Investment Opportunity

Transcription

1 New 15 Year Chili s Ground Lease 10% Escalation Every 5 years At Auburndale Shopping Center Anchored by Lowes Auburndale Highway & Neptune Rd., Auburndale, FL Property Summary: This ground leased fee interest consists of 1.50 acres on which the tenant constructed a 5,442 sf sf building. This property is is a pad site to to a newly developed Lowes. Located across the street is is a Wal Mart Supercenter. Other tenants in in the area include Publix, Winn Dixie and Bealls among others. The property is is located on US Hwy 92 / Auburndale HWY with traffic counts of approximately 34,500 vpd. Auburndale is is located approximately 40 miles east of Tampa and 43 miles south west of Orlando. Population is is projected to to grow 1.4% annually from within a 3 mile radius. Price and Cap: We offer this property at at $1,424,086 which is is a 7% cap rate on NOI of $99,686 ($18 psf). NOI is is comprised of base rent of $98,000 plus $1,686 (detailed below). Tenant: Brinker International, Inc. (NYSE: EAT / S&P: BBB-) The lease is is guaranteed by Brinker International, Inc., which primarily engages in in the ownership, operation, development, and franchising of the Chili's Grill & Bar, Romano's Macaroni Grill, Maggiano's Little Italy, On The Border Mexican Grill & Cantina, Corner Bakery Cafe, and Big Bowl Asian Kitchen restaurant concepts in in the United States. Chili's restaurant features a varied menu of chicken, beef and seafood entrees, steaks, fajitas, sandwiches, salads, appetizers, and desserts, as well as Big Mouth Burgers and Baby Back Ribs. As of June 27, 2007, the company owned and franchised 1,801 restaurants located in in 49 states and Washington, D.C. Brinker International was founded in in 1977 and is is based in in Dallas, Texas. For the 12 months period ending June 2007, revenue totaled $4.37 billion and net income was over $230 million. Lease Summary: Term: 15 years Rent: $98,000 ($18 psf) Excess CAM Income: $1,686 Escalations: 10% every 5 years Rent Commencement: 2/18/2008 Expiration Date: 2/28/2023 Options: 5 (5) year with 10% escalations every 5 years Lease Type: This is is an absolute triple net ground lease. The tenant constructed and paid for the building. Upon lease expiration, ownership of the building reverts to to the owner of the land. Landlord has absolutely no maintenance, repair or replacement responsibility for the building or land, such responsibility being solely that of the tenant. Tenant pays a monthly charge of $200 directly to to the Landlord for common element maintenance (roadways) of which $59 is is paid to to the owner of the shopping center by Landlord. This leaves the Landlord with $1,686 of additional yearly income. Both charges shall increase by 10% every 5 years.

2 Subject Property

3 V AN VAN VAN VAN Investment Opportunity d Scheduled to open June 2007 Hillcrest Dr. Neptune Rd. Out Parcel 1 ±1.50 Acres Out Parcel 2 ±0.75 Acres Out Parcel 3 ±0.71 Acres R k E 2223sf Available Out Parcel 4 ±1.24 Acres 4 33 Spaces 38 Spaces U.S. Hwy. 92 / Auburndale Hwy. (S. R. No. 600)

4 Flea Market Self Storage Site prior to redevelopment

5 Bank

6 Traffic Counts Bank Wal-Mart Gas Site prior to redevelopment

7 60 Minute Drive Time

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