Property Description

Demographics

Rentable Area:

1,215 sf

One Mile

Three Miles

Land Area:

40,392 sf

Population:

2,995

26,104

Estimated Age (years):

18

Households:

1,272

10,742

Parking Spaces:

10 spaces

Med H.H. Inc

$51,301

$35,061

Frontage:

185’- Wilmington Rd

150’- Maitland Ln

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 at the northeast corner of Wilmington Road and Maitland Lane roughly four miles north of the Central Business District and just outside of New Castle proper.  The neighborhood surrounding the site consists of mixed commercial and some residential uses to the north and south along Wilmington Road and predominantly residential uses to the east and west along Mailand Lane and other surrounding secondary streets.  Wilmington Road serves as the primary north/south traffic route through the area and, as a result, remains busy throughout the day.

Expiration Date:

July 31, 2020

Term:

15 years

Annual Base Rent:

$72,880

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

Area Map

Building & Site Analysis

The building is 1,215 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 middle side of the site is a 45’ x 70’, Class “S” canopy covering five gasoline islands with ten fueling positions.  There are four double-sided MPDs and one double-sided SPD, one on each of the five fueling islands.  Positioned under concrete paving is one 8,000-gallon, one 12,000-gallon, and two 10,000-gallon underground fuel tanks.

Neighborhood Analysis

The subject property is located in the city of New Castle within Lawrence County.  New Castle, a suburban community located roughly 60 miles north of Pittsburg and 25 miles east of Youngstown, Ohio, includes residential neighborhoods, commercial districts, and industrial facilities

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 86 convenience stores.  Prima manages all of these facilities as 7-Eleven convenience stores. Prima is one of only six domestic 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, Shell, Marathon, and Citgo.