Net Lease Logan's Property
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Transcript of Net Lease Logan's Property
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
Logan’s Roadhouse (Ground Lease) 240 Conference Center Drive
East Peoria, IL 61611
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
1) Confidentiality&Disclaimer
2) ExecutiveSummary
3) PropertyOverview
4) Aerial
5) SitePlan
6) Maps
7) TenantProfile
8) DemographicComparisonReport
9) LocationOverview
10) ContactInformation
TABLE OF CONTENTS
TABLE OF CONTENTS
NET LEASED INVESTMENT OFFERING
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TheinformationcontainedinthefollowingOfferingMemorandumisproprietaryandstrictlyconfidential.ItisintendedtobereviewedonlybythepartyreceivingitfromTheBoulderGroupandshouldnotbemadeavailabletoanyotherpersonorentitywithoutthewrittenconsentofTheBoulderGroup.ThisOfferingMemorandumhasbeenpreparedtoprovidesummary,unverifiedinformationtoprospectivepurchasers,andtoestablishonlyapreliminarylevelofinterestinthesubjectproperty.Theinformationcontainedhereinisnotasubstituteforathoroughduediligenceinvestigation.TheBoulderGrouphasnotmadeanyinvestigation,andmakesnowarrantyorrepresentation.TheinformationcontainedinthisOfferingMemorandumhasbeenobtainedfromsourceswebelievetobereliable;however,TheBoulderGrouphasnotverified,andwillnotverify,anyoftheinformationcontainedherein,norhasTheBoulderGroupconductedanyinvestigationregardingthesemattersandmakesnowarrantyorrepresentationwhatsoeverregardingtheaccuracyorcompletenessoftheinformationprovided.Allpotentialbuyersmusttakeappropriatemeasurestoverifyalloftheinformationsetforthherein.
CONFIDENTIALITY & DISCLAIMER
CONFIDENTITALITY & DISCLAIMER
NET LEASED INVESTMENT OFFERING
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TheBoulderGroupispleasedtoexclusivelymarketforsaleasingletenantLogan’sRoadhousegroundleasedpropertyinEastPeoria,Illinois.The7,268squarefootbuildingwasconstructedona1.62acrelandparcelin2007withinavibrantregionaltradearea.Thegroundleasehas14yearsremainingandfeatures10%rentalescalationseveryfiveyears.In2011,a150,000squarefootBassProShopsopened,furtheraddingtothetradearea’sregionaldraw.Logan’sRoadhouseisachainofcasualdiningrestaurantswithover240locationsin23states.
ThesubjectpropertyislocatedonConferenceCenterDrive,arecentlydevelopedstreetalongtheIllinoisRiveracrossfromanEmbassySuitesHotelandtheRiverfrontConferenceCenter.ThepropertyispositionedinimmediateproximitytotheintersectionoftheBobMichaelBridgeandRiverRoadwhichexperiencestrafficvolumesinexcessof33,000vehiclesperday.ThepropertyhasaccesstotheBobMichaelBridge,aprimaryentrypointtodowntownPeoriafromtheeast.AccesstoInterstate74(60,000vehiclesperday)isapproximatelyonemilefromthesubjectproperty.ThepropertyispositionedinastrongretailcorridorwithnationalretailersandrestaurantssuchasWal-MartSupercenter,BassProShop,Lowe’s,Target,Costco,Kohl’sandPetSmart.ThePeoriaCivicCenteris locatedfiveminutesfromthepropertyandishosttonumerousconcertsandsportingeventsinadditiontoitsexhibithallandmeetingrooms.PeoriaishometotheworldheadquartersofCaterpillar,Inc.Caterpillaremploysover125,000peopleworldwideandover15,000inPeoria.Additionally,thereareover130,000peoplelivingwithinfivemilesoftheproperty.
Logan’sRoadhouseoriginalgroundleasetermwasfortwentyyearsandthegroundleaseexpiresinOctober2027.Thebaserentincreasesby10%intheeleventhyear,withthenextrentalescalationoccurringOctober2017.Therentalescalationscontinuethroughouttheprimarytermandeachofthefour5-yearrenewaloptionperiods.Logan’sRoadhouseisaprivatecompanywithover240locationsin23statesand2012saleswereinexcessof$629million.
INVESTMENT HIGHLIGHTS
• Longtermgroundleasewith14yearsremaining
• 10%rentalescalationseveryfiveyears
• LocatedwithinavibrantregionaltradeareafeaturingWal-MartSupercenter,Lowe’s,BassProShops,Target,CostcoandKohl’s
• Zerolandlordresponsibilities
• TrafficvolumeattheintersectionoftheBobMichaelBridgeandRiverRoadinexcessof33,000vehiclesperday
• PositionedacrossthestreetfromtheEmbassySuitesHotelandRiverfrontConferenceCenter
• PeoriaishometotheworldheadquartersofCaterpillarInc.,whoemploysover15,000peoplelocally
• BassProShopsopenedin2011,furtheraddingtothetradearea’sregionaldraw
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
NET LEASED INVESTMENT OFFERING
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PROPERTY OVERVIEW
PROPERTY OVERVIEW
Price: $1,700,000
CapRate: 5.50%
RentSchedule: NOI EscalationDate
$93,500$102,850 10/29/2017$113,135 10/29/2022$124,449 10/29/2027(Option1)$136,893 10/29/2032(Option2)$150,853 10/29/2037(Option3)$165,641 10/29/2042(Option4)
RenewalOptions: Four5-Year
LeaseCommencementDate: October29,2007
LeaseExpirationDate: October28,2027
Tenant: Logan’sRoadhouse
YearBuilt: 2007
LeaseType: NNN(GroundLease)
BuildingSize: 7,268SF
LandSize: 1.62acres
NET LEASED INVESTMENT OFFERING
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AERIAL
AERIAL
N60,000 VPD
WORLD HEADQUARTERS
19,100 VPDBOB M
ICHAELS BRIDGE
74
NET LEASED INVESTMENT OFFERING
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SITE PLAN
SITE PLAN
N
CONFEREN
CE CENTER DR
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MAPS
MAPS
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Logan’s Roadhouseisachainofcasualrestaurantsthatservegenerous-sizedplatesofgrilledsteaks,chicken,barbecuedribs,andhamburgers.Thechainpridesitselfonitsaffordableprices(theaveragebillislessthan$15)whilealsooffering free, all-you-can-eatbucketsof shelledpeanutsand rolls. Logan’sRoadhousehas232 company-owned locations across 23 states and 26 franchises in four states. Logan’s Roadhouse isheadquarteredinNashville,TN.
Website: www.logansroadhouse.comNumberofLocations: 240+2012Sales: $630millionNumberofEmployees: 15,000+
TENANT PROFILE
TENANT PROFILE
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Population 3-mi 5-mi 7-mi
TotalPopulation 64,363 127,254 178,672TotalHouseholds 24,725 52,571 73,909
Income
MedianHouseholdIncome $32,333 $39,443 $44,083AverageHouseholdIncome $44,309 $52,426 $60,205
DEMOGRAPHIC COMPARISON REPORT
DEMOGRAPHIC COMPARISON REPORT
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PeoriaisthelargestcityontheIllinoisRiverandthecountyseatofPeoriaCounty,Illinois.Asofthe2010census,thecitywastheseventh-mostpopulatedinIllinois,withapopulationof115,007.ThePeoriaMSAhadapopulationof373,590in2011,makingitthethirdlargestmetropolitanareainthestateaftertheChicagometropolitanareaandtheMetro-EastportionoftheSt.Louismetropolitanarea.
PeoriaistheworldheadquartersforCaterpillarInc.,oneofthe30companiescomposingtheDowJonesIndustrialAverage. Caterpillar employs over 125,000 peopleworld-wide, of which 15,000+ are located in Peoria. Othersignificantemployers inthearea includetheMethodistMedicalCenter,OSFSaintFrancisMedicalCenter,andthePeoriaSchoolDistrict.PeoriaisalsohometoBradleyUniversity(6,000students)andIllinoisCentralCollege(12,000students).TheEmbassySuitesandRiverfrontConferenceCenter,whichislocatedacrossfromthesubjectproperty,caterstotheCaterpillarWorldHeadquarters,BradleyUniversity,andPeoriaCivicCenter.TheEmbassySuitesandRiverfrontConferenceCenterisidealforEastPeoriameetingsandeventsandboastsa50,000squarefootconferencecenter.
www.peoriagov.org
LOCATION OVERVIEW
LOCATION OVERVIEW
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666DundeeRoad,Suite1801Northbrook,IL60062
Randy [email protected]
Jimmy [email protected]
CONTACT INFORMATION
CONTACT INFORMATION