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Chick-Fil-A (Ground Lease) Subject Property Rendering Uptown Crossing | Houston, Texas

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Chick-Fil-A (Ground Lease) Subject Property Rendering Uptown Crossing | Houston, Texas UPTOWN HOUSTON DOWNTOWN HOUSTON (Approx. 8 Miles Northeast) THE GALLERIA MALL 2.4M Total SF & 400+ Retailers I-610 (270,111 VPD) WESTPARK DR (36,956 VPD) US HWY 59/I-69 (352,431 VPD) TEXAS MEDICAL CENTER (Approx. 8 Miles S. RICE AVE (20,058 VPD) Southeast) NE Subject Property Photos Offering Memorandum Chick-fil-A (Ground Lease) Subject Property Rendering Uptown Crossing | Houston, Texas One-of-a-kind Generational Hold Acquisition Opportunity | Less Than 1 Mile from The Galleria Mall—Largest Shopping Center in Texas & 4th Largest Nationally Confidential Disclaimer This Confidential Memorandum has been prepared by Stan Johnson Company (“SJC”) and is being furnished to you solely for the purpose of your review of the commercial property located at 5405 South Rice Avenue in Houston, Texas (the “Property”). The material contained in this Offering Memorandum shall be used for the purposes of evaluating the Property for acquisition and shall not be used for any purpose or made available to any other person without the express written consent of Stan Johnson Company (“Broker”). By accepting the Confidential Memorandum, you acknowledge and agree that: (1) all of the information contained herein and any other information you will be receiving in connection with this transaction, whether oral, written or in any other form (collectively, the “Materials”), is confidential; (2) you will not reproduce the Confidential Memorandum in whole or in part; (3) if you do not wish to pursue this matter, you will return this Confidential Memorandum to SJC as soon as practicable together with all other materials relating to the Property which you may have received from SJC; and (4) any proposed actions by you which are inconsistent in any manner with the foregoing agreements will require the prior written consent of SJC. This Confidential Memorandum has been prepared by SJC, based upon certain information pertaining to the Property and any information obtained from SJC to assist interested parties in making their own evaluation of the Property is offered on a no representation or warranty provision other than customary warranties of title and is sold on an “as-is, where-is” basis and with all faults. The material and transaction does not purport to be all inclusive. This Confidential Memorandum contains descriptive materials, financial information and other data compiled for the convenience of parties interested in the Property. The Materials are being delivered by SJC to prospective investors with the understanding that it is not all inclusive and that it is qualified in its entirety by independent investigation by prospective investors of those matters which they deem appropriate in evaluating this offering without reliance upon SJC, the Broker or any of their respective affiliates or any of the information set out in the Materials. Neither SJC, the Broker, nor any of their respective affiliates have independently verified any of the information contained herein or in any of the Materials, and no representations or warranties as to the accuracy or completeness thereof or of any other kind whatsoever are made or intended and none should be inferred. SJC, for itself and its affiliates of the Property, expressly disclaim any and all liability for statements or representations, express or implied, contained herein or for omissions from the Materials or for any other written, oral or other format of communication transmitted to a prospective investor in the course of its evaluation of the proposed transaction. All summaries and discussions of documentation and/or financial information contained herein are qualified in their entirety by reference to the actual documents and/or financial statements, which upon request may be made available. The terms and conditions described herein are subject to change without notice. This Confidential Memorandum does not constitute an offer to accept any investment proposal but is merely a solicitation of interest with respect to the investment described herein. The Confidential Memorandum does not constitute an offer of security. The investment described herein may be financed or withdrawn from the market, without prior notice. By accepting this Confidential Memorandum you agree to release SJC and hold it harmless from any kind of claim, expense, or liability arising out of your discovery or purchase of the Property. SJC reserves the right to request the return of the Materials at any time. Ownership of the Property reserves the right to negotiate with one or more prospective investors at any time. Page 2 Chick-fil-A Ground Lease | Houston, TX Table of Contents Offered Exclusively By Brandon Duff Section 1: About the Investment Regional Director [email protected] Investment Summary & Investment Highlights 5 Brad Feller Senior Director Rendering 6 [email protected] Pricing & Property Overview 7 Isaiah Harf Associate Director Rent Roll & Income Statement 8 [email protected] Lease Abstract & Rent Schedule 9 Jim Gibson Regional Director Tenant Overview 10 [email protected] TX Lic. #392926 Site Plan 11 Todd Moore Associate Director Section 2: Location Information [email protected] Marc Peeler Associate Retail Aerial Map 13 [email protected] Subject Aerial Photos 14 Retail & Business Map 15 Stan Johnson Company 303 East Wacker Drive | Suite 1111 Location Overview 16 Chicago, Illinois 60601 P: +1 312.240.0127 | F: +1 312.240.0158 Uptown Houston Market Overview 17 Houston Retail Overview 18 Stan Johnson Company 10333 Richmond Ave | Suite 740 Houston Hotel & Hospitality Overview 19 Houston, TX 77042 P: +1 832.476.3440 | F: + 832.476.3449 Demographics 20 Page 3 Chick-fil-A Ground Lease | Houston, TX Section 1: About the Investment I-610 (270,111 VPD) WESTPARK DR (36,956 VPD) US HWY 59/I-69 (352,431 VPD) S. RICE AVE (20,058 VPD) NE Page 4 Chick-fil-A Ground Lease | Houston, TX Investment Summary Investment Highlights One-of-a-kind & “Generational Hold” Acquisition Opportunity – The Stan Johnson Company is pleased to exclusively offer for sale to qualified Property provides an investor the rare opportunity to secure a passive net- investors, the opportunity to purchase a 100% fee-simple interest in the lease investment, while at the same time acquiring premier urban infill real estate in Houston, Texas, one of the most sought after markets in the United ground leased commercial property located at 5405 South Rice Avenue in States. Houston, Texas (the “Property”). The Property is currently under construction Absolute NNN Lease – Chick-fil-A is currently operating under a new 15- and will open as a Chick-fil-A restaurant in Q2 2016 . Roughly eight miles west Year Absolute NNN Ground Lease with zero landlord responsibility for the of downtown Houston, the Property is a part of Uptown Crossing – the new Walmart-anchored duration of the base lease and renewal option periods. development adjacent to the I-69 and I-610 interchange. The Property is to be 4,791 SF and will be Excellent Real Estate Fundamentals & Residual Value – Development is complete with a drive-thru and parking for 53 vehicles. located on Rice Avenue along the Westpark Tollway, just west of downtown Houston and in close proximity to three of Houston’s most prestigious and densely populated neighborhoods – the Galleria, West University and The Property is leased to and corporately guaranteed by Chick-fil-A, Inc. The 15-year base lease Bellaire. commenced in December 2015 and features 10% rental increases every five years through the duration of the base lease, as well as at the start of each of five, five-year renewal option periods. The Attractive Rental Escalations – Property features 10% rental increases every 5 years throughout the base term, as well as in each option period. lease is Absolute NNN with no landlord responsibility. Outstanding Tenant Profile –Chick-fil-A is the industry leader in average Uptown Crossing is a 38-acre mixed-use development anchored by Walmart Supercenter, directly sales per restaurant, making an annual average of $2.7 million. The company logged sales of $5.7 billion in 2014, which represented an 11.8% increase across from Sam’s Club and adjacent to the Uptown District of Houston, the 14th largest business from its $5.1 billion figure in 2013. district in the United States. Uptown is home to more than 180,000 people and offers 28+ million Outparcel to Newly Constructed Walmart Supercenter – Property is square feet of office space, 34 hotels and 5+ million square feet of retail space, including the Galleria, an outparcel of the brand new Uptown Crossing development anchored the 4th-largest retail complex in the country which draws more than 24 million people annually. by Walmart. Additional tenants in center include MicroCenter Computer & Electronics, Starbucks, AT&T, Mattress Firm, Jack in the Box, El Pollo Loco, two medical offices and a TownPlace Suites by Marriott hotel. Chick-fil-A is an American restaurant chain currently operating over 1,850 locations across 38 states and the District of Columbia. It is the industry leader in average sales per restaurant with an annual High Visibility & Superior Traffic Counts – The Uptown Crossing site is located at the interchange of Interstate 69 and Interstate 610 with on- and location sales average of $2.7 million. According to Technomic Inc.’s annual report on the top U.S. off-ramps to each nearby. Combined traffic counts are in excess of 679,500 restaurant organizations, Chick-fil-A logged sales of $5.7 billion in 2014 – an 11.8% increase from the VPD. company’s $5.1 billion in sales in 2013. Exceptional Demographics – Property will benefit from a population in excess of 200,000 and average household income of over $108,600 within a 3-mile radius. Page 5 Chick-fil-A Ground Lease | Houston, TX Subject Property Rendering – Construction Complete Q4 2016 Page 6 Chick-fil-A Ground Lease | Houston, TX Pricing Overview 5405 S Rice Avenue | Houston, TX 77081 Offering Price: $2,933,333 Offering Cap Rate: 3.75% Year 1 Annual Rent: $110,000 Tenant/Guarantor: Chick-fil-A, Inc.
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