Long John Silver's
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Representative Photo Offering Memorandum Long John Silver’s 3550 Isleta Boulevard SW | Albuquerque, NM 87105 Confidential Disclaimer This Confidential Memorandum has been prepared by Stan Johnson Company (“SJC”) and is being furnished to you solely for the purpose of your review of the commercial property located at 3550 Isleta Boulevard, SW, Albuquerque, NM 87105 (the “Property”). The material contained in this Offering Memorandum shall be used for the purposes of evaluating the Property for acquisition and shall not be used for any purpose or made available to any other person without the express written consent of Stan Johnson Company (“Broker”). Offered Exclusively by By accepting the Confidential Memorandum, you acknowledge and agree that: (1) all of the information contained herein and any other information you will be receiving in connection with this transaction, whether oral, written or in any other form (collectively, the “Materials”), is confidential; (2) you will not reproduce the Confidential Amar Goli Memorandum in whole or in part; (3) if you do not wish to pursue this matter, you will return this Confidential Associate Director Memorandum to SJC as soon as practicable together with all other materials relating to the Property which you [email protected] may have received from SJC; and (4) any proposed actions by you which are inconsistent in any manner with the P: +1 213.417.9378 foregoing agreements will require the prior written consent of SJC. This Confidential Memorandum has been prepared by SJC, based upon certain information pertaining to the Sam Alison Property and any information obtained from SJC to assist interested parties in making their own evaluation of Regional Director - West the Property is offered on a no representation or warranty provision other than customary warranties of title [email protected] and is sold on an “as-is, where-is” basis and with all faults. The material and transaction does not purport to be P: +1 213.417.9375 all inclusive. This Confidential Memorandum contains descriptive materials, financial information and other data compiled for the convenience of parties interested in the Property. The Materials are being delivered by SJC to prospective investors with the understanding that it is not all inclusive and that it is qualified in its entirety by Mike Philbin independent investigation by prospective investors of those matters which they deem appropriate in evaluating Associate Director this offering without reliance upon SJC, the Broker or any of their respective affiliates or any of the information [email protected] set out in the Materials. Neither SJC, the Broker, nor any of their respective affiliates have independently verified P: +1 213.417.9379 any of the information contained herein or in any of the Materials, and no representations or warranties as to the accuracy or completeness thereof or of any other kind whatsoever are made or intended and none should be inferred. SJC, for itself and its affiliates of the Property, expressly disclaim any and all liability for statements or In Association With representations, express or implied, contained herein or for omissions from the Materials or for any other written, Britton Burdette oral or other format of communication transmitted to a prospective investor in the course of its evaluation of the NM Lic #19068 proposed transaction. All summaries and discussions of documentation and/or financial information contained herein are qualified in their entirety by reference to the actual documents and/or financial statements, which upon request may be made available. The terms and conditions described herein are subject to change without notice. This Confidential Memorandum does not constitute an offer to accept any investment proposal but is merely a solicitation of interest with respect to the investment described herein. The Confidential Memorandum does not Stan Johnson Company constitute an offer of security. The investment described herein may be financed or withdrawn from the market, 801 South Figueroa Street | Suite 1130 without prior notice. By accepting this Confidential Memorandum you agree to release SJC and hold it harmless Los Angeles, CA 90017 from any kind of claim, expense, or liability arising out of your discovery or purchase of the Property. SJC reserves P: +1 213.417.9380 the right to request the return of the Materials at any time. Ownership of the Property reserves the right to negotiate with one or more prospective investors at any time. stanjohnsonco.com Table of Contents Section 1 - Executive Summary The Offering .......................................................................................................................................................4 Section 2 - Property Overview Lease Abstract & Rent Schedule ..........................................................................................................6 Tenant Overview .............................................................................................................................................7 Location Overview .........................................................................................................................................8 Area Maps ...........................................................................................................................................................9 Area Retail & Business Map ....................................................................................................................10 Demographics ..................................................................................................................................................11 Section One Executive Summary The Offering Stan Johnson Company is offering to qualified investors the opportunity to purchase a 100% fee-simple interest in the Long John Silver’s property located at 3550 Isleta Blvd, in Albuquerque, New Mexico (the “Property”). The location is on Isleta Blvd, just off of Rio Bravo Blvd, which is a major artery through Albuquerque connecting the residents of SW Albuquerque to I-25 and the Albuquerque International Airport. It is the major road that people use to cross the Rio Grande River in order to get to the major interstate. Representative Photo This site is ideal for a quick serve restaurant such as Long John Silver’s, as it is on a major retail corridor with other fast food concepts such as McDonald’s, Pizza Hut, and Taco Bell. Nearby tenants include Walgreens, Advance Auto Parts, Purchase Price: $1,070,000 and Albertsons. The surrounding community is stable with the retail submarket having an occupancy rate exceeding 95% and residential neighborhoods are Cap Rate: 7.44% primarily single-family homes. Property Summary The building is less than 2 years old, having been rebuilt after a major fire in Address: 3550 Isleta Boulevard SW | Albuquerque, NM 87105 2014. The property is an excellent site for quick serve operations because it Building Size (SF): +/- 2,464 SF is a newer facility with drive-thru on a major retail corridor in the south valley. Land Area (Acres): +/- 0.69 Acres Tenant has no remaining options after 2024, which provides an opportunity for Ownership Interest: Absolute NNN a significant rental increase at end of the existing term. Encumbrances: None, Delivered Free & Clear NOI: $79,660 Investment Highlights Experienced Operator - American Seafood Partners is an affiliate of M2R LLC, Excellent Residual Value – Property is well located along a retail corridor, which operates 21 Long John Silver’s, A&W, and KFCs in New Mexico and Kansas. with a drive-thru. Drive-thrus are becoming increasingly difficult to obtain in Albuquerque Absolute Net Lease - Zero Landlord Responsibilities Commitment to Location - In 2014, Tenant extended lease for a 10- Stable Occupancy with Upside Potential - Tenant at Location for 21 year term; lease end date is 12/31/2024, with no remaining options years. Approximately 9 years remaining. No Options. Highly Accessible Location - The Property is located just off Rio Bravo Rental Increase - Monthly rent increases to $7,472 in 2020, a 4.2% increase Boulevard, the main roadway across the Rio Grande River and the main access Brand New Building - Rebuilt and delivered to Tenant in March 2015 point to I-25 for residents of SW Albuquerque. Long John Silver’s • Albuquerque, NM 4 Section Two Lease Abstract, Tenant & Location Overview Lease Abstract Tenant Long John Silver’s Guarantor M2R LLC Lease Type Absolute NNN Property Address 3550 Isleta Boulevard, SW | Albuquerque, NM 87105 NOI $79,660 Building SF 2,464 Square Feet Acreage 0.69 Acres Lease December 12, 1994 Commencement Lease Expiration December 31, 2024 Term Remaining 8 years, 10 months Options None Remaining Rent Increases See Rent Schedule Below Rent Schedule Lease Term Years Rent (Annually) N Years 21 - 25 1/1/15 - 12/31/19 $79,660 Years 26 - 30 1/1/20 - 12/31/24 $83,016 Long John Silver’s • Albuquerque, NM 6 Representative Photo Tenant Overview Long John Silver’s, Inc., is a U.S.-based fast-food restaurant that specializes in or batter fried onion rings. Seafood items include fish, clams, and shrimp, with seafood. The name of the brand is borrowed from the novel Treasure Island by chicken fingers known as “Chicken Planks.” More recently, the brand began Robert Louis Stevenson, in which the pirate Long John Silver is one of the main offering baked cod as a lower-calorie option. The restaurants also sell dessert characters. Formerly a division