Chicken Express Azle, TX CONFIDENTIALITY and DISCLAIMER
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Offering Memorandum Chicken Express Azle, TX CONFIDENTIALITY AND DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. NON-ENDORSEMENT NOTICE Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of M&M, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. exclusivelyExclusively listed by: Investment Sales: listed Philip Levy Blake Davis First Vice President Investments Associate FORT WORTH OFFICE Tel: (817) 932-6120 Tel: (817) 932-6123 Fax: (817) 380-1153 Fax: (817) 380-1153 [email protected] [email protected] OFFICES NATIONWIDE License: TX 522087 www.marcusmillichap.com Chicken Express Table of Contents EXECUTIVE SUMMARY Executive Summary ................................................................................................................... 2 Investment Overview .................................................................................................................. 3 PROPERTY DESCRIPTION Property Details ...................................................................................................................... 5 Regional Map........................................................................................................................ 6 Local Map .......................................................................................................................... 7 Aerial Photo ......................................................................................................................... 8 FINANCIAL ANALYSIS Financial Overview................................................................................................................... 10 Tenant Overview .................................................................................................................... 11 MARKET OVERVIEW Demographic Summary ............................................................................................................... 13 summaryEXECUTIVE SUMMARY EXECUTIVE SUMMARY Chicken Express CHICKEN EXPRESS 529 N Stewart Street Azle, TX 76020 SUMMARY EXECUTIVE OFFERING SUMMARY Offering Price $2,100,000 Cap Rate 6.00% Rentable Square Feet 3,249 SF Year Built / Renovated 1985 / 2013 Lot Size 0.68 Acres PROPERTY DESCRIPTION LEASE SUMMARY Lease Type Absolute Net Roof and Structure Tenant Responsible Lease Guarantor Franchisee Guarantee Original Lease Term 10 Years Rent Commencement Date At Closing Lease Expiration Date 10 Years Remaining Lease Term 10 Years Options 4, 5-Year Options ANALYSIS FINANCIAL Increases 10% Every 5 Years MARKET OVERVIEW 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. References to square footage or age are 2 approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID U0000000 EXECUTIVE SUMMARY Chicken Express Investment Overview EXECUTIVE SUMMARY The subject property is a 3,249-square foot freestanding Chicken Express in Azle, Texas. This is a sale/leaseback opportunity; the tenant will execute a new 10-year, absolute net lease at closing. The lease will have a franchisee guarantee from the operator of six locations, with a seventh location currently under construction. Ten percent rent escalations are scheduled every five years, including four, five-year options for renewal. Situated on .68 acres, the building was originally constructed in 1985 and had extensive renovations in 2013. DESCRIPTION PROPERTY The subject property is located on North Stewart Street, just east of Highway 199. Traffic counts on Highway 199 are approximately 28,800-vehicles per day. Investment Highlights Chicken Express is an out parcel to a Beall’s and Brookshire’s grocery store ■■ Sale/Leaseback Opportunity anchored retail center. Other national and regional retailers in the area include ■■ Tenant will Execute a New 10-Year, Absolute Net Lease at Closing | Zero Rent-a-Center, Ace Hardware, Anytime Fitness, Pro-Cuts, Allstate Insurance, Landlord Responsibilities Taco Bell, Arby’s, and others. ■ FINANCIAL ■ Franchisee Guarantee | Operator Has 6 Locations With an Additional ANALYSIS Location Currently Under Construction Azle sits on the Tarrant/Parker County line along State Highway 199, 14 miles ■■ Lease Includes 10% Rent Escalations Scheduled Every Five Years, Including northwest of downtown Fort Worth. Access to three interstates, state highways, Four, Five-Year Options for Renewal and the Dallas-Ft Worth International Airport make it convenient to get to and ■■ Out Parcel to a Beall’s and Brookshire’s Grocery Anchored Retail Center from the area. Azle is already home to a number of businesses, but has the resources and room to grow. Industrial and commercial real estate are both ■■ Located on N Stewart Street Just East of Highway 199 available and affordable. ■■ Azle is 14 Miles Northwest of Downtown Fort Worth OVERVIEW MARKET ■■ For Sale Individually or as Part of a Portfolio | Five Other Locations in the DFW Area Available 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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or 3 future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID U0000000 descriptionPROPERTY DESCRIPTION PROPERTY DESCRIPTION Chicken Express Property Details THE OFFERING SUMMARY EXECUTIVE Property Chicken Express Property Address 529 N Stewart Street Azle, TX 76020 SITE DESCRIPTION Year Built / 2013 1985 / 2013 Rentable Square Feet 3,249 SF Lot Size 0.68 Acres Type of Ownership Fee Simple PROPERTY DESCRIPTION ANALYSIS FINANCIAL MARKET OVERVIEW 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. References to square footage or age are 5 approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not