Property Details
Stabilized Occupancy  Stabilized Income  NOI Growth 
Asset Profile
Core Plus

Publix Enterprise at Park Place

Enterprise, AL

Retail Property
Broder & Sachse Detroit, MI
Broder & Sachse
  • IRR 11.2%
  • Equity Multiple 1.97x
  • Hold Period 5-10Y
  • Minimum Investment $25K
  • Year 1 Cash on Cash 7.4%
  • Stabilized Cash on Cash 7.4% in Y1
  • First Distribution Apr 2021
  • Distribution Frequency Quarterly
  • Co-Investment 9.45%
  • Preferred Return 7%
  • Investor Profit Share 60%
  • Asset Profile Core Plus
  • Loan-to-Value 72%
  • Current Occupancy 98%

About this Property

"A high-performing grocery-anchored retail investment opportunity that will provide consistent cash flow and have significant protection against downside risk."

- Jon Rolwing, Broder & Sachse

Address 847 Boll Weevil Circle
Square Footage 61,000 sq. ft.
Year Built 2012
Current Occupancy 98%
Market Occupancy 95%
Current Average Rent $20 (for shop space)
Average Market Rent $20 (for shop space)
Purchase Price  $12,287,500
Price per Square Ft. $201/sq. ft.

 

Top Questions

All answers are provided by the sponsor, Broder & Sachse, or its representatives.

 

Why are you buying the Property?

Jon Rolwing, Broder & Sachse:

  1. "The Publix grocery store has 11.5 years of lease term remaining on its initial lease and 8 renewal options. The store has endured competition from Walmart, across the street, and yet remains a top grossing Publix store in Alabama (of which there are 78). Such a high-performing store protects the downside risk at the property. According to placer.ai, the store is in the top 6 most heavily trafficked Publix store in the State of Alabama."
  2. "Growing population and trade area includes higher income households and Fort Rucker, a US Army Aviation installation."
  3. "The primary advantage of Grocery-anchored retail is that the tenants who co-locate with grocers tend to be service and convenience retailers that are resistant to the threats of e-commerce."
  4. "The tenants at Park Place fit this mold and the lone vacant space at the center provides opportunity for additional income not presently included in the pro forma."

 

What are the most important aspects of this investment opportunity for the investors?

Jon Rolwing, Broder & Sachse: "Sponsor believes that this CorePlus opportunity will hold its value over the long term while providing reliable cash flow and excellent risk-adjusted returns. The center is home to the most popular grocer in Alabama and generates exceptional sales volumes (pre-covid). Post-Covid sales are expected to be even more exceptional."

 

What is your investment strategy/business plan for the Property?

Jon Rolwing, Broder & Sachse: “This CorePlus opportunity will provide investors with an excellent opportunity for capital preservation and reliable cash flow. Opportunities to outperform will be through releasing the shop space if and when vacancies present themselves.”

 

What are the risks and how are you mitigating those risks?

Jon Rolwing, Broder & Sachse: "Risks include:"

  1. "The unanticipated failure or premature closings of the shop tenants; Such mitigation includes Sponsor's relationships with retail brokers throughout the southeastern region to help backfill unexpected vacancies. The extremely high volume of foot traffic generated by the anchor tenant is likely to enhance the attractiveness of this space."
  2. "Structural of fiscal issues of the Anchor tenant; Should the anchor tenant vacate the property, a replacement is likely to be very interested in the location, given the sales volumes generated at the center."
  3. "New Competition entering the market; As the town of Enterprise continues to grow, it is possible that competition could erode the market share of the current store."
  4. "Refinancing risk; if loan terms depart materially from the analysis, equity returns could be negatively impacted."

 

How has COVID-19 impacted your business plan?

Jon Rolwing, Broder & Sachse: “Grocers have proven their resilience as essential services throughout the Covid crisis. While some temporary closings of shop tenants occurred, all are open and following proper protocols.”

 

NOTE: All answers provided by the sponsor, Broder & Sachse, or its representatives.

About this Property

"A high-performing grocery-anchored retail investment opportunity that will provide consistent cash flow and have significant protection against downside risk."

- Jon Rolwing, Broder & Sachse

Address 847 Boll Weevil Circle
Square Footage 61,000 sq. ft.
Year Built 2012
Current Occupancy 98%
Market Occupancy 95%
Current Average Rent $20 (for shop space)
Average Market Rent $20 (for shop space)
Purchase Price  $12,287,500
Price per Square Ft. $201/sq. ft.

 

Top Questions

All answers are provided by the sponsor, Broder & Sachse, or its representatives.

 

Why are you buying the Property?

Jon Rolwing, Broder & Sachse:

  1. "The Publix grocery store has 11.5 years of lease term remaining on its initial lease and 8 renewal options. The store has endured competition from Walmart, across the street, and yet remains a top grossing Publix store in Alabama (of which there are 78). Such a high-performing store protects the downside risk at the property. According to placer.ai, the store is in the top 6 most heavily trafficked Publix store in the State of Alabama."
  2. "Growing population and trade area includes higher income households and Fort Rucker, a US Army Aviation installation."
  3. "The primary advantage of Grocery-anchored retail is that the tenants who co-locate with grocers tend to be service and convenience retailers that are resistant to the threats of e-commerce."
  4. "The tenants at Park Place fit this mold and the lone vacant space at the center provides opportunity for additional income not presently included in the pro forma."

 

What are the most important aspects of this investment opportunity for the investors?

Jon Rolwing, Broder & Sachse: "Sponsor believes that this CorePlus opportunity will hold its value over the long term while providing reliable cash flow and excellent risk-adjusted returns. The center is home to the most popular grocer in Alabama and generates exceptional sales volumes (pre-covid). Post-Covid sales are expected to be even more exceptional."

 

What is your investment strategy/business plan for the Property?

Jon Rolwing, Broder & Sachse: “This CorePlus opportunity will provide investors with an excellent opportunity for capital preservation and reliable cash flow. Opportunities to outperform will be through releasing the shop space if and when vacancies present themselves.”

 

What are the risks and how are you mitigating those risks?

Jon Rolwing, Broder & Sachse: "Risks include:"

  1. "The unanticipated failure or premature closings of the shop tenants; Such mitigation includes Sponsor's relationships with retail brokers throughout the southeastern region to help backfill unexpected vacancies. The extremely high volume of foot traffic generated by the anchor tenant is likely to enhance the attractiveness of this space."
  2. "Structural of fiscal issues of the Anchor tenant; Should the anchor tenant vacate the property, a replacement is likely to be very interested in the location, given the sales volumes generated at the center."
  3. "New Competition entering the market; As the town of Enterprise continues to grow, it is possible that competition could erode the market share of the current store."
  4. "Refinancing risk; if loan terms depart materially from the analysis, equity returns could be negatively impacted."

 

How has COVID-19 impacted your business plan?

Jon Rolwing, Broder & Sachse: “Grocers have proven their resilience as essential services throughout the Covid crisis. While some temporary closings of shop tenants occurred, all are open and following proper protocols.”

 

NOTE: All answers provided by the sponsor, Broder & Sachse, or its representatives.

Offered By

Broder & Sachse

Broder & Sachse

Detroit, MI

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Assets Under
Management

Currently
$350MM 20+ assets
Exited
$65MM 10+ assets
Portfolio LTV
61%  
Historical
Realized Returns

Total IRR
20.3%  
Equity Multiple
3.48x  
Annual Cash
14.4%  
Years Of
Experience

As Principals
30+ years  
In Business
27 years  
Size
60 Staff  
* All information is reported by Broder & Sachse as of 9/16/2020.
Assets Under
Management

Currently
$350MM 20+ assets
Exited
$65MM 10+ assets
Portfolio LTV
61%  
Historical
Returns

Total IRR
20.3%  
Equity Multiple
3.48x  
Annual Cash
14.4%  
Years Of
Experience

As Principals
30+ years  
In Business
27 years  
Size
60 Staff  
* All information is reported by Broder & Sachse as of 9/16/2020.

Financials

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Offering Financial

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Location Details

Enterprise, AL

Jon Rolwing, Broder & Sachse: “In the thriving town of Enterprise, Alabama, the property is situated at the busiest intersection in town. The location is also near the primary front gate of Fort Rucker, a US Army Aviation Installation. The nature and character of the higher-income trade area enables the property to attract shoppers from a much larger radius than a typical neighborhood shopping center. The quality of Publix, the anchor tenant, is viewed very favorably by the financial and investment markets, thus enhancing the liquidity of the asset at disposition.”

Documents

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Offering Agreement Documents

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