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TACO BELL

NNN Investment

775 Main Street DAVE DELATORRE T 619 247 8585 F 828 459 3066 Poughkeepsie, NY 12603 [email protected] EXECUTIVE SUMMARY Bell NNN Investment

PROPERTY Restaurant LOCATION 775 Main St, Poughkeepsie, NY 12603 SALES PRICE $3,800,000 CAPITALIZATION RATE 5.0%

RENT Years 1-5 Years 6-10 Year 11-15 Years 16-20 Monthly $15,836 $17,420 $19,162 $21,078 Annual $190,000 $209,000 $229,950 $252,900 YEAR BUILT The Taco Bell was originally constructed in 1984 and remodeled in 2015. BUILDING SIZE 2,354.53 Square Feet. LAND PARCEL SIZE 34,195.75 Square Feet with Drive-Thru Lane. PRIMARY LEASE TERM & OPTION PERIODS New Twenty (20) Year Primary Lease Term commencing upon close of escrow with four additional Five- (5) Year Options to Extend at the same Terms and Conditions. RENTAL INCREASES Fixed Ten (10%) Percent rent increases every Five (5) Years including options.

DAVE DELATORRE T 619 247 8585 2 [email protected] EXECUTIVE SUMMARY Taco Bell NNN Investment

TENANT INFORMATION

MUY Brands, LLC is a Texas Limited Liability Company who owns and operates 81 Taco Bell in Connecticut, New York, Pennsylvania, New Jersey, and Virginia. The company was founded in 2007 and acquired the existing Taco Bell restaurants in 2012 from another Taco Bell franchisee called El Rancho Foods who operated the restaurants for many years prior to MUY Brands, LLC acquiring the former El Rancho company. MUY Brands, LLC is also part of the MUY Companies which operate another 369 Hut Restaurants in Texas, 6 southeast states, and and who are one of the largest franchisees in America. Another MUY company called MUY Partners, LLC was established in 2012 and is currently the second largest Wendy’s franchisee who operates 320 Wendy’s restaurants in the Ohio, Texas, and New York markets. The collective MUY Companies own and operate 770 restaurants and were recently recognized by Nation’s Restaurant News 2018 industry survey as the 5th largest franchisee in America with revenues approaching $1 billion. Please visit the company website at www.muycompanies.com for additional information on the company.

3 EXECUTIVE SUMMARY Taco Bell NNN Investment

COMMENTS

The Poughkeepsie Taco Bell Restaurant is located in commercial building containing one tenant space the heart of an upscale New York suburb along the totaling 2,354.53 net rentable square feet. The banks of the Hudson River. This area of downtown commercial building was constructed in 1984 and Poughkeepsie is a mature retail trade area that is remodeled in 2015. The building is improved with a protected against new restaurants. The high-volume drive-thru along the western side of Arlington Town Center zone no longer permits the restaurant. drive-thru service. However, the Taco Bell property was granted a variance in 1992 and is therefore a The property has excellent visibility with a pylon legal non-conforming use. Therefore this property sign and frontage along Main Street, a high traffic has extremely high intrinsic value due to the area with over 12,000 vehicles per day. Downtown restaurant’s grandfathered rights which create a Poughkeepsie is sandwiched between two East- monopoly on future drive-thru demand. West arterial highways (Route 55 & 44) that were built to relieve traffic congestion. On average This is one of the strongest performing Taco Bell’s 55,000 vehicles per day have visibility of the Taco that MUY Brands LLC operates in New York. The Bell restaurant, which is located 400 feet off Route Property features a large floor plan, spacious 55 and 1000 feet north of Route 44.The Taco Bell land parcel with plentiful parking, handicap restaurant is easy accessed by Poughkeepsie’s accessibility, and a high-volume drive-thru lane. East-West Arterials, making the Taco Bell a convenient destination for people both from in The Property consists of a rectangular parcel and outside the Dutchess County area. of land approximately 0.785 acre large. The parcel is improved with one, single-story The restaurant also gets significant business from

DAVE DELATORRE T 619 247 8585 4 [email protected] EXECUTIVE SUMMARY Taco Bell NNN Investment

retail employees who work in the dense retail trade area surrounding the Taco Bell location. The RiteAid anchored shopping center is located two blocks from the Taco Bell and is the dominant retailer in Poughkeepsie. IBM employs 8,000 workers at their Poughkeepsie campus. The trade area also features CVS/Pharmacy, Kmart, Stop&Shop and other national big box retailers which create a regional retail draw from 10 to 20 miles.

There are dense residential neighborhoods to the north, south, west, and east of the Taco Bell. Approximately 73,500 people reside within a three-mile radius of the Taco Bell restaurant. Poughkeepsie is also home to Vassar , Dutchess Community College, and Marist College with a total enrollment of over 19,000 students. Vassar College is a prominent institution with a similar reputation to Ivy League schools. Sales indicate a strong and dinner business from commuters, as well as strong late night sales from college students, which is an ideal traffic pattern for fast food restaurants.

DAVE DELATORRE T 619 247 8585 5 [email protected] SITE PLAN Taco Bell NNN Investment

SUBJECT PROPERTY

MAIN STREET 12,133 CPD

DAVE DELATORRE T 619 247 8585 6 [email protected] AERIAL VIEWS Taco Bell NNN Investment

SUBJECT PROPERTY

MAIN STREET 12,133 CPD

2019 Demographics 3 Mile

Population (2019) 73,555

Households 27,716

Mean HH Income $60,376

DAVE DELATORRE T 619 247 8585 7 [email protected] TRADE AREA Taco Bell NNN Investment

Poughkeepsie Big Box Retail

Kmart Rite Aid Family Dollar

CVS Pharmacy Stop & Shop Big Lots

DAVE DELATORRE T 619 247 8585 8 [email protected] TRADE AREA Taco Bell NNN Investment

Poughkeepsie Fast Food Providers

Dunkin’ KFC Wendy’s

McDonald’s

DAVE DELATORRE T 619 247 8585 9 [email protected] TRADE AREA Taco Bell NNN Investment

Poughkeepsie Big Box Retail Cont.

Verizon AT&T

Dollar Tree Market Fresh Supermarket TD Bank

DAVE DELATORRE T 619 247 8585 10 [email protected] TRADE AREA Taco Bell NNN Investment

Poughkeepsie Trade Area Generators

Sunoco Fuel Valero Gas Stop & Shop Gas

AutoZone Advanced Auto Parts Good Year Tire & Service

DAVE DELATORRE T 619 247 8585 11 [email protected] TRADE AREA Taco Bell NNN Investment

Poughkeepsie Trade Area Generators Cont.

Holy Trinity Catholic Church Changeport Church Davies Hardware

Mixed use adjacent to Taco Bell Laundromat Poughkeepsie Wine & Liquor

DAVE DELATORRE T 619 247 8585 12 [email protected] MAPS Taco Bell NNN Investment

SUBJECT PROPERTY

SUBJECT PROPERTY

DAVE DELATORRE T 619 247 8585 13 [email protected] AREA INFORMATION Taco Bell NNN Investment

Poughkeepsie, New York use. Poughkeepsie’s mayor cited the downtown River to the Catskill Mountains. The Hudson Valley Poughkeepsie, known as “The Queen City of the corridor as “a hub of growth.” Philharmonic is located in Poughkeepsie. Hudson”, is the county seat of County and the principal city of the Poughkeepsie-Newburgh- Poughkeepsie has been New York’s second Poughkeepsie is home to Vassar College, Dutchess Middletown, New York MSA with a population of capital city since the American Revolution. The Community College, and Marist College with a 674,400. Poughkeepsie borders the Hudson River, waterfront Mid-Hudson Children’s Museum is a total enrollment of 19,500 students. about halfway between New York City and the large attraction, in addition to the “Walkway Over state’s capital, Albany. the Hudson” which has views from the Hudson

Poughkeepsie was rated as the #141 “Best Places for Businesses and Careers” by Forbes. Major industries in the area are technology and health care. IBM has a large campus in the city, and employs approximately 8,000 workers. Recently, the local economy has grown. Unemployment rates of 4.5% are far below statewide and national averages. Home prices are up on average over the last five years, and the market shows plenty of promise.

More than $1 billion in development projects are underway in the City of Poughkeepsie. A $10 million project is expected to transform a set of vacant buildings into a fresh food market. A former YMCA building is also being returned to public

DAVE DELATORRE T 619 247 8585 14 [email protected] DAVE DELATORRE T 619 247 8585 F 828 459 3066 [email protected]

7486 La Jolla Boulevard, Suite 173 La Jolla, California 92037