North Bergen Virtual Tour

NORTH BERGEN

Tonnelle Avenue (US 1) & 91st Street

Projected Opening: Q1 2023
Operational Approval: TBD

NORTH JERSEY

Sprouts Farmers Market Bridgeport
Fairfield
Northern NJ Overv3ie80w Map
Norwalk
Greenburgh
95

Stamford
Greenwich

Wayne Yonkers

80 Mount Vernon

Paterson New Rochelle

Clifton

Passaic Bronx

Long Island Brentwood
City Flushing

East Orange Newark Jersey City Levittown
Union Hempstead
Jamaica
New York

Elizabeth
78 Bayonne

Allentown Far Rockaway

287

Edison Perth Amboy
New Brunswick

Pottstown 95

476 Trenton

Levittown
Bensalem

Lakewood

76 Upper Darby 0 10
Print Date: 1/26/21 miles













Market Comp Worksheet

Proposed deal: Year Size BTS/TA Term Min. Rent Min. Rent  NNN Gross Rent Comments
SPROUTS Net of TA

Tonelle Plaza,  2023 20,335 BTS 15 $24.50 $24.50 $9.65 $34.15 BTS conversion of of former 
N.Bergen NNN Gross Rent Staples 
Comps: Year Size BTS/TA Term Min. Rent Net of TA
Comments

Whole Foods 2020   4  0,000 Turnkey 10 $40.00 $32.50 $11.50 $51.50 Turn Key Delivery (Approx $100 
psf  over shell) includes free 
customer parking in deck.

Trader Joes ‐14th St 2020 16,834 Shell 20 $51.00 $51.00 $6.00 $57.00 NNN are taxes only, tenant self 
CVS ‐ 70 Hudson St. 2019   1  1,600 Turn Key maintains premises and 
20 $65.00 $56.38 $10.45 $75.45 dedicated 80 car parking garage
CVS ‐ 65 Bay St 2018    10,410 Turn Key 20 $63.50 $24.00 $11.30 $35.30
2017 11,750 Shell + Ti 15 $55.00 $47.50 Turn Key Delivery ($115 psf 
Ruth Chris Steak  over shell)
house ‐ 499 
Washington st. Turn Key Delivery ($115 psf 
over shell)

$9.65 $57.15



PRELIMINARY SUMMARY PAGE

North Bergen, NJ (0 @ 0)

Capital and Opening Costs $ Amount Per Gross SF Average Weekly Sales (Year 1 to Year 5) ($ in 000s)
$0 $0.0
A&E $0 $0.0
GC Contract $0 $0.0
$0 $0.0
DB - Sprouts Supplied $77.4 $550 $501  $514 
LL Reimbursement $1,950,000 $9.9 $500
$250,000 $11.9 $450
FF&E (ex IT) $300,000 $18.8 $400 $475 
$475,000 $18.2
Store IT $457,862 $136.2 $448 

Cap NSD Costs $3,432,862 $400 

Inventory, Net of A/P $350 

Pre-Opening Expenses $350 EBIT
Total Net Estimated Cost Breakeven
$300

Gross Square Feet 25,200 $250
$35.00
Base Rent / GSF
2.75
CAM / GSF 6.90 $200
$44.65
Other Occupancy / GSF $36.50 $150

Total Occupancy / GSF Year 1 Year 2 Year 3 Year 4 Year 5
12.0% 6.0% 5.5% 2.5%
Lease Term 15 years FASB Rent Comp Growth

Earnings ($ in 000s) Returns
EBITDA
$2,600 EBIT Pay Back Period 3.7 Years
$2,100 2,159 2,159 1,825 1,825
$1,600
10 Year IRR 31.9%
15 Year IRR 34.0%

$1,100 NPV (10 Year IRR) $5,577,566
NPV (15 Year IRR) $8,767,557

$600

$100

Year 1 Year 5 Year 1 Year 5
-4.7% -0.1% 6.9% 6.5%
-$400 -3.1% 2.4% 8.1% 8.5%
w/ effect of cann.
earnings

PRELIMINARY SUMMARY PAGE
Sensitivity Tables

As of: 02/22/21

IRR Model Sensitivity Analysis

IRR%
Sales Growth Rate - as increment on annual sales growth rate

Year 1 Sales -1.00% -0.50% 0.00% 0.50% 1.00%
34.0% 5.8% 8.1% 10.4% 12.5% 14.1%
18.0% 19.5% 21.3% 22.8% 24.3%
$300,000 75.0% 23.0% 24.7% 26.0% 27.3% 28.5%
27.5% 28.7% 30.0% 31.2% 32.3%
$340,000 85% 31.7% 32.8% 34.0% 35.2% 36.3%
35.6% 36.7% 37.8% 38.9% 40.0%
$360,000 90% 39.4% 40.5% 41.6% 42.6% 43.7%
43.0% 44.1% 45.2% 46.2% 47.2%
$380,000 95% 46.5% 47.6% 48.6% 49.6% 50.6%

$400,000 100%

$420,000 105%

$440,000 110%

$460,000 115%

$480,000 120%

IRR%
Margins - as increment on EBITDA Margin

Year 1 Sales -1.0% -0.5% 0.0% 0.5% 1.0%
34.0% 5.1% 7.8% 10.4% 12.9% 15.2%
16.5% 18.9% 21.3% 23.6% 25.9%
$300,000 75.0% 21.2% 23.7% 26.0% 28.4% 30.7%
25.0% 27.5% 30.0% 32.5% 34.9%
$340,000 85% 28.8% 31.4% 34.0% 36.6% 39.2%
32.4% 35.1% 37.8% 40.6% 43.3%
$360,000 90% 35.9% 38.8% 41.6% 44.4% 47.3%
39.3% 42.2% 45.2% 48.2% 51.2%
$380,000 95% 42.4% 45.5% 48.6% 51.7% 54.9%

$400,000 100%

$420,000 105%

$440,000 110%

$460,000 115%

$480,000 120%







Trade Area - Home Location

Walmart / 88th St

Unique # of Visits | Showing Home | At least 1 visit | Feb 1, 2020 - Jan 31, 2021
Data provided by Placer Labs Inc. (www.placer.ai)

Walmart ReMpoarpt adamtap©e2rr0o2r1
Export
2100 88th St, North Bergen, 07047, NJ
Last 12 Months

Ranking Overview

Within: 100% New Jersey Local: 15mi Download
93%
Chain 1 / 61 99%

United States View List 1 /7

4 / 3,911 View List

View List

Percentile Rank

Benchmark with venues near: Within: Region: Total venues: Coverage: Download

Walmart Chain: Walmart United States 3,911 99%

Ranking Index

Benchmark with venues near: Within: Region: Total venues: Coverage: Download

Walmart Chain: Walmart United States 3,911 99%

Rank Name Visits
1 4.8M
2 Walmart / Green Acres Rd, Valley Stream, NY 4.14M
3 Walmart / Parkway, Sevierville, TN 3.82M
4 Walmart / Walnut Grove Ave, Rosemead, CA 3.82M
5 Walmart / 88th St, North Bergen, NJ 3.67M
6 Walmart / Park Pl, Secaucus, NJ 3.64M
7 Walmart / Kuala St, Pearl City, HI 3.47M
8 Walmart / Harrison Ave, Kearny, NJ 3.39M
9 Walmart / Firestone Blvd, South Gate, CA 3.27M
10 Walmart / NY-211 E, Middletown, NY 3.26M
Walmart / Washington Blvd, Pico Rivera, CA

Hiding 3,901 results

Mosaic Comparison Report

2019 Estimates
Calculated using TAS Retrieval

Nov 3, 2020 Latitude: 40.811736 Longitude: -74.012352

US-1 & 91st St 3.00 Mile Radius 5.00 Minute Drivetime 7.00 Minute Drivetime 10.00 Minute 12.00 Minute
North Bergen, NJ Drivetime Drivetime
A: Power Elite
720 0.3% 0 0.0% 0 0.0% 15 0.0% 76 0.1%
A01: American Royalty 153 0.1% 0 0.0% 2 0.0% 11 0.0% 34 0.0%
A02: Platinum Prosperity 99 0.0% 0 0.0% 0 0.0% 5 0.0% 22 0.0%
A03: Kids and Cabernet 51 0.0% 2 0.0% 3 0.0% 4 0.0% 5 0.0%
A04: Picture Perfect Families 662 0.3% 2 0.0% 6 0.0% 60 0.1% 192 0.2%
A05: Couples with Clout 94,106 41.8% 0 0.0% 49 0.2% 1,048 2.0% 3,175 4.0%
A06: Jet Set Urbanites
30 0.0% 1 0.0% 2 0.0% 6 0.0% 9 0.0%
B: Flourishing Families 31 0.0% 1 0.0% 3 0.0% 4 0.0% 7 0.0%
B07: Generational Soup 9 0.0% 0 0.0% 0 0.0% 0 0.0% 3 0.0%
B08: Babies and Bliss 12,264 5.5% 360 3.2% 1,125 4.9% 4,317 8.3% 8,537 10.8%
B09: Family Fun-tastic
B10: Cosmopolitan Achievers 283 0.1% 2 0.0% 10 0.0% 49 0.1% 72 0.1%
572 0.3% 0 0.0% 0 0.0% 17 0.0% 31 0.0%
C: Booming with Confidence 1,285 0.6% 9 0.1% 32 0.1% 247 0.5% 498 0.6%
C11: Aging of Aquarius 24 0.0% 0 0.0% 0 0.0% 0 0.0% 1 0.0%
C12: Golf Carts and Gourmets
C13: Silver Sophisticates 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
C14: Boomers and Boomerangs 639 0.3% 4 0.0% 11 0.0% 69 0.1% 95 0.1%
19 0.0% 1 0.0% 1 0.0% 3 0.0% 6 0.0%
D: Suburban Style 10 0.0% 3 0.0% 4 0.0% 4 0.0% 5 0.0%
D15: Sports Utility Families
D16: Settled in Suburbia 2,919 1.3% 53 0.5% 200 0.9% 771 1.5% 1,370 1.7%
D17: Cul de Sac Diversity 47 0.0% 0 0.0% 0 0.0% 0 0.0% 3 0.0%
D18: Suburban Attainment 3 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%

E: Thriving Boomers 498 0.2% 21 0.2% 39 0.2% 103 0.2% 188 0.2%
E19: Full Pockets, Empty Nests 20 0.0% 2 0.0% 3 0.0% 3 0.0% 6 0.0%
E20: No Place Like Home
E21: Unspoiled Splendor 259 0.1% 4 0.0% 12 0.1% 38 0.1% 78 0.1%
23,962 10.7% 40 0.4% 134 0.6% 902 1.7% 2,125 2.7%
F: Promising Families
F22: Fast Track Couples
F23: Families Matter Most

G: Young, City Solos
G24: Status Seeking Singles
G25: Urban Edge

© 2015 , Trade Area Systems Data Source: Experian

Mosaic Comparison Report

2019 Estimates
Calculated using TAS Retrieval

Nov 3, 2020 Latitude: 40.811736 Longitude: -74.012352

US-1 & 91st St 3.00 Mile Radius 5.00 Minute Drivetime 7.00 Minute Drivetime 10.00 Minute 12.00 Minute
North Bergen, NJ Drivetime Drivetime
H: Middle-class Melting Pot
4,237 1.9% 647 5.8% 1,111 4.8% 1,689 3.2% 2,174 2.7%
H26: Progressive Potpourri 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
H27: Birkenstocks and Beemers 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
H28: Everyday Moderates 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
H29: Destination Recreation
0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
I: Family Union 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
I30: Stockcars and State Parks 9,472 4.2% 2,602 23.4% 4,502 19.5% 7,384 14.1% 8,887 11.2%
I31: Blue Collar Comfort 25 0.0% 1 0.0% 3 0.0% 7 0.0% 16 0.0%
I32: Steadfast Conventionalists
I33: Balance and Harmony 165 0.1% 10 0.1% 15 0.1% 36 0.1% 41 0.1%
0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
J: Autumn Years 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
J34: Aging in Place
J35: Rural Escape 1,361 0.6% 14 0.1% 44 0.2% 204 0.4% 432 0.5%
J36: Settled and Sensible 26,494 11.8% 3,369 30.3% 7,008 30.4% 14,498 27.8% 20,321 25.7%
3,317 1.5% 274 2.5% 598 2.6% 1,583 3.0% 2,669 3.4%
K: Significant Singles 0.0% 0.0% 0.0% 0.0% 0.0%
K37: Wired for Success 21 1 2 4 9
K38: Gotham Blend
K39: Metro Fusion 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
K40: Bohemian Groove 44 0.0% 5 0.0% 7 0.0% 12 0.0% 24 0.0%
0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
L: Blue Sky Boomers
L41: Booming and Consuming 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
L42: Rooted Flower Power 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
L43: Homemade Happiness
0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
M: Families in Motion 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
M44: Red, White and Bluegrass 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
M45: Diapers and Debit Cards 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%

N: Pastoral Pride
N46: True Grit Americans
N47: Countrified Pragmatics
N48: Rural Southern Bliss
N49: Touch of Tradition

© 2015 , Trade Area Systems Data Source: Experian

Mosaic Comparison Report

2019 Estimates
Calculated using TAS Retrieval

Nov 3, 2020 Latitude: 40.811736 Longitude: -74.012352

US-1 & 91st St 3.00 Mile Radius 5.00 Minute Drivetime 7.00 Minute Drivetime 10.00 Minute 12.00 Minute
North Bergen, NJ Drivetime Drivetime
O: Singles and Starters
224 0.1% 22 0.2% 35 0.2% 87 0.2% 120 0.2%
O50: Full Steam Ahead 248 0.1% 32 0.3% 43 0.2% 73 0.1% 111 0.1%
O51: Digital Dependents 17 0.0% 1 0.0% 3 0.0% 8 0.0% 12 0.0%
O52: Urban Ambition 0 0.0% 0.0%
O53: Colleges and Cafes 3 0.0% 0 0.0% 0 0.0% 1,313 2.5% 0 2.6%
O54: Striving Single Scene 3,776 1.7% 193 1.7% 411 1.8% 414 0.8% 2,031 0.7%
O55: Family Troopers 640 0.3% 165 1.5% 249 1.1% 514
P: Cultural Connections
1 0.0% 1 0.0% 1 0.0% 1 0.0% 1 0.0%
P56: Mid-scale Medley 4,803 2.1% 17 0.2% 38 0.2% 129 0.2% 200 0.3%
P57: Modest Metro Means 22,211 9.9% 2,394 21.5% 5,553 24.1% 13,524 25.9% 19,494 24.7%
P58: Heritage Heights 0.0% 1 0.0% 11 0.0% 17 0.0% 17 0.0%
P59: Expanding Horizons 17 0.6% 90 0.8% 347 1.5% 958 1.8% 1,372 1.7%
P60: Striving Forward 1,454 0.2% 58 0.5% 124 0.5% 314 0.6% 480 0.6%
P61: Humble Beginnings 550

Q: Golden Year Guardians 1,057 0.5% 70 0.6% 126 0.5% 275 0.5% 425 0.5%
13 0.0% 3 0.0% 9 0.0% 10 0.0% 12 0.0%
Q62: Reaping Rewards 31 0.0% 5 0.0% 12 0.1% 25 0.0% 28 0.0%
Q63: Footloose and Family Free 1,476 2.8% 2,428 3.1%
Q64: Town Elders 4,892 2.2% 452 4.1% 837 3.6%
Q65: Senior Discounts
39 0.0% 6 0.1% 15 0.1% 30 0.1% 37 0.0%
R: Aspirational Fusion 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%

R66: Dare to Dream 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
R67: Hope for Tomorrow 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
S: Economic Challenges 1,093 0.5% 176 1.6% 347 1.5% 451 0.9% 669 0.8%

S68: Small Town Shallow Pockets 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
S69: Urban Survivors 224,871 100.0% 11,117 100.0% 23,087 100.0%
S70: Tight Money 52,197 100.0% 79,063 100.0%
S71: Tough Times
U: Group Unclassified 18,892 36.2% 28,807 36.4%
13,369 25.6% 19,947 25.2%
U99: Type Unclassified 12,075 23.1% 17,950 22.7%
2,405 4.6% 3,816 4.8%
Total Households 2,895 5.5% 4,536 5.7%
2,560 4.9% 4,008 5.1%
Health Enthusiast 81,876 36.4% 3,971 35.7% 8,295 35.9%
Experience Seeker 50,388 22.4% 2,905 26.1% 5,990 25.9%
Adventurous Chef 41,358 18.4% 2,588 23.3% 5,400 23.4%
Shopping Avoider 16,231 7.2% 508 4.6% 1,039 4.5%
Convenience Seeker 19,884 8.8% 618 5.6% 1,265 5.5%
Coupon Clipper 15,133 6.7% 527 4.7% 1,097 4.8%

© 2015 , Trade Area Systems Data Source: Experian

Mosaic Comparison Report

2019 Estimates
Calculated using TAS Retrieval

Nov 3, 2020 Latitude: 40.811736 Longitude: -74.012352

US-1 & 91st St 10.00 Minute 12.00 Minute
Drivetime
North Bergen, NJ 3.00 Mile Radius 5.00 Minute Drivetime 7.00 Minute Drivetime Drivetime
Target Customer HH 48,754 61.7%
Total Households 132,264 58.8% 6,875 61.8% 14,285 61.9% 32,261 61.8%
79,063 100.0%
224,871 100.0% 11,117 100.0% 23,087 100.0% 52,197 100.0%

This report was produced using data from private and government sources deemed to be reliable and is herein provided without representation or warranty.

© 2015 , Trade Area Systems Data Source: Experian