wendy s single tenant retail investment … · rant holdings, llc who currently operates ninety two...
TRANSCRIPT
WENDY’S SINGLE TENANT RETAIL INVESTMENT 20 Year Absolute NNN Sale Leaseback
912 E. Tarpon Ave., Tarpon Springs, FL 34689
For More Information Contact Exclusive Agents:
Doug Passon Robert Bender Managing Director Managing Director Direct: 248.254.3407 Direct:248.254.3406
Marvin DeLaura Senior Director Direct: 248.419.3811 [email protected] [email protected] [email protected]
( 80,000+ Vehicles Per Day )
WENDY’S SINGLE TENANT RETAIL INVESTMENT 20 Year Absolute NNN Sale Leaseback
912 E. Tarpon Ave., Tarpon Springs, FL 34689
For More Information Contact Exclusive Agents:
Doug Passon Robert Bender Managing Director Managing Director Direct: 248.254.3407 Direct:248.254.3406
Marvin DeLaura Senior Director Direct: 248.419.3811 [email protected] [email protected] [email protected]
DISCLOSURE
All materials and information received or derived from Fortis Net Lease (hereinafter collectively referred to as “FNL”), its directors, officers, agents, advisors, affili-
ates and/or any third party sources are provided without representation or warranty by FNL its directors, officers, agents, advisors, or affiliates as to complete-
ness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, suitability, financial perfor-
mance of the property, projected financial performance of the property for any party’s intended use or any and all other matters.
Neither FNL its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the
any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for re-
view are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. FNL will not inves-
tigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.
ALL PARTIES SHALL CONDUCT THEIR OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE:
Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations
including through appropriate third party independent professionals selected by such party.
All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent
professionals. FNL makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. FNL does
not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for
financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do
not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as
well as market conditions, vacancy factors and other issues in order to determine rents from or for the property.
Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attor-
ney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property
complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and
governmental agencies. All properties and services are marketed by FNL in compliance with all applicable fair housing and equal opportunity laws.
WENDY’S SINGLE TENANT RETAIL INVESTMENT 20 Year Absolute NNN Sale Leaseback
912 E. Tarpon Ave., Tarpon Springs, FL 34689
For More Information Contact Exclusive Agents:
Doug Passon Robert Bender Managing Director Managing Director Direct: 248.254.3407 Direct:248.254.3406
Marvin DeLaura Senior Director Direct: 248.419.3811 [email protected] [email protected] [email protected]
INVESTMENT SUMMARY
List Price
Square Footage Land Acreage
Year Built
$3,428,570
2,426 SF
.544 Acres1976 | Remodel Scheduled in 2016
Initial NOI $180,000
Initial Cap Rate 5.25%
Average NOI $201,281 (Years 1-20)
Average Cap Rate 5.87% (Years 1-20)
Online Maps: Click HERE For Google Maps: Aerial Imagery: Click HERE For Aerial View:
Street View: Click HERE For Google Street View:
LEASE SUMMARY
Lease Type
Taxes/CAM/Insurance Roof/Structure
Parking Lot Replacement
Lease Term
Rent Commencement
Rent Increases
Renewal Options
Tenant
Lease Guarantor
Absolute NNN
Tenant Responsibility
Tenant Responsibility
Tenant Responsibility
Twenty (20) Years
At Close of Escrow (COE)
7.50% Every Five (5) Years
Four (4), Five (5) Year Options
JAA Restaurants Holdings, LLC
JAE Restaurants Group, LLC
(132 Unit Operator Guarantee)
INVESTMENT HIGHLIGHTS
Absolute NNN Lease Requires Zero Landlord Responsibilities
7.5% Percent Increases Every Five Years
Guaranteed By a 132 Unit Franchisee
Building Scheduled for Construction “Image” Upgrade in 2016
Florida Has No State Income Tax
Located At An Extremely Busy Intersection (80,000+ Vehicles Per Day)
Neighboring Tenants Include: Walmart, Chase, TJ Maxx, CVS, Publix, Auto-Zone, Petco, and more.
WENDY’S SINGLE TENANT RETAIL INVESTMENT 20 Year Absolute NNN Sale Leaseback
912 E. Tarpon Ave., Tarpon Springs, FL 34689
For More Information Contact Exclusive Agents:
Doug Passon Robert Bender Managing Director Managing Director Direct: 248.254.3407 Direct:248.254.3406
Marvin DeLaura Senior Director Direct: 248.419.3811 [email protected] [email protected] [email protected]
WENDY’S SINGLE TENANT RETAIL INVESTMENT 20 Year Absolute NNN Sale Leaseback
912 E. Tarpon Ave., Tarpon Springs, FL 34689
For More Information Contact Exclusive Agents:
Doug Passon Robert Bender Managing Director Managing Director Direct: 248.254.3407 Direct:248.254.3406
Marvin DeLaura Senior Director Direct: 248.419.3811 [email protected] [email protected] [email protected]
WENDY’S SINGLE TENANT RETAIL INVESTMENT 20 Year Absolute NNN Sale Leaseback
912 E. Tarpon Ave., Tarpon Springs, FL 34689
For More Information Contact Exclusive Agents:
Doug Passon Robert Bender Managing Director Managing Director Direct: 248.254.3407 Direct:248.254.3406
Marvin DeLaura Senior Director Direct: 248.419.3811 [email protected] [email protected] [email protected]
WENDY’S SINGLE TENANT RETAIL INVESTMENT 20 Year Absolute NNN Sale Leaseback
912 E. Tarpon Ave., Tarpon Springs, FL 34689
For More Information Contact Exclusive Agents:
Doug Passon Robert Bender Managing Director Managing Director Direct: 248.254.3407 Direct:248.254.3406
Marvin DeLaura Senior Director Direct: 248.419.3811 [email protected] [email protected] [email protected]
INVESTMENT OVERVIEW
Fortis Net Lease is pleased to present a free-standing Wendy’s Restaurant located at 912 E. Tarpon Avenue, Tarpon Springs, FL. The Tenant is JAA Restau-
rant Holdings, LLC who currently operates ninety two locations and who is adding an additional forty six units before the end of 2015 bringing their total
number of locations to one hundred thirty eight (138). At Close of Escrow (COE) the Franchisee will sign a new 20 year Absolute NNN Lease with seven and
a half (7.50% ) percent increases every Five (5) years and four (5) year options. The lease is guaranteed by JAE Restaurants Group, LLC, which
encompasses the entire 132 unit entity. This is an ideal opportunity for an investor to purchase a passive income real estate asset with absolutely zero
management responsibilities. The tenant is responsible for all property taxes, insurance and capital expenditures including the roof, structure & HVAC.
TENANT OVERVIEW
The Wendy’s Company (NASDAQ: WEN) formerly branded as Wendy's Old Fashioned Hamburgers before late 2012 is an international fast food chain res-
taurant founded by Dave Thomas on November 15, 1969, in Columbus, Ohio. The company decided to move its headquarters to Dublin, Ohio, on January 29,
2006. It has been owned by Triarc (now called Wendy's Company) since 2008. As of March 2010, Wendy's was the world's third largest hamburger fast food
chain with approximately 6,500 locations, following McDonald's 31,000+ locations and Burger King's 22,000+ locations. In 2011, Wendy's sales exceeded
those of Burger King for the first time in the company's history. With sales of $8.5 billion, the company ranked number two in hamburger chains, although
Burger King still has far more restaurants.
Approximately 80% of Wendy's restaurants are franchised, the majority of which are located in North America. The number of franchise stores is planned to
grow to 95% while Wendy’s Corporate will continue to own and operate approximately 5% of all stores. Wendy's and its affiliates employ more than 46,000
people in its global operations. In fiscal year 2014, the firm had $2.1 billion in total revenue. While Wendy's sets standards for exterior store appearance,
food quality, and menu, individual owners have control over hours of operations, interior decor, pricing, staff uniforms, and wages.
Wendy's menu consists primarily of hamburgers, chicken sandwiches, french fries, and beverages, including the Frosty, a form of soft serve ice cream mixed
with frozen starches. The company does not have a signature sandwich, such as the Big Mac or the Whopper. Instead, the square burger patties (which are
fresh ground beef rather than frozen patties) are their signature items.
WENDY’S SINGLE TENANT RETAIL INVESTMENT 20 Year Absolute NNN Sale Leaseback
912 E. Tarpon Ave., Tarpon Springs, FL 34689
For More Information Contact Exclusive Agents:
Doug Passon Robert Bender Managing Director Managing Director Direct: 248.254.3407 Direct:248.254.3406
Marvin DeLaura Senior DirectorDirect: 248.419.3811 [email protected] [email protected] [email protected]
LOCATION OVERVIEW
Tarpon Springs, Florida
Tarpon Springs is a city in Pinellas County, Florida. Tarpon Springs has the highest percentage of Greek Americans of any city in the US. Downtown Tarpon has long been a focal point and is cur-rently undergoing beautification. The region, with a series of bayous feeding into the Gulf of Mexi-co, was first settled by white and black farmers and fishermen around 1876. Some of the newly arrived visitors spotted tarpon jumping out of the waters and so named the location Tarpon Springs. In the 1880s, it was developed as a wintering spot for wealthy northerners. During the same decade, John Cheyney founded the first local sponge business. The industry continued to grow in the 1890s, and many blacks and whites from Key West and the Bahamas settled in Tarpon Springs to harvest and process sponges. A few Greek immigrants arrived in this city during the 1890s to work in the sponge industry.
In 1905, John Cocoris introduced the technique of sponge diving to Tarpon Springs and recruited divers and crew members from Greece. The first divers came from the Saronic Gulf islands of Aegina and Hydra, but they were soon outnumbered by those from the Dodecanese islands of Kalymnos, Symi and Halki. The sponge industry soon became one of the leading maritime indus-tries in Florida and the most important business in Tarpon Springs, generating millions of dollars a year. The 1953 film Beneath the 12-Mile Reef, depicting the sponge industry, takes place and was filmed in Tarpon Springs.
When a red tide algae bloom occurred in 1947, wiping out the sponge fields in the Gulf of Mexico, many of the sponge boats and divers switched to fishing and shrimping for a livelihood and others left the business. However, the sponges eventually recovered and there has remained a consistent but smaller sponge industry. In the 1980s, the sponge business experienced a boom due to a sponge disease that killed the Mediterranean sponges. Today there is still a small active sponge industry. Visitors can often view sponge fishermen working at the Sponge Docks on Dodecanese Boulevard. In addition, visitors can enjoy shops, restaurants, and museum exhibits that detail Tar-pon Springs' Greek heritage. In 2007 and 2008, the City of Tarpon Springs established Sister City relationships with Kalymnos, Halki, Symi, and Cyprus, honoring the close historical link with these Greek-speaking islands.
WENDY’S SINGLE TENANT RETAIL INVESTMENT 20 Year Absolute NNN Sale Leaseback
912 E. Tarpon Ave., Tarpon Springs, FL 34689
For More Information Contact Exclusive Agents:
Doug Passon Robert Bender Managing Director Managing Director Direct: 248.254.3407 Direct:248.254.3406
Marvin DeLaura Senior DirectorDirect: 248.419.3811 [email protected] [email protected] [email protected]
WENDY’S SINGLE TENANT RETAIL INVESTMENT 20 Year Absolute NNN Sale Leaseback
912 E. Tarpon Ave., Tarpon Springs, FL 34689
For More Information Contact Exclusive Agents:
Doug Passon Robert Bender Managing Director Managing Director Direct: 248.254.3407 Direct:248.254.3406
Marvin DeLaura Senior DirectorDirect: 248.419.3811 [email protected] [email protected] [email protected]
ADT = 65,000 VPD
WENDY’S SINGLE TENANT RETAIL INVESTMENT 20 Year Absolute NNN Sale Leaseback
912 E. Tarpon Ave., Tarpon Springs, FL 34689
For More Information Contact Exclusive Agents:
Doug Passon Robert Bender Managing Director Managing Director Direct: 248.254.3407 Direct:248.254.3406
Marvin DeLaura Senior DirectorDirect: 248.419.3811 [email protected] [email protected] [email protected]
WENDY’S SINGLE TENANT RETAIL INVESTMENT 20 Year Absolute NNN Sale Leaseback
912 E. Tarpon Ave., Tarpon Springs, FL 34689
For More Information Contact Exclusive Agents:
Doug Passon Robert Bender Managing Director Managing Director Direct: 248.254.3407 Direct:248.254.3406
Marvin DeLaura Senior DirectorDirect: 248.419.3811 [email protected] [email protected] [email protected]
1 Mile 3 Mile 5 Mile_____
2015 Total Population: 7,075 54,175 131,915
2020 Projection: 7,291 56,057 135,775
Pop Growth 2014-2019: 3.05% 3.47% 2.93%
Average Age: 45.40 44.10 44.20
Households:
2015 Total Households: 3,365 23,637 56,868
Avg Household Size: 2.10 2.30 2.30
2015 Avg HH Vehicles: 1.00 2.00 2.00
Median Home Value: $84,924 $143,086 $145,649
Median Year Built: 1978 1981 1981
2020 HH Projection 3,465 24,465 58,508
2010 Census 3,182 22,063 54,793
Owner Occupied 2,135 17,156 43,240
Renter Occupied 1,230 6,480 13,628
2015 Avg Household Income $45,789 $61,664 $64,587
2015 Med Household Income $31,900 $41,612 $46,553
1 Mile 3 Mile 5 Mile____
2015 Population by Race:
Hispanic Origin 669 4,488 10,618
White 5,624 48,796 121,071
Black 1,200 2,955 4,929
Am. Indian & Alaskan 35 201 428
Asian 92 1,155 3,016
Hawaiian & Pacific Island 3 34 71
Other 121 1,035 2,399
2014 Households by Income:
<$25,000 1,290 6,859 14,138
$25,000 - $50,000 1,158 6,641 16,106
$50,000 - $75,000 340 3,590 9,612
$75,000 - $100,000 195 2,453 6,715
$100,000 - $125,000 208 1,496 3,982
$125,000 - $150,000 58 847 2,198
$150,000 - $200,000 69 1,053 2,443
$200,000 + 47 696 1,676
DEMOGRAPHICS
This information is deemed confidential and privileged and may contain inside information. If you are not the intended receiver do not read, copy or distribute this offering memorandum, instead delete or destroy it and contact one of our representatives. This
information is believe to be accurate but is not represented or warranted by Fortis Net Lease or any of our agents or contractors.
MORE THAN $3.5 BILLION IN SALES Fortis Net Lease is a national investment real estate brokerage firm specializing in the acquisition and disposition of investment real estate. We
help developers, franchisees, private investors and institutional funds accomplish their short and long term investment goals. The principals of
Fortis Net Lease have successfully sold hundreds of properties in over three dozen states with a total transaction volume topping $3.5 billion.
Fortis Net Lease specializes in the acquisition and disposition of the following:
Net leased single tenant properties (Pharmacies, Auto Parts, Dollar Stores, Banks, QSR, Office/Industrial, Medical, Junior/Big Box, etc.)
Portfolios & Corporate Sale-Leaseback Transactions (Burger King, Arby’s, Tutor Time, Taco Bell, Wendy’s, etc.)
Multi-Tenant Retail Centers & Medical Office (Anchored or Unanchored - 5,000 - 1,000,000 SF)
The advisors at Fortis Net Lease create long term relationships with our investors by delivering superior services and unparalleled results. When
you hire Fortis Net Lease as your exclusive representative you will experience the individual attention and professionalism that you will not receive
at other large brokerage firms.
OUR TEAM
DOUG PASSON ROB BENDER RICHARD LUDWIG BRYAN BENDER DENO BISTOLARIDES Managing Partner Managing Partner Senior Director Senior Director Senior Director (248)254.3407 (248) 254.3406 (248) 254.3410 (248) 254-3410 (248) 254.3410
MARVIN DELAURA Senior Director(248) 254.3410
MIKE CARTER PAT HAMMOND MIKE JAWORSKI DANTE HARGIS MATT WEBER FRANK ROGERS Senior Associate Senior Associate Senior Associate Senior Associate Senior Associate Associate (248) 254-3410 (248) 254.3410 (248) 254.3410 (248) 254.3410 (248) 254.3410 (248) 254.3410
BEN SCHULTZ KYLE CARSON ABRAHAM LEON BRANDON KASSAB TRACEY RISCH AMY JONES Business Development Business Development Associate Associate Coordinator Coordinator
(248) 254-3410 (248) 254.3410 (248) 254-3410 (248) 254-3410 (248) 254.3410 (248) 254-3410
FORTIS NET LEASE 30445 Northwestern Highway, Suite 275 Farmington Hills, MI 48334