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Kentucky Fried Chicken Long Term Lease | Annual Rent Increases INVESTMENT OPPORTUNITY KENTUCKY FRIED CHICKEN LONG TERM LEASE | ANNUAL RENT INCREASES GALLUP,ST. PAUL, NMMN OFFERED AT: $1,228,000 | 5.75% CAP EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW TABLE OF CONTENTS EXECUTIVE SUMMARY 4 Offering Summary 5 Investment Highlights 6 Lease Summary & Rent Overview 7 Lease Abstract PROPERTY INFORMATION 9 Location Maps 10 Site Plan 11 Property Photos 13 Neighboring Tenants 14 Aerials TENANT OVERVIEWS 20 About Kentucky Fried Chicken AREA OVERVIEW 22 Gallup Overview 23 Demographics Confidentiality Agreement & Disclosures EXCLUSIVELY REPRESENTED BY RYAN BARR RYAN BENNETT Principal Principal 760.448.2446 760.448.2449 [email protected] [email protected] AL APUZZO Principal 760.448.2442 [email protected] Color Scheme RGB R:145 / G:0 / B:40 CMYK C:0 / M:100 / Y:65 / K:47 RGB R:119 / G:120 / B:123 CMYK C:0 / M:0 / Y:0 / K65 Fonts GOTHAM/ BLACK GOTHAM/ MEDIUM GOTHAM/ LIGHT BROKER OF RECORD: Listed in conjunction with JDS Real Estate Services NM Broker’s Lic#08838 KENTUCKY FRIED CHICKEN | Gallup, NM | 2 EXECUTIVE SUMMARY KENTUCKY FRIED CHICKEN | GALLUP, NM EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW • Offering Summary • Investment Highlights Lease Summary & Rent Overview Lease Abstract -- OFFERING SUMMARY -- INVESTMENT HIGHLIGHTS Offering Price: $1,228,000 Net Operating Income: $70,583 Cap Rate: 5.75% Price/SF: $494 PROPERTY OVERVIEW 2504 East Highway 66 Address: Gallup, NM 87301 Property Size: Approx 2,485 sq ft Land Size: 0.695 Acres Ownership: Fee Simple Year Built: 1992 / Renovated 2014 Lee & Associates is pleased to exclusively offer for sale to qualified investors the opportunity to purchase a 100% fee-simple interest in a Kentucky Fried Chicken (“KFC”) property located at 2504 East Highway 66 in Gallup, New Mexico. Built in 1983, the Property consists of a 2,485 square foot retail building that sits on an approximately 0.695-acre parcel. KFC is owned by Yum! Brands, Inc., and is the world’s most popular chicken restaurant chain with over 20,500 KFC outlets in more than 125 countries and territories around the world. Headquartered in Louisville, Kentucky, YUM! Brands, Inc. reported a company revenue of $6 billion in 2016. The subject property is leased to Argonaut Food Partners, LLC (34 units) dba Kentucky Fried Chicken on a long-term absolute triple-net (NNN) lease with a guaranty from Argonaut Food Partners, Inc. This store is operated by an experienced 85-unit YUM Brands franchisee (operated under multiple store entities) with locations in AZ, OR, CA, MT, NM, MN, SD, ID, WY, ND, CO and WA (see Tenant Overview on Page 20). There are 14+ years remaining on KFC’s 17-year triple-net (NNN) lease with (4) five-year renewal options. The lease features annual rent increases of 1.5% throughout the Primary term and the Option Periods. The Tenant has reported an ideal 5.3% rent to sales ratio along with unit level sales that are roughly 20% above KFC’s national average (Source: Statistica.com). This alleviates any future vacancy risk concerns and should provide any investor with a high comfort level that this location will be operating long term. Located along historic Route 66, the site offers excellent visibility and signage to residents and travelers alike, as well as multiple entry points to the property. This corridor is the main corridor to downtown Gallup used by travelers and commuters in the area. This main artery features neighboring tenants including Blake’s Lotaburger, UPS Store, Verizon Wireless Sonic Drive-In, Wendy’s, McDonald’s, Days Inn, Walgreen’s, Albertsons, Pizza Hut, Baskin-Robbins, and many more. The subject property is located in the city of Gallup, in northwestern New Mexico near the Four Corners region. Gallup is situated midway between Albuquerque, NM and Flagstaff, AZ on Interstate 40 and is bisected by historic U.S. Highway 66. Gallup is the county seat of McKinley County, and has a population of approximately 21,678. Gallup is an outdoor enthusiasts paradise, offering rock climbing, world-class hiking and biking trails, and thousands of recreational acres in state and national forests for hunting, fishing and horseback riding. Visitors also flock to Gallup annually to be part of the various events held in the area, such as the Inter-Tribal Indian Ceremonial featuring five days of Native American dancing, parades, elaborate costumes, authentic food, and music; the Red Rock Balloon Rally, one of the world’s largest balloon rallies, which sees 200+ balloons ascending into the skies. KENTUCKY FRIED CHICKEN | Gallup, NM | 4 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW Offering Summary • Investment Highlights • Lease Summary & Rent Overview Lease Abstract -- INVESTMENT HIGHLIGHTS -- GLOBALLY RECOGNIZED TENANT: KENTUCKY FRIED CHICKEN (“KFC”) • EXPERIENCED HIGHLY SUCCESSFUL 85 UNIT MULTI-STATE OPERATOR Kentucky Fried Chicken (“KFC”), is the world’s most popular chicken restaurant chain with over 20,500 KFC outlets in more than 125 countries and territories around the world. Headquartered in Louisville, Kentucky, KFC is owned by Yum! Brands, Inc., which also owns Pizza Hut and Taco Bell and reported a company revenue of $6 billion in 2016. The Franchisee is a successful KFC Operator with over 85 KFC locations in 12 states (operated under multiple store entities). The Franchisee has been in the KFC system for over 23 years and is recognized as a Preferred Growth Partner with KFC Corporate (see Tenant Overview on Page 20). 5.3% RENT TO SALES RATIO • UNIT LEVEL SALES 18% ABOVE KFC NATIONAL AVERAGE • HIGHLY PROFITABLE LOCATION The Tenant has reported an ideal 5.3% rent to sales ratio along with unit level sales that are roughly 18% above KFC’s national average (Source: Statistica.com). This alleviates any future vacancy risk concerns and provides a future investor with a long- term passive income stream. LONG TERM ABSOLUTE NNN LEASE • RENT GROWTH • ZERO LANDLORD RESPONSIBILITIES The original 17-year lease has 14+ years remaining and features 1.5% annual rent increases in the Primary term as well as throughout the (4) 5-year Option Periods. In addition, the triple-net (NNN) lease provides an investor with zero landlord responsibilities. LOCATED ON HISTORIC ROUTE 66 • FIRST EXIT OFF I-40 FROM ALBQUQUERQUE • EXCELLENT VISIBILITY & ACCESS The subject property is located near the first exit tavelers encounter arriving from Albuquerque, with frontage along Historic Route 66, a major corridor to downtown Gallup used by travelers and commuters in the area. The site offers excellent visibility and signage to residents and travelers alike, as well as easy in/out access to the property. SURROUNDED BY CITY OFFICES, SCHOOLS, RESIDENTIAL • STRONG RETAIL SYNERGY The Property is surrounded by 1200 households within a 1-mile radius, and strategically located close to the Gallup City offices, Police Department, and Motor Vehicle Dept., as well as several schools, including the Miyamura High School, providing a strong draw to the area for office and government workers and students. This central retail area features neighboring tenants including Blake’s Lotaburger, UPS Store, Verizon Wireless Sonic Drive-In, Wendy’s, McDonald’s, Days Inn, Walgreen’s, Albertsons, Pizza Hut, Baskin-Robbins, and many more, offering excellent retail synergy. LOCATED IN THE CITY OF GALLUP • STRONG ECONOMY FOR TRANSPORTATION, ENERGY, HEALTH CARE The subject property is located in the City of Gallup, the county seat of McKinley County and the most populous city between Flagstaff and Albuquerque. Gallup is a transportation hub and its location along Interstate 40 and the Burlington North Santa Fe Railroad Transcon line provides Gallup with a strategic and competitive edge for distribution and access to major markets. The area offers a strong variety of energy resources including oil, natural gas, coal, and solar. Since 1927, Gallup/northeast McKinley County has been produced 27.5 billion cubic-feet of oil and 6.9 billion cubic-feet of gas. With an average of nearly 280 sunny days a year, Gallup is ideally suited to take advantage of solar-energy resources. Gallup is the regional health care hub for an estimated 200,000 people living in northwest New Mexico and northeast Arizona. The Gallup Indian Medical Center and Rehoboth McKinley Christian Hospital are two of the area’s largest providers of health Downtown Gallup, NM care, employing nearly 2300 between them. KENTUCKY FRIED CHICKEN | Gallup, NM | 5 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW Offering Summary Investment Highlights • Lease Summary & Rent Overview • Lease Abstract -- LEASE SUMMARY -- -- RENT OVERVIEW -- INVESTMENT SUMMARY RENT SCHEDULE - PRIMARY TERM Tenant: Argonaut Food Partners LLC (34 Units) Start Date End Date NOI/Yr NOI/Mo NOI/SF/Yr NOI/SF/Mo Increase dba Kentucky Fried Chicken Year 3 8/1/2017 7/31/2018 $70,583.29 $5,881.94 $28.40 $2.37 1.50% Guarantor: Argonaut California Ventures, Inc. Year 4 8/1/2018 7/31/2019 $71,642.04 $5,970.17 $28.83 $2.40 1.50% Building Size: 2,485 SF Year 5 8/1/2019 7/31/2020 $72,716.67 $6,059.72 $29.26 $2.44 1.50% Lot Size: 0.695 Acres Year 6 8/1/2020 7/31/2021 $73,807.42 $6,150.62 $29.70 $2.47 1.50% Ownership: Fee Simple Year 7 8/1/2021 7/31/2022 $74,914.53 $6,242.87 $30.14 $2.51 1.50% Year Built: 1992 / Renovated 2014 Year 8 8/1/2022 7/31/2023 $76,038.25 $6,336.52 $30.60 $2.55 1.50% TERMS, BASE RENT & OPTIONS Year 9 8/1/2023 7/31/2024 $77,178.82 $6,431.56 $31.05 $2.58 1.50% Annual Base Rent: $70,583.29 Year
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