Overview Financial - Constant 2018-05-31آ  feet of retail. Major anchors along the corridor...

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Transcript of Overview Financial - Constant 2018-05-31آ  feet of retail. Major anchors along the corridor...

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    ACADEMY SPORTS of fer ing memorandum SLIDELL, LOUISIANA

    6 1 1 0 7 A I R P O R T R O A D S L I D E L L , L O U I S I A N A 7 0 4 6 0

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    Marcus & Millichap is pleased to present this 68,000-Square Foot Academy Sports + Outdoors in Slidell, Louisiana; which is 39 miles north of New Orleans. Academy has five years remaining on an absolute net lease with zero landlord responsibilities, and four, five-year renewal options. The lease is backed by a corporate guaranty from Academy, Limited; which register more than $4.7-Billion in revenue across 228 units in 2016. Academy Sports + Outdoors was ranked number 87 on Forbes American’s Largest Private Companies in 2016.

    This asset is located just off Air Port Road in the Stirling Slidell Centre shopping center and is highly visible from Interstate-12, which sees more than 68,000 vehicles per day. Stirling Slidell Centre offers optimal co-tenancy and proven sales performance of such national retailers as Academy Sports + Outdoors, Ross Dress For Less, PetSmart, Shoe Carnival, and David’s Bridal.

    The Airport Road Retail Corridor is a regional retail trade area with more than 1.5-million square feet of retail. Major anchors along the corridor include Sam’s Club, Walmart, Home Depot, Dillard’s, and J.C. Penney. This asset also benefits from a growing population. From 2010 to 2016, there was an 8 percent population increase.

    Additional Tenants in the Retail Trade Area Include: Ross Dress For Less, PetSmart, AT&T, Zales, Kay Jewelers, Bath & Body Works, Starbucks, Bed Bath & Beyond, Marshalls, Dollar Tree, Chase Bank, McDonald’s, Burger King, Taco Bell, Wendy’s, Walgreens, and More.

    I N V EST M E N T OV E RV I E W

    2 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of © 2016 Marcus & Millichap. Activity ID: Z0330954

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    • Academy Sports + Outdoors in Slidell, Louisiana | 39 Miles North of New Orleans

    • More Than Five Years Remaining on Absolute Net Lease | Zero Landlord Responsibilities

    • Lease Features Four, Five-Year Renewal Options

    • Corporate Guaranty | Academy, Limited | Number 87 in Forbes Largest Private Companies (July 2016) | $4.7-Billion in Revenue Across 228 Units

    • Airport Road Retail Corridor| More Than 1.5-Million Square Feet of Retail

    • Strong National Credit Anchors | Sam’s Club, Walmart, Home Depot, Dillard’s, J.C. Penney

    • Direct Frontage on Interstate-12 | More Than 68,000 Vehicles Per Day

    • Strong Demographics | 8 Percent Population Growth from 2010 to 2016 in the Five-Mile Radius

    • Additional Tenants in the Retail Trade Area Include: Ross Dress For Less, PetSmart, AT&T, Zales, Kay Jewelers. Chase Bank, McDonald’s, Taco Bell, Wendy’s, Walgreens, and More

    INVESTMENT HIGHLIGHTS

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    F I N A N C I A L O V E R V I E W

    PRICE $4,258,339

    CAP RATE 8.25%

    NOI $351,313

    PRICE PER SQUARE FOOT $62.60

    RENT PER SQUARE FOOT $5.16

    YEAR BUILT 2003

    APPROXIMATE LOT SIZE 7.26 Acres

    GROSS LEASEABLE AREA 68,021

    TYPE OF OWNERSHIP Fee Simple

    LEASE GUARANTOR Corporate Guaranty

    LEASE TYPE Absolute Net

    ROOF AND STRUCTURE Tenant Responsible

    6 1 1 0 7 A I R P O R T R O A D S L I D E L L , L O U I S I A N A 7 0 4 6 0

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    4 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of © 2016 Marcus & Millichap. Activity ID: Z0330954

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    L E A S E S U M M A RY

    LEASE COMMENCEMENT DATE 6/1/2003

    LEASE EXPIRATION DATE 5/31/2023

    LEASE TERM 20 Years

    TERM REMAINING 5 Years

    INCREASES None Remaining

    OPTIONS TO RENEW Four, Five-Year

    FIRST RIGHT OF REFUSAL Yes

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    5 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of © 2016 Marcus & Millichap. Activity ID: Z0330954

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    Founded in 1938, Academy, Limited; doing business as Academy Sports & Outdoors is one of the nation’s largest sporting goods and outdoor stores. At Academy Sports + Outdoors, we make it easier for everyone to enjoy more sports and outdoors. At each of our 220+ locations, we carry a wide range of quality hunting, fishing and camping equipment, patio sets and barbecue grills, along with sports and recreation products, at everyday low prices. For all. For less.

    Academy is currently owned by funds advised by Kohlberg Kravis Roberts & Company, Limited Partnership (together with its affiliates, “KKR”), a leading global investment firm, and led by Chief Executive Officer and President J.K. Symancyk. Prior to August 2011, the company was owned by the Gochman Family and led by Chairman and Chief Executive Officer David Gochman. David’s grandfather, Max Gochman, started Academy Sports + Outdoors over 75 years ago when he opened Academy Tire Shop in 1938 in San Antonio, Texas. After a few years, Max began selling military surplus, and the store continued to evolve into what it is now a premier sports, outdoor, and lifestyle retailer with a broad assortment of high-quality hunting, fishing and camping equipment and gear along with sports and leisure products, footwear, apparel and much more. Over the last several decades, the company has grown substantially from its small beginnings. Sales reached one billion dollars in 2004, two billion dollars in 2007, and three billion dollars in 2012. Today, annual sales exceed $4.6 billion.

    T E N A N T P R O F I L E

    TENANT TRADE NAME Academy Sports + Outdoors

    OWNERSHIP Private

    TENANT Corporate Store

    LEASE GUARANTOR Corporate Guarantee

    NUMBER OF LOCATIONS 228

    SALES VOLUME $4.7 Billion (2015)

    NET WORTH $31.3 Billion (2015)

    RANK Number 87 Forbes America’s Largest Private Companies

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    T E N A N T O V E R V I E W

    KKR is a global investment firm that manages investments across multiple asset classes, including private equity, energy, infrastructure, real estate, credit strategies and hedge funds.

    Specializing in leveraged buyouts, headquartered in New York City, the firm sponsors and manages private equity investment funds. A pioneer in the leveraged buyout industry, the firm has completed over $400 billion of private equity transactions since its inception.

    The firm was founded in 1976 by Jerome Kohlberg, Jr., and cousins Henry Kravis and George R. Roberts, all of whom had previously worked together at Bear Stearns, where they completed some of the earliest leveraged buyout transactions. Since its founding, KKR has completed a number of landmark transactions including the 1989 leveraged buyout of RJR Nabisco, which was the largest buyout in history to that point, as well as the 2007 buyout of TXU, which is currently the largest buyout completed to date. KKR has completed investments in over 160 companies since 1977, completing at least one investment in every year except in 1982 and in 1990.

    KKR has 13 additional offices in the United States, Europe and Asia. The firm is currently located in the Solow Building (9 W. 57th Street in Manhattan New York), but recently announced its intentions to occupy a newly constructed 30 Hudson Yards.

    In October 2009, KKR listed shares in the company through KKR & Co., an affiliate that holds 30% of the firm’s ownership equity, with the remainder held by the firm’s