VILLAGE INN 10293 Big Bend Road Riverview, FL
ACTUAL PROPERTY VILLAGE INN | RIVERVIEW, FLORIDA
ON MARKET: VILLAGE INN IN RIVERVIEW, FLORIDA
ACTUAL PROPERTY INVESTMENT HIGHLIGHTS
Village Inn in Riverview, FL Adjacent to Newly Constructed Aldi, Walmart and Sam’s Club LOCATED 13 MILES SOUTH OF TAMPA Adjacent to 264 Unit Multi-Family Development Simmons Loop Long Term Triple Net Lease (NNN) ACROSS FROM $12 MILLION BIG BEND ROAD RETAIL DEVELOPMENT ZERO LANDLORD RESPONSIBILITIES Strong Performing Location Strong Local Demographics CONSISTENTLY ACHIEVING PERCENTAGE RENT BREAKPOINT AVERAGE HOUSEHOLD INCOME GREATER THAN $91,000 WITHIN A 3 MILE RADIUS Landlord Collects 7% of Sales in Excess of 2 Million Strong Growth Market MOST RECENT FULL LEASE YEAR LANDLORD COLLECTED MORE THAN $20,000 RESIDENT POPULATION INCREASED 44% WITHIN A 5 MILE RADIUS SINCE 2010 Strong Retail Corridor Ideally Located on Big Bend Rd MORE THAN 650,000 SF OF RETAIL SPACE WITHIN A 1 MILE RADIUS MORE THAN 33,000 VEHICLES PER DAY (VPD) Hedge Against Inflation Significant Capital Commitment to the Area 6.5% RENT INCREASES EVERY 5 YEARS MORE THAN $100 MILLION IN PLANNED COMMERCIAL DEVELOPMENT IN RIVERVIEW 2 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. VILLAGE INN | RIVERVIEW, FLORIDA
10293 BIG BEND ROAD FINANCIAL OVERVIEW RIVERVIEW, FLORIDA
PRICE $2,843,683
CAP RATE 6.00%
NOI $170,621
PRICE PER SQUARE FOOT $601.46
RENT PER SQUARE FOOT $36.09
YEAR BUILT 2006
APPROXIMATE LOT SIZE 1.35 Acres
GROSS LEASEABLE AREA 4,728 SF ACTUAL PROPERTY
TYPE OF OWNERSHIP Fee Simple ANNUALIZED OPERATING DATA
LEASE SCHEDULE BASE RENT MONTHLY RENT TOTAL RENT * American Blue Ribbon LEASE GUARANTOR Holdings, LLC CURRENT 9/30/2021 $150,000.00 $12,500.00 $170,621.00 (Corporate Guaranty) 10/1/2021 9/30/2026 $159,750.00 $13,312.50 $180,371.00 10/1/2026 9/30/2031 $170,133.75 $14,177.81 $190,754.75 LEASE TYPE Triple-Net (NNN) Option 1 10/1/2031 9/30/2036 $181,192.44 $15,099.37 $201,813.44 Option 2 10/1/2036 9/30/2041 $192,969.95 $16,080.83 $213,590.95 ROOF AND STRUCTURE Tenant Responsibility *Proforma NOI Includes 2019 Percentage Rent Plus Base Rent
3 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. VILLAGE INN - Riverview, Florida 75
93A
VANCE VOGEL PARK 301
SUBJECT PROPERTY
BIG BEND RD 33,000 VPD
301
LINCOLN RD
93A
75 AMBLESIDE BLVD VILLAGE INN | RIVERVIEW, FLORIDA
LEASE SUMMARY
LEASE COMMENCEMENT DATE 10/1/2006
LEASE EXPIRATION DATE 9/30/2031
LEASE TERM 15 Years
TERM REMAINING 11+ Years
INCREASES 6.5% Every 5 Years
OPTIONS TO RENEW 2, 5 Year
33,000 VPD
SUBJECT PROPERTY
BIG BEND RD
ACTUAL PROPERTY
5 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. VILLAGE INN | RIVERVIEW, FLORIDA
TENANT OVERVIEW
Village Inn OVERVIEW Village Inn is a casual dining restaurant chain in the United States. Its restaurants are known TENANT TRADE NAME Village Inn for their breakfast menu items. Also, they feature a variety of salads, sandwiches, burgers, melts and dinner items. Wholly Owned Subsidiary of American OWNERSHIP Blue Ribbon Holdings With six decades of success, they have corporate and franchise restaurants totaling more than 200, located primarily in the Rocky Mountain region, the Midwest, Arizona and Florida. TENANT Vicorp Restaurants Incorporated (Inc.) Their guests visit Village Inn because they know they will enjoy great-tasting food and extra- LEASE GUARANTOR American Blue Ribbon Holdings, LLC friendly service in a clean and comfortable family environment. Many of our guests who NUMBER OF LOCATIONS 690 Locations visited our restaurants in their youth now take their children and grandchildren to Village Inn— when they’re hungry for life’s simple pleasures. HEADQUARTERED Nashville, Tennessee WEB SITE www.villageinn.com VICORP Restaurants VICORP Restaurants, Inc., is a U.S. operator and franchiser of approximately 370 Village Inn and Bakers Square family restaurants. The Village Inn chain consists of both corporate- operated and franchised restaurants that are located primarily in the Rocky Mountain region, the upper Midwest, Arizona, and Florida. The smaller Bakers Square chain, concentrated in California and the upper Midwest, is entirely operated by the corporation. The two chains are known for their pies and other fresh-baked products as well as in-restaurant home-style meals. American Blue Ribbon Holdings American Blue Ribbon Holdings, the parent company of VICORP, is a premier food service company which operates more than 690 company and franchise family and casual dining restaurants in more than 40 states under the Village Inn, Bakers Square, Legendary Baking, O’Charley’s, and Ninety Nine brands. It also owns and operates Legendary Baking, comprised of three bakery facilities that supply its restaurants and other food service and retail customers with a variety of high quality baked goods and “The Best Pie in America”®. American Blue Ribbon Holdings has headquarters in Denver and Nashville, Tenn. Fidelity National Financial owns a 55% stake in American Blue Ribbon Holdings, which has approximately $1.3 billion in annual revenue. ACTUAL PROPERTY 6 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. VILLAGE INN | RIVERVIEW, FLORIDA
ABOUT RIVERVIEW
Riverview is a suburb of Tampa located in Hillsborough County, and is consistently labeled one of the best places to live in Florida. Living in Riverview offers residents a sparse suburban feel and most residents own their homes. In Riverview there are a lot of parks. Many families and young professionals live in Riverview and residents tend to have moderate political views. The public schools in Riverview are above average. The Alafia River flows through the northern part of the CDP and forms part of its northeastern border, separating Riverview from Bloomingdale to the northeast. Other neighboring communities, all unincorporated, are Brandon to the north, Palm River-Clair Mel to the northwest, Progress Village and Gibsonton to the west, Apollo Beach to the southwest, Balm to the south, and FishHawk to the east. Tampa’s strong economic expansion has continued in 2019, once again among the nation’s leaders for job and population growth rates. The sustained, long-term job growth has tightened Tampa’s labor market to one of the best in the U.S., which has ultimately driven up wages and incomes across the metro. Over the past two years, Tampa has posted some of the higher income growth in the country, increasing the market’s buying power and personal consumption, which has provided ample fuel for both strong retail and industrial demand.
SUBJECT PROPERTY
LINCOLN RD
Americas
Drive•In SM
BIG BEND RD
33,000 VPD ACTUAL PROPERTY
7 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. 1-Mile 3-Mile 5-Mile 1-Mile 3-Mile 5-Mile 1-Mile 3-Mile 5-Mile
2000 Population 838 7,786 33,730 2000 Households 297 2,569 13,100 2019 Average HH Income $89,288 $91,069 $81,632
2010 Population 4,211 37,023 75,484 2010 Households 1,364 11,989 26,625 2019 Median HH Income $78,181 $79,658 $68,980
2019 Population 7,023 53,656 108,671 2019 Households 2,290 17,600 38,266 2019 Per Capita Income $29,114 $29,872 $28,745
2024 Population 7,990 60,232 121,904 2024 Households 2,605 19,776 42,904 BROKER HEREBY ADVISES ALL PROSPECTIVE PURCHASERS OF NET LEASED PROPERTY AS FOLLOWS:
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Broker and should not be made available to any other person or entity without the written consent of Broker.
This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Broker has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Broker has not verified, and will not verify, any of the information contained herein, nor has Broker conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
NON-ENDORSEMENT NOTICE
Broker is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Broker, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Broker, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR BROKER AGENT FOR MORE DETAILS. CONTACT US:
MARK POMELLA LICENSED REAL ESTATE SALESPERSON [email protected] t. 646.809.8840
BROKER OF RECORD Andrew T. Knight [email protected] t. 860.648.1600 New England Commercial Brokerage, Inc LICENSE #:BK 3287452 (FL) LICENSE #: FL NECB CORP CQ1046052 (IN)
ACTUAL PROPERTY