Triple Net Leased Max Erma's For Sale | The Boulder Group
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triple net leased (NNN) restaurant for sale
Transcript of Triple Net Leased Max Erma's For Sale | The Boulder Group
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NET LEASED INVESTMENT OFFERING
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Max & Ermas4255 Baldwin Road
Auburn Hills, MI 48326 (Detroit MSA)
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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
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TheinformationcontainedinthefollowingOfferingMemorandumisproprietaryandstrictlyconfidential.ItisintendedtobereviewedonlybythepartyreceivingitfromTheBoulderGroupandshouldnotbemadeavailabletoanyotherpersonorentitywithoutthewrittenconsentofTheBoulderGroup.ThisOfferingMemorandumhasbeenpreparedtoprovidesummary,unverifiedinformationtoprospectivepurchasers,andtoestablishonlyapreliminarylevelofinterestinthesubjectproperty.Theinformationcontainedhereinisnotasubstituteforathoroughduediligenceinvestigation.TheBoulderGrouphasnotmadeanyinvestigation,andmakesnowarrantyorrepresentation.TheinformationcontainedinthisOfferingMemorandumhasbeenobtainedfromsourceswebelievetobereliable;however,TheBoulderGrouphasnotverified,andwillnotverify,anyoftheinformationcontainedherein,norhasTheBoulderGroupconductedanyinvestigationregardingthesemattersandmakesnowarrantyorrepresentationwhatsoeverregardingtheaccuracyorcompletenessoftheinformationprovided.Allpotentialbuyersmusttakeappropriatemeasurestoverifyalloftheinformationsetforthherein.
CONFIDENTIALITY & DISCLAIMER
CONFIDENTITALITY & DISCLAIMER
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TheBoulderGroupispleasedtoexclusivelymarketforsaleasingletenantabsolutenetleasedMax&ErmaspropertylocatedintheDetroitMSA.The6,264squarefootMax&ErmasrestaurantisideallylocatedatanInterstate75interchangeinadominantretaildestinationthatattractsconsumersfromthroughoutpartsofMichiganandnearbyCanada.LocatedacrossthestreetistheGreatLakesCrossingOutlets,whichfeaturesover180shopsand1.4millionsquarefeetofretail.MaxandErmashasapproximatelynineyearsremainingontheirtwentyyear leasethatexpiresApril30,2023.Theleasefeaturesa7.5%rentalescalation in2018.Max&Ermas isacasualdiningrestaurantchainthat isknownfortheiraward-winningburgers,locallybrewedbeerandfresh-bakedchocolatechipcookiesaswellasmanyothermenuitems.Max&ErmasisawhollyownedsubsidiaryofAmericanBlueRibbonHoldings,the8thlargestfullservicerestaurantholdingscompanyintheUnitedStates.
TheMax&ErmasislocatedacrossthestreetfromtheGreatLakesCrossingOutlets.GreatLakesCrossingOutletsisMichiganslargestanddominantoutletshoppingcenterwithastrongmixoffashiondepartmentstoreoutlets,manufacturersoutlets,andcategory-dominantstores.NotableretailerswithinthedevelopmentincludePoloRalphLauren,Coach,MichaelKors,Lacoste,J.Crew,HugoBoss,Talbots,andmanyotherpremiumretailers.Thedevelopmentalsofeaturesa25-screenAMCTheatreandSeaLifeMichiganAquarium(scheduledtoopenSpring2015).Approximately20%ofGreatLakesCrossingOutletsshoppersaretouriststraveling60milesormoreandcomefromthroughouttheMidwestandCanada.Furtherestablishingthiscorridorasadominant retaildestination is thepresenceofmanybigboxnational retailers in the immediatevicinity.SurroundingnotableretailersincludeCostco,SamsClub,Target,HomeDepot,Meijer,Kohls,BestBuy,andmanyothers.
The2.89acreMax&Ermasparcel is locatedatahighprofile Interstate75 interchangeonBaldwinRoad. Interstate75experiencestrafficcountsinexcessof85,000vehiclesperday.BaldwinRoadisaheavilytraffickednorth-souththoroughfareinthenorthwestsuburbs.Theaverageannualhouseholdincomewithinaonemileradiusisinexcessof$73,000.Additionally,thereareapproximately125,000peoplelivingwithinafivemileradius.
Max&Ermashasapproximately9yearsremainingontheirabsolutenetleasethatexpiresApril30,2023.Theleasefeaturesa7.5%rentalescalationin2018.Thereareapproximately70Max&ErmaslocationsthroughoutpartsoftheMidwestandEastCoast.Max&ErmasisawhollyownedsubsidiaryofAmericanBlueRibbonHoldings,the8thlargestfullservicerestaurantholdingscompanyintheUnitedStatesandhaveover646restaurants.
INVESTMENT HIGHLIGHTSLocatedwithinaregionallydominantretaildestinationintheDetroitMSA
7.5%rentalescalationin2018
Nolandlordresponsibilities
Guarantoristhe8thlargestfullservicerestaurantholdingcompanyintheUnited States
LocatedatahighprofileInterstate75(85,000VPD)interchange
BaldwinRoadisaprimarynorth-souththoroughfare
LocatedacrossthestreetfromGreatLakesCrossingOutlets,a1.4millionsquarefoot developmentthatisMichiganslargestanddominantoutletshoppingcenter
OthernotableretailerslocatedintheimmediatevicinityincludeCostco,SamsClub,Target,HomeDepot,Meijer,Kohls, andBestBuy
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
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PROPERTY OVERVIEW
PROPERTY OVERVIEW
Price: $2,970,250
CapRate: 7.60%
RentSchedule: NOI EscalationDate
$225,750$242,681 5/1/18
LeaseExpirationDate: April30,2023
Tenant: Max&Ermas
YearRenovated: 2003
LeaseType: NNN
BuildingSize: 6,264SF
LandSize: 2,896SF
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AERIAL
AERIAL
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85,000 VPD75
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SITE PLAN
SITE PLAN
LAKE VILLAGE BLVD
N75
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MAPS
MAPS
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Max & ErmasisacasualdiningrestaurantchainbasedinColumbus,Ohio.ItoperatesthroughoutpartsoftheEasternandMidwesternUnitedStates,andwasfoundedin1972byToddBarnumandBarryZacks.In2010,thechainwasacquiredbyAmericanBlueRibbonHoldings.Max&Ermasisacasualdiningrestaurantchainthatisknownfortheiraward-winningburgers,locallybrewedbeerandfresh-bakedchocolatechipcookiesaswellasmanyothermenuitems.
American Blue Ribbon Holdingsisthe8thlargestfullservicerestaurantholdingcompanyintheUnitedStates.AsofJuly2012,theyoperated646restaurantsin43statesandservedover90millionguestsannually.Theyhad$1.2billionoftotalannualrevenueandemployedover32,000people.TheirbrandsincludeOCharleys,VillageInn,BakersSquare,NinetyNineandMax&Ermas.
TenantWebsite: www.maxandermas.comNumberofLocations: 70Headquarters: Columbus,OH
ParentWebsite: www.abrholdingss.comEmployees: 32,000+Headquarters: Nashville,TN
TENANT PROFILE
TENANT PROFILE
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Population 1-mi 3-mi 5-mi
TotalPopulation 38,361 252,568 515,306TotalHouseholds 16,918 106,437 199,818
Income
MedianHouseholdIncome $54,042 $45,483 $44,130AverageHouseholdIncome $73,224 $65,196 $63,679
DEMOGRAPHIC COMPARISON REPORT
DEMOGRAPHIC COMPARISON REPORT
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Auburn Hills isadistinguishedleader insoutheastMichigan,knownnotonlyforits22high-technologyparks,butalsoforhavingworld-renownedretail, entertainment and manufacturing. Home to more than 21,000residents, italsoservesasMichigansglobalbusinessaddress,with40internationalcorporationsfrom32countrieshousedhere,includingmany
worldandNorthAmericanheadquarters.AuburnHillsresidentsenjoytheamenitiesofcityandsuburbanlivingwithparks,arevitalizeddowntowndistrictandawelcomingcitycomplexwithalibraryandcommunitycenter.Additionally,thecityhasfivecollegesanduniversities,theawardwinningPalaceofAuburnHillsentertainmentcomplexandGreatLakesCrossingOutlets,oneofthestateslargestdestinationshoppingcenters,providingavarietyofcultural,socialandeducationalopportunitiestoresidents,workersandvisitors.
DetroitisthelargestcityinthestateofMichiganandthecountyseatofWayneCounty.Atthetimeof the2010U.S.WayneCountywas rankedas the15thmostpopulous county in theUnitedStateswithapopulationof1,820,584.TheDetroitMSA is the13thmostpopulatedmetropolitan area in the United States with 4,296,250 residents. The Detroitmetropolitanarea,commonlyreferredtoasMetroDetroit,iswidelyknownastheautomobileindustryhubofNorthAmerica.Mostnotably,Detroit isknownfortheBigThreeautomobilecompanies,
GeneralMotors,FordandChrysler,allheadquarteredinMetroDetroit.TheDetroitautoindustryemploysover70,000people.
Downtown Detroit is home to the Compuware world headquarters, Blue Cross Blue Shield, HP EnterpriseServices,andQuickenLoans,whorecentlyrelocateditsheadquartersand4,000employeesdowntown.Detroitalsobenefitsfromthecasinogamingindustry.DetroitisthelargestcityintheUnitedStatestooffercasinoresorthotelsandishometotheMGMGrandDetroit,MotorCityCasinoandGreektownCasino.
LOCATION OVERVIEW
LOCATION OVERVIEW
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CONTACT INFORMATION
CONTACT INFORMATION
666DundeeRoad,Suite1801Northbrook,IL60062
Randy [email protected]
Jimmy [email protected]
