champps americana restaurant

Confidential Offering Memorandum
CHAMPPS AMERICANA
RESTAURANT
Columbus, OH
* Representative Image
EXCLUSIVELY PRESENTED BY
EXCLUSIVELY PRESENTED BY
CHAMPPS
AMERICANA
RESTAURANT
3933 Morse Crossing
Columbus, OH 43219
TABLE OF CONTENTS
• INVESTMENT SUMMARY
• PROPERTY AND LEASE OVERVIEW
• PROPERTY AERIAL
• TENANT PROFILE AND OVERVIEW
• SUBMARKET AERIAL
• SITE LOCATION MAP
• COLUMBUS AT A GLANCE
FOR MORE INFORMATION, CONTACT:
• DEMOGRAPHIC SUMMARY
Brad Gibbs
• LOCATION HIGHLIGHTS
John A. Topping, Jr.
• CONFIDENTIALITY AND CONDITIONS
OF SALE
Senior Associate
214.560.3238 | [email protected]
Associate, Investment Sales
678.420.1384 | [email protected]
Robert Drake
Analyst, Investment Sales
678.420.1386 | [email protected]
Richard Herman
OH Lic.# - 305822
SRS Real Estate Partners - Atlanta
3400 Peachtree Road NE, Suite 1100
Atlanta, Georgia 30326
404.231.2232
SRSRE.COM/ChamppsColumbus
INVESTMENT SUMMARY
Investment Summary
SRS Real Estate Partners, as exclusive agent, is pleased to offer a single-tenant-net-lease
investment opportunity occupied by Champps Americana Restaurant and located in
Columbus, Ohio. Champps benefits from its proximity to a plethora of notable synergized
tenants amongst the Easton retail market. The Easton retail market is comprised of
Easton Market, Easton Town Center, and Easton Gateway, with Lowe’s, Target, Walmart,
and Sam’s all located just north of the Property. Easton Town Center is an indoor/outdoor
shopping complex opened in 1999, becoming one of the first of its kind in the country
and is intended to look like a self-contained “town” reminiscent of American towns and
cities in the early-to-mid 20th century. Attracting roughly 21 million visitors per year, the
Easton retail market has a plethora of notable tenants including AMC Dine-In Movie
Theatre, Macy’s, Nordstrom, Trader Joe’s, Louis Vuitton, Apple Store, Tesla Motors, Crate
& Barrel, Costco, REI, Saks off 5th, and more.
The subject site is situated as an outparcel to Easton Market in one of the most highly
sought after retail pockets in Ohio.
* Representative Image
Columbus serves as the county seat of Franklin County, the capital of Ohio, and the 15th
largest city in the United States. The city is within a one-day truck drive or one-hour flight of 41% of the U.S. population, 80% of U.S. corporate headquarters, and 43% of U.S.
manufacturing capacity. With a population of over 787,000 according to the 2010 census, Columbus is the fourth most populous state capital in the United States and the
third largest city in the Midwestern United States.
The 2.012 +/- AC subject site is extremely well located between Easton Market and Easton Town Center at the intersection of Morse Crossing and Gramercy St, serving as
the main north/south and east/west thoroughfares in the market, catering to the roughly 21 million yearly visitors to the site.
Investment Highlights
•Absolute NNN Lease: Zero landlord responsibilities creates a favorable lease structure allowing for passive ownership.
•Easton Retail Node: Roughly 21 million visitors are drawn to this location each year located just west of Interstate 270 and experiencing combined traffic counts in
excess of 229,000.
•Supreme Location: Power center outparcel adjacent to a world-renowned indoor/outdoor mall amongst a high density of prominent retailers creating a regional draw.
•Primary Market: Columbus is a bustling metropolis serving as the state capital of Ohio, and the 15th largest city in the United States.
•Corporate Guarantee: Champps Entertainment Inc. guarantees the lease and the tenants obligations for the full term of the lease.
Exclusively Presented By SRS Real Estate Partners
3
PROPERTY AND LEASE OVERVIEW
Property Overview
Price: $3,400,000
Cap: 7.35%
NOI: $250,000
Address: 3933 Morse Crossing, Columbus, OH 43219
GLA: 10,582 SF +/- SF
Land Area: 2.012 +/- Acres
Year Built: 1999
Occupancy: 100%
County: Franklin County
Champps Lease Overview
Tenant Name: Champps Operating Corporation
Guarantor: Champps Entertainment, Inc.
Lease Type: NNN
Landlord Responsibilities: None
Lease Expiration: April 30th, 2019
Remaining Lease Term: 4 Years
Options: Three (3) consecutive periods of five (5) years each
Rental Increases: If tenant renews from May 1, 2019 to April 30, 2024 rent shall be equal to the greater of (a) 7% of Net Sales or (b) $250,000 per year and if tenant renews
May 1, 2024 to April 30, 2029 and May 1, 2029 to April 30, 2034 rent shall be 90% of Fair Market Value, but in no event less than $250,000 per year.
Current Annual Rent: $250,000
Exclusively Presented By SRS Real Estate Partners
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PROPERTY AERIAL
Exclusively Presented By SRS Real Estate Partners
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TENANT PROFILE AND OVERVIEW
Champps American Restaurant
Operating Information
Champps Entertainment Inc. operates and
franchises a chain of around 60 casual dining
restaurants offering sports viewing, nighttime
entertainment, and quality service. Originally
a modest, local neighborhood restaurant in
St. Paul Minnesota founded in 1984, Champps is now headquartered in Wichita,
KS and operates in 14 states including Minnesota, Iowa, Michigan, Wisconsin,
Illinois, Indiana, Ohio New York, Pennsylvania, New Jersey, Virginia, Maryland,
North Carolina, Florida, and Texas. Its menu includes appetizers, pasta, handhelds,
burgers, salads, cocktails, and deserts. In addition, the company offers private
facilities for meetings, receptions, group catering, and entertainment gatherings.
Formerly known as Unique Casual Restaurants, Inc. the company changed its name
to Champps Entertainments, Inc. in July of 1999. As of October 2007, Champps
Entertainment Inc. operates as a subsidiary of F&H Acquisition Corp., which also
owns the Fox & Hound sports bar chain.
Stabilized Income
Scheduled Rent
$23.63
$250,000.00
Effective Gross Income
$23.63
$250,000.00
Operating Expenses
6
Per Square Foot
CAM
$0.00
NNN
Taxes
$0.00
NNN
Insurance
$0.00
NNN
Total Operating Expenses
$0.00
NNN
Net Operating Income
$0.00
$250,000.00
* Representative Image
Exclusively Presented By SRS Real Estate Partners
Per Square Foot
SUBMARKET AERIAL
Exclusively Presented By SRS Real Estate Partners
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SITE LOCATION MAP
Exclusively Presented By SRS Real Estate Partners
8
COLUMBUS AT A GLANCE
Overview
Columbus, OH serves as the county seat of Franklin County, the capital of Ohio, and the 15th largest city in the United States. With a population of over 2,370,800, Columbus
is a part of the Columbus-Marion-Zanesville CSA - the second largest metropolitan area in Ohio and the 28th largest in the United States. Founded in 1812 and designed
as the capital of Ohio at the confluence of the Scioto and Olentangy rivers, Columbus was named for renowned Italian explorer Christopher Columbus. The city’s strategic
positioning at the confluence of the Scioto and Olentangy rivers, its proximity to the Ohio River and the Erie Canal, and the construction of the National Railroad in 1831
created an abundance of transportation routes and facilitated a population boom creating what is the bustling metropolis that exists today.
Economy
Columbus is centered around a diverse economy based on education, insurance, banking, fashion, defense, aviation, food, logistics, steel, energy, medical research, health
care, hospitality, retail, and technology. As the state capital of Ohio, government plays an integral role in the economy and government jobs provide the second largest
source of employment within the city trailing only Ohio State University. Other prominent employers in the area include the numerous schools, hospitals, hi-tech research and
development firms-including Battelle Memorial Institute, information/library companies such as OCLC and Chemical Abstracts, financial institutions such as JP Morgan Chase
and Huntington Bancshares, as well as fast food giants Wendy’s and White Castle, which have headquarters located in Columbus.
In 2013, four corporations located in Columbus were named to the U.S. Fortune 500 list: Nationwide Mutual Insurance Company, American Electric Power, L Brands, and Big
Lots. In addition, major foreign corporations including Siemens, Roxane Laboratories, Vaisala, Techneglas Inc., Tomasco Mulciber Inc., A Y Manufacturing, ABB Group, and
Mettler Toledo have chosen Columbus as a location for their U.S. operations.
Central Ohio Top 10 Employers*
Culture & Recreation
Home to an abundance of historical landmarks, museums, performing arts centers,
professional sports teams, schools, parks, and fairs and festivals, Columbus is consistently
bustling with activity. A unique feature to Columbus is its college atmosphere generated
from Ohio State University, one of the largest universities in the nation, creating a college
town feel in what is otherwise a capital city. Columbus is also home to two national sports
teams: the NHL’s Columbus Blue Jackets and the MLS’ Columbus Crew. Other notable
attractions in the city include the Columbus Museum of Art, the Columbus Symphony
Orchestra, the Columbus and Franklin County Metropolitan Park District, the Columbus Zoo
and Aquarium, and the Ohio State Fair; one of the largest state fairs in the country.
Rank
Company
No. of Employees
1
Ohio state University
27,656
2
State of Ohio
23,677
3
JPMorgan Chase & Co.
19,200
4
OhioHealth Corp.
19,182
5
Kroger Co.
17,397
6
Nationwide Mutual Insurance
11,300
7
Mount Carmel Health Systems
8,410
8
City of Columbus
8,385
9
Columbus City Schools
8,923
10
Nationwide Children's Hospital
7,822
* from Columbus Business Journal
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DEMOGRAPHIC SUMMARY
Columbus, OH | Champps
1 Mile
Radius
3 Mile
Radius
5 Mile
Radius
Population
Current Estimated Population
5,600
104,738
260,382
2019 Projected Population
5,969
109,341
272,594
2010 Census Population
5,363
102,759
254,771
2000 Census Population
5,135
95,176
241,749
Households
Historical Annual Growth 2000 to 2010
0.44%
0.77%
0.53%
Estimated Annual Growth 2010 to 2014
1.02%
0.45%
0.51%
Projected Annual Growth 2014 to 2019
Median Age
1.28%
0.86%
0.92%
32.00
33.20
35.60
Current Estimated Households
2,421
42,040
108,711
2019 Estimated Households
2,571
43,841
113,913
2010 Census Households
2,326
41,217
106,036
2000 Census Households
2,175
38,282
100,082
Historical Annual Growth 2000 to 2010
0.67%
0.74%
0.58%
Estimated Annual Growth 2010 to 2014
0.95%
0.47%
0.59%
Projected Annual Growth 2014 to 2019
1.21%
0.84%
0.94%
2.31
2.47
2.37
White
36.54%
49.25%
56.53%
Black or African American
52.16%
40.15%
33.87%
3.04%
3.20%
2.87%
Population per Household
Population
by Race
Asian & Pacific Islander
Other Races
Non Hispanic or Latino Population
Hispanic or Latino Population
3.98%
3.26%
2.87%
92.77%
7.23%
93.13%
6.87%
93.89%
6.11%
Income
Average Household Income
$54,130
$56,134
$60,492
Median Household Income
$42,811
$44,210
$45,027
Per Capita Income
Education
(Age 25+)
$21,678
$22,544
$25,254
Elementary
3.06%
4.15%
3.43%
Some High School
6.50%
7.93%
7.81%
High School Graduate
27.51%
25.26%
24.34%
Some College
22.90%
23.05%
23.35%
Associates Degree Only
8.70%
8.48%
7.22%
Bachelors Degree Only
21.67%
20.46%
21.45%
7.76%
7.82%
10.07%
941
6,779
18,257
16986
46,733
122,560
Graduate Degree
Business
Number of Businesses
Total Number of Employees (FTE)
Employees per Business
Residential Population per Business
Exclusively Presented By SRS Real Estate Partners
18.05
6.89
6.71
5.95
15.45
14.26
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LOCATION HIGHLIGHTS
Columbus Accolades:
•#1 Opportunity City – Forbes 2014
•Top Cities in the U.S. – Forbes 2013
•One of the 50 best cities in America – Businessweek 2012
•Top 10 Best Big Cities in the U.S. – Relocate America 2010
•No. 1 up-and-coming tech city in the nation – Forbes 2008
•No. 7 best place to operate a business in the U.S – Market Watch 2008
•No. 3 “Cities of the Future” and No. 4 for most business-friendly – fDi
Magazine 2007
•7th strongest economy in the U.S. and best in Ohio – Policom Corp. 2006
Easton Retail Market Accolades:
•Award for Innovative Design of a New Project – International Council of
Shopping Centers 2000
•Professional Groups Management Honor Award – Professional Ground Management Society & Landscape Management Magazine 2000
•#1 Shopping Center in Greater Columbus – Business First 2003
•36th Annual Landscape Awards Grand Award – Ohio Nursery & Landscape Association 2008
•US Community Support Award for the Central Region - International Council of Shopping Centers 2009
•Top Five Most Innovative Malls in the World – Inside Retail Magazine 2011
Educated Workforce
Columbus prides itself on its top notch educational system.
•The K-12 education options in the Columbus area includes schools that are ranked by the U.S. News and World Report as the top U.S. high schools offering college
preparatory curricula such as Advanced Placement and the International Baccalaureate Diploma Programme.
•The region is home to 63 college and university campuses with a total enrollment of more than 138,000 college and graduate students and more than 22,000 annual
graduates.
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LOCATION HIGHLIGHTS
Healthcare Hub
The Columbus Region is consistently ranked among the best in the country by the U.S. News and World Report.
•Home to four world-renowned, award winning healthcare systems including The Ohio State University Wexner Medical Center, Nationwide Children’s Center, OhioHealth,
and Ohio State University James Cancer Hospital, contributing billions of dollars annually to the local economy and employing in excess of 45,000.
Big Business
The Columbus Region features 1 million potential workforce contributors and has an annual growth rate of 1.2 percent.
•The region is home to the headquarters for several notable companies including Nationwide Mutual Insurance, L Brand, Inc., Huntington Bancshares, Cardinal Health,
Inc., American Electric Power, Alliance Data Retail Services, Abercrombie & Fitch, as well as numerous others.
Airports
•Port Columbus International Airport- Providing service to Toronto, Canada, Cancun, Mexico, as well as most domestic destinations.
•Rickenbacker International Airport- A major cargo facility utilized by the Ohio National Guard.
Major Highways
•Interstates 70, 71, 670, 270
•US Routes 40, 33
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CONFIDENTIALITY AND CONDITIONS OF SALE
This Offering Memorandum is not intended to constitute an offer, but is merely a
solicitation of interest with respect to a possible sale of the Walmart Neighborhood
Market located at 2003 East Greenville Street in Anderson, South Carolina.
hazardous or toxic substances or wastes, including asbestos, PCB’s, petrochemicals
or other contaminants or conditions are present at the property. Neither SRS nor
the owner performs or conducts investigations or analyses of environmental
matters. It is the sole responsibility of qualified purchasers to review all applicable
laws and regulations applying to either the existence, transportation or removal of
hazardous materials and to prudently have an on site investigation and inspection
of the property conducted. The cost and removal of hazardous materials may be
substantial; therefore, SRS strongly encourages qualified purchasers to engage
legal counsel and appropriate technical professionals if any of these conditions are
discovered during the inspection. No person, firm or entity is authorized to make
or submit offers on behalf of anyone or divulge or reproduce the contents of this
executive summary or discuss the availability or the purchase of the property without
first having registered in writing the name of the party receiving the material and
received written authorization to proceed from SRS. The owner and SRS reserve the
right, at their discretion, to reject any or all expressions of interest with any party at
any time with or without notice. The Recipient is strictly prohibited from contacting
the tenant or any affiliate regarding this offering without prior written authorization
of Owner or SRS. The terms and conditions stated herein apply to all sections of the
executive summary.
This Offering Memorandum has been prepared by SRS Real Estate Partners Southeast, LLC and has been approved for distribution by the owner. Although effort
has been made to provide accurate information, neither owner nor SRS can warrant
or represent accuracy or completeness of the materials presented herein or in any
other written or oral communications transmitted or made available to the purchaser.
Many documents have been referred to in summary form and these summaries
do not purport to represent or constitute a legal analysis of the contents of the
applicable documents. Neither owner nor SRS represents that this offering summary
is all inclusive or contains all of the information a purchaser may require.
All of the financial projections and/or conclusions presented herein are provided
strictly for reference purposes and have been developed based upon assumptions
and conditions in effect at the time the evaluations were undertaken. They do
not purport to reflect changes in the economic performance of the property or
the business activities of the owner since the date of preparation of this Offering
Memorandum. The projected economic performance of the property, competitive
submarket conditions, and selected economic and demographic statistics may have
changed subsequent to the preparation of the package. Qualified purchasers are
urged to inspect the property and undertake their own independent evaluation of the
property, the market and the surrounding competitive environment.
SRS is acting as exclusive disposition agent, and the owner reserves the right to
withdraw the property from the market, to change the price and terms or sell the
property at any time without notice being given.
Environmental matters can and do have dramatic impact not only on the physical
conditions of a property but also on its economic performance and underlying value. If
such substances exist, special governmental approvals and permits may be required.
Purchasers are encouraged to engage qualified professionals to determine whether
Brad Gibbs
John A. Topping, Jr.
Robert Drake
Senior Associate
[email protected]
214.560.3238
Associate
[email protected]
678.420.1384
Associate
[email protected]
678.420.1386
Exclusively Presented By SRS Real Estate Partners
13
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