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1715 W Michigan Ave, Jackson MI 49201 (“Property”) ™ OFFERING MEMORANDUM TIm Hortons & coldstone 1715 W MICHIGAN AVE | JACKSON, MI ™ EXCLUSIVELY LISTED BY Gary chou FVP & Senior Director [email protected] DIR (310) 919-5827 MOB (714) 928-8016 LIC # 01911222 (CA) KYLE MATTHEWS BROKER OF RECORD 2 | Matthews Retail Advisors Lic No. 6505399495 ™ 2 | Matthews CONTENTS 4 INVESTMENT OVERVIEW 5 FINANCIAL ANALYSIS 6 TENANT OVERVIEW 8 PROPERTY OVERVIEW 11 AREA OVERVIEW TENANT CITY, STATE | 3 executive summary investment highlights LONG-TERM, WORRY-FREE INVESTMENT • Long-Term Lease – Tenant to sign brand new 20-year lease with 4, 5-year options at the close of escrow • Absolute NNN Lease – Zero landlord responsibilities with tenant taking care of taxes, insurance, maintenance, roof and structure • Growing Cash Flow – 7.5% increases scheduled every 5 years in the base term and options STRATEGICALLY PICKED LOCATION • Ideal Retail Area – Location is anchored by Walmart Supercenter/ Westwood Mall across the street with other national tenants in the immediate area like McDonald’s and Comerica Bank • Traffic Counts – Over 16,500 VPD on West Michigan Avenue • Healthy Demographics – There are over 10,500 people living in a 1-mile radius (52,700 in a 3-mile and 83,800 in a 5-mile) SEASONED OPERATOR OF AN EXCELLENT BRAND • Kava Restaurants, LLC. - a 24+ unit operator of Tim Hortons with strong plans for expansion through acquisition and by organic growth • Tim Hortons – Restaurant Brands International acquired Tim Hortons at end of 2014 – The concept has over 4,600 locations across 9 countries – Annual revenues exceed $3B • Successful Partnership with Cold Stones – In 2009, Kahala Brands and Tim Hortons partnered up to open 100 co-branded locations after successfully testing two stores in Rhode Island 4 | Matthews Tim Hortons & Coldstone financial analysis 1715 W Michigan Ave Jackson, MI 49201 List Price .................................................................................................................. $1,294,902 CAP Rate - Current ..........................................................................................................6.25% Gross Leasable Area ............................................................................................. ± 2,666 SF Lot Size .................................................................................................................± 0.52 Acres Year Built ..............................................................................................................................2007 Annualized Operating Data Monthly Rent Annual Rent Rent/SF Cap Rate Current Rent Period $6,744.28 $80,931.36 $30.36 6.25% Rent Period 2 $7,250.10 $87,001.21 $32.63 6.72% Rent Period 3 $7,793.86 $93,526.30 $35.08 7.22% Rent Period 4 $8,378.40 $100,540.78 $37.71 7.76% Option 1 $9,006.78 $108,081.33 $40.54 8.35% Option 2 $9,682.29 $116,187.43 $43.58 8.97% Option 3 $10,408.46 $124,901.49 $46.85 9.65% Option 4 $11,189.09 $134,269.10 $50.36 10.37% Tenant Summary Tenant Trade Name Tim Hortons & Coldstone Type of Ownership Fee Simple Lease Guarantor Kava Restaurants, LLC. Lease Type NNN Original Lease Term 20 Years Lease Commencement Date Close of Escrow Lease Expiration Date TBD Term Remaining on Lease 20 Years Increases 7.5% Every 5 Years Options Four, 5-Year Options Jackson, MI | 5 Tenant overview Property Name Tim Hortons Parent Company Trade Name Restaurant Brands International Ownership Public No. of Locations ± 4,613 Headquartered Oakville, Ontario, Canada Website www.timhortons.com Year Founded 1964 Tim Hortons Inc. (known internationally as Tim Hortons Cafe and Bake Shop, colloquially known as Timmy’s or Tim’s) is a Canadian multinational fast food restaurant. As of December 31, 2016, it had a total of 4,613 restaurants in nine countries. The chain’s focus on top quality, always fresh product, value, great service and community leadership has allowed it to grow into the largest quick service restaurant chain in Canada specializing in always fresh coffee, baked goods, and homestyle lunches. Restaurant Brands International Inc. (“RBI”) is one of the world’s largest quick service restaurant companies with more than $27 billion in system-wide sales and over 23,000 restaurants in more than 100 countries and U.S. territories. RBI owns three of the world’s most prominent and iconic quick service restaurant brands – Tim Hortons, Burger King, and Popeyes. These independently operated brands have been serving their respective guests, franchisees and communities for over 40 years. Restaurant Brands International Inc. is committed to growing the Tim Hortons, Burger King, and Popeyes brands by leveraging their respective core values, employee and franchisee relationships, and long track records of community support. The brands benefit from the global scale and shared best practices that come through common ownership under Restaurant Brands International Inc. 6 | Matthews Property Name Cold Stone Creamery Parent Company Trade Name Kahala Brands Ownership Public No. of Locations ± 1,500 Headquartered Scottsdale, AR Website www.coldstonecreamery.com Year Founded 1988 Founded in 1988, Cold Stone Creamery is a leading franchisor of premium ice cream parlors. The chain has more than 1,500 locations in 25 countries. They serve Ice cream, yogurt, sorbet in a variation of flavors with numerous toppings. Kahala Brands, Ltd. Franchises quick service restaurants. The Company franchises ±2,800 QSR’s under 18 different brands in 27 countries. Kahala Brands was founded in 1988 and is headquartered in Scottsdale, Arizona. The brand is a subsidiary of MTY Food Group Inc. Other brands run by Kahala include Blimpie, Taco Time, Surf City Squeeze, The Great Steak & Potato Company, NrGize Lifestyle Cafe, Samurai Sam’s Teriyaki Grill, Frullati Café & Bakery, Rollerz, Johnnie’s New York Pizzeria, Ranch One, America’s Taco Shop, Cereality, Tasti D-Lite, Planet Smoothie, Maui Wowi, and Pinkberry. Jackson, MI | 7 property Overview the offering Property Name Tim Hortons & Coldstone 1715 W Michigan Avenue Property Address Jackson, MI 49201 Site Description Number of Stories One Year Built 2007 Gross Leasable Area (GLA) ± 2,666 SF Lot Size ± 0.52 Acres Type of Ownership Fee Simple Landscaping Professional College Blvd ± 40,116 ± Blvd College Topography Generally Level 8 | Matthews parcel map TENANT CITY, STATE | 9 SURROUNDING TENANTS 10 | Matthews Area Overview Jackson, MI Jackson is a city in south central Michigan, it is also the county seat of Jackson County. Jackson is filled with history; the city is named after President Andrew Jackson. Jackson, MI is the birthplace of the Republican Party and it represented a turning point in the events leading up to the Civil War. Today the city is filled with museums, monuments, and historic buildings. Jackson is just 78 miles, less than an hour and a half from Detroit, MI. Jackson is a great place to be if you are a food lover. The city is home to tons of options from burgers to sushi and bakeries, breweries and wineries. It Is home to a barbeque restaurant that was voted best in the state. Jackson is a great spot for outdoor recreation. From golf, bird watching, fishing and bike trails, there is an option for everyone in Jackson, MI. The popular favorite of seasons in Michigan in is the fall. The foliage and temperatures make Michigan a scenic and comfortable place to visit. property demographics POPULATION 1 Mile 3 Mile 5 Mile 2022 Projection 10,753 52,051 82,023 2017 Estimate 10,815 52,022 81,996 2010 Census 10,998 52,437 82,470 2000 Census 11,489 54,913 83,209 HOUSEHOLDS 1 Mile 3 Mile 5 Mile 2022 Projection 4,840 22,488 31,962 2017 Estimate 4,826 22,255 31,577 2010 Census 4,811 21,976 31,072 Growth 2017 - 2022 0.29% 1.05% 1.22% INCOME 1 Mile 3 Mile 5 Mile 2017 Est. Average $49,569 $49,245 $54,724 Household Income 11 | Matthews Real Estate Investment Ser- Jackson, MI | 11 vices DETROIT, MI Anchoring the second-largest economic region in the Midwest, behind Chicago, Detroit is the most populous city in Michigan and the center of the Detroit metropolitan area, which is among the most important hubs in the United States. Detroit is a major port on the Detroit River, a strait that connects the Great Lakes system to the Saint Lawrence Seaway, and is home to the busiest international crossing in North America: The Ambassador Bridge. The city of Detroit and other private-public partnerships have attempted to catalyze the region’s growth by facilitating the building and historical rehabilitation of residential high-rises in the downtown, thereby creating a zone that offers many business tax incentives. As a result, many recreational spaces have been built such as the Detroit RiverWalk, Campus Martius Park, Dequindre Cut Greenway, and Green Alleys in Midtown, which is one of the most successful areas within Detroit. ECONOMIC SNAPSHOT In Detroit’s economy, the most heavily represented sectors are automotive manufacturing, with General Motors being one of the most significant of these companies, finance, technology, and healthcare. Several major corporations are based in the city, including three Fortune 500 companies. Companies of note headquartered in the city include: General Motors, Quicken Loans, Ally Financial, Compuware, Shinola, American Axle, Little Caesars, DTE Energy, Lowe Campbell Ewald, Blue Cross Blue Shield of Michigan, and Rossetti Architects. About 80,500 people work in downtown Detroit, comprising one-fifth of the city’s employment base. 12 | Matthews DETROIT AREA MAJOR EMPLOYERS GM RENAISSANCE CENTER Along the Detroit River are huge skyscraper complexes. Dominating them all is the Renaissance Center, with the 73-story Marriott Hotel and six other towers containing offices, shops, theaters, restaurants, conference space, and public institutions. This is a central feature on the skyline. COMERICA PARK Comerica Park is a combination ballpark, theme park, and baseball museum. A carousel, a Ferris wheel, a huge water feature in center field and a museum of baseball history on the main concourse are some of the attractions. The park is most famous as the home of the Detroit Tigers baseball team.
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