Church's Chicken

REPRESENTATIVE PHOTO

CHURCH’S CHICKEN BRAND NEW CONSTRUCTION QSR WITHIN THE CHARLOTTE MSA

LINCOLNTON, NC (CHARLOTTE MSA) Overview

REPRESENTATIVE PHOTO CHURCH’S CHICKEN

1129 NORTH MAIN STREET, LINCOLNTON, NC 28092

$2,461,500 6.50% PRICE CAP

LEASABLE SF LOT SIZE LEASE TYPE 1,893 SF 0.99 AC ABSOLUTE NNN

PRICE PSF YEAR BUILT NOI $1,300.32 2019 $160,000

• Location opened on June 4, 2019, with excellent sales reported • New construction 20-year Absolute NNN lease featuring three 5-year options with 10% increases in the base term and options

• Situated along busy retail corridor with traffic counts exceeding 16,000 VPD

• Strong neighboring tenants include Walmart Supercenter, Lowe’s Home Improvement, CVS Pharmacy, Walgreens, and more

• Over 32,000 residents with average household incomes exceeding $56K within a 5-mile radius This information 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. 2 Buyer must verify the information and bears all risk for any inaccuracies. Investment Highlights Contact the

THE OFFERING provides an opportunity to acquire a brand new construction Church’s team Chicken located in Lincolnton, NC. The lease features a new 20-year Absolute NNN term with three 5-year options to extend and 10% increases in the base term and options. The operator and guarantor of this location is Goalz Restaurant Group, LLC and its principals, JOE CACCAMO a dynamic and rapidly expanding QSR operator with Church’s Chicken, Captain D’s, Dairy [email protected] Queen, and Dog Haus locations currently under management. For more information on the PH: 415.274.7394 franchisee, please see page 4. CA DRE# 01191110

THE SUBJECT PROPERTY is located along East Main Street, a major retail corridor of Lincolnton where traffic counts exceed 16,000 VPD. Adjacent to the Church’s Chicken is a brand new construction Captain D’s. Other neighboring tenants include Walmart Supercenter, Lowe’s Home Improvement, AutoZone, Hardee’s, Walgreens, CVS Pharmacy, Wendy’s, and more. Within a 5-mile radius of Church’s Chicken, there are over 32,000 residents with average household incomes exceeding $56,000.

LINCOLNTON is located within the Charlotte MSA and 45 minutes northwest of downtown Charlotte. The Charlotte MSA, with a population over 2.5 million people, is the largest metropolitan area within the Carolinas and is the fourth largest metropolitan area in the southeast United States. Charlotte is headquarters to eight Fortune 500 companies and seven Fortune 1,000 companies. IN CONJUNCTION WITH NC LICENSED BROKER: REPRESENTATIVE PHOTO Stuart Mullen Commercial Real Estate Carolina, LLC [email protected] PH: 704.661.9800

This information 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. Buyer must verify the information and bears all risk for any inaccuracies. OVER 1,650 LOCATIONS IN 29 STATES AND 23 COUNTRIES AND GLOBAL MARKETS 3 Tenant Overview ABOUT CHURCH’S CHICKEN

Church’s Chicken, founded in San Antonio, TX in 1952, is one of the largest quick service chicken restaurant chains in the world. Church’s Chicken specializes in Original and Spicy Chicken, biscuits, and home-style sides. The company, with more than 1,650 locations in 29 states and 23 countries and global markets, is the fourth-largest chicken restaurant chain in the world.

In 2009, Church’s Chicken was purchased by the San Francisco- based private equity firm Friedman Fleischer & Lowe, which operates the Church’s brand through a wholly-owned subsidiary, Cajun Global, LLC. In 2011, Cajun Global, LLC issued debt that was rated ‘BBB’ by Standard & Poor’s. Cajun Global, LLC does not guarantee the lease. Church’s Chicken’s annual revenue is estimated at $1.2 billion.

ABOUT THE OPERATOR / GUARANTORS

The Franchisee is Goalz Restaurant Group, LLC. The lease at this location features three limited personal guaranties (Shawn Eby – CEO, Steve Piascik – CFO, and Jeron Boemer - VP), as well as a corporate level guarantee from Goalz Restaurant Group, LLC. Goalz currently operates 4 restaurants with an additional 9 under construction, expected to open within the next three months under the Church’s Chicken, Captain D’s, Dairy Queen, and Dog Haus brands. In August 2017, Goalz Restaurant Group entered an agreement with Church’s Chicken to develop 200 new locations, with a plan of opening approximately 20 new stores per year ). Goalz is expected to open a total of REPRESENTATIVE PHOTO (click here for more info approximately 265 restaurants (Church’s, Captain D’s, Dairy Queen, Dog Haus) over the next few years. Goalz will also operate the This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or Captain D’s under construction adjacent to this property. implied, as to the accuracy of the information. Buyer must verify the 4 information and bears all risk for any inaccuracies. BUS Aerial 321

321 30,000 VPD ATRIUM HEALTH HOSPITAL

BUS 321

ELEMENTARY LINCOLN SCHOOL COUNTY E MAIN AIRPORT STREET STREET HIGH N ASPEN SCHOOL 27 ACADEMY ELEMENTARY SCHOOL LINCOLN COUNTY BUS ELEMENTARY SEAT 321 SCHOOL E MAIN STREET 27

GOLF COURSE GASTON 27 COLLEGE 16,000 LINCOLN VPD CAMPUS ELEMENTARY SCHOOL

27,000 S GENERALS BOULEVARD VPD CHARLOTTE W HIGHWAY 150 ELEMENTARY 150 38 MILES SCHOOL 321

RETAILERS IN CLOSE PROXIMITY INCLUDE:

Advance Auto Parts Dairy Queen Taco Bell ALDI Family Dollar Tractor Supply Co. AutoZone Hardee’s Waffle House Belk Little Caesars Walgreens Big Lots McDonald’s Walmart Supercenter Bojangles’ O’Reilly Auto Parts Wendy’s CVS Pharmacy Ross Dress for Less Zaxby’s

BUSINESS SUMMARY

TOTAL 1-MILE 3-MILES 5-MILES

Businesses 496 995 1,219

LINCOLNTON Employees 5,315 10,974 13,979

Residential 3,114 18,486 32,913 Population IRON STATION

KEY 1-MILE 3-MILES 5-MILES 6 HIGH SHOALS REPRESENTATIVE PHOTO Income & Expense

PRICE $2,461,500 Price Per Square Foot: $1,300.32 Capitalization Rate: 6.50% Total Rentable Area (SF): 1,893 Lot Size (AC): 0.99 STABILIZED INCOME PER SQUARE FOOT Scheduled Rent $84.52 $160,000 Effective Gross Income $84.52 $160,000 LESS PER SQUARE FOOT Taxes NNN $0.00 Insurance NNN $0.00 Total Operating Expenses NNN $0.00 EQUALS NET OPERATING INCOME $160,000

TENANT INFO LEASE TERMS RENT SUMMARY

CURRENT MONTHLY YEARLY MONTHLY YEARLY TENANT NAME SQ. FT. RENT RENT RENT RENT/FT RENT/FT

Church’s Chicken 1,893 1 5 $160,000 $13,333 $160,000 $7.04 $84.52

6 10 $14,667 $176,000 $7.75 $92.97

11 15 $16,133 $193,600 $8.52 $102.27

16 20 $17,747 $212,960 $9.37 $112.50

Option 1 21 25 $19,521 $234,256 $10.31 $123.75

Option 2 26 30 $21,473 $257,682 $11.34 $136.12

Option 3 31 35 $23,621 $283,450 $12.48 $149.74

TOTALS: 1,893 $160,000 $13,333 $160,000 $7.04 $84.52

*Location opened on June 4, 2019

This information 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. Buyer must verify the information and bears all risk for any inaccuracies. 8 the information andbearsall risk foranyinaccuracies. representations orwarranties, expressed orimplied, astotheaccuracy oftheinformation. Buyermustverify This siteplanisarendering thathasbeencreatedbasedon sourceswebelievetobereliable. We make no Site Plan RENTABLE SF LINCOLN COUNTY 1,893

N GENERALS BOULEVARD E MAIN STREET MAIN E 16,000 VPD ACRES LINCOLN COUNTY 0.99 30,000 COUNTY LINCOLN VPD 321 SPACES 321 22 PYLON SIGN 27 E MAINSTREET PYLON SIGN 9

DOCTOR MARTIN LUTHER KING JUNIOR DRIVE Demographics

POPULATION WINSTON-SALEM (90 MILES) 1-MILE 3-MILES 5-MILES RALEIGH 2010 2,864 17,924 31,761 (201 MILES)

2018 3,114 18,486 32,913 LINCOLNTON

2023 3,285 19,075 33,918 CHARLOTTE (38 MILES) FAYETTEVILLE (201 MILES) 2018 HH INCOME 1-MILE 3-MILES 5-MILES Average $58,317 $55,227 $56,521

Median $39,552 $41,651 $44,176 FLORENCE (149 MILES)

COLUMBIA TOP EMPLOYERS IN CHARLOTTE MSA (123 MILES) EMPLOYER Carolinas Health System

Wells Fargo Company

Walmart & Sam’s Club stores Bank of America THE AVERAGE HOUSEHOLD American Airlines INCOME WITHIN A 1-MILE RADIUS IS OVER $58K

CHARLOTTE

LINCOLNTON is the county seat of Lincoln County, which CHARLOTTE Charlotte is the 2nd largest city in the Southeast is home to over 82,000 residents. Lincolnton is home to a MSA and the 17th largest city in the United States. flourishing downtown central business district. Part of the The Charlotte MSA is well known for its auto Carolina Thread Trail, the Cloninger Rail Trail passes through racing history and is home to eight Fortune the heart of downtown and connects three city parks. 500 headquarters and seven Fortune 1000 companies.

Lincolnton is located 38 miles northwest of downtown These companies including Bank of America, Duke Energy, Sealed Charlotte, the largest metropolitan area within the Carolinas Air Corporation, Nucor Steel, and Lowe’s Home Improvement and the fourth largest metropolitan area in the Southeast Stores. Other headquarters include Harris Teeter, Food Lion, region of the United States. The Charlotte MSA is home to Cheerwine, and Sundrop. Charlotte is also home to the Charlotte over 2.5 million people and is the 22nd largest MSA in the Douglas International Airport, one of the world’s busiest airports. United States. CHARLOTTE MSA 2.5 MILLION POPULATION This information has been secured from sources we believe to be reliable but we make no representations or (ESTIMATED) warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears 11 all risk for any inaccuracies. We’d love to hear from you.

JOE CACCAMO [email protected] PH: 415.274.7394 CA DRE# 01191110

IN CONJUNCTION WITH NC LICENSED BROKER: Stuart Mullen Commercial Real Estate Carolina, LLC [email protected] PH: 704.661.9800

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