Offering Memorandum

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Offering Memorandum OFFERING Miami Grill MEMORANDUM 1505 S Federal Highway Dania Beach, FL 33004 ACTUAL PROPERTY PHOTO ACTUAL PROPERTY PHOTO The information contained in the following Marketing Brochure is proprietary and strictly CONFIDENTIALITY confidential. It is intended to be reviewed only by the party receiving it from Tiktin Real AND DISCLAIMER Estate Investment Services ("TREIS") and should not be made available to any other person or entity without the written consent of TREIS. This Pricing Analysis has been prepared to provide summary, unverified information to the current ownership, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. TREIS has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Pricing Analysis has been obtained from sources we believe to be reliable; however, TREIS has not verified, and will not verify, any of the information contained herein, nor has TREIS conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. NON-ENDORSEMENT NOTICE: Tiktin Real Estate Investment Services, Inc. (“TREIS”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this Pricing Analysis. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of TREIS, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of TREIS, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. 2 FINANCIAL ANALYSIS Pricing Analysis . .5 TABLE OF EXECUTIVE SUMMARY Investment Overview . .7 CONTENTS Tenant Overview . .8 - 9 PROPERTY DESCRIPTION Aerial Photo . .10 Local Retailer Map . .11 Local Aerial . .12 Regional Map . .13 MARKET OVERVIEW Market Overview . 15 - 18 COMPETITIVE PROPERTY SET Rent Comparables Map . .21 Rent Comparables . 22 - 24 Sales Comparables Map - Single Tenant. .26 Sales Comparables - Single Tenant . .27 - 29 DEMOGRAPHIC Demographic Summary . 31 - 32 3 FINANCIAL ANALYSIS PRICING ANALYSIS MIAMI GRILL LEASE SUMMARY FINANCIAL 1505 S Federal Highway, Dania Beach, FL 33004 Lease Type: Double Net (NN) OFFERING PRICE Roof And Structure: Landlord Responsible ANALYSIS Price*: $1,650,000 Lease Guarantor: Franchisee Cap Rate: 6.18% Original Lease Term: 10 Years NOI: $101,971 Rent Commencement Date: November 4th, 2015 Gross Leasable Area (GLA): 2,554 SF Lease Expiration Date: November 3rd, 2025 Price/Rentable SF: $646.05 Remaining Lease Term: 6 Years Lot Size: 21,744 SF (0.50 Acres) Options: 4, (5) Year Year Built/Renovated: 1993/2016 Increases: CPI Increase 3rd Option ANNUALIZED OPERATING DATA RENT INCREASES ANNUAL RENT MONTHLY RENT CAP RATE CURRENT - 11/3/2025 $101,971 $8,497 6.18% Option Period 1 11/4/2025 - 11/3/2030 $95,971 $7,997 5.81% Option Period 2 11/4/2030 - 11/3/2035 $101,971 $8,497 6.18% Option Period 3 11/4/2035 - 11/3/2040 $121,411 $10,117 7.35% Option Period 4 11/4/2040 - 11/3/2045 $148,411 $12,367 9.00% BASE RENT ($39.92/SF) $101,971 TOTAL RETURN 6.18%/$101,971 * This price includes the excess land of approximately 5,500 SF adjacent to the parking lot to the east. -This lease calls for gross rent to be inclusive of property taxes, which are paid directly by landlord. The expected property taxes for 2019 based on the 2019 Notice of Proposed Property Taxes would be $18,029. -During the third and fourth option periods, the increases are based on the CPI increase for the specified option period. 5 EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS ■■ Incredible Signalized Corner ■■ Average Daily Traffic Count Exceeds 65,000 Vehicles Per Day ■■ Double Net Lease (NN) - Minimal EXECUTIVE Landlord Responsibilities, Only Roof & Structure SUMMARY ■■ 6 Years Remaining on 10 Year Original Lease ■■ Excess Land Included In Sale Price ■■ Excellent Access & Visibility ■■ Directly Across The Street From The Publix - Anchored Westlake Commons INVESTMENT OVERVIEW Tiktin Real Estate Investment Services is pleased to present this Miami Grill located in Dania Beach, Florida. This investment offering consists of a freestanding Miami Grill with 6 years remaining on a double-net (NN) lease. This Miami Grill has been in operation since its construction in 1993 and was completely renovated in 2016. This Miami Grill is situated at the signalized intersection of Sheridan Street (30,000 vehicles per day) and US1 (35,000 vehicles per day) on a hard corner, which creates an increased volume in traffic flow. This corner property is comprised of .5 acres and offers two points of ingress and egress allowing for easy traffic flow throughout the parking lot and drive thru lane. The recently completed Westlake Commons, anchored by Publix and across the street from this Miami Grill, is a driver to the area. This new retail property shows the strength of the demographics in the immediate area where the population has increased by 12% since 2010 in the 3-mile radius surrounding the subject property. This Miami Grill is situated just minutes from the beaches to the east and I-95 to the west. The demographics surrounding this property include a population in excess of 260,000 within a 5-mile radius and an average household income exceeding $70,000. 7 TENANT OVERVIEW Property Property: Miami Grill Property Address: 1505 S Federal Highway, Dania Beach, FL 33004 Tenant Tenant Trade Name: Towing You, LLC dba Miami Grill TENANT Ownership: Private Company Tenant: Franchisee Guarantee OVERVIEW Lease Guarantor: Franchisee LEASE Lease Commencement Date: November 4th, 2015 Rent Commencement Date: November 4th, 2015 Lease Expiration Date: November 3rd, 2025 Lease Type: Double Net (NN) Roof & Structure: Landlord Responsibility Lease Term: 10 Years Term Remaining: 6 Years Remaining ACTUAL PROPERTY PHOTO Net Operating Income: $101,971 Increases: CPI Increase During 3rd Option OPTIONS Options to Renew: 4 (5) Year Options Options to Terminate: No Options to Purchase: No First Right of Refusal: No No. of Locations: 31 Total Locations Headquartered: Fort Lauderdale, Florida ACTUAL PROPERTY PHOTO Previously known as Miami Subs Grill, Miami Grill is a privately held restaurant chain, based in Fort Lauderdale, Florida. The company was founded 31 years ago in 1988, and now has 31 locations operating globally. There are 2 locations in Malaysia, 1 in Myanmar, 1 scheduled to be opened in Panama, and one scheduled to be opened in Pakistan. Prior to founding Miami Grill, Gus Boulis also founded Mr. Sub. Boulis was extremely successful with Mr. Sub and ended his professional career there with over 200 locations. In 1999, Nathan's Famous purchased Miami Grill for $14.4 million. Since then, Nathan's Famous sold Miami Grill to a private investment group. In 2013, an equity stake in the chain was purchased by Armando Cristian Perez, who is better known by his stage name, Pitbull. 8 PROPERTY DETAILS THE OFFERING Property Miami Grill Property Address 1505 S Federal Highway, Dania Beach, FL 33004 SITE DESCRIPTION Gross Building Area: 2,554 SF PROPERTY Lot Size: 21,744 (0.5 Acres) Ownership: FEE SIMPLE DESCRIPTION Year Built/Renovated: 1993/2016 ACTUAL PROPERTY PHOTO Number of Stories: 1 Story Parking: 23+ Parking Ratio: 9.01/ 1,000 SF Topography: FLAT PARCELS Number of Tax Parcels 1 APN 5142-03-07-0540 CONSTRUCTION Foundation Concrete ACTUAL PROPERTY PHOTO Framing Concrete Exterior Concrete Parking Surface Asphalt Roof Asphalt Shingles MECHANICAL HVAC Central Air Fire Protection Fully Sprinkled & Monitored Utilities City of Dania Beach ZONING PUD: SFED-MU ACCESS POINTS Sheridan St. & SE 15th St. Via South Federal Highway UTILITIES Gas Tenant Electric Tenant Water Tenant Sewer Tenant Trash: Tenant 9 PROPERTY DESCRIPTION AERIAL PHOTO MIAMI GRILL 10 PROPERTY DESCRIPTION LOCAL RETAILER MAP 11 PROPERTY DESCRIPTION LOCAL MAP MIAMI GRILL 12 PROPERTY DESCRIPTION REGIONAL MAP SUBJECT PROPERTY 13 MARKET OVERVIEW THE CITY OF DANIA BEACH OVERVIEW Historically dating back to the 1880's, Dania Beach is the first and oldest city in Broward MARKET County. Early immigrants prospered in tomato farming, utilizing the FEC railroad line to ship OVERVIEW the produce throughout the US, contributing to the local prosperity of the city. The city become known as "The Tomato Capital of the World". Located just minutes from Fort Lauderdale Airport, Dania Beach is a very active city with several landmark attractions. It is home to one of the largest jai alai frontons in the country with attendance at games in the tens of thousands. Incorporated in 1904, Dania Beach has grow to become a major player in South Florida's academic, marine, and tourism industries. The city's extensive recreation program includes a beach and fishing pier, pools, tennis courts, neighborhood parks and community centers that provide a wide variety of programs for youth, adults and senior citizens. Dania Beach is also home to a casino, two amusement centers, and commercial airlines. While being the home to several entertainment attractions, Dania Beach is also a quant. It is home to the Fishing Hall of Fame & Museum and also known as the antique capital of the south.
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