Broker Information Broker Information Offering Memorandum Arby`s

Transcription

Offering
Broker
Broker
Memorandum
Information
Information
Arby’s - Gilbert, AZ
LOCATION
2889 S. Market Street
Gilbert, AZ 85295
SALE PRICE
$2,453,000
CAP RATE
7.50%
BUILDING SIZE
2,962 SF
LAND SIZE
0.901 Acres
Exclusively Represented By:
Richard Hurd
515.778.1000
[email protected]
Richie Hurd
515.778.1009
[email protected]
Hurd Real Estate Services, Inc.
2000 Fuller Road
West Des Moines, IA 50265
All information furnished regarding this property for sale or lease is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted
subject to errors, omissions, change of price, rental, or other conditions prior to sale, lease or withdrawal without notice. No liability of any kind is imposed on the broker or agent herein.
Broker
Table
of Information
Contents
:: PROPERTY ANALYSIS ..........................3
Executive Summary
Property Map
Aerial Map
Locator Map
Parcel Map
Interior Photos
Exterior Photos
:: FINANCIAL ANALYSIS..........................11
Property Income
Franchisor Profile
Franchisee Profile
:: MARKET OVERVIEW............................15
Area Description
Demographics
:: BROKER INFORMATION ....................23
......................................... 23
1
Offering Structure
EXCLUSIVE REPRESENTATION
Hurd Real Estate Services is exclusively representing the
Seller in this transaction.
OFFERING STRUCTURE
• The property located at 2889 S. Market Street in Gilbert,
Arizona is being offered on an “all cash” or financing basis to qualified purchasers.
• Seller reserves the right to accept an offer at any time
during the marketing period.
• To schedule a property inspection or receive answers
to questions, please contact the representatives listed
on the front page. Please do not contact on-site
property management.
OFFER REQUIREMENTS
Seller reserves the right to remove the property from the market. Seller expressly reserves the right,
in its sole and absolute discretion, to reject any and all proposals or expressions of interest in the
property, to terminate discussions with any party at any time or to extend the deadlines set forth
in the time schedule.
PURCHASE & SALE AGREEMENT
Upon receipt of an acceptable Letter of Intent, the successful prospective purchaser shall submit a
Purchase and Sale Agreement within five (5) working days to Seller.
PROPERTY VISITS
Richard Hurd or Richie Hurd of Hurd Real Estate Services [515.225.1102] will schedule property
visits for prospective purchasers.
COMMUNICATION
All communications, inquiries and requests should be addressed to Hurd Real Estate Services (see
front page), as representatives of Seller.
All offers should include:
• Proposed purchase price
• Timing for inspection period and closing
• Amount of earnest money, including the amount
that is non-refundable
• Source of funds for the acquisition
• Summary of closed transactions with references
2
Property Analysis
:: PROPERTY ANALYSIS
Executive Summary
Property Photograph
Property Map
Aerial Map
Parcel Map
3
Executive Summary
Property Address
Gilbert, AZ 85295
List Price
$2,453,000
Cap Rate
7.50%
Building Square Feet
2,962 Percent Occupied
100%
Land Size
0.901 Acres
Cross Streets
S. Market Street & Santan Village Parkway
Tax Parcel Number
304-46-964 Year Built
2008
Zoning Type
Commercial - Restaurant Fast Food
Legal Description
SANTAN VILLAGE MARKETPLACE PARCEL G-2 LOT 3 REPLAT LOT #3A
Property Description
Freestanding fast food restaurant
4
Property Map
5
Aerial Map
6
Interior Photos
7
Exterior Photos
8
Locator Map
1
9
Broker
Parcel
Information
Map
110
Financial Analysis
:: FINANCIAL ANALYSIS
Property Income
Franchisor Profile
Franchisee Profile
11
Property Income
Arby’s #8238
Gilbert, AZ 85295
15-Year Lease with Four, Five-Year Options.
Initial Lease Term
Square
Feet
Lease
Amount/
SF
09/01/08 - 08/31/23
2,962
$62.12
Monthly
Lease
Amount
$15,333.38
Annual
Lease
Amount
Occupancy
$184,000.56 100%
Increase
Effective
Date
New Monthly
Lease Amount
09/01/13
09/01/18
$16,100.05
$16,905.05
09/01/23
09/01/28
09/01/33
09/01/38
$17,750.30
$18,637.82
$19,569.71
$20,548.20
Option Periods:
Option 1:
Option 2:
Option 3:
Option 4:
Net Operating Income
NOI = $184,000.56
Expenses:
Zero Landlord responsibility. Lessee pays all taxes, insurance, and maintenance expenses that arise from the use of this Property.
12
Franchisor Profile
Arby’s Corporate
Arby’s is the place for people hungering for a unique, better tasting alternative to traditional fast food. It’s the favorite place for people who crave
something different and better. From day one, Arby’s Roast Beef Restaurants offered an innovative menu. When food service veterans Leroy and Forrest Raffel opened the first
Arby’s in Boardman, Ohio in 1964, customers enjoyed roast beef sandwiches, potato chips, and Texas-sized iced teas. To name their new venture, the brothers decided on Arby’s, which stands for R.B., the initials of the Raffel Brothers - although many suspect the R.B. stands for roast beef.
The enterprising spirit that originated with the Raffel Brothers has fueled the development of Arby’s throughout its 41 year history. The company
added an average of 50 restaurants a year in the 1970s while simultaneously creating and perfecting timeless menu favorites - Beef ‘n Cheddar,
Jamocha Shakes, Curly Fries and Arby’s signature sauces, Arby’s BBQ sauce and Horsey Sauce.
Arby’s continued expanding both locations and menu items during the next decade, opening restaurant number 1,000 and introducing chicken
to the menu in 1981.
A change in the company’s ownership set the course for menu expansion and a strengthened brand. Triarc Companies, Inc. purchased Arby’s
in 1993, and innovation quickly followed. Arby’s introduced Arby’s Market Fresh in 2001, a line of deli-style sandwiches and salads made with
high quality and unique ingredients. In 2003, wraps extended the popular additions.
Following a thorough study of the brand and customer base, Arby’s introduced the “I’m Thinking Arby’s” campaign in 2005. The ad series
featured Arby’s point of difference - high quality, unique products not typically found in fast food. When you’re craving Arby’s you can’t think of
anything else.
In 2008, Triarc Companies Inc. merged with Wendy’s International, Inc. to form Wendy’s/Arby’s Group, Inc. Wendy’s/Arby’s Group, Inc. is the
third largest quick-service restaurant company in the United States.
13
Franchisee Profile
FX4, LLC
Our company name “FX4” clearly states our mission statement and the underlying philosophy in which we must operate.
F X 4 = Fantastic Food, Fast and Friendly
To fulfill our vision for success. we must all work to provide to our customers “Fantastic Food, Fast & Friendly”. Whether you are serving a
customer directly, or helping someone who is, fast and friendly service of a quality product (food, reports, training, coaching, etc.) to that person
is the key.
Charlie Harmon got his first job when he was 16 years old as a busboy for a Bob’s Big Boy diner in Washington, D.C. Today, the 53-year-old
Harmon owns 56 of the 62 Arby’s restaurants in the Valley and surrounding areas, making him the seventh-largest Arby’s franchisee in the country.
Hos franchise company, FX4, LLC, is based in Scottsdale and employs roughly 1,100 people. Other than four years of service with the U.S. Navy,
Harmon hasn’t left the fast-food industry since his days as a busboy.
“I really didn’t know what I wanted to do when I grew up,” Harmon said. “But I liked the fast pace of (the fast-food industry). I like the fact that things
are always changing and it’s always a challenge. And unlike some other industries, you really move up quickly. If you perform in the restaurant
industry, someone’s going to take notice and train y ou to go further.”
In 1978, he began his career with Arby’s as a manager trainee in San Diego, working for Atlanta-based RTM Restaurant Group,
Arby’s largest franchisee. He rose through the ranks to become president of RTM’s Western region, which included 250 stores.
Harmon broke away from RTM, bought seven Arby’s stores in Arizona outside of the Valley and began FX4 in 2000.
FX4 grew significantly in 2004, when Harmon bought 38 Arby’s stores in the Phoenix area from RTM, his former employer. The addition gave FX4
more than 40 stores.
14
Demographics
:: MARKET OVERVIEW
Area Description
Demographics
15
Area Description
Gilbert, Arizona
Gilbert is a town in Maricopa County, Arizona, within the Phoenix metropolitan area. Gilbert was recognized in 2010 as the “36th Best Place to Live
in the nation” as well as among the nation’s “top places to live and learn”
by GreatSchools.org. Washington-based C.Q. Press rated Gilbert the “safest
municipality in Arizona, and 24th safest in the nation,” in their annual report
released November 2009 using FBI statistics. Gilbert has been named as a
“bicycle-” and “tree-friendly”] community and receives high satisfaction rates
from its citizens.
Gilbert is served by one area freeway -- the Santan Freeway portion of Loop
202 around the East Valley. The town enjoys relative closeness to Phoenix
Mesa Gateway Airport, which is located in east Mesa; and is a twenty-five
minute drive from Phoenix Sky Harbor International Airport.
Today, Gilbert encompasses 76 square miles and has made a rapid transformation from an agriculture-based community to an economically diverse suburban center located in the southeast valley of the Phoenix metropolitan area.
In the last two decades, Gilbert has grown at an extremely high rate, increasing in population from 5,717 in 1980 to 217,521 as of July 2009. Gilbert has
evolved into a highly educated and affluent community supporting high-wage
jobs in life science and health services, high technology, clean and renewable
energy, and corporate and regional headquarters/offices in advanced business services.
Most of Gilbert is zoned to schools in the Gilbert Public Schools district.
16
1 Mile
17
1 Mile
18
3 Miles
19
3 Miles
20
5 Miles
21
5 Miles
22
Broker Information
:: BROKER INFORMATION
23
Broker Information
RICHARD HURD
Richard Hurd began his career in real estate investment in 1973, specializing in single and multi-family residential properties in the
Central Iowa market. In 1981, Richard founded the regional commercial development, investment, and brokerage firm known today as
Hurd Real Estate. Richard has provided strong leadership and focused the Hurd Real Estate team on acquisition and development of
office, retail, medical, residential, multi-family, and industrial properties.
On the brokerage side of the business, Richard managed the largest commercial brokerage firm in Iowa from 1986 to 1993. He was
selected to represent Central Life Assurance Company (now known as Aviva Life) in the repositioning of their national commercial real
estate portfolio. He was also a Senior Associate with CB Richard Ellis, specializing in investment and retail properties for 10 years.
Richard has been the Central Iowa preferred developer for Walgreen’s since 1999. He has had the pleasure of working with a number
of regional and national companies either through sale-leaseback or build-to-suit transactions since founding the company 30 years
ago. Currently, Richard owns 80 properties in nine metropolitan markets: Des Moines, IA; Phoenix, AZ; Chicago, IL; Las Vegas, NV;
St. Louis, MO; Dallas, TX; Omaha, NE; Indianapolis, IN; and Kansas City, MO.
Richard’s professional designations include CCIM (Certified Commercial Investment Member), SIOR (Society of Industrial and Office
Realtors), and CRE (The Counselors of Real Estate). Believing in sharing his time and experience to help build a strong community,
Richard serves on the Grand View University Board and Banker’s Trust Company Advisory Board. He is a former Door of Faith Mission
Board Member and an active member of Valley Church in West Des Moines.
24
Broker Information
RICHIE HURD
Richie Hurd joined Hurd Real Estate in 2008. Richie focuses on acquisitions and dispositions, as well as marketing the company’s investment portfolio. Before joining Hurd Real Estate, Richie worked two years in Scottsdale, Arizona, selling retail investment properties
at Sperry Van Ness. While there, Richie teamed with then Sperry Van Ness Vice President Ari Spiro to successfully complete 18 transactions valued at over $150M. In addition to investment sales, Richie helped locate 25 sites for a national mini-storage company looking
to expand into the Phoenix market. He also helped lease and manage the Hurd Real Estate-owned Center at Troon North.
Richie is a member of the International Council of Shopping Centers (ICSC), a CCIM candidate and a licensed real estate salesperson
in both Iowa and Arizona. He is also involved in Big Brothers and Big Sisters of Central Iowa.
A 2006 graduate of Creighton University, Richie earned a BSBA in Entrepreneurial Management. He was a member of the Creighton
University Men’s Soccer Team which included a trip to the 2006 NCAA Division I Final Four Championship Tournament.
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Broker Information Broker Information Offering Memorandum Arby`s

Transcription

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