REPRESENTATIVE PHOTO
CHURCH’S CHICKEN UNDER CONSTRUCTION QSR WITHIN THE CHARLOTTE MSA
LINCOLNTON, NC (CHARLOTTE MSA) Overview
REPRESENTATIVE PHOTO CHURCH’S CHICKEN
1129 NORTH MAIN STREET, LINCOLNTON, NC 28092
$2,307,700 6.50% PRICE CAP
LEASABLE SF LOT SIZE LEASE TYPE 1,893 SF 0.99 AC ABSOLUTE NNN
PRICE PSF YEAR BUILT NOI $1,219.07 2019 $150,000
• Estimated rent commencement and store opening on June 1, 2019 • New construction 20-year Absolute NNN lease featuring three 5-year options with 10% increases in the base term and options
• Situated along busy retail corridor with traffic counts exceeding 16,000 VPD
• Strong neighboring tenants include Walmart Supercenter, Lowe’s Home Improvement, CVS Pharmacy, Walgreens, and more
• Over 32,000 residents with average household incomes exceeding $56K within a 5-mile radius This information 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. 2 Buyer must verify the information and bears all risk for any inaccuracies. Investment Highlights Contact the
THE OFFERING provides an opportunity to acquire an under construction Church’s Chicken team located in Lincolnton, NC. The lease features a new 20-year Absolute NNN term with three 5-year options to extend and 10% increases in the base term and options. The operator and guarantor of this location is Goalz Restaurant Group, LLC and its principals, a dynamic JOE CACCAMO and rapidly expanding QSR operator with Church’s Chicken, Captain D’s, Dairy Queen, and [email protected] Dog Haus locations currently under management. For more information on the franchisee, PH: 415.274.7394 please see page 4. CA DRE# 01191110
THE SUBJECT PROPERTY is located along East Main Street, a major retail corridor of Lincolnton where traffic counts exceed 16,000 VPD. Adjacent to the Church’s Chicken is an under construction Captain D’s. Other neighboring tenants include Walmart Supercenter, Lowe’s Home Improvement, AutoZone, Hardee’s, Walgreens, CVS Pharmacy, Wendy’s, and more. Within a 5-mile radius of Church’s Chicken, there are over 32,000 residents with average household incomes exceeding $56,000.
LINCOLNTON is located within the Charlotte MSA and 45 minutes northwest of downtown Charlotte. The Charlotte MSA, with a population over 2.5 million people, is the largest metropolitan area within the Carolinas and is the fourth largest metropolitan area in the southeast United States. Charlotte is headquarters to eight Fortune 500 companies and seven Fortune 1,000 companies. IN CONJUNCTION WITH NC LICENSED BROKER: REPRESENTATIVE PHOTO Stuart Mullen Commercial Real Estate Carolina, LLC [email protected] PH: 704.661.9800
This information 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. Buyer must verify the information and bears all risk for any inaccuracies. OVER 1,650 LOCATIONS IN 29 STATES AND 23 COUNTRIES AND GLOBAL MARKETS 3 Tenant Overview ABOUT CHURCH’S CHICKEN
Church’s Chicken, founded in San Antonio, TX in 1952, is one of the largest quick service chicken restaurant chains in the world. Church’s Chicken specializes in Original and Spicy Chicken, biscuits, and home-style sides. The company, with more than 1,650 locations in 29 states and 23 countries and global markets, is the fourth-largest chicken restaurant chain in the world.
In 2009, Church’s Chicken was purchased by the San Francisco- based private equity firm Friedman Fleischer & Lowe, which operates the Church’s brand through a wholly-owned subsidiary, Cajun Global, LLC. In 2011, Cajun Global, LLC issued debt that was rated ‘BBB’ by Standard & Poor’s. Cajun Global, LLC does not guarantee the lease. Church’s Chicken’s annual revenue is estimated at $1.2 billion.
ABOUT THE OPERATOR / GUARANTORS
The Franchisee is Goalz Restaurant Group, LLC. The lease at this location features three limited personal guaranties (Shawn Eby – CEO, Steve Piascik – CFO, and Jeron Boemer - VP), as well as a corporate level guarantee from Goalz Restaurant Group, LLC. Goalz currently operates 15 restaurants under the Church’s, Captain D’s, Dairy Queen and Dog Haus brands. In August 2017, Goalz Restaurant Group entered an agreement with Church’s Chicken to develop 200 new locations, with a plan of opening approximately 20 new stores per year (click here for more info). Goalz is expected to open a total of approximately 265 restaurants (Church’s, Captain D’s, Dairy Queen, Dog Haus) over REPRESENTATIVE PHOTO the next few years. Goalz will also operate the Captain D’s under construction adjacent to this property. For more on Goalz click This information has been secured from sources we believe to be . reliable but we make no representations or warranties, expressed or here implied, as to the accuracy of the information. Buyer must verify the 4 information and bears all risk for any inaccuracies. BUS Aerial 321
321 30,000 VPD ATRIUM HEALTH HOSPITAL
BUS 321
ELEMENTARY LINCOLN SCHOOL COUNTY E MAIN AIRPORT STREET STREET HIGH N ASPEN SCHOOL 27 ACADEMY ELEMENTARY SCHOOL LINCOLN COUNTY BUS ELEMENTARY SEAT 321 SCHOOL E MAIN STREET 27
GOLF COURSE GASTON 27 COLLEGE 16,000 LINCOLN VPD CAMPUS ELEMENTARY SCHOOL
27,000 S GENERALS BOULEVARD VPD CHARLOTTE W HIGHWAY 150 ELEMENTARY 150 38 MILES SCHOOL 321
This information 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. Buyer must verify the information and bears all risk for any 5 inaccuracies. REPRESENTATIVE PHOTO Submarket Overview
RETAILERS IN CLOSE PROXIMITY INCLUDE:
Advance Auto Parts Dairy Queen Taco Bell ALDI Family Dollar Tractor Supply Co. AutoZone Hardee’s Waffle House Belk Little Caesars Walgreens Big Lots McDonald’s Walmart Supercenter Bojangles’ O’Reilly Auto Parts Wendy’s CVS Pharmacy Ross Dress for Less Zaxby’s
This information 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. Buyer must verify the information and bears all risk for any inaccuracies.
BUSINESS SUMMARY
TOTAL 1-MILE 3-MILES 5-MILES
Businesses 496 995 1,219
LINCOLNTON Employees 5,315 10,974 13,979
Residential 3,114 18,486 32,913 Population IRON STATION
KEY 1-MILE 3-MILES 5-MILES 6 HIGH SHOALS REPRESENTATIVE PHOTO Income & Expense
PRICE $2,307,700 Price Per Square Foot: $1,219.07 Capitalization Rate: 6.50% Total Rentable Area (SF): 1,893 Lot Size (AC): 0.99 STABILIZED INCOME PER SQUARE FOOT Scheduled Rent $79.24 $150,000 Effective Gross Income $79.24 $150,000 LESS PER SQUARE FOOT Taxes NNN $0.00 Insurance NNN $0.00 Total Operating Expenses NNN $0.00 EQUALS NET OPERATING INCOME $150,000
This information 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. Buyer must verify the information and bears all risk for any 7 inaccuracies. Rent Roll
TENANT INFO LEASE TERMS RENT SUMMARY
CURRENT MONTHLY YEARLY MONTHLY YEARLY TENANT NAME SQ. FT. RENT RENT RENT RENT/FT RENT/FT
Church’s Chicken 1,893 1 5 $150,000 $12,500 $150,000 $6.60 $79.24
6 10 $13,750 $165,000 $7.26 $87.16
11 15 $15,125 $181,500 $7.99 $95.88
16 20 $16,638 $199,650 $8.79 $105.47
Option 1 21 25 $18,301 $219,615 $9.67 $116.01
Option 2 26 30 $20,131 $241,577 $10.63 $127.62
Option 3 31 35 $22,145 $265,734 $11.70 $140.38
TOTALS: 1,893 $150,000 $12,500 $150,000 $6.60 $79.24
*Estimated rent commencement and store opening on June 1, 2019
This information 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. Buyer must verify the information and bears all risk for any inaccuracies. 8 the information andbearsall risk foranyinaccuracies. representations orwarranties, expressed orimplied, astotheaccuracy oftheinformation. Buyermustverify This siteplanisarendering thathasbeencreatedbasedon sourceswebelievetobereliable. We make no Site Plan RENTABLE SF LINCOLN COUNTY 1,893
N GENERALS BOULEVARD E MAIN STREET MAIN E 16,000 VPD ACRES LINCOLN COUNTY 0.99 30,000 COUNTY LINCOLN VPD 321 SPACES 321 22 PYLON SIGN 27 E MAINSTREET PYLON SIGN 9
DOCTOR MARTIN LUTHER KING JUNIOR DRIVE Demographics
POPULATION WINSTON-SALEM (90 MILES) 1-MILE 3-MILES 5-MILES RALEIGH 2010 2,864 17,924 31,761 (201 MILES)
2018 3,114 18,486 32,913 LINCOLNTON
2023 3,285 19,075 33,918 CHARLOTTE (38 MILES) FAYETTEVILLE (201 MILES) 2018 HH INCOME 1-MILE 3-MILES 5-MILES Average $58,317 $55,227 $56,521
Median $39,552 $41,651 $44,176 FLORENCE (149 MILES)
COLUMBIA TOP EMPLOYERS IN CHARLOTTE MSA (123 MILES) EMPLOYER Carolinas Health System
Wells Fargo Company
Walmart & Sam’s Club stores Bank of America THE AVERAGE HOUSEHOLD American Airlines INCOME WITHIN A 1-MILE RADIUS IS OVER $58K
This information 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. Buyer must verify the information and 10 bears all risk for any inaccuracies. Location Overview LINCOLNTON, NORTH CAROLINA
CHARLOTTE
LINCOLNTON is the county seat of Lincoln County, which CHARLOTTE Charlotte is the 2nd largest city in the Southeast is home to over 82,000 residents. Lincolnton is home to a MSA and the 17th largest city in the United States. flourishing downtown central business district. Part of the The Charlotte MSA is well known for its auto Carolina Thread Trail, the Cloninger Rail Trail passes through racing history and is home to eight Fortune the heart of downtown and connects three city parks. 500 headquarters and seven Fortune 1000 companies.
Lincolnton is located 38 miles northwest of downtown These companies including Bank of America, Duke Energy, Sealed Charlotte, the largest metropolitan area within the Carolinas Air Corporation, Nucor Steel, and Lowe’s Home Improvement and the fourth largest metropolitan area in the Southeast Stores. Other headquarters include Harris Teeter, Food Lion, region of the United States. The Charlotte MSA is home to Cheerwine, and Sundrop. Charlotte is also home to the Charlotte over 2.5 million people and is the 22nd largest MSA in the Douglas International Airport, one of the world’s busiest airports. United States. CHARLOTTE MSA 2.5 MILLION POPULATION This information has been secured from sources we believe to be reliable but we make no representations or (ESTIMATED) warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears 11 all risk for any inaccuracies. We’d love to hear from you.
JOE CACCAMO [email protected] PH: 415.274.7394 CA DRE# 01191110
IN CONJUNCTION WITH NC LICENSED BROKER: Stuart Mullen Commercial Real Estate Carolina, LLC [email protected] PH: 704.661.9800
CAPITAL PACIFIC COLLABORATES. CLICK HERE TO MEET OUR SAN FRANCISCO TEAM:
ZEB RIPPLE CHRIS KOSTANECKI CHRIS PETERS
JOHN ANDREINI JOE CACCAMO DAVE LUCAS
ZANDY SMITH RICK SANNER JACK NAVARRA
JUSTIN SHARP JUSTIN STARK
This information 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. Buyer must verify the information and bears all risk for any inaccuracies. REPRESENTATIVE PHOTO
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