate more 

than 1,070 supermarkets in 12 states and the Bahamas. The company, founded in 

1925, has a competitive market share with prime locations in one of the most 

attractive regions of the U.S., with high population growth and density. For the fiscal 

year ended June 2003, revenues decreased 1% to $12.17 billion. Net income rose 

28% to $239.2 million. 

The tenant is TBC Corporation (Nasdaq:TBCC). TBC Corp is engaged in the 

marketing and distribution of tires in the automotive replacement market and is the 

nation’s largest private brand tire distributor, selling tires to a network of distribution 

centers in the US, Canada and Mexico. TBC has two operating segments: wholesale 

and retail, with a total of 36 warehouse distribution facilities, containing approximately 

3.7 million square feet. In April 2003 TBC acquired Merchant’s, Inc. with 112 

locations. It also sells and services tires through its Big O Tires subsidiary. TBC 

also sells through its Tire Kingdom retail operation, with more than 180 stores in the 

southeastern US. For the fiscal year ended December 2002 sales were 

$1,109.7million, a one year sales growth of 9.9% . 2002 net income was $27.4 

million, a one year growth of 30.5%. TBC has total assets of $474 million, EBITDA of 

$62.8 million, and employs 3,200 people, as of 2002. Additionally, debt/equity ratio is 

0.35 with a total market cap of $388.34 million. 76.3% of its stock is held by 

institutional investors). 

The Bell Park Shopping Center is comprised of 96,086 square feet on 9.14 acres. It 

was constructed in two phases (Bell Park I & II) and is encumbered by two separate 

non-recourse first mortgages. Bell Park I was fully renovated with new façade and 

Bell Park II was built in 2002. The shopping center is shadowed anchored by a 

68,761 square foot Albertson’s Supermarket and features a What-A-Burger pad site 

(both not included in sale). Tenants 

included in this sale are: Allstate, Washington Mutual Bank, Subway, Super Cuts, 

Papa John Pizza, City Satellite, Check Line, It’s A Grind, Samurai Sams, Bell Park 

Dental, Mes Amis Day Spa and Hobby Bench. The center is convenient to the I-17 

Freeway and is close to both the Arrowhead Mall and Costco. Honeywell, which 

employs 2600 people, is located one mile west of the site and the Greenway High 

School with 1,800 students is nearby. 1998 traffic counts per day confirm its excellent 

exposure: Bell Road East - 50,000; Bell Road West - 47,000; 43rd Ave North - 

17,000 and 43rd Avenue South - 27,000. The property also has excellent 

demographics. 



BLDG. 



Tarrant Parkway - 2 Tenant Shopping 2003-2005 South 

Center 

Main Street 

Michaels Stores & Linens n Things Keller (Dallas) TX 

Alma Elliot Square Shopping Center 

(Fry's Supermarket Anchor - not 

included) 

Sports Authority & PetsMart 

(Letter of Intent) 

SEC Alma School 

& Elliot Roads 

Chandler 

(Phoenix) 85224 AZ 

56,722 sf 

1.72 acres 

57,846 sf 

6.3 acres 

425 Bank Street 

Waterbury 06706 CT 69,242 sf NNN 

Michaels = 

12/31/11 

Linens= 

1/31/12 $503,507 

6.71% cap 

un- 

Michaels= $252,158 leveraged 

Rent increase yr 10 = based on 

$288,180 

NOI of 

3 (5) yr options $503,507; 

Linens = $335,247 Coc is 6% 

Rent increase yr 5 = based on 

$363,048 & yr 10 = $393,249 cashflow of 

3 (5) year options $186,265 

Varies 

(See flyer) $785,000 Varies (See Flyer) 

Sports Auth = 

5/2017 & 

PetsMart= 

5/2013 $945,478 

Sports Auth = $540,025 flat; 

4(5) year options - 1st option 

=$3.50 psf bump, options 2-4 

= $1.00 psf bump 

PetsMart = $405,453 for 

years 6-10 (started May 

2003); 

5(5) year options - $.75 psf 

option rent bump for each 

option 

8.49% cap 

unleveraged; 

Coc is 

6.38% 

based on 

cash flow of 

$214,976 

9.45% cap 

unleveraged; 

Coc = 

9.68% 

based on 

cash flow of 

$408,739 

Total Price = 

$7,500,000 

Equity 

required = 

$3,100,000 

Total price = 

$9,250,000 

Equity 

Required = 

$3,367,000 

Total price = 

$10,000,000 

Equity 

Required = 

$4,220,595 

Tarrant Parkway SC is a pad site to the 250,820 sf Tarrant Parkway Commons 

(anchored by Home Depot and Kohl’s and contains an Exxon Mobil gas station, Sonic 

Burger and Wells Fargo). The two one-story retail buildings that comprise Tarrant 

Parkway Shopping Center were constructed in 2001 and house Michaels Stores and 

Linens ‘n Things. Michaels Stores (NYSE: MIK) BB rating from Standard and Poor’s 

as of February 12, 2002. Michaels Stores, Inc. is the world’s largest retailer of arts, 

crafts, framing, floral, decorative wall decor and seasonal merchandise for the 

hobbyist and do-it-yourself home decorator. Michaels Stores, Inc. reported February 

6, 2003 that total sales for 2002 were $2.856 billion, an increase of 13% over last 

year’s $2.531 billion. Linens ‘n Things (NYSE: LIN) Linens ‘n Things, Inc. is one of the 

leading, national large-format retailers of home textiles, house wares and home 

accessories Total net sales increased 20% to $2.2 billion for the 53 weeks ended 

Jan 4, 2003. Net income increased to $69.2 million for the 53-weeks ended January 

4, 2003. Loan is in place and must be assumed. 

The Alma Elliot Square Shopping Center is comprised of 57,846 square feet on 6.3 

acres. There is over 451,000 square feet of retail located on the four corners of the 

intersection. The Alma Elliot Square shopping center is anchored by a 50,324 

square foot Fry’s supermarket (not included in this sale). Other retailers in this center 

include KB Toy Works, Party City, Starbucks, Burrito Express, Pizza Hut, Wells 

Fargo Financial, Checker Auto, Golden Chef, Dollar Days, All Seasons Pool, Great 

Clips, et al. Additional nearby retail includes LA Fitness, Safeway Foods, Burger 

King, Payless Shoe Source, B Dalton Bookseller, Chili’s, Patti’s Hallmark, Little 

Caesars Pizza, Cents Store, Clothing City Big & Tall, Mervyns California Department 

Store, GNC, Taco Bell and Subway. Historical annual growth 1990-2001 is 214% and 

26% annual growth is projected for 2001-2006, within a 3 mile radius. There are 

19,700 new residential lots within 3 miles. Chandler has one of the highest 

disposable incomes in Metropolitan Phoenix. Traffic counts at this intersection are 

approximately 58,700 vehicles per day. 

This freestanding Sports Authority/PetsMart contains 69,242 square feet and is 

located at the intersection of Bank Street, Market Square and Benedict Street, next to 

a new Home Depot. Other major retailers in the area include Shaw’s, OfficeMax, 

Barnes & Noble, Sears, Toys R Us, Brass Mill Center, Filene’s and Boscor’s. The 

building is conveniently situated near Highway 8 and Interstate 84. The estimated 5 

mile population is 167,616 with an average household income over $59,000. The 

subject site requires water monitoring which will be conducted by the seller postclosing. 

The Sports Authority, Inc. (NYSE:TSA) is the #1 US sporting goods chain in 

both sales and number of stores. For the fiscal year ended January 2003, they had 

sales of over $1.4 billion. 

PetsMart, Inc. (NASDAQ:PETM) is the #1 specialty retailer of pet food and supplies 

with over 480 superstores in the U.S. For the fiscal year ended January 2003, they 

had sales of over $2.6 billion, an 8% increase from the previous year. 



BLDG. 



Kohl's Department Store 

19 Shopping Center Portfolio 

NWC 91st Ave & 

Northern Aqua 

Fria Fwy Loop 

101, Peoria 

(Phoenix) 85345 AZ 

Tenancy in Common Investment 

Opportunities *See notes 

88,408 sf 

8.54 Acres NNN 1/31/2024 $777,524 

$777,524 flat for primary 

term; 8(5) year renewals @ 

7.5% per option 6.50% $11,962,000 

FL, 

LA 

& 

MS $33,454,999 

*These properties are offered with available financing which is not in place, and Kimco is marketing these properties on behalf of a third party. 

** Modified Net - see flyer for details 

This Kohl's is an anchor to the 552,893 square foot (when fully developed) Peoria 

Crossings Shopping Center, which is conveniently located off the Northern Agua Fria 

Freeway Loop 101 in Peoria (Phoenix), AZ. Loop 101 connects the West Valley to 

the I-10 and I-17 Freeways. Other retailers include Target, Ross Stores, Michaels, 

Petco, Famous Footware, Anna’s Linens, Dress Barn, Sleep America, Payless Shoe, 

Carl’s Jr. Restaurant, Panda Express, Seattle’s Best Coffee, EB Games, Cold Stone 

Creamery, Quizno’s, Claire’ Botiques, Super Cuts, Sally Beauty Supply, T-Mobile and 

Sarpino's Pizza. Peoria Crossings is one mile north of the future Phoenix Coyotes 

and Arizona Cardinals arena. Average daily traffic count is 95,456: Loop 101- 

62,258; Northern Avenue - 20,509 and 91st Avenue - 12,689. The lease is 

guaranteed by Kohl's Corporation (NYSE: KSS), which has an S&P A- credit rating 

and operates nearly 500 discount department stores in 34 states. For the fiscal year 

ended January 2003 sales were $9.12 billion, a one year sales growth of 21.8%. 

2003 net income was $643.4 million, a one year growth of 29.8% 

See last two pages of this document for Portfolio Spreadsheet. Marketing flyers for 

each individual shopping center available on our website at 

www.kimcoexchangeplace.com 

*We also have tenant in common investments in multiple commercial properties, 

including shopping centers, nationwide, for purchase by accredited investors. These 

properties are in primary real estate markets and offer a passive investment, secure 

income stream with NNN leases. The tenant mix includes at least 70% investment 

grade tenants and long-term leases under the master lease structure. Tenants in the 

past have included Lowe's, PetsMart, Washington Mutual, Pier 1, Office Depot, 

Linens n Things, Michaels & McDonalds. Security enhancements include a virtual 

firewall between transactions, including automated, lock box cash management, 

fidelity bonding, and a third party trust. Please contact us for more information. 

FOR MORE INFORMATION CONTACT: ROBERT JAMES 212-972-7456 EXT 11 OR RITA KRAMER 212-972-7456 EXT 10 OR WWW.KIMCOEXCHANGEPLACE.COM 

DIRECTOR OF REAL ESTATE KIMCO EXCHANGE PLACE CORP. 

KIMCO EXCHANGE PLACE CORP. 280 PARK AVENUE 38TH FLOOR WEST 

280 PARK AVENUE 38TH FLOOR WEST NEW YORK, NY 10017 

NEW YORK, NY 10017 


Value Add Shopping Center Portfolio 

Fee Owned Properties 

Proforma 

Income Revised 

S.F. In Place Percent 

Year Built/ Adjustment Proforma 

Status Property City State Major Tenants Total S.F. Occupied NOI Occupied Land Size Renovated for Vacancy NOI Cap Rate Price 

LOI Southwood Shopping Center Panama City FL Eastside Sta Post Office, CB Sails 

Dept. Family Services, Rent King, 

24,226 23,386 34,435 97% 4.11 1968 - 34,435 8.00% 430,438 

LOI Haines City Plaza Haines City FL 

Eckerd's 

Franks Supervalue, Dollar General, 

75,075 63,003 231,849 84% 8.00 1983 24,955 256,804 10.00% 2,568,038 

LOI LaPlace Center LaPlace LA Family Dollar, Cash America 

Brookshire Grocery, CATO, Dollar 

89,548 89,048 296,438 99% 9.91 1971 - 296,438 9.50% 3,120,400 

LOI Wal-Mart Shopping Center Winnsboro LA 

General 

Popeye's Chicken, CATO, Bayou 

62,426 51,450 276,256 82% 8.85 1989 15,709 291,965 10.00% 2,919,654 

LOI Wal-Mart Shopping Center Marksville LA 

Video 

Eckerd's, The Rusty Bucket, H&R 

17,203 15,961 152,885 93% 2.97 1986 - 152,885 9.00% 1,698,722 

Livingston Square Denham Springs LA 

Block 38,646 37,346 213,138 97% 3.85 1983 - 213,138 8.75% 2,435,863 

Walker Plaza Walker LA Eckerd's, Dollar General, 

Big Star of Farmerville, Dollar 

58,952 55,662 323,391 94% 8.79 1984 - 323,391 9.25% 3,496,119 

LOI Washington Square Bastrop LA General, Family Dollar 

Phoenix Health Mart, Stage, Payless, 

63,507 51,098 188,238 80% 4.89 1968 18,467 206,705 9.50% 2,175,845 

Leesville Square Leesville LA 

Sylvan Learning 102,680 44,175 120,178 43% 10.55 1985 106,742 226,920 11.00% 2,062,909 

LOI Westgate Shopping Center West Monroe LA Fred's Stores, Dollar General 48,067 40,630 120,681 85% 4.28 1966 10,067 130,748 9.50% 1,376,298 

Zachary Shopping Center Zachary LA Dollar, General, Payless 51,482 51,482 429,233 100% 6.98 1994 - 429,233 8.50% 5,049,800 

Bay St. Louis Mall Bay St. Louis MS Warehouse Superstore, Goodwill 37,015 26,215 141,683 71% 3.26 1966/1986 17,899 159,582 10.00% 1,595,815 

Gardner Shopping Center Columbia MS Pay-Less Rent To Own 36,870 19,418 49,578 53% 2.67 1966/1986 15,609 65,187 10.00% 651,865 

Total Fee Owned 705,697 

Leasehold Properties subject to Ground Lease 

LOI Big Star Shopping Center Biloxi MS Vincent B CAO 14,000 

568,874 

14,000 

2,577,983 

12,741 

81% 79 

209,448 

100% 2.61 1966/1986 - 

Galleries Lafayette Lafayette LA Family Dollar Stores; Save A Lot 

A&P Bohnings Supermarket, Family 

40,002 38,900 136,513 97% 3.67 1965 - 

Gateway Shopping Center Ponchatoula LA Dollar, BONUS Dollar Store 

Tuesday Morning, Dollar General, 

56,809 54,409 60,788 96% 3.67 1965 - 

Mid-City Center Monroe/Mid-City SC LA 

AllTel Corp 110,702 60,771 53,579 55% 7.39 1962/1985 88,792 

Monroe Shopping Center Monroe/ Monroe SC LA USA Mattress Gallery 9,493 9,493 35,664 100% 1.13 1965 - 

Brookhaven Mall Brookhaven MS Dollar General 11,264 

Total Leasehold 242,270 

Combined Total 947,967 

11,264 

188,837 

757,711 

15,944 

315,229 

2,893,212 

100% 1.01 1965/1985 - 

78% 19 

80% 99 

2,787,431 

12,741 

136,513 

60,788 

142,371 

35,664 

15,944 

404,021 

3,191,452 

9.42% 29,581,765 

10.00% 127,410 

10.00% 1,365,130 

9.50% 639,874 

10.75% 1,324,380 

9.75% 365,785 

9.00% 177,156 

7.88% 3,999,733 

8.62% 33,581,499 

Price Per 

S.F. Notes 

17.77 

34.21 $3 per vacant S.F. (up to 95% occupancy) added to NOI 

34.85 


98.75 

63.03 

59.30 




98.09 



41.92 

Ground lease #1 expires in 2073. Rent is $960 and 

adjusts to 6% of land value / 10 yrs. GL #2 expires 2017 at 

9.10 $3,900/yr. 

GL expires 6/30/20. Rent adjusts to 6% of ground value 

34.13 on 6/30/10 

GL expires 4/30/43. Rent adjusts to 7.5% of ground value 

11.26 on 4/30/03, 4/30/23 

$2/sf proforma at 95% occupancy. 2 GLs expiring 

11.96 12/31/23, 12/31/28 

GL expires 8/31/45 incl 4-10yr opts. 2 opt. fixed, 2 opt at 

38.53 6% of ground value 

Ground lease #1 expires in 2017 at $2,100/yr. GL #2 

15.73 exires 2017 at $2,400/yr. 

16.51 

35.42

kimco exchange place - for additional information call 212-972-7456 ...

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