Lake City Commons

Investment Highlights

KROGER ANCHORED CENTER
• The Kroger Co. is the largest supermarket chain by revenue, the
second-largest general retailer, and the seventeenth largest company in the United States with over 2,765 locations accumulating 132.5B in revenue during fiscal year 2020 and ranking #23 on the Fortune 500’s largest United States Corporations
• Kroger Boasts Base Rent To Sales Ratio of 1.72% | $464 PSF in Sales
• Kroger recently affirmed its long-term strategy and success at this location by executing a brand new 10-Year extension in January of 2021
• Kroger’s lease extension includes a 5% rental increase in year 5 and various increases in options
• Kroger installed a new fuel station in 2019
• Kroger’s income stream is 56.82% of the total gross revenue
• According to Placer.ai, this is location ranks in the top 9% of stores in the entire Atlanta MSA (#12 of 125 Kroger Locations). It is the #3 store within a 15-mile radius and ranks in the top 16% Nationally.

LAKE CITY COMMONS
• No concessions given to tenants through COVID
• The center has rents in line with the market that are replaceable
• Ideal Kroger Demographics: 5-Mile Population is 165,975 with an average household income of $52,000
• Strong Fundamentals | Located at signalized hard corner intersection with ideal visibility, is non-median bound, & has multiple points of Ingress/Egress
• Value-Add Opportunity: 4,000 SF Former Dollar Tree Space. Dollar Tree is relocating to a build to suit in the market after 23 successful years at this location
• Recent Capital Expenditures:
• New Roof in 2018 (20-Year Warranty)
• Kroger TI related to the fuel station: $190,257
• Upgraded pylon sign to LED and modernize as part of Kroger’s fuel station and fuel pricing on sign: $21,170
• Brand new parking lot mill, pave, seal, and stripe: $104,555.60
• Weighted Average Lease Term: 8.54 Years
• Occupancy History: 13 Years

STRATEGIC LOCATION
• Lake City Commons is located on the High Traffic Corridor of Jonesboro Road/GA-54 (27,800 VPD)
• Just 1 mile from the center, Jonesboro road leads directly to I-75, the major commuting road into Atlanta
• Limited Grocery Competition in a 3-Mile Radius
• Located just behind Lake City Commons is the Morrow Lake City Recreation, a wining park that includes baseball fields and walking trails
• Ideal Kroger Demographics: 5-Mile Population is 165,975 with an average household income of $52,000
• The center is located just 15 minutes (6 Miles) from Hartsfield-Jackson International Airport, the nation’s busiest airport with 195 gates & over 300,000 daily passengers.
• Lake City is a primary bedroom community for the Airports 63,000 employees with a payroll of $2.4 billion airline

PROXIMITY TO CLAYTON STATE UNIVERSITY
• Center is located at the entrance to Clayton State University, surrounded by student housing
• Clayton State is public university enrolling 6,900 and 500 staff
• Clayton State basketball, soccer, cross-country, tennis, golf, and track & field programs are a part of Division II of the National Collegiate Athletic Association (NCAA)). In 2011, the Clayton State women’s basketball team won the NCAA Division II national championship.
• The main campus includes 192 acres of wooded grounds, featuring five lakes and a park-like atmosphere.
• Due to the outdoor & nature-centric atmosphere of the campus, citizens of Morrow are drawn to this popular site for outdoor recreation activities

HARTSFIELD JACKSON INTERNATIONAL AIRPORT
• The center is located just 15 minutes (6 Miles) from Hartsfield-Jackson International Airport with 195 gates & over 300,000 daily passengers.
• Hartsfield-Jackson has been the world’s busiest airport for 23 consecutive years with 8M passengers per month.
• The Airport supports more than 63,000 jobs on site and nearly 400,000 jobs throughout metro Atlanta.
• The Airport contributes nearly $52 billion in annual direct economic benefits to the immediate Atlanta metropolitan area and nearly $31 billion across the state and Piedmont Atlantic Megaregion.
• Hartsfield-Jackson’s Net Position at the end of 2019: $5,119,874,000
• Lake City is a primary bedroom community for the Airports 63,000 employees with a payroll of over $2.4 billion