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Village Inn 5961 E Mckellips Road, Mesa , Arizona

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Village Inn 5961 E Mckellips Road, Mesa , Arizona VILLAGE INN 5961 E MCKELLIPS ROAD, MESA , ARIZONA OFFERING MEMORANDUM 202 CORPORATE OFFICE SUPERSTITION SPRINGS CENTER 60 The information in this package 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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus Millichap. ACT ID Z0070501 MARCUS & MILLICHAP 2 // Village Inn Executive Summary FINANCIAL SUMMARY ANNUALIZED OPERATING DATA Price $3,415,000 Lease Years Annual Rent Cap Rate Down Payment 100% $3,415,000 10/1/2020 - 9/30/2025* $196,348 5.75% Cap Rate 5.75% Options Annual Rent Cap Rate Approx. Building SF 4,722 Option 1 (10/1/2025 - 9/30/2030) $212,056 6.21% Net Cash Flow 5.75% $196,348 Option 2 (10/1/2030 - 9/30/2035) $229,020 6.71% Year Built 2005 Lot Size 1.18 Acres Base Rent $196,348 LEASE SUMMARY Net Operating Income $196,348 Lease Type Absolute Triple-Net (NNN) Lease Total Return 5.75% $196,348 Tenant Village Inn Guarantor Vicorp Restaurants, Inc. dba Village Inn * Seller to credit difference in Rent at COE. Roof & Structure Tenant Responsible Lease Commencement Date September 24, 2005 Lease Expiration Date September 30, 2025 Lease Term Remaining 5 Years Rental Increases 8% Every 5 Years Renewal Options 2, 5 Year Options MARCUS & MILLICHAP 3 // Village Inn 16,800 CPD N RECKER RD DAIRY QUEEN BURGER A DONU KING S T E S M 19,700 CPD E MCKELLIPS RD MARCUS & MILLICHAP 4 // Village Inn Property Description DEMOGRAPHICS 1-mile 3-miles 5-miles Population 2023 Projection 13,620 83,753 209,320 2018 Estimate 13,418 78,864 198,719 Growth 2018 - 2023 1.51% 6.20% 5.33% Households 2023 Projection 6,344 35,950 88,584 2018 Estimate 6,186 33,469 83,003 Growth 2018 - 2023 2.55% 7.42% 6.72% Income 2018 Est. Average $67,734 $78,686 $78,068 Household Income 2018 Est. Median $53,363 $56,126 $54,675 INVESTMENT HIGHLIGHTS Household Income » Absolute Triple-Net (NNN) Lease with 5 Years Remaining 2018 Est. Per $31,398 $33,599 $32,756 » 8% Rental Increases Every 5 Years Capita Income » 198,719 Residents in Growing Mesa Trade Area - Phoenix MSA » Mesa is the Third-Largest City in the State of Arizona » Signalized Hard Corner Location - Visible to 36,500+ Cars/Day at the Intersection of E McKellips Road and N Recker Road » Outparcel to Fry’s Food & Drug and Kohl’s » Average Household Income Exceeds $78K in Surrounding Area » Less Than 2 Miles Off the Loop 202 Freeway, a Major Connector for the Phoenix Area » Minutes to The Boeing Company’s Corporate Arizona Office » Close Proximity to Major National Retailers - Walmart Supercenter, Target, The Home Depot, Dairy Queen, Burger King, and More MARCUS & MILLICHAP 5 // Village Inn Tenant Overview Nashville, Tennessee American Blue Ribbon Holdings, LLC 200+ www.villageinn.com Headquarters Parent Company Locations Website In 1958 the first Village Inn Pancake House opened its doors in Denver, Colorado Apple and Caramel Pecan Silk Supreme are just a few of Village Inn’s signature and began offering made-from-scratch buttermilk pancakes, fresh eggs cooked pies. any style, sizzling bacon and steaming pots of coffee. Village Inn’s first franchise Village Inn’s parent company, American Blue Ribbon Holdings, LLC (ABRH), started operating in 1961, leading the way for successful franchise development. is a diversified food services company. Based in Nashville, Tennessee, the With six decades of success, Village Inn’s corporate and franchise restaurants company operates four family and casual dining restaurant groups in the United now total more than 200, located primarily in the Rocky Mountain region, the States. These include O’Charley’s, Ninety Nine Restaurant and Pub, Village Midwest, Arizona and Florida. Inn, and Bakers Square. ABRH also owns and operates Legendary Baking, an Village Inn has a reputation for its award-winning pies, which have come to be award-winning baker of pies and premium desserts. ABRH is a majority-owned known as The Best Pie In America® – French Silk, Lemon Supreme, Country subsidiary of Cannae Holdings, Inc. MARCUS & MILLICHAP 6 // Village Inn Location Overview 5 Miles to Superstition Springs Center 17 Miles to Arizona State University Polytechnic Campus 22 Miles to Phoenix Sky Harbor International Airport 27 Miles to Downtown Phoenix Mesa is the third largest city in Arizona, after Phoenix and Tucson, and the than 30 incorporated and more than 30 unincorporated towns and cities. Since 38th largest city in the U.S. It is home to numerous higher education facilities, 2000, the population in the metro increased by more than 38 percent. The including the Polytechnic campus of Arizona State University. The city’s top largest city is Phoenix, which encompasses about 520 square miles, is the capital employers include Banner Health, Boeing, Walmart, Fry’s Food & Drug, and The city and boasts a population of more than 1.5 million. Home Depot. As one of the primary beneficiaries of the massive shift in the U.S. population With dynamic recreational, educational and business opportunities, Mesa enjoys from north to south, the Phoenix metro has had little difficulty finding workers; the best in a variety of amenities including parks within easy walking distance the challenge, though, is attracting high-paying jobs. Phoenix claims five Fortune from home, a variety of sports facilities that cater to athletes young and old, highly 500 headquarters, including Freeport-McMoRan, Republic Services, Insight rated golf courses for every skill level, a diversity of special events and community Enterprises, Avnet and PetSmart. Construction, high-tech manufacturing, festivals, and Mesa’s ever-popular Chicago Clubs and Oakland A’s Spring Training healthcare and tourism dominate the Phoenix economy. The local economy has baseball. strengthened since the recession, with retail sales projected above 8 percent this The Phoenix metro consists of Maricopa and Pinal counties, and includes more year and hotel occupancy levels rising. MARCUS & MILLICHAP 7 // Village Inn [ exclusively listed by ] Jamie A. Medress Mark J. Ruble Chris N. Lind Peter Lenstrohm Senior Managing Director Senior Managing Director First Vice President Associate Advisor 602 687 6778 602 687 6766 602 687 6780 602 687 6659 [email protected] [email protected] [email protected] [email protected] Offices Nationwide www.marcusmillichap.com NET LEASED DISCLAIMER CONFIDENTIALITY AGREEMENT Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows: The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended By accepting this Marketing Brochure, you agree to treat the information contained herein regarding the lease terms to be reviewed only by the party receiving it from Marcus & Millichap and it should not be made available to any as confidential and proprietary and to only use such information to evaluate a potential purchase of this net leased other person or entity without the written consent of Marcus & Millichap. By taking possession of and reviewing the property. information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. have no interest in the subject property at this time, please return this offering memorandum to Marcus & Millichap. However, Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation This offering memorandum has been prepared to provide summary, unverified financial and physical information to whatsoever about the accuracy or completeness of any information provided. prospective purchasers, 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. Marcus & Millichap has not made As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and any investigation, and makes no warranty or representation with respect to the income or expenses for the subject completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute property, the future projected financial performance of the property, the size and square footage of the property for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with obligation to conduct a due diligence examination of this Property for Buyer. local, 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. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not The information contained in this offering memorandum has been obtained from sources we believe to be reliable; represent the current or future performance of this property. The value of a net leased property to you depends on however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has factors that should be evaluated by you and your tax, financial and legal advisors.
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