Best Buy Bonded Absolute NNN Lease Newport News, VA
Bonded Absolute NNN Lease—zero Landlord Responsibilities, with Best Buy responsible for 100% of all rent, operating, and capital expenses.
2019 Best Buy Lease Renewal—in July 2019, BBY executed all its remaining options early, now w/12+ years of contractual lease term remaining.
Dominant Government Employment Base—United States government is the #1 employer of the Hampton Roads peninsula and comprises 25%+ of the region’s employment base.
AA Bond Rating (City of Newport News)—City of Newport News boasts a notably strong economy that ranks it among the nation’s best, with an investment grade credit rating (S&P: AA | Moody’s: Aa2).
Excellent Historical Occupancy & Best Buy Store Performance—BBY has been successfully operating at the Property for 19+ years and includes a notably low occupancy cost and strong unit-level performance.
Major Retail Corridor & Premier Local Demographics—directly across from Patrick Henry Mall (717k+ SF, 94.7% occupied regional mall) and the local market boasts an average household income of $74,900+ (3-mi) and population of 174,200+ (5-mi).
This Disclaimer, Confidentiality, and Non-Disclosure Agreement (“Agreement”) is made by the accepting party below (“Accepting Party”) to Stan Johnson Company (“SJC”) and the current owner of record (“Owner”) of the real property located at 12151 Jefferson Ave, Newport News, VA 23602 and commonly known as Best Buy (individually or collectively the “Property” or “Properties”). When referring to SJC and/or Owner herein, it shall also collectively include their respective affiliates, successors and assigns, advisors, agents, associates, representatives, shareholders, employees, officers or directors.
Owner has retained SJC as its exclusive advisor to facilitate the sale of the Property. The Accepting Party has expressed an interest in evaluating the Property for purposes of a potential acquisition and Accepting Party represents that it has the expertise and financial capability to undertake an investment of this size and scope. Pursuant thereto, SJC has been asked by Owner to provide Accepting Party certain information concerning the Property.
This information may include, without limitation, the Confidential Offering Memorandum, ARGUS model, brochures, documents, studies, computer output, reports, financial statements, and various other information in verbal and non-verbal form (individually or collectively referred to as the “Evaluation Material”). As such, SJC will consider furnishing the Evaluation Material to Accepting Party on the prerequisite condition that Accepting Party agrees to treat the Evaluation Material strictly confidential as stated herein and acknowledges the below terms and conditions. As evidenced via Accepting Party’s signature below or executing via electronic acceptance, the Accepting Party hereby agrees to the following:
1. Although SJC has endeavored to include in the Evaluation Material information which SJC believes to be relevant for the purpose of Accepting Party’s investigation, Accepting Party understands and acknowledges that neither SJC nor Owner makes any representation or warranty regarding the accuracy or completeness of the Evaluation Material. The financial information and projections contained in the Evaluation Material may represent estimates based on assumptions and SJC and Owner make no representations or warranties, expressed or implied, that actual results will conform to such projections. SJC and Owner expressly disclaim any and all liability for representations or warranties, expressed or implied, contained in this Evaluation Material, or omissions from the Evaluation Material, or in any other written or oral communications transmitted or made available. Accepting Party agrees that neither SJC nor Owner shall have any liability to Accepting Party or any of its representatives, Permitted Parties or related parties resulting from its use of or reliance upon the Evaluation Material.
2. Accepting Party agrees that, except for any information which is a matter of public record, all Evaluation Material, shall be kept strictly confidential and will not be used or duplicated by Accepting Party in any way detrimental to SJC or Owner, or for any purpose other than evaluating a possible acquisition of the Property. Notwithstanding the foregoing, for purposes of assisting Accepting Party in evaluating the Property, Accepting Party may provide the Evaluation Material to their directors, accountants, employees, legal counsel, potential debt and equity sources, and other advisors that have deemed a “need to know” (“Permitted Parties”), provided that Accepting Party shall direct such Related Parties to keep the Evaluation Material confidential in the same manner with Accepting Party’s obligations under this Agreement and accept any liability for failure by their Permitted Parties to do so.
3. Accepting Party will not contact any tenant, leasing brokers or property management staff of the Property in connection with its review of the Evaluation Materials. Any and all questions related to the Evaluation Materials or the Property must be directed solely to SJC.
4. Accepting Party acknowledges and agrees that the terms of this Confidentiality Agreement shall survive the closing of the Property (unless Principal purchases the Property) and shall terminate no later than one year after Owner sells the property. No failure or delay by SJC or Owner in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof or failure to exercise preclude any other or further overview of the services of any right, power or privilege hereunder.
5. Accepting Party acknowledges that neither SJC nor Owner is responsible for any commissions, fees, or compensation to potential cooperating brokers that maybe representing a prospective buyer. All such fee arrangements are the responsibility of the prospective buyer or agreed to in writing with SJC and Owner per a separate agreement.
SJC and Owner expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to invest in the Property from Accepting Party, or any other person or entity, and/or to terminate discussions with Accepting Party or any other person or entity at any time with or without notice. Owner shall have no legal commitment or obligation to any person or entity reviewing the Evaluation Material or making an offer to invest in the Property. Only a fully executed Purchase & Sale Contract (“PSA”) shall be considered a legally binding agreement to sell.