W Sunset Dr (17,400 VPD)
Spring City Drive Expansion
Bridgestone/Firestone
Tires Plus Total Car Care
Along Sunset Dr. Off St. Paul Ave. in Waukesha, WI (Milwaukee Suburb)
SUBJECT PROPERTY
EXCLUSIVE LISTING AGENT:
Joe Caputo | Bob Moorhead
214.522.7200
joe@exp1031.com | bob@exp1031.com
Brand New, 15-Year, Corporate, Net Lease w/ 6.5% Rent Increases Every 5-Years
Bridgestone Retail Operations, LLC (Lease Guarantor) Operates 2,200+ Stores w/ 20,000+ Employees
Lessee is a Subsidiary of Bridgestone Corporation, the World’s Largest Tire Maker, S&P Rated: BBB+
Adjacent to 500,000 SF Shoppes at Fox River Development Anchored by Target
Spring City Drive Extension Recently Complete Linking Subject Property to Shoppes at Fox River
Other Neighboring Anchor Tenants Include: Wal-Mart, Kohl's, Pic ‘n Save, Petco, Kmart, Sunset Bowl
Waukesha South High School (1,500 Students) Also Located Nearby
 Waukesha, WI: Pop. 70,718 | 18 Miles West of Milwaukee | Money Magazine’s “Top 100 Places to Live” - 2010
 Milwaukee MSA Ranks 5th in Fortune 500 Companies Per Capita
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TABLE OF CONTENTS
PAGE 1:
COVER
PAGE 2:
TABLE OF CONTENTS - DISCLAIMER
PAGE 3:
INVESTMENT OVERVIEW - LEASE OVERVIEW - TENANT OVERVIEW
PAGE 4:
SITE PLAN
PAGES 5-6:
PROPERTY PHOTOGRAPHS
PAGES 7-9:
AERIAL PHOTOGRAPHS
PAGE 10:
MARKET OVERVIEW
PAGE 11:
LOCATION MAPS & DEMOGRAPHICS
SUBJECT PROPERTY
CONFIDENTIAL MEMORANDUM & DISCLAIMER
EXP Realty Advisors, Inc. (“Agent”) has been engaged as the exclusive agent for the sale of the property located at 1017 Spring City Drive, Waukesha, WI, leased to Bridgestone Retail Operations dba Firestone Complete
Auto Care (the “Property”), by the owner of the Property (“Seller”). The Property is being offered for sale in an “as-is, where-is” condition and Seller and Agent make no representations or warranties as to the accuracy of
the information contained in this Offering Memorandum. The enclosed materials include highly confidential information and are being furnished solely for the purpose of review by prospective purchasers of the interest
described herein. The enclosed materials are being provided solely to facilitate the prospective investor’s own due diligence for which it shall be fully and solely responsible. The material contained herein is based on
information and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by Agent or Seller or any of their respective representatives, affiliates, officers, employees,
shareholders, partners and directors, as to the accuracy or completeness of the information contained herein. Summaries contained herein of any legal or other documents are not intended to be comprehensive
statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. Neither the Agent nor the Seller shall have any liability whatsoever for the accuracy or
completeness of the information contained herein or any other written or oral communication or information transmitted or made available or any action taken or decision made by the recipient with respect to the
Property. Interested parties are to make their own investigations, projections and conclusions without reliance upon the material contained herein. Seller reserves the right, at its sole and absolute discretion, to withdraw
the Property from being marketed for sale at any time and for any reason. Seller and Agent each expressly reserves the right, at their sole and absolute discretion, to reject any and all expressions of interest or offers
regarding the Property and/or to terminate discussions with any entity at any time, with or without notice. This offering is made subject to omissions, correction of errors, change of price or other terms, prior sale or
withdrawal from the market without notice. Agent is not authorized to make any representations or agreements on behalf of Seller. Seller shall have no legal commitment or obligation to any interested party reviewing
the enclosed materials, performing additional investigation and/or making an offer to purchase the Property unless and until a binding written agreement for the purchase of the Property has been fully executed,
delivered, and approved by Seller and any conditions to Seller’s obligations hereunder have been satisfied or waived. By taking possession of and reviewing the information contained herein, the recipient agrees that (a)
the enclosed materials and their contents are of a highly confidential nature and will be held and treated in the strictest confidence and shall be returned to Agent or Seller promptly upon request; and (b) the recipient shall
not contact employees or tenants of the Property directly or indirectly regarding any aspect of the enclosed materials or the Property without the prior written approval of the Seller or Agent; and (c) no portion of the
enclosed materials may be copied or otherwise reproduced without the prior written authorization of Seller and Agent.
TABLE OF CONTENTS - DISCLAIMER | 2
PRICE:
CAP RATE:
BUILDING AREA:
LAND AREA:
OCCUPANCY:
YEAR BUILT:
OWNERSHIP:
ADDRESS:
$2,577,000
7.15%
8,256+/- Square Feet
1.29+/- Acres
100% | Single Tenant
2011
Fee Simple Interest
1017 Spring City Drive, Waukesha, WI
LEASE OVERVIEW
Tenant: MORGAN TIRE & AUTO, LLC (Guarantor: BRIDGESTONE RETAIL OPERATIONS, LLC)
Leasable Area: An approximately 8,256 SF building on approximately 56,229 SF of land
Initial Lease Term: Fifteen (15) years
Options to Renew: Five (5), five (5) year options
Projected Start Date (Occupancy): October 2011
Lease Type: NN | Roof & structure is the landlord’s responsibility
Rent Increases: 6.5% every five (5) years
Year 1-5 Annual Rent:
$184,202
Year 6-10 Annual Rent:
$196,175
Year 11-15 Annual Rent:
$208,926
Year 16-20 Annual Rent (Option 1):
$222,506
Year 21-25 Annual Rent (Option 2):
$236,969
Year 26-30 Annual Rent (Option 3):
$252,372
Year 31-35 Annual Rent (Option 4):
$268,776
Year 31-35 Annual Rent (Option 5):
$286,247
BRIDGESTONE RETAIL OPERATIONS, LLC (“BSRO”) – LEASE GUARANTOR
World’s Largest Chain of Company Owned Auto Care Centers
2,200 Firestone Auto Care, Wheel Works, Tires Plus, Expert Tire - Operate Under BSRO
HQ in Bloomington, IL | Employees Nearly 22,000 People
Subsidiary of Bridgestone Corporation - S&P Rating: BBB+
Automotive service is the largest part of Bridgestone Retail Operations, LLC's business,
accounting for approximately 50 percent of sales with tire and financial services making up the
rest. Bridgestone Firestone North American Tire manufactures Bridgestone, Firestone, and
Dayton truck tires along with tires for virtually every wheeled vehicle made.
Harvey S. Firestone (1868-1938) founded The Firestone Tire & Rubber Company in Akron, Ohio,
in August 1900, and started marketing solid rubber tires for carriage wheels. Firestone joined the
retail store arena offering basic car service and tire sales in the mid-1920s when the original
Firestone Service Centers were opened. The 1940s saw the emergence of the Firestone Home &
Auto Store - a store concept of a one-stop retailer offering everything from automotive services
and tires to large household appliances, televisions, toys, bicycles, lawnmowers and even
outboard motors with the Firestone name brand affixed. The evolution of the retail stores
continued with the complete Tire & Service Center opening in the 1960s offering expanded
diagnostic under-car and under-hood service.
In the late 1970s the company, in an effort to re-focus its business solely on automotive service
and tire sales, began to phase out the sale of all non-auto related merchandise. Shortly
thereafter, in 1981, the Firestone MasterCare Car Service concept was introduced and
established as a premier brand of quality service being delivered to customers in a consistent
and distinctive manner. Bridgestone Corporation, founded in 1931 in Kurume, Japan, purchased
Firestone in 1988, transforming the company into the world's largest manufacturer of tires and
other rubber products. Bridgestone and Firestone operations in the Americas were consolidated
in 1990 as Bridgestone/Firestone, Inc.
Bridgestone/Firestone, Inc. initiated a series of changes to its corporate structure in December
2001, reorganizing its operations in the Americas under a holding company, Bridgestone
Americas Holding, Inc., and several operating subsidiaries. The largest of these operating
subsidiary companies is Bridgestone Retail Operations, LLC. In 2001 Bridgestone/Firestone also
announced its majority ownership stake in Morgan Tire & Auto, Inc. (MTA), then the nation's
second largest independent retailer of tires. Responsibility for MTA was shifted to Bridgestone
Retail Operations, LLC following the reorganization of Bridgestone/Firestone. Today,
Bridgestone Retail Operations, LLC and its subsidiaries employ approximately 22,000
teammates in North America. Bridgestone Retail Operations, LLC consists of more than 2,200
company-owned consumer and commercial stores in the United States as well as the
company's own credit card operations. The store channels include Firestone Complete Auto
Care, Morgan Tire / Tires Plus, Expert Tire, Commercial & Farm, and Mark Morris.
Today Bridgestone Retail Operations, LLC operates the largest number of company-owned fullline automotive retail generalist stores in the world. The above information is from
www.bsro.com
INVESTMENT OVERVIEW - LEASE OVERVIEW - TENANT OVERVIEW | 3
SITE PLAN | 4
SUBJECT PROPERTY
PROPERTY PHOTO | 5
SUBJECT PROPERTY
PROPERTY PHOTO | 6
Sentry Dr
AERIAL | 7
Sentry Dr
AERIAL | 8
AERIAL | 9
IMMEDIATE TRADE AREA
Bridgestone Firestone is a pad located at the heavily travelled intersection of West
Sunset Drive (14,400 cars / day) and St. Paul Ave. (24,800 cars / day). This location is in
the heart of the Sunset Drive (Waukesha – South) trade area which stretches for 3 miles
along Highway 164 and Highway 59. Approximately 61,000 people live within a 3 mile
radius of the subject property. The Sunset intersection with St. Paul Avenue (15,400
cars / day), a major north – south artery for Milwaukee’s western suburbs is located to
the immediate west of the subject property. Located at this intersection are notable
retailers and restaurants including Kohl’s, Denny’s, Let’s Celebrate, and Cousin’s Subs.
The surrounding residential area is composed of dense upper-middle class and middle
class single family homes. The September 2011 average single family home price for
the 53189 zip code was $235,000; the Waukesha average was $171,000.
The adjacent Shoppes at Fox River shopping center has brought new available
space/pads to the trade area for the first time in several years with demand being
strong. Tenants in this shopping center include Target, Petco, Famous Footwear, Chili’s,
Buffalo Wild Wings, CVS, Dollar Tree, Pick ‘n Save, and Mattress Firm.
There is a variety of retailers east of the subject property including Wal-Mart Super
Center, Kmart, Sunset Bowl Entertainment Center, McDonald’s, Pizza Hut, Culver’s, and
Michael’s Italian. Waukesha South High School (1,500 students) is located on the same
block as Kmart.
WAUKESHA, WI
Waukesha, WI is a city of 70,718 located 18 miles west of Milwaukee, WI. Although
Waukesha has long been considered a community unto itself (self-sustaining),
sustained robust residential growth over the last 30 years into and through Waukesha
has transformed the community into a thriving area that is now considered a true
suburb of Milwaukee. It is also the county seat of Waukesha County which has 380,629
residents. Waukesha is home to the Waukesha County campus of the University of
Wisconsin (2,223 students) and Carroll University (3,200 students).
In 2006, Money magazine ranked Waukesha 36th on its list of the "100 Best Places to
Live", in the United States. In 2007 America's Promise ranked Waukesha one of the
"100 Best Communities for Young People" in the United States. In 2010, Money
magazine ranked Waukesha 50th on its list of the "100 Best Places to Live", in the
United States.
WAUKESHA, WI (CONTINUED)
The median income for a household in the city was $50,084, and the median income
for a family was $60,841. About 3.0% of families and 5.4% of the population were
below the poverty line, including 6.0% of those under age 18 and 5.9% of those age 65
or over. The population of Waukesha has grown by 9.1% from 64,825 in 2000 to
70,718 in 2010.
MILWAUKEE-RACINE-WAUKESHA METROPOLITAN AREA
Milwaukee, WI is the 28th most populous city in the United States. According to 2010
census data, the City of Milwaukee has a population of 594,833. Milwaukee is the main
cultural and economic center of the Milwaukee–Racine–Waukesha Metropolitan Area
which has a population of 1,751,316 as of 2010. Milwaukee is also the regional center
of the seven county Greater Milwaukee Area, with an estimated population of
2,014,032 as of 2008.
Milwaukee and its suburbs are home to the international headquarters of 14 Fortune
1000 companies, including Johnson Controls, Northwestern Mutual, Manpower Inc.,
Jefferson Wells, Kohl's, Harley-Davidson, Rockwell Automation, Fiserv, Inc., Marshall &
Ilsley Corp., Hal Leonard, Wisconsin Energy, Briggs & Stratton, Joy Global, Bucyrus
International, A.O. Smith, GE Healthcare Diagnostic Imaging and Clinical Systems and
MGIC Investments. The Milwaukee metropolitan area ranks fifth in the United States
in terms of the number of Fortune 500 company headquarters as a share of the
population.
Milwaukee also has a large number of financial service firms, particularly those
specializing in mutual funds and transaction processing systems, and a number of
publishing and printing companies. Retailers have traditionally thrived in the greater
Milwaukee market. The area boasts 5 regional malls, 23 community shopping center
retail nodes, and 11 grocery anchored shopping center nodes. The community centerbased retail trade areas are typically anchored by strong arterial streets with one or
more of the following large format or mid-size retailers: Kohl’s, Target, Home Depot,
Lowe’s, Shopko, Best Buy, Barnes & Noble, and other similar national concepts. Since
Lake Michigan borders Milwaukee to the east, the strong growth corridors for
residential and retail development are north, northwest, west, and to a smaller degree
the southwest and south.
MARKET OVERVIEW | 10
2010 DEMOGRAPHIC SNAPSHOT
Radius
3 Mile
5 Mile
10 Mile
2015 Projection
63,302
91,992
285,062
2010 Estimate
62,667
90,900
281,498
2000 Census
59,820
85,946
268,205
Growth 2010-2015
1.00%
1.20%
1.30%
Growth 2000-2010
4.80%
5.80%
5.00%
2015 Projection
25,836
37,143
112,487
2010 Estimate
25,378
36,400
110,052
2000 Census
23,454
33,300
100,986
Growth 2010-2015
1.80%
2.00%
2.20%
Population:
2010 Households:
Growth 2000-2010
8.20%
9.30%
9.00%
Owner Occupied
15,577
23,203
81,567
Renter Occupied
9,801
13,197
28,485
2010 Avg Household Income
$78,593
$82,437
$97,082
2010 Med Household Income
$68,513
$73,103
$81,412
2010 Per Capita Income
$32,097
$33,409
$38,152
Income Less than $15,000
1,576
1,895
4,290
Income $15,000 - $24,999
1,959
2,596
5,748
Income $25,000 - $34,999
1,819
2,404
6,165
Income $35,000 - $49,999
3,462
4,709
11,834
Income $50,000 - $74,999
4,979
7,031
20,074
Income $75,000 - $99,999
4,698
6,857
21,045
Income $100,000 - $149,999
5,098
8,014
26,801
Income $150,000 - $249,999
1,505
2,438
10,755
Income $250,000 - $499,999
245
398
2,772
Income $500,000 or more
37
57
568
2010 Households by Household Inc:
LOCATION MAPS – DEMOGRAPHICS | 11