Auburn, wa - Capital Pacific

Red Robin
Auburn, wa
CONFIDENTIALITY AGREEMENT CLICK HERE
TO EXECUTE AND DOWNLOAD FULL PACKAGE
Aubur
n,
WA
Corporate NNN Restaurant Pad to Largest
INdoor Outlet Mall in Pacific Northwest
1002 Outlet Collection Way, Auburn, WA 98001
[ www.CapitalPacific.com ]
RED ROBIN IS A SINGLE TENANT LEASED
PROPERTY ADJACENT TO THE OUTLET
COLLECTION IN AUBURN, WASHINGTON.
Investment Highlights
Over seven years remain on the corporate lease, with Tenant reimbursing
landlord for NNN expenses. Red Robin recently rebranded the store in
2015, converting to a more contemporary format, which indicates a
strong commitment to the site. This lease features a generous percentage
rent structure, where up to forty percent of the total rent has come from rent as
a percentage of sales. See page 9 for more details.
The Property is located at the signalized intersection at the southeast corner of The Outlet
Collection, the largest indoor outlet mall in the Pacific Northwest. Encompassing over 1 million
square feet and extensively renovated in 2013, The Outlet Collection (formerly known as the
SuperMall) features over 130 specialty, outlet, and factory stores. Nordstrom Rack, Marshall’s, Old
Navy Outlet, Burlington Coat Factory, Bed Bath & Beyond, Sports Authority, Sam’s Club, and LA
Fitness anchor the shopping center. Walmart Supercenter and the Auburn Regal Cinemas 17 are
also located nearby and provide additional retail draws to the area. Lunch crowds from Boeing
and other industrial companies nearby are also likely to frequent this Red Robin location.
More generally, the Property is located near the interchange of Highways 167 and 18. Twenty
minutes south of Seattle and north of Tacoma, Auburn is the fourteenth largest city in the
state. A rapidly growing city, Auburn’s population jumped over 74.1% from 2000 to 2010.
PRICE: $5,950,000
CAP: 6.84%*
LEASABLE SF. . . . . . . . . . ±7,217 SF
LAND AREA . . . . . . . . . . . ±44,344 SF
LEASE TYPE. . . . . . . . . . . NNN
YEAR BUILT . . . . . . . . . . . 2003
PARKING**. . . . . . . . . . . . ±39 Spaces or 5.4/1,000 SF
*Based on 2014 return. Sign confidentiality agreement to see full financial analysis.
**Plus additional parking easement with The Outlet Collection.
ADDRESS:
1002 Outlet Collection Way, Auburn, WA 98001
RED ROBIN - AUBURN | 2
Investment Highlights
PRIME RETAIL LOCATION
NNN LEASE
7+ YEARS REMAIN ON NNN LEASE
Red Robin corporate is Tenant.
PRIME RETAIL PROPERTY
The Property is located at the southeast corner of The Outlet Collection, a 1M
square foot shopping center anchored by Nordstrom Rack, Marshall’s, Old Navy
Outlet, Burlington Coat Factory, Bed Bath & Beyond, Sports Authority, Sam’s Club,
and LA Fitness add a major regional draw to the area. The Red Robin restaurant
is prominently visible at the signalized intersection of 15th Street SW and Outlet
Collection Way, and the 17 screen Auburn Regal Cinemas sits just north of the
property.
RECENT REMODEL
Red Robin just completed a remodel of the location in 2015.
GROWING ECONOMY
Auburn saw a 74% population growth from 2000 to 2010 and is now the 14th largest city
in Washington.
SOLID DEMOGRAPHICS
193,495 residents earning an average annual household income in excess of $77,385 live
within a 5 mile radius.
HIGHWAY ACCESS & VISIBILITY
Red Robin is located directly off Highway 167 and 18, two of the main eastern Seattle MSA
highways with average vehicles per day of 116,000 and 80,000 respectively. Traffic counts near
the Property exceed 19,000 VPD.
RED ROBIN - AUBURN | 3
ABOUT RED ROBIN
Quick Stats
SINCE
514
LOCATIONS IN
US & CANADA
NASDAQ
RRGB
CORPORATE OWNED
415
1969
HEADQUARTERS:
GREENWOOD VILLAGE,
COLORADO
FRANCHISE OPERATED
99
27,500+
APPROXIMATE NUMBER
OF EMPLOYEES
The first Red Robin opened
in Seattle in 1969. By 1980,
Red Robin was on its way to
becoming “America’s Gourmet
Burgers & Spirits,” opening
its first restaurant outside of
Washington in Portland, OR. Five years later, Red Robin
opened a restaurant in Burnaby, British Columbia,
expanding into the Canadian market. Today, there are
514 locations throughout the United States and Canada.
On July 19, 2002, Red Robin went public (NASDAQ: RRGB).
At $12 per share, the chain sold 4 million out of more than 5
million shares. It also entered into a three-year, $40 million
dollar agreement to fund more restaurants in the future.
Red Robin’s Corporate Support Office in Greenwood
Village, Colorado, is named "The Denver Post Top
Workplace" in the midsized employers category. The list is
comprised of the best places to work in the Denver-metro
area based on team member feedback from an employee
survey.
RED ROBIN - AUBURN | 4
Aerial
THE OUTLET COLLECTION
Bed Bath & Beyond
Burlington Coat Factory
GAP Outlet
LA Fitness
Marshalls
Nordstrom Rack
ADDITIONAL RETAIL
Old Navy
Sam's Club
Sports Authority
CLICK HERE FOR FULL
LIST OF RETAILERS
Burger King
Chico's
Denny's
Domino's Pizza
Discount Tire Store
Dairy Queen
FedEx Office
GameStop
Grocery Outlet
IHOP
Les Schwab Tires
McDonald's
O'Reilly Auto Parts
Safeway
Sleep Train
Starbucks
Subway
Walmart Supercenter
116,000 DAILY
167
18
80,000 DAILY
THE OUTLET COLLECTION
18
21,900 DAILY
C ST SW
RED ROBIN
19,000 DAILY
15TH ST SW
167
RED ROBIN - AUBURN | 5
THE OUTLET COLLECTION
Red Robin benefits from an additional parking easement
with the Outlet Collection to the north.
Site Plan
SITE PLAN KEY
12,197 DAILY
PARCEL OUTLINE:
LAND AREA:
± 44,344 SF
LEASABLE AREA: ±7,217 SF
INGRESS/EGRESS:
OUTLET COLLECTION WAY
10,750 DAILY
PYLON SIGN
15th St Sw
Site Plan Not To Scale
19,000 DAILY
RED ROBIN - AUBURN | 6
Featured Photos
RED ROBIN - AUBURN | 7
Area Intel & Demos
POPULATION
AUBURN AREA OVERVIEW
Auburn is currently ranked the 14th largest city in the State of Washington and is a suburb in the Seattle
Metropolitan area. As part of King County, cities bordering Auburn include Federal Way, Pacific, Algona,
Sumner and Kent. The Muckleshoot Indian Reservation is located within the city's southern limits.
THE OUTLET COLLECTION SEATTLE
The Outlet Collection Seattle, formely SuperMall of the Great Northwest, is an outlet mall in Auburn. The
outlet mall is anchored by Bed Bath & Beyond, Burlington Coat Factory, Marshalls, Nordstrom Rack, Old
Navy, Sam's Club, and LA Fitness. New development has occured in and around the mall since the mid2000s, with the addition of several strip malls and restaurants. This culminated in 2010 with the opening
of a new Super Walmart.
2010
2015 2020
1-Mile3-Mile 5-Mile
4,617 65,410 172,567
4,845 69,265 183,495
5,166 74,502 197,150
2015 HOUSEHOLD INCOMES
Median Average
1-Mile 3-Mile5-Mile
$42,537 $56,487 $61,789
$54,671 $70,811 $77,385
sEATTLE Bellevue
24 Miles
39 Min
5 Miles
RED ROBIN
3 Miles
28 Miles
31 Min
1 Mile
tacoma
14 Miles
17 Min
Auburn
CONFIDENTIALITY AGREEMENT CLICK HERE
TO EXECUTE AND DOWNLOAD FULL PACKAGE
A unique HUMAN
RESULTS-DRIVEN
client experience
THE CAPITAL PACIFIC EXPERIENCE - OUR DAILY COMMITMENT TO OUR CLIENTS
[ www.CapitalPacific.com ]
SEAN MACK
PETER DUNN
MICHAEL HORWITZ
SCOTT FRANK
KEVIN ADATTO
SEAN TUFTS
[email protected] | (503) 675-8378
[email protected] | (503) 675-8383
[email protected] | (503) 607-0197
[email protected] | (503) 675-7726
DAVID GELLNER
[email protected] | (206) 913-2842
[ Copyright © 2015 Capital Pacific LLC ]
[email protected] | (503) 675-8381
[email protected] | (206) 743-8468