offering memorandum · city, florida. located in the heart of panama city’s primary retail...

OFFERING MEMORANDUM

Capital Markets | Net Lease Properties

CBRE, Inc. | Licensed Real Estate Broker

OUTBACK STEAKHOUSE861 23RD STREET WEST

PANAMA CITY, FLORIDA 32405

Representative Photo

MARK DRAZEKSenior Vice PresidentCBRE | Capital MarketsNet Lease Properties

For further information:+1 407 404 [email protected]


EXCLUSIVELY MARKETED BY

RAY ROMANOFirst Vice PresidentCBRE | Capital MarketsNet Lease Properties

W. 23rd St (33,000 AADT)

Doral Bank

®

WALMARTSta

nford Rd

1INVESTMENT SUMMARY

2AREA OVERVIEW

5PROPERTY DESCRIPTION

Investment Highlights City OverviewLocal & Regional Maps

Property DescriptionAerial Photographs

Tenant Description

9TENANT SUMMARY

N

Northside Elementary School

Panama City MarinaSaint Andrews Bay

D

OUTBACK STEAKHOUSE | PANAMA CITY, FL

1


CBRE’s Net Lease Property Group is pleased to present this long-term absolute NNN leased corporate Outback Steakhouse in a highly trafficked area of Panama City, Florida. Located in the heart of Panama City’s primary retail corridor, this property is surrounded by national retailers such as Hobby Lobby, Walmart, Target, Lowe’s Home Depot, CVS and TJ-Maxx.

It is also in close proximity to the Gulf Coast Regional Medical Center (a 216-bed acute care hospital) and the Panama City Marina.

investment highlights• NNN corporate Outback Steakhouse located in a highly trafficked area of Panama

City, Florida

• Very strong store sales - annual sales for this location are 41.9% above thenational average

• Fixed annual rental increases throughout entire lease

• Corporate guaranteed lease with Outback Steakhouse of Florida, LLC , an international chain with over 1,200 locations in 22 countries

• Lessee owned by Bloomin’ Brands, Inc., a publicly traded company (NASDAQ:BLMN) with nearly 1,500 restaurants in 21 countries with 2013 Revenues in excess of $1billion . OSI Restaurant Partners, LLC is the primary operating subsidiary of Bloomin’ Brands.

• No landlord management obligations

• No debt to assume – Able to pay all cash

• Florida has no state income tax

INVESTMENT SUMMARY

PRICE:

NOI:

CAP RATE:

TENANT TRADE NAME:

GUARANTOR:

RENTAL INCREASES:

REMAINING LEASE TERM:

INITIAL LEASE TERM:

RENT COMMENCEMENT:

RENT EXPIRATION:

OPTIONS:

LANDLORD OBLIGATIONS:

BUILDING SIZE:

LAND SIZE:

PARKING SPACES:

YEAR BUILT:

$5,402,000

$286,301*

5.3%

Outback Steakhouse of Florida, LLC

OSI Restaurant Partners, LLC (S&P Rating: BBB-)

1% annually

13.5 years

15 years

Aug. 19, 2016

Aug. 31, 2031

Four 5-year options

None - Absolute NNN

6,124 ± SF

1.9 acres

124

1996, fully renovated 2016

* NOI as of September 1, 2018. Seller will provide a credit at closing for rent difference.

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AREA OVERVIEW

Panama City, FL (MSA)The City of Panama City is located in the Florida “panhandle” on St. Andrews Bay approximately 170 miles east of Mobile, Alabama, 95 miles east of Pensacola, Florida and 100 miles southwest of Tallahassee, Florida. St. Andrews Bay surrounds much of Panama City and provides a protected harbor for facilities at the growing Port of Panama City complex.

Population

While the Panama City area is a great place to vacation, more and more people are realizing what a great place it is to live. It’s no surprise that this area has enjoyed steady growth since 1990, adding 40,400 people, an average of almost 2,020 per year. The population of the Panama City-Lynn Haven-Panama City Beach Metropolitan Statistical Area (MSA) is over 170,000, and the University of Florida’s Bureau of Economic and Business Research expects it to reach 200,000 by the year 2025.

Economy

Tyndall Air Force Base is located east of Panama City, and is part of Florida Army National Guard’s 53rd Infantry Brigade. The base has a large influence on the surrounding people and economy. Panama City is also home to Gulf Coast State College, formerly Gulf Coast Community College, and is now a four year state college. Satellite campuses of Florida State University Panama City Campus and Troy University are located in the city. Embry Riddle Aeronautical University has a satellite campus on Tyndall Air Force Base.

DEMOGRAPHICS: 1-Mile 3-Mile 5-Mile

2017 Population 6,057 44,131 82,89

2022 Population 6,324 46,489 87,502

Percent Pop Change: 2010 to 2017 0.47% 0.67% 0.72%

Percent Pop Change: 2017 to 2022 0.87% 1.05% 1.09%

Percent HH Change: 2010 to 2017 0.42% 0.60% 0.63%

2017 Average Household Income $57,913 $61,885 $65,988

Average Household Size 2.25 2.30 2.39

Daytime Employment (Total Employees)

9,979 40,083 52,757

distance to

103Tallahassee

miles

264Jacksonville

miles

146Pensacola

miles

182Montgomery AL

miles

290Atlanta GA

miles

336New Orleans LA

miles

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AREA OVERVIEW

YEAR IN REVIEW: Economic pieces fall into place for Bay 2017 Bay County Economic Development AllianceJanuary 2, 2018

BAY COUNTY — If all goes according to plan, by the end of 2018, international aerospace manufacturing company GKN Aerospace will have brought 100 new, high-paying jobs to the region.

In 2019, Eastern Shipbuilding will begin construction on the first of nine Coast Guard offshore patrol cutters, anticipated to bring more than a thousand jobs to the area when all is said and done.

In 2020, the size of Tyndall Air Force Base will increase by almost a third, with 1,600 new airmen to support the MQ-9 Reaper wing program, assuming the base passes a mandatory environmental study.

And all of these projects are expected to bring in spin-off businesses that will bring even more jobs to the area.

“These kinds of initiatives are game-changers,” said Bay County Economic Development Alliance President Becca Hardin. “It’s an anomaly to have three projects like this at once. People work their whole careers and don’t have one project. These projects are life-changing. They are going to put a lot of people to work.”

This past year was the economic boom Bay County officials have been working toward for a long time. GKN’s move to a new facility in Panama City Beach was announced in February. In May, Legislation to start spending oil spill money through Triumph Gulf Coast was passed. The Reaper wing program was announced in November. The Eastern Shipbuilding Coast Guard project, announced in September 2016, continued to bring attention to the region. And some of the bigger gambles public officials had taken over the years, such as passing the half-cent sales tax and moving the airport, started to pay off.

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PALMÿBEACHHENDRY

OSCEOLA

INDIANRIVER

GLADES

MARTIN

HIGHLANDSST.ÿLUCIE

OKEECHOBEE

SEMINOLE

ORANGE

BREVARD

MIAMI-DADE

LEE

BROWARD

MONROE

COLLIER

MANATEE

HILLSBOROUGH

CHARLOTTE

POLK

HARDEE

DESOTOSARASOTA

PASCO

SUMTER

HERNANDO

CITRUS

ST.ÿJOHN

S

DUVAL

BRADFORD CLAY

NASSAU

PINELLAS

MARION

LAKE

VOLUSIA

FLAGLER

PUTNAM

ALACHUA

LEVY

HAMILTON

BAKERCOLUMBIA

MADISON

DIXIE

LAFAYETTE

GILCHRIST

UNION

SUWANNEE

GADSDEN

TAYLOR

JEFFERSON

WAKULLA

LEON

FRANKLIN

LIBERTY

OKALOOSA WALTONSANTAROSA

HOLMES

GULF

CALHOUN

BAY

WASHINGTON

JACKSONESCAMBIA

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regional map

local map

SUBJECT

SUBJECT

AREA OVERVIEW

W. 23rd St (33,000 AADT)

5


Property DescriptionLOCATION

861 23rd Street West Panama City, FL 32405

BUILDING AREA

The subject consists of one (1) retail building totaling approximately 6,124 SF square feet of net rentable area.

2016 TRAFFIC COUNTS

23rd Street 33,000 AADT

Source: Florida Department of Transportation

PARKING

The Property provides 124 parking stalls which equates to 20.25:1,000 SF parking ratio.

LAND AREA

The Property land area is ±1.9 acres.

BUILT

The subject building was built in 1996, and then fully renovated in 2016.

PROPERTY DESCRIPTION

6


N

W. 2

3rd

St (33,0

00 A

AD

T)

Air

port

Roa

d

®

WALMART

Gulf Coast RegionalMedical Center

PANAMA CITY MALL

7


N

W. 23rd St (33,000 AADT)

Academy Park at SweetBayby Samuel Taylor Homes

Sta

nfo

rd R

oad

Air

port

Roa

d

Airport Road

®

Doral Bank

North Bay

8


N

W. 23rd

St

(33,0

00 A

AD

T)

Stanford RoadAirp

ort Road

®

SAM’S CLUB

Grand Lagoon

PANAMA CITY BEACH

9


(NASDAQ: BLMN)

Outback Steakhouse of Florida, LLC owns and operates a chain of Australian-themed steakhouse restaurants in the United States and internationally. Its menu includes beef and steak items, chicken, ribs, seafood, and pasta dishes, as well as salads, soups, and sides. The company also provides phone-in and online curbside takeaway ordering services. It also engages in franchising activities. Outback Steakhouse of Florida, LLC was formerly known as Outback Steakhouse of Florida, Inc. The company was incorporated in 1987 and is based in Tampa, Florida. It has locations in the United States, Australia, Brazil, Canada, Costa Rica, Dominican Republic, Guam, Hong Kong, Indonesia, Japan, Korea, Malaysia, Mexico, the Philippines, Puerto Rico, Singapore, Taiwan, Thailand, and Venezuela. Outback Steakhouse of Florida, LLC operates as a subsidiary of OSI Restaurant Partners, LLC.

Bloomin’ Brands Inc. is one of the largest casual dining restaurant is one of the largest casual dining restaurant companies in the world with a portfolio of leading, differentiated restaurant concepts. The Company has five founder-inspired brands: Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, Fleming’s Prime Steakhouse and Wine Bar and Roy’s, with all except Roy’s considered core concepts. The Company owns and operates nearly 1,500 restaurants in 48 states, Puerto Rico, Guam and 21 countries, some of which operate under a franchise or joint venture agreement.

For more information, please visit www.bloominbrands.com.

Representative Photo

TENANT DESCRIPTION

10


CONFIDENTIAL MEMORANDUM & DISCLAIMER

Affiliated Business Disclosure

CBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).

Confidentiality Agreement

Your receipt of this Memorandum constitutes your acknowledgement that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.

Disclaimer

This Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.

The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.

MARK DRAZEKSenior Vice President CBRE | Capital MarketsNet Lease Properties

For further information:+1 407 404 [email protected]


EXCLUSIVELY MARKETED BY

RAY ROMANOFirst Vice President CBRE | Capital MarketsNet Lease Properties

© 2018 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk.

CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners.

offering memorandum · city, florida. located in the heart of panama city’s primary retail...

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