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IHOP Leasing, LLC (Corporate Entity)

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IHOP Leasing, LLC (Corporate Entity) TAKEN 8/2/20 OFFERING MEMORANDUM 1661 SYCAMORE VIEW ROAD MEMPHIS, TN TAKEN 8/2/20 LISTED BY Calvin Short SVP & Senior Director Direct +1 949 432 4506 Mobile +1 310 567 3525 [email protected] PLANNED DEVELOPMENT License No. 01927216 (CA) Kyle Matthews Broker of Record License No. 263667 (TN) TABLE OF CONTENTS 3 EXECUTIVE OVERVIEW 4 FINANCIAL OVERVIEW 6 TENANT OVERVIEW 10 AREA OVERVIEW ™ EXECUTIVE OVERVIEW INVESTMENT HIGHLIGHTS • Successfully negotiated an early long-term lease extension in the midst of COVID-19 • 11+ years remaining on an absolute triple net lease with IHOP Leasing, LLC (corporate entity) • Full-term corporate guarantee from one of the world’s largest full-service dining brands (NYSE: DIN), who has been in business for over 60 years • Fixed 7.50% rental increases every 5 years throughout the base term and options • IHOP has successfully operated at this location for nearly 20 years and has shown great commitment to the site via an early 5-year extension on top of the remaining term • Oversized 1.16-acre parcel, allowing for flexibility on future redevelopment • Frontage, access and unobstructed visibility on Sycamore View Road, which sees over 37,000 cars per day • 11 miles from downtown Memphis, the 2nd most populous city in the state of Tennessee • Stabilized customer base, with over 70,283 residents in a 3-mile radius and over 196,496 in a 5-mile radius • Ideal demographic base, with average household incomes of $70,634 in a 3-mile and $82,796 in a 5-mile radius IHOP | 3 FINANCIAL OVERVIEW $3,666,600 $219,997 6.00% LIST PRICE NOI CAP RATE BUILDING INFO 1661 Sycamore View Road Address Memphis, TN 43130 Year Built/Renovated 1999/2002 GLA of Building ±4,740 SF Lot Size ±1.07 Acres (±46,653 SF) 4 | DISPOSITIONOFFERING MEMORANDUM PROPOSAL TAKEN 8/2/20 TENANT SUMMARY ANNUALIZED OPERATING DATA Date Monthly Rent Annual Rent Rent/SF Cap Rate Tenant Trade Name IHOP 12/1/2021 - 11/30/2026 $18,333.08 $219,997 $46.41 6.00% 12/1/2026 - 11/30/2031 $19,708.33 $236,500 $49.89 6.45% Type of Ownership Fee Simple Option 1 $21,186.46 $254,237 $53.64 6.94% Lease Guarantor Corporate Option 2 $22,775.44 $273,305 $57.66 7.46% Lease Type NNN *Subject property is being sold off of the 2021 rent increase and seller will credit the Roof and Structure Tenant Responsible difference at the close of escrow. Original Lease Term 20 Years Rent Commencement 10/1/01 BARRINGTON QUOTE Lease Expiration Date 11/30/26 Term Remaining ±11 Years Options Two, Five (5) Year Please contact a Barrington Capital agent for BRIAN KREBS (949) 777-5988 financing options: [email protected] IHOP | 5 TAKEN 8/2/20 » Company Name » Year Founded » Headquarters TENANT IHOP 1958 Glendale, CA » Ownership » Industry » Website OVERVIEW Public Restaurant www.ihop.com Since 1958, IHOP® has been the place where people connect over breakfast, enjoy study breaks, grab a bite before or after sporting events and so much more. The IHOP family restaurant chain continues to serve their world-famous pancakes and a wide variety of breakfast, lunch and dinner items that are loved by people of all ages. The casual dining restaurant offers pancakes, omelets, French toasts and waffles, crepes, burgers, sandwiches, soups, salads, hash brown stacks, desserts and beverages. International House of Pancakes, LLC also provides a line of syrups through retail stores, mass merchandisers and grocery outlets in the United States. Offering an affordable, everyday dining experience with warm and friendly service, IHOP restaurants are franchised and operated by Glendale, California-based International House of Pancakes, LLC, a wholly-owned subsidiary of DineEquity, Inc., and its affiliates. DineEquity, Inc. is one of the largest full-service restaurant companies in the world with more than 400 franchisee partners. 32,300+ 1,822 + Employees Locations Worldwide 6 | OFFERING MEMORANDUM SURROUNDING TENANTS TAKEN 8/2/20 IHOP | 7 SURROUNDING TENANTS TAKEN 8/2/20 NW NEW DEVELOPMEMT UNDER CONSTRUCTION SCAN INTERIORS SUMMER AVE ± 38,000 VPD SYCAMORE SQUARE SHOPPING CENTER SYCAMORE VIEW RD ± 37,000 VPD 8 | OFFERING MEMORANDUM SURROUNDING TENANTS TAKEN 8/2/20 SW INTERSTATE 40 ± 143,000 VPD SUMMER AVE ± 38,000 VPD SYCAMORE VIEW RD ± 37,000 VPD IHOP | 9 AREA OVERVIEW MEMPHIS, TN Memphis, Tennessee is the largest city on the Mississippi River. Located within Known as the “Birthplace of Rock and Roll,” the city holds a significant amount Shelby County, Memphis is a vibrant and historic city. It is the second largest city of history within it’s boarders. The residents of Memphis take pride in their city, within Tennessee, and brings in a large amount of tourists because of its famous and are usually known as “Memphians.” Although this town has a variety of and historical landmarks. Being only 3 miles from Memphis, Arkansas, it is only a entertainment to offer. The sports fans of the area love to cheer on the University of hop, skip, and a jump from the Arkansas/Tennessee boarder. Memphis Tigers. As for professional teams, many cheer on the Memphis Grizzlies. The animal lovers enjoy the Memphis Zoo. Memphis has been the zoo’s home for over 100 years and has over 3,500 animals. PROPERTY DEMOGRAPHICS POPULATION 1-MILE 3-MILE 5-MILE 2025 Projection 5,712 71,177 198,483 2020 Estimate 5,649 70,283 196,496 15 MILES 2010 Census 5,683 70,295 198,022 TOP EMPLOYERS Growth 2020-2025 1.11% 1.27% 1.01% HOUSEHOLDS 1-MILE 3-MILE 5-MILE 2025 Projection 2,321 26,142 77,395 2020 Estimate 2,299 25,822 76,650 2010 Census 2,326 25,934 77,410 Growth 2020-2025 0.96% 1.24% 0.97% INCOME 1-MILE 3-MILE 5-MILE 2020 Avg. $55,990 $70,634 $82,796 Household Income 10 | OFFERING MEMORANDUM MUSIC-THEMED ATTRACTIONS • Memphis, Home of the blues and Birthplace of Rock ‘n’ Roll has many must-see music- themed attractions including Beale Street Historic District, Blues Music hall of Fame, Center for Southern Folklore, Graceland (home of Elvis Presley and one of the most visited homes), Gibson Guitar Factory, Memphis Music Hall of Fame, Memphis Rock ‘n’ Soul Museum, St. Blues Guitar Workshop, Stax Museum of American Soul Music, Sun Studio, and the W.C. Handy home and Museum. RESTAURANTS • With approximately 100 barbecue restaurants alone, Memphis is also home to world-famous fine dining, rich soul food, and eclectic dining. PROPERTY DEMOGRAPHICS THEATERS AND SMALL THEATERS • Memphis offers multiple choices when it comes to live entertainment, dance classical concerts and performance art. Of special note is the Orpheum Theatre, Playhouse on the Square, Circuit Playhouse, Theatre Memphis, Hattiloo Theatre, and FedExForum. ART MUSEUMS • Memphis is rich with arts, sculpture and painting exhibits offering pieces from Rodin to Renoir. Memphis also offers the Dixon Gallery and Gardens, Memphis Botanic Garden, Memphis Brooks Museum of Art, Metal Museum, Belz Museum of Asian and Judaic Art, and the Cotton Museum at the Memphis Cotton Exchange. IHOP | 11 ECONOMY Top City for Low Because Memphis has been such an important city for transportation and shipping, it is Cost of Living attractive to businesses, especially those producing goods shipped nationwide. Three Fortune 500 companies, FedEx, AutoZone, and International Paper Co. call Memphis home. These significant businesses have brought a large manufacturing industry. Of the 607,900 jobs in Memphis in July 2014, 209,900 are in the Manufacturing and Transportation industries, around 34.5 percent. #7 City for Located on the Mississippi River, Memphis is one of the largest metropolitan areas in the Southeast, ranking 41st out of the top 75 according to a Department of Labor Entrepreneurs Release. Of the 40 metropolitan areas ahead of Memphis, only 12 are in the South. The city has historically been one of the largest shipping hubs in the Mid-South, dating back to the Civil War. As transportation methods developed, Memphis has continued to hold significance as a transportation hub. Now the city is home to the second largest cargo airport in the world, Memphis International Airport, and the world’s busiest domestic airport with 3.9 million metric tonnes. Memphis International Airport and Memphis have #5 Artistic City had huge significance in the railroad industry. The city has the 3rd largest rail center in the U.S. behind Chicago and St. Louis. It is also one of only four U.S. cities with five Class 1 railroads. Many of Memphis’s residents are blue-collar, hard workers. The most common industries within this area are Transportation and Warehousing, Construction, and Manufacturing. Within those, the most common occupations are Material Moving, Construction, and Extraction. The unemployment rate has started to decrease with the overall household income increasing since early 2000. 12 | OFFERING MEMORANDUM CONFIDENTIALITY AGREEMENT & DISCLAIMER This Offering Memorandum contains select information pertaining to the business and affairs ofIHOP located at 1661 Sycamore View Road, Memphis, TN 43130 (“Property”). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable.
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