SELINA PLAZA

Jacksonville, Florida

Total Capitalization: $6,804,500

Total Equity: $2,534,500

  • Minimum Equity Investment: $100,000
  • Allocated Debt: $168,475
  • Loan to Total Capitalization: 62.75%
  • Close of escrow (estimated): August 30, 2007 (estimated)

Selina Plaza (“Property”) is a 17,500 square foot newly constructed upscale neighborhood retail center located in Jacksonville FL. The Property is strategically located at the Alta Drive exit off State Hwy 9-A on the northwest corner of Faye Road.

Jacksonville, Florida

Selina Plaza benefits from easy access to interstate I-95, downtown Jacksonville, Jacksonville International Airport (JAX), and a high demand for living and shopping in the immediate neighborhood.

Property Description

Selina Plaza (“Property”) is a 17,500 square foot newly constructed upscale neighborhood retail center located in Jacksonville FL. The Property is strategically located at the Alta Drive exit off State Hwy 9-A on the northwest corner of Faye Road. Selina Plaza benefits from easy access to interstate I-95, downtown Jacksonville, Jacksonville International Airport (JAX), and a high demand for living and shopping in the immediate neighborhood.

Selina Plaza is currently one of the only commercial properties in an underserved market designed to support the 7,000+ homes recently built or under construction. Additional demand is being created within North Point Industrial Park, a multi-phased development in the immediate vicinity featuring over 3 million square feet of hitech flex office and industrial buildings.

Selina Plaza is on schedule to complete construction in July 2007. The Property is currently 93% pre-leased to local and regional credit tenants in 8 separate suites. The leases are structured NNN, reimbursing the landlord for Common Area Maintenance (CAM), property taxes, insurance and property management fees. In the event the remaining 1,300 square feet is not leased prior to closing, the Seller will provide a 12-month rent guarantee at $24 per square foot, in addition to all operating expense reimbursements.

PROPERTY HIGHLIGHTS

  • Premier asset, NNN leases, with annual rental increases and options to renew
  • Extremely strong leasing activity / currently 93% pre-leased
  • Newly constructed Class-A multi-tenant commercial retail center
  • Additional demand created by North Point Industrial Park, a multi-phased development featuring over 3 million square feet of hi-tech flex office and industrial buildings
  • Limited supply of commercial retail properties in the area
  • One of the fastest growing sub-markets in Jacksonville, FL and the Southeast

Selina Plaza is strategically located in the northeast section of Jacksonville, Florida at the Alta Drive exit off State Highway 9- A on the northwest corner of Faye Road. This section of Jacksonville is rapidly growing with substantial growth projected over the next 5-10 years. In addition to these dynamics, Expansion Magazine has ranked Jacksonville as the #1 “Hottest City” in America for business relocation or expansion. Jacksonville, ranked in the top 10 every year of the survey, was ranked first in 1999, 2002 and 2003.

Selina Plaza capitalizes on the tremendous quantity of homes recently built, under construction, and planned in the area. Furthermore, North Point Industrial Park, which will feature over 3 million sq. ft. of hi-tech flex office and industrial buildings upon completion, steadily increases demand for retail support in the immediate vicinity. The addition of Dunn’s Creek Crossing, a 100,000+ sq. ft. retail and office neighborhood center, located on the northeast corner of Alta Drive and Faye Road further substantiates the demand for retail properties in the area. Moreover, 313 single-family homes are planned to be built just north (within one block) of Selina Plaza, off Alta Drive between Alta Circle South and Aldersgate Road. The City of Jacksonville is the 14th largest incorporated city, by population, in the United States. Jacksonville’s Metropolitan Statistical Area (MSA) contains 2,674 square miles and has a population of over 1.1 million, which represents a 21.4% increase since 1990. Median household income is $50,000 within 5 mile radius of the Property with steady growth projected as area matures.

KEY INVESTMENT CONSIDERATIONS

  • Property address: Assigned by U.S. Postal Service prior to closing
  • Property type: Multi-tenant, neighborhood retail center
  • Building square feet: 17,500 SF
  • Year built: July 2007 (estimated completion date)
  • Current occupancy: 93%

LOAN provided by Citigroup Global Markets

  • First Mortgage Loan: $4,270,000
  • Term: 10 years
  • Amortization: Interest only in years 1-5, then amortizing on a 30-year schedule
  • Rate: 1.16 basis points over ten-year treasury on closing date

ABOUT TIC CAPITAL LLC

960 BROADWAY AVENUE, SUITE 250 | BOISE, ID 83706 | T 208.336.1000 | F 208.336.1001