Freddy`s Frozen Custard

Transcription

Representatice
Actual Subject Property
Offering Memorandum
Taco Bell
Freddy’s Frozen Custard
4310 E Craig Rd
Las
Vegas, NV
Lakewood,
CO 89115
Taco Bell
Ae r i al P hoto
Future
Development
Future
Development
,5
c pd
ravello
Apartments
152 units
gwendolyn
Woolley
Elementary
school
clyde C Cox
Elementary
school
lois craig
Elementary
school
college of
southern nevada
cheyenne campus
l as
2
ve
g as
v
bl
d
-
,
14
30
0
e cra i g road - 3 0 , 5 0 0 c pd
n l a m b b lv d - 1 4 , 3 0 0 C P D
43
00
Mike
O’callaghan
Federal
Eagle Trace Medical
Apartments Center
984 units
JE Manch
Elementary
School
McDonald’s
c pd
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID W0070263
nelli s
AFB
Ae r i al P hoto
Taco Bell
3
EX
UTI VE SUM M A RY
E X EC
E CUTI
Taco Bell
Taco Bell
4310 E. Craig Rd
Las Vegas, NV 89115
FINANCIAL SUMMARY
LEASE YEARS
ANNUAL RENT
CAP RATE
100% $2,598,500
12/9/2015 - 12/31/2020
$129,911.04
5.00%
5.0%
1/1/2021 - 12/31/2025
$142,902.14
5.50%
2,427 SF
1/1/2026 - 12/31/2030
$157,192.35
6.04%
5.0% $129,911.04
1/1/2031 - 12/31/2035
$172,911.58
6.65%
OPTION YEARS
ANNUAL RENT
CAP RATE
Option 1
$190,202.73
7.31%
LEASE SUMMARY
Option 2
$209,223.00
8.05%
Lease Type
Absolute Triple-Net (NNN) Lease
Option 3
$230,145.30
8.85%
SSB East Craig, LLC
Option 4
$253,159.83
9.74%
Price
Down Payment
Cap Rate
Building SF
Net Cash Flow
Year Built
Lot Size
Tenant
$2,598,500
2007
+/- .57 Acres
Lease Guarantor
Silver State Bell Restaurant Holdings, LLC, a 62 Unit Operator
Roof & Structure
Tenant Responsible
BASE RENT
$129,911.04
Lease Commencement Date
December 9, 2015
Net Operating Income
$129,911.04
Lease Expiration Date
Approximate Lease Term Remaining
Renewal Options
Increases
4
ANNUALIZED OPERATING DATA
December 31, 2035
19+ Years
Total Return
5.00% $129,911.04
4, 5 Year Options
10% Every 5 Years
Taco Bell
Ae raint
al Ov
P hoto
Ten
e rvi ew
Taco bell Overview
Tenant/Guarantor Overview
Taco Bell Corp., a subsidiary of Yum! Brands, Inc., (NYSE: YUM), is the nation’s leading Mexicaninspired quick serve restaurant (QSR). Taco Bell serves made-to-order and customizable tacos,
burritos, and specialties such as the exclusive Doritos Locos Tacos, gourmet inspired Cantina
Bell Menu and lower calorie Fresco Menu. The company encourages customers to “Live Más,”
both through its food and in ways such as its Feed the Beat music program and nonprofit
organization, the Taco Bell Foundation for Teens. Taco Bell and its more than 350 restaurant
franchise organizations have nearly 6,000 restaurants across the United States that proudly
serve more than 36 million customers every week.
SSB East Craig, LLC, a Nevada limited liability company, is the tenant for the Taco Bell
restaurant located at 4310 E. Craig Road in Las Vegas, which is the sole asset of the company.
The lease will be guaranteed by Silver State Bell Restaurant Holdings, LLC, a Nevada limited
liability company (“SSBRH”), which is the parent company of an enterprise that owns 62 Taco
Bell restaurants in Nevada.
Headquarters
Founded
Stock Symbol
Locations
Employees
Website
Irvine, CA
1962
NYSE: YUM
~6,000
~175,000
www.tacobell.com
5
P
rr
operty
Des cription
Ae
i al P hoto
Taco Bell
Investment Highlights
• Absolute Triple Net (NNN) Lease with no Landlord Responsibilities
• 19+ Years Remaining
• Strong Franchisee - Guarantor is a 62-Unit Operator
• Excellent Hard Corner Location - Visible to 44,800 Cars per day From the
Intersection of N. Lamb Blvd and E. Craig Road
• Less than Two Miles from Nellis Airforce Base
• Located in the Densely Populated Las Vegas MSA - 291,880 Residents
within a 5-Mile Radius
• Close Proximity to College of Southern Nevada, Cheyenne Campus
• One Mile from Access to Interstate-15 (43,500 Cars per Day) - The Only
Primary Interstate Highway in the City
• Over Twelve Percent Expected Population Growth by 2020
• Two Miles from Mike O’Callaghan Federal Medical Center (50 Beds)
Investment Overview
Taco Bell is located at the northeast corner of N. Lamb Blvd and E. Craig Road in Las Vegas, Nevada. The subject is an approximate 2,427-square-foot single tenant building
on +/- .57 acres of land. There are 19+ years remaining on the absolute triple-net (NNN) lease with no Landlord responsibilities. The lease guarantor is a 62 unit operator. Taco
Bell Corp., a subsidiary of Yum! Brands, Inc., (NYSE: YUM), is the nation’s leading Mexican-inspired quick serve restaurant (QSR).
Taco Bell is visible to 44,800 cars per day from the intersection of N. Lamb Blvd and E. Craig Road The restaurant is less than two miles away from Nellis Airforce Base. The
property is ideally situated within the densely populated Las Vegas MSA and surrounded by rooftops with 291,880 residents and 84,700 households within a five mile radius.
Over twelve percent population growth is expected in the area by 2020. Tenants near Taco Bell include Sam’s Club, Lowe’s, In-N-Out, Walmart, AutoZone and more. Taco Bell is
one mile from Interstate-15 (43,500 cars per day), the only primary interstate highway in the city. It is a short distance from the College of Southern Nevada, Cheyenne Campus.
6
Taco Bell
Ae r i al P hoto
Future
Commercial
Development
7
Taco Bell
R
Ae
egional
r i al P hoto
Ma p
MAP
Williams-Sonoma
8
Taco Bell
Lo
l Map
Aecrai al
P hoto
MAP
Williams-Sonoma
9
Ae r i al P hoto
10
Taco Bell
Lo
cation
o v ervi
ew
M ark
et Over
v iew
Taco Bell
Las Vegas MSA
Metro
The Las Vegas metro is composed of Clark County and
boasts a population of more than 2 million. Henderson,
North Las Vegas, Spring Valley and Las Vegas were among
the fastest-growing cities in the United States over the last
decade. Las Vegas is the most populated city in the metro,
with approximately 606,200 persons.
The Nevada Test and Training Range along with Nellis and
Creech Air Force Bases employ more than 10,000 military
personnel and 4,000 civilians. Nellis AFB contains the most
squadrons of any Air Force installation. Nellis’ primary role
is warfare training, and the base is the home of the United
States Air Force Warfare Center, Air Combat Command.
The Las Vegas Metro is:
Economy
270 miles from Los Angeles
Tourism and gaming remain the significant drivers for the
Las Vegas economy. Economic diversification and growth
in the professional and business services sector, mainly in
housing-related professions, fueled considerable payroll
expansion prior to the recession. Over the next five years,
this trend is expected to resume, as jobs in the professional
and business services sector grow by 3 percent annually.
285 miles from Phoenix
450 miles from Reno
570 miles from San Francisco
Employers
Resorts and casinos continue to dominate the list of largest
private employers in the county, including Wynn Las Vegas,
MGM Grand and Caesars Palace.
Back-office operations have become increasingly prevalent
in the metro over the past few years. Factors such as a
low cost of living allow major companies to affordably
staff call centers and fill data-entry positions. Office-using
employment growth will outpace the national average this
year.
Distribution centers and light manufacturing facilities have
popped up throughout the metro. Ocean Spray and Levi
Strauss, both Fortune 500 companies, operate regional
distribution centers in Las Vegas. OfficeMax, Zappos,
Sysco Foods, Pepsi Bottling, and Fellowes Manufacturing
also maintain local facilities. As the national recovery
strengthens and the need for industrial space mounts, Las
Vegas’ proximity to other major metros, more affordable
land costs, and an available labor pool will draw additional
distributors.
All 10 of the nation’s largest hotels are located in Las Vegas.
The Linq Promenade offers visitors open-air shops and
restaurants in a 200,000-square-foot area, highlighted by
the High Roller, a 550-foot observation wheel. Along with
tourism and gaming, conventions also play an integral part
in the local economy. Since 2001, convention attendance
has exceeded 4.4 million delegates annually, providing
a significant boost to the local economy. The Las Vegas
Convention Center is one of the largest in the world.
Quality of Life
With approximately 320 days of sunshine annually and an
average temperature of 80 degrees, residents and visitors
alike have plenty to do besides enjoy the resorts and casinos
in Clark County.
Water sports enthusiasts can take advantage of various
activities at Lake Mead and the Colorado River, including
boating, fishing, water skiing and sailing. Red Rock Canyon
Conservation Area, located less than 20 miles from the
Strip, offers outstanding hiking and mountain-climbing
opportunities. Just 40 miles northwest of Las Vegas is the
Las Vegas Ranger District, which encompasses the 316,000acre Toiyaba National Forest. The area has 52 miles of
hiking trails, 150 campsites and snow skiing at Lee Canyon.
The Smith Center for the performing arts in downtown Las
Vegas is a cultural complex that contains three theaters for the
arts, as well as an outdoor park that can be used for concerts.
The Center is part of a larger downtown redevelopment
project that includes housing, shops, museums, restaurants
and galleries.
Market Highlights
Increasing population
Population-serving sectors of the economy, such as
education, healthcare and retail sales, have grown in
importance over the past two decades due to the population
nearly tripling in size. These sectors will continue to have
a major roll as population growth continues to exceed the
national annual average.
Population growth in Las Vegas will dramatically outpace
that of the nation over
The economic growth in Las Vegas depends heavily on
tourism, medical services, business information technology
and green energy. The metro’s low tax structure and
affordable cost of living will continue to attract residents,
tourists and businesses to the area.
Strong employment growth
Large tourism industry
Intel Corp., Motorola Inc., Honeywell and others have large
Phoenix operations.
Job creation over the next five years will occur almost twice
as fast as the national rate.
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Taco Bell
D
i cv summa
ry
Memograph
ark et Over
iew
12
Population
2020 Projection
2015 Estimate
Growth 2015 - 2020
2000 Census
2010 Census
Growth 2000 - 2010
1-Miles
18,456
16,430
12.33%
9,812
15,612
59.10%
3-Miles
103,696
92,134
12.55%
59,522
86,106
44.66%
5-Miles
319,895
291,880
9.60%
207,805
275,068
32.37%
Households
2020 Projections
2015 Estimate
Growth 2015 - 2020
2000 Census
2010 Census
Growth 2000 - 2010
2015 Occupied Units
Owner Occupied
Renter Occupied
2015 Estimated Daytime Population
1-Miles
5,606
4,905
14.30%
3,088
4,668
51.18%
5,830
1,975
2,930
3,279
3-Miles
30,560
26,924
13.50%
17,663
25,254
42.98%
31,553
11,466
15,458
26,987
5-Miles
93,624
84,733
10.49%
62,490
80,230
28.39%
95,940
40,511
44,222
60,780
2014 Income
$200,000 or More
$150,000 - $199,999
$100,000 - $149,999
$75,000 - $99,999
$50,000 - $74,999
$35,000 - $49,999
$25,000 - $34,999
$15,000 - $24,999
$10,000 - $14,999
Under $9,999
2015 Est. Average Household Income
2015 Est. Median Household Income
2015 Est. Per Capita Income
1-Miles
0.89%
1.49%
5.86%
8.94%
21.49%
21.23%
14.74%
15.64%
3.78%
5.94%
$52,232
$42,011
$15,896
3-Miles
0.95%
1.99%
7.92%
9.48%
18.35%
20.31%
17.02%
12.60%
4.67%
6.72%
$53,190
$41,278
$16,083
5-Miles
1.02%
2.10%
8.46%
10.94%
19.87%
18.87%
14.50%
11.64%
4.93%
7.67%
$55,240
$43,463
$16,349
Confidentiality Agreement
The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only
by the party receiving it from Marcus & Millichap and it should not be made available to any other person or entity without the written
consent of Marcus & Millichap. By taking possession of and reviewing the information contained herein the recipient agrees to hold and
treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of
the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to Marcus
& Millichap.
This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective
purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not
a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty
or representation with respect to the income or expenses for the subject property, the future projected financial performance of the
property, the size and square footage of the property and improvements, the presence or absence of contaminating substances,
PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon,
or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of
the subject property. The information contained in this offering memorandum has been obtained from sources we believe to be
reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap
conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or
completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth
herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
Net Leased Disclaimer
Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows:
By accepting this Marketing Brochure, you agree to treat the information contained herein regarding the lease terms as confidential
and proprietary and to only use such information to evaluate a potential purchase of this net leased property.
The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus &
Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these
matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any
information provided.
As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation
of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this Property
for Buyer.
Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current
or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and
your tax, financial and legal advisors.
Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased
property to determine to your satisfaction with the suitability of the property for your needs.
Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and
carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other
locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including
newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual
performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or
property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market,
economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his
her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood
of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able
to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use
of the property.
By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services as well as the
Property Owner and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or
purchase of this net leased property.
exclusively listed
Exclusively listed by:
Scott Ruble
Net Lease Advisory Group
Phoenix Office
Tel: (602) 687-6845
Fax: (602) 687-6710
scott.ruble@marcusmillichap.com
Perry White
Broker of Record
Las Vegas Office
Tel: (702) 215-7100
Fax: (702) 215-7110
perry.white@marcusmillichap.com
OFFICES NATIONWIDE
www.marcusmillichap.com

Freddy`s Frozen Custard

Transcription

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