TACO BELL RESTAURANT NNN Investment 429 Court Street DAVE DELATORRE T 619 247 8585 F 828 459 3066 Binghamton, NY 13904 [email protected] EXECUTIVE SUMMARY Taco Bell NNN Investment PROPERTY Taco Bell Restaurant LOCATION 429 Court Street, Binghamton, NY 13904 SALES PRICE $4,100,000 CAPITALIZATION RATE 5.0% RENT Years 1-5 Years 6-10 Year 11-15 Years 16-20 Monthly $17,083.33 $18,791.67 $20,670.83 $22,737.92 Annual $205,000 $225,500 $248,050 $272,855 BUILDING SIZE Large 2,212 Square Feet Contemporary Building Built in 1998 LAND PARCEL SIZE 33,546 Square Feet Corner Parcel with Taco Bell using approximately 20,000 Square Feet & 13,000 Square Feet of Vacant Land. PRIMARY LEASE TERM & OPTION PERIODS New Twenty (20) Year Primary Lease Term Commencing Upon Close of Escrow with Four Additional Five (5) Year Options to Extend at the Same Terms and Conditions RENTAL INCREASES Fixed Ten (10%) Percent Increases Every Five (5) Years Including Options DAVE DELATORRE T 619 247 8585 2 [email protected] EXECUTIVE SUMMARY Taco Bell NNN Investment TENANT INFORMATION MUY Brands, LLC is a Texas Limited Liability Company who owns and operates 81 Taco Bell restaurants in Connecticut, New York, Pennsylvania, New Jersey, and Virginia. The company was founded in 2007 and acquired the existing Taco Bell restaurants in 2012 from another Taco Bell franchisee called El Rancho Foods who operated the restaurants for many years prior to MUY Brands, LLC acquiring the former El Rancho company. MUY Brands, LLC is also part of the MUY Companies which operate another 369 Pizza Hut Restaurants in Texas, 6 southeast states, and Minnesota and who are one of the largest Pizza Hut franchisees in America. Another MUY company called MUY Hamburger Partners, LLC was established in 2012 and is currently the second largest Wendy’s franchisee who operates 320 Wendy’s restaurants in the Ohio, Texas, and New York markets. The collective MUY Companies own and operate 770 restaurants and were recently recognized by Nation’s Restaurant News 2018 industry survey as the 5th largest franchisee in America with revenues approaching $1 billion. Please visit the company website at www.muycompanies.com for additional information on the company. 3 EXECUTIVE SUMMARY Taco Bell NNN Investment COMMENTS with North Shore Drive and State Street The Binghamton Taco Bell is strategically respectively. These roads merge into located in the heart of an upscale New York Interstates 81 & 86, making the Taco Bell a suburb known for being the birthplace of convenient destination for patrons both flight simulation. from and outside of the Binghamton area. Court Street runs parallel to Interstate 81 and Taco Bell consists of a rectangular large comprises the ideal traffic patterns for a corner parcel of land approximately 0.770 fast food restaurant. acres with approximately 13,000 square feet of vacant land. Taco Bell built a 2,212 The Taco Bell has excellent visibility to square feet drive thru restaurant building daily commuters returning from work which that was originally constructed in 1998. is reflected in strong dinnertime sales The vacant land parcel could be rented or from Taco Bell. In addition to the strong leased by a future landlord to a third party evening business, Taco Bell is in the heart which creates future upside to the new of Binghamton’s retail corridor surrounded owners. by residential neighborhoods to the north, west, and east which contribute to strong The subject property has excellent visibility daytime business. Within the retail corridor, from the signalized hard corner intersection national retailers include CVS, Rite Aid, on Court Street, a high traffic area. Average Dick’s Sporting Goods, Family Dollar, Dollar daily traffic counts of 29,610 and 12,500 General, McDonald’s, and more which create vehicles occur where Court Street intersects a regional draw from 10 to 20 miles. DAVE DELATORRE T 619 247 8585 4 [email protected] EXECUTIVE SUMMARY Taco Bell NNN Investment The Binghamton Taco Bell is located two Nearly 100,000 people reside within city blocks south from NYSEG Stadium five miles of the Taco Bell restaurant, where the Binghamton Rumble Ponies with daytime populations climbing up Baseball Club plays. The Rumble Ponies to 128,245. This daytime population are an American minor league baseball consists in part of 3,913 Broome County team affiliated with the New York Mets employees, 2,026 IBM employees, and major-league club. The State University of 1,971 UHS employees. Binghamton’s prime New York at Binghamton which has over location, as the only one of the Triple Cities 15,000 students and is a driving force in at the junction of two major Interstates, the community and the local economy is makes it conveniently accessible to the located less than a mile east of the Taco 198,797 people living in Broome County. Its Bell restaurant. Binghamton University proximity to the Susquehanna River bridge is a research institution that evolved allows easy access by residents of northern from a small liberal arts college to a large Pennsylvania. doctoral-granting program with locations in Binghamton, Vestal, and Johnson City, New York. The UHS Binghamton General Hospital, a 220-bed general medical and surgical facility is located less than two miles from the Taco Bell restaurant’s location. DAVE DELATORRE T 619 247 8585 5 [email protected] SITE PLAN Taco Bell NNN Investment SUBJECT PROPERTY Vacant Land Parcel COURT STREET 29,600 CPD DAVE DELATORRE T 619 247 8585 6 [email protected] TRADE AREA Taco Bell NNN Investment Vacant Lot Vacant Lot Picture 1 Vacant Lot Picture 2 Aerial Survey DAVE DELATORRE T 619 247 8585 7 [email protected] AERIAL VIEWS Taco Bell NNN Investment ALUMNI STADIUM 86 SUBJECT PROPERTY DAVE DELATORRE T 619 247 8585 8 [email protected] AERIAL VIEWS Taco Bell NNN Investment 81 86 9 SUBJECT PROPERTY NYSEG STADIUM DAVE DELATORRE T 619 247 8585 [email protected] TRADE AREA Taco Bell NNN Investment Binghamton Big Box Retailers CVS Pharmacy Family Dollar Midas Auto Weis Pharmacy Dick’s Sporting Goods Toyota DAVE DELATORRE T 619 247 8585 10 [email protected] TRADE AREA Taco Bell NNN Investment Binghamton Restaurants McDonald’s Burger King KFC Jody’s Diner Frank’s Diner East Side Wine & Liquor DAVE DELATORRE T 619 247 8585 11 [email protected] TRADE AREA Taco Bell NNN Investment Binghamton Trade Area Generators NYSEG Stadium Binghamton University UHS Binghamton Hospital Phelps Mansion Museum Fastenal Industrial Supplier Tommy’s Car Wash & Auto Detailing DAVE DELATORRE T 619 247 8585 12 [email protected] MAPS Taco Bell NNN Investment SUBJECT PROPERTY SUBJECT PROPERTY DAVE DELATORRE T 619 247 8585 13 [email protected] AREA INFORMATION Taco Bell NNN Investment Binghamton, New York the largest food distributors in the country service a large region of restaurants and chains Binghamton is the principal city and cultural -Maines Paper & Food Service and Willow Run throughout the United States. There are many center of the Binghamton metropolitan area, Foods- are headquartered in the region and other large corporations in Binghamton including home to over a quarter million people, per the IBM, Lockhead Martin, BAE Systems, Universal 2010 census. Binghamton is also the county Instruments, and Frito Lay Foods. seat of Broome County, New York and lies in the state’s Southern Tier region near the Pennsylvania Education and health care are also becoming border, in a bowl-shaped valley at the confluence significant sectors in the regional economy. In of the Susquehanna and the Chenango rivers. particular, Binghamton University and Broome Binghamton is situated 73 miles south of Syracuse, Community College employ a large number of NY and 61 miles north of Scranton, PA. researchers and educators. Binghamton University contains a New York State Center of Excellence Binghamton was founded as a transportation for small-scale systems integrations, and has also crossroad and a manufacturing center of a variety provided the major impetus behind the $22 Million of products such as cigars, shoes, and innovative Southern Tier High Technology Incubator, which is technology. IBM was founded nearby, and Edwin being built in downtown Binghamton to encourage Link invented the flight simulator in this city which local growth of startups. Major compaines in the led to a notable boom of tech- and defense- private healthcare industry include United Health oriented firms operating today. Services and Lourdes Hospital. The city hosts all its civic and municipal functions in downtown There is a large presence of food and distribution Binghamton, not far from the Taco Bell restaurant. services companies in Binghamton. Two of DAVE DELATORRE T 619 247 8585 14 [email protected] DAVE DELATORRE T 619 247 8585 F 828 459 3066 [email protected] 7486 La Jolla Boulevard, Suite 173 La Jolla, California 92037.