Camping World - Expanded Due to High Volume 1355 Tara Street, Idaho Falls, Id 83402
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TOP PERFORMING LOCATION COMPANY WIDE CAMPING WORLD - EXPANDED DUE TO HIGH VOLUME 1355 TARA STREET, IDAHO FALLS, ID 83402 30445 Northwestern Highway, Suite 275 ROBERT BENDER ANDY BENDER DOUG PASSON Farmington Hills, MI 48334 MANAGING PARTNER INVESTMENT ADVISOR MANAGING PARTNER 248.254.3410 D: 248.254.3406 D: 248.419.3657 D: 248.254.3407 fortisnetlease.com [email protected] [email protected] [email protected] CAMPING WORLD 1355 TARA STREET, IDAHO FALLS, ID 83402 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 any materials or 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 conduct due 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 advisor to 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. EXCLUSIVELY LISTED BY: ROBERT BENDER ANDY BENDER DOUG PASSON MANAGING PARTNER INVESTMENT ADVISOR MANAGING PARTNER D: 248.254.3406 D: 248.419.3657 D: 248.254.3407 [email protected] [email protected] [email protected] ROBERT BENDER | 248.254.3406 | [email protected] // ANDY BENDER | 248.419.3657 | [email protected] DISCLAIMER // 2 DIRECT ACCESS TO MOST NATIONAL PARKS 1355 TARA STREET, IDAHO FALLS, ID 83402 ROBERT BENDER | 248.254.3406 | [email protected] // ANDY BENDER | 248.419.3657 | [email protected] SITE PLAN // 3 CAMPING WORLD 1355 TARA STREET, IDAHO FALLS, ID 83402 ROBERT BENDER | 248.254.3406 | [email protected] // ANDY BENDER | 248.419.3657 | [email protected] PROPERTY PHOTOS // 4 CAMPING WORLD 1355 TARA STREET, IDAHO FALLS, ID 83402 ROBERT BENDER | 248.254.3406 | [email protected] // ANDY BENDER | 248.419.3657 | [email protected] PROPERTY PHOTOS // 5 CAMPING WORLD 1355 TARA STREET, IDAHO FALLS, ID 83402 INVESTMENT SUMMARY PRICE $9,283,000 List Price: $9,283,000 Current NOI: $603,413 Initial Cap Rate: 6.5% CAP RATE 6.5% Land Acreage: 10.54 + 3 For Expansion (13.54 Total) Year Built 2015 LEASE TYPE Absolute NNN Building Size: 30,641 SF Price PSF: $302.96 Lease Type: Absolute NNN TERM 20 Years Lease Term: 20 Years Average CAP Rate: 7.52%% INVESTMENT OFFERING The absolute net lease has rent increases every 5 years based on CPI or 12.5% INVESTMENT HIGHLIGHTS whichever is the lesser amount. and is corporately guaranteed by Camping World, Inc of • 20 Year Absolute Net Lease | Zero Landlord Responsibilities Kentucky and by Camping World RV Sales, LLC of Minnesota. Assuming 8% rent increases every 5 years, with the first rent escalation occurring in July of 2020, a new • Rent Bumps Every 5 Years (12.5% or Cumulative CPI) owner can expect an un-levered yield of 7.52% over the next 16 years. • First Rent Escalation Occurs In July of 2020 This Camping World store is highly visible and was strategically positioned by the • Cap Rate Should Increase To No Less Than 7.0% in July 2020 company to be located directly on Interstate 15 which is the most heavily trafficked RV corridor in the United States. I-15 offers direct access to most of the western US • Tenant Added 3 Additional Acres Due To High Sales Volume National Parks, stretching from San Diego all the way north to Canada. • Ideal Market For RV Sales And Associated Products/Service I-15 Runs from San Diego to Los Angeles, to Las Vegas, north to Idaho Falls • Verbally Reported As A Top 5 Location Company Wide (Yellowstone) and then to Bozeman and further north to Canada, accessing most of the • Ten Mile Population Exceeds 120,000 Residents national park system in the West and North West. Idaho Falls falls serves as the commercial, cultural, and healthcare hub for eastern Idaho, as well as parts of western • 10%+ Projected Population Growth Within 1, 3 And 5 Miles Wyoming and southern Montana. • Surrounding Retail Tenants Include: Home Depot, Lowe's, Sam's Club, Walmart, AutoZone, Shopko, Dollar Tree And Walgreens ROBERT BENDER | 248.254.3406 | [email protected] // ANDY BENDER | 248.419.3657 | [email protected] INVESTMENT OFFERING // 6 CAMPING WORLD 1355 TARA STREET, IDAHO FALLS, ID 83402 FINANCIAL SUMMARY LEASE SUMMARY INCOME PER SF Tenant: Camping World Rent $603,413 $19.69 Lease Type: Absolute NNN Gross Income $603,413 $19.69 Primary Lease Term: 20 Years Annual Rent: $603,413.28 EXPENSE PER SF Landlord Responsibilities: None Expenses $0 $0.00 Gross Expenses $0 $0.00 Taxes, Insurance & CAM: Tenant Responsibility Roof, Structure & Parking: Tenant Responsibility NET OPERATING INCOME $603,413 $19.69 Lease Start Date: July 18, 2015 PROPERTY SUMMARY Lease Expiration Date: July 31, 2035 Year Built: 2015 Lease Term Remaining: 16+ Years Lot Size: 10.54 Acres Renewal Options: 5 (5) Year Options Building Size: 30,641 SF Lease Guarantor: Camping World, Inc. of Kentucky & Camping Zoning: Comercial World RV Sales, LLC of Minnesota Tenant Website: www.campingworld.com ROBERT BENDER | 248.254.3406 | [email protected] // ANDY BENDER | 248.419.3657 | [email protected] PROPERTY & LEASE // 7 CAMPING WORLD 1355 TARA STREET, IDAHO FALLS, ID 83402 COMPANY BACKGROUND Both founded in 1966, Camping World is America’s #1 source for RVs, camping accessories, RV maintenance and repair and the Good Sam Club is the world’s OVERVIEW largest RV owners organization with 1.7 million members offering discounts at Company: Camping World the Club’s nationwide network of 1,700 Good Sam parks and resorts, vacation planning, roadside assistance and more to serve the outdoor enthusiast! Founded: 1966 Partnered together, Camping World and Good Sam Club offer more to those who Total Revenue: $889 Million love the RV lifestyle! Net Income: $186 Million Camping World features over 10,000 quality RV parts and accessories located at Headquarters: Lincolnshire, IL over 140 SuperCenters nationwide and easy online and catalog shopping as well as stocking a wide selection of new and used travel trailers and motor homes Website: www.campingworld.com from top RV manufacturers. In addition to RV Sales, Camping World offers RV and tow vehicle service and maintenance; collision centers; detail and refurbishment centers known as the RV SPA; technical advice from TENANT HIGHLIGHTS knowledgeable experts and hard to find parts. Camping World also offers a full • Over 130 retail locations in 36 states and a comprehensive e-commerce line of unique ancillary services through Good Sam, including emergency road platform service, specialized RV insurance, extended vehicle warranties, Good Sam Visa card, life & health insurance, and member discounts at RV events. Camping • Camping World’s stock is traded on the New York Stock Exchange under the World is the title sponsor of the NASCAR Camping World Truck Series in symbol "CWH" addition to the Official VR and Outdoor