dunkin’ donuts -...

Partnership. Performance.

Steve TannerSenior Vice President - OrlandoD: 407.440.6652E: [email protected]

Timothy GaritoPrincipalD: 321.848.8269E: [email protected]

Dunkin’ Donuts 3430 Garden Street

NNN ABSOLUTE LEASED OFFERING

T i t u s v i l l e , F L 3 2 7 9 6

This confidential Offering Memorandum was prepared by Garito and Company, LLC and Avison Young - Florida, LLC. It contains selected information pertaining to the Property and does not purport to be all-inclusive, nor to contain all the information that a prospective investor may desire. This presentation is not an offer to sell or a solicitation to buy any securities, and is subject; to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement, or advice as to the actual return on this investment.

Except for any historical information, such matters discussed herein are forward-looking statements that are subject to certain risks and uncertainties that could cause the actual results to differ materially from those projected, and could result in the loss of principal. Each prospective investor is to rely upon its own investigation, evaluation and judgment as to the advisability of the investment described herein.

Sources of information contained within this Offering Memorandum came from: CoStar, Integrated Realty Resources, Google, Esri and the US Census Bureau.

The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers and/or to terminate discussions with any party at any time with or without notice. The Owner shall have no legal commitment or obligation to any investor or Broker reviewing this Offering Memorandum or making an offer to invest in the Property unless a written agreement has been fully executed, delivered, and approved by the Owner and any conditions to Owner’s obligations thereunder have been satisfied or waived.

This Offering Memorandum is the property of Garito and Company, LLC and Avison Young - Florida, LLC and may only be used by parties approved by Garito and Company, LLC and Avison Young - Florida, LLC. The Property is being privately offered and by accepting this Offering Memorandum, the party in possession hereof agrees that its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Offering Memorandum may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Garito and Company, LLC and Avison Young - Florida, LLC and Owner. The terms and conditions set forth apply to this Offering Memorandum in its entirety.

D I S C LO S U R E

LO I G U I D E L I N E SClosing Costs: Closing costs will be divided as customary and included in the contract.

PURCHASE CONTRACT:

Seller will prepare the purchase and sale agreement.

TRANSACTION:

• “As-Is, Where-Is” sale; Representations and Warranties Shall not survive closing.

• Due Diligence period : 30 days or less

• Closing Period: 30 days or less

• Seller will provide personal financial statements and draft of proposed lease after fully executed LOI

Steve TannerSenior Vice President - OrlandoD [email protected]

135 W. Central BoulevardSuite 700Orlando, FL 32801United States

Avison Young – Florida, LLC

O F F E R E D E XC LUS I V E LY BY:

Timothy [email protected]

1501 E Michigan St. Orlando, FL 32806United States

Garito & Company,LLC www.garitoco.com


DUNKIN’ DONUTS | INVESTMENT OFFERING 3

OFFERING SUMMARYI N T R O D U C T I O N

Garito and Company and Avison Young’s Capital Markets Group are pleased to offer for sale a 100% fee simple interest the newly constructed, free-standing Dunkin’ Donuts with drive-thru located at 3430 Garden Street, Titusville, Florida. The location will be open April 2018 and will be sold with a 20 year NNN lease term. The Property is strategically located on the highly traveled I-95 (40,000 AADT) and SR 406/Garden Street (14,510 AADT).

I N V E S T M E N T H I G H L I G H T SLong Lease Term • The Property will be sold with a new 20 year primary lease term

Strategic Location • The Property is located right off of I-95, Florida’s primary North/South Interstate on the

east coast of Florida

High Traffic Area • I-95 is the main regional traffic thoroughfare for the east coast of Florida running from

Miami to Jacksonville

Great Visibility • The Property is easily visible and accessible from Garden Street/ SR 406

Traffic Generating Neighbors• The Property is adjacent to BP gas station and is in close proximity to Publix Shopping

Center

Strong Guarantee • The lease will be personally guaranteed by an operator with over 100 units, 65 being

Dunkin’ Donuts BrandNew Construction• The building is expected to be completed in April 2018

S I T E S P E C I F I C AT I I O N SAddress: 3430 Garden Street, Titusville, FL 32796

Total GLA: 1,460 sf

Site Area: .86

Lease Expiration: 2038

Increases: 8.00% every five years

Options: Four (five year options)

P R I C I N GTenant Name: Dunkin’ Donuts

Franchisee: Southern Star Restaurant Manager

Grantor: Personal guarantee, 100+ unit operator

Ownership Type/Lease Type: Fee Simple/NNN

Landlord Responsibilities: None

Store Opening: April 2018

Lease Term Remaining: 20 Years

Price: $1,620,000

Year-One NOI: $85,000

Cap Rate: 5.25%


D U N K I N ’ D O N U T S | A B S O LU T E N N N L E A S E O F F E R I N G

3430 Garden Street, Titusville, FL 32796$1,620,0005.25% CAPFee Simple Ownership

FINANCIAL SUMMARY

S U M M A R YTenant Name: Dunkin’ Donuts

Square Footage: 1,460 sf

Store Opens: April 2018 ( Estimated)

Lease Term Remaining: 20 Years

Rent Commencement: Close of escrow

Annual Rent: $85,000

Options: Four (5 year)

Increases: 8.00% every 5 years

Lease Expiration: 2038

O P E R AT I N G S U M M A R YNet Operating Income CAP Rate

Years 1-5 $85,000 5.25%

Years 6-10 $91,800 5.67%

Years 11-15 $99,144 6.12%

Years 16-20 $107,076 6.61%

Option 1 $115,642 7.14%

Option 2 $124,893 7.71%

Option 3 $134,884 8.33%

Option 4 $145,675 8.99%GARDEN STREET


P E O P L E & D E M O G R A P H I C S

POPULATION 1 MILE 3 MILE 5 MILE BREVARD FLORIDAEst. Population (2017) 5,182 32,657 184,204 592,785 20,600,000

Proj. Population (2022) 5,666 35,975 208,769 648,252 22,600,000

Proj. Annual Population Growth (2017-2022) 484 (1.9%) 3,318 (2.0%) 5,533(2.0%) 55,467 (1.9%) 1,988,319 (1.9%)

Est. Households (2017) 2,140 13,698 23,161 250,495 8,216,632

Proj. Households (2022) 2,228 14,402 24,356 261,085 8,.669,057

Proj. Annual Household Growth (2017-2022) 88 (0.8%) 705 (1.0%) 1,195 (1.0%) 10,590 (0.8%) 452,452 (1.1%)

Median Age 45.0 44.3 45.8 46.2 41.0

HOUSEHOLD INCOMEEst. Avg. Household Income (2017) $67,258 $59,520 $62,240 $71,756 $72,504

Proj. Average Household Income (2022) $79,413 $69,562 $72,759 $85,341 $89,263

Est. Median Household Income (2017) $54,645 $49,581 $50,591 $55,277 $52,516

Proj. Median Household Income (2022) $63,841 $58,142 $59,326 $65,261 $61,586

EDUCATIONAny College (Some College or Higher) 62.1% 58.8% 59.7% 64.0% 58.5%

College Degree + (Bachelor Degree or Higher) 18.6% 22.4% 23.7% 29.5% 28.4%

WORKFORCETotal Businesses 132 1,065 1,993 23,098 877,384

No. of Employees 1,116 11,197 18.897 223,173 8,729,684

White Collar Workers 65.4% 58.7% 60.7% 63.6% 61.4%

Blue Collar Workers 34.6% 41.3% 39.3% 36.4% 38.6%

HOUSINGOwner-Occupied Median Home Value $117,148 $114,129 $123,696 $158,969 $180,290

Renter-Occupied Median Rent $731 $715 $729 $830 $887

Housing Units Owner-Occupied 81.9% 68.9% 70.7% 72.9% 66.6%

Housing Units Renter-Occupied 18.1% 31.1% 29.3% 27.1% 33.4%* Source: Regis 2017 Report


MAP

Arthur DunnAirPark

Astronaut HighSchool

South LakeElementary

N Si

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Ave

S I T E

Garden Street


MAPSITE LOC ATION

The Bee Line

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Nasa Pkwy

Cheney Hwy

CAPE CANAVERAL

KENNEDY SPACE CENTER

TITUSVILLE

S I T E


TENANT OVERVIEW

SOUTHERN STAR RESTAURANT MANAGEMENT

Southern Star Restaurant Management is headquartered in Winter Park, Florida. The company is an experienced operator with over 100 units located from Florida and in the Northeast, over 65 of these units are Dunkin’ Donuts.

DUNKIN’ DONUTS

Founded: 1950No. of Stores: 11,300Headquarters: Canton, MAWebsite: www.dunkindonuts.com/en

Founded in 1950, Dunkin’ Donuts is America’s favorite all-day, everyday stop for coffee and baked goods. Dunkin’ Donuts is a market leader in the hot regular/decaf/flavored coffee, iced coffee, donut, bagel and muffin categories. Dunkin’ Donuts has earned the No. 1 ranking for customer loyalty in the coffee category by Brand Keys for nine years running. The company has more than 11,500 restaurants in 40 countries worldwide.


BRE VARD

• Florida’s Space Coast is the birthplace of space exploration and has grown to be the home of several rapidly expanding industries. The economy features cutting-edge communications, electronics, aerospace and aviation, homeland security and defense, emerging technologies, high-tech manufacturing and more.

• Florida’s Space Coast boasts 48 engineers per 1,000 workers, more than any other Florida metro and more than the 25-most-populated metros in the country. The Space Coast boasts the largest share of science, technology, engineering and math-related jobs in Florida, according to a 2013 Brookings Institute report.

• Florida’s Space Coast is home to a wide array of businesses including Bertan Yacht, Boeing, DRS, Embraer Exec-utive Jets, General Electric, Knight Armaments, L3, Lockheed Martin, Northrop Grumman, Raytheon, Rockwell Collins - and the world headquarters of Harris Corporation.

• Brevard County ranks 2nd in the highest concentration of high-tech manufacturing jobs in the U.S. according to the Brookings Institute.

• Palm Bay-Melbourne-Titusville is among the top 3 (of 360) metropolitan areas in the United States for concentra-tion of Electrical Engineers and Technicians.

• Florida was ranked 5th-best state in the nation in the 2014 State Business Tax Climate Index.

• Unemployment in the Palm Bay-Melbourne-Titusville MSA stood at 5.0% as of April 2016; an impressive YOY contraction of 70 basis points.

Brevard County comprises the Palm Bay-Melbourne-Titusville, FL Metropolitan Statistical Area and is the 10th-largest county in Florida. Located halfway between Jacksonville and Miami along the east Florida coast, Brevard County extends 72 miles from north to south, and averages 26.5 miles wide. Marshes in the western part of this county are the source of the St. Johns River. According to the U.S. Census Bureau, the county has a total area of 1,557 square miles, of which 1,016 square miles is land and 541 square miles (34.8%) is water. The County’s residents benefit from a high quality of life, low cost of living and low taxes.

The Space Coast anchors the eastern end of Florida’s High Tech Corridor, yet the economy itself is driven by a variety of clusters keeping the area healthy and balanced. Aerospace, Advanced Security, Communications, Electronics, and Emerging Technologies strengthen and sustain its overall quality of life. Businesses on the Space Coast enjoy a stable tax structure, access to local and state incentives, a large, skilled labor force and a robust transportation infrastructure.


Steve TannerSenior Vice President - OrlandoD: 407.440.6652E: [email protected]

Timothy GaritoPrincipalD: 321.848.8269E: [email protected]

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