Qdoba Mexican Grill - Noodles & Company

Transcription

1 Qdoba Mexican Grill - Noodles & Company Multi-Tenant (2) NNN Investment (Fee Simple) L St, Omaha, NE OUTPARCEL TO COLLIERS INTERNATIONAL 6464 CENTER STREET SUITE 200 OMAHA, NE UNITED STATES

2 Property Overview We are pleased to offer to qualified investors an opportunity to purchase fee simple (ownership of land and building) a 100% occupied, 5,002 SF twotenant strip center located as an outparcel to the prominent L Street Marketplace which contains anchor tenants such as Super Target, ULTA, Petco, Buy Buy Baby, Cost Plus, Ross Dress for Less, and Michaels. Leased to Qdoba Mexican Grill (corporate lease) and Noodles & Co. (5-unit franchisee), this strip center offers stable cash flow with approx. 5 years remaining on original 10 year leases. Additionally, both tenants have 2-5 year option periods with 10% rental increases each option period. Furthermore, this property is supported by excellent market fundamentals as it is located along the highly trafficked L Street (61,400+ VPD) with excellent visibility and over 218,400 residents with an AHHI of $85,629 within a 5-mile radius. Investment Highlights Stabilized Asset - Minimal Landlord Responsibilities - Ease of Income - Proven Tenants NNN Lease Structures - Fully Leased - High-Demand Sites - 61,400 Cars Per Day Fee Simple Ownership (Land and Building) - Ideal Outparcel Location & Layout Qdoba Mexican Eats (Corporate Lease) - Wholly Owned Subsidiary of Jack in the Box (NASDAQ: JACK) Qdoba: 2,017 Locations Nationwide, San Francisco-Mission-Style Burritos & Serves Breakfast Noodles & Company: 5-Unit Franchisee - Growing National Brand (NASDAQ: NDLS, 510 Locations in 39 States) Excellent Visibility From US Route 275 (L Street) - Several Access Points for Customers Landlord-Favorable Lease Structures - Regional Traffic Draw of Customers Outparcel to L Street Marketplace: Petco, Ross, Cost Plus, Buy Buy Baby, Michael s & Super Target-Anchored Power Center 0.92 AC Outparcel Lot - Perennial Land Site Value 100% Fully Occupied Outparcel - Proven Regional Shopping Center Strategic Location - Located near State Route 275 in Omaha - Home of College World Series & Warren Buffett HQ to Five Fortune 500 Companies (Berkshire Hathaway, Union Pacific Corp, Kiewit Corp, Mutual of Omaha, & ConAgra Foods) Strong Shopping Center & Retail Trade Area: Walmart Supercenter, Sam s Club, Wendy s, Great Western Bank, & The Home Depot Depreciable Asset (Fee-Simple) - Dense Residential Infill Trade MULTI-TENANT INVESTMENT P. 2

3 Rent Roll - Pricing Tenant Lease Type Bldg SF Lease Start Lease Expiration Current Rent Annual Rent PSF Rental Adjustment Date Adjusted Annual Rent Option Periods Qdoba Mexican Grill (Corporate) NNN 2,502 9/30/2011 3/31/2022 $90,750 $36.22 None None 2-5 Year Option Periods 10% Bumps Every 5 Yrs. 04/01/2022: $99, /01/2027: $109, Noodles & Company (Nebraska Dining Holding LLC) NNN 2,500 10/1/2011 3/31/2022 $90,750 $36.30 None None 2-5 Year Option Periods 10% Bumps Every 5 Yrs. 04/01/2022: $99, /01/2027: $109, Totals 5,002 $181,500 Pricing Summary List Price $2,700,000 NOI $181,500 CAP Rate 6.73% Taxes estimated based on CAM & Insurance estimated based on 2017 Budget. REA CAM includes the fee of $0.06/Land SF in Constant Dollars charged to each outparcel in the Shopping Center. Income & Expense Annual Rent $181,500 Reimbursements $40,013 Operating Expenses Taxes $24,189 Insurance $3,381 CAM $8,167 REA CAM $2,653 Management Fee $1,623 Roof and Structure Landlord NET OPERATING INCOME $181,500 MULTI-TENANT INVESTMENT P. 3

4 Qdoba Mexican Grill / Noodles & Company Lease Abstract: Qdoba Mexican Grill CAM Tenant to pay pro rata share of CAM, Taxes, and Insurance. Tenant to pay a 15% admin fee based on the Operating Costs for the Common Areas. CAM cap of 5% annually excluding snow and ice removal, taxes, insurance and utilities, and admin costs related to the Common Area Maintenance. Landlord Responsibilities Landlord to keep in good order, condition and repair the roof, foundations, exterior (including exterior painting and finish, but excluding Tenant s storefront), and all structural portions of the Premises (and of the building in which the Premises are located) and all plumbing and utility lines not exclusively serving and located within the Premises. All costs and expenses incurred by Landlord in this section shall be included in Common Area Maintenance Expenses. Noodles & Company CAM Tenant to pay pro rata share of CAM, Taxes, and Insurance. Tenant to pay a 15% admin fee based on the Operating Costs for the Common Areas. CAM cap of 5% annually excluding snow and ice removal, taxes, insurance and utilities, and admin costs related to the Common Area Maintenance. Landlord Responsibilities Landlord to keep in good order, condition and repair the roof, foundations, exterior (including exterior painting and finish, but excluding Tenant s storefront), and all structural portions of the Premises (and of the building in which the Premises are located) and all plumbing and utility lines not exclusively serving and located within the Premises. All costs and expenses incurred by Landlord in this section shall be included in Common Area Maintenance Expenses. MULTI-TENANT INVESTMENT P. 4

5 Parcel Details Parcel Building Area Parcel Area 5,002 SF 39,936 SF (.92 Acres) Year Built 2011 Zoning Mixed Use District - MU MULTI-TENANT INVESTMENT P. 5

6 CHI Health University Medical Sunset Valley Golf Club Aerial Overview 680 RESIDENTIAL ,362 CPD OFFICE / INDUSTRIAL RESIDENTIAL 120 TH STREET 27,674 CPD ,371 CPD L STREET 75,220 CPD MULTI-TENANT INVESTMENT P. 6

7 Oak View Mall W. CENTER RD. 680 Southwestern Plaza S. 132 ND. STREET Montclair Shopping Center Kiewit Technology Group 120 TH STREET 27,674 CPD Westwood Plaza L STREET 75,220 CPD L Street Marketplace 80 Aerial Overview MULTI-TENANT INVESTMENT P. 7

8 Site Plan L Street Market Place MULTI-TENANT INVESTMENT P. 8

9 Qdoba Mexican Eats Qdoba Restaurant Corporation owns, operates, and franchises a chain of restaurants in the United States, Canada, Africa, and Asia. It also provides catering services. It is a fastcasual Mexican chain for counter-serve, custom burritos, tacos & more, including health-oriented options. The company was founded in 1995 and is based in Lakewood, Colorado. As of January 21, 2003, Qdoba Restaurant Corporation operates as a subsidiary of Jack in the Box Inc, which features annual revenues in excess of $1.6 billion. As of October 02, 2016, Jack in the Box, Inc (NASDAQ: JACK) operated and franchised approximately 2,255 Jack in the Box restaurants in 21 states and Guam; and approximately 699 Qdoba Mexican Eats restaurants in 47 states, the District of Columbia, and Canada. Noodles & Company Noodles & Company - Nebraska Dining Holding, LLC is a five-unit franchisee of Noodles & Company. Noodles & Company is a fastcasual restaurant headquartered in Broomfield, Colorado, that offers international and American noodle dishes, as well as soups, salads, and pasta. Noodles & Company offers the world s favorite noodle dishes, sandwiches, salads and soups, all in one restaurant. Each dish is carefully hand-made to our guests specifications, using only the freshest ingredients. The company is proud to use REAL Food and REAL Cooking for REAL Flavors. Their dishes are inspired by the individuality, creativity and cultural heritage of cuisines from around the globe. The company has numerous accolades such as Eat This Not That s 35 Hottest Healthy Restaurants in America, as featured on MSM.com 2016, FORBES Magazine in 2016 The 100 Most Trustworhty Companies in America, and many more. MULTI-TENANT INVESTMENT P. 9

10 City of Omaha, NE About Omaha, NE Omaha is the largest city in the state of Nebraska and the county seat of Douglas County. Omaha is located in the Midwestern United States on the Missouri River, about 10 miles north of the mouth of the Platte River. Omaha is the anchor of the Omaha-Council Bluffs metropolitan area, which includes Council Bluffs, Iowa, across the Missouri River from Omaha. According to the 2010 census, Omaha s population was 408,958, making it the nation s 44th-largest city; this had increased to 446,970 as of a 2016 estimate. Including its suburbs, Omaha formed the 60th-largest metropolitan area in the United States in 2013, with an estimated population of 895,151 residing in eight counties. Nearly 1.3 million people reside within the Greater Omaha area, comprising a 50-mile radius of Downtown Omaha, the city s center. Economy With a gross metro product of $53.9B and an unemployment rate of just 3.2%, Omaha, NE is a major commercial hub in the Midwestern United States and has been so since Home to Fortune 500 Companies such as Berkshire Hathaway, Mutual of Omaha, Union Pacific and more; Omaha is ranked #46 on Forbes Best Places for Business and Careers and benefits from a diverse economy which is supported by industries such as banking, insurance and telecommunications. The city had a median household income of $61,024 in 2015 which was up 9% over the previous 3 years and nearly $6,000 above the US average (2016 numbers to be released late 2017). In addition to the successful business environment of the city, Omaha is home to eleven colleges and universities which includes the University of Nebraska at Omaha with over 15,000 students enrolled and Creighton University with over 8,000 students enrolled. Omaha is also the host of the annual College Baseball World Series bringing in the top teams from around the country for a 12 day event. With attendance numbers of 357,646 people, the estimated economic impact on the city is $70M. MULTI-TENANT INVESTMENT P. 10

11 Population 1-MILE 3-MILE 5-MILE Estimated Population (2017) 7,430 86, ,221 Projected Population (2022) 7,792 90, ,396 Households 1-MILE 3-MILE 5-MILE Estimated Households (2017) 3,058 36,100 89,902 Projected Households (2022) 3,203 37,978 94,917 $$ Income 1-MILE 3-MILE 5-MILE Avg. Household Income (2017) $72,336 $84,475 $92,882 Median Household Income (2017) $56,522 $68,177 $73,108 Business Facts 1-MILE 3-MILE 5-MILE Total # of Businesses (2017) 825 6,497 16,489 Total # of Employees (2017) 13,200 81, ,663 MULTI-TENANT INVESTMENT P. 11

12 Approximately 86,468 Residents Within a 3-Mile Radius REPRESENTATIVE PHOTO MULTI-TENANT INVESTMENT P. 12

13 Average Household Income $84,475 Within a 3-Mile Radius REPRESENTATIVE PHOTO MULTI-TENANT INVESTMENT P. 13

14 This Offering Memorandum contains select information pertaining to the business and affairs of Qdoba Mexican Easts - Noodles & Company, Omaha, NE. It has been prepared by Colliers International. 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 Colliers International. 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 or 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 from Colliers, 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 Colliers International 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 Qdoba Mexican Easts - Noodles & Company, Omaha, NE 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 Colliers International 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. COLLIERS INTERNATIONAL 6464 CENTER STREET SUITE 200 OMAHA, NE Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. This publication is the copyrighted property of Colliers International and /or its licensor(s) All rights reserved MULTI-TENANT INVESTMENT P. 14

15 For More Information Contact: Broker of Record Cynthia Cisar Incontro License No COLLIERS INTERNATIONAL 6464 CENTER STREET SUITE 200 OMAHA, NE UNITED STATES