725 stillwater ave | bangor, me offering memorandum...after ike sewell’s death in 1990, his widow...

725 Stillwater Ave | Bangor, MEOffering Memorandum

REPRESENTATIVE PHOTO

NNN HIGH YIELD OFFERING | CORPORATE LEASE | LONG TERM OPERATING HISTORY

© 2019 Jones Lang LaSalle IP, Inc. All rights reserved.

MARKETING ADVISORS DEBT ADVISORMARC MANDEL STEVE SCHRENK ERIC SUFFOLETTO MICHAEL PAGNIUCCI ADAM DUNN

Managing Director Director Executive Vice President Director Director

484.532.4212 484.532.4213 617.316.6479 484.532.4172 617.848.5856

[email protected] [email protected] [email protected] [email protected] [email protected]

Investment Summary 03

Investment Highlights 05

Tenant Overview 06

Financial Analysis 08

Location Overview 10

Market Overview 14

Contacts 16

Jones Lang LaSalle Americas, Inc. or its state-licensed affiliate (“JLL”) has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than JLL, and neither Owner nor JLL, nor their respective equity holders, officers, directors, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser, and JLL, its officers, directors, employees and agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.

JLL LOCAL BROKER

ACTUAL LOCATION

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© 2019 Jones Lang LaSalle IP, Inc. All rights reserved. 3

Investment SummaryUno Pizzeria & Grill | Bangor, ME

Uno Pizzeria & Grill | Bangor, ME


Investment Summary

JLL is pleased to exclusively offer the opportunity to acquire a single tenant property leased to Uno of Bangor, Inc. (the “Prope rty”). Located in Bangor, ME, the third largest city in the state, this Uno Pizzeria & Grill has been operating on a corporate lease for more than 20 years and just recently signed a five-year extension. The Tenant now has more than 4.5 years of term remaining with an attractive, 6.25% rental increase approaching in its final five -year option period. The lease is corporately guaranteed by URC, LLC (Uno Restaurant Corporation).

The Property is conveniently situated on a 1.63-acre parcel adjacent to the Bangor Mall. The outparcel contains roughly 80 parking spaces with additional parking via easements with the mall. This ample space will be able to accommodate the 13,000+ vehicles that travel Stillwater Avenue daily. Nationally recognized tenants such as The Home Depot, Kohl’s, Bed Bath & Beyond, PetSmart, Dick’s Sporting Goods, and JCPenney all surround the Property, f urther driving consumers to the area. Lastly, The University of Maine, which offers more than 100 degree programs to its 11,000+ student body, is just 7.5 miles away.

The Uno Pizzeria & Grill story began in Chicago in 1943, when its founder, Ike Sewell developed the deep-dish pizza concept and opened their first location. Today, Uno Pizzeria & Grill has close to one hundred locations across twenty U.S. states as well as eight international locat ions. In addition to their renowned pizza and craft beers, Uno offers an array of items that include chicken, steak, pasta, seafood, soup, salad and more, In 200 8, Health Magazine named Uno Pizzeria & Grill “The Healthiest Chain Restaurant in America.”

PROPERTY SUMMARY

Address 725 Stillwater Ave, Bangor, ME 04401

Price $1,067,000

Cap Rate 7.50%

NOI $80,000

Lease Type NNN Ground Lease

Building Size 5,055 SF

Parcel Size 1.63 Acres

Year Built 1998

Tenant Uno of Bangor, Inc.

Guarantor URC, LLC

Remaining Term 4.5+ Years (Expiration 11/30/2024)

Renewal Options One (1), Five (5) Year Option

Rental Increases 6.25% in the next Option Period

5

Uno Pizzeria & Grill has been at this location since 1998 and recently exercised their first

five-year option; demonstrating a commitment and identity towards the Bangor, ME location

The property is conveniently situated off Stillwater Avenue on a 1.63-acre parcel that

contains roughly 80 parking spots; This allows for easy visibility and access for the 13,000+

vehicles that pass the premises daily

This Uno Pizzeria & Grill is just one of two locations in the entire state of Maine and more than 130 miles

away from their next closest restaurant

Renowned tenants such as The Home Depot, Kohl’s, Bed Bath & Beyond, PetSmart, Dick’s

Sporting Goods, and JCPenney all surround the premises, driving customers to the area

The University of Maine (11,404 students) is just 7.5 miles away from the subject property


6




Tenant Overview

UNO Pizzeria & Grill Overview

The Uno Pizzeria & Grill story began in Chicago in 1943, when its founder, Ike Sewell developed the deep-dish pizza concept and opened their first location. He created a recipe that combined authentic Italian spices and quality tomatoes with more cheese and baked it in an hour. The or iginal Chicago location, on the corner of Wabash and Ohio, is still operating. The demand led to more stores opening and eventually to Ike Sewell franchising the name and concept of the restaurant to the Uno Restaurant Holdings Corporation in 1978 in the Boston area.

Beginning with four restaurants in Massachusetts, the chain rapidly expanded over the next decade. After Ike Sewell’s death i n 1990, his widow sold the original remaining properties to the Uno Restaurant Holdings Corporation. Even though Uno Pizzeria & Grill originated in the Midwest, most of their locations and presence are in the Northeastern United States, with nineteen in Massachusetts alone. Today, Uno Pizzeria & Grill have close to one hundred locations across twenty U.S. states as well as eight international locations.

In addition to the many options that Uno restaurants offer at their sit -down locations, the company offers a limited menu (mostly its pizzas) at stadiums, service plazas and airports. Uno-branded pizzas, both thin-crust and deep-dish, are available in both fresh and frozen forms in many US supermarkets. The legendary original ’43 deep dish pizza can be shipped anywhere in the continental United States, directly to consumers homes. The ten -inch pizzas come in 2, 4 and 6 packs, are carefully frozen and will arrive one to three business days from the date shipped.

Corporate OverviewOwnership Private

# of Locations 94

Founded 1943

US Headquarters Boston, MA

Company Website unos.com


Financial AnalysisUno Pizzeria & Grill | Bangor, ME



Financial Analysis

LEASE DETAIL

Address 725 Stillwater Ave, Bangor, ME 04401

Tenant Uno of Bangor, Inc.

Guarantor URC, LLC (Uno Restaurant Corporation)

Parcel Size 1.63 Acres

Building Size 5,055 SF

Year Built 1998

Annual Rent $80,000

Rent / SF $15.83

Lease Type NNN Ground Lease

Roof & Structure Tenant Responsibility

Rent Commencement 11/23/1998

Lease Expiration 11/30/2024

Lease Term Remaining 4.5+ Years

Remaining Options One (1), Five (5) Year Option

Period Start Date End Date Annual Rent % Increase

Current Term 12/1/2019 11/30/2024 $80,000 -

Option Term 2 12/1/2024 11/30/2029 $85,000 6.25%

RENT SCHEDULE

Lease Abstract

Maintenance & Repairs

Tenant shall, at Tenant's sole cost and expense, maintain in good and lawful order, condition and repair the Demised Premises and the driveways, parking areas, sidewalks and curbs adjacent thereto.

Insurance

Tenant shall, at its own cost and expense, provide and keep in force fo the mutual benefit of Landlord and Tenant, the following insurance: Comprehensive general public liability, Insurance covering the building and the building equipment against loss or damage by fire, business interruption insurance, and worker's compensation insurance, per described in the lease.

Taxes

If the Demised Premises are separately assessed from the rest of the Shopping Center then, Tenant shall pay all real estate taxes direct to the appropriate taxing authority; if the Demised Premises are not separately assessed, then Tenant shall pay their proportionate share of all Taxes imposed on the Shopping Center by adding the taxes attributable to the building and improvements, and the taxes attributable to the land

UtilitiesTenant agrees to pay all charges for gas, water, sewer, electricity, light, heat, power, telephone or other communication or utility service used and consumed by Tenant, or any party acting in connection with the Demised Premises

TENANT RESPONSIBILITY DETAIL

LANDLORD RESPONSIBILITY DETAIL

$1,067,000 7.50%Cap Rate

None

TERMINATION OPTION

Summary

Provided Tenant is open and operating in the Premises, as required under the Lease and not otherwise in default of any material terms of the Lease beyond written notice and any applicable cure periods, then, commencing as of December 1, 2020, if Tenant’s annual Gross Sales generated from the Premises, for any rolling twelve calendar month period thereafter, do not equal at least $1,500,000 (“Sales Threshold”), then Tenant shall have the right to terminate the Lease upon (90) days prior written notice to Landlord, given anytime within (60) days after the end of the corresponding Measuring Period.

NOTE: Current annual sales are above this “Sales Threshold” and have been throughout the lease term

Asking Price

Uno Pizzeria & Grill | Bangor, MELocation Overview Surrounding Retail & Amenities.


13

Location Overview Site Plan.



Market Overview

Bangor, MaineBangor, known as the Queen City of Maine, is situated on the western bank of the mighty Penobscot River. The advantageous location to the water made Bangor the “lumber capital of the world” for much of the 19th century. Today, Bangor is the third largest city in the state and the retail, cultural, and service hub for central, eastern and northern Maine, as well as Atlantic Canada. The area is also home to the University of Maine – a public university that contains an enrollment of 11,404 students and provides more than 100 degree programs.

Transportation to and from the Bangor Region is made easy via multiple forms of transportation. Located just off of Interstate 95, Bangor is an easy drive to four of Maine’s most popular regions: Aroostook County, Down East & Acadia, The Maine Highlands and Maine’s Mid-Coast. Additionally, Bangor International Airport is conveniently located near the center of the city and is directly across the street from a bus station. The bus routes connect to the northern and southern parts of the state, Boston, MA, and others.

The Bangor region offers great outdoor adventures, rich cultural experiences, culinary delights and scenic beauty. Citizens and visitors partake in a variety of activities ranging from whale-watching to fly fishing, hiking, biking, and kayaking. Festivals, fairs, and the arts are also very popular throughout the region.

Demographic Information

Market

1-mile 3-mile 5-mile radius radius radius

POPULATION

2010 Census 1,326 31,548 48,9282019 Estimate 1,365 31,051 47,9862024 Projection 1,383 30,969 47,785ESTIMATED HH INCOME

Average HH Income $91,016 $68,676 $69,876 Median HH Income $57,941 $46,193 $48,843 HOUSEHOLDS

2010 Census 449 14,087 21,3742019 Estimate 470 14,037 21,1792024 Projection 479 14,049 21,153


16

Contacts

1700 Market Street, Suite 3232 | Philadelphia, PA 19103www.us.jll.com/capitalmarkets

Copyright © Jones Lang LaSalle IP, Inc. 2019This publication is the sole property of Jones Lang LaSalle and must not be copied, reproduced or transmitted in any form or by any means, either in whole or in part, without the prior written consent of Jones Lang LaSalle.The information contained in this publication has been obtained from sources generally regarded to be reliable. However, no representation is made, or warranty given, in respect of the accuracy of this information.We would like to be informed of any inaccuracies so that we may correct them. Jones Lang LaSalle does not accept any liability in negligence or otherwise for any loss or damage suffered by any party resulting from relianceon this publication. Jones Lang LaSalle Americas, Inc., California license # 01223413. Jones Lang LaSalle Americas, Inc. License # 19262.

Contact Information

MARKETING ADVISORS DEBT ADVISORMARC MANDEL STEVE SCHRENK ERIC SUFFOLETTO MICHAEL PAGNIUCCI ADAM DUNN

Managing Director Director Executive Vice President Director Director

484.532.4212 484.532.4213 617.316.6479 484.532.4172 617.848.5856

[email protected] [email protected] [email protected] [email protected] [email protected]

JLL LOCAL BROKER

http://www.us.jll.com/capitalmarkets






725 stillwater ave | bangor, me offering memorandum...after ike sewell’s death in 1990, his widow...

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