Description

Property: 86,479 s.f. Kmart store on 11.40 acres of land. Tenant opened store October 18, 1990. 433 parking spaces.

Lease: Original term of 25 years. Owner pays cost for structural, roof, and parking lot. Tenant pays for taxes, insurance, and CAM. CAM increases capped at 105% per year. Percentage rent of 1% above annual sales of $16,500.000.

Lease Expiration: October 31, 2015

Options to Extend Lease: 10-5 year options at current rent rate.

Percentage Rental: 1% over $16,500.00

Current Gross Annual Income: $441,043

Base Rent/S.F.: $5.10

Expenses: Kmart pays taxes, insurance, and CAMs. CAMs are capped not to exceed 105% of prior years cost. Landlord is responsible for structural, roof, and parking lot.

Poplar Bluff is considered a Micropolitan Area, a new designation created by the Office of Management Budget, which is an area that has a population of more than 10,000 but less than 50,000 and must include at least one county, Butler County in our case. These Micropolitans are the regional economic and employment hubs of their areas and provide "big city" benefits on a manageable scale as well as being large enough to attract jobs, restaurants, and community organizations, but small enough to avoid most of the big city problems. There are currently 580 recognized Micropolitan areas in the United States and 20 in the state of Missouri. Poplar Bluff is ranked 96th in the United States and 3rd in Missouri in economic output. Our trade area covers an eight county area with a population of 175,000 people and produces $1.8 billion in annual retail sales, with $685,000,000 of that coming from Butler County.