Smithland Pet & Garden Center

147 Meriden Road, Middlefield, CT 06455

$2,816,000

Cap Rate 6.38%

Views: 95 Updated: 02.26.24 Posted: 06.01.23 Status: Inactive

Summary

Price $2,816,000	Built/Renov 1963	Tenant Smithland Pet & Garden Center
Cap Rate 6.38%	Lease Type Abs NNN	Guarantor Corporate
Size/SF 20,460	Lease Start 08-31-2022	#Units 13
Price/SF $137.63	Expiration 08-31-2042	Tenant Type General Retail
NOI $179,520	R. Term 17.8	Ownership Fee Simple
Rent/SF $8.77	Increases 2.0%/1/yrs	Pop 5Mi 102,737
Lot/AC 2.63	Options 5/5yrs/2%	AHHI 5Mi $96,434

Lease Highlights

Smithland Pet & Garden Center recently signed a new 20-year lease with 5 (5-year) options to extend
The lease features 2% annual rental increases throughout the initial term and option periods
This particular location generates strong revenues and EBITDA-to-Rent coverage
Absolute NNN lease | Zero landlord responsibilities
Corporate guarantee from CT Garden Holdings, LLC.

Location Description

Positioned 15 miles south of downtown Hartford, Smithland Pet & Garden Center is located along Meriden Road (21,000 VPD), which intersects with Interstate 91 (109,000 VPD) 3 miles to the west. The site is also immediately adjacent to CT Self Storage and across from Dunkin’, Auto Body Specialties and Groomin’ N Roomin’ Kennels. The site is further situated 1.3 miles west from the Middletown...

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Key Features

Near major nationals
Strategically located
Freeway close
Dense 100M+ pop 5 mi
Affluent suburb location
Brand new lease
Long 15+ yr lease
Absolute NNN
Annual rent increases
Corporate Guarantee

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Links

Smithland Pet & Garden Center Wikipedia Middlefield, Connecticut Zip Code 06455 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Smithland Pet & Garden Center
Guarantor:Corporate
Company:CT Gardens Holdings, LLC
# Units:13
Stock:Private

About Tenant

Smithland Pet & Garden Center is a private equity-held specialty retailer of lawn, garden and pet products. Operating in rural Connecticut and western Massachusetts, their locations carry more...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	2,376	31,748	102,584
2023 Total Population :	2,330	31,704	102,990
2023 Employed Civilian Pop :	1,301	15,944	52,863
2023 Total Businesses :	59	918	4,587
2023 Average Household Income :	$ 114,876	$ 114,574	$ 106,052
2023 Total Consumer Spending :	$ 107 M	$ 1240 M	$ 3922 M
2023 Median Age :	47	41	41
2023 Total Households :	1,104	12,640	43,103
2023 Pop Age 25+: Bachelor's Degree :	389	4,903	14,898
2023 Average Home Value :	$ 311,870	$ 317,845	$ 304,890

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Higby Rd	Sisk St	2010	3,000	0.19 mi
Meriden Rd	Jackson Hill Rd	2012	23,000	0.40 mi
Ballfall Rd	Falcon Ter	2012	3,400	0.45 mi
Higby Rd	Sisk St	2010	2,800	0.55 mi
Meriden Rd	Harvest Wood Rd	2012	23,700	0.65 mi
Meriden Rd	Washington St	2010	23,800	0.75 mi
Jackson Hill Rd	School St	2010	4,100	0.78 mi
Cedar St	Peters Ln	2010	1,300	0.93 mi
Cedar St	Sugarloaf Ter	2010	2,700	0.99 mi
Ballfall Rd	Olympus Pkwy	2012	3,400	1.05 mi

Listing Broker

Chris Bosworth

CBRE: NLPG Atlanta

Contact

133 Listings
16860 Views
62 Sold

Brian Pfohl

CBRE: NLPG Atlanta

Contact

132 Listings
17010 Views
60 Sold

Chris Bosworth

Chris Bosworth is a Vice Chairman and Managing Director of the CBRE Net Lease Property Group and Corporate Capital Markets practice. Mr. Bosworth’s focus is to advise institutions, private equity firms, REITs, developers and corporate users regarding all facets of net-leased properties. In his career, Mr. Bosworth and his partners, Will Pike and Brian Pfohl, have been responsible for the disposition of 3,900 transactions valued in excess of $29 billion. Mr. Bosworth and Mr. Pike co-head the

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Brian Pfohl

Brian Pfohl is an Executive Vice President with CBRE’s Net Lease Property and Corporate Capital Markets practice groups. Mr. Pfohl’s singular focus is to advise corporate users, institutions, private equity firms, REITs, developers, and private individuals regarding all facets of net-leased properties. Mr. Pfohl’s expertise stems from the myriad of sale-leaseback transactions, net lease investment sales, programmatic portfolio dispositions, and advisement assignments he has completed throughout

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Thomas Carr

CBRE: NLPG Atlanta

Contact

135 Listings
17012 Views
63 Sold

Thomas Carr

Thomas Carr is an Senior Investment Sales Analyst with CBRE’s Net Lease Property Group. As a member of the team led by Chris Bosworth and Will Pike, Mr. Carr plays an integral role in all aspects of the group’s property valuation, underwriting, and marketing efforts. He is also actively involved in marketing the team’s disposition assignments, specializing in single-tenant assets, national net-lease portfolios, and corporate sale-leasebacks, as well as advising 1031 exchange buyers. Mr. Carr

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