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Buddy's Pizza Buddy’s Pizza Sale-Leaseback 33605 Plymouth Road, Livonia, Michigan 48150 OFFERING MEMORANDUM EXCLUSIVE NET – LEASE OFFERING Table of Contents Financial Overview Investment Highlights & Overview Lease Summary Concept Overview Investment Summary Location Overview Location Highlights & Overview Surrounding Aerial Map Surrounding Area Photos Demographics Population Income Employment FINANCIAL OVERVIEW 33605 Plymouth Road, Livonia, Michigan 48150 PRICE: $2,950,000 | 5.75%CAP | RENT: $169,625 PROPERTY DESCRIPTION HIGHLIGHTS Property Buddy’s Pizza Property Address 33605 Plymouth Road ➢ Brand New 20-Year Triple Net (NNN) Sale-Leaseback City, State, ZIP Livonia, Michigan 48150 ➢ Premier, Market-Leading Specialty Pizza Brand Based in Detroit Building Size (SF) 6,309 ➢ Rental Escalations of 10% Every 5 Years Lot Size (Acres) +/- 1.87 ➢ Celebrated, Iconic Brand Well-Positioned in Respective Markets THE OFFERING ➢ Attractive Unit Economics with Highly Scalable Business Model Net Operating Income (NOI) $169,625 CAP Rate 5.75% Purchase Price $2,950,000 LEASE SUMMARY Property Name Buddy’s Pizza Property Type Net-Leased Restaurant Ownership Fee Simple Tenant / Guarantor Buddy’s Livonia LLC Guarantor Buddy’s Holding Company LLC Lease Term 20 Years Estimated Rent Commencement Close of Escrow Lease Expiration 20 Years From Close of Escrow Lease Term Remaining 20 Years Lease Type Triple-Net (NNN) Roof & Structure Tenant Rental Increases 10% Every 5 Years Options to Renew Four (4), Five (5) Rental Increases in Options 10% Every 5 Years 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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap 3 FINANCIAL OVERVIEW INVESTMENT SUMMARY Marcus & Millichap is pleased to present the exclusive listing for a Buddy’s Pizza ANNUALIZED OPERATING DATA located in Livonia, Michigan. The property consists of approximately 6,309 Initial Annual Rent $169,625 square feet of building space and is situated on approximately 1.87 acres of land. The property is subject to a 20-year Triple-Net (NNN) lease. The base rent Base Term Rental Escalations 10% Every 5 Years will be $169,625 with rental escalations of 10% every 5 years. The increases will RENT SCHEDULE continue through the 4, 5-year tenant renewal options. Lease Year Annual Rent Monthly Rent TENANT SUMMARY Year 1 $169,625 $14,135 Year 2 $169,625 $14,135 More than 72 years since the introduction of “The Original Detroit-Style Square Pizza”, and with 12 locations throughout metro Detroit, Buddy’s continues to Year 3 $169,625 $14,135 serve Detroit’s original square pizza, made-from-scratch soups, and their Year 4 $169,625 $14,135 celebrated antipasto salads. Over time, Buddy’s has added a variety of items to Year 5 $169,625 $14,135 the menu that have kept up to date with on trend menu offerings such as multi grain crust, vegan options, and gluten-free pizzas. To continue pleasing the Year 6 $186,588 $15,549 broad spectrum of clientele that visits the restaurant, Buddy’s has partnered Year 7 $186,588 $15,549 with a local brewery to offer “Buddy Brew” and “Bocce IPA”, ale’s that satisfy Year 8 $186,588 $15,549 the increasing demand for craft beer. As Buddy’s Pizza continues to expand their concepts and ideas, their footprint continues to broaden as the 13th Year 9 $186,588 $15,549 location will open at the Detroit Zoo. Year 10 $186,588 $15,549 Year 11 $205,246 $17,104 Year 12 $205,246 $17,104 Year 13 $205,246 $17,104 Year 14 $205,246 $17,104 Year 15 $205,246 $17,104 Year 16 $225,771 $18,814 Year 17 $225,771 $18,814 Year 18 $225,771 $18,814 Year 19 $225,771 $18,814 Year 20 $225,771 $18,814 CAP Rate 5.75% Purchase Price $2,950,000 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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap 4 CONCEPT OVERVIEW GREAT FOOD COMES FIRST Buddy’s Pizza was established in the 1930’s and began serving the original Detroit-style square pizza on the corner of Six Mile Road and Conant Street in 1946. Offering traditional Sicilian-style square pizza, made-from-scratch soup, celebrated antipasto salad and more. The restaurant uses only the freshest ingredients and original family recipes. Nationally Recognized Dining Experience Buddy’s has a multitude of accolades and high praise from well- known print and online media sources, strengthening its brand recognition and exposure to markets outside of the Metro Detroit area. It is recognized for its delicious pizza and memorable dining experience, winning awards year after year, and for their overwhelming charitable involvement, making Buddy’s a respected and celebrated brand in any community it joins. National Brand Presence “Buddy’s Pizza crust is one of the best in America.” – GQ voted Buddy’s top 15 best pizza in the country. “Buddy’s Pizza invented and perfected Detroit’s signature square pizza style” – Business Insider, March 2015 Rich Heritage | Destination Dining BEGINNINGS “Today, it carries on the legacy by capturing the hearts and taste buds of Detroiters and travelers alike.” –Paula Deen Magazine, In the 1930’s, Buddy’s existed as a “blind Pig”, skirting the State and Federal April 2014 laws that governed the on-site sale and usage of alcohol. Owner August “The Detroit Staple has been around for 70 years, and you bet that “Gus” Guerra made sure “booze” was available. In 1944, Gus turned the next time I visit the Motor City, Buddy’s will be my first stop” – blind pig into a legitimate tavern, but with WWII still raging, business was Oprah.com, August 2016 suffering. In 1946, Sicilian style pizza was added to the menu. Gus baked the Celebrated Reputation for Quality and Compassion Sicilian style pizza using a blue steel pan, given to him by a friend who worked in the automotive business. The unique recipe began drawing crowds of neighbors and out-of-towners who would repeatedly return to indulge on the Detroiter-favorite dish. The Legend of the Original Detroit Style Square Pizza was born. 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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap 5 CONCEPT OVERVIEW • Founded in 2005, CapitalSpring is one of the most active private investors focused on the restaurant industry. • The firm currently manages assets in excess of $1.3 billion and has completed investments in the operations of over 50 different restaurant brands and 4,000 restaurant locations. The team specializes in providing creative capital solutions to the branded restaurant industry. • As CapitalSpring’s strategy has broadened and their capital base has continued to flourish, they still remain one of the most active institutional investors exclusively dedicated to restaurant ventures. • CapitalSpring has recently acquired a controlling stake in Buddy’s Pizza in order to accelerate new store growth across the Midwest and expand the brand’s iconic footprint. • CapitalSpring has a large presence across the United States with offices in Nashville, Los Angeles, Atlanta, and New York. Select Restaurant Investments Restaurant Private Equity Investments This information has beenThissecuredinformationfrom sourceshaswebeenbelievesecuredto befromreliable,sourcesbut wewemakebelieveno representationsto be reliable,or warranties,but we makeexpressedno representationsor implied, as toorthewarranties,accuracy of theexpressedinformationor .implied,Referencesastotosquarethe accuracyfootage orofagetheareinformationapproximate. References. Buyer must toverifysquarethe informationfootage or age and bears all risk for anyareinaccuraciesapproximate. Any.projections,Buyer mustopinions,verify assumptionsthe informationor estimatesand bearsused allhereinriskareforforanyexampleinaccuraciespurposes. Anyonly andprojections,do not representopinions,the assumptionscurrent or futureor performanceestimates usedof thehereinpropertyare. Marcusfor example& MillichappurposesReal EstateonlyInvestmentand do notServicesrepresentis a the 6 service mark of Marcus &currentMillichaporRealfutureEstateperformanceInvestment Services,of the propertyInc. © 2013. MarcusMarcus&&MillichapMillichap
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