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Absolute NNN Ground Lease Brand new Absolute NNN Ground Lease James Capital Advisors Arby’s Marketing Package 890 E Napier Ave, Benton Harbor, MI 49022 PROPERTY INFO FINANCIAL SUMMARY Tenant Arby’s Purchase Price $2,043,418 Street Address 890 E Napier Ave Cap Rate 5.50% City Benton Harbor Net Operating Income $112,388 State MI Price / SF $968.90 Zip 49022 Rent / SF $37.46 APN 11-03-0031-0040-26-5 GLA 2,109 SF CONTACT INFORMATION Lot Size 0.71 AC Agent Tony Anderson Year Built 2019 Phone Number (424) 325-2615 INVESTMENT HIGHLIGHTS Long Term Absolute NNN Lease w/Rare Corporate Guarantee Arby’s will operate under a 15-Year, Absolute NNN Ground Lease that is Corporately Guaranteed by Arby’s Restaurant Group. Significant Increases in the Base Term This investment benefits from 10% rental increases every 5 years, providing the owner with an excellent hedge against inflation and increasing cash flow. Brand New Construction with Latest BTS Prototype Arby’s opened for business August 2019 with its new Inspire 2000 Prototype. Since inception, this site has performed well above average and is projected to outperform average unit sales volumes (call broker for details). Zero Landlord Responsibilities This property is 100% maintenance free for the landlord as tenant is responsible for maintaining & replacing roof/ structure, as well as paying for taxes, insurance and common area maintenance expenses directly. James Capital Advisors Arby’s The Offering 890 E Napier Ave, Benton Harbor, MI 49022 James Capital Advisors Arby’s Property Image 890 E Napier Ave, Benton Harbor, MI 49022 LEASE SUMMARY Lease Type Absolute Net (NNN) Real Estate Taxes Tenant Responsible Type of Ownership Ground Lease Insurance Tenant Responsible Original Lease Term 15 Years Repairs & Maintenance Tenant Responsible Commencement Date 8/26/2019 Lease Expiration 8/25/2034 Lease Guarantor Corporate Term Remaining 15 Years Company Name Arby’s Increases 10% every 5 years Ownership Private Options Five (5), 5-Year Years in Business 54 ROFR / ROFO N/A Number of Locations 3,472 INVESTMENT HIGHLIGHTS National Brand Recognition Arby’s has seen considerable growth since the beginning of the decade with the brand’s store sales outperforming the national average by more than 2%. Strong Parent Company Roark Capital Group owns Arby’s as well as similar concepts including: Buffalo Wild Wings, Jimmy John’s, Wingstop, Cinnabon, Moe’s Southwest Grill, etc. RCG generates approximately $32 billion in system revenues across their brands. Corporate Presence Whirlpool Corporation, recognized as the world’s largest manufacturer of major home appliances, has its new Riverview Corporate Campus in Benton Harbor. They employ 4,000 residents in the community. Excellent Visibility with Strong Traffic Counts This asset is strategically positioned at the heavily trafficked corner of E Napier & Hwy 139 that sees a combined average of 16,300 vehicles that pass the site per day. James Capital Advisors Arby’s Lease Summary 890 E Napier Ave, Benton Harbor, MI 49022 James Capital Advisors Arby’s Property Image 890 E Napier Ave, Benton Harbor, MI 49022 Rent Schedule PERIOD ANNUAL RENT MONTHLY RENT INCREASE RENT / SF 08/26/2019-08/25/2024 Base Term $112,388 $9,365.67 - $37.46 08/26/2024-08/25/2029 Base Term $123,627 $10,302.23 10% $41.21 08/26/2029-08/25/2034 Base Term $135,989 $11,332.46 10% $45.33 10/01/2034-09/30/2039 1st Option $149,588 $12,465.70 10% $49.86 10/01/2039-09/30/2044 2nd Option $164,547 $13,712.27 10% $54.85 10/01/2044-09/30/2049 3rd Option $181,002 $15,083.50 10% $60.33 10/01/2049-09/30/2054 4th Option $199,102 $16,591.85 10% $66.37 10/01/2054-09/30/2059 5th Option $219,012 $18,251.03 10% $73.00 James Capital Advisors Arby’s Rent Schedule 890 E Napier Ave, Benton Harbor, MI 49022 ABOUT ARBY’S Arby’s is an American quick-service fast-food sandwich restaurant specializing in deli-style Market Fresh line of sandwiches, savory Greek gyros, Curly Fries and Jamocha Shakes. Arby’s fast crafted restaurant services feature a unique blend of quick-serve speed combined with the quality and made-for-you care of fast casual. Arby’s was founded in Boardman, Ohio, on July 23, 1964, by Forrest and Leroy Raffel, owners of a restaurant equipment business who thought there was a market opportunity for a fast food franchise based on a dish other than hamburgers. Arby’s success has led it to spread its sandwiches across 7 nations with over 3,000 restaurant locations. These countries include Canada, Turkey, Qatar, Kuwait & Egypt. Aside from their capital ventures, the Arby’s Foundation has donated nearly $80 million to organizations working to empower youth across America within the last 30 years. From combatting hunger to mentoring to career development, they continue to support causes that improve the lives of America’s youth. Locations Countries Revenue (2018) 3,472 7 4 Billon ABOUT ROARK CAPITAL GROUP Roark Capital Group is an American private equity firm with over US$ 13.0 billion in equity capital raised since inception that is focused on leveraged buyout investments in middle-market companies, primarily in the franchise/multi-unit, restaurant and food, retail healthcare and business services sectors. Since inception, affiliates of Roark have acquired 72 franchise/multi-unit brands which generate approximately $37 billion in system revenues from 36,000 locations located in 50 states and 81 countries. Their largest sector, food and restaurants, encompasses 25 investments in brands such as: Inspire Brands (Arby’s, Buffalo Wild Wings, Rusty Taco, and Sonic); CKE Restaurants (Carl’s Jr and Hardee’s), Corner Bakery, Culver’s; FOCUS Brands (Auntie Anne’s Pretzels, Carvel Ice Cream, Cinnabon, Jamba Juice, McAlister’s Deli, Moe’s Southwest Grill, and Schlotzsky’s) Il Fornaio, Jim ‘N Nick’s BBQ, Jimmy John’s, Miller’s Ale House and many more. Locations Countries Revenue (2018) 36,000 81 37 Billion James Capital Advisors Arby’s About the Brand 890 E Napier Ave, Benton Harbor, MI 49022 BENTON HARBOR, MI Benton Harbor is a city in Berrien County in the U.S. state of Michigan which is located southwest of Kalamazoo, and northwest of South Bend, Indiana. Benton Harbor and the city of St. Joseph are separated by the St. Joseph River and are known locally as the “Twin Cities”. Benton Harbor grew as a marketing and trucking center for Michigan’s fruit belt, a center of industry, and the hub of a popular tourist region. Benton Harbor offers the convenience of being located just off I-94 between Chicago and Detroit. The area is also serviced by major airports, rail and commercial ports, which contribute to the strong diversification of the economic base. 54% of U.S. manufacturing and 65% of Canadian manufacturing are within 500 miles. In 1986, Benton Harbor was designated as an Enterprise Zone in order to encourage business activity. The Enterprise Zone offers tax abatements and exemptions for commercial and industrial entrepreneurs. The developed St. Joseph River waterfront encourages the growth of the area. Benton Harbor represents a vibrant port for those seeking business opportunities. LOCATION OVERVIEW Multiple Site Accessibility Ingress/Egress Points at Signalized Intersection that allows for easy access to the property. Community Attractions Roughly 250,000 patrons attend “The Blossomtime Festival” annually. It was established in 1906 and is the oldest and largest multi-community Festival in the state of Michigan. Surrounding National Retailers Retailers in the immediate vicinity include ULTA, TJ Maxx, Old Navy, Michael’s, Walgreens, Dollar Tree, Advance Auto Parts, AutoZone, Dollar General, O’Reilly’s Auto Parts, Five & Below & Kohl’s. James Capital Advisors Arby’s Location Overview 890 E Napier Ave, Benton Harbor, MI 49022 James Capital Advisors Arby’s Retail Aerial 890 E Napier Ave, Benton Harbor, MI 49022 James Capital Advisors Arby’s Retail Aerial 890 E Napier Ave, Benton Harbor, MI 49022 James Capital Advisors Arby’s Site Plan 890 E Napier Ave, Benton Harbor, MI 49022 DEMOGRAPHICS POPULATION 1 MILE 3 MILE 5 MILE 10 MILE 2024 Projection 6,786 34,122 48,661 77,183 2019 Estimate 6,868 34,550 49,387 77,786 2010 Census 7,150 36,036 52,109 79,306 16,300 VPD E. Napier Avenue HOUSEHOLDS 1 MILE 3 MILE 5 MILE 10 MILE 2024 Projection 2,777 13,729 19,596 30,473 2019 Estimate 2,806 13,904 19,894 30,743 2010 Census 2,889 14,485 20,988 31,476 HOUSEHOLDS Avg. HH Income $36,734 $54,487 $62,546 $69,621 Med. HH Income $27,329 $27,329 $42,445 $48,012 James Capital Advisors Arby’s Demographics 890 E Napier Ave, Benton Harbor, MI 49022 DISCLAIMER The information contained in this Marketing Brochure has been obtained from sources believed to be reliable, but the accuracy or completeness of the information contained therein cannot be guaranteed. James Capital Advisors, Inc. & Andrew Whisler (“Broker”) has not, and will not, verify any of this information, nor has Broker conducted, nor will it conduct, any investigation regarding these matters. Broker makes no representations, guarantees, or warranties of any nature about the accuracy or completeness of any information provided. The information provided in this brochure is in no way a substitute for a thorough due diligence investigation by Buyer. Broker has made no investigation of, and has made no representations, guarantees, or warranties of any nature, with regard to income and expenses for this property nor the future financial performance of the property. In addition, Broker has made no investigation of, and has made no representations, guarantees, or warranties as to the size and square footage of the property, the presence of any contaminating substances at the property, the physical condition of the property or compliance with any State, Local or Federal regulations.
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