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Wyoming Street & Fenkell Avenue WYOMING DETROIT, 15340STREET MICHIGAN TIM HORTONS OFFERING MEMORANDUM PETER BLOCK JARED PRINCE ASHLIN HAMILTON BRIAN WHITFIELD Executive Vice President Associate Associate Broker of Record +1 847 384 2840 +1 847 384 2852 +1 847 698 8225 Presented by: [email protected] [email protected] [email protected] *Representative Image TABLE OF CONTENTS > EXECUTIVE SUMMARY Executive Summary Investment Highlights > PROPERTY INFORMATION Property Description Property Aerial Retail Map Tenant Overview > LOCATION OVERVIEW Location Overview Area Map Demographics > DISCLAIMER > EXECUTIVE SUMMARY Offering Memorandum EXECUTIVE SUMMARY Colliers International is pleased to present for sale a freestanding, single tenant, net- leased Tim Hortons located at 15340 Wyoming St in Detroit, Michigan. This is a strong location northwest of downtown Detroit along Rte 10 (156,000 VPD). The site posts over 21,000 vehicles per day on Wyoming St and a 5 mile population of over 400,000 people. The Tim Hortons corporate lease runs for six years through December 31st, 2022 and contains four (4), five (5) year options. The lease calls for 10% increases every 5 years, with the next increase on January 1, 2018. OFFERING SUMMARY This location sits on a 16,000 SF lot adjacent to the intersection of Wyoming Street & Fenkell Avenue. Neighbors include: McDonald’s, White Castle, Subway, BP, Valero, and more. ASKING PRICE: $632,258 CAP RATE: 7.75% CAP RATE (1/1/18): 8.53% NOI: $49,000 SIZE: 1,925 SF LEASE EXPIRATION: December 31, 2022 Tim Hortons Offering Memorandum | Detroit, MI COLLIERS INTERNATIONAL 4 INVESTMENT HIGHLIGHTS STRONG INVESTMENT FUNDAMENTALS > Absolute NNN Lease with no Landlord Responsibilities > Strong going in yield at 7.75% and great price point > 10% Rent Increases in Base Term and Options > Low price point > Corporate guarantee from Tim Hortons > Population Over 400,000 within a 5-mile radius STRATEGIC LOCATION – ESTABLISHED TRADE AREA > Located at a retail – centered intersection with strong traffic counts > Immediately adjacent to John C Lodge Fwy (Rte 10), which boasted traffic counts in excess of 150,000 vehicles per day at the Wyoming St exit > Less than 7 miles from downtown Detroit and within 2 miles of University of Detroit & Marygrove College > Area Retailers include: McDonald’s, Subway, White Castle, Little Caesars Pizza, Dollar Tree, BP, among others. Tim Hortons Offering Memorandum | Detroit, MI COLLIERS INTERNATIONAL 5 > PROPERTY INFORMATION Offering Memorandum PROPERTY DESCRIPTION PROPERTY ADDRESS: 15340 Wyoming St. Detroit, MI 48238 OFFERING PRICE: $632,258 NOI: $49,000; rent increases to $53,900 on 1/1/18 CAP RATE: 7.75% 8.53% on 1/1/18 LEASE EXPIRATION: December 31, 2022 OPTIONS: Four (4), Five (5) year options ESCALATIONS: 10% every 5 years, including options YEAR BUILT: 1984 BUILDING SIZE: 1,925 SF PARCEL SIZE: 15,986 SF Tim Hortons Offering Memorandum | Detroit, MI COLLIERS INTERNATIONAL 7 PROPERTY AERIAL Tim Hortons Offering Memorandum | Detroit, MI COLLIERS INTERNATIONAL 8 RETAIL MAP Tim Hortons Offering Memorandum | Detroit, MI COLLIERS INTERNATIONAL 9 TENANT OVERVIEW Tim Hortons is the third largest coffee chain in the world. It has over a 50 year history that started in Ontario, Canada. It is the QSR leader in Canada, and expanding throughout the US. The brand started as a coffee and doughnut shop, but has evolved to a full menu offering everything from salads to sandwiches. Tim Hortons is an iconic Canadian brand that serves almost 80% of the cups of coffee sold in Canada. There are more than 4,590 Tim Hortons restaurants worldwide; 869 being in the United States. The brand is known for their impact within the community, offering high quality products, and providing a great experience for franchisees. In 2014, the parent company of Burger King, Restaurant Brands International, acquired Tim Hortons for 11.4 billion. This accelerated Tim Hortons growth into the United States. Tim Hortons currently has a strong presence in the Midwest and northeast, with plans to expand into the Southeast. Tim Hortons Offering Memorandum | Detroit, MI COLLIERS INTERNATIONAL 10 > LOCATION OVERVIEW Offering Memorandum LOCATION OVERVIEW DETROIT, MI TRANSPORTATION Detroit is the most populous city in the U.S. state of Michigan, the fourth-largest The Detroit region boasts an extensive transportation infrastructure with city in the Midwest and the largest city on the United States–Canada border. It is an extensive toll-free expressway system which includes four major the seat of Wayne County, the most populous county in the state. The municipality Interstate Highways, Detroit Metro Airport, four major Class I Railroads of Detroit had a 2015 estimated population of 677,116, making it the 21st-most and six international border crossings, making it one of the largest foreign populous city in the United States. The metropolitan area, known as Metro Detroit, trade zones in North America. The elevated Detroit People Mover is home to 4.3 million people and lies at the heart of the Great Lakes Megalopolis encircles downtown providing service to numerous downtown hotels, area, with around 60 million people. Roughly one-half of Michigan’s population offices and attractions. lives in Metro Detroit alone. The Detroit metropolitan area, often referred to as Metro Detroit, is a major UNEMPLOYMENT RATES metropolitan area in Southeast Michigan, consisting of the city of Detroit and its surrounding area. There are several definitions of the area, including the official October 2015 October 2016 Change Detroit-Warren-Dearborn statistical areas designated by the Office of Management and Budget, a federal 5.9% 5.3% agency of the United States. Metro Detroit is known for its automotive heritage, Metro Area arts, entertainment, popular music, and sports. The area includes a variety of State of Michigan 5.1% 4.7% natural landscapes, parks, and beaches, with a recreational coastline linking the United States 5% 4.9% Great Lakes. It is one of the nation’s largest metropolitan economies, with seventeen Fortune 500 companies. ECONOMY The City of Detroit anchors the second-largest economic region in the Midwest, behind Chicago, and the thirteenth-largest in the United States. Detroit and the surrounding region constitute a major center of commerce and global trade, most notably as home to America’s ‘Big Three’ automobile companies: General Motors, Ford, and Chrysler. Detroit’s six-county Metropolitan Statistical Area (MSA) has a population of about 4.3 million and a workforce of about 2.1 million. In November 2016, the Department of Labor reported metropolitan Detroit’s unemployment rate at 5.3%. The Detroit MSA had a Gross Metropolitan Product (GMP) of $197.7 billion in 2010. While Detroit remains the center for the American automobile industry, Detroit is one of the fastest growing regions for technology jobs in the country. Some of the fastest growing business sectors include biotechnology, nanotechnology, information technology, hydrogen fuel cell development, health care, aerospace, defense and logistics. Tim Hortons Offering Memorandum | Detroit, MI COLLIERS INTERNATIONAL 12 AREA MAP 475 127 FLINT 69 69 75 LANSING 23 96 PONTIAC 94 75 15340 WYOMING ST. 127 96 275 DETROIT 75 94 ANN ARBOR 94 401 Tim Hortons Offering Memorandum | Detroit, MI COLLIERS INTERNATIONAL 13 POP FACTS: DEMOGRAPHIC REPORT 2016 POP FACTS: DEMOGRAPHIC REPORT 2016 15340 WYOMING ST, DETROIT, MI, 48238-1719 15340 WYOMING ST, DETROIT, MI, 48238-1719 RADIUS 1 RADIUS 2 RADIUS 3 RADIUS 1 RADIUS 2 RADIUS 3 (0.0-1.0 miles) (0.0-3.0 miles) (0.0-5.0 miles) (0.0-1.0 miles) (0.0-3.0 miles) (0.0-5.0 miles) POPULATION 2016 EST. POPULATION HISPANIC OR LATINO 2021 Projection 17,305 155,075 405,819 Total 18,209 161,941 420,321 2016 Estimate 18,209 161,941 420,321 Hispanic or Latino 213 1.17% 1,944 1.20% 14,218 3.38% 2010 Census 20,059 175,380 448,689 Not Hispanic or Latino 17,996 98.83% 159,997 98.80% 406,103 96.62% 2000 Census 27,629 230,685 584,580 2016 TENURE OF OCCUPIED HOUSING UNITS Growth 2016 - 2021 -4.97% -4.24% -3.45% Total 6,799 63,747 162,487 Growth 2010 - 2016 -9.22% -7.66% -6.32% Owner Occupied 3,809 56.02% 36,084 56.60% 91,395 56.25% Growth 2000 - 2010 -27.40% -23.97% -23.25% Renter Occupied 2,990 43.98% 27,663 43.40% 71,092 43.75% HOUSEHOLDS AVERAGE HOUSEHOLD SIZE 2021 Projection 6,478 61,446 158,052 Total 2.64 2.50 2.55 2016 Estimate 6,799 63,747 162,487 2010 Census 7,454 68,180 171,077 2000 Census 9,475 84,018 210,454 Growth 2000 - 2010 -4.73% -3.61% -2.73% Growth 2010 - 2015 -8.78% -6.50% -5.02% Growth 2015 - 2020 -21.33% -18.85% -18.71% 2016 EST. POPULATION BY SINGLE CLASSIFICATION RACE Total 18,209 161,941 420,321 White Alone 345 1.89% 4,041 2.50% 72,210 17.18% Black or African 17,105 93.93% 152,177 93.97% 323,163 76.88% American Alone American Indian and 73 0.40% 639 0.39% 1,559 0.37% Alaska Native Alone Asian Alone 22 0.12% 490 0.30% 4,915 1.17% Native Hawaiian and 1 0.01% 11 0.01% 66 0.02% Other Pacific Islander Alone Some Other Race Alone 63 0.35% 577 0.36% 6,137 1.46% Two or More Races 600 3.30% 4,006 2.47% 12,271 2.92% Tim Hortons Offering Memorandum | Detroit, MI COLLIERS INTERNATIONAL 14 POP FACTS: DEMOGRAPHIC REPORT 2016 15340 WYOMING ST, DETROIT, MI, 48238-1719 RADIUS 1 (0.0-1.0 miles) RADIUS 2 (0.0-3.0 miles) RADIUS 3 (0.0-5.0 miles) 2016 EST.
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