TARGET ANCHORED PAD SITE RETAIL
BAKERS SQUARE - SPRINGFIELD, IL 3434 FREEDOM DR, SPRINGFIELD, IL 62704
30445 Northwestern Highway, Suite 275 BRYAN BENDER COREY BUNCH ANDY BENDER Farmington Hills, MI 48334 MANAGING DIRECTOR INVESTMENT ADVISOR INVESTMENT ADVISOR 248.254.3410 D: 248.419.3810 D: 248.419.3627 D: 248.419.3657 fortisnetlease.com [email protected] [email protected] [email protected] BAKERS SQUARE - SPRINGFIELD, IL 3434 FREEDOM DR, SPRINGFIELD, IL 62704
DISCLOSURE :
All materials and information received or derived from Fortis Net Lease (hereinafter collectively referred to as “FNL”), its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty by FNL its directors, officers, agents, advisors, or affiliates as to com- pleteness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters.
Neither FNL its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the anymaterialsor information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. FNL will not investigate or verify any such matters or conductdue diligence for a party unless otherwise agreed in writing.
ALL PARTIES SHALL CONDUCT THEIR OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE:
Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party.
All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals.FNL makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. FNL does not serve as a financial advisorto any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the property.
Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by FNL in compliance with all applicable fair housing and equal opportunity laws.
Listed and Marketed in Coordination with IL In State Broker of Record Wayne A. Sobczak, GRI, CRS with Realty World (Tiffany Real Estate): # 410-000681
EXCLUSIVELY LISTED BY:
BRYAN BENDER COREY BUNCH ANDY BENDER MANAGING DIRECTOR INVESTMENT ADVISOR INVESTMENT ADVISOR D: 248.419.3810 D: 248.419.3627 D: 248.419.3657 [email protected] [email protected] [email protected]
BRYAN BENDER | 248.419.3810 | [email protected] // COREY BUNCH | 248.419.3627 | [email protected] DISCLAIMER // 2 BAKERS SQUARE - SPRINGFIELD, IL 3434 FREEDOM DR, SPRINGFIELD, IL 62704
INVESTMENT SUMMARY PRICE $1,817,096 List Price: $1,817,096
Current NOI: $140,825.00 Initial Cap Rate: 7.75% CAP RATE 7.75% Land Acreage: 1.33
Year Built 1993 LEASE TYPE Absolute NNN Building Size: 5,699 SF
Price PSF: $318.84 Lease Type: Absolute NNN TERM 20 Years Lease Term: 20 Years
INVESTMENT OFFERING RENT INCREASES 1% Yrly Fortis Net Lease is pleased to exclusively present this single tenant net leased Bakers Square restaurant located in Springfield, IL. The subject property is 5,699 SF (built in 1993), and sits on and Extra-Large 1.33 Acres. Having commenced in 2001, Bakers Square INVESTMENT HIGHLIGHTS operates on a 20 year Absolute NNN Lease, leaving zero landlord responsibilities. The • Free Standing Absolute NNN Bakers Square Property lease is equipped with 1% annual rental rate increases during the primary term and during their three (3) five (5) year options to renew. The lease is corporately guaranteed • Pad Site to Target & Walmart Anchored Power Center by American Blue Ribbon Holdings, LLC which operates other restaurant concepts; • Abuts S. Veterans ParkWay with Daily Traffic Counts of 33,400+ O'Charley's, 99 Restaurant & Pub, and Village Inn. • Very Large | Guarantor Has Approximately $1.3 Billion in Annual This Bakers Square is highly visible as it is strategically positioned in front of the Target Revenue & Walmart anchored power center on Freedom Drive, while abutting S Veterans Parkway • 99,114 People Living within 5 Miles of This Location (Illinois Route 4) where daily traffic exceeds 33,000 as this is the main retail corridor (home to White Oaks Mall) in Springfield, IL. The five mile population exceeds 99,000, • One Mile Average Household Income of $67,601 while the one mile household income is greater than $67,000 making this an ideal • 25 Year Operating History at this Location! locations for a fast casual restaurant, as 5 Mile Consumer spending tops $1 Billion. Adjacent to the site are also four hotels, in Quality Inn & Suites, Fairfield, Courtyard, and • VERY LARGE 1.33 ACRE BUILDABLE LOT | Major Corridor Sleep Inn. • 1% Annual Increases | $343K+ Left in Corporate Rent
BRYAN BENDER | 248.419.3810 | [email protected] // COREY BUNCH | 248.419.3627 | [email protected] INVESTMENT OFFERING // 3 BAKERS SQUARE - SPRINGFIELD, IL 3434 FREEDOM DR, SPRINGFIELD, IL 62704
FINANCIAL SUMMARY LEASE SUMMARY
INCOME PER SF Tenant: Bakers Square
Bakers Square Rent $140,825 $24.71 Lease Type: Absolute NNN Gross Income $140,825 $24.71 Primary Lease Term: 20 Years
Annual Rent: $140,825 EXPENSE PER SF Rent PSF: $24.71 Bakers Square Expenses $0 $0.00 Gross Expenses $0 $0.00 Landlord Responsibilities: None Taxes, Insurance & CAM: Tenant Responsibility NET OPERATING INCOME $140,825 $24.71 Roof, Structure & Parking: Tenant Responsibility
PROPERTY SUMMARY Lease Start Date: 5/14/2001
Year Built: 1993 Lease Expiration Date: 11/31/2021
Year Renovated: 2001 Lease Term Remaining: 2.75+ Yrs.
Lot Size: 1.33 Acres Rent Bumps: 1% Annually
Building Size: 5,699 SF Renewal Options: Four (4) Five (5) Yr.
Traffic Count: 33,400 Parent Company: American Blue Ribbon Holdings, LLC
Roof Type: Rubber Membrane Lease Guarantor Strength: Private
Zoning: Commercial Tenant Website: www.bakerssquare.com
Construction Style: Prototype
Parking Lot: Per Code
HVAC Roof Mounted
BRYAN BENDER | 248.419.3810 | [email protected] // COREY BUNCH | 248.419.3627 | [email protected] PROPERTY & LEASE // 4 BAKERS SQUARE - SPRINGFIELD, IL 3434 FREEDOM DR, SPRINGFIELD, IL 62704
TENANT UNIT LEASE LEASE ANNUAL % OF ESC RENT NAME SIZE (SF) START END RENT GLA DATE PER SF/YR
Bakers Square 5,699 11/01 11/21 $140,825 100.0 $24.71 11/1/2019 $24.95 11/1/2020 $25.20
Totals/Averages 5,699 $140,825 $24.71
TOTAL SF TOTAL ANNUAL RENT OCCUPANCY RATE AVERAGE RENT/SF NUMBER OF TENANTS 5,699 $140,825 100% $24.71 1
BRYAN BENDER | 248.419.3810 | [email protected] // COREY BUNCH | 248.419.3627 | [email protected] RENT ROLL // 5 BAKERS SQUARE - SPRINGFIELD, IL 3434 FREEDOM DR, SPRINGFIELD, IL 62704
BRYAN BENDER | 248.419.3810 | [email protected] // COREY BUNCH | 248.419.3627 | [email protected] SITE PLAN // 6 BAKERS SQUARE - SPRINGFIELD, IL 3434 FREEDOM DR, SPRINGFIELD, IL 62704
BAKERS SQUARE AMERICAN BLUE RIBBON HOLDINGS Bakers Square began in the early 1970’s as an independent restaurant in Des American Blue Ribbon Holdings, a premier food service company, operates Moines, Iowa, serving soups, sandwiches and–as it happens–some of the most more than 690 company and franchise family and casual dining restaurants in incredible pies anyone in the area had ever tasted. more than 40 states under the Village Inn, Bakers Square, Legendary Baking, O'Charley's, and Ninety Nine brands. It also owns and operates Legendary Today, Bakers Square is owned and managed by American Blue Ribbon Baking, comprised of three bakery facilities that supply its restaurants and Holdings, LLC. It has grown into a network of restaurants across the upper other food service and retail customers with a variety of high quality baked Midwest that, in many ways, still maintains the charm and friendly appeal of goods and "The Best Pie in America"®. American Blue Ribbon Holdings has that original restaurant in Iowa. For breakfast, lunch, dinner–or just a slice of headquarters in Denver and Nashville, Tenn. Fidelity National Financial owns a pie–our guests find Bakers Square to be a comfortable and inviting place to 55% stake in American Blue Ribbon Holdings, which has approximately $1.3 relax, celebrate, or simply reward themselves with something special. billion in annual revenue. Speaking of rewards, our pies are no less incredible than they were on day one, only now they have the distinction of being the most awarded pies in - Guarantor Has Approximately $1.3 Billion in Annual Revenue America. Bakers Square pies have placed first in the American Pie Council - American Blue Ribbon Holdings, LLC Currently Operates More Than 690 National Pie Championships not once, but over 300 times in the last decade. Company and Franchise Restaurants Hence, our proudly earned claim that Bakers Square serves The Best Pie in - 45 Bakers Square Restaurants Across the Midwest America®.
BRYAN BENDER | 248.419.3810 | [email protected] // COREY BUNCH | 248.419.3627 | [email protected] TENANT PROFILE // 7 BAKERS SQUARE - SPRINGFIELD, IL 3434 FREEDOM DR, SPRINGFIELD, IL 62704
BRYAN BENDER | 248.419.3810 | [email protected] // COREY BUNCH | 248.419.3627 | [email protected] PROPERTY PHOTOS // 8 BAKERS SQUARE - SPRINGFIELD, IL 3434 FREEDOM DR, SPRINGFIELD, IL 62704
BRYAN BENDER | 248.419.3810 | [email protected] // COREY BUNCH | 248.419.3627 | [email protected] PROPERTY PHOTOS // 9 BAKERS SQUARE - SPRINGFIELD, IL 3434 FREEDOM DR, SPRINGFIELD, IL 62704
BRYAN BENDER | 248.419.3810 | [email protected] // COREY BUNCH | 248.419.3627 | [email protected] LOCATION MAPS // 10 BAKERS SQUARE - SPRINGFIELD, IL 3434 FREEDOM DR, SPRINGFIELD, IL 62704
BRYAN BENDER | 248.419.3810 | [email protected] // COREY BUNCH | 248.419.3627 | [email protected] AERIAL MAP // 11 BAKERS SQUARE - SPRINGFIELD, IL 3434 FREEDOM DR, SPRINGFIELD, IL 62704
BRYAN BENDER | 248.419.3810 | [email protected] // COREY BUNCH | 248.419.3627 | [email protected] AERIAL MAP // 12 BAKERS SQUARE - SPRINGFIELD, IL 3434 FREEDOM DR, SPRINGFIELD, IL 62704
BRYAN BENDER | 248.419.3810 | [email protected] // COREY BUNCH | 248.419.3627 | [email protected] DRONE MAP // 13 BAKERS SQUARE - SPRINGFIELD, IL 3434 FREEDOM DR, SPRINGFIELD, IL 62704
BRYAN BENDER | 248.419.3810 | [email protected] // COREY BUNCH | 248.419.3627 | [email protected] DRONE MAP // 14 BAKERS SQUARE - SPRINGFIELD, IL 3434 FREEDOM DR, SPRINGFIELD, IL 62704
BRYAN BENDER | 248.419.3810 | [email protected] // COREY BUNCH | 248.419.3627 | [email protected] DRONE MAP // 15 BAKERS SQUARE - SPRINGFIELD, IL 3434 FREEDOM DR, SPRINGFIELD, IL 62704
BRYAN BENDER | 248.419.3810 | [email protected] // COREY BUNCH | 248.419.3627 | [email protected] DRONE MAP // 16 BAKERS SQUARE - SPRINGFIELD, IL 3434 FREEDOM DR, SPRINGFIELD, IL 62704
POPULATION 1 MILE 3 MILES 5 MILES Total Population 2018 3,830 34,687 99,144
Median Age 44.4 41.9 39.3
# Of Persons Per HH 2.2 2.2 2.2
2018 Avg HH Vehicles 2.00 2.00 2.00
HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES
Total Households 1,735 15,796 44,197
Average HH Income $78,834 $80,534 $70,203
Average House Value $211,094 $187,861 $164,541
Consumer Spending (Thousands) 42,985 410,440 1,030,410
Springfield is the capital of the state of Illinois and the county seatof Sangamon County. The city's population of 116,250 as of the 2010 U.S. Census makes it the state's sixth most populous city. It is the largest city in central Illinois. As of 2013, the city's population was estimated to have increased to 117,006, with just over 211,700 residents living in the Springfield Metropolitan Statistical Area, which includes Sangamon County and the adjacent Menard County.
Present-day Springfield was settled by European Americans in the late 1810s, around the time Illinois became a state. The most famous historic resident was Abraham Lincoln, who lived in Springfield from 1837 until 1861, when he went to the White House as President. Major tourist attractions include multiple sites connected with Lincoln including his presidential library and museum, his home, and his tomb at Oak Ridge Cemetery. The capital is centrally located within the state.
BRYAN BENDER | 248.419.3810 | [email protected] // COREY BUNCH | 248.419.3627 | [email protected] AREA & DEMOGRAPHICS // 17 TOTAL SALES VOLUME PROPERTIES SOLD BROKER & BUYER REACH STATES SOLD IN $5.0B 2,200 250K 40
The FNL Team
EXCLUSIVELY LISTED BY: 30445 Northwestern Highway, Suite 275 Farmington Hills, MI 48334 BRYAN BENDER COREY BUNCH ANDY BENDER MANAGING DIRECTOR INVESTMENT ADVISOR INVESTMENT ADVISOR 248.254.3410 D: 248.419.3810 D: 248.419.3627 D: 248.419.3657 fortisnetlease.com [email protected] [email protected] [email protected]