13
DOUG ARONSON MANAGING DIRECTOR (954) 514-9477 [email protected] PATRICK NUTT MANAGING PARTNER (954) 302-7365 [email protected] Actual Site Exclusive Listing Offering Memorandum CALKAIN.COM
Applebee’s | Clermont, FL (Orlando)Offering Memorandum
DOUG ARONSONMANAGING DIRECTOR
(954) 514-9477 [email protected]
PATRICK NUTT MANAGING PARTNER
(954) 302-7365 [email protected]
Actual Site
Exclusive ListingOffering Memorandum
1
C A L K A I N .C O MC A L K A I N .C O M
Applebee’s | Clermont, FL (Orlando)
Applebee’s | Clermont, FL (Orlando)Offering Memorandum
2050 E Highway 50 | Clermont, FL 34711
Asking Price $2,589,480 | Cap Rate 5.20%
Net Operating Income (NOI) $134,653
Rent/Month $11,221
Rent/SF $23
Rentable Square Feet 5,784+/- SF
Land Area 1.772+/- Acres
Guarantor Franchisee (75-units)
Ownership Type Fee Simple
Lease Type NNN
Landlord Responsibilities None
Store Opened 2016
Lease Term Remaining 13 Years
Rent Commencement September 29, 2016
Lease Expiration August 31, 2031
Increases 1% Annually
Options Six (6), Five (5) Year
Rent Schedule
Term Increases Annual Rent Monthly RentYear 1 - $132,000 $11,000
Year 2 1% $133,320 $11,110
Year 3 1% $134,653 $11,221
Year 4 1% $136,000 $11,333
Year 5 1% $137,360 $11,447
Year 6 1% $138,733 $11,561
Year 7 1% $140,121 $11,677
Year 8 1% $141,522 $11,794
Year 9 1% $142,937 $11,911
Year 10 1% $144,366 $12,030
Year 11 1% $145,810 $12,151
Year 12 1% $147,268 $12,272
Year 13 1% $148,741 $12,395
Year 14 1% $150,228 $12,519
Year 15 1% $151,731 $12,644
Investment Highlights • Strong store sales - rent to sales ratio only 5.25% • Newer construction (2016)
• Lease guaranteed by 75 unit operator
• Excellent visibility on Hwy 50
• Clermont named one of top 20 cities in America.
• 20 miles to major theme parks
2
Financial Summary
Applebee’s | Clermont, FL (Orlando)Offering Memorandum
Neighborhood Restaurant Partners Florida, LLC (Tenant Signing Lease) Neighborhood Restaurant Partners Florida, LLC (“Tenant”) was formed in May 2012 to acquire 51 Applebee’s locations in Tampa and Orlando, FL. In December 2012, NRP Florida acquired 15 additional restaurants in Florida, Georgia and Alabama through a wholly owned subsidiary, Neighborhood Restaurant Partners Florida 2, LLC. In addition, NRP Florida recently opened three additional stores in Florida. These 75 restaurants combine to generate approximately $189 million in gross sales. By implementing a similar store remodel and growth strategy to that of its other portfolio companies, Argonne expects meaningful continued growth in the system.
About Applebee’sDineEquity unites great franchisees, brands and team members to create the world’s leading restaurant company, one guest experience at a time.
Founded nearly three decades ago on the principles of exceptional value and family fun, Applebee’s Services, Inc., operates what is today the largest casual-dining chain in the world. This prominent eatery draws people of all ages and lifestyles with its fun, family-friendly atmosphere and signature bar and grill menu.
Carside To Go ServiceIn 2004, Applebee’s responded to America’s demand for speed and convenience with its Carside To Go service. After placing an order ahead of time by phone, guests simply drive to the restaurant and pull into the dedicated Carside To Go parking spot. Within seconds, a Carside To Go specialist delivers their hot food right to their car.Applebee’s continually works to add greater value and broaden its appeal, as evidenced by the “It’s a Whole New Neighborhood” campaign, which launched in the spring of 2008, indicative of a fresh, re-energized approach and the promise of new, enticing menu items. Applebee’s Services Inc., and its affiliates, franchise and operate restaurants under Applebee’s Neighborhood Grill & Bar and are a DineEquity, Inc. (NYSE: DIN) brand.
Currently, there are over 1990 Applebee’s restaurants operating system-wide in 49 states, 15 international countries and one U.S. territory. The Applebee’s system employs approximately 28,000 employees company-wide.
3
Tenant Overview
Applebee’s | Clermont, FL (Orlando)Offering Memorandum
Site Photos
4
Distance To:Orlando, FL 22 miles
Walt Disney World 26 Miles
Lakeland 45 Miles
Tampa, FL 74 Miles
West Palm Beach, FL 182 Miles
Orlando, FLWalt Disney World Resort
Tampa, FL
Lakeland, FL
Lakeland, FL
West PalmBeach, FL
Applebee’s | Clermont, FL (Orlando)Offering Memorandum
Location Overview
Subject Site
5
2050 E Highway 50 | Clermont, FL 34711
Applebee’s | Clermont, FL (Orlando)Offering Memorandum
Route 50 30,000 VPD
Subject Site
Route 27 29,000 VPD
South Lake Hospital
6
2050 E Highway 50 | Clermont, FL 34711
Applebee’s | Clermont, FL (Orlando)Offering Memorandum
Subject Site
Route 50 30,000 VPD
7
Applebee’s | Clermont, FL (Orlando)Offering Memorandum
8
Site Plan
Applebee’s | Clermont, FL (Orlando)Offering Memorandum
Radius 1 Mile 3 Miles 5 MilesPopulation2017 Population 4,883 47,630 79,164
2022 Population 5,580 54,467 90,068
2010-2017 Annual Rate 1.17% 1.26% 1.23%
2017-2022 Annual Rate 2.70% 2.72% 2.61%
2017 Male Population 2,353 22,926 38,295
2017 Female Population 2,529 24,704 40,868
2017 Median Age 37.9 38.6 39.4
Households2017 Total Households 1,644 17,265 28,477
2022 Total Households 1,876 19,607 32,215
2010-2017 Annual Rate 1.17% 1.22% 1.20%
2017-2022 Annual Rate 2.68% 2.58% 2.50%
2017 Average Household Size 2.97 2.75 2.77
Median Household Income2017 Median Household Income $68,729 $63,336 $64,391
2022 Median Household Income $80,389 $73,943 $74,897
2017-2022 Annual Rate 3.18% 3.15% 3.07%
Average Household Income2017 Average Household Income $82,055 $80,832 $82,334
2022 Average Household Income $95,495 $93,163 $94,609
2017-2022 Annual Rate 1.16% 1.15% 1.15%
Per Capita Income2017 Per Capita Income $30,059 $29,178 $29,633
2022 Per Capita Income $34,921 $33,447 $33,837
2017-2022 Annual Rate 1.16% 1.15% 1.14%
9
Demographics
Applebee’s | Clermont, FLOffering Memorandum
10
5 Mile | Demographics
Applebee’s | Clermont, FL (Orlando)Offering Memorandum
Clermont, FLClermont is a city in Lake County, Florida, United States, about 22 miles west of Orlando and 22 miles southeast of Leesburg. The city is residential in character and its economy is centered in retail trade, lodging, and tourism-oriented restaurants and bars.
The City of Clermont is one of the fastest growing cities in central Florida and is strategically located just west of Orlando and north of Disney World. Clermont was founded in 1884 and incorporated in 1916. It has the amenities and assets that make it an attractive location for families, new business, educational endeavors, office development, and health-fitness opportunities. With over 14.8 square miles, Clermont is Open for Business and offers everything for growing families too. Health, wellness, and fitness are all part of Clermont’s culture.
The quality of life in and around Clermont makes it a prime destination for those looking to settle in central Florida. Local stores offer a variety of shopping and dining options along with ample sports facilities and waterfront activities. Clermont has housing choices for every income level from gated golf course communities, larger estate homes, to small and mid-sized single-family units on platted lots. As a community of families, Clermont promotes diversity, inclusiveness and civic pride. The City of Orlando is approximately 20 minutes east, professional sports teams such as the Orlando Magic (basketball) and the Orlando Solar Bears (hockey) are available to see, along with the Bob Carr Performing Arts Center for theatre. Local theatre includes the Moonlight Players in downtown Clermont. The Clermont City Center is located downtown and is available to rent through the South Lake Chamber of Commerce.
Downtown Clermont: This core area of Clermont is located between State Road 50 and the south shore of Lake Minneola. This area provides a variety of unique retail shops, restaurants and businesses, as well as the Art League, the Clermont City Center and Clermont City Hall. Also located at the west end of downtown is the Historic Village.
Downtown Clermont Farmer’s Market
Clermont Water Tower
11
Market Overview
Applebee’s | Clermont, FL (Orlando)Offering Memorandum
DOUG ARONSONMANAGING DIRECTOR
(954) 514-9477 [email protected]
PATRICK NUTT MANAGING PARTNER
(954) 302-7365 [email protected]
Who Are We? Calkain Companies LLC is a national commercial real estate firm that provides consulting and brokerage services to both private and institutional clientele with an expertise on triple net lease investments. We pride ourselves on being a world class leader by providing our clients a full array of commercial real estate investment brokerage and asset management solutions, including advisory, research, estate planning and wealth management.
We have built solid relationships throughout our decades of experience and innovation, implementing long-term allocation within the context of each client’s particular risk tolerance and identifying how best to acquire and dispose of income producing properties for each entities’ specific set of investment criterion. At Calkain, our foresight and past performance are leading the net lease investment industry.
Our HistoryLike most success stories, Calkain was formulated from humble beginnings. Jonathan W. Hipp, President and CEO, took the initiative to build upon his decades of experience and performance and left a large international brokerage firm to become an independent and innovative leader within the triple net lease investment community. Armed with a sole employee and a single office, the firm has grown exponentially since its infancy in 2005.
With the growth in staff, seasoned professionals have been attracted to Calkain’s model of innovation, entrepreneurship and the fostering of long-lasting and meaningful relationships. Industry experts have joined Calkain in the hopes of implementing the skills they have honed in complementary aspects of real estate investment.
Through a tremendous endeavor, tireless hours have been committed to continually prove that Calkain is America’s Net Lease Company®. Its countless accolades received from the world’s leading business publications, including Forbes™, Fortune™ and the New York Times™ have confirmed that Calkain is a true leader in triple net lease investing services.
Client Testimonial
“USRA has worked with Calkain on numerous occasions. They have always been meticulous in their work ethic, providing superior service and extremely prompt attention to our needs. I highly recommend them.
- Jack Genende, Partner | U.S. Realty Advisors, LLC. (USRA)
$11.5 Billion in Closed Transactions
$350 Million in Active Listings
12
C A L K A I N .C O MC A L K A I N .C O M
About Calkain
DISCLAIMER: The information contained in this document is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Calkain and its subsidiaries, and should not be made available to any other person or entity without the written consent of Calkain. This document has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property(s). The information contained herein is not a substitute for a thorough due diligence investigation. Calkain and its subsidiaries have not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property(s), the future projected financial performance of the property, the size and square footage of the property(s) and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regula-tions, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property(s). The information contained in this document has been obtained from sources we believe to be reliable; however neither Calkain and its subsidiaries nor the Seller have verified, and will not verify, any of the information contained herein, nor has Calkain and its subsidiaries or the Seller conducted any investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
Corporate Headquarters Washington, DC12930 Worldgate Drive | Suite 150 Herndon, VA 20170 T: (703) 787-4714 • F: (703) 787-4783
Fort Lauderdale200 SW 1st Avenue | Suite 880 Fort Lauderdale, FL 33301 T: (813) 282-6000
Atlanta111 Village Parkway, Building 2 | Suite 202 Marietta, GA 30067 T: (404) 900-5629
Boston101 Federal Street | Suite 1900 Boston, MA 02110 T: (617) 261-8584
CALKAIN.COM
Contact Us
