dunkin' donuts 3920 ulmerton road, clearwater, fl · pdf fileoperates the baskin-robbins...

C l e a r w a t e r , F L | 1

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OFFER IN

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Representative Photo

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Exclusive Listing AgentsMAXX BAUMANAssociate

[email protected] (214) 692-2024MOB (310) 994-0262LIC # 01996741

CHAD KURZSVP & National Director


KYLE MATTHEWSBROKER OF RECORD

LIC # BK3367365


GARY CHOUFVP & Senior Director


content

4 Investment Overview

Tenant Report6

Area Overview9

Property Details7


I n v e s t m e n t O v e r v i e w

LOCATION

• Heavily Trafficked Retail Corridor – property sees over 92,000 cars per day

• Dense Infill Market: Population ± 177,500 within a 5-mile radius of site

• Average household income ± $70,000 within a 1-mile radius

• Easily accessible from the Comfort Inn & Suites

LEASE & PROPERTY DETAILS

• New 2017 Construction

• 15 year absolute NNN lease – zero landlord responsibilities

• Strong Hedge Against Inflation – 10% increases every 5 years

TENANT

• Backed by one of the largest Dunkin’ Donuts Franchisees in the country

• Franchisee currently operates over 40 Dunkin’ Donuts / Baskin Robbins stores with annual sales in excess of $29,000,000

• Franchisee most recently won the “Franchisee Of The Year” and “Philanthropist Of The Year” Awards

Investment Highlights Dunkin’ Donuts3920 Ulmerton RoadClearwater, FL 33762

List Price...................................................................................$1,633,980

CAP Rate - Current..........................................................................5.00%

Term.................................................................................................15 Years

Lease Type..........................................................................................NNN

Increases.............................................................................10% Increases


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Annualized Operating DataMonthly Rent Annual Rent Increases Cap Rate

Current - 2022 $6,808.25 $81,699.00 - 5.00%

2023 - 2027 $7,489.08 $89,868.90 10% 5.50%

2028 - 2032 $8,237.98 $98,855.79 10% 6.05%

Option 1 $9,061.78 $108,741.37 10% 6.66%

Option 2 $9,967.96 $119,615.51 10% 7.32%

Option 3 $10,964.75 $131,577.06 10% 8.05%

Option 4 $12,061.23 $144,734.76 10% 8.86%

Tenant Summary

Tenant Trade Name Dunkin’ Donuts

Type of Ownership Fee Simple

Lease Guarantor Franchisee

Lease Type NNN

Roof and Structure Tenant Responsible

Original Lease Term 15 Years

Lease Commencement Date 9/20/2016

Rent Commencement Date 6/15/2017

Lease Expiration Date 6/14/2032

Term Remaining on Lease 15 Years

Increases 10% Increases Every Five (5) Years

Options Four (4), Five (5) Year OptionsRepresentative PhotoRepresentative Photo


Dunkin’ Donuts3920 Ulmerton RoadClearwater, FL 33762

List Price ............................................................................................$1,633,980

CAP Rate - Current ...................................................................................5.00%

Gross Leasable Area ..........................................................................± 1,611 SF

Lot Size ..........................................................................................± 0.28 Acres

Year Built ........................................................................................................2017


Te n a n t R e p o r t


Dunkin’ Donuts

Dunkin’ Donuts is the world’s leading baked goods and coffee chain, serving more than 3 million customers everyday. Since its founding in 1950, Dunkin’ Donuts has earned the #1 ranking for customer loyalty in the coffee category for a consecutive nine years and a market leader in sales of hot, decaffeinated and flavored coffee, iced coffee, bagels, donuts and muffins. It is a subsidiary of Dunkin’ Brands, Inc., one of the world’s leading franchisors of quick-service restaurants that also operates the Baskin-Robbins chain.

An Industry LeaderDunkin’ Brands continues to pursue innovative menu choices through the collaboration of their culinary team of acclaimed chefs and their research and development team. From new types of coffee creations and flavors to limited time offers, Dunkin’ Donuts is constantly searching for products their patrons will love. With over 130 years of franchising experience, Dunkin’ Brands continues to deliver food and beverages quickly, affordably and conveniently in a welcoming environment through the Dunkin’ Donuts brand.

Marketing and Company StrategyThrough extensive marketing efforts, Dunkin’ Brands has a 94% global brand awareness, including markets where the company has yet to establish stores. To broaden reach and recognition, Dunkin’ Donuts partners with other prominent and respected brands, including Coca Cola®, JetBlue®, Smucker’s®, and Keurig®. A distinguishing characteristic of the company is their passion for offering guests products they will enjoy, giving plenty of menu options, and providing accurate nutrition information so they can make informed choices.

Purple Square ManagementPurple Square Management is one of the largest and fastest growing Dunkin’ Donuts operators in the country. With over 40 locations throughout the Southeast, Purple Square Management boasts over 20 years of combined operating experience and plans to increase their operations significantly over the coming years. The tenant has success throughout their time with Dunkin’, earning the “Dunkin’ Brands National Rising Star Award” in 2008, “Dunkin’ Brands Southeast Franchisee of the Year Award” in 2014, and most recently “Philanthropist Of The Year Award” in 2015. Most recently partnering with Drew Brees the operator has plans to open as many as 69 throughout Louisiana alone. Most importantly, Purple Square Management has been able to grow their business while displaying strong financials.

Company Name Dunkin’ Donuts

Parent Company Trade Name Dunkin’ Brands (NASDAQ: DNKN)

Ownership Public

No. of Locations ± 11,500

No. of Employees (all) ± 270,000

Headquartered Canton, Massachussets

Website www.dunkindonuts.com

Year Founded 1950

Representative Photo C l e a r w a t e r , F L | 7

Oceanside Blvd ± 31,792

Parcel Map

The Offering

Property Name Dunkin’ Donuts

Property Address 3920 Ulmerton Road

Clearwater, FL 92056

Assessor’s Parcel Number 10-30-16-71010-100-0603

Zoning C-2

Site DescriptionNumber of Stories One

Year Built 2017

Gross Leasable Area (GLA) ± 1,554 SF

Lot Size ± 0.28 Acres (12,017 SF)

Type of Ownership NNN

Parking ± 18 Surface Spaces

Parking Ratio 11.6 : 1,000 SF

Landscaping Professional

Topography Generally Level

ConstructionFoundation Concrete Slab

Framing Wood

Exterior Masonry

Parking Surface Asphalt

Roof Flat

P r o p e r t yD e t a i l s


A re aO v e r v i e w

The Tampa Bay Area is a metropolitan region of west central Florida adjacent to Tampa Bay that is often considered equivalent to the Tampa–St. Petersburg–Clearwater Metropolitan Statistical Area. Tampa, St. Petersburg and Clearwater are the Tampa Bay metro region’s largest cities. For the past two decades, the area has seen a consistent annual population growth as people continue to be drawn to its long established communities.

With some of the best beaches in the country, the Tampa Bay Area is as appealing as it is dynamic. The warm blue waters of the Gulf of Mexico and nearly 70 miles of barriers islands attract tourists from all over the world. From upscale shopping and dining in Tampa’s Hyde Park Village and downtown St. Petersburg’s Beach Drive to family activities at the Clearwater Marine Aquarium and Adventure Island, Tampa Bay contains a myriad of unforgettable attractions, all of which can be experienced in a pleasant climate.

Art and culture have a significant economic impact on the region as there is a high concentration of quality art museums, historic architecture, and performance arts events.

Tampa Bay Area

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Clearwater, FloridaLocated in Pinellas County, Florida, northwest of Tampa and St. Petersburg, the city of Clearwater boasts the best city beach on the Gulf of Mexico, which has also been designated a Blue Wave Beach. The city was first established when the United States Army began construction of Fort Harrison around 1835 as an outpost during the Seminole Wars. Today, Clearwater is one of the principal cities in the Tampa-St. Petersburg-Clearwater metropolitan area.

Visitors can enjoy casual and fine dining, vibrant activities and the rich history and heritage of the area in a mild, temperate climate. With a seemingly endless supply of entertainment, natural beauty, and outdoor activities, Clearwater offers a cornucopia of vacation activities. Beautiful white sand and clear, shallow water have made the city’s beach its main attraction.

In recent years, Clearwater’s downtown has been undergoing major redevelopment with the completion of several high-rises condos, a large marina, new bars, restaurants and other amenities. Renamed the “Cleveland Street District”, downtown Clearwater is returning to a downtown urban living environment. A gorgeous beach environment is a mere 2 miles from the downtown core, featuring views of the water and the Clearwater Memorial Causeway along the drive there.

Underlying a quality residential base is an established regional inventory of manufacturing, information technologies, marine sciences, medical technologies, financial service industries and a stable and growing retail service sector. When added to a large regional employment base, Clearwater’s economy offers unique opportunities for businesses in the area.

Economic Development

Clearwater Demographics

2017 Est. Population

120,336

Area Top Employers

2017 Est. Households

53,722

Proj . Population Growth 2017 - 2022

4.84%

Proj. Household Growth 2017 - 2022

5.23%

2017 Est. Average Household Income

$66,141

1 2 | D u n k i n ’ D o n u t s

St. Petersburg, FloridaThis sunshine city is in Pinellas County, Florida, located on a peninsula between mainland Tampa Bay and the Gulf of Mexico. St. Petersburg is the fifth largest city in Florida, home to over 250,000 residents. Combining a variety of large city amenities with a small-town neighborhood feel, St. Petersburg has become one of the liveliest spots in the Southeast region. Affectionately referred to as St. Pete, the city is about a half hour drive southeast of Clearwater.

Largely attributed to its relatively low cost of living, vibrant arts and culture scene, and revitalized waterfront, St. Pete continues to draw and retain a younger population. It is home to more than 100 neighborhoods with most of the historic districts located near the waterfront. In the eastern center of the city is downtown St. Petersburg, which includes the cities residential and commercial skyscrapers, art galleries, museums, and parks. In addition to downtown’s business and cultural aesthetics, the area is also the site of a St. Petersburg College satellite campus and the University of South Florida St. Petersburg.

On the western side of the city, visitors can find themselves in the Grand Central District and Historic Kenwood. The Grand Central District houses the cities cafes, art galleries, restaurants, and bars all owing to the Renaissance style architecture.

• Florida is a right-to-work state

• Has exceptional transportation infrastructure including a highly-rated airport, the state’s largest seaport and a multitude of interstate and rail systems

• Access to an active labor force of 1.97 with a median age of 37

• Area has a strong support system of investors, mentors and innovators

St. Petersburg’s downtown area is the central business district, home to many start-up companies, corporation branches, banks, law firms, and restaurants. Not only has it become a location of choice for headquarters of new businesses, but it has also become home to a growing, talented workforce. Furthermore, the city also has an excellent transportation, telecommunication, and utility infrastructure all of which are designed to support business growth and workforce commutes.

Historically known as a tourist destination, St. Petersburg has diversified its economy to allow for growth in major industry sectors such as marine and life sciences, specialized manufacturing, financial services, data analytics, and creative arts and design. With the largest financial services sector in the state and the largest marine research center in the Southeast, the city anchors the Florida High Tech Corridor, which ranks as one of the Top 6 high-tech employment centers in the nation. St. Pete has proven it has all the competitive advantages necessary to grow major industries.



Tampa Bay Area Advantages

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Situated on the curve of Bayshore Drive in downtown St. Petersburg overlooking the Bay, The Dali Museum is home to the world’s most comprehensive collection of works by the late Spanish surrealist Salvador Dali. The collection includes 94 original oils, over 100 watercolors and drawings, plus 1,300 graphics, sculptures, holograms, objects of art and photographs.

TAMPA BAY MARINA

Located on the western side of Tamp Bay, on the point of Demens Landing, the Tampa Bay Municipal Marina welcomes boaters to dock in the heart of St. Petersburg’s downtown waterfront district after a day on the Gulf of Mexico. The marina is within steps of the downtown area and waterfront shops.

Ft. DeSoto Beach, located off of St. Petersburg’s southern tip, has been named the number one beach in the United States. Named after the historic fort located on the 900-acre county park, visitors can tour the five interconnected islands that comprise the park. Ft. DeSoto also includes a year-round county campground, with miles of nature and paved trails.

FORT DE SOTO BEACH

THE DALI MUSEUM

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The Tampa-St. Petersburg area is represented by teams in four major professional sports (soccer, football, baseball, and hockey). Two teams, the Tampa Bay Rays of Major League Baseball and Tampa Bay Rowdies of the North American Soccer League play in St. Petersburg proper, while the other two teams play across the bay in Tampa. All of the teams represent the entire Tampa Bay metropolitan area.

St. Petersburg is also home to the Firestone Grand Prix of St. Petersburg, the inaugural race was held in April 2005. The circuit itself is made of downtown

streets passing Al Lang Stadium, the marina, and a runway in Albert Whitted Airport, and streets are temporarily blocked off for the annual Indy Racing League’s Indy Car Series race. The race has been confirmed to return every year until at least 2017.

The Bay Area Pelicans Rugby Football Club has made their home in St. Petersburg since 1977. The Pelicans play in USA Rugby’s Division II competing against teams throughout Florida and the United States. Throughout its history, the teams have won honors as Florida Cup Champions as well as berths in National Championship Tournaments.

Tampa Bay Sports

CLEARWATER MARINE AQUARIUM

Clearwater Marine Aquarium is a unique attraction that is dedicated to the rescue, rehabilitation and release of sick and injured marine animals. Currently residents at the aquarium consist of North American river otters, Atlantic bottlenose dolphins, green sea turtles, Kemp’s ridley sea turtles, cownose rays, southern stingrays, nurse sharks, great white pelicans and other fish. Visitors can view, touch and experience the biology and behavior of many of the aquarium’s animals, including Winter, the bottlenose dolphin that was rescued in 2005 after losing her tail.

BEACH WALK

Five years in the making, Beach Walk is a $30 million redevelopment that has transformed Clearwater’s popular south beach destination. This broad, winding beachside promenade offers stunning views to the city’s award-winning beach. It is a place where bicyclists, rollerbladers and pedestrians enjoy safe and convenient access to the beach.

In providing modern amenities and a true “beachside experience”, Beach Walk is palying a vital role in attracting new hotel development to the beach.

This Offer ing Memorandum contains select informat ion pertaining to the business and af fa i rs of Dunkin’ Donuts located at 3920 Ulmerton Road, Clearwater, FL 33762 (“Property”) . I t has been prepared by Matthews Retai l Advisors. This Offer ing Memorandum may not be al l - inclusive or contain a l l of the informat ion a prospect ive purchaser may desire. The informat ion contained in th is Offer ing Memorandum is conf ident ia l and furnished solely for the purpose of a review by a prospect ive purchaser of the Property. I t is not to be used for any other purpose or made avai lable to any other person without the wri t ten consent of Sel ler or Matthews Retai l Advisors. The mater ia l is based in part upon informat ion suppl ied by the Sel ler and in part upon f inancial informat ion obtained from sources i t deems rel iable. Owner, nor their of f icers , employees, or agents makes any representat ion or warranty, express or impl ied, as to the accuracy or completeness of th is Offer ing Memorandum or any of i ts contents and no legal l iabi l i ty is assumed or shal l be impl ied with respect thereto. Prospect ive purchasers should make their own project ions and form their own conclusions without rel iance upon the mater ia l contained herein and conduct their own due di l igence.

By acknowledging your receipt of th is Offer ing Memorandum for the Property, you agree:

1 . The Offer ing Memorandum and i ts contents are conf ident ia l ;

2 . You wi l l hold i t and treat i t in the str ictest of conf idence; and

3. You wi l l not , d i rect ly or indirect ly, d isclose or permit anyone else to disclose this Offer ing Memorandum or i ts contents in any fashion or manner detr imental to the interest of the Sel ler.

Owner and Matthews Retai l Advisors expressly reserve the r ight , at their sole discret ion, to reject any and al l expressions of interest or of fers to purchase the Property and to terminate discussions with any person or ent i ty reviewing this Offer ing Memorandum or making an of fer to purchase the Property unless and unt i l a wr i t ten agreement for the purchase and sale of the Property has been ful ly executed and del ivered.

I f you wish not to pursue negot iat ions leading to the acquis i t ion of the Property or in the future you discont inue such negot iat ions, then you agree to purge al l mater ia ls relat ing to th is Property including this Offer ing Memorandum.

A prospect ive purchaser ’s sole and exclusive r ights with respect to th is prospect ive t ransact ion, the Property, or informat ion provided herein or in connect ion with the sale of the Property shal l be l imited to those expressly provided in an executed Purchase Agreement and shal l be subject to the terms thereof. In no event shal l a prospect ive purchaser have any other c la ims against Sel ler or Matthews Retai l Advisors or any of their af f i l iates or any of their respect ive of f icers , Directors , shareholders, owners, employees, or agents for any damages, l iabi l i ty, or causes of act ion relat ing to th is sol ic i tat ion process or the market ing or sale of the Property.

This Offer ing Memorandum shal l not be deemed to represent the state of af fa i rs of the Property or const i tute an indicat ion that there has been no change in the state of af fa i rs of the Property s ince the date this Offer ing Memorandum.

C O N F I D E N T I A L I T Y & D I S C L A I M E R S TAT E M E N T

C l e a r w a t e r , F L | 1 7

ExclusiveListing Agents

MAXX BAUMANAssociate


CHAD KURZSVP & National Director


™KYLE MATTHEWSBROKER OF RECORD

LIC # BK3367365


GARY CHOUFVP & Senior Director


Broker of Record

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