Kevin Held 1515 132Nd Street Se, Everett, Wa

Home , Angel of the Winds Arena, Everett Silvertips

1515 132ND STREET SE, EVERETT, WA OFFERING MEMORANDUM

NET LEASE INVESTMENTS EXCLUSIVELY OFFERED BY: KEVIN HELD +1 858 546 5428 | CA Lic #01240358 [email protected] SURROUNDING RETAIL

JACK IN THE BOX | EVERETT, WA 2 EXECUTIVE SUMMARY

Jack in the Box Properties, LLC TENANT: (predecessor in interest to Jack in the Box, Inc.) LOCATION: 1515 132nd Street SE Everett, WA 98208

BUILDING SIZE: 2,800± square feet

LAND SIZE: 28,191± square feet

2000, 2020 Fully Remodeled YEAR BUILT: (~$820,000 cost) RENT EXTENSION START August 9, 2020 DATE:

LEASE EXPIRATION: August 8, 2030

OPTIONS: Four (4) five (5) year options

10% every 5 years including INCREASES: options

Absolute NNN Lease LEASE TYPE: (Land & Building)

PRICE CAP NOI $3,388,235 4.25% $144,000

Actual Property

JACK IN THE BOX | EVERETT, WA 3 20 YEAR HISTORIC OCCUPANCY / HIGH SALES LOCATION HIGH TRAFFIC INTERSECTION WITH ~50,000 CARS PER DAY • Outparcel to Dominant Grocery / Drug Center Anchored by Fred Meyer and Walgreens • Located at main north south / east west intersection in trade area EARLY CORPORATE 10 YEAR LEASE EXTENSION LONG TERM COMMITMENT TO THE SITE • ~$820,000 Building Remodel to new Jack in the Box Prototype • 20 year Franchisee agreement extension (Corporate Entity on the Lease) 10% RENT INCREASES EVERY 5 YEARS RARE WA STATE ABSOLUTE NET LAND AND BUILDING QSR LEASE / TAX BENEFITS • Potential for significant accelerated depreciation for tax sheltered cash flow • Corporate QSR’s rarely on the market in Seattle MSA • Tax Free State

Actual Property

JACK IN THE BOX | EVERETT, WA 4 PROXIMITY TO DOWNTOWN SEATTLE

405

~19 MILES TO DOWNTOWN SEATTLE

405 DOWNTOWN SEATTLE 90

JACK IN THE BOX | EVERETT, WA 5 SITE

JACK IN THE BOX | EVERETT, WA PARCEL LINES FOR ILLUSTRATIVE PURPOSES ONLY 6 SITE PLAN

N S50°00'32"E 46.15' 1 42"w LOADING RAMP EXISTING 2 42"w LOADING RAMP, ALT. LOCATION DUMPSTER ENCLOSURE EXISTING 24' JOINT ACCESS N39°59'42"E 45.59' DRIVEWAY EASEMENT

S89°51'36"E 194.14' 15' SEWER EASEMENT 24'-4" ORDER BOARD 24'-7 1/4" R10'-0"

N00°08'41"E 39.02' NEW STALLS R10'-0" EXISTING ENTRANCE 7 R32'-0"

R20'-0" 12'-0" UP 2 4'-0"

1 UP N89°51'19"W 9'-0" 11 NEW 13.91' STALLS

18'-0"

LANDSCAPING WINDOWLINE

JACK-IN- RETAIL THE-BOX FUTURE TYPE VB +/-2600 GSF TO REMAIN

N00°43'59"E 174.74' 17'-10"

ENTRY LANDSCAPING REQUIRES 13 PARKING 2 EXIST. STD.

STALLS NEW ADA 24'-0" 16'-0" + LANDSCAPING 6 ENTRY STALLS 3'-0" @1/200sf STALLS OVERHANG LANDSCAPING TO ENTRY PROPERTY LINE

DISTRIBUTION 9'-0" 2 EASEMENT

R20'-0" R40'-0" 18'-0" 7'-0" 12'-0" PARKING NOTES: · 22'-9" 10'-0" 9'-0" 50 PARKING STALLS PROVIDED; 20 REQUIRED · 2 ADA @ 2 VAN ADA STALL PROVIDED PER TENANTS 4'-3" N00°08'41"E 118.09' · JACK-IN-THE-BOX REQUIRES 13 STALLS 26'-6"

10' UTILITY 24'-0" · CHASE BANK REQUIRES 7 STALLS, EASEMENT SO, THERE IS ENOUGH PARKING TO SUPPORT

+ THE DEVELOPMENT. · STANDARD STALLS @ 9'X18' · COMPACT STALLS @ 8'-6"X16'

15'-2"

22 EXIST. STALLS 18'-0" OVERHANG EXISTING SIGN STACKING NOTE: S89°51'19"E 255.34' LANDSCAPING TO REMAIN N39°50'40"E 29.98' · CAR STACKING BASED ON 1 CAR PER 20 FEET

16TH AVENUE EXISTING SIGN TO BE RENOVATED IN PLACE NORTH SCALE: 1" = 30'-0"

0 10 20 30 60FT JACK IN THE BOX | EVERETT, WA PARCEL LINES FOR ILLUSTRATIVE PURPOSES ONLY 7 132nd STREET SE

PROJECT: EVERETT CHASE BANK / JACK-IN-THE-BOX REMODEL SKETCH TITLE: SITE PLAN w/ DELIVERY TRUCK PATH DATE: 2019-08-26 SCALE: 1" = 30'-0" DRAWN BY: JW CHASE BANK / JACK IN THE BOX REMODEL Sheet: 1515 132ND STREET NE 3110 RUSTON WAY, SUITE D, TACOMA, WA 98402 opt17C EVERETT, WA Ph: 253-272-4214 FAX: 253-272-4218 SURROUNDING RETAIL

JACK IN THE BOX | EVERETT, WA 8 SURROUNDING RETAIL

JACK IN THE BOX | EVERETT, WA 9 TENANT PROFILE

Jack in the Box, Inc. (NASDAQ: JACK) REVENUE (2019): $950 MILLION NET INCOME (2019): $94.43 MILLION # OF BRANCH LOCATIONS (2019): 2,243 # OF EMPLOYEES (2019): 5,200

Jack in the Box Inc., founded in 1951, is a quick-service restaurant company that operates and franchises Jack in the Box restaurants. Jack in the Box offers a broad selection of distinctive products and innovative product lines. Based on Based in San Diego, Jack in the Box had approximately 5,200 employees as of September 30, 2018. Jack in the Box is among the nation's leading fast-food hamburger chains, with more than 2,243 quick-serve restaurants in 21 states and Guam. As the first major hamburger chain to develop and expand the concept of drive-thru dining, Jack in the Box has always emphasized on- the-go convenience, with approximately 85% of the half-billion guests served annually buying food at the drive-thru or for take-out. In addition to drive-thru windows, most restaurants have indoor dining areas and are open 18-24 hours a day. In December 2017, Jack in the Box has completed the sale of Qdoba to Apollo Global Management in a $305 million cash deal, ending the fast food chain’s 15-year ownership of the fast-casual Mexican brand. Affiliates of New York-based Apollo, which also owns the parent companies of the Chuck E. Cheese’s and Peter Piper Pizza dining-and-entertainment brands, inherit more than 700 owned and franchised Qdoba restaurants in the U.S. and Canada.

https://www.jackinthebox.com/

JACK IN THE BOX | EVERETT, WA 10 DEMOGRAPHICS - 2020

POPULATION

162K+3 MILE RADIUS

AVERAGE HH INCOME

$107K+1 MILE RADIUS

1 MILE POPULATION

3 MILE 1 MILE 3 MILE 5 MILE 15,354 162,072 312,632

5 MILE AVERAGE HH INCOME 1 MILE 3 MILE 5 MILE $107,727 $107,733 $109,852

JACK IN THE BOX | EVERETT, WA 11 EVERETT, WASHINGTON AREA OVERVIEW

Everett, Washington is a city in Pierce County, Washington, about 10 in every subject and every grade. Everett Community College and miles southeast of Tacoma and 35 miles south of Seattle. The population Washington State University at Everett offer world-class higher education was 37,022 at the 2010 Census, a 12.2% increase from 2000, and the with a wide, growing range of programs that are relevant to our region, Washington State Office of Financial Management estimated the 2014 such as avionics, technology, healthcare, engineering and agriculture. population at 38,670. Puyallup is one of the fastest growing cities in The incredible education partners in the Everett area help support the the state. New businesses and developments are constantly expanding major employers, such as The Boeing Company, and the robust network especially in the Puyallup South Hill area. of high-tech and manufacturing enterprises that call Everett home.

As the largest city in Snohomish County, Washington, Everett serves a Recreation opportunities abound, including skiing, hiking, biking and kite diverse community of more than 110,000 residents. Located 25 miles boarding, with the Cascade Mountains to the east and the bay to the north of Seattle, the city is nestled between Port Gardner Bay and the west. The City’s Parks and Community Services Department maintains Snohomish River. North Everett’s quaint historic downtown is home a large network of parks and offers classes and excursions on a year- to a vibrant arts, culture and music scene, delicious dining, pubs and round basis. Angel of the Winds Arena has a community ice rink, and breweries, Angel of the Winds Arena, and family-oriented festivals is home to the Everett Silvertips Hockey Club, and Funko Field is home year-round. The downtown also hosts unique shopping experiences to the Everett Aquasox minor-league baseball team. including toy maker Funko’s headquarters.

Everett is easy to access to by car, train, bus and air. Paine Field at Everett began commercial air service in early 2019 with 24 daily flights to destinations along the west coast and beyond, connecting Everett to the world. The two-gate terminal, operated by Propeller Airports, offers service from Alaska and United airlines to many popular domestic destinations.

On the Port Gardner waterfront is Naval Station Everett and the Port of Everett, which boasts the largest public marina on the West Coast. Northwest Everett is also home to Providence Regional Medical Center and new branch of Seattle Children’s Hospital, offering more than 15 pediatric subspecialties of care.

Everett benefits from world-class education partners, serving students from pre-K to college. Everett School District students outperform the state on assessments Port of Everett

JACK IN THE BOX | EVERETT, WA 12 SEATTLE, WASHINGTON AREA OVERVIEW

Seattle is a seaport city on the west coast of the United States and metro area home. They are all major employers in the region, and four the seat of King County, Washington. With an estimated 684,451 residents out of ten jobs in the entire state are connected to international trade as of 2015, Seattle is the largest city in both the state of Washington and in part because of the Port of Seattle, one of the busiest ports in the the Pacific Northwest region of North America. In July 2013, it was the United States. Seattle has a mix of established companies and exciting fastest-growing major city in the United States and remained in the Top up-and-comers. Microsoft operates out of nearby Redmond, while 5 in May 2015 with an annual growth rate of 2.1%. The city is situated on Seattle itself is home to fast-growing industries like e-commerce and an isthmus between Puget Sound (an inlet of the Pacific Ocean) and Lake biomedical tech. Start-ups in these industries can thrive because of Washington, about 100 miles south of the Canada–United States Seattle’s strong entrepreneurial culture, the presence of venture capital, and local assets like the University of Washington, the Fred Hutchinson border. A major gateway for trade with Asia, Seattle is the fourth-largest Cancer Research Center, the Allen Institute for Brain Science, and even port in North America in terms of container handling as of 2015. Amazon, all located within the city limits of Seattle. The Seattle area outpaced national employment growth in the last five years, and is As the fastest-growing big city in the country, Seattle is one of the expected to do so through 2020, expanding 1.5% annually. hottest employment markets today. Seattle ranked 6th on Forbes 2015 “The Best Places for Business and Careers” list. Seattle also ranked #1 Approximately 37.7% of the population over the age of 25 hold at least on Forbes “Best Cities for Tech Jobs” list. With companies like Amazon, a bachelor’s degree, compared with just under 28.8% nationwide. Expedia, Facebook, Weyerhaeuser and others moving to Downtown or growing their Downtown Seattle workforce, the current growth in population and jobs and the development that comes with that shows no signs of slowing down.

A highly skilled and educated workforce, advanced transportation and distribution infrastructure, manufacturing capabilities and access to national and global markets have contributed to its economic diversity. Five Fortune 500 companies have headquarters within Seattle’s city limits—Amazon, Starbucks, Nordstrom, Expeditors, and Alaska Air— and four others, including Costco and Microsoft, call the broader https://everettwa.gov/ https://www.seattlenorthcountry.com/cities/salish-sea/everett/ https://en.wikipedia.org/wiki/Everett,_Washington http://www.seattle.gov/ https://www.seattlechamber.com/ http://www.visitseattle.org/ https://en.wikipedia.org/wiki/Seattle Seattle, WA

JACK IN THE BOX | EVERETT, WA 13 DISCLAIMER

Cushman & Wakefield has been retained as implied, contained in, and omitted from, this of public record or is provided in sources exclusive advisor to the Seller for the sale Offering Memorandum or any other written or available to the public (such contents as so of the Capital One parcel (the “Property”), oral communication transmitted or made available limited herein are called the “Contents”), are of approximately 2,800± square feet on 28,191± to the recipient. This Offering Memorandum a confidential nature. By accepting the package, square feet located at 1515 132nd Street SE, does not constitute a representation that there you agree (i) to hold and treat it in the strictest Everett, WA 98208. has been no change in the business or affairs confidence, (ii) not to photocopy or duplicate of the Property or the Owner since the date it, (iii) not to disclose the package or any of the This Offering Memorandum has been prepared of preparation of the package. Analysis and contents to any other entity (except to outside by Cushman & Wakefield for use by a limited verification of the information contained in advisors retained by you, if necessary, for your number of parties and does not purport to this package is solely the responsibility of the determination of whether or not to make a provide a necessarily complete summary of prospective purchaser. proposal and from whom you have obtained an the Property or any of the documents related agreement of confidentiality) without the prior thereto, nor does it purport to be all-inclusive Additional information and an opportunity to written authorization of Owner or Cushman or to contain all of the information which inspect the Property will be made available & Wakefield, (iv) to not use the package or prospective investors may need or desire. All upon written request to interested and qualified any of the contents in any fashion or manner projections have been developed by Cushman prospective investors. detrimental to the interest of Owner or Cushman & Wakefield, the Owner, and designated sources & Wakefield, and (v) to return it to Cushman & Owner and Cushman & Wakefield each expressly and are based upon assumptions relating to Wakefield immediately upon request of Cushman reserve the right, at their sole discretion, to the general economy, competition, and other & Wakefield or Owner. factors beyond the control of the Owner and reject any and all expressions of interest or offers regarding the Property and/or terminate Cushman & Wakefield, therefore, are subject to The information contained herein has been discussions with any entity at any time with variation. No representation is made by Cushman obtained from the owner of the property or or without notice. Owner shall have no legal & Wakefield or Owner as to the accuracy or from other sources we deem reliable. We have commitment or obligation to any entity reviewing completeness of the information contained no reason to doubt its accuracy, but we do this Offering Memorandum or making an offer to herein, and nothing contained herein is, or shall not guarantee it. be relied on as, a promise or representation as to purchase the Property unless and until a written agreement for the purchase of the Property has the future performance of the Property. Although If you have no further interest in the the information contained herein is believed to been fully executed, delivered, and approved by Owner and its legal counsel, and any conditions Property, please return this Investment be correct, Owner and its employees disclaim Offering Memorandum forthwith. any responsibility for inaccuracies and expect to Owner’s obligations thereunder have been satisfied or waived. Cushman & Wakefield is prospective purchasers to exercise independent 4747 Executive Drive, 9th Floor due diligence in verifying all such information. not authorized to make any representations or agreements on behalf of Owner. San Diego, CA 92121 Further, Cushman & Wakefield, Owner, and T 858.452.6500 F 858.452.3206 its employees disclaim any and all liability for This Offering Memorandum and the contents, www.cushmanwakefield.com representations and warranties, expressed and except such information which is a matter

JACK IN THE BOX | EVERETT, WA 14 1515 132ND STREET SE, EVERETT, WA OFFERING MEMORANDUM

NET LEASE INVESTMENTS EXCLUSIVELY OFFERED BY: KEVIN HELD +1 858 546 5428 | CA Lic #01240358 [email protected]