TAKE 5 OIL CHANGE GROUND LEASE COLUMBUS, OHIO OFFERING MEMORANDUM $687,855 5.50% CAP RATE» New 15-Year Corporate Ground Lease with 10% Rental Increases Every Five Years» High Traffic Location with Immediate Access to Interstate 70» Hilliard Rome Road 47,806 AADT» Interstate 70 108,204 AADT» Close Proximity to Several Large Retail Plazas Anchored by Major National Tenants» Near Major Employers and New Developments» Take 5 Oil Change is a Subsidiary of Driven Brands, Inc., with $2.1+ Billion in Annual Revenue FILE PHOTO Cushman and Wakefield Inc. LIC. # 00616335 This property is listed in conjunction with Ohio-licensed real estate broker RESGcompanies.
TABLE OF CONTENTS DISCLAIMER INVESTMENT OVERVIEW AERIALS TENANT SUMMARY PROPERTY OVERVIEW AREA OVERVIEW LOCATION MAP Cushman & Wakefield ( Broker ) has been retained on an exclusive basis to market the property described herein ( Property ). Broker has been authorized by the Seller of the Property ( Seller ) to prepare and distribute the enclosed information ( Material ) for the purpose of soliciting offers to purchase from interested parties. More detailed financial, title and tenant lease information may be made available upon request following the mutual execution of a letter of intent or contract to purchase between the Seller and a prospective purchaser. You are invited to review this opportunity and make an offer to purchase based upon your analysis. If your offer results in the Seller choosing to open negotiations with you, you will be asked to provide financial references. The eventual purchaser will be chosen based upon an assessment of price, terms, ability to close the transaction and such other matters as the Seller deems appropriate. The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors for the acquisition of the Property. The Material is not to be copied and/or used for any other purpose or made available to any other person without the express written consent of Broker or Seller. The Material does not purport to be allinclusive or to contain all of the information that a prospective buyer may require. The information contained in the Material has been obtained from the Seller and other sources and has not been verified by the Seller or its affiliates. The pro forma is delivered only as an accommodation and neither the Seller, Broker, nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such pro forma. Purchaser must make its own investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections contained in the pro forma. Seller reserves the right, for any reason, to withdraw the Property from the market. Seller has no obligation, express or implied, to accept any offer. Further, Seller has no obligation to sell the Property unless and until the Seller executes and delivers a signed agreement of purchase and sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, a purchaser will be deemed to have acknowledged the foregoing and agreed to release Seller and Broker from any liability with respect thereto. Property walk-throughs are to be conducted by appointment only. Contact Broker for additional information. SCOTT CROWLE Senior Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 MICHAEL T. YURAS, CCIM Executive Managing Director 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 www.yafteam.com
INVESTMENT SUMMARY ADDRESS PRICE $687,855 CAP RATE 5.50% NOI $37,832 TERM 1110 Evans Way Court, Columbus, Ohio 15 years RENT COMMENCEMENT November 1, 2016 LEASE EXPIRATION October 31, 2031 RENTAL INCREASES YEAR BUILT 2017 BUILDING SF PARCEL SIZE LEASE TYPE FILE PHOTO 10% rental increases every 5 years YEAR 1-5 6-10 11-15 16-20 (Option 1) 21-25 (Option 2) 26-30 (Option 3) 31-35 (Option 4) 1,980 SF 0.69 acres (30,056 SF) RENT $37,832 $41,615 $45,777 $50,354 $55,390 $60,929 $67,022 RETURN 5.50% 6.05% 6.66% 7.32% 8.05% 8.85% 9.74% NNN Ground Lease, with tenant responsible for all real estate taxes, insurance, utilities, and all necessary maintenance and repairs NNN GROUND LEASE WITH SCHEDULED RENTAL INCREASES» New 15-year, corporate, absolute NNN lease with no landlord responsibilities, ideal for an out-of-area investor» 10% rental increases every five years, providing a hedge against inflation» Building built at tenant s expense, demonstrating long-term commitment to the location HIGH TRAFFIC LOCATION WITH IMMEDIATE ACCESS TO INTERSTATE 70» Located just off of Hilliard Rome Road, with excellent visibility to 47,806 vehicles per day» Convenient access to Interstate 70 108,204 AADT» Central location less than ten miles from downtown Columbus CLOSE PROXIMITY TO LARGE RETAIL CENTERS AND MAJOR EMPLOYERS» Property is near several large retail centers, anchored by Walmart Supercenter, Target, Kohl s, Meijer, Sam s Club, and Giant Eagle Supermarket» Located near industrial facilities for several major companies, including Big Lots, Buckeye Partners, Marathon Petroleum Corporation, IBM, and Hollingsworth Logistics Group DYNAMIC TENANT SERVING A PRACTICAL NEED» Drive-thru oil change in less than five minutes, with the customer remaining in their vehicle during service» Subsidiary of Driven Brands, Inc. (over $2.1 billion in annual sales)» Poised for explosive growth
Hilliard Shopping Center Hilliard Square Roberts Crossing The Mall at Tuttle Crossing Silver Horn Centre Mill Run Tanglewood Plaza Hilliard The Attleigh (120-Unit Apartment Complex) T) 806 AAD oad (47, ) Rome R / Interstate 70 (108,204 AADT Westpoint Plaza WE LIVE OUTDOORS Feder Road (24,11 0 AADT)
John Glenn Columbus International Airport DOWNTOWN COLUMBUS Industrial Operations The Attleigh (120-Unit Apartment Complex) Feder Road (24,110 AADT) /I nt er st at e7 0( 10 8,20 4A AD T ) Hilliard Rome Road (47,806 AADT) Great Western
Hatfield Automall Lincoln Village Plaza Georgesville Square Feder Roa d (24,110 A te 70 (108,204 AAD T) Hillia / Intersta rd Ro me R oad (47,8 06 A ADT ) ADT) The Attleigh (120-Unit Apartment Complex)
The Ohio State University Airport Mill Run The Mall at Tuttle Crossing Westpoint Plaza WE LIVE OUTDOORS / Hill iard Rom e Ro ad ( 47,8 T) 06 A The Attleigh AD 10 A 4,1 ADT ) (2 oad er R Fed (120-Unit Apartment Complex) e 70 stat Inter 204 (108, ) AADT
TENANT SUMMARY LEASE ABSTRACT TENANT ADDRESS Take 5 Oil Change, Inc. 1110 Evans Way Court, Columbus, Ohio Take 5 Oil Change began as Rapid Oil Change in 1984, doing minor repairs and maintenance services. They currently have 170 locations across nine states in the U.S., including Ohio, Lousiana, Mississippi, North and South Carolina, Alabama, Florida, and Texas. In March 2016, Take 5 Oil Change was acquired by Driven Brands, a portfolio company of Roark Capital and the nation s leading automotive franchiser. Jonathan Fitzpatrick, CEO of Driven Brands, said the following of Take 5 Oil Change: They have perfected their process and deliver industry leading customer service. Take 5 Oil Change has a phenomenal brand, operating model, and team... For more information visit www.take5oilchange.com. HEADQUARTERS New Orleans, LA # OF LOCATIONS 270+ OWNERSHIP Private YEARS IN BUSINESS 32 RENT COMMENCEMENT November 1, 2016 LEASE EXPIRATION October 31, 2031 RENEWAL OPTIONS RENTAL INCREASES REAL ESTATE TAXES Four (4) five (5) year options YEAR 1-5 6-10 11-15 16-20 (Option 1) 21-25 (Option 2) 26-30 (Option 3) 31-35 (Option 4) RENT $37,832 $41,615 $45,777 $50,354 $55,390 $60,929 $67,022 Tenant is responsible for real estate taxes. RETURN 5.50% 6.05% 6.66% 7.32% 8.05% 8.85% 9.74% INSURANCE Tenant is responsible for insurance. Driven Brands is the parent company of North America s leading automotive brands, including Maaco, Meineke, Merlin, Drive N Style, Econo Lube, Pro Oil Change, and Take 5 Oil Change; their brands have provided over 130 years of service in the repair, maintenance, paint, and collision sectors. Driven Brands has more than 2,000 centers across North America and generates revenues of more than $2.1 billion a year. For more information visit www.drivebrands.com. HEADQUARTERS Charlotte, NC # OF LOCATIONS 22,000+ OWNERSHIP Private, YEARS IN BUSINESS 44 Roark Capital Group REPAIR & MAINTENANCE UTILITIES MAINTENANCE BY LANDLORD RIGHT OF FIRST REFUSAL Tenant is responsible for all maintenance, including replacement of roof, structure, and parking lot. Tenant is responsible for all utilities. None None
PROPERTY OVERVIEW LOCATION The property is located on Evans Way Court, just off of the intersection of Evans Way Court and Feder Road, which experiences a traffic count of 24,110 vehicles per day. Hilliard Rome Road is just behind the site, providing excellent visibility to nearly 48,000 vehicles per day. Additionally, the property is located immediately off of Interstate 70, which runs through downtown Columbus and boasts a traffic count of over 108,000 vehicles per day. The property is flanked on either side by Steak n Shake and Bob Evans. Several large retail centers are across Interstate 70 from the property. The centers are anchored by Walmart Supercenter, Target, Kohl s, Meijer, Sam s Club, and Giant Eagle Supermarket, and feature notable national tenants, including Old Navy, Michaels, Dick s Sporting Goods, Marshalls, PetSmart, Bed Bath & Beyond, and many others. The property benefits from its close proximity to major employers, residential neighborhoods, and new developments. The property is located near the industrial operations of several major companies, including Buckeye Partners, which employs approximately 1,430 employees at its Columbus facility. Big Lots, Inc. also has a large facility located near the property; Big Lots employs approximately 1,300 people at this location. The property is located close to existing residential neighborhoods and new developments. The Attleigh, a 120-unit apartment complex, is being built directly next to the site. The Attleigh is expected to deliver in the second quarter of 2017. Additionally, the property is located in a densely populated area, with 179,973 people living within a five-mile radius of the site, providing a large customer base for Take 5 Oil Change. FILE PHOTO ACCESS There is one access point on Evans Way Court TRAFFIC COUNTS Feder Road: Hilliard Rome Road: Interstate 70: 24,110 AADT 47,806 AADT 108,204 AADT YEAR RENOVATED 2017 2017 YEAR RENOVATED 24K TRAFFIC COUNT (AADT) NEAREST AIRPORT RICKENBACKER INTERNATIONAL AIRPORT NEAREST AIRPORT Rickenbacker International Airport (LCK)
AREA OVERVIEW Columbus, population 850,106, is the capital of Ohio, the state s largest city, and the 15th largest city in the United States. Columbus has a diverse economy based on education, government, insurance, banking, fashion, defense, aviation, food, clothes, logistics, steel, energy, medical research, health care, hospitality, retail, and technology. No single industry sector represents more than 18 percent of employment, resulting in an exceptionally stable economy. Due to its demographics, which include a mix of races and a wide range of incomes, as well as urban, suburban, and nearby rural areas, Columbus is considered a typical American city, leading retail and restaurant chains to use it as a test market for new products. The Columbus Metropolitan Statistical Area (MSA) is the metropolitan area centered on the city of Columbus. The population of the MSA is 1,967,066 according to census estimates, making it the third largest metropolitan area in the state of Ohio and one of the largest in the Midwest. The Columbus MSA is part of the Great Lakes Megalopolis, containing an estimated 54 million people. It is also one of the fastest growing metro areas outside of the Sun Belt.» Columbus is home to the Battelle Memorial Institute, the world s largest private research and development foundation; Chemical Abstracts Service, the world s largest clearinghouse of chemical information; NetJets, the world s largest fractional ownership jet aircraft fleet; and The Ohio State University, one of the largest universities in the United States. As of 2013, the city is home to the headquarters of five Fortune 500 corporations: Nationwide Mutual Insurance Company, American Electric Power, L Brands Inc., Big Lots, and Cardinal Health. The fast-food corporations Wendy s and White Castle are also based in the Columbus metropolitan area.» The Columbus region is the fastest growing major metropolitan area in the Midwest and had a growth rate of 18.6% between 2000 and 2014.» In 2012, Columbus was ranked in BusinessWeek s 50 best cities in America. In 2013, Forbes gave Columbus an A rating as one of the top cities for business in the U.S., and later that year included the city on its list of Best Places for Business and Careers. Columbus was also ranked as the no. 1 up-andcoming tech city in the nation by Forbes in 2008, and the city was ranked a top ten city by Relocate America in 2010. In 2007, fdi Magazine ranked the city no. 3 in the U.S. for cities of the future, and the Columbus Zoo and Aquarium was rated no. 1 in 2009 by USA Travel Guide. MAJOR EMPLOYERS IN COLUMBUS MSA # OF EMPLOYEES OHIO STATE UNIVERSITY 30,963 STATE OF OHIO 23,859 OHIOHEALTH CORP. 19,936 JPMORGAN CHASE & CO. 19,200 NATIONWIDE MUTUAL INSURANCE CO. 12,200 KROGER COMPANY 10,242 MOUNT CARMEL HEALTH SYSTEM 8,818 CITY OF COLUMBUS 8,510 NATIONWIDE CHILDREN S HOSPITAL 8,508 HONDA NORTH AMERICA INC. 7,800
DEMOGRAPHIC PROFILE 2017 SUMMARY 1 Mile 3 Miles 5 Miles Population 10,481 74,720 179,973 Households 4,439 28,917 69,813 Families 2,448 18,246 43,672 Average Household Size 2.36 2.58 2.57 Owner Occupied Housing Units 2,054 16,207 39,228 Renter Occupied Housing Units 2,385 12,710 30,585 Median Age 31.7 32.4 33.7 Average Household Income $66,171 $68,300 $69,740 2022 ESTIMATE 1 Mile 3 Miles 5 Miles Population 11,106 79,073 189,609 Households 4,695 30,515 73,312 Families 2,567 19,113 45,581 Average Household Size 2.37 2.59 2.58 Owner Occupied Housing Units 2,174 16,951 41,055 Renter Occupied Housing Units 2,521 13,564 32,257 Median Age 32.1 32.6 34.1 Average Household Income $74,965 $75,611 $76,761 POPULATION OF 179,973 WITHIN FIVE MILES
SCOTT CROWLE Senior Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 MICHAEL T. YURAS, CCIM Executive Managing Director 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Cushman and Wakefield Inc. LIC. # 00616335 www.yafteam.com