The Human Bean 4414 Commons Drive, St
Total Page:16
File Type:pdf, Size:1020Kb
THE HUMAN BEAN 4414 COMMONS DRIVE, ST. JOSEPH, MISSOURI OFFERING MEMORANDUM DOWNTOWN EAST HILLS MALL 5,500 STUDENTS ST. JOSEPH PRODUCTION FACILITY 29 36 MANUFACTURING FACILITY Walgreens KANSAS MISSOURI INDUSTRIAL 229 MCDONALD’S DAIRY QUEEN The information in this package has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus Millichap. MARCUS & MILLICHAP 2 // The Human Bean Sale-Leaseback Executive Summary FINANCIAL SUMMARY ANNUALIZED OPERATING DATA Price $1,063,830 Lease Years Annual Rent Cap Rate Cap Rate 6.50% 1 - 5 $69,150.00 6.50% Building SF +/- 600 SF 6 - 10 $76,065.00 7.15% Net Cash Flow 6.50% $69,150 11 - 15 $83,671.50 7.87% Year Built 2016 Options Annual Rent Cap Rate Lot Size .46 Acres Option 1 $92,038.65 8.82% LEASE SUMMARY Option 2 $101,242.52 9.71% Lease Type Absolute Triple-Net (NNN) Lease Option 3 $111,366.77 10.68% Tenant St Joe One Inc. Guarantor Personal Base Rent $69,150 Roof & Structure Tenant Responsible Net Operating Income $69,150 Lease Commencement Date Upon Close of Escrow Total Return 6.50% $69,150 Lease Expiration Date 15 Years After Close of Escrow Lease Term 15 Years Rental Increases 10% Every 5 Years Renewal Options 3, 5 Year Options MARCUS & MILLICHAP 3 // The Human Bean Sale-Leaseback 29 35,500 CPD INDUSTRIAL INTERSTATE-29 MCDONALD’S PRODUCTION 29 FACILITY 19,585 CPD S BELT HIGHWAY COMMONS DRIVE MARCUS & MILLICHAP 4 // The Human Bean Sale-Leaseback Walgreens INDUSTRIAL INDUSTRIAL DAIRY QUEEN PRODUCTION FACILITY 19,585 CPD S BELT HIGHWAY MARCUS & MILLICHAP 5 // The Human Bean Sale-Leaseback Property Description DEMOGRAPHICS 1-mile 3-miles 5-miles Population 2023 Projection 5,466 39,702 71,993 2018 Estimate 5,402 38,981 71,179 Growth 2018 – 2023 1.18% 1.85% 1.14% Households 2023 Projection 2,313 15,281 27,923 2018 Estimate 2,273 14,895 27,356 Growth 2018 – 2023 1.78% 2.59% 2.07% Income 2018 Est. Average $88,397 $74,077 $64,026 Household Income INVESTMENT HIGHLIGHTS 2018 Est. Median $69,071 $56,238 $49,523 Household Income » Brand New 15-Year Absolute Triple-Net (NNN) Sale-Leaseback 2018 Est. Per $37,257 $29,242 $25,362 » 10% Rental Increases Every 5 Years Capita Income » 71,179 Residents in Growing St. Joseph Trade Area » Visible to 19,585+ Cars/Day Along South Belt Highway » Conveniently Located Immediately Off the I-29 Freeway (35,500+ Cars/Day), Direct Route to Kansas City » Less Than 10 Minutes from Missouri Western State University (5,500 Students) » Average Household Income Exceeds $88K in Immediate Area » Surrounded by Major National Retailers - Menard’s, McDonald’s, Waffle House, Sonic Drive-In, Walmart Supercenter, and More » Strong Daytime Population - 87,288 Employees within a 5-Mile Radius MARCUS & MILLICHAP 6 // The Human Bean Sale-Leaseback Tenant Overview Private Medford, Oregon 95+ thehumanbean.com Company Type Headquarters Locations Website With a passion for creating happy people and a love of coffee, The Human Bean to 95 locations in ten states, 82 of those being franchised locations and 13 opened its first drive-thru espresso stand in Ashland, Oregon, in 1998. The being corporate locations. Growth is expected to continue through approved demand for convenient, quality coffee & espresso grew and soon after opening franchisees. the first location in Ashland, the company expanded to surrounding cities in The Human Bean features a number of House Specialty espresso drinks, Southern Oregon. The Human Bean quickly established a reputation for having including the Snowy Mocha, Mexi Mocha, Salted Caramel, Irish Cream Breve, friendly and experienced baristas and offering the highest quality ingredients. and Caramel Hazelnut. Along with their classic coffee and teas, The Human Bean A commitment to developing the best drive-thru espresso led to the franchising of also offers a selection of Frozen Favorites, including a Granita (frozen espresso), The Human Bean’s brand and system in 2002. The Human Bean has expanded Acai Smoothie, Real Fruit Smoothie, and Frozen Hot Chocolate. MARCUS & MILLICHAP 7 // The Human Bean Sale-Leaseback Location Overview 3 Miles to Missouri Western State University 5 Miles to Downtown St. Joseph 7 Miles to The Shoppes at North Village 8 Miles to Rosecrans Memorial Airport St. Joseph is the county seat of Missouri’s Buchanan County, sitting on the border sciences engine in the Midwest. of Missouri and Kansas along the Missouri River. The city was named after Joseph Located only 35 minutes north of Kansas City International Airport, St. Joseph Robidoux, a French Canadian trapper from St. Louis, who established a trading is situated in the middle of the Midwest’s Higher Education Research Triangle. post in the city in 1826 and named the city for his patron saint. Today, the city is Recently, academic, government, and local business partners have created a home to a dynamic business environment. St. Joseph is home to a population of Midwestern economic engine centered around advancements in agricultural 76,780 people, making it the eighth largest city in the state and the third largest science, building upon the city’s rich agricultural history and calling together the in Northwest Missouri. region’s best minds. Metropolitan St. Joseph is known for its skilled manufacturing and quality Home to 13 distinctive area museums, 12 annual festivals, and amazing workforce. The area surrounding St. Joseph is also known as the Agricultural architecture listed on the National Register of Historic Places, St. Joseph is rich Research Triangle. In 2014, the city was ranked #4 on the list of America’s in culture. The city also boasts great outdoor recreation through 48 parks, 26 strongest farming and agribusiness region. The city is also the #1 agricultural miles of beautiful Parkway, and outdoor concerts and events. MARCUS & MILLICHAP 8 // The Human Bean Sale-Leaseback [ exclusively listed by ] Jamie A. Medress Mark J. Ruble Chris N. Lind Waylan Heers Brad Barham Executive Managing Director Executive Managing Director Senior Vice President Associate Advisor Broker of Record 602 687 6778 602 687 6766 602 687 6780 602 687 6673 License: 2013016939 [email protected] [email protected] [email protected] [email protected] Offices Nationwide www.marcusmillichap.com NET LEASED DISCLAIMER entity without the written consent of Marcus & Millichap. By taking possession of and reviewing the information contained Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows: herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees By accepting this Marketing Brochure, you agree to treat the information contained herein regarding the lease terms as that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject confidential and proprietary and to only use such information to evaluate a potential purchase of this net leased property. property at this time, please return this offering memorandum to Marcus & Millichap. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, This offering memorandum has been prepared to provide summary, unverified financial and physical information Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any about the accuracy or completeness of any information provided. investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in due diligence examination of this Property for Buyer. this offering memorandum has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of represent the current or future performance of this property. The value of a net leased property to you depends on factors the information provided. All potential buyers must take appropriate measures to verify all of the information set forth that should be evaluated by you and your tax, financial and legal advisors.