Church's Chicken

DOWNTOWN OAKLAND SAN FRANCISCO (11 MILES) (17 MILES)

217,400 SAN FRANCISCO BAY VPD 80 580

EASTSHORE FREEWAY

9,236 VPD 15,703 MACDONALD AVENUEVPD

RICHMOND BART 37TH STREET (1.3 MILES) (DARK)

NOR CHURCH’S CHICKEN (DARK) BAY AREA ABSOLUTE NNN LEASE - LANDLORD RIGHT TO TERMINATE AND RE-TENANT

RICHMOND, CA Contact the team

JOHN ANDREINI [email protected] PH: 415.274.2715 CA DRE# 01440360 MARIN COUNTY 1.2 MILLION SAN FRANCISCO BAY ANNUAL RIDERS KIRBY DEDERIAN 580 SAN PABLO BAY [email protected] PH: 415.231.0598

CA DRE# 02095008 ST. CORNELIUS CATHOLIC SCHOOL MANZANITA CHARTER RICHMOND MIDDLE CIVIC CENTER SCHOOL PLAZA 15,703 VPD

MACDONALD AVENUE

9,236 VPD (DARK)

37TH STREET A LITTLE WORLD MONTESSORI This information has been secured from sources we believe SCHOOL to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. Investment Overview CHURCH’S CHICKEN (DARK) 3701 MACDONALD AVENUE, RICHMOND, CA 94805

$825,000 $26,460 PRICE IN-PLACE NOI LEASE TYPE: ABSOLUTE NNN LEASE TERM: 8+ YEARS REMAINING* LEASABLE SF: 1,780 SF LAND AREA: 0.23 AC LEASE EXPIRATION: NOVEMBER 30, 2029

*LANDLORD HAS 30 DAYS NOTICE TERMINATION RIGHT

Bay Area Church’s Chicken (dark) with 8+ years remaining on lease Excellent backfill or Owner-User opportunity Landlord has unilateral right to terminate the existing lease at any time Signalized hard corner site – ideal for fast food/quick service Dense trade area – 155,000 residents in a 3-mile radius

This information has been secured from sources we believe to be reliable but we makeThis noinformation representations has been or warranties, secured from expressed sources or implied,we believe as to to the be accuracy reliable ofbut the we Near Richmond BART station – 1.2 million annual riders information.make no representations Buyer must verify or warranties, the information expressed and bears or implied, all risk as for to anythe accuracyinaccuracies. of the 3 information. Buyer must verify the information and bears all risk for any inaccuracies. Investment Highlights

SURROUNDING RETAIL

CAPITAL PACIFIC is pleased to present the opportunity THE SUBJECT PROPERTY is located on a signalized to acquire Church’s Chicken in Richmond, CA. The hard corner of Macdonald Avenue, a main thoroughfare offering is an absolute NNN, single-tenant investment with roughly 16,000 VPD. Macdonald Ave. serves as with 8+ years remaining on the lease, which includes a a main route between the I-580 freeway (211,000 VPD) 5% rent increase in 2024. Church’s Chicken has occupied and the Richmond BART station, which serves 1.2 million the property since 1997. In 2017, the operator vacated commuters annually. This hard corner, “right-in, right-out” the premises, but is contractually responsible for all rent site on the path to a large commuter hub makes it an ideal and lease obligations through November, 2029. The location for a food, coffee, or convenience use. The trade operator is one of the largest franchisees of Church’s area is densely populated, with over 261,000 residents Chickens and other fast food concepts in the U.S. and an average household income of $114,440 within a 5-mile radius.

PRICE $825,000 Price Per Building SF: $463.48 Price Per Land SF: $82.35 Building Area (SF): 1,780 Lot Size (SF): 10,018 STABILIZED INCOME PER SF Scheduled Rent $14.87 $26,460 Effective Gross Income $14.87 $26,460 LESS Common Area NNN $0.00 Taxes NNN $0.00 Insurance NNN $0.00 NET OPERATING INCOME $26,460

TENANT INFO LEASE TERMS RENT SUMMARY

CURRENT MONTHLY YEARLY MONTHLY YEARLY TENANT NAME SQ. FT. RENT RENT RENT RENT/FT RENT/FT

Former Church’s Chicken 1,780 12/1/2019 11/30/2024 $26,460 $2,205 $26,460 $1.24 $14.87

12/1/2024 11/30/2029 $2,315 $27,780 $1.30 $15.61

Option 1 12/1/2029 11/30/2034 $2,431 $29,169 $1.37 $16.39

Option 2 12/1/2034 11/30/2039 $2,553 $30,630 $1.43 $17.21

TOTALS: $26,460 $2,205 $26,460 $1.24 $14.87

Lease Abstract PREMISE & TERM

TENANT Church’s Chicken (franchisee) LEASE TYPE Absolute NNN TERM REMAINING 20 years (8+ years left) LEASE EXPIRATION November 30, 2039 OPTIONS Two 5-year options PARKING SPACES 14

SUBJECT PROPERTY EXPENSES RENT PROPERTY TAXES Tenant’s Responsibility BASE RENT INSURANCE Tenant’s Responsibility DATE RANGE MONTHLY RENT ANNUAL RENT COMMON AREA Tenant’s Responsibility 12/1/2019 - 11/30/2024 $2,205 $26,460 ROOF & STRUCTURE Tenant’s Responsibility 12/1/2024 - 11/30/2029 $2,315 $27,780 REPAIRS & MAINTENANCE Tenant’s Responsibility HVAC Tenant’s Responsibility OPTION RENTS UTILITIES Tenant’s Responsibility DATE RANGE MONTHLY RENT ANNUAL RENT #1. 12/1/2029 - 11/30/2034 $2,431 $29,169 #2. 12/1/2034 - 11/30/2039 $2,553 $30,630

The details contained within the Lease Abstract are provided as a courtesy to the recipient for purposes of evaluating the Property’s initial suitability. While every effort is made to accurately reflect the terms of the lease document(s), many of the items represented herein have been paraphrased, may have changed since the time of publication, or are potentially in error. Capital Pacific and its employees explicitly disclaim any responsibility for inaccuracies and it is the duty of the recipient to exercise an independent due diligence investigation in verifying all such information, including, but not limited to, the actual lease document(s). 7 Site Plan

FENCING

1,780 RENTABLE SF FENCING 0.23 ACRES 37TH STREET (DARK) PYLON SIGN

14 SPACES

MACDONALD AVENUE

Tenant Overview

Church’s Chicken, founded in San Antonio, TX in 1952, is one of the largest quick service chicken restaurant chains in the world. Church’s Chicken specializes in Original and Spicy Chicken, biscuits, and home-style sides. The company, along with its sister brand Texas Chicken® outside the Americas, has more than 1,500 locations in 25 countries and international territories.

In 2009, Church’s Chicken was purchased by the San Francisco based private equity firm Friedman Fleischer & Lowe, which operates the Church’s brand through a wholly- owned subsidiary, Cajun Global, LLC. In 2011, Cajun Global, LLC issued debt that was rated ‘BBB’ by Standard & Poor’s. Cajun Global, LLC does not guarantee the lease. Church’s Chicken’s annual revenue is estimated at $1.2 billion.

With system-wide sales of more than $1 billion, the system had a recording-breaking year in 2019. During two national media windows, the brand drove sales performance that outpaced the broader QSR category.

LOCATIONS REPRESENTATIVE PHOTO 1,500+

10 Retail Aerial

DOWNTOWN OAKLAND SAN FRANCISCO (11 MILES) (17 MILES) DISTRIBUTION CENTER 217,400 SAN FRANCISCO BAY VPD 80 JOHN F. KENNEDY KING 580 HIGH ELEMENTARY SCHOOL SCHOOL EASTSHORE FREEWAY

RICHMOND CONTRA SUPERIOR COSTA CONTRA COSTA COURT COUNTY 9,236 COUNTY OFFICE DISTRICT OF THE PUBLIC ATTORNEY’S VPD 15,703 DEFENDERS OFFICE MACDONALD AVENUEVPD

37TH STREET RICHMOND BART (1.3 MILES) (DARK)

A LITTLE WORLD MONTESSORI SCHOOL

EL CERRITO DEL NORTE BART 217,400 (1.5 MILES) EURASIA

VPD TAQUERIA LA HUONG TRA BAMBA RESTAURANT & DELI 80 80 DWIGHT D. EISENHOWER HIGHWAY

MACDONALD AVENUE

15,703 VPD PRIME TIME NUTRITION CONTRA COSTA COUNTY OFFICE OF THE PUBLIC

A LITTLE LAUNDERLAND WORLD COIN-OP MONTESSORI SCHOOL (DARK) 9,236 VPD

37TH STREET 37TH STREET LA FAMILIA This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or MARKET implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 12 SAN PABLO AVENUE Zoomed-In Aerial

80 217,400 CITY OF VPD RICHMOND RICHMOND CONVENTION CENTER CITY OF RICHMOND MIDDLE SCHOOL 5,000 VPD CITY OF RICHMOND

RICHMOND 37TH STREET PUBLIC LIBRARY ®

MACDONALD AVENUE SCHOOL 80

MIDDLE SCHOOL SCHOOL 15,703 VPD MACDONALD AVENUE

SAN PABLO AVENUE COUNTY OF SAN CONTRA FRANCISCO COSTA (17 MILES)

9,236 ELEMENTARY VPD SCHOOL 37TH STREET

123 SCHOOL 80

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. Buyer must verify the information and bears all risk for any inaccuracies. 13 CONTRA 80 COSTA COMMUNITY 109,200 Zoomed-Out Aerial COLLEGE 128,100 VPD VPD CONTRA COSTA REGIONAL 4 MEDICAL 4 101 CENTER 680 BUCHANAN FIELD AIRPORT JOHN MUIR MEDICAL CENTER SAN FRANCISCO BAY MARTINEZ DIABLO MEDICAL VALLEY VA MEDICAL COLLEGE SAN RAFAEL CENTERS

COLLEGE OF MARIN 80 82,000 CONTRA COSTA CONCORD VPD COLLEGE RICHMOND 217,400 680 MEDICAL CENTER VPD

580 RICHMOND SAN QUENTIN RICHMOND-SAN JOHN MUIR STATE RAFAEL BRIDGE PLEASANT MEDICAL PRISON HILL CENTER 209,000 VPD WALNUT UNIVERSITY CREEK OF SUTTER CALIFORNIA EAST BAY BERKELEY 24 MEDICAL CENTER WALNUT JOHN MUIR CREEK SAN FRANCISCO 80 MEDICAL MEDICAL BAY CENTER CENTER SUTTER EAST BAY 580 MEDICAL CENTER 101 BERKELEY ST. MARY’S COLLEGE OF CALIFORNIA MARIN 680 278,000 OAKLAND MEDICAL TREASURE VPD CENTER ISLAND ALCATRAZ OAKLAND 197,400

80 CALIFORNIA VPD STATE GOLDEN GATE UNIVERSITY HIGHLAND BRIDGE EAST BAY HOSPITAL OAKLAND BAY BRIDGE MERRITT CALIFORNIA EMBARCADERO COMMUNITY PACIFIC COLLEGE PRESIDIO OF MEDICAL SAN FRANCISCO CENTER UNIVERSITY OF SAN FRANCISCO 212,000 LANEY COLLEGE OF VPD ALAMEDA 101 ALAMEDA 880 GOLDEN GATE OAKLAND- PARK ALAMEDA OAKLAND COUNTY ZOO ZUCKERBERG COLISEUM SAN SAN FRANCISCO UCSF FRANCISCO GENERAL MEDICAL HOSPITAL CENTER

SAN FRANCISCO SAN STATE FRANCISCO UNIVERSITY COMMUNITY COLLEGE GOLF 280 COURSE OAKLAND KINDRED INT’L HOSPITAL AIRPORT SAN SAN This information has been secured from sources we believe to be reliable but we make no representations or warranties, LEANDRO MEDICAL LEANDRO 14 expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any CENTER inaccuracies. VALLEJO Demographics

POPULATION PITTSBURG SAN CONCORD 1-MILE 3-MILES 5-MILES RAFAEL RICHMOND 2010 30,697 144,920 245,974 WALNUT 2019 32,365 154,927 261,182 CREEK BERKELEY 2024 33,358 160,663 270,045 OAKLAND SAN (11 MILES) SAN RAMON 2019 HH INCOME FRANCISCO 1-MILE 3-MILES 5-MILES (17 MILES) SAN LEANDRO Average $77,391 $87,434 $114,440 DALY CITY PLEASANTON HAYWARD

TOP EAST BAY EMPLOYERS UNION CITY EMPLOYER # OF EMPLOYEES SAN MATEO Kaiser Permanente 41,114 FREMONT

University of California - Berkeley 26,829 REDWOOD CITY Sutter Health 10,184

Tesla 10,000 THE AVERAGE HOUSEHOLD Safeway Northern California Division 8,840 INCOME WITHIN A 5-MILE RADIUS John Muir Health 6,518 IS OVER $114K

RICHMOND is a central transportation hub in the Bay Area, with CONTRA COSTA COUNTY is home to more than 1.1 two Interstate freeways (80 and 580), two railroads (Santa Fe and million residents, and is comprised of 19 cities and many Southern Pacific), a deepwater shipping port, several AC Transit established communities, it is the ninth most populous local bus lines, and Bay Area and USA-wide passenger rail service county in the state. The county’s population is expected to from the combined BART and AMTRAK station located in the heart grow by 29% by 2040. of Richmond’s downtown. Nearby Oakland International Airport and San Francisco International Airport provide Richmond with Contra Costa County has the highest home ownership worldwide air passenger and freight service. Richmond’s deepwater rate in the Bay Area with approximately two-thirds of all shipping port is California’s third largest in annual tonnage, handling homes in the county being occupied by their owners. more than 19 million short tons of general, liquid, and dry bulk commodities each year. The Port of Richmond contains seven City- owned terminals, 5 dry-docks, and 11 privately owned terminals. CONTRA COSTA 1.1 MILLION COUNTY POPULATION (ESTIMATED)

NEARBY CITIES NEARBY CITIES CITY POPULATION MEDIAN INCOME CITY San Francisco POPULA TION813,500 M EDIAN INCOME$103k+ CONTRA COSTA COUNTY Walnut CreekOakland 69,800 429,000 $86k+ $63k+ Oakland Berkeley 429,000 121,600 $63k+ $75k+ Richmond is located at the intersection of Berkeley Walnut Creek 121,600 69,800 $75k+ $86k+ San Jose 1.03 million $101k+ multiple highway and transit lines within the San Francisco 813,500 $103k+ Fremont Fremont 237,800 237,800 $122k+ $122k+ bustling Contra Costa County, and it attracts Castro Valley 63,625 $92k+ San Jose 1.03 million $101k+ families and home buyers due to its ease of access to major East Bay employers via Interstate 680/80 and the BART light rail system. Contra Costa County, primarily a suburban region, is the ninth most populous county in the state. Additionally, many well- known companies are headquartered or have VALLEJO their West Coast base of operations within the county, including Safeway, 24 Hour Fitness, Chevron, GE, and Kaiser Permanente. RICHMOND Contra Costa County has extremely healthy CONTRA COSTA retail fundamentals, and is recognized for its COUNTY tight vacancies and steady rent growth. The OAKLAND East Bay region has seen a rise in multi-family development as well, bringing more residents SAN FRANCISCO to the region and further diversifying the economic base.

THE SAN FRANCISCO BAY AREA consists of nine counties GENERAL STATS in Northern California centered around the San Francisco Bay, San Pablo Bay, and Suisun Bay. The Bay Area is often 2ND LARGEST METRO AREA IN CALIFORNIA divided into five sub-regions: the East Bay, North Bay, South 3RD LARGEST METRO ECONOMY IN THE U.S. Bay, Peninsula, and the city of San Francisco. 7.6 MILLION RESIDENTS This area has a collective total population of about 7.6 19TH LARGEST ECONOMY IN THE WORLD BY GDP million people, representing almost 20% of California’s total population. The Bay Area has the unique distinction of being 50+ BAY AREA COLLEGES AND UNIVERSITIES one of the most innovative places in America and one of the most inventive, competitive economies in the world based on BAY AREA CITIES REPRESENT 10% OF THE COUNTRY’S MOST LIVABLE CITIES a productive and educated workforce, deep venture capital pool, concentration of research organizations, culture of innovation and receptivity to new ideas. It 121 MILES BART TRACK CONNECTING THE also has the highest concentration of venture capital firms in the world which BAY AREA have invested on average of $10 billion annually in 1,100 local area firms.

SAN FRANCISCO

JOHN ANDREINI KIRBY DEDERIAN SAN FRANCISCO [email protected] [email protected] (17 MILES) PH: 415.274.2715 PH: 415.231.0598 CA DRE# 01440360 CA DRE# 02095008

EL CERRITO DEL NORTE BART (1.5 MILES)

CAPITALPACIFIC.COM

Copyright © 2020 Capital Pacific Partners CAPITAL PACIFIC COLLABORATES. CLICK HERE TO MEET OUR 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. Buyer must verify the information and bears all risk for any SAN FRANCISCO TEAM. inaccuracies.