Hooters Restaurant Lawrenceville (Atlanta Msa), Ga 704.379.1980 Berkeleycap.Com
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HOOTERS RESTAURANT LAWRENCEVILLE (ATLANTA MSA), GA 704.379.1980 BERKELEYCAP.COM 1228 EAST MOREHEAD STREET | SUITE 200 CHARLOTTE, NC 28204 TRANSACTION TEAM STEVE HORVATH RANSOME FOOSE 704-379-1981 704-379-1985 [email protected] [email protected] MIKE LUCIER CARL BRENDES 704-943-3158 704-714-2363 [email protected] [email protected] MICHAEL HOWARD 704-943-3160 [email protected] BCA FIRM GA REAL ESTATE LICENSE NO.: H-64417 LOCATION MAP 860 Duluth Highway, Suite 900 Lawrenceville (Atlanta MSA), GA 30043 167K+ The site benefits from a total of 167,100 VPD on all surrounding roadways. 53.52% Population growth 2000- 2018 within one mile of site is 53.52%. 3 BERKELEYCAP.COM | 704.379.1980 5,391 1.01 SQUARE FEET ACRES HOOTERS RESTAURANT 860 DULUTH HIGHWAY, SUITE 900 LAWRENCEVILLE (ATLANTA MSA), GA 30043 P PROPERTY DETAILS 44 2006 TENANT HOA RESTAURANT HOLDER, LLC* PARKING SPACES YEAR BUILT NET OPERATING INCOME $172,512 RENT INCREASES 10% EVERY 5 YEARS RENT SCHEDULE RENT COMMENCEMENT AUGUST 1, 2006 ANNUAL % LEASE YEAR START END RENT INCREASE RENT EXPIRATION DECEMBER 31, 2033 YEAR 1-5 11/8/2018 12/31/2023 $172,512 - LEASE TYPE ABSOLUTE NET YEAR 6-10 1/1/2024 12/31/2028 $189,763 10.0% ORIGINAL LEASE TERM 15 YEARS YEAR 11-15 1/1/2029 12/31/2033 $208,740 10.0% LEASE TERM REMAINING 14+ YEARS** OPTION 1 1/1/2034 12/31/2038 $229,603 10.0% OPTIONS TWO, 5-YEAR OPTION 2 1/1/2039 12/31/2043 $252,568 10.0% RIGHT OF FIRST REFUSAL NONE *Corporate guaranty **In 2018, the tenant extended the initial lease term from 2023 to 2033 $2,805,000 6.15% CAP RATE 4 BERKELEYCAP.COM | 704.379.1980 EXECUTIVE SUMMARY DEMOGRAPHIC SNAPSHOT Hooters has been successfully operating at this location since 2006, and in November 2018 showed their continued commitment to the site by 1-MILE 3-MILE 5-MILE extending their initial lease term for an additional 10 years until 2033. Located 9,504 86,019 233,905 within the dense Atlanta submarket of Lawrenceville (86K residents inside 2023 POP. PROJECTION 3-miles), the property is situated with clear visibility and convenient access 2018 POPULATION 8,912 80,179 216,909 at the major crossroads of Duluth Hwy and University Pkwy (combined 124K VPD). The site is also positioned across the street from a 553-bed flagship POP. GROWTH 2000-2018 53.52% 33.48% 51.33% hospital, nearby the county airport and two colleges with approximately HH GROWTH 2000-2018 61.22% 33.87% 50.54% 20,000 combined students. 2018 AVERAGE HH INCOME $64,041 $79,302 $86,373 for detailed demographics, please click HERE INVESTMENT HIGHLIGHTS • RECENTLY EXTENDED LEASE TERM | 15 YEARS REMAINING • ABSOLUTE NET LEASE | NO LANDLORD RESPONSIBILITIES TRAFFIC COUNTS • CORPORATE GUARANTY AADT DULUTH HWY 54,400 • LONG OPERATING HISTORY | 12 YEARS AT THIS LOCATION UNIVERSITY PKWY 69,500 • 10% RENT INCREASES EVERY 5 YEARS LAWRENCEVILLE-SUWANEE RD 32,700 • HIGH TRAFFIC COUNTS | DULUTH HWY (54,400 VPD), RIVERSIDE PKWY 10,500 UNIVERSITY PKWY (69,500 VPD), LAWRENCEVILLE-SUWANEE RD (32,700 VPD), AND RIVERSIDE PKWY (10,500 VPD) • LESS THAN 1 MILE FROM GWINNETT MEDICAL CENTER- LAWRENCEVILLE | MAIN HOSPITAL WITHIN A NETWORK FEATURING 553 BEDS, 5,300 EMPLOYEES, AND 800 PHYSICIANS • LESS THAN 10 MINUTES FROM GWINNETT COUNTY AIRPORT • ATTRACTIVE AVERAGE HOUSEHOLD INCOME WITHIN 5-MILE RADIUS | $86,373 • APPROX. 10 MINUTES FROM GWINNETT TECHNICAL COLLEGE | 7,180 STUDENTS • APPROX. 2 MILES FROM GEORGIA GWINNETT COLLEGE | 12,000 STUDENTS • DESTINATION RETAILERS IN THE AREA | TARGET, PUBLIX, HOME DEPOT, ALDI, KROGER, HOBBY LOBBY, WALGREENS, CHIPOTLE, MCDONALD’S, CHICK-FIL-A, PANERA, STARBUCKS, TACO BELL, AND OTHERS 5 BERKELEYCAP.COM | 704.379.1980 NORTHEAST AERIAL Gwinnett County Airport (LZU) Georgia Gwinnett 297 flights/day College 12,00a0 students UNIVERSITY PKWY - 69,500 VPD Gwinnett Medical Center 553 beds DULUTH HWY - 54,400 VPD WEST AERIAL Gwinnett Tech College 7,180 students RIVERSIDE PKWY - 10,500 VPD LAWRENCEVILLE-SUWANEE RD - 32,700 VPD Gwinnett Medical Center 553 beds UNIVERSITY PKWY - 69,500 VPD DULUTH HWY - 54,400 VPD 77 BERKELEYCAP.COM | 704.379.1980 EAST AERIAL Gwinnett Medical Center 553 beds UNIVERSITY PKWY - 69,500 VPD DULUTH HWY - 54,400 VPD 8 BERKELEYCAP.COM | 704.379.1980 SITE PLAN Lawrenceville-Suwanee Rd - 32,700 VPD 32,700 - Rd Lawrenceville-Suwanee University Pkwy - 69,500 VPD Duluth Hwy - 54,400 VPD 9 BERKELEYCAP.COM | 704.379.1980 TENANT OVERVIEW Hooters of America, LLC is the Atlanta-based operator and franchiser of Hooters. Known for its world famous Hooters Style chicken wings, the first Hooters opened its doors in 1983 in Clearwater, Florida. This privately held corporation owns and operates 205 locations itself. The casual beach-themed establishments feature music, sports on large flat screens, and a menu that includes seafood, sandwiches, burgers, salads, and of course, Hooters original chicken wings. The current logo, uniform, menu and ambiance are all very similar to what existed in the original store, albeit with some 21st century enhancements. Hooters is accelerating its growth of new restaurants in select markets across the U.S. and around the globe. STORE 1983 430 YEAR FOUNDED LOCATIONS 10K+ TOTAL EMPLOYEES 10 BERKELEYCAP.COM | 704.379.1980 MARKET OVERVIEW - ATLANTA, GA 11 11 BERKELEYCAP.COMBERKELEYCAP.COM | 704.379.1980 | 704.379.1980 MARKET OVERVIEW - ATLANTA, GA JOBS & INVESTMENT INFRASTRUCTURE Atlanta Top Employers by Employee Count Delta Airlines: Emory Healthcare: Walmart: #1 busiest airport in the nation, The Home Depot: measured by takeoffs and landings AT&T: Kroger Co.: Wellstar Health Systems: Publix Supermarkets: USPS: 2,500 daily departures and landings Northside Hospital: out of Hartsfield-Jackson Atlanta International Airport ~ 1,000 Employees ~ 40% 15% increase in annual rate of 15 GOOGLE FIBER employment increases venture capital funding Fortune 500 headquarters brought the fastest available projected over next 5 years since 2010 are located in Atlanta, GA internet to Atlanta 12 BERKELEYCAP.COM | 704.379.1980 MARKET OVERVIEW - ATLANTA, GA PEOPLE REAL ESTATE 220 $1,350 5.3M new residents move to the average rent for an million square feet of office Atlanta every day apartment in Atlanta planned or under construction $$$ 3.7B 50% 33 billion dollars in real estate increase in the amount of the median age of residents projects under construction institutionally-owned office who live in Atlanta space in Downtown Atlanta STORE 4TH 430,000 9,725 largest population growth in square feet of retail space housing units planned or the U.S. during 2016 planned or under construction under construction 13 BERKELEYCAP.COM | 704.379.1980 MARKET OVERVIEW - ATLANTA, GA FORTUNE 500 HEADQUARTERS IN ATLANTA Revenue Company Industry Rank (millions) Home Depot Retail 23 $94,595 UPS Shipping 46 $60,906 Coca-Cola Beverage 64 $41,863 Delta Air Lines Airlines 71 $39,639 Southern Company Utilities 145 $19,896 Genuine Parts Automobile 180 $15,340 First Data Technology 242 $11,340 Financial SunTrust Banks 303 $9,161 Services Veritiv Packaging 331 $8,327 PulteGroup Homebuilding 353 $7,669 HD Supply Holdings, Inc. Packaging 364 $7,524 AGCO Manufacturing 370 $7,411 NCR Technology 409 $6,543 Asbury Automotive Group Automobile 410 $6,528 Financial Intercontinental Exchange 437 $5,958 Services TOTAL $342,944 1414 BERKELEYCAP.COM | 704.379.1980 MARKET OVERVIEW - ATLANTA, GA RANKINGS Airport in the Nation - AJC (April 2017) Metro Area for Overall Regulatory Friendliness City with the Most Fortune 500 Headquarters # # - Thumbtack (June 2016) # - Metro Atlanta Chamber (June 2016) 1 Major Metro Area for Lowest Total Tax Index for 2 3 R&D Services Sector - KPMG (2016) Metro Area for Tax Code and Tax Regulations - Thumbtack (June 2016) City for Engineering Jobs - SquareFoot (August 2016) Metro Area for Population Change (2014-2015) - US Census Bureau (March 2016) # City with the Most Energy Star Certified Buildings # US City for Tech Start-Ups # City for Global Future Potential 4 -EPA (2016) 5 - Sungard Availability Services (July 2016) 6 - A.T. Kearney (May 2016) Best Tech Hub in the U.S. - Info World (2016) US City for Innovation - Innovation Leader (May 2017) 15 15 BERKELEYCAP.COMBERKELEYCAP.COM | 704.379.1980 | 704.379.1980 DEMOGRAPHICS POPULATION 1-MILE 3-MILE 5-MILE 2023 Projection 9,504 86,019 233,905 2018 Population 8,912 80,179 216,909 2010 Census 8,118 72,570 193,381 2000 Census 5,805 60,065 143,330 233,905 2018-2023 Annual Rate 1.29% 1.42% 1.52% 2023 POPULATION 2010-2018 Annual Rate 1.14% 1.22% 1.40% 2000-2010 Annual Rate 3.41% 1.91% 3.04% PROJECTION WITHIN FIVE MILES HOUSEHOLDS 2023 Total Households 3,931 28,343 75,994 2018 Total Households 3,697 26,495 70,590 2010 Households 3,380 23,789 62,808 $ 2000 Households 2,293 19,791 46,889 $$ 2018-2023 Annual Rate 1.24% 1.36% 1.49% 2010-2018 Annual Rate 1.09% 1.31% 1.43% 2000-2010 Annual Rate 3.96% 1.86% 2.97% $86,373 2018 AVERAGE HOUSEHOLD INCOME $64,041 $79,302 $86,373 2018 AVG. HOUSEHOLD INCOME WITHIN FIVE MILES 53.52% 2000-2018 POPULATION GROWTH WITHIN ONE MILE 16 BERKELEYCAP.COM | 704.379.1980 CONFIDENTIALITY DISCLAIMER Berkeley Capital Advisors, LLC (“BCA”) has been authorized by the owner of the subject property (the AGENT’S DUTIES “Seller”) to present you with this marketing package. This is a confidential package intended solely for When you contract with a real estate firm to act as your agent in a real estate transaction, the agent your own limited use and benefit, as a principal, in considering whether you desire to pursue negotia- must help you obtain the best price and terms possible, whether you are the buyer or seller.