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Investment Opportunity

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Investment Opportunity SINGLE ___________________TENANT ABSOLUTE NNN INVESTMENT OPPORTUNITY CONCORD, NORTH CAROLINA Actual Site EXCLUSIVELY MARKETED BY MICHAEL WALSETH | SENIOR VICE PRESIDENT MATTHEW MOUSAVI | MANAGING PRINCIPAL PATRICK R. LUTHER, CCIM | MANAGING PRINCIPAL SRS NATIONAL NET LEASE GROUP SRS NATIONAL NET LEASE GROUP SRS NATIONAL NET LEASE GROUP 610 Newport Center Drive, Suite 400 | Newport Beach, CA 92660 610 Newport Center Drive, Suite 400 | Newport Beach, CA 92660 610 Newport Center Drive, Suite 400 | Newport Beach, CA 92660 DL: 949.270.8201 | M: 949.400.4261 DL: 949.698.1116 | M: 714.404.8849 DL: 949.698.1115 | M: 480.221.4221 [email protected] | CA License No. 01405081 [email protected] | CA License No. 01732226 [email protected] | CA License No. 01209944 This Offering Memorandum has been prepared by SRS National Net Lease Group (SRS) and has been approved for distribution by the owner. Although effort has been made to provide accurate information, neither the owner nor SRS can warrant or represent accuracy or completeness of the materials presented herein or in any other written or oral communications transmitted or made available to the purchaser. Many documents have been referred to in summary form and these summaries do not purport to represent or constitute a legal analysis of the contents of the applicable documents. Neither owner nor SRS represents that this offering summary is all inclusive or contains all of the information a purchaser may require. All of the financial projections and/or conclusions presented herein are provided strictly for reference purposes and have been developed based upon assumptions and conditions in effect at the time the evaluations were undertaken. They do not purport to reflect changes in the economic performance of the property or the business activities of the owner since the date of preparation of this Offering Memorandum. The projected economic performance of the property, competitive submarket conditions, and selected economic and demographic statistics may have changed subsequent to the preparation of the package. Qualified purchasers are urged to inspect the property and undertake their own independent evaluation of the property, the market and the surrounding competitive environment. Broker of Record: Kyle Stonis | NC License No: 265301 Actual Site Actual Site 5 8 13 15 INVESTMENT SUMMARY PROPERTY OVERVIEW AREA OVERVIEW FINANCIALS INVESTMENT HIGHLIGHTS PARCEL MAP CONCORD, NC RENT ROLL CONCORD LOCAL ATTRACTIONS AERIALS DEMOGRAPHICS PRICING SUMMARY SITE PLAN TENANT PROFILE Actual Site INVESTMENT SUMMARY OFFERING SRS National Net Lease Group is pleased to present the rare opportunity to acquire Chuck E Cheese’s, an absolute NNN leased, investment property located in Concord, NC. The PRICING $4,042,000 tenant, CEC Entertainment, Inc, will sign a brand new 20-year lease at the close of escrow, NET OPERATING INCOME: $262,731 with 3 (5-year) option periods. The lease features 10% increases every 5 years in the initial term and at the beginning of each option period. The lease is corporate guaranteed and CAP RATE: 6.50% is absolute NNN with zero landlord responsibilities. CEC Entertainment, Inc owns and operates approximately 590 stores and has annual revenues of approximately $825 MM. GUARANTY: Corporate The subject property is located along Interstate 85 (106,000 VPD), providing ease of access through the nearby on/off-ramp. In addition, the asset has excellent visibility along TENANT: CEC Entertainment, Inc. a heavily trafficked interstate. The subject site is located within the primary retail corridor LEASE TYPE: Abs. NNN serving the city of Concord and the neighboring cities. Concord Mills Mall (1,334,000 SF) is located directly across from the subject property with tenants including: TJ Maxx, LANDLORD RESPONSIBILITIES: None Forever 21, Bass Pro Shops, Bed Bath & Beyond, AMC Theaters, Best Buy, H&M, Burlington Coat Factory, Nike, Old Navy, and more. The 5-mile trade area is supported by a dense population of approximately 137,400 with an average household income of $87,400. Furthermore, the trade area has experienced steady population growth of approximately PROPERTY SPECIFICATIONS 12.77% over the last 5 years and is projected to grow by an additional 4.34% by 2021. RENTABLE AREA: 11,656 SF LAND AREA: 2.17 Acres PROPERTY ADDRESS: 7970 Lyles Lane NW, Concord, NC 28027 YEAR BUILT: 2001 PARCEL NUMBER: 4589 82 2064 OWNERSHIP: Fee Simple (Land and Building) 5 / CHUCK E. CHEESE’S / CONCORD, NORTH CAROLINA INVESTMENT SUMMARY / SRS NATIONAL NET LEASE GROUP Actual Site INVESTMENT HIGHLIGHTS BRAND NEW 20-YEAR CORPORATE GUARANTEED LEASE | RENTAL INCREASES • New 20-year corporate guaranteed lease (sale leaseback) • Demonstrates long-term commitment to the site • 10% rental increase every 5 years ABS. NNN LEASE | FEE SIMPLE OWNERSHIP | NO LANDLORD RESPONSIBILITIES • Tenant pays for all CAM, insurance, and taxes • Ideal for an out-of-state, passive investor ACROSS FROM CONCORD MILLS MALL (1,334,000 SF) • The subject property is an outparcel to Concord Mills Mall, a 1,334,000 SF mall with tenants including: TJ Maxx, Forever 21, Bass Pro Shops, Bed Bath & Beyond, AMC Theaters, Best Buy, H&M, Burlington Coat Factory, Old Navy, and more • Ideal tenant synergy and crossover traffic LOCATED ALONG INTERSTATE 85 | LARGE MONUMENT SIGN • The subject property is located along Interstate 85 (106,000 VPD) providing prime visibility for the site • Convenient access for both local and highway traffic • Direct on/off-ramp access STRONG DEMOGRAPHICS IN AFFLUENT 5-MILE TRADE AREA | HIGH GROWTH • Over 137,400 residents and 73,200 employees support the trade area • $87,400 average household income • The 1-mile trade area has experienced explosive population growth of approximately 12.77% over the last 5 years and is projected to grow by an additional 4.34% by 2021 6 / CHUCK E. CHEESE’S / CONCORD, NORTH CAROLINA INVESTMENT HIGHLIGHTS / SRS NATIONAL NET LEASE GROUP Actual Site CONCORD - TRADE AREA ATTRACTIONS CONCORD MILLS MALL ANCHORS (1,334,000 SF) • Bass Pro Shops • AMC Theaters • Burlington Coat Factory • Best Buy • Nike Factory Store • TJ Maxx • Bed, Bath, & Beyond ONLY MALL WITH AN ATTACHED THEATER AND MULTIPLE ENTERTAINMENT • Concord Mills is the only mall in the greater Concord area that includes both AMC theaters, Dave & Buster’s, a go-karting track, and miniature golfing PAVILION AT KING’S GRANT - 286,197 SF POWER CENTER • Pavilion at King’s Grant, across from Concord Mills Mall, features an ideal mix of national/credit tenants that supplements the existing tenants within Concord Mills Mall, further strengthening the site’s draw for consumers • Tenants include: Ross Dress for Less, Pier 1 Imports, Toys R Us, hhgregg, Petco, Total Wine, and more CHARLOTTE MOTOR SPEEDWAY • Charlotte Motor Speedway, located 1 mile from the subject property, hosts many major events throughout the year including: NASCAR Sprint Cup Series, NASCAR, Xfinity Series, NASCAR, Camping World Truck Series, NASCAR Whelen Southern Modified Tour, NHRA Mello Yello Drag Racing, MXGP, and World of Outlaws • Charlotte Motor Speedway is considered one of the busiest sports venues in the country with more than 380 events per year GREAT WOLF LODGE - 1 OF 2 INDOOR WATER PARKS IN NORTH CAROLINA • Great Wolf Lodge, which is adjacent to the subject site, features a climate-controlled water park with 12 water slides and 3 swimming pools and is only 1 of 2 indoor water parks in the state of North Carolina 7 / CHUCK E. CHEESE’S / BROWNSVILLE, TEXAS CONCORD LOCAL ATTRACTIONS / SRS NATIONAL NET LEASE GROUP Actual Site PROPERTY OVERVIEW ACCESS PARCEL There are three (3) access points along Lyles Lane NW. Parcel Number: 4589 82 2064 Acres: 2.17 Square Feet: 94,525 SF TRAFFIC COUNTS ZONING Interstate 85: ....................................................................................106,000 Commercial IMPROVEMENTS There is approximately 11,656 SF of existing building area. PARKING There are approximately 151 parking spaces on the owned parcel. The parking ratio is approximately 13.34 stalls per 1,000 SF of leasable area. YEAR BUILT 2001 PARCEL MAP 8 / CHUCK E. CHEESE’S / CONCORD, NORTH CAROLINA PROPERTY OVERVIEW / SRS NATIONAL NET LEASE GROUP Actual Site N N N LYLES LANE NW CONCORD 2016 ESTIMATED … POPULATION 1 Mile ........................................................... 1,651 3 Mile ......................................................... 37,942 5 Mile ........................................................137,433 2016 AVERAGE HOUSEHOLD INCOME 1 Mile ........................................................$72,774 CHARLOTTE 3 Mile ........................................................$90,735 5 Mile ........................................................$87,470 2016 ESTIMATED TOTAL EMPLOYEES 1 Mile ......................................................... 13,084 3 Mile ......................................................... 24,260 5 Mile ......................................................... 73,261 N AREA OVERVIEW OF CONCORD The City of Concord is located in the north central portion of Cabarrus County, North Carolina (the “County”). The County is located in the east central part of the Charlotte-Gastonia-Concord MSA. The City, incorporated in 1796, is the County seat and covers an area of approximately 60 square miles. The City adjoins the City of Charlotte, North Carolina, and is one of seven incorporated municipalities in Cabarrus County. The estimated population of the city as of July 1, 2015 was 196,762. Concord has
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