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Longhorn Steakhous 2760 Decker Blvd Columbia SC ™ OFFERING MEMORANDUM 2760 Decker Blvd | Columbia, SC Longhorn Steakhouse Ground Lease Longhorn Steakhouse, Columbia, ™ ™ contents 04 EXECUTIVE SUMMARY 06 financial OVERVIEW 08 tenant overview 12 area OVERVIEW exclusively listed by brianna burgess Associate [email protected] DIR (310) 919-5825 MOB (858) 603-0532 LIC # 01980639 Lawrence Shaw BROKER OF RECORD LIC # 26145 executive summary investment highlights Recently Executed 10-Year Lease Extension • The tenant recently extended their lease an additional ten (10) years showing their commitment to the location • Fantastic future rent growth with 12.5% rental increases every 5 years working as a strong hedge against inflation • Tenant is operating on a long term NNN ground lease with zero landlord responsibilities • Strong occupancy history at the site, LongHorn Steakhouse has been operating there nearly 20 years Corporate Guarantee by Investment Grade Credit Tenant • The lease is corporately guaranteed by RARE Hospitality International, Inc., a wholly owned subsidiary of Darden Restaurants Inc. (NYSE: DRI) • Investment grade credit tenant (Standard and Poor’s: BBB-) • LongHorn Steakhouse is owned and operated by Darden Restaurants, Inc. which generates approximately $6.9 Billion in annual sales • LongHorn Steakhouse reported same store sales growth of 3.5% in Q4 of 2017 • LongHorn Steakhouse was a leader across the board in the 2015 American Consumer Satisfaction Index, winning first place in categories such as Quality of Food and Helpfulness of Staff Located in the State Capital of South Carolina • Columbia is the capital and the largest city in the state of South Carolina • Situated on a highly visible corner where average daily traffic counts exceed 27,000 vehicles • The restaurant is located just a few miles southwest of the University of South Carolina which has over 30,000 students enrolled each year • LongHorn Steakhouse is located in a dense market with over 121,000 residents in a 5-mile radius with an average household income exceeding $61,000 4 | Matthews LonghornLonghorn Steakhouse, Steakhouse, Columbia, Columbia, SC | 5 financial overview Longhorn Steakhouse 2760 Decker Blvd Columbia, SC 29206 List Price ........................................................................................... $1,609,025 CAP Rate - Current .................................................................................... 6.15% Gross Leasable Area ...................................................................... ± 5,498 SF Lot Size ..........................................................................................± 0.94 Acres Year Built ........................................................................................................1997 Annualized Operating Data Monthly Rent Annual Rent Increases Cap Rate September 15, 2017 - $8,246.25 $98,955.00 12.50% 6.15% September 14, 2022 September 15, 2022 - $9,277.00 $111,324.00 12.50% 6.92% September 14, 2027 Option 1 $10,436.63 $125,239.50 12.50% 7.78% Option 2 $11,741.20 $140,894.43 12.50% 8.76% Tenant Summary Tenant Trade Name LongHorn Steakhouse Type of Ownership Ground Lease Lease Guarantor RARE Hospitality International, Inc. Lease Type NNN Roof and Structure Tenant Responsible Original Lease Term 15 Years Lease Commencement Date September 13, 1997 Rent Commencement Date September 13, 1997 Lease Expiration Date September 14, 2027 Term Remaining on Lease 10+ Years Increases 12.50% Increases Every 5 Years Options Two, 5-Year Options Longhorn Steakhouse, Columbia, SC | 7 tenant overview Company Name LongHorn Steakhouse Parent Company Trade Name Darden Restaurants, Inc. Stock Symbol (NYSE) DRI No. of Locations ± 430 Headquartered Orlando, FL Website www.longhornsteakhouse.com Year Found 1981 Credit Rating (S&P) BBB- Longhorn Steakhouse LongHorn Steakhouse is an American casual dining restaurant chain that is owned and operated by Darden Restaurants, Inc. headquartered in Orlando, Florida. LongHorn Steakhouse was founded in 1981 by George McKerrow in Atlanta, Georgia and by 1990, the franchise expanded further south. It primarily has locations throughout the Eastern United States and has a few locations in the Midwest, Southwest, and Puerto Rico. In 2007, LongHorn Steakhouse was purchased by Darden Restaurants, Inc. LongHorn Steakhouse strives to be the best steakhouse in everything they do. At LongHorn Steakhouse patrons can experience the grill master’s legendary steaks like the center-cut Flo’s Filet or the Prime Rib. The Lunch menu features over 30 different combinations, including the LongHorn salads and Steakhouse burgers. LongHorn continues the mission they started in 1981 by grilling up legendary steaks and fresh, never frozen, chicken and seafood, done right the LongHorn way. Longhorn Steakhouse, Columbia, SC | 9 the offering parcel map Property Name Longhorn Steakhouse 2760 Decker Blvd Property Address Columbia, SC 29206 Assessor’s Parcel Number 16908-03-13 Zoning GC Oceanside Blvd ± 31,792 Decker Blvd ± 26,000 ADT Site Description Number of Stories One Year Built 1997 Gross Leasable Area (GLA) 5,498 SF Lot Size 0.94 AC (41,069 SF) College Blvd ± 40,116 ± Blvd College Type of Ownership NNN Parking 57 Surface Spaces Parking Ratio 10.37 : 1,000 SF Landscaping Proefessional Topography Generally Level 10 | Matthews tenant map Longhorn Steakhouse, Columbia, area overview Columbia, SC Columbia is the capital of and largest city in the state of South Carolina, with a population of 133,803. The city serves as the county seat of Richland County and a portion of the city extends into neighboring Lexington County. It is the center of the Columbia metropolitan statistical area. The name Columbia was a poetic term used for the United States, originating from the name of Christopher Columbus. The city is located approximately 13 miles northwest of the geographic center of South Carolina, and is the primary city of the Midlands region of the state. Columbia is home to the University of South Carolina, the state’s flagship and largest university, and is also the site of Fort Jackson, the largest United States Army installation for Basic Combat Training. demographics POPULATION 1 Mile 3 Mile 5 Mile HOUSEHOLDS 1 Mile 3 Mile 5 Mile 2021 Projection 7,320 47,055 124,634 2021 Projection 3,155 20,174 48,203 2016 Estimate 7,157 46,170 121,277 2016 Estimate 3,063 19,537 46,312 2010 Census 7,050 45,891 119,278 Growth 2016 - 2021 2.98% 3.26% 4.08% 2000 Census 6,683 46,638 106,616 INCOME 1 Mile 3 Mile 5 Mile Growth 2016 - 2021 2.28% 1.92% 2.77% 2016 Est. Average $52,851 $56,441 $61,282 Household Income 12 | Matthews Economic Development Columbia enjoys a diversified economy, with the major employers in the area being South Carolina state government, the Palmetto Health hospital system, Blue Cross Blue Shield of South Carolina, Palmetto GBA, and the University of South Carolina. There are over 70 foreign affiliated companies and fourteen Fortune 500 companies in the region. The gross domestic product (GDP) of the Columbia metropolitan statistical area as of 2015 was $37.8 billion, the highest among MSAs in the state. The city of Columbia has recently accomplished a number of urban redevelopment projects and has several more planned. The historic Congaree Vista, a 1,200-acre district running from the central business district toward the Congaree River, features a number of historic buildings that have been rehabilitated since its revitalization begun in the late 1980s. Longhorn Steakhouse, Columbia, Longhorn Steakhouse, Columbia, SC | 13 Columbia tourism Columbia tantalizes all of your senses with a relaxing, comfortable pace, an abundance of playgrounds including Lake Murray, rivers, parks, gardens and the Riverbanks Zoo - one of the best in the country; the University of South Carolina and Fort Jackson. History abounds and is celebrated in museums, historic homes and even in repurposed buildings with a new start as shops and restaurants. As the Palmetto State’s capital and a college town, Columbia’s fiery vibe cultivates a colorful arts scene while an indie spirit envelops several energized entertainment districts overflowing with locally owned boutique shops, eateries, spas and salons, and night spots. Major regional shopping centers in the Columbia area include Columbiana Centre, Columbia Place and the Village at Sandhill, along Subject with a handful of other smaller shopping centers in the region. The Five Points neighborhood, home to many locally owned businesses, is Property known as Columbia’s eclectic village shopping area. The Devine Street corridor offers a variety of specialty shopping, including art and antiques, eclectic home furnishings, and men’s, women’s, and children’s clothing. The historic Congaree Vista district downtown provides shoppers with a collection of shops filled with antiques, oriental rugs, jewelry, original artwork, hand-made furniture, and collectibles. For those with an adventurous spirit, the rivers, trails or the Congaree National Park will provide endless fun. Food-lovers have over 450 restaurants to choose from and can pick a new feast for every day and night of the week. The variety is abundant and all with an easy reach. Once you’ve experienced Columbia, you’ll be delighted that you stopped to explore. Columbia’s three rivers, lake, canal, national park and several city parks offer opportunities for recreation and relaxation. Among the kid-pleasing destinations are a zoo and the largest children’s museum in the south. 14 | Matthews CONFIDENTIALITY & DISCLAIMER STATEMENT This Offering
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