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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. 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. 4 SURROUNDING RETAIL Income & Expense 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 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 5 inaccuracies. Rent Roll 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 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. 6 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 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. 8 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+ 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. 9 Surrounding Retail 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 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. 11 Retail Aerial 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.
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