5 YEAR ABSOLUTE NET CORPORATE GUARANTEED INVESTMENT OFFERING
GOLDEN CORRAL (GL) 2620 Elida Road Lima, Ohio 45805 TABLE OF CONTENTS
TABLE OF CONTENTS
I. Executive Profile II. Location Overview III. Market & Tenant Overview Executive Summary Photographs Demographic Report Investment Highlights Aerial Market Overview Property Overview Site Plan Tenant Overview Map
NET LEASE INVESTMENT OFFERING PROPERTY OVERVIEW
PROPERTY Price: $1,210,000 OVERVIEW: Cap Rate: $86,515* Net Operating Income: 7.15% Rental Escalations: 10% each option Renewal Options: Four 5-Year Lease Expiration: 1/31/2024 Tenant: Golden Corral Corp. Year Built: 2004 Lease Type: Ground Lease Building Size: 10,411 SF Land Size: 2.14 Acres
*As of 2/1/2019
NET LEASE INVESTMENT OFFERING INVESTMENT HIGHLIGHTS
INVESTMENT Location Highlights HIGHLIGHTS: • Strategically located at the corner of a signalized intersection along a primary north-south thoroughfare (24,620 VPD)
• Outparcel to Lima Mall (740,000 square feet) which is anchored by Macy’s and JCPenney and is home to more than 65 stores
• Additional retailers in the area include Walmart, Lowe’s, Kolh’s, Meijer, Menards, TJ Maxx and Hobby Lobby
• Over 41,000 people live within a three mile radius of the property
Tenant Highlights
• Ground lease – Zero landlord responsibilities
• Low rent per square foot
• 10% rental escalation in each option
NET LEASE INVESTMENT OFFERING EXECUTIVE SUMMARY
EXECUTIVE The Boulder Group and Lee & Associates are pleased to exclusively market for sale a single tenant corporate Golden SUMMARY: Corral ground lease located in Lima, Ohio. The restaurant is strategically located at the corner of a signalized intersection along a primary north-south thoroughfare (24,620 VPD). The Golden Corral ground lease has over 5 years remaining in the primary term and features a low rent per square foot. The lease also features 10% rental esca- lations in each option.
The Golden Corral is ideally located as an outparcel to Lima Mall at the corner of a signalized intersection. The property has excellent visibility and easy access along Elida Road (24,620 VPD). Lima Mall (740,000 square feet) is anchored by Macy’s and JCPenney and is home to more than 65 stores. Additional retailers in the area include Walmart, Lowe’s, Kolh’s, Meijer, Menards, TJ Maxx and Hobby Lobby. The Golden Corral is also across from the University of Northwestern Ohio, which drives additional traffic to the trade corridor. There are over 41,000 people living within a three-mile radius of the property.
NET LEASE INVESTMENT OFFERING PHOTOGRAPHS
NET LEASE INVESTMENT OFFERING AERIAL
NET LEASE INVESTMENT OFFERING AERIAL
NET LEASE INVESTMENT OFFERING SITE PLAN
NET LEASE INVESTMENT OFFERING MAP
Property is located 72 miles north of Dayton and 78 miles south-southwest of Toledo
Over 65,000 people within 5 miles of the property
NET LEASE INVESTMENT OFFERING MAP
NET LEASE INVESTMENT OFFERING DEMOGRAPHIC REPORT
DEMOGRAPHIC 2010 Population 1-Mile 3-Mile 5-Mile REPORT: Total Population 3,381 42,196 65,958 Total Households 1,461 16,069 25,268 Famlies 761 9,741 15,818
2018 Population 1-Mile 3-Mile 5-Mile
Total Population 3,290 41,828 65,532 Total Households 1,424 15,898 25,061
Income Median Household Income $47,507 $42,122 $42,023 Average Household Income $57,831 $54,929 $58,275
2023 Population (Estimate) 1-Mile 3-Mile 5-Mile
Total Population 3,236 41,636 65,076 Total Households 1,397 15,819 24,873 Famlies 700 9,300 15,129 Median Household Income $52,147 $48,415 $48,237 Average Household Income $66,209 $63,567 $67,220
NET LEASE INVESTMENT OFFERING MARKET OVERVIEW
MARKET Lima, Ohio OVERVIEW: Lima is a city in and the county seat of Allen County, Ohio, United States. The municipality is located in northwestern Ohio along Interstate 75 approximately 72 miles north of Dayton and 78 miles south-southwest of Toledo. As of the 2010 census, the city had a population of 38,771. It is the principal city of and is included in the Lima, Ohio metropolitan statistical area, which is included in the Lima–Van Wert–Wapakoneta, OH, combined statistical area. Lima was founded in 1831.
NET LEASE INVESTMENT OFFERING TENANT OVERVIEW
TENANT Golden Corral OVERVIEW: Golden Corral is an American family-style restaurant chain serving breakfast, lunch, and dinner, featuring a large all-you-can-eat buffet and grill offering numerous hot and cold dishes, a carving station, and their Brass Bell Bakery. It is a privately held company headquartered in Raleigh, North Carolina, United States, with locations in forty-one states and Puerto Rico.
Golden Corral’s legendary endless buffet features an abundant variety of delicious all-time favorites and new menu offerings for breakfast, brunch, lunch and dinner. Guests can choose from over 150 items including USDA, grilled to order sirloin steaks, pork, seafood, and shrimp alongside traditional favorites like pot roast, fried chicken, meatloaf, mashed potatoes, mac and cheese, Bourbon Street Chicken, fresh salads, our famous yeast rolls, the ALL NEW Smokehouse and more.
Website: www.goldencorral.com Locations: 200 Type: Private Year Founded: 1973 Headquarters: Fayetteville, NC
NET LEASE INVESTMENT OFFERING DISCLAIMER STATEMENT
DISCLAIMER The information contained in the following Offering Memorandum is proprietary and strictly confidential. It STATEMENT: is intended to be reviewed only by the party receiving it from The Boulder Group and/or Lee & Associates and should not be made available to any other person or entity without the written consent of The Boulder Group and/or Lee & Associates.
This Offering Memorandum 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. The Boulder Group and Lee & Associates has not made any investigation, and makes no warranty or representation.
The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, The Boulder Group and Lee & Associates have not verified, and will not verify, any of the information contained herein, nor has The Boulder Group or Lee & Associates 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.
NET LEASE INVESTMENT OFFERING Randy Blankstein President 847.562.0003 [email protected]
John Feeney Senior Vice President 847.562.9280 [email protected]
3520 Lake Avenue, Suite 203 Wilmette, IL 60091
www.bouldergroup.com
Daniel Barnes Principal 314.400.4004 [email protected]
1 McBride & Son Center Dr, Suite 140 St. Louis, MO 63005
www.lee-associates.com