SALE-LEASEBACK PORTFOLIO OFFERING MEMORANDUM
Andrew Bogardus Chuck Klein [email protected] [email protected] +1 415 677 0421 | CA LIC #00913825 +1 858 546 5473 | CA LIC #01522766
Christopher Sheldon Chris Denda [email protected] [email protected] +1 415 677 0441 | CA LIC #01806345 +1 416 587 9910 | CAN LIC #951924 TABLE OF TENANT PORTFOLIO INDIVIDUAL CONTENTS OVERVIEW HIGHLIGHTS PROFILES SUMMARY PROPERTIES
DISCLAIMER
The information contained in this marketing brochure (“Materials”) The information contained in the Materials has been obtained is proprietary and confidential. It is intended to be reviewed only by Agent from sources believed to be reliable; however, no by the person or entity receiving the Materials from Cushman & representation or warranty is made regarding the accuracy or Wakefield (“Agent”). The Materials are intended to be used for the completeness of the Materials. Agent makes no representation sole purpose of preliminary evaluation of the subject property/ or warranty regarding the Property, including but not limited to properties (“Property”) for potential purchase. income, expenses, or financial performance (past, present, or future); size, square footage, condition, or quality of the land and The Materials have been prepared to provide unverified summary improvements; presence or absence of contaminating substances financial, property, and market information to a prospective (PCB’s, asbestos, mold, etc.); compliance with laws and regulations purchaser to enable it to establish a preliminary level of interest (local, state, and federal); or, financial condition or business in potential purchase of the Property. The Materials are not to be prospects of any tenant (tenants’ intentions regarding continued considered fact. The information contained in the Materials is not a occupancy, payment of rent, etc). A prospective purchaser must substitute for thorough investigation of the financial, physical, and independently investigate and verify all of the information set forth market conditions relating to the Property. in the Materials. A prospective purchaser is solely responsible for any and all costs and expenses incurred in reviewing the Materials and/or investigating and evaluating the Property.
By receiving the Materials you are agreeing to the Confidentiality and Disclaimer set forth herein.
SALE LEASEBACK PORTFOLIO | i | NET LEASE INVESTMENT SERVICES TABLE OF TENANT PORTFOLIO INDIVIDUAL CONTENTS OVERVIEW HIGHLIGHTS PROFILES SUMMARY PROPERTIES
TABLE OF CONTENTS
DISCLAIMER i
OVERVIEW 1
HIGHLIGHTS 2
TENANT PROFILES 3
PORTFOLIO SUMMARY 5
INDIVIDUAL PROPERTIES 6
SALE LEASEBACK PORTFOLIO | NET LEASE INVESTMENT SERVICES TABLE OF TENANT PORTFOLIO INDIVIDUAL CONTENTS OVERVIEW HIGHLIGHTS PROFILES SUMMARY PROPERTIES
OVERVIEW Cushman & Wakefield, as exclusive agent for the Seller, is pleased Darden holds an investment grade credit rating of BBB with to oer a Sale Leaseback of the fee simple interest in the land Standard & Poor’s in 2018 and had fiscal year 2018 revenue in excess and buildings in a portfolio of 11 properties. The parent company, of $8 Billion. Darden Restaurants, Inc., operates brands that include the subject The portfolio consists of seasoned locations in Illinois (3), Michigan Bahama Breeze, LongHorn Steakhouse and Olive Garden as well as (1), Texas (3), Ohio (1), Georgia (1), Kansas (1) and Louisiana (1). The Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons properties will be leased on an absolute net basis and each will be 52 and Eddie V’s. leased back by the respective brand-aligned entity. The initial lease term will commence upon close of escrow.
LEASE • BAHAMA BREEZE - BAHAMA BREEZE HOLDINGS, LLC • LONGHORN STEAKHOUSE - RARE HOSPITALITY INTERNATIONAL, INC. TENANT ENTITY: • OLIVE GARDEN – GMRI, INC. • OLIVE GARDEN – OLIVE GARDEN HOLDINGS, LLC
LEASE TYPE: ABSOLUTE NET, LAND & BUILDING
10 YEAR PRIMARY TERM - LONGHORN HUMBLE, TX & LONGHORN KATY, TX LEASE TERM: 5 YEAR PRIMARY TERM - ALL OTHER PROPERTIES
RENT INCREASES: 1.50% ANNUALLY
PROPERTIES PRICING
NET OPERATING INCOME: TOTAL BUILDING AREA: SF
PRICE:
TOTAL LAND AREA: SF ( AC) AVERAGE CAP RATE:
SALE LEASEBACK PORTFOLIO | | NET LEASE INVESTMENT SERVICES TABLE OF TENANT PORTFOLIO INDIVIDUAL CONTENTS OVERVIEW HIGHLIGHTS PROFILES SUMMARY PROPERTIES
HIGHLIGHTS
Portfolio of 11 Single Tenant Properties in High Profile Locations Approximately 89,822 square feet of improvements and over 18 acres of prime land Properties are located in strong markets within Illinois (3), Michigan (1), Texas (3), Ohio (1), Georgia (1), Kansas (1) and Louisiana (1). All properties benefit from highly visible locations with strong trac counts, favorable demographics and substantial complimentary trac generators.
Seasoned Occupancy & Healthy Economic Fundamentals Tenants have operating history at these locations for between 1.5 to 17 years Rent to sales ratios are very healthy (historical sales available) Rents are estimated to be well within, or below, market rental rates Annual rent increases provide for a growing income stream and a hedge against inflation Land & Building lease structure allows for investor depreciation
Freestanding Buildings on Absolute Net Leases True triple net lease structure with no Landlord obligations for repairs or maintenance Passive ownership of exceptionally well maintained freestanding restaurant properties
Brand-Aligned Corporate Leases
Each property will be leased back by the corresponding brand-aligned corporate entity All entities are owned by Darden Restaurants, Inc. (2018 S&P Rating BBB and 2018 revenue in excess of $8 Billion)
SALE LEASEBACK PORTFOLIO | | NET LEASE INVESTMENT SERVICES TABLE OF TENANT PORTFOLIO INDIVIDUAL CONTENTS OVERVIEW HIGHLIGHTS PROFILES SUMMARY PROPERTIES
TENANT PROFILES
Darden Restaurants, Inc. is a restaurant company featuring a portfolio of dierentiated brands that include Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s. Darden holds an investment-grade credit rating of BBB with Standard & Poor’s with a Stable outlook. In fiscal 2018, Darden served nearly 390 million meals.
DARDEN RESTAURANTS, INC. (NYSE: DRI)
2018 REVENUE: $8.08 BILLION
2018 NET INCOME: $596 MILLION
# OF LOCATIONS: 1,746+
# OF EMPLOYEEES: 180,000+
For additional information, see https://www.darden.com.
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TENANT PROFILES
Bahama Breeze (Bahama Breeze Holdings, LLC) Olive Garden Bahama Breeze is an internally-developed full-service Olive Garden is an internally-developed brand and restaurant brand operating primarily in the eastern is the largest full-service dining Italian restaurant United States that oers guests the feeling of a Caribbean escape, with food, operator in the United States. Olive Garden oers a variety of Italian foods drinks and atmosphere found in the islands. The menu features distinctive, featuring fresh ingredients presented simply with a focus on flavor and Caribbean-inspired fresh seafood, chicken and steaks as well as handcrafted quality, and a broad selection of imported Italian wines. In 1982, Olive Garden tropical cocktails. In 1996, Bahama Breeze opened its first restaurant in opened its first restaurant in Orlando, Florida. www.olivegarden.com Orlando, Florida. www.bahamabreeze.com # OF LOCATIONS: 856 # OF LOCATIONS: 39 GMRI, Inc. Longhorn Steakhouse GMRI is a wholly-owned subsidiary of Darden. It was incorporated on LongHorn Steakhouse is a full-service steakhouse March 27, 1968, under the name Red Lobster Inns of America, Inc., but restaurant with locations primarily in the eastern has changed its name three times. As of Darden’s fiscal year ended May United States, operating in an atmosphere inspired by the American West. 27, 2018, GMRI, Inc. owned and operated Darden’s 1,746 company-owned LongHorn Steakhouse opened its first restaurant in 1981 and we acquired restaurants in the United States and Canada, either directly or through LongHorn Steakhouse in October 2007 as part of the RARE Hospitality subsidiaries. International, Inc. (RARE) acquisition. LongHorn Steakhouse restaurants feature a variety of menu items including signature fresh steaks and chicken, as well as salmon, shrimp, ribs, pork chops, burgers and prime rib. www.longhornsteakhouse.com
# OF LOCATIONS: 504
RARE Hospitality International, Inc. RARE is a wholly-owned subsidiary of Darden that operates the LongHorn Steakhouse and The Capital Grille restaurants. RARE has other direct and indirect subsidiaries that operate certain restaurants and were formed primarily for purposes of complying with state liquor licensing laws, for management of overhead and other corporate expenses.
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6 TENANT CITY, STATE
Bahama Breeze Schaumburg, IL
Bahama Breeze Troy, MI 7 Longhorn Humble, TX Steakhouse 9 Longhorn Katy, TX Steakhouse
Longhorn Austin, TX Steakhouse
Olive Garden Melrose Park, IL
Olive Garden Cincinnati, OH
Olive Garden Waycross, GA
Olive Garden Hutchinson, KS 8 Olive Garden Peru, IL 5 3 4 Olive Garden Covington, LA
SALE LEASEBACK PORTFOLIO | | NET LEASE INVESTMENT SERVICES TABLE OF TENANT PORTFOLIO INDIVIDUAL CONTENTS OVERVIEW HIGHLIGHTS PROFILES SUMMARY PROPERTIES
PROPERTIES
LEASE TENANT BUILDING LAND SIZE RENEWAL CAP ADDRESS CITY, STATE TERM NOI PRICE (LINKED TO OM) (SQ. FT.) (AC) OPTIONS RATE (YRS)
1 Bahama Breeze 406 E Golf Rd Schaumburg, IL 12,237 2.18 5 4-5yr $140,000 5.60% $2,500,000
2 Bahama Breeze 539 E Big Beaver Rd Troy, MI 10,800 2.00 5 4-5yr $159,000 5.60% $2,839,286
3 Longhorn Steakhouse 20127 US-59 Humble, TX 6,720 1.14 10 5-5yr $111,000 6.00% $1,850,000
4 Longhorn Steakhouse 20636 Katy FWY Katy, TX 6,425 2.00 10 5-5yr $134,000 5.75% $2,330,435
5 Longhorn Steakhouse 4809 US-290 E Austin, TX 6,242 2.32 5 6-5yr $131,000 5.85% $2,239,316
6 Olive Garden 1315 W North Ave Melrose Park, IL 7,659 0.81 5 6-5yr $127,000 6.20% $2,048,387
7 Olive Garden 3290 Vandercar Way Cincinnati, OH 7,737 1.12 5 7-5yr $172,000 6.20% $2,774,194
8 Olive Garden 2497 Memorial Dr Waycross, GA 9,261 2.07 5 6-5yr $100,000 6.45% $1,550,388
9 Olive Garden 1700 E 17th Ave Hutchinson, KS 7,660 1.78 5 6-5yr $100,000 6.70% $1,492,537
10 Olive Garden 5223 State Route 251 Peru, IL 7,537 1.54 5 6-5yr $106,000 6.70% $1,582,090
11 Olive Garden 5001 Pinnacle PKWY Covington, LA 7,577 1.71 5 6-5yr $100,000 6.65% $1,503,759
Total $1,380,000 5.98% $22,710,391
All offers must be submitted on the Seller’s form of Letter of Intent -LINK TO LOI FORM
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Bahama Breeze - Schaumburg, IL PROPERTY OVERVIEW The subject property is located on East Golf Road, approximately 1 mile south of Interstate 90 (157,000+ cars per day). The village of Schaumburg is just 30 miles northwest of Chicago, 11 miles northwest of O’Hare International Airport, and has a population of approximately 75,000. Schaumburg is home to more businesses in Illinois than any other community outside of Chicago. • Positioned in the “Golden Corridor”, the area along I-90 that generates an enormous economic benefit for surrounding communities due to its numerous oce parks, corporate headquarters, entertainment, and shopping destinations. • Located 1.5 miles west of Woodfield Mall, a 2.15 million square foot shopping mall anchored by Nordstrom, Macy’s, Lord & Taylor, JCPenney, and Sears. • Within 2 miles of 2 major high schools (James B. Conant & Homan Estates) and Roosevelt University, Schaumburg campus with a combined 6,685 students).
VIEW IN GOOGLE MAPS PROPERTY SUMMARY
Address: ¤¥¦ E Golf Rd§ Schaumburg§ IL
Building Size: ¨©§©ª«¬ SF CONVENTION E STATE PKWY CENTER
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DEMOGRAPHICS
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Bahama Breeze - Troy, MI PROPERTY OVERVIEW The subject property is located on East Big Beaver Road, Troy’s main east-west retail corridor (36,000+ cars per day), and ¼ mile north of Interstate 75 (103,000+ cars per day). Troy is located in Detroit’s northern suburbs with a population of 80,980, making it the largest city in Oakland County. Troy has become a business and shopping destination in the Metro Detroit area, with numerous oce centers and the upscale Somerset Collection mall.
• Somerset Collection Mall is a 1.4 million square foot super-regional luxury shopping mall anchored by Nordstrom, Macy’s, Neiman Marcus and Saks Fifth Avenue, and is located 2 miles west of Bahama Breeze.
VIEW IN GOOGLE MAPS
IENI D LIVERNO DR. LIVERNOIS RD. WN CENTER PROPERTY SUMMARY TO
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SR. IS RD. DEMOGRAPHICS 2018 SUMMARY MILES 5 MILES 10 MILES Population: °«§¥´´ ©¦¦§©¥« ¨§¥¨°§¤«¦ LIVERNOIS RD. Average Household Income: ²´¦§«ª« ²¨¥ª§¤³« ²°«§°ª«
TRAFFIC N
E Beaver Rd ª¦§¨«³ VPD Interstate 75 ¨¥ª§°¥¥ VPD KIRTS BLVD.
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Longhorn Steakhouse - Humble, TX PROPERTY OVERVIEW The subject property is located on Highway 59 (133,000+ cars per day) as an outparcel to Deerbrook Mall, 4 miles northeast of George Bush Intercontinental Airport (40 million passengers in 2017) and 19 miles north of Downtown Houston. Commercial activity has boomed in Humble in recent years and it is now considered the commercial, economic and social hub for Northeast Harris County.
• Outparcel to Deerbrook Mall, a 1.2 million square foot super-regional mall at the intersection of Interstate 69 and FTM 1960 anchored by Dillard’s, JCPenney, Macy’s, and AMC Theaters.
• Townsen Landing Village: A brand new 750-acre, multi-use development just north of Deerbrook Mall, comprised of ~70 acres of retail (new Costco just opened), more than 100 acres of single-family residential, 226 acres of light industrial, and ~50 acres of oce and multi-family residential space.
PROPERTY SUMMARY • 1 mile north of Memorial Herman Northeast Hospital, a 255-bed hospital facility employing more than 200 physicians, and 4 miles northeast of George Bush Address: ©¥¨©« US-³´§ Humble§ TX Intercontinental Airport, one of the Houston area’s major international airports that Building Size: ¦§«©¥¬ SF served over 40 million passengers in 2017. Land Size: ¨¯¨¤¬ AC VIEW IN GOOGLE MAPS TOWNSEN BLVD. Year Opened: ©¥¨ª
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TRAFFIC W HUMBLE WESTFIELD RD US-59 ¤«§´¦¥ VPD Interstate 69 ¨ªª§ª¥¨ VPD
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Longhorn Steakhouse - Katy, TX PROPERTY OVERVIEW The subject property is located on Interstate 10, aka Katy Freeway (219,000+ cars per day), adjacent to Price Plaza (Walmart Supercenter, Sam’s Club, Home Depot, Best Buy). Katy is approximately 24 miles west of Downtown Houston and sits on the “Energy Corridor”, a business district in Greater Houston home to companies such as BP America, Citgo, ConocoPhillips, and Shell Oil Company. There are over 26 million square feet of oce space in the Corridor, with an employment capacity of over 105,000.
• Located 1 mile north of James E. Taylor High School, with approximately 3,000 students. • 2 miles south of Morton Ranch High School, with approximately 3,450 students. • 2 miles west of Houston Methodist West Hospital, a 193-bed full-service, acute care hospital with over 1,400 employees. • ½ mile west of Westgate Marketplace, a power center anchored by Walmart, Home Depot, Best Buy and Kohl’s. PROPERTY SUMMARY
Address: ©¥¦ª¦ Katy FWY§ Katy§ TX VIEW IN GOOGLE MAPS Building Size: ¦§¤©³¬ SF Land Size: ©¯¥¥¬ AC Year Opened: ©¥¨ª
PARK RO W D R.
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NOI: ²¨ª¤§¥¥¥ E S
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TRAFFIC W D V L Katy FWY - Interstate 10 ©¨´§©°¥ VPD B Westgreen Blvd ©©§«³¨ VPD BRITANNIA DR. STGREEN BLVD. STGREEN WE
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Longhorn Steakhouse - Austin, TX PROPERTY OVERVIEW The subject property is located on Highway 290 (118,000+ cars per day), approximately 7 miles southwest of downtown Austin. Austin is the 4th-most populous city in Texas, one of the fastest growing large cities in the United States, the second most populous state capital after Phoenix, Arizona, and the southernmost state capital in the contiguous United States. The city is the cultural and economic center of the Austin–Round Rock metropolitan statistical area, which had an estimated population of 2,056,405 as of July 1, 2016.
• Across Ernest Robles Way from Toney Burger Activity Center, a 57 acre community recreation center that hosts sporting events, camps, and classes year round. The center can accommodate 15,000 people and frequently reaches capacity for local sporting events. 1
VIEW IN GOOGLE MAPS 2 PROPERTY SUMMARY
Address: ¤°¥´ US-©´¥ E§ Austin§ TX Building Size: ¦§©¤©¬ SF SERVICE 2 S HWY 290 RD . E U . D R Land Size: ©¯ª©¬ AC E M G O A N T T E E N R N Year Opened: ©¥¨© E O Y A R L O A F K E S B I LV D D. O R JO B N E E S R R D N LEASE SUMMARY . E S 1 T R AY OBLES W NOI: ²¨ª¨§¥¥¥ Lease Term: ³ years
W WIL LIAM DEMOGRAPHICS CAN NON DR. 2018 SUMMARY MILES 5 MILES 10 MILES Population: ¨¥ª§«¤¤ ©°«§©ªª ¦´¦§´°¦ Average Household Income: ²°¦§¤°« ²´¦§©©° ²´¦§©°³ . D R Y R E N UNT A L CO N E TRAFFIC I H S D O RU R B B US-290 E ¨¨°§¨¨© VPD Brodie Ln ©°§¦¥¥ VPD
SALE LEASEBACK PORTFOLIO | | NET LEASE INVESTMENT SERVICES TABLE OF TENANT PORTFOLIO INDIVIDUAL CONTENTS OVERVIEW HIGHLIGHTS PROFILES SUMMARY PROPERTIES
Olive Garden - Melrose Park, IL PROPERTY OVERVIEW The subject property is located on North Avenue, approximately 7 miles south of O’Hare International Airport and 14 miles west of downtown Chicago. Melrose Park is a close-in western suburb of Chicago that was recently ranked as the second fastest growing village or town in Illinois with a growth rate of 20.4% from 2009 - 2012. City planners predict that Melrose Park’s population will reach almost 30,000 residents by 2030. • Maywood Park, a 55 acre lot previously home to a half-mile horse racetrack, is currently being redeveloped. The site is expected to house 35 acres of industrial space with retail taking over the remaining space. • One mile south of Triton College with more than 11,600 students and 1,250 faculty/ employees. • 1.5 miles west of Dominican University with approximately 2,000 students.
VIEW IN GOOGLE MAPS PROPERTY SUMMARY
Address: ¨ª¨³ W North Ave§ Melrose Park§ IL ARMITAGE AVE. Building Size: «§¦³´¬ SF Land Size: ¥¯°¨¬ AC
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DEMOGRAPHICS W NORTH AVE. W NORTH AVE. 2018 SUMMARY MILES 3 MILES 5 MILES W NORTH AVE. Population: ¨°§¤¥³ ©¥¨§¤ª¦ ³¦°§¥°« Average Household Income: ²¦ª§ª°¦ ²°©§´´ª ²°¥§³©³
TRAFFIC N
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SALE LEASEBACK PORTFOLIO | | NET LEASE INVESTMENT SERVICES TABLE OF TENANT PORTFOLIO INDIVIDUAL CONTENTS OVERVIEW HIGHLIGHTS PROFILES SUMMARY PROPERTIES
Olive Garden - Cincinnati, OH PROPERTY OVERVIEW The subject property is located on the signalized hard corner Vandercar Way and Marburg Ave within Oakley Station, a new 74 acre mixed-use development with 250,000 square feet of retail, 300,000 square feet of oce space, 462 residential units and a 14-screen theater. The building is situated just south of Interstate 71 (123,000+ cars per day) in a bustling retail corridor. Cincinnati is located about mid-point on the shoreline of the 981- mile long Ohio River and has a population of approximately 301,301.
• Olive Garden is located in Oakley Station, a new 74 acre mixed-use development with 250,000 square feet of retail, 300,000 square feet of oce space, 462 residential units and a 14-screen theater. • The City of Cincinnati recently completed the Kennedy Connector road construction project, extending Kennedy Avenue from Duck Creek Road to Madison Road. The new section of Kennedy greatly improves access to Oakley Station and Interstate 71.
• Intersection of Ibsen and Marburg. The project will costRIDGE AVE. approximately $1.1 million and PROPERTY SUMMARY is expected to help increase Metro ridership in the area to 20 million rides annually by 2021. Address: ª©´¥ Vandercar Way§ Cincinnati§ OH
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Ridge Ave ©´§¦¥¥ VPD Interstate 71 ¨©ª§©´¥ VPD
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Olive Garden - Waycross, GA PROPERTY OVERVIEW The subject property is located on Memorial Drive (37,000+ cars per day), and is adjacent to Walmart Supercenter and Lowe’s Home Improvement. It is also less than a mile from the Mall at Waycross, the only anchored shopping mall within a 50-mile radius.
• Olive Garden is located adjacent to Walmart Supercenter and Lowe’s Home Improvement. • 3 miles east of CSX Waycross Yard, the largest computerized rail yard on the East Coast. CSX is a leading supplier of rail-based freight transportation in North America, and the Waycross station is the main hub for all rail trac in the Southeast. The Waycross station employs more than 1,200 and is one of the largest employers for Waycross and the surrounding counties. • 8 miles north of Okefenokee, a wildlife refuge that attracts 400,000 visitors each year.
VIEW IN GOOGLE MAPS PROPERTY SUMMARY
J BRUNSWICK HWY AC KS Address: ©¤´« Memorial Dr§ Waycross§ GA ON VI LL E HW Building Size: ´§©¦¨¬ SF Y Land Size: ©¯¥«¬ AC Year Opened: ©¥¨©
LEASE SUMMARY
NOI: ²¨¥¥§¥¥¥
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J A C K S O N TRAFFIC N V I L L E H Memorial Drive ª«§¥¥¥ VPD W Y
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Olive Garden - Hutchinson, KS PROPERTY OVERVIEW The subject property is located on East 17th Avenue just o Highway 61, aka Ken Kennedy Freeway (~8,000 cars per day). Hutchinson and Reno County are visited by over 1.5 million visitors annually and oer a wide range of attractions, museums and special events.
• Olive Garden is located just north of Hutchinson Mall, a regional shopping destination serving an extensive area of western and southern Kansas. • 1/2 mile south of Hutchinson Regional Medical Center, a 199-bed acute care hospital serving the health needs of more than 65,000 residents of Hutchinson and Reno Counties. • 1.5 miles east of Hutchinson High School with approximately 1,460 students. • 1.5 miles east of Hutchinson Community College with approximately 6,000 students.
VIEW IN GOOGLE MAPS PROPERTY SUMMARY E 20TH AVE. Address: ¨«¥¥ E ¨«th Ave§ Hutchinson§ KS Building Size: «§¦¦¥¬ SF Land Size: ¨¯«°¬ AC 1
Year Opened: ©¥¨ª ST. WALDRON N LORRAINE ST. N LORRAINE
LEASE SUMMARY E 17TH AVE. E 17TH AVE. E 17TH17 AVE.E
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DEMOGRAPHICS 2018 SUMMARY MILES MILES 10 MILES Population: ª«§«³¥ ¤«§««´ ³¤§ª¤¥
Average Household Income: ²³³§¥¥° ²³¦§°³¥ ²³°§ª´ª ST. N LORRAINE
TRAFFIC N
E 11TH AVE. N State Rd «§´¨¥ VPD E 11TH AVE. 1
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Olive Garden - Peru, IL PROPERTY OVERVIEW The subject property is located on Highway 251, just north of the on-ramp to Interstate 80 (26,000+ cars per day). Olive Garden is an outparcel to a Walmart Supercenter and Kohl’s power center, and is located 1 mile north of Peru Mall. Peru is approximately 90 miles southwest of Chicago with a population of 10,295. It is part of the Ottawa–Peru, IL Micropolitan Statistical Area.
• Peru Mall is the dominant shopping mall within a 55 mile radius with over 460,000 square feet of retail space. • 3 miles north of LaSalle-Peru Township High School with approximately 1,300 students. • 3 miles northeast of Illinois Valley Regional Airport, a public-use airport handling approximately 20,800 aircraft operations annually.
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PROPERTY SUMMARY
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DEMOGRAPHICS D .
2018 SUMMARY MILES 5 MILES 10 MILES PEORIA ST. Population: ¨¦§¥©© ©³§¥´« ¤¨§©´ª
Average Household Income: ²¦°§¦°¦ ²¦¦§¨©© ²¦¦§´ª´ 38TH ST. PROGRESS BLV
37TH ST. TRAFFIC N D. State Route 251 ¨ª§°¥¥ VPD Interstate 80 ©¦§ª¥¥ VPD
WENZEL RD. MARQUETT
SALE LEASEBACK PORTFOLIO | | NET LEASE INVESTMENT SERVICES E R
D . TABLE OF TENANT PORTFOLIO INDIVIDUAL CONTENTS OVERVIEW HIGHLIGHTS PROFILES SUMMARY PROPERTIES
Olive Garden - Covington, LA PROPERTY OVERVIEW The subject property is located on Pinnacle Parkway just o Interstate 12 (60,000+ cars per day) and across the freeway from River Chase Shopping Center, the largest shopping destination in St. Tammany Parish and the second largest open-air shopping center in Louisiana, and within Nord du Lac Shopping Center. Covington’s population was 8,765 at the 2010 census and was estimated to be 10,310 in 2016 representing an increase of 17.6% in just 6 years.
• Pinnacle Nord du Lac Shopping Center, which is currently undergoing a 94,500 square foot expansion, bringing its total footprint to 327,000 square feet including anchor tenants Kohl’s, Academy Sports, Hobby Lobby and Petco. • The Retreat at River Chase Apartments, a 3-story, 296-unit apartment community was recently completed in 2016, located across Interstate 12.
PROPERTY SUMMARY VIEW IN GOOGLE MAPS
Address: ³¥¥¨ Pinnacle PKWY§ Covington§ LA Building Size: «§³««¬ SF PINNACLE PKWY. Land Size: ¨¯«¨¬ AC Year Opened: ©¥¨¨ 12
LEASE SUMMARY S TYLER ST.
NOI: ²¨¥¥§¥¥¥
Lease Term: ³ years P IN N AC L . E P KW R D Y. E R DEMOGRAPHICS O H
S
T S
2018 SUMMARY MILES 5 MILES 10 MILES E W Population: ©³§ª©ª «¥§´«© ¨ª©§´¦¨
. T S
Average Household Income: ²¨¨¨§´¦´ ²´´§©¨© ²´°§³©´ STIRLING BLVD.
S TYLER ST. 12
TRAFFIC N BREWSTER RD. S Tyler St ¨°§¥¥¥ VPD RD. BREWSTER Interstate 12 ¦¥§¨¥¥ VPD
SALE LEASEBACK PORTFOLIO | | NET LEASE INVESTMENT SERVICES SALE-LEASEBACK PORTFOLIO OFFERING MEMORANDUM TABLE OF TENANT PORTFOLIO INDIVIDUAL CONTENTS OVERVIEW HIGHLIGHTS PROFILES SUMMARY PROPERTIES
PRIMARY CONTACTS: COOPERATING BROKERS:
CHRIS HARDEN CHUCK KLEIN +1 972 663 9680 | TX Lic #0566104 +1 858 546 5473 | CA Lic #01522766 [email protected] [email protected] FAIN HICKS CORY WITHERS +1 404 682 3387 | GA Lic #202220 +1 858 546 5263 | CA Lic #01902196 [email protected] [email protected] MICHAEL J. SULLIVAN, CCIM +1 513 763 3032 | OH Lic #449800 [email protected]
GARRETT KEAIS, SIOR +1 248 358 6112 | MI Lic #6501285727 [email protected]
GEORGE GHATTAS +1 312 424 8075 | IL Lic #475.135588 [email protected]
JEFFREY M. BENTZ +1 816 412 0281 | KS Lic #00233856 [email protected]
LARRY G. SCHEDLER, CCIM +1 504 836 5222 | LA Lic #0000012098.A [email protected]
Andrew Bogardus Chuck Klein [email protected] [email protected] +1 415 677 0421 | CA LIC #00913825 +1 858 546 5473 | CA LIC #01522766
Christopher Sheldon Chris Denda [email protected] [email protected] +1 415 677 0441 | CA LIC #01806345 +1 416 587 9910 | CAN LIC #951924 SALE LEASEBACK PORTFOLIO | 18 | NET LEASE INVESTMENT SERVICES