carrabba`s italian grill and regions bank

TWO LONG TERM NATIONAL GROUND LEASES
CARRABBA’S ITALIAN GRILL AND REGIONS BANK
PRIME NAPLES FLORIDA LOCATION
F O R M O R E I N F O R M AT I O N C O N TA C T:
Mark Drazek
Senior Vice President
Net Lease Properties
+1 407 839 3123
[email protected]
CBRE, Inc. | Licensed Real Estate Broker
CONFIDENTIAL MEMORANDUM & DISCLAIMER
This Offering Memorandum was prepared by CBRE, Inc. (“Broker”) solely for the use of prospective purchasers of Carrabba’s Italian Grill and Regions Bank – 12631 Tamiami
Trail East, Naples, Florida 34113 (the “Property”). Neither the Broker nor the owner of the Property (“Owner”) makes any representation or warranty, expressed or implied, as to
the completeness or accuracy of the material contained in the Offering Memorandum.
Prospective purchasers of the Property are advised that changes may have occurred in the physical or financial condition of the Property since the time this Offering Memorandum or
the financial statements therein were made by Broker and not by Owner and are based upon assumptions or events beyond the control of Broker and Owner, and therefore may be
subject to variation. Other than historical revenue and operating expense figures for the Property, Owner has not, and will not, provide Broker or any prospective purchaser with any
income or expense figures, budgets, or projections regarding the Property. Prospective purchasers of the Property are advised and encouraged to conduct their own comprehensive
review and analysis of the Property.
Disclaimer
Carrabba’s Italian Grill and Regions Bank
The Offering Memorandum is a solicitation of interest only and is not an offer to sell the Property. The Owner and Broker expressly reserve the right, at their sole discretion, to reject
any or all expressions of interest or offers to purchase the Property, and expressly reserve the right at their sole discretion, to terminate discussions with any entity at any time with
or without notice. The owner shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless
and until such offer for the Property is approved by owner pursuant to its Finance Committee authorities and the signature of the Vice President or Owner is affixed to a Real Estate
Purchase Agreement prepared by Owner. This Offering Memorandum is confidential. By accepting the Offering Memorandum, you agree (i) that you will hold and treat the Offering
Memorandum and its contents in the strictest of confidence, (ii) that you will not photocopy or duplicate any part of the Offering Memorandum, (iii) that you will not disclose the
Offering Memorandum or any of its contents to any other entity without the prior written authorization of the Owner, and (iv) that you will not use the Offering Memorandum in any
fashion or manner detrimental to the Owner or Broker.
This property is located in a Special Flood Hazard Area. Federal law requires that as a condition of obtaining federally related financing on most properties located in “flood
zones”, banks, savings and loan associations, and some insurance lenders must require that flood insurance be carried where the property, real or personal, is security for
the loan.”
© 2016 CBRE, Inc. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or
representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without
notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and
legal advisors should conduct your own investigation of the property and transaction. Licensed Real Estate Broker.
CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document
are the property of their respective owners.
EXECUTIVE SUMMARY
INVESTMENT HIGHLIGHTS:
Price:
$4,146,000
• Two long term ground leases with highly desirable national tenants
Annual Rent*:
Carrabba’s:
Regions:
Total:
• Prime Southwest Florida location
Cap Rate:
5.15%
• Carrabba’s is SIGNIFICANTLY BELOW MARKET RENT. Current
market rent is in the $135,000 - $150,000 range.
Tenant:
Carrabba’s Italian Grill and Regions Bank
Rental Increases:
10% every 5 years including options
• Minimal landlord management obligations – Absolute NNN fee simple
ground leases
Remaining Lease Term:
Carrabba’s:
5 Years – Recently exercised
first 5-year option after initial
10 year lease term
Regions:
10 years remaining on a 20
year lease
Carrabba’s:
(3) 5-year options
Regions:
(4) 5-year options
Rent Commencement:
Carrabba’s:
Regions:
June 2006
Sept 2006
Landlord Obligations:
Tenant maintains all aspects of their building
including roof and structure. Landlord has
service contracts to maintain landscaping
and parking lot of common area.
Existing Financing:
No debt to assume
Building Size:
Carrabba’s:
Regions:
Land Size:
2.16 ± acres
Year Built:
2006
• Out parcel to busy Publix shopping center and across from newer
Lowe’s Center and near Walmart Supercenter
• Fixed rental increases throughout entire lease terms including options
Executive Summary
Carrabba’s Italian Grill and Regions Bank
• Strong fundamentals – Low price point
• Carrabba’s recently exercised its first option evidencing the restaurant’s
success at this location
Options:
• Florida is a State Income Tax Free state
$80,465
June 2016
$133,100 September 2016
$213,565
6,318 SF
3,820 SF
*Annual rent is based on upcoming rental increase. Seller will provide a rent credit at closing.
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Carrabba’s Italian Grill and Regions Bank
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Site Plan
Carrabba’s Italian Grill and Regions Bank
SITE PLAN
7
Property Locator Maps
Carrabba’s Italian Grill and Regions Bank
PROPERTY LOCATOR MAPS
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Property Locator Maps
Carrabba’s Italian Grill and Regions Bank
PROPERTY LOCATOR MAPS
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Property Locator Maps
Carrabba’s Italian Grill and Regions Bank
PROPERTY LOCATOR MAPS
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DEMOGRAPHICS
1 Mile
3 Miles
5 Miles
2015 Population
5,019
24,819
44,451
2020 Population
5,740
27,388
48,515
2010 Population
4,137
21,805
39,852
2000 Population
1,511
14,095
30,127
Percent Pop Change: 2010 to 2015
21.31%
13.82%
11.54%
Percent Pop Change: 2015 to 2020
14.36%
10.35%
9.14%
-White
3,195
18,224
35,254
-African American
1,117
3,555
4,908
-Asian
22
165
376
-Native Hawaiian/Pacific Islander
0
8
18
-American Indian/Alaska Native
31
136
186
-Some Other Race
561
2,245
2,967
-2 or More Races
92
486
742
-Hispanic
1,699
8,439
11,114
-Not Hispanic/Latino, White
2,159
12,553
27,766
2015 Median Age
44.40
45.31
53.83
2015 Average Age
43.16
44.15
48.85
2015 Households
2,089
9,867
18,900
2020 Households
2,373
10,955
20,762
2010 Households
1,747
8,557
16,768
2000 Households
814
5,477
12,839
Percent HH Change: 2010 to 2015
19.59%
15.32%
12.72%
Percent HH Change: 2015 to 2020
13.58%
11.03%
9.85%
Average Household Size
2.56
2.53
2.28
2000 Average Household Income
$55,534
$56,148
$57,876
2015 Average Household Income
$72,028
$73,076
$68,147
2020 Average Household Income
$74,661
$76,736
$70,582
2000 Median Household Income
$33,610
$37,863
$40,188
2015 Median Household Income
$48,434
$50,227
$48,578
2020 Median Household Income
$49,858
$52,346
$50,196
2015 Per Capita Income
$29,980
$29,052
$28,976
2015 Median Home Value
$250,973
$225,552
$197,455
2015 Average Home Value
$338,280
$323,885
$282,484
Total Businesses
234
611
1,420
Daytime Employment (Total Employees)
2,596
8,183
13,965
Demographics
Carrabba’s Italian Grill and Regions Bank
2015 Estimated Population by Race and Origin
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TENANT DESCRIPTION
Carrabba’s Italian Grill
www.carrabbas.com
Carrabba’s Italian Grill features a casual dinner in a warm, festive atmosphere. Discover a variety of fresh,
handmade Italian dishes cooked to order in a lively exhibition kitchen. At Carrabba’s, you’ll experience flavorful
foods prepared just for you and find hospitality is our passion.
Carrabba’s is owned and operated by Bloomin’ Brands, Inc. (BLMN: NASDAQ). Bloomin’ Brands, Inc., through
its subsidiaries, owns and operates casual, upscale casual, and fine dining restaurants primarily in the United
States. The company operates restaurants under various concepts, including Outback Steakhouse, Carrabba’s
Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar. Today, Bloomin’ Brands is one of
the world’s largest casual dining companies with approximately 100,000 team members and nearly 1,500
restaurants throughout 48 states, Puerto Rico, Guam and 22 countries.
Tenant Description
Carrabba’s Italian Grill and Regions Bank
Regions Bank
www.regions.com
NYSE: RF
S&P Rating: BBB+ / Stable
Regions Financial Corporation, together with its subsidiaries, provides banking and bank-related services to
individual and corporate customers in the United States. Its Corporate Bank segment offers commercial banking
services, such as commercial and industrial, commercial real estate, and investor real estate lending, as well
as equipment lease financing services. This segment serves corporate, middle market, small business, and
commercial real estate developers and investors. The company’s Consumer Bank segment provides consumer
banking products and services related to residential first mortgages, home equity lines and loans, small business
loans, indirect loans, consumer credit cards, and other consumer loans, as well as the corresponding deposit
relationships. Its Wealth Management segment offers wealth management products and services comprise credit
related products, trust and investment management, asset management, retirement and savings solutions,
estate planning, and commercial insurance products to individuals, businesses, governmental institutions, and
non-profit entities. The company also provides insurance coverage for various lines of personal and commercial
insurance, such as property, casualty, life, health, and accident; insurance products, including title, mortgage,
crop, term life, accidental death and dismemberment, and environmental insurance, as well as debt cancellation
products; and commercial equipment financing products, as well as offers securities, insurance, and advisory
services through financial consultants. As of December 31, 2014, it operated approximately 1,997 ATMs and
1,666 banking offices in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana,
Mississippi, Missouri, North Carolina, South Carolina, Tennessee, Texas, and Virginia. Regions Financial
Corporation was founded in 2004 and is headquartered in Birmingham, Alabama.
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TWO LONG TERM NATIONAL GROUND LEASES
CARRABBA’S ITALIAN GRILL AND REGIONS BANK
PRIME NAPLES FLORIDA LOCATION
F O R M O R E I N F O R M AT I O N C O N TA C T:
Mark Drazek
Senior Vice President
Net Lease Properties
+1 407 839 3123
[email protected]
CBRE, Inc. | Licensed Real Estate Broker