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Single Tenant Nn Lease Opportunity White Plains, New York (Westchester County)

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Single Tenant Nn Lease Opportunity White Plains, New York (Westchester County) UPSCALE MODERN MEDITERRANEAN CUISINE SINGLE TENANT NN LEASE OPPORTUNITY WHITE PLAINS, NEW YORK (WESTCHESTER COUNTY) Actual Site EXCLUSIVELY MARKETED BY BRITT RAYMOND | FIRST VICE PRESIDENT BRIAN VON SCHMID | VICE PRESIDENT SRS NATIONAL NET LEASE GROUP SRS NATIONAL NET LEASE GROUP 366 Madison Avenue, 5th Floor | New York, NY 10017 366 Madison Avenue, 5th Floor | New York, NY 10017 DL: 929.229.2614 | M: 704.517.4712 DL: 212.710.5259 [email protected] | NY License No. 10401234463 [email protected] | NY License No. 10401281331 MATTHEW MOUSAVI | MANAGING PRINCIPAL PATRICK R. LUTHER, CCIM | MANAGING PRINCIPAL SRS NATIONAL NET LEASE GROUP SRS NATIONAL NET LEASE GROUP 610 Newport Center Drive, Suite 1500 | Newport Beach, CA 92660 610 Newport Center Drive, Suite 1500 | Newport Beach, CA 92660 DL: 949.698.1116 | M: 714.404.8849 DL: 949.698.1115 | M: 480.221.4221 [email protected] | CA License No. 01732226 [email protected] | CA License No. 01209944 Actual Site 4,500 CARS PER DAY 43,600 CARS PER DAY Actual Site 5 8 16 18 INVESTMENT SUMMARY PROPERTY OVERVIEW AREA OVERVIEW FINANCIALS INVESTMENT HIGHLIGHTS PARCEL MAP CITY OVERVIEW RENT ROLL RESTAURANT HIGHLIGHTS AERIALS DEMOGRAPHICS PRICING SUMMARY SITE PLAN TENANT OVERVIEW LOCATION MAP This Offering Memorandum has been prepared by SRS National Net Lease Group (SRS) and has been approved for distribution by the owner. Although effort has been made to provide accurate information, neither the owner nor SRS can warrant or represent accuracy or completeness of the materials presented herein or in any other written or oral communications transmitted or made available to the purchaser. Many documents have been referred to in summary form and these summaries do not purport to represent or constitute a legal analysis of the contents of the applicable documents. Neither owner nor SRS represents that this offering summary is all inclusive or contains all of the information a purchaser may require. All of the financial projections and/or conclusions presented herein are provided strictly for reference purposes and have been developed based upon assumptions and conditions in effect at the time the evaluations were undertaken. They do not purport to reflect changes in the economic performance of the property or the business activities of the owner since the date of preparation of this Offering Memorandum. The projected economic performance of the property, competitive submarket conditions, and selected economic and demographic statistics may have changed subsequent to the preparation of the package. Qualified purchasers are urged to inspect the property and undertake their own independent evaluation of the property, the market and the surrounding competitive environment. Actual Site INVESTMENT SUMMARY OFFERING SRS National Net Lease Group is please to present the rare opportunity to acquire the fee simple (land & building) interest in Mediterraneo Restaurant, a single tenant NN PRICING: $4,250,000 leased investment property located in White Plains, NY (Westchester County). The tenant, BASE RENT: $165,000 Mediterraneo (WP), LLC, opened for business and signed a new 10 year initial lease term in November 2016, with 2 (5-year) option periods to extend. The lease features 10% rental PERCENTAGE RENT: $85,000 increases every 5 years in the initial term and during the option terms, generating steady NOI growth and hedging against inflation. The lease is personally guaranteed for the first 2017 NET OPERATING INCOME: $250,000 3 years and is NN with landlord responsibilities limited to roof & structure. The existing building was remodeled in 2016 and is highly distinguishable with a state- CAP RATE: 5.90% of-the-art, dramatic, glass-walled exterior facade. In addition to the structure’s unique GUARANTY: Personal (First 3 Years) design, the restaurant offers first class service and a top notch dining experience, offering coastal Mediterranean cuisine with French and Italian styles of cooking. Westchester TENANT: Mediterraneo (WP), LLC Magazine rated the Mediterraneo as one of the best in Westchester and complimented it on “getting the details right”. The restaurant is owned by Z Hospitality Group which LEASE TYPE: NN operates 8 restaurants, two of which are additional Mediterraneo locations in Greenwich (open 14 years) and Norwalk (open 4 years), Connecticut. The tenant is paying percentage LANDLORD RESPONSIBILITIES: Roof & Structure rent of approximately $85,000 per year with sales in excess of $2M. The subject site is located at the signalized, hard corner intersection of Main Street and PROPERTY SPECIFICATIONS Renaissance Square wit over 48,100 vehicles passing by each day. New York City is located just 28 miles south or about 1 hour subway ride to the center of midtown Manhattan. The RENTABLE AREA: 7,630 SF (3 Stories) asset has excellent visibility & access on a corner site with valet and reciprocal parking LAND AREA: 2,614 SF across the street at the Ritz Carlton - Westchester parking garage. The property is located adjacent to the Ritz Carlton and is across the street from the Galleria Mall at White Plains PROPERTY ADDRESS: 189 Main Street, White Plains, NY 10601 anchored by Macy’s, Sears, and Forever 21. The restaurant is in the center of the city surrounded by other national/credit tenants that include Walmart, Nordstrom Rack, YEAR BUILT / REMODELED: 1925 / 2016 Barnes & Noble, CVS, Burlington Coat Factory, and more, further increasing consumer traffic and crossover shopping in the area. The 5-mile trade area is supported by a dense PARCEL NUMBER: 1700-125-075-00002-000-0006 population of approximately 205,000 people with an average affluent household income of $176,000. ZONING: Core Business (CB-4) OWNERSHIP: Fee Simple (Land and Building) 5 / MEDITERRANEO / WHITE PLAINS, NEW YORK INVESTMENT SUMMARY / SRS NATIONAL NET LEASE GROUP Actual Site INVESTMENT HIGHLIGHTS 9 YEARS REMAINING ON INITIAL TERM | PERSONAL GUARANTY | RENTAL INCREASES DURING INITIAL TERM & OPTIONS • The restaurant currently has 9+ years remaining on the initial 10 year term with 2 (5-year) options to extend, demonstrating their long term commitment to the site • Personal guaranty for the first 3 years of the term • 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, growing NOI and hedging against inflation NN LEASED | FEE SIMPLE OWNERSHIP | LIMITED LANDLORD RESPONSIBILITIES • Tenant is responsible for all CAM, insurance, and taxes • Ideal, low-management investment for out of state, passive investor • Landlord responsibilities limited to roof & structure LOCATED AT SIGNALIZED HARD CORNER INTERSECTION | MAIN STREET | EXCELLENT VISIBILITY & ACCESS | VALET & RECIPROCAL PARKING • Mediterraneo is located at the signalized, hard corner intersection of Main Street and Renaissance Square • The site is just 28 miles or 1 hour on the subway north of midtown Manhattan • The asset has excellent visibility & access on a corner site • Valet parking is offered and reciprocal parking is available at the Ritz Carlton - Westchester parking garage across the street ADJACENT TO RITZ CARLTON - WESTCHESTER | ACROSS FROM THE GALLERIA MALL | STRONG NATIONAL/CREDIT TENANT PRESENCE • The property is located adjacent to the Ritz Carlton and is across the street from the Galleria Mall at White Plains anchored by Macy’s, Sears, and Forever 21 • Nearby national/credit tenants include Walmart, Nordstrom Rack, Barnes & Noble, CVS, Burlington Coat Factory, and more • Increases consumer traffic and crossover shopping in the trade area 6 / MEDITERRANEO / WHITE PLAINS, NEW YORK INVESTMENT HIGHLIGHTS / SRS NATIONAL NET LEASE GROUP Actual Site RESTAURANT HIGHLIGHTS STRONG DEMOGRAPHICS IN THE AFFLUENT 5-MILE TRADE AREA • Over 205,000 residents and 183,000 employees support the trade area • Affluent average household income of approximately $176,000 RAVE REVIEWS FROM CUSTOMERS | EXCELLENT REPUTATION | WESTCHESTER MAGAZINE “ONE OF THE BEST IN WESTCHESTER COUNTY” • Mediterraneo of White Plains has a 5 star rating on Trip Advisor and a 4 star rating on Yelp • The restaurant opened in November 2016 and has already made an impression in the city, with Westchester Magazine naming it “one of the best restaurants in Westchester County” SMALL BATCH COOKING | FARM-TO-TABLE COOKING STYLE | SEASONAL DISHES • The sleek, upscale restaurant offers creative, fresh dishes on a seasonal menu • The restaurant is farm-to-table, featuring wood-fired pizzas, seafood, vegetables, homemade pastas, and a signature burger • The restaurant has no freezer and uses “scratch cooking” with small batches that “if they run out, they run out” - director of operations Joseph Hamboussi OWNED BY Z HOSPITALITY GROUP | OPERATES 8 RESTAURANTS | SUCCESSFUL & ESTABLISHED LOCATIONS • The restaurant is owned by Z Hospitality Group which operates 8 established & successful restaurants • Mediterraneo also has locations in Greenwich and Norwalk, Connecticut, which have been open for 14 and 4 years respectively STUNNING ARCHITECTURAL DESIGN | STATE OF THE ART BUILDING | 3 STORY • The building was remodeled in 2016 and is highly distinguishable with state-of-the- art construction and high quality materials used • Facade design features glass and see through hexagonal steel frame • The building design provides ambiance and opens up the dining room with excellent natural light, also making it easy for outside lookers to view the restaurant 7 / MEDITERRANEO / WHITE PLAINS, NEW YORK INVESTMENT HIGHLIGHTS / SRS NATIONAL NET LEASE GROUP
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