Wienerschnitzel Corporate Ground Lease
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WIENERSCHNITZEL CORPORATE GROUND LEASE LUFKIN, TX Overview WIENERSCHNITZEL 101 N. BRENTWOOD DRIVE, LUFKIN, TX 75904 $666,666 4.50% PRICE CAP LEASABLE SF LEASE TYPE YEAR BUILT 24,699 SF GROUND 2018 LEASE EXPIRATION PARKING 7/31/2033 10 SPACES • Brand new 15-year corporate ground lease with four 5-year options • Traffic counts exceed 40,000 VPD at one of the most prominent intersections in Lufkin • Strong neighboring tenants include a Walmart Supercenter, Sam’s Club, Tractor Supply Co., Belk, Whataburger, and Starbucks • Located in the retail, medical, industrial, and government hub of East Texas, with a daytime population over 100,000 people • Over 46,000 residents with average household incomes exceeding 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 $62K within a 5-mile radius 2 information. Buyer must verify the information and bears all risk for any inaccuracies. Investment Highlights Contact the THE OFFERING is a brand new Wienerschnitzel with a 15-year corporate ground lease, team featuring four 5-year options to extend. JOE CACCAMO has excellent visibility at the intersection of N Brentwood THE SUBJECT PROPERTY [email protected] Road and Whitehouse Drive. Numerous roadways including highway on/off ramps and PH: 415.274.7394 frontage roads intersect within close proximity of the asset, providing combined traffic counts of over 40,000 VPD. The property is located adjacent to a 220,000 square CA DRE# 01191110 foot Walmart Supercenter and Sam’s Club. Other neighboring tenants in the immediate proximity include Tractor Supply Co., Academy Sports, Belk, Burlington Coat Factory, Texas Inn. & Suites, Starbucks, Taco Bell, Whataburger, and Wendy’s. LUFKIN is located in eastern Texas, approximately 120 miles from Houston and 170 miles from Dallas. There are over 46,000 residents within a 5-mile radius of the property. Lufkin is known as the regional hub of East Texas for the medical, retail, industrial, and government fields. As the county seat of Angelina County, Lufkin offers a pro-industry community with highly skilled workers and a thriving forestry industry. The daytime population exceeds 100,000 people. IN CONJUNCTION WITH TX LICENSED BROKER: Steve Sieling Azur Commercial Capital, LLC 214.888.8262 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 OVER 350+ LOCATIONS IN THE UNITED STATES inaccuracies. 3 CITY OF LUFKIN ELEMENTARY SCHOOL Aerial CHI ST. LUKE’S ANGELINA HEALTH COUNTY MEMORIAL ANGELINA COUNTY HIGH SCHOOL 287 CITY OF LUFKIN ACADEMY 59 DRIVE 287 37,000 S TIMBERLAND VPD WOODLAND HEIGHTS MEDICAL CITY OF MIDDLE CENTER LUFKIN SCHOOL E DENMAN AVENUE ELEMENTARY SCHOOL 21,000 ELEMENTARY VPD SCHOOL SCHOOL 20,000 VPD 59 287 FEAGIN DRIVE PRIMARY SCHOOL H&R BLOCK 287 50,000 VPD 69 ELEMENTARY SCHOOL 38,000 VPD 59 WHITEHOUSE HOUSTON DRIVE 120 MILES COLLEGE DRIVE ANGELINA COLLEGE ELEMENTARY SCHOOL 59 TEXAS This information has been secured from sources we believe SOUTHWOOD DRIVE BIBLE GOLF to be reliable but we make no representations or warranties, COURSE expressed or implied, as to the accuracy of the information. COLLEGE Buyer must verify the information and bears all risk for any 4 inaccuracies. Retail Aerial 59 1,700 VPD 38,000 VPD WHITEHOUSE DRIVE N BRENTWOOD DRIVE This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed 5 or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. Submarket Overview RETAILERS IN CLOSE PROXIMITY INCLUDE: Academy Sports Dollar Tree Sam’s Club AT&T Hobby Lobby Starbucks Bed Bath & Beyond Home Depot Tractor Supply Co. Best Buy McDonald’s Ulta Burger King Panda Express Walmart Supercenter Burlington Coat Factory PetSmart Wendy’s Chick-fil-A Ross Dress for Less Whataburger 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. BUSINESS SUMMARY TOTAL 1-MILE 3-MILES 5-MILES Businesses 223 1,646 2,356 Employees 3,930 23,432 32,021 Residential 2,652 24,424 46,239 Population KEY 1-MILE 3-MILES 5-MILES 6 Income & Expense PRICE $666,666 Capitalization Rate: 4.50% Total Rentable Area (SF): 24,699 STABILIZED INCOME PER SQUARE FOOT Scheduled Rent $1.21 $30,000 Effective Gross Income $1.21 $30,000 LESS PER SQUARE FOOT Taxes NNN $0.00 Insurance NNN $0.00 Structural Reserve NNN $0.00 EQUALS NET OPERATING INCOME $30,000 This information has been secured from sources we believe to be reliable but we make no representations 7 or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. Rent Roll TENANT INFO LEASE TERMS RENT SUMMARY CURRENT MONTHLY YEARLY MONTHLY YEARLY TENANT NAME SQ. FT. RENT RENT RENT RENT/FT RENT/FT Wienerschnitzel 24,699 8/12/2018 7/31/2023 $30,000 $2,500 $30,000 $0.10 $1.21 8/1/2023 7/31/2028 $2,800 $33,600 $0.11 $1.36 8/1/2028 7/31/2033 $3,080 $36,960 $0.12 $1.50 Option 1 8/1/2033 7/31/2038 $3,388 $40,656 $0.14 $1.65 Option 2 8/1/2038 7/31/2043 $3,725 $44,722 $0.15 $1.81 Option 3 8/1/2043 7/31/2048 $4,098 $49,194 $0.17 $1.99 Option 4 8/1/2048 7/31/2053 $4,508 $54,113 $0.18 $2.19 TOTALS: 24,699 $30,000 $2,500 $30,000 $0.10 $1.21 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 Surrounding Retail Site Plan NOT A PART 1,700 VPD N BRENTWOOD DRIVE N BRENTWOOD NOT A PART WOMEN’S SHELTER OF EAST TEXAS NOT A PART PYLON SIGN WHITEHOUSE DRIVE This site plan is a rendering that has been created based on sources we believe to be reliable. We make no representations or warranties, DRIVE 9 expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. DANIEL MCCALL Site Plan N BRENTWOOD DRIVE 24,699 0.567 10 RENTABLE SF ACRES SPACES WHITEHOUSE DRIVE WHITEHOUSE DRIVE 59 38,000 VPD 1,700 VPD 59 N BRENTWOOD DRIVE DANIEL MCCALL DRIVE DANIEL MCCALL DRIVE WHITEHOUSE DRIVE This site plan is a rendering that has been created based on sources we believe to be reliable. 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. 10 Tenant Overview ABOUT WIENERSCHNITZEL Wienerschnitzel is known as the world's largest hot dog chain, with over 50 years in business. As a family owned brand, there are over 350 corporate and franchise locations within Arizona, California, Colorado, Illinois, Louisiana, New Mexico, Nevada, Texas, Utah, and Washington. During summer 2018, Wienerschnitzel opened four new "Heritage" restaurants, featuring an inside dining option, with plans to continue growth into 2019. LOCATIONS IN THE U.S. 350+ AND GUAM This site plan is a rendering that has been created based on sources we believe to be reliable. 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. 11 Demographics POPULATION DALLAS (170 MILES) 1-MILE 3-MILES 5-MILES 2010 2,466 23,099 44,251 2018 2,652 24,424 46,239 2023 2,760 24,934 47,216 LUFKIN 2018 HH INCOME 1-MILE 3-MILES 5-MILES Average $70,251 $69,503 $62,013 Median $51,980 $49,869 $43,554 HOUSTON TOP EMPLOYERS (120 MILES) EMPLOYER # OF EMPLOYEES Lufkin ISD 1,537 Pilgrim’s Pride 1,300 Brookshire Brothers/Polk Oil 1,100 Lufkin State Supported Living Center 1,100 THE AVERAGE HOUSEHOLD CHI St. Luke’s Health 1,075 INCOME WITHIN A 1-MILE RADIUS IS OVER $70K This information has been secured from sources we believe to be reliable but we make no representations or 12 warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. Location Overview LUFKIN, TEXAS ANGELINA NATIONAL FOREST LUFKIN is the largest community between Houston and Tyler, LUFKIN THE ECONOMY IN LUFKIN is thriving and has where more than 36,000 people reside. Lufkin is the medical, ECONOMY future plans to continue the healthy economy. retail, industrial, and governmental hub of East Texas, including Recently, Angelina Forest Products announced a 12-county region with an estimated labor force exceeding the building of a $100 million sawmill by spring 145,000 residents. Lufkin offers a pro-industry community of 2019. The addition of the sawmill will create 100 full-time jobs through highly skilled workers and receptive community leaders, and contribute more than $52 million to the Texas economy in the leading to a daytime population of over 100,000 people.