Price Reduction!
Exclusively offered by: NNN Investment JIM CASALE, CCIM l Principal l Lee & Associates [email protected] l 858.453.9990 Offering Lic.No. 00844348
20630 North 75th Ave. Local Broker: Glendale, AZ 85308 JENNIE MILLER, PLLC l Market Edge Realty, LLC [email protected] l 480.382.9681 l Lic.No. 638404000 Table of Contents / Disclaimer
Lee & Associates – San Diego, Inc. (”Agent”) has been engaged as an agent for the sale of the property located at 20630 North 75th Avenue, Glendale, AZ by the owner of the Property ("Seller"). The Property is being offered for sale in an "as-Is, where-is" condition and Seller and Agent make no representations or warranties as to the accuracy of the information contained in this Offering Memorandum. The enclosed materials Include highly confidential Information and are being furnished solely for the purpose of review by prospective purchasers of the Interest described herein. The enclosed materials are being provided solely to facilitate the prospective Investor's own due diligence for which It shall be fully and solely responsible. The material contained herein is based on information Page 2: Table of Contents / Disclaimer and sources deemed to be reliable, but no representation or warranty, express or Implied, is being made by Agent or Seller or any of their respective representatives, affiliates, officers, employees, Page 3: Executive Summary shareholders, partners and directors, as to the accuracy or completeness of the information contained herein. Summaries contained herein of any legal or other documents are not Intended to be Page 4: Location Highlights comprehensive statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. Neither the Agent nor the Seller shall have any liability Page 5: Interior Photos whatsoever for the accuracy or completeness of the information contained herein or any other written or oral communication or Information transmitted or made available or any action taken or decision Page 6: Map made by the recipient with respect to the Property. Interested parties are to make their own Investigations, projections and conclusions without reliance upon the material contained herein. Seller Page 7: Area Map reserves the right, at Its sole and absolute discretion, to withdraw the Property from being marketed for sale at any time and for any reason. Seller and Agent each expressly reserves the right, at their sole and Page 8: Site Map absolute discretion, to reject any and all expressions of Interest or offers regarding the Property and/or to terminate discussions with any entity at any time, with or without notice. This offering Is made subject Page 9: Demographics to omissions, correction of errors, change of price or other terms, prior sale or withdrawal from the market without notice. Agent Is not authorized to make any representations or agreements on behalf Page 10: Franchisee Overview of Seller. Seller shall have no legal commitment or obligation to any Interested party reviewing the enclosed materials, performing additional Investigation and/or making an offer to purchase the Page 11: Glendale Overview Property unless and until a binding written agreement for the purchase of the Property has been fully executed, delivered, and approved by Seller and any conditions to Seller's obligations hereunder have been satisfied or waived. By taking possession of and reviewing the Information contained herein, the recipient agrees that (a) the enclosed materials and their contents are of a highly confidential nature and will be held and treated in the strictest confidence and shall be returned to Agent or Seller promptly upon request; and (b) the recipient shall not contact employees or tenants of the Property directly or indirectly regarding any aspect of the enclosed materials or the Property without the prior written approval of the Seller or Agent; and (c) no portion of the enclosed materials may be copied or otherwise reproduced without the prior written authorization of Seller and Agent.
2 Executive Summary
PROPERTY ADDRESS: 20630 North 75th Avenue, Glendale, AZ 85308
BUILDING SIZE: 4,050 SF
YEAR BUILT: 2015
LOT SIZE: 1.28 acres
LESSEE: Kneader’s (FFG Glendale, LLC)
LEASE GUARANTOR: Four Foods Group Stores, LLC, a Utah limited liability company
ANNUAL RENT: $156,000 Drive-thru CAP RATE: 5.2%
SALES PRICE: $3,000,000
COMMENTS: New 15 year lease commenced 09/2015, NNN lease. 10% increase every 5 years. Absolute NNN lease. Four 5-year options to renew at 10% increase for each option period.
Outdoor Dining
3 Location Highlights
• Part of Aspera master planned development at 75th & Loop 101.
• Existing tenants include: Mountainside Fitness, Joy Church at Aspera, Joy Christian School (K – 12th grade), 840 enrollment, Dream City Church (Glendale campus), and Velaire at Aspera, a 286 unit luxury apartment project.
• Retail tenants next door: Starbuck’s, Fried Pie Pizza, Herbal Nails & Spa, Friendly Smiles Under construction: Popeye’s Chicken
• Traffic Count: 26,300 vehicles per day 75th Ave north of 101 loop.
4 Interior
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5 Area Amenities
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∙ Friendly Smiles ∙ Herbal Nails NORTH 75TH AVENUE
Mountainside Fitness Popeye’s Fired Pie / Friendly Smiles Velaire at Aspera Herbal Nails / Starbucks
6 Area Map
20630 North 75th Avenue
Glendale
to Phoenix, Arizona l 23.8 miles to Tempe, Arizona l 32.0 miles to Scottsdale, Arizona l 32.9 miles to Mesa, Arizona l 40.6 miles
7 Site Map
Community Church of Joy Aspera Blvd. ∙ Friendly Smiles Community Church of Joy ∙ Herbal Nails
North 75th Avenue
8 Demographics
POPULATION
1 MILE 3 MILE 5 MILE
2010 14,607 86,193 218,816 2017 15,403 93,385 240,623 2022 16,216 99,601 257,741 5 3 1 3 5
AVERAGE HOUSEHOLD INCOME
1 MILE 3 MILE 5 MILE
2017 $103,410 $94,607 $88,097 2022 $115,594 $105,427 $99,005
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2017 and 2022.
9 Franchisee Overview
Four Foods Group owns and operates 96 restaurants in 7 Founded by Gary and Colleen Worthington in 1997, states, with over 10 additional units scheduled to open in Kneaders Bakery & Café is headquartered in Orem, Utah. 2017 and additional sites in development including: 44 The award-winning fast-casual restaurant uses only the Kneaders, 48 Little Caesars, 2 R&R BBQs, and 2 Soda Shop highest-quality ingredients to create fresh European hearth Stores. breads, delicious sandwiches, mouthwatering pastries, Since 2008, Four Foods Group has experienced remarkable hearty soups and refreshing salads, all made in-house each growth, every year. The company began with one day. All restaurants have a retail section and also offer a Kneaders Bakery and Café restaurant and now operate 43 variety of custom-made and themed gift baskets in across four states, with 11 more under development. addition to providing catering services. Kneaders Bakery & Same-store sales year over year continue to trend upward, even as the market in many sectors remains flat. In 2016, Café currently operates corporate-owned and franchised Four Foods Group secured $35 million of growth capital and locations in six western states. selected R&R Barbecue as the next brand to develop and grow throughout the Western United States. Currently there are two R&R Barbecue locations operating, with four more scheduled to open by early 2018. In January 2017, Four Foods Group acquired The Soda Shop, an up-and-coming player in the gourmet soda fountain drink arena, based in Gilbert, Arizona. In February 2017, Four Foods Group secured an additional $33M of growth capital from CIT Bank and private investors to acquire 48 Little Caesar Restaurants in Alabama and Louisiana. Four Foods Group has been on either the Inc. 500 or Inc. 5,000 list for 4 consecutive years, recognizing the 500/5,000 fastest growing companies in in the United States. Over the past 3 years, the Company has averaged 344% growth. the United States. Over the past 3 years, the Company has averaged 344% growth.
10 Area Overview
Phoenix Metro Glendale Area
Phoenix is the capital and most populous city in As of the census of 2000, there were 218,812 people, 75,700 households, Arizona. With 1,615,017 people (as of 2016), and 54,352 families residing in the city. The population density was 3,929.5 Phoenix is the most populous state capital in the people per square mile (1,517.3/km²). There were 79,667 housing units at United States, and the only state capital with a an average density of 1,430.7 per square mile (552.4/km²). population of more than one million residents. Glendale is the site of two major sports venues: University of Phoenix Phoenix is the anchor of the Phoenix metropolitan Stadium and Gila River Arena. Both venues are part of the Glendale area, also known as the Valley of the Sun, which in Sports and Entertainment District development plan, meant to spur turn is a part of the Salt River Valley. The growth in the sparsely inhabited Yucca district. Both venues are owned metropolitan area is the 12th largest by by the City of Glendale. population in the United States, with approximately 4.3 million people as of 2010. In University of Phoenix Stadium is the home field of the Arizona Cardinals of addition, Phoenix is the seat of Maricopa County the NFL. The team formerly played at Sun Devil Stadium on the campus of and, at 517.9 square miles (1,341 km²), it is the Arizona State University in nearby Tempe, until they moved in 2006. largest city in the state, more than twice the size of Tucson and one of the largest cities in the The stadium is also used for college football and other events. The United States. stadium hosts the annual Tostitos Fiesta Bowl bowl game. The BCS National Championship college football championship game also circulates to Glendale. The 2011 BCS National Championship Game was held in Glendale on January 10, 2011.
Gila River Arena (formerly Glendale Arena, then Jobing.com Arena) and Westgate City Center is adjacent to University of Phoenix Stadium, and is the home of the Arizona Coyotes of the National Hockey League (NHL). The inaugural Street League Skateboarding event was held in the summer of 2010 in Glendale at the Gila River Arena. This street skateboarding competition returns to Glendale annually.
11 Exclusively offered by: JIM CASALE, CCIM l Principal l Lee & Associates [email protected] l 858.453.9990 Lic.No. 00844348
Local Broker: 20630 North 75th Avenue JENNIE MILLER, PLLC l Market Edge Realty, LLC Glendale, AZ 85308 [email protected] l 480.382.9681 l Lic.No. 638404000