| Date post: | 25-May-2015 |
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www.bouldergroup.com
NET LEASED INVESTMENT OFFERINGNET LEASED INVESTMENT OFFERINGNET LEASED INVESTMENT OFFERINGNET LEASED INVESTMENT OFFERING
Culver’sCulver’sCulver’sCulver’s 510 Pingree Road510 Pingree Road510 Pingree Road510 Pingree Road
Crystal Lake, Crystal Lake, Crystal Lake, Crystal Lake, Chicago, IL 60Chicago, IL 60Chicago, IL 60Chicago, IL 60014014014014
NET LEASED INVESTMENT OFFERING
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Confidentiality & Disclaimer
Executive Summary
Property Overview
Aerial
Site Plan
Map
Tenant Profile
Demographic Comparison Report
Location Overview
Contact Information
TABLE OF CONTENTS
TABLE OF CONTENTSTABLE OF CONTENTSTABLE OF CONTENTSTABLE OF CONTENTS
NET LEASED INVESTMENT OFFERING
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The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from The Boulder Group and should not be made available to any other person or entity without the written consent of The Boulder Group. This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. The Boulder Group has not made any investigation, and makes no warranty or representation. The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, The Boulder Group has not verified, and will not verify, any of the information contained herein, nor has The Boulder Group conducted any investigation regarding these matters and makes 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.
CONFIDENTIALITY & DISCLAIMER
CONCONCONCONFIDENTIALITY & DISCLAIMERFIDENTIALITY & DISCLAIMERFIDENTIALITY & DISCLAIMERFIDENTIALITY & DISCLAIMER
NET LEASED INVESTMENT OFFERING
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The Boulder Group is pleased to exclusively market for sale a single tenant net leased Culver’s property located in the Chicago MSA. The triple net lease features 3% annual rental escalations. Store sales for this location increased approximately 6% from 2010 to 2011. The Culver’s franchise program is tremendously successful and has only had one failed franchisee in 28 years of operation. This is strong performing sales location for Culver’s and this location outperforms an average Culver’s location by 11%. Culver’s is a privately owned and operated fast casual restaurant chain that operates primarily in the Midwestern United States. Culver’s was founded in 1984 and has grown to over 450 restaurants in 19 states.
The property is located in the primary retail trade area of Crystal Lake. The retail trade area is anchored by Target, Home Depot, Kohl’s, hhgregg, Dominick’s and Menards. Additionally, the property is located in close proximity to a sixteen screen Regal Cinema, Comfort Inn and a County Inn & Suites. The property is located just north of the signalized intersection of Pingree Road and Northwest Highway. Northwest Highway is the primary east-west thoroughfare in the area experiencing traffic volumes in excess of 27,000 vehicles per day. There are approximately 137,000 people living within five miles of the property with above average household incomes in excess of $109,000 annually.
Culver’s original lease term was for fifteen years with two-five year renewal options and the lease expires in February 2018. The net operating income increases by 3% annually and is leased on a triple net basis. Culver’s is a privately owned fast food chain with over 450 locations in 19 states.
• Located within the Chicago MSA
• 3% annual rental escalations
• In 28 years only one Culver’s franchise has failed
• Sales outperform the average Culver’s location by 11%
• No landlord responsibilities
• Store sales increased approximately 6% from 2010-2011
• Average household income in excess of $109,000 within five miles of the property
• Nearby retailers include Target, Home Depot, Kohl’s, hhgregg, Dominick’s and Menards
• Traffic volumes along Northwest Highway in excess of 27,000 vehicles per day
INVESTMENT HIGHLIGHTS
EXECUTIVE SUMMARY
EXECUTIVE SUMMARYEXECUTIVE SUMMARYEXECUTIVE SUMMARYEXECUTIVE SUMMARY
NET LEASED INVESTMENT OFFERING
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Price: $2,072,000
Cap Rate: 10.26%
Net Operating Income: $212,603
Rental Escalations: 3% annually
Renewal Options: Two 5-Year with escalations
Rent Commencement Date: February 21, 2003
Rent Expiration Date: February 28, 2018
Year Built: 2003
Tenant: Culver’s
Guarantor: Dobre Lody LLC
Lease Type: NNN
Rentable Square Feet: 4,453 SF
Land Size: 1.15 acres
PROPERTY OVERVIEW
PROPERTY OVERVIEWPROPERTY OVERVIEWPROPERTY OVERVIEWPROPERTY OVERVIEW
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AERIAL
AERIALAERIALAERIALAERIAL
NET LEASED INVESTMENT OFFERING
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SITE PLANSITE PLANSITE PLANSITE PLAN
SITE PLAN
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MAP
MAPMAPMAPMAP
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Website: www.culvers.com
Number of Locations: 454
Credit: Private
Culver’s is a privately owned and operated fast casual restaurant chain that operates primarily in the Midwestern United States. Culver’s was founded in 1984 and has grown to over 450 restaurants in 19 states. Culver's serves fresh food that is cooked to order. The restaurants' award-winning customer service is based on small-town, Midwestern values, genuine friendliness and an unwavering commitment to quality and cleanliness. Signature items include the ButterBurger and fresh Frozen Custard, including the famous Flavor of the Day program.
The operators of the franchise have approximately 10 years of restaurant owning business. This location has strong sales performance and is a top performer in its region. The Culver’s franchise program is tremendously successful and has only had one failed franchisee in 28 years of operation. This is strong performing sales location for Culver’s and this location outperforms an average Culver’s by 11%. Additionally, this location has entered into a lease agreement with the city of Crystal Lake to provide restaurant quality food to the Three Oaks Recreation Area through its concession stand.
TENANT PROFILE
TENANT PROFILETENANT PROFILETENANT PROFILETENANT PROFILE
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PopulationPopulationPopulationPopulation 3333----mi.mi.mi.mi. 5555----mimimimi 7777----mimimimi
Total Population 51,713 136,654 216,786 Total Households 18,184 45,799 71,803
IncomeIncomeIncomeIncome
Median Household Income $84,757 $92,177 $90,579 Average Household Income $100,437 $109,150 $108,863
DEMOGRAPHIC COMPARISON REPORT
DEMOGRAPHIC COMPARISON REPORTDEMOGRAPHIC COMPARISON REPORTDEMOGRAPHIC COMPARISON REPORTDEMOGRAPHIC COMPARISON REPORT
The metro is also a major financial center in North America,United States, the CME Group. Chicago is third in the world on the Global Financial Centers Index which ranks the competitiveness of financial centers based on people, business environment, market access,general competitiveness.
www.cityofchicago.com
Crystal Lake Crystal Lake Crystal Lake Crystal Lake
miles northwest of Chicago. At the time of the 2010 U.S. Census the population of
Crystal Lake was 40,743. Crystal Lake is the largest city in McHenry County and part
of the Chicago me
County had a population of 308,760.
http://www.crystallake.org/
Chicago Chicago Chicago Chicago is the most populous city in the Midwestern United States and the populous city in the United States with 2,700,000 residents. Chicago is the county seat of Cook County, the second largest county in the United States. The Chicago MSA is the third most populated metropolitan area in the United States with 9,580The MSA covers over 1,300 square miles and six counties. The Chicago metropolitan area is home to the corporate headquarters of 57 Fortune 1000 companies, including Boeing, McDonald's, Motorola, Discover Financial Services and United Airlinis a major hub for industry, telecommunications and infrastructure and O'Hare International Airport is the second busiest airport in the world in terms of traffic movement.
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LOCATION OVERVIEW
LOCATION OVERVIEWLOCATION OVERVIEWLOCATION OVERVIEWLOCATION OVERVIEW
The metro is also a major financial center in North America, and is home to the largest futures exchange in the United States, the CME Group. Chicago is third in the world on the Global Financial Centers Index which ranks the competitiveness of financial centers based on people, business environment, market access,
Crystal Lake Crystal Lake Crystal Lake Crystal Lake is a city located in McHenry County, Illinois. Crystal Lake is about 45
miles northwest of Chicago. At the time of the 2010 U.S. Census the population of
Crystal Lake was 40,743. Crystal Lake is the largest city in McHenry County and part
of the Chicago metropolitan area. At the time of the 2010 U.S. Census McHenry
County had a population of 308,760.
http://www.crystallake.org/
is the most populous city in the Midwestern United States and the populous city in the United States with 2,700,000 residents. Chicago is the county seat of Cook County, the second largest county in the United States. The Chicago MSA is the third most populated metropolitan area in the United States with 9,580The MSA covers over 1,300 square miles and six counties. The Chicago metropolitan area is home to the corporate headquarters of 57 Fortune 1000 companies, including Boeing, McDonald's, Motorola, Discover Financial Services and United Airlinis a major hub for industry, telecommunications and infrastructure and O'Hare International Airport is the second busiest airport in the world in terms of traffic
LOCATION OVERVIEW
and is home to the largest futures exchange in the United States, the CME Group. Chicago is third in the world on the Global Financial Centers Index which ranks the competitiveness of financial centers based on people, business environment, market access, infrastructure and
is a city located in McHenry County, Illinois. Crystal Lake is about 45
miles northwest of Chicago. At the time of the 2010 U.S. Census the population of
Crystal Lake was 40,743. Crystal Lake is the largest city in McHenry County and part
tropolitan area. At the time of the 2010 U.S. Census McHenry
is the most populous city in the Midwestern United States and the third most populous city in the United States with 2,700,000 residents. Chicago is the county seat of Cook County, the second largest county in the United States. The Chicago MSA is the third most populated metropolitan area in the United States with 9,580,567 residents. The MSA covers over 1,300 square miles and six counties. The Chicago metropolitan area is home to the corporate headquarters of 57 Fortune 1000 companies, including Boeing, McDonald's, Motorola, Discover Financial Services and United Airlines. Chicago is a major hub for industry, telecommunications and infrastructure and O'Hare International Airport is the second busiest airport in the world in terms of traffic
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666 Dundee Road Suite 1801 Northbrook, IL 60062
Randy Blankstein President 847.562.0003 [email protected]
Jimmy Goodman Partner 847.562.8500 [email protected]
CONTACT INFORMATION
CONTACT INFORMATIONCONTACT INFORMATIONCONTACT INFORMATIONCONTACT INFORMATION
