offering memorandum buffalo wings and rings€¦ · buffalo wings & rings is a cincinnati-based...
Post on 24-Sep-2020
0 Views
Preview:
TRANSCRIPT
Buffalo Wings and Rings
ACTUAL PHOTO
OFFERING MEMORANDUM
1910 Hospitality Drive • Jasper, IN 47546
CONFIDENTIALITY AND DISCLAIMER
Marcus & Millichap hereby advises all prospective
purchasers ofNet Leased property as follows:
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 informationprovided.
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
useof theproperty.
By accepting this Marketing Brochure you agree to release
Marcus & Millichap Real Estate Investment Services and
hold it harmless from any kind of claim, cost, expense, or
liability arising out of your investigation and/or purchase
of this netleased property.
CONFIDENTIALITY AND DISCLAIMER
The information contained in the following Marketing
Brochure is proprietary and strictly confidential. It is
intended to be reviewed only by the party receiving it
from Marcus & Millichap and should not be made available
to any other person or entity without the written consent
of Marcus & Millichap. This Marketing Brochure has been
prepared to provide summary, unverified 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 expensesfor
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, PCB’s or asbestos,
the compliance with 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
Marketing Brochure 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.
NON-ENDORSEMENTNOTICE
Marcus & Millichap Real Estate Investment Services, Inc.
(“M&M”) is not affiliated with, sponsored by, or endorsed
by any commercial tenant or lessee identified in this
marketing package. The presence of any corporation’s
logo or name is not intended to indicate or imply
affiliation with, or sponsorship or endorsement by, said
corporation of M&M, its affiliates or subsidiaries, or any
agent, product, service, or commercial listing of M&M,
and is solely included for the purpose of providing tenant
lessee information about this listing to prospective
customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT
ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP
AGENTFORMORE DETAILS.
Tenant OverviewBuffalo Wings & Rings is a Cincinnati-based sports restaurant franchise that offers an alternativeconcept to traditional sports bars. It offers club-level sports environment with a menu of Buffalowings, burgers, gyros, specialty salads and sandwiches. Since 1984, the restaurant has beenknown for its menu of homemade sauces and fresh wings with a community-focused model.
Founded in Cincinnati in 1984, Buffalo Wings & Rings was purchased in 2005 by a managementteam led by Philip Schram, Nader Masadeh and Haytham David, each of whom took a seniormanagement role with the company. Today there are 80 locations domestic and internationaland they continue to grow.
By 2008, Restaurant Business magazine had named the company number one on its Future 50 listof growing chains, citing its franchising opportunities in the U.S. In 2011, Buffalo Wings & Ringsintroduced a new restaurant design with the opening of the franchise location just west ofChicago in Naperville, IL. Buffalo Wings & Rings continues to open new restaurants with their newdesign, nicknamed Generation 3, and are working to convert the entire chain to this design. Thebrand opened a corporate-owned location inside Paul Brown Stadium in time for the CincinnatiBengals 2015 football season. Buffalo Wings & Rings crossed the milestone $100 million indomestic systemwide sales in 2017 and grew their restaurant count by more than 10%. In 2018Buffalo Wings & Rings was ranked by Entrepreneur Magazine as #12 in the full-service restaurantcategory.
80+LOCATIONS
HEADQUARTERED IN
Cincinnati, OH
FOUNDED
1984
OWNERSHIP:
PRIVATE
TENANT:
FRANCHISEE
WEBSITE:
www.buffalowingsandrings.com
REPRESENTATIVE PHOTO
TOP 40 FOOD
FRANCHISES BY
FRANCHISE BUSINESS
REVIEW FOR 2016
3:1 FOOD TO ALCOHOLSALES RATIO
10.5% AVERAGE ANNUAL UNIT SALES GROWTH Y-O-Y FOR 11 YEARS
SIMPLICITY OF FAST-CASUAL WITH THE REVENUE OF CASUAL DINING
Demographics❖ Long-Term Absolute Triple-Net (NNN) Lease | Ten-Years Remaining
❖ 10% Rental Increase Every Five-Years and During Option Terms
❖ High Performing Store with Strong Personal Guarantee From Multi-Unit
Franchisee Operator
❖ Over $80,200 AHHI within Three-Miles | 28% MHHI Growth Since 2000
❖ Over 37,000 Residents and Over 45,500 Employees within Ten-Miles
❖ Corner Lot | Excellent Visibility to West 100 South and U.S. Route-231
with Over 21,800 VPD Combined
❖ Strategically Located in Close Proximity to Several Major Businesses
Such as: Kimball International, Kimball Electronics, Fortune Brands
Home Security, Jasper Engines, Masterbrand Cabinets, Ofs Brands
Stens and Best Chairs
Investment Highlights
POPULATION 3-MILES 5-MILES 10-MILES
2017 Population Estimate 11,473 24,003 37,080
2000 Population Census 10,658 21,605 34,174
2017 Daytime Population 20,260 35,443 45,577
HOUSEHOLDS
2017 Households Estimate 4,502 9,374 14,375
Average (Mean) Household Size 2.46 2.48 2.53
2000 Households Census 4,088 8,270 12,855
INCOME
2017 Average Household Income $80,209 $74,062 $72,133
2017 Median Household Income $61,988 $56,495 $56,796
2017 Retail Expenditure $72,596 $68,551 $69,147
Food $7,650 $7,267 $7,340
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. Anyprojections, 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. © 2018 Marcus &Millichap
Households within 10-Miles
Population within 10-Miles
Average Household Income within 3-Miles
Investment Overview
Marcus & Millichap is pleased to present the exclusive listing for theBuffalo Wing and Rings located at 1910 Hospitality Drive in Jasper,Indiana. The property consists of 4,510 square feet of building spaceand is situated on 2.00 ± acres of land.
The Buffalo Wings and Rings currently has ten-years remaining on theinitial twenty-year absolute triple-net (NNN) lease. The current annualrent is $225,000 with a ten percent rental increase every five-years andduring the two, five-year option periods.
14,300+37,000+ $80,200+
1910 Hospitality Drive • Jasper, IN 47546
PRICE
$2,902,800
CAP RATE
7.75%
NOI
$225,000
Lease Summary
Rent Schedule
Address:
1910 Hosp i tal i ty Dr ive • Jasper, IN 47546
Price $2,902,800
Cap Rate 7.75%
Price/SF $643.86
Gross Leasable Area (GLA) 4,510 SF
Year Built 2008
Lot Size 2.00 ± Acres
Type of Ownership Fee Simple
Lease Type Absolute Triple-Net (NNN)
Lease Term Twenty-Years
Lease Term Remaining Ten-Years
Lease Commencement April 7, 2008
Lease Expiration December 31, 2028
Increases 10% Every Five Years and During Options
Options Two, Five-Year Options
Guarantor Personal Guarantee
Right of Refusal No
TERM ANNUAL RENT MONTHLY RENT RENT/SF
Current – 2023 $225,000 $18,750 $49.89
2023 – 2028 $247,500 $20,625 $54.88
Address:
1910 Hosp i tal i ty Dr ive • Jasper, IN 47546
Price $2,902,800
Cap Rate 7.75%
NOI $225,000
Loan $2,177,850
Down Payment $725,950
Interest Rate 4.75%
Term Ten Years
Amortization Twenty-Five Years
Annual Payment $148,996
Origination: 1.00% of Loan Amount
Cash Flow $76,004
Cash on Cash Return 10.47%
Debt Quote *Contact Agent for Details
PRICE
$2,902,800
CAP RATE
7.75%
NOI
$225,000
Property Photos
Aerial Photo
Combined
21,800 + VPD
TO LOCAL ATTRACTIONS
PROXIMITY
Jasper High School
1,139 Students
3.2 MILES
Memorial Hospital and Health Care
Center
2.4 MILES
Holiday Inn
Express
77 Rooms
0.1 MILES
Memorial Hospital 1,700 Employees
137 Beds
Louisville, KY77 Miles East
Jasper High School1,139 Students
Holiday Inn Express77 Rooms
Up Close Aerial
Jasper Group
Indiana Laminate
N
Jasper Engines & Transmissions
2,600 Employees
Kimball Office & International
1,400 Employees
Jasper Group 1,000 Employees
Stens Corporation 300 Employees
National FurnitureHeadquarters
140 Employees
Total: 5,065+ Employees
Kimball
World
Headquarters
77 Rooms
Employers within Proximity:
AerialDubois County Main Employers:
Jasper Engines & Transmissions
2,600+ Employees
Master Brand Cabinets
2,500+ Employees
Memorial Hospital Health Care Center
1,700+ Employees137 Beds
Kimball International
1,400+ Employees
OFS Brands 1,300+ Employees
Jasper Rubber Products
800+ Employees
Meyer Distributing 800+ Employees
Kimball Electronics 525+ Employees
N
Subject Property
Jasper High School
1,139 Students
771 Students
5th St. Elementary
442
Holy
Trinity Catholic
368
10th St. Primary School
381 Students
McDonald's
5-Miles
Southwest
Market Overview
Jasper, Indiana, is centrally located in Dubois County in SouthernIndiana. Jasper is in Bainbridge Township and is the county seatfor Dubois County. Rolling hills, dense forests, and farmlandssurround the city limits of Jasper, enabling the perfect balance ofurban and metropolitan living in one location. Jasper is located122 miles south of Indianapolis, 55 miles northeast of Evansvilleand 79 miles west of Louisville, Kentucky. U.S. Highway 231, StateHighways 56, 162 and 164 conveniently run through Jasperpromising easy access from Interstate 64 and neighboring towns.Interstate 64 is 12 miles south of Jasper, connecting the routeeastward bound to Louisville, KY and Cincinnati, OH and westwardbound to Evansville and St. Louis, MO. Interstate 69 is 15 mileswest of Jasper – making the trip to Evansville and (soon to be) tripto Indianapolis more convenient.
D U B O I S C O U N T Y TO TA L
P O P U L AT I O N 2 0 1 7
42,558
www.MarcusMillichap.com
Darpan Patel
Associate Director
Net Leased Properties Group
Cincinnati Office
Tel: (513) 878-7723
Fax: (513) 878-7710
darpan.patel@marcusmillichap.com
License: OH SAL 2012000748
P R E S E N T E D B Y
Broker of Record: Josh Caruana
Gage Wiethorn
Associate
Net Leased Properties Group
Cincinnati Office
Tel: (513) 878-7742
Fax: (513) 878-7710
gage.wiethorn@marcusmillichap.com
License: OH SAL 2017005462
top related