Rutland, Vt James Capital Advisors, Inc
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BIMBO BAKERIES USA DISTRIBUTION FACILITY - RUTLAND, VT JAMES CAPITAL ADVISORS, INC. JAMES CAPITAL ADVISORS MARKETING PACKAGE 69 Park St Rutland, VT 05701 CONTENTS PAGE Investment Summary 03 Lease Summary 04 Site Plan 05 Retail Aerial 06 Rent Schedule 08 About the Brand 09 Location Overview 10 CONTACT INFORMATION joel cukier Senior Associate (424) 325-2618 2 69 Park St, Rutland, VT 05701 BIMBO BAKERIES USA DISTRIBUTION FACILITY - RUTLAND, VT INVESTMENT SUMMARY Tenant Bimbo Bakery $1,112,662 Street Address 69 Park St PURCHASE PRICE $1.1M City Rutland 7.85% State VT CAP RATE 7.85% Zip 05701 $87,344 GLA 10,192 SF NET OPERATING INCOME$87K Lot Size 1.52 AC Price / SF $109.17 Year Built 1950 Rent / SF $8.57 Largest Bakery Company in The United States Bimbo Bakeries USA is the American corporate arm of the Mexican multinational bakery product manufacturing company Grupo Bimbo, a multi-billion dollar company and the largest bakery company in the United States with brands like Wonder Bread Entenmann’s, Sara Lee, Oroweat and Thomas. Strategic Industrial Corridor The subject property benefits from its strong industrial location with dozens of industrial properties in the immediate area and just one block off Main St. NNN Lease with Minimal Landlord Responsibilities Bimbo is responsible for the CAM, Taxes, Insurance & Utilities on the property. The landlord is solely responsible for the roof & structure of the building. The exterior of the building is masonry construction with a sto finish & the roof is a rubber membrane roof. A brand new boiler was installed in 2019. Early Lease Extension with Large Rent Increase Bimbo executed and early 3-year lease extension with an upcoming 14% rent increase in December of 2020 showing their commitment to the site. Replaceable Market Rents Inline market rents reducing the landlords risk of the tenant relocating. 03 69 Park St, Rutland, VT 05701 BIMBO BAKERIES USA DISTRIBUTION FACILITY - RUTLAND, VT LEASE SUMMARY Lease Type Triple-Net (NNN) Real Estate Taxes Tenant Responsible Type of Ownership Fee Simple Insurance Tenant Responsible Original Lease Term 5 Years Roof & Structure Landlord Responsible Commencement Date 3/13/2002 Lease Guarantor Corporate Lease Expiration 11/30/2023 Company Name Bimbo Bakeries USA Term Remaining 4+ Years Ownership Public Increases See Rent Schedule Years in Business 21 Options None Number of Locations 50 Institutional Quality Investment Property The offering is the fee simple interest in a bakery warehouse/distribution facility, providing prospective investors the opportunity to purchase an institutional quality asset that is leased to Bimbo Bakeries USA of Horsham, PA, a wholly-owned subsidiary of Grupo Bimbo (BMV: BIMBO) The world’s largest baking company. Central Location Located Directly Off of U.S. Route 7 which serves as the North / South highway in the state of Vermont and approximately one mile from U.S. Route 4 which serves as one of the main arteries between New York and New Hampshire. Large 1.52 Acre Parcel Quality industrial real estate giving the investor the option of future redevelopment for the property. This finished space has approximately 750 square feet of retail area selling products to the public, and an office area of approximately 1500 square feet. Long-Term Industrial Distribution Bakery Tenancy Bimbo has been at this location since 2002 and has repeatedly executed their options and extended their lease. 04 69 Park St, Rutland, VT 05701 BIMBO BAKERIES USA DISTRIBUTION FACILITY - RUTLAND, VT SITE PLAN 05 69 Park St, Rutland, VT 05701 BIMBO BAKERIES USA DISTRIBUTION FACILITY - RUTLAND, VT RETAIL AERIAL 06 69 Park St, Rutland, VT 05701 BIMBO BAKERIES USA DISTRIBUTION FACILITY - RUTLAND, VT RETAIL AERIAL 07 69 Park St, Rutland, VT 05701 BIMBO BAKERIES USA DISTRIBUTION FACILITY - RUTLAND, VT RENT SCHEDULE PERIOD TERM ANNUAL RENT MONTHLY RENT INCREASE CAP RATE 12/1/2018 - 11/30/2020 Base Term $87,344 $7,278.67 - 7.85% 12/1/2020 - 11/30/2023 Base Term $99,800 $8,316.67 14% 8.97% 08 69 Park St, Rutland, VT 05701 BIMBO BAKERIES USA DISTRIBUTION FACILITY - RUTLAND, VT ABOUT THE BRAND Grupo Bimbo Grupo Bimbo, S.A.B. de C.V., known as Bimbo, is a Mexican multinational bakery product manufacturing company headquartered in Mexico City, Mexico. It is the world’s largest baking company and operates the largest bakeries in the United States, Mexico, Canada, Chile, Peru, Colombia, and Spain, and has some of the widest distribution networks in Mexico and the United States. It was also the ninth largest company of Mexico by revenues in 2013. Bimbo reported revenues of US$14.1 billion for 2014. It has more than 138,000 employees, 165 manufacturing plants and 2.5 million sales centers located in 32 countries in America, Europe and Asia. It operates more than 100 trademarks, among which are Bimbo, Tia Rosa, Marinela, Wonder (in Mexico only), Barcel, Sara Lee, Mrs Baird’s and Oroweat. Bimbo has one of the widest distribution networks in the world, surpassing 52,000 routes Bimbo operates under a scheme of recurrent sales channels views, making three daily visits to the same establishment. Bimbo Bakeries USA Bimbo Bakeries USA is the American corporate arm of the Mexican multinational bakery product manufacturing company Grupo Bimbo. It is the largest bakery company in the United States. The company, headquartered in Horsham, Pennsylvania, a suburb of Philadelphia, owns many fresh bread and sweet baked goods brands in the United States, including Entenmann’s, Sara Lee, and Thomas’. It is also a top advertising sponsor for many major soccer teams around the globe. 60+ 11,000+ 22,000+ BAKERIES60+ OPERATED SALES11K ROUTES 22kEMPLOYEES 09 69 Park St, Rutland, VT 05701 BIMBO BAKERIES USA DISTRIBUTION FACILITY - RUTLAND, VT LOCATION OVERVIEW 1. Downtown Farmers Market 251 West St, Rutland, VT 05701 1.5 MILES FROM SUBJECT PROPERTY 2. Paramount Theater 30 Center St, Rutland, VT 05701 1.5 MILES FROM SUBJECT PROPERTY 3. Pine Hill Park 2 Oak St Ext, Rutland, VT 05701 2.4 MILES FROM SUBJECT PROPERTY 4. Killington / Pico Mountains Ski Areas 73 Alpine Dr, Mendon, VT 05701 10 MILES FROM SUBJECT PROPERTY 5. Spartan Arena 100 Diamond Run Mall, Rutland, VT 05701 1.7 MILES FROM SUBJECT PROPERTY 6. Wilson Castle 2970 W Proctor Rd, Proctor, VT 05765 4 MILES FROM SUBJECT PROPERTY 10 69 Park St, Rutland, VT 05701 BIMBO BAKERIES USA DISTRIBUTION FACILITY - RUTLAND, VT LOCATION OVERVIEW 01 02 03 Downtown Farmers Market Paramount Theater Pine Hill Park The Vermont Farmers Market and Rutland The Paramount Theater, also known as Only two miles from Downtown Rutland, County Farmers Market combine forces The Playhouse, is a historic performance Pine Hill Park offers 16 miles of trails at Depot Park every week of the year. theater located in Rutland, Vermont. spread over 325 acres of terrain. 04 05 06 Killington/Pico Mountains Ski Areas Spartan Arena Wilson Castle With 155 trails, 21 lifts & 1,509 acres extending The Spartan Arena is home to Castleton Located in nearby Proctor, the Wilson across six mountain peaks, Killington is the University men’s and women’s ice hockey Castle boasts 13 fireplaces, 84 stained largest ski resort east of the Rockies. programs, as well as many other events. glass windows, and 32 rooms to explore. 11 69 Park St, Rutland, VT 05701 BIMBO BAKERIES USA DISTRIBUTION FACILITY - RUTLAND, VT LOCATION OVERVIEW Rutland, VT The city of Rutland is the seat of Rutland County, Vermont, United States. As of the 2010 census, the city had a total population of 16,495. It is located approximately 65 miles north of the Massachusetts state line and 20 miles east of the New York state line. Rutland is the third largest city in the state of Vermont after Burlington and South Burlington. It is surrounded by the town of Rutland, which is a separate municipality. The downtown area of the city is listed as a historic district on the National Register of Historic Places. The present 12,000 acres of the town is home to all types of residences, farms, and considerable commercial activity which provides a significant number of manufacturing jobs. Manufacturers such as General Electric and Isovolta Inc. are located in the southern section of the town along with the Green Mountain Shopping Plaza. With world-class skiing just up the road, at the Killington and Pico ski areas, there are over 400 hotel and motel rooms in town as well as numerous restaurants. Historic Downtown Rutland Downtown Rutland is home to the state’s largest year-round farmers market, a brilliantly restored 1912 Paramount Theatre, incredible public art installations, an engaging children’s museum and more. Many of the buildings are listed on the National Register of Historic Places due to the area’s designation as the Rutland Downtown Historic District. Downtown Rutland is also close to several indoor and outdoor recreational areas including the Long Trail, Killington and Pico Mountains, Pine Hill Park, and Castleton Arena and Giorgetti Arena. College of St. Joseph Founded in 1956, College of St. Joseph is a small, independent, nonprofit Catholic institution located in the heart of Vermont’s Green Mountains. This idyllic 117-wooded acre campus sits on the edge of Rutland’s city limits, providing a comfortable walk to both a vibrant downtown and several recreation areas. College of St. Joseph was named a top 100 “Best Bang for the Buck” school by Washington Monthly in 2015 and was ranked in the top 15 percent in The Economist’s College rankings. 12 69 Park St, Rutland, VT 05701 BIMBO BAKERIES USA DISTRIBUTION FACILITY - RUTLAND, VT DEMOGRAPHICS POPULATION 1-Mile 3-Mile 5-Mile 2024 Projection 8,249 17,511 23,109 2019 Estimate 8,240 17,923 23,570 2010 Census 7,943 19,455 25,180 Growth ‘19 - ‘24 0.11% -2.30% -1.96% Growth ‘10 - ‘19 3.74% -7.87% -6.39% HOUSEHOLDS 1-Mile 3-Mile 5-Mile 2024 Projection 3,777 7,786 10,157 2019 Estimate 3,770 7,967 10,364 2010 Census 3,625 8,640 11,093 Growth ‘19 - ‘24 0.19% -2.27% -2.00% Growth ‘10 - ‘19 4.00% -7.79% -6.57% Average Income $43,856 $59,822 $61,598 Median Income $30,226 $42,112 $44,875 13 69 Park St, Rutland, VT 05701 JAMES CAPITAL ADVISORS, INC.