320 Letton Drive, Paris, KY Offering Memorandum

Transcription

1 Long John Silver s 320 Letton Drive, Paris, KY Offering Memorandum

2 CONFIDENTIALITY & DISCLAIMER STATEMENT This Offering Memorandum contains select information pertaining to the business and affairs of Long John Silver slocated at 320 Letton Drive, Paris, KY ( Property ). It has been prepared by Matthews Retail Group. 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 Group. 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 Group 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 Group 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. Matthews Retail Group OFFERING MEMORANDUM Long John Silver s

3 Table of Contents Pricing & Financial Analysis Investment Overview...2 Investments Highlights...2 Executive Summary...3 Company Overview...4 Property Description Physical Description...6 Tenant Map...7 Regional Map...8 Birds Eye...9 Demographics City Overview Paris, KY Demographics Report EXCLUSIVELY LISTED BY: Wesley Connolly QSR Specialist direct MOBILE License No Laurence Bergman Broker of Record License No

4 Matthews Retail Group OFFERING MEMORANDUM Long John Silver s

5 Pricing & Financial Analysis

6 Investment Overview Existing base term and options renewal for Long John Silver s Newer construction brick building with drive through Strong Retail Location Direct outparcel to Wal-Mart Super Center Located in main retail corridor in the city of Paris alongside many strong national tenants (KFC, Taco Bell, DQ, McDonald s, Sonics, Arby s, CVS & Tractor Supply Co.) Less than half a mile from the Bourbon County High School and Middle School Seasoned Franchisee Operator Charter Foods, Inc. is a 106 unit Yum! Brands franchisee operator consisting of Long John Silver s, Taco Bell, A&W, KFC and Pizza Hut locations. P. 2 Matthews Retail Group OFFERING MEMORANDUM Long John Silver s

7 Executive Summary Long John Silver s 320 Letton dr Paris, KY List Price... $1,008,908 Gross Leasable Area...1,807 SF CAP Rate - Current % Year Built Lot Size... ±0.99 Acres (43,124 SF) Annualized Operating Data Monthly Rent Annual Rent Rent/SF CAP Rate Current $7, $90, $ % Option 1 - June 1, 2017 (2 Years) $7, $95, $ % Option 2 - June 1, 2019 (5 Years) $8, $104, $ % Option 3 - June 1, 2024 (5 Years) $9, $115, $ % Tenant Summary Tenant Trade Name Long John Silver s (Sublease) Type of Ownership Fee Simple Lease Guarantor Starbucks Corp. Lease Type NN Roof and Structure Landlord Responsible Original Lease Term 10 Years Lease Commencement Date 6/1/2006 Lease Expiration Date 5/31/2017 Term Remaining on Lease 2 Years Increases Increases at Every Option Options One (1) Two-Year Base Term, Two (2) Five-Year Options Long John Silver s OFFERING MEMORANDUM Matthews Retail Group P. 3

8 Company Overview Long John Silver s, Inc., is a United States-based fast-food restaurant that specializes in seafood. The name of the brand is borrowed from the novel Treasure Island by Robert Louis Stevenson, in which the pirate Long John Silver is one of the main characters. Formerly a division of Yum! Brands, Inc., the company was divested to a group of franchisees in Long John Silver s was founded in Lexington, KY in 1969 and moved its international headquarters to Louisville in Long John Silver s provides franchise services, food innovation and marketing support to more than 1,300 Long John Silver s restaurants located throughout the United States and in Asia. With more than 8,400 employees worldwide, Long John Silver s is America s largest quick serve seafood chain. Charter Foods, Inc. operates 106 YUM! brand concepts across the United States. The company is headquarted currently in Morristown, TN. Property Name Long John Silver s Gross Leasable Area 1,807 SF Property Type Retail - Fast Food Parent Company Trade Name Charter Foods, Inc. Ownership Private Revenue $700 Million No. of Locations +1,300 No. of Employees +8,400 Headquartered Morristown, TN Web Site Year Founded 1969 P. 4 Matthews Retail Group OFFERING MEMORANDUM Long John Silver s

9 Property Description

10 Physical Description THE OFFERING Property Name... Long John Silver s Property Address Letton Dr. Paris, KY Assessor s Parcel Number SITE DESCRIPTION Number of Stories...One Year Built Gross Leasable Area (GLA)... 1,807 SF Lot Size...±0.99 Acres (43,124 SF) Type of Ownership... Fee Simple Parking... ± 25 Surface Spaces Parking Ratio : 1,000 SF Landscaping...Professional Topography... Generally Level CONSTRUCTION Foundation... Concrete Slab Framing... Wood Exterior... Brick Parking Surface...Asphalt Roof...Sloped P. 6 Matthews Retail Group OFFERING MEMORANDUM Long John Silver s

11 Tenant Map Long John Silver s OFFERING MEMORANDUM Matthews Retail Group P. 7

12 Regional Map P. 8 Matthews Retail Group OFFERING MEMORANDUM Long John Silver s

13 Birds Eye Long John Silver s OFFERING MEMORANDUM Matthews Retail Group P. 9

14 P. 10 Matthews Retail Group OFFERING MEMORANDUM Long John Silver s

15 Demographics

16 City Overview Paris, KY Paris is a city in Bourbon County, Kentucky. It lies 18 miles northeast of Lexington on the Stoner Fork of the Licking River. It is the seat of its county and forms part of the Lexington Fayette Metropolitan Statistical Area. True to its logo of, Horses, History and Hospitality,. Paris is well known for their beautiful horses and their city motto is thoroughbred capital of the world. The city settled in 1789, was originally known as Hopewell. The town was located on the old buffalo trace to the Ohio River, which became the Lexington-Maysville Road. A year later, the name of the town was changed from Hopewell to Paris. This was in appreciation for the aide of France in the Revolution. Bourbon County is named after the French ruling family of Bourbon. To date, historic preservation is considered an important aspect in the community. The Main Street stretch of Paris is a product of much time, effort, and money put into the preservation and revitalization of historic buildings downtown. The Main Street Program in Paris has been active since 1992, and has seen the renovation of fifteen buildings in the past two years, with more renovations currently underway. With new restaurants garnering attention from the Central Kentucky region and beyond, a variety of downtown Paris businesses are reaping the benefits. Other famous attractions in Paris include their many horse farms, beautiful architecture, the Hopewell Museum, Duncan Tavern and Colville Covered Bridge. Additionally, Downtown Paris Artwalk, sponsored by the Paris Main Street Program, and founded by Miranda Reynolds and Steve Walton, has become a major social and artistic event in the heart of downtown Paris. P. 12 Matthews Retail Group OFFERING MEMORANDUM Long John Silver s

17 Demographics Report Population 1-Mile 3-Mile 5-Mile 2019 Projection 5,818 11,752 13, Estimate 5,721 11,671 13, Census 5,647 11,654 13, Census 5,059 11,289 12,756 Growth % 0.69% 0.73% Growth % 0.15% 0.20% Growth % 3.23% 3.43% Households 2019 Projection 2,296 4,805 5, Estimate 2,269 4,766 5, Census 2,257 4,752 5, Census 2,017 4,611 5,166 Growth % 0.81% 0.87% Growth % 0.31% 0.38% Growth % 3.06% 3.62% Income $ 0 - $14, % 21.38% 21.38% $ 15,000 - $24, % 14.48% 14.48% $ 25,000 - $34, % 10.93% 10.93% $ 35,000 - $49, % 14.23% 14.23% $ 50,000 - $74, % 14.96% 14.96% $ 75,000 - $99, % 10.51% 10.51% $100,000 - $124, % 6.92% 6.92% $125,000 - $149, % 2.41% 2.41% $150,000 - $199, % 2.66% 2.66% $200,000 - $249, % 0.78% 0.78% $250,000 - $499, % 0.55% 0.55% $500, % 0.15% 0.15% Average Household Income $57,227 $52,636 $54,472 Median Household Income $42,899 $38,373 $39,657 Long John Silver s OFFERING MEMORANDUM Matthews Retail Group P. 13

18 Long John Silver s 320 Letton Drive Paris, KY OFFERING MEMORANDUM Wesley Connolly QSR Specialist Laurence Bergman Broker of Record direct License No MOBILE wesley.connolly@matthewsretailgroup.com License No Matthews Retail Group 841 Apollo Street, Suite 150 El Segundo, CA