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GOLDEN CORRAL 7500 PEACH ST, ERIE, PA 16505 ™ OFFERING MEMORANDUM CONFIDENTIALITY & DISCLAIMER STATEMENT This Offering Memorandum contains select information pertaining to the business and affairs of Golden Corral located at 7500 Peach St , Erie, PA 16505 (“Property”). It has been prepared by Matthews Retail Advisors . This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Retail Advisors . The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence. By acknowledging your receipt of this Offering Memorandum for the Property, you agree: 1. The Offering Memorandum and its contents are confidential; 2. You will hold it and treat it in the strictest of confidence; and 3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller. Owner and Matthews Retail Advisors expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered. If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum. A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Retail Advisors or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property. This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum. GOLDEN CORRAL 7500 PEACH ST ERIE, PA 16505 TABLE OF CONTENTS 04. Executive Summary 06. Property Overview 08. Lease Abstract 12. Tenant Overview 14. Area Overview 16. Demographics ™ Connor Olandt Calvin Short Associate VP & Senior Director - STNL Scott Burdett License No. 01985082 License No. 01927216 Broker of Record O 949.432.4504 O 949.432.4506 License No. 10301213057 M 818.618.4522 M 310.567.3525 [email protected] [email protected] EXECUTIVE SUMMARY Investment Highlights • Corporate guaranteed lease. 100% leased to Golden Corral Corporation • Absolute NNN investment - zero landlord responsibilities • Tenant recently extended for an additional 5 years showing fantastic commitment to the location • Ideally situated within the main retail corridor next to major national retailers such as Walmart, Home Depot, Target, Sam’s Club, Panera Bread, Chick-fil-A and Dunkin’ Donuts to name a few • Strong Store Sales - Site performs 11% higher than the national average for Golden Corral • 7.50% year-over-year sales growth • Golden Corral has successfully operated at this same location for over 15 years 4 I Golden Corral Executive Summary GOLDEN CORRAL 7500 Peach St Annualized Operating Data Erie, PA 16505 Monthly Rent Annual Rent Rent/SF Cap Rate List Price ..........................................................................................$2,290,200 Current - 4/30/2022 $15,268.00 $183,216.00 $17.82 8.00% CAP Rate - Current .................................................................................. 8.00% **Tenant pays Percentage Rent 5% in excess of $4,144,320 in Gross Gross Leasable Area .....................................................................± 10,278 SF Annual Sales. (See broker for details) Lot Size ...........................................................................................± 5.41 Acres Year Built ...................................................................................................... 2002 Tenant Summary Tenant Trade Name Golden Corral Type of Ownership Fee Simple Lease Guarantor Corporate Lease Type NNN Roof and Structure Tenant Responsible Original Lease Term 10 Years Lease Commencement Date 4/4/2002 Rent Commencement Date 4/4/2002 Lease Expiration Date 4/30/2022 Term Remaining on Lease ± 5.5 years Percentage Rent 5% in excess of Plateau Figure Options Six (6), Five (5) Year Options Matthews Retail Advisors | 5 PROPERTY OVERVIEW 6 I Golden Corral Physical Description Property Name Golden Corral 7500 Peach St Property Address Erie, PA 16505 Assessor’s Parcel Number 40-001-016.0-085.01 Zoning AL3 Site Description Number of Stories One Year Built 2002 Gross Leasable Area (GLA) ± 10,782 SF Lot Size ± 5.41 Acres (235,660 SF) Type of Ownership Fee Simple Parking ± 301 Surface Spaces Parking Ratio 28 : 1,000 SF Landscaping Professional Topography Generally Level Construction Foundation Concrete Slab Framing Metal Parking Surface Asphalt Matthews Retail Advisors | 7 Lease Abstract - Golden Corral Tenant: Golden Corral Address: 7500 Peach Street Erie, PA 16505 Size: 10,278 Rent Commencement: April 4, 2002 Lease Expiration: April 30, 2022 Renewal Options: Six (6), Five (5) year options remaining Current Rent: $183,216 per year Percentage Rent: Tenant pays 5% in excess of $4,144,320 annual gross sales Net Lease: Absolute NNN Real Estate Taxes: Tenant pays all real estate taxes and assessments Insurance: Tenant shall carry extended coverage insurance at Tenant’s sole expense Utilities: Tenant shall pay for all utilities and services Repairs/Maintenance: Tenant shall at sole cost and expense maintain improvements in good order Tenant Assignment and Subletting: Tenant may assign to any Golden Corral affiliate or franchisee, but will not relieve any of Tenant’s obligations to fulfill lease Right of First Refusal: None 8 | Golden Corral Aerial Peach St ± 36,000 ADT Matthews Retail Advisors | 9 Regional Map Site 10 | Golden Corral Tenant Map Site Matthews Retail Advisors | 11 TENANT OVERVIEW 12 | Golden Corral Property Name Golden Corral Property Type Net Leased Casual Dining Parent Company Trade Name Golden Corral Corporation Ownership Private No. of Locations ± 500 No. of Employees (All) ± 9,000 Headquartered Raleigh, North Carolina Website www.goldencorral.com Year Founded 1973 TENANT OVERVIEW The company operates and franchises nearly 500 steak buffet restaurants in 40-plus US states. The family dining locations serve a variety of steak, chicken, and pork entrees along with an expansive buffet that offers both hot and cold food items. Golden Corral locations also feature a Dessert Café and a Brass Bell Bakery that serves freshly-baked breads, rolls, cookies, and brownies. Most of the steak buffet eateries are operated by franchisees. Chairman James Maynard, who controls Golden Corral through his holding company, Investors Management Corp., founded the chain with partner Bill Carl in 1973. GEOGRAPHIC OUTREACH Based in Raleigh, North Carolina, Golden Corral operates restaurants in more than 40 states, with a concentration of locations in the Southeast. STRATEGY The company has been renovating its restaurant interiors and emphasizing fresh ingredients. The majority of the chain’s locations will eventually be converted to a “Pavilion” look, where the restaurants’ buffets are divided into stations based on various food styles, such as Asian, Tex-Mex, and seafood sections. Matthews Retail Advisors | 13 AREA OVERVIEW Erie, Pennsylvania Located in the very Northwest corner of Pennsylvania, Erie is the State’s only Great Lakes port city. The lake is the main attraction in Erie, with the sparkling water giving Erie its nickname, “Gem City.” Erie is the state’s fourth-largest city with a population of 100,000 people. The nearby peninsula of Presque Isle State Park provides residents and visitors ample opportunities for outdoor activities such as sailing, swimming, hiking, and biking. The city is also part of the Snowbelt, famous for the winter wonderland created by the lake effect. Economy Erie is the Commonwealth of Pennsylvania’s primary access point to Lake Erie, the Great Lakes, and the Saint Lawrence Seaway. Erie has a diverse mix of mid-sized industries. The broader economic base includes not only smaller and more agile
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