Property Description

Demographics

Rentable Area:

1,392 sf

One Mile

Three Miles

Land Area:

16,091 sf

Population:

5,920

27,711

Estimated Age (years):

18

Households:

2,696

11,369

Parking Spaces:

10 spaces

Med H.H. Inc

$31,416

$41,110

Frontage:

150’- Lowry Ave

Option Terms

Base Lease Terms

Terms:

Four, 5 year options

Lessee:

Prima Marketing LLC

Escalations:

1.75% of the base rent for immediate prior lease year or CPI multiplied by five (5) over the previous year

Lease Guarantor:

Prima Marketing LLC

Traffic Generators

Commencement Date:

July 31, 2005

The subject is situated on the east side of Lowry Avenue and roughly ½ mile north of US 30.  Lowry Avenue and Lewis Avenue are the two primary routes into Jeannette.  There are a variety of mixed commercial uses and some residential uses along this route.  The interior streets are improved primarily with residential uses.   The surrounding commercial uses consist of small multi-tenant office uses, retail uses, small food establishments, community uses, etc.

Expiration Date:

July 31, 2020

Term:

15 years

Annual Base Rent:

$37,789

Escalations:

Lessor of 1.75% of the base rent for immediate prior lease year or CPI multiplied by five (5) over the previous year

Landlord Responsibilities:

None

Tenant Responsibilities:

Absolute NNN

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Aerial View

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Building & Site Analysis

The building is 1,392 square feet in size, built with a combination of wood-frame and brick with structural steel as appropriate; the canopy is of steel-frame construction.

Toward the north side of the site is a 36’ x 50’ Class “S” canopy covering six gasoline islands with twelve fueling positions.  There are two double-sided MPDs, one on each of the four fueling islands.  Positioned under a concrete slab west of the fueling islands are three 10,000-gallon fuel tanks.

Neighborhood Analysis

The subject is situated on the east side of Lowry Avenue and roughly ½ mile north of US 30.  Lowry Avenue and Lewis Avenue are the two primary routes into Jeannette, with Lewis Avenue being the more predominant of the two.  There are a variety of mixed commercial uses and some residential uses along this route.  The interior streets are improved primarily with residential uses. The topography of the area is considered hilly, and the landscape is mostly wooded.  The surrounding commercial uses are mostly secondary in nature, consisting of small multi-tenant office uses, retail uses, small food establishments, community uses, etc.

Tenant

7-Eleven is the largest chain in the convenience store industry.  7-Eleven operates or franchises approximately 5,800 stores in the United States and Canada and licenses approximately 21,000 7-Eleven stores in 17 other countries and U.S. Territories throughout the world.  During 2004, 7-Eleven stores worldwide generated total sales for more than $41 billion.  Approximately 3,200 of 7-Eleven’s 5,800 stores in North America are operated by franchisees and approximately 430 stores are operated by licensees

Prima, the tenant under BNC’s leases, owns or operates 88 convenience stores.  Prima manages 75 of these facilities as 7-Eleven convenience stores. Prima is one of only six licensees in the U.S. and is the second largest convenience store operator in West Virginia, Prima’s primary market.  Prima has an exclusive 25-year renewable licensing arrangement with 7-Eleven and retails its gasoline under brand names such as BP, Chevron, Marathon, Pennzoil and Citgo.