Brochure

REPRESENTATIVE PHOTO
EXCLUSIVE OFFERING | $2,925,000 – 5.15% CAP
TGI FRIDAY’S
7991 Plaza del Lago Dr, Estero, FL – (Coconut Point)
214.915.8890
BOB MOORHEAD
[email protected]
JOE CAPUTO
[email protected]
property. 6,961+ SF building on 2.00+ acre site.
tenant. TGI Friday’s: 900+ locations in 59 countries. 2012 revenue: $2.7 billion.
lease structure. Absolute NNN Lease. 15-year initial term with (4), 5-year option periods and 10% rent increases every 5-years during initial term & options.
location. TGI Friday’s is located along Plaza Del Lago Dr and S Tamiami Trail (39,909 Cars / Day) among the shops at Coconut Point Mall. Coconut Point is an
outdoor mall featuring over 140 stores including Dillard’s, Target, Apple Store and Barnes & Noble – all surrounding several acres of lakes with a boardwalk.
Several dining options include Ruth’s Chris Steakhouse, Ted’s Montana Grill, California Pizza Kitchen, Five Guys Burgers and Fries, Panera Bread, and Subway.
The 16 screen Hollywood Theaters is available within walking distance of many of the restaurants. Coconut Point Mall is located in Estero, Florida between Naples
and Fort Myers, just 15 minutes from the Southwest Florida International Airport and conveniently located off I-75 at exit 123 just south of Corkscrew Road on U.S.
41. Along with Coconut Point Mall, the trade area is home to the Miromar Outlets, which feature over 140+ top designer brands. Germain Arena, located next door
to Miromar Outlets, is home to the Florida Everblades hockey team and the Florida Firecats arena football team. The Germain Arena also maintains a full yearround schedule of shows and concerts. Estero is located 120-miles west of Ft Lauderdale, between Cape Coral and Naples.
Table of contents | Disclaimer
TGI FRIDAY’S
7991 Plaza del Lago Dr, Estero, FL – (Coconut Point)
PAGE 1:
COVER
PAGE 2:
TABLE OF CONTENTS | DISCLAIMER
PAGE 3:
INVESTMENT | TENANT | LEASE OVERVIEW
PAGE 4-5:
AERIAL PHOTOS
PAGE 6:
SITE PLAN
PAGE 7:
LOCATION OVERVIEW
PAGE 8-9:
LOCATION MAPS
PAGE 10:
DEMOGRAPHICS
Disclaimer
Retail Resource Group, Inc. and EXP Realty Advisors, Inc. (“Agents”) have been engaged
as agents for the sale of the property located at 7991 Plaza del Lago Dr, Estero, FL by the
owner of the Property (“Seller”). The Property is being offered for sale in an “as-is, whereis” condition and Seller and Agents make no representations or warranties as to the
accuracy of the information contained in this Offering Memorandum. The enclosed
materials include highly confidential information and are being furnished solely for the
purpose of review by prospective purchasers of the interest described herein. The enclosed
materials are being provided solely to facilitate the prospective investor’s own due diligence
for which it shall be fully and solely responsible. The material contained herein is based on
information and sources deemed to be reliable, but no representation or warranty, express
or implied, is being made by Agents or Seller or any of their respective representatives,
affiliates, officers, employees, shareholders, partners and directors, as to the accuracy or
completeness of the information contained herein. Summaries contained herein of any
legal or other documents are not intended to be comprehensive statements of the terms of
such documents, but rather only outlines of some of the principal provisions contained
therein. Neither the Agent nor the Seller shall have any liability whatsoever for the accuracy
or completeness of the information contained herein or any other written or oral
communication or information transmitted or made available or any action taken or decision
made by the recipient with respect to the Property. Interested parties are to make their own
investigations, projections and conclusions without reliance upon the material contained
herein. Seller reserves the right, at its sole and absolute discretion, to withdraw the
Property from being marketed for sale at any time and for any reason. Seller and Agents
each expressly reserves the right, at their sole and absolute discretion, to reject any and all
expressions of interest or offers regarding the Property and/or to terminate discussions with
any entity at any time, with or without notice. This offering is made subject to omissions,
correction of errors, change of price or other terms, prior sale or withdrawal from the market
without notice. Agents are not authorized to make any representations or agreements on
behalf of Seller. Seller shall have no legal commitment or obligation to any interested party
reviewing the enclosed materials, performing additional investigation and/or making an offer
to purchase the Property unless and until a binding written agreement for the purchase of
the Property has been fully executed, delivered, and approved by Seller and any conditions
to Seller’s obligations hereunder have been satisfied or waived. By taking possession of
and reviewing the information contained herein, the recipient agrees that (a) the enclosed
materials and their contents are of a highly confidential nature and will be held and treated
in the strictest confidence and shall be returned to Agents or Seller promptly upon request;
and (b) the recipient shall not contact employees or tenants of the Property directly or
indirectly regarding any aspect of the enclosed materials or the Property without the prior
written approval of the Seller or Agents; and (c) no portion of the enclosed materials may be
copied or otherwise reproduced without the prior written authorization of Seller and Agents.
Florida Broker of Record:
Turner Net Properties , Inc. | License # 565084
2
Investment overview
TGI FRIDAY’S
7991 Plaza del Lago Dr, Estero, FL – (Coconut Point)
PRICE:
$2,925,000
CAP RATE:
5.15%
NET OPERATING INCOME:
Lease overview
Current Lease Term:
15-Yrs, (4) 5-Year Option to Renew
Current Rent Commencement:
XX 2014
$150,630
Lease Expiration:
XX 2029
BUILDING AREA:
6,961+ Square Feet
Lease Type:
Absolute NNN
LAND AREA:
2.00+ Acres
Rent Increases:
10% Every 5 Years In Primary Term & Options
YEAR BUILT:
2008
Annual Rent (Current):
$150,630
OWNERSHIP:
Fee Simple Interest
Annual Rent Years 6-10:
$165,693
LANDLORD RESPONSIBILITY:
None
Annual Rent Years 11-15:
$182,262
(Option 1 | Years 16-20):
$200,489
OCCUPANCY:
100%
(Option 2 | Years 21-25):
$220.537
(Option 3 | Years 26-30):
$242,591
(Option 4 | Years 31-35):
$266,850
Tenant overview
TGI Friday’s
TGI FRIDAY’S | www.tgifridays.com
TGI Friday’s Inc., aka “Friday’s,” is arguably the most recognized chain in the casual dining sector in North America. Friday’s was founded in 1965 with one
restaurant in New York City. The company has since grown to generate well over $2.7 billion dollars in annual revenues thru 900+ restaurants in 59 countries and
49 states. TGIF is being acquired by Sentinel Capital Partners and Tri-Artisan Capital Partners.
Sentinel Capital Partners was founded in 1995 and is headquartered in New York City. Sentinel has $2.6 billion of equity capital under management and $1.5
billion available for immediate investment. Sentinel is the target niche market leader in eight sectors: Aerospace/Defense, Business Services, Consumer,
Distribution, Food/Restaurants, Franchising, Healthcare, and Industrial/Manufacturing.
TriArtisan Capital Partners, LLC is headquartered in New York City with offices in San Francisco and Stamford, CT and operates as an investment arm of Morgan
Joseph TriArtisan Group Inc. Tri-Artisan Capital Partners, LLC primarily invests in consumer and retail, industrial, healthcare, media and telecommunication,
leisure, real estate, gaming, lodging, hospitality, and diversified service sector companies. Within consumer and retail sector the firm seeks to invest in consumer
products, food, beverage and agribusiness, department stores, mass merchants, luxury goods, apparel, specialty retail, and restaurants. TriArtisan has over
$81billion of completed transactions since June 2001, over 280 completed M&A transactions/restructuring assignment, and over 100 completed financings,
including private equity and debt placements.
3
Aerial photo
TGI FRIDAY’S
7991 Plaza del Lago Dr, Estero, FL – (Coconut Point)
Estero High
School
Coconut Rd (3,257 Cars / Day)
4
Aerial photo
TGI FRIDAY’S
7991 Plaza del Lago Dr, Estero, FL – (Coconut Point)
Plaza Del Lago Dr
Coconut Rd (3,257 Cars / Day)
5
SITE photo
TGI FRIDAY’S
7991 Plaza del Lago Dr, Estero, FL – (Coconut Point)
6
Location overview
TGI FRIDAY’S
7991 Plaza del Lago Dr, Estero, FL – (Coconut Point)
IMMEDIATE TRADE AREA
CAPE CORAL – FORT MYERS, FL MSA
TGI Friday’s is located along Plaza Del Lago Dr and S Tamiami Trail (39,909
Cars / Day) among the shops at Coconut Point Mall. Coconut Point is an
outdoor mall featuring over 140 stores including Dillard’s, Target, Apple Store
and Barnes & Noble – all surrounding several acres of lakes with a boardwalk.
From jewelry to apparel and accessories to sporting goods, the mall offers a
variety of choices. Several dining options include Ruth’s Chris Steakhouse,
Ted’s Montana Grill, California Pizza Kitchen, Five Guys Burgers and Fries,
Panera Bread, and Subway. The 16 screen Hollywood Theaters is available
within walking distance of many of the restaurants. Coconut Point Mall is
located in Estero, Florida between Naples and Fort Myers, just 15 minutes from
the Southwest Florida International Airport and conveniently located off I-75 at
exit 123 just south of Corkscrew Road on U.S. 41.
Fort Myers is the county seat and commercial center of Lee County, FL and
has a population of 62,298. The area has undergone rapid recent population
growth; 29.3% between 2000 and 2010. Lee County has a population of
618,754, which includes a 40.3% increase during this time period. Lee County’s
diversified labor force is a valuable resource that many companies have been
fortunate to capitalize on. With nearly 25,000 students enrolled in higher
education, with degrees covering the medical, environmental, technologies,
business management / administration, the benefits to new business have
been innumerable. According to Lee County’s Economic Development Office,
the target industries for Lee County are aviation, shared services, corporate
HQ, information technologies, life sciences, and manufacturing.
Along with Coconut Point Mall, the trade area is home to the Miromar Outlets,
which feature over 140+ top designer brands. Germain Arena, located next
door to Miromar Outlets, is home to the Florida Everblades hockey team and
the Florida Firecats arena football team. The Germain Arena also maintains a
full year-round schedule of shows and concerts that has included Elton John,
Tom Petty and the Heartbreakers, Kenny Rogers, Sting, Luis Miguel, Bob
Dylan, Disney on Ice, Ringling Bros. and Barnum & Bailey Circus, The Harlem
Globetrotters, Boston Pops Orchestra and many more. In addition, Germain
Arena hosts ice skating, roller skating, and in-line skating events with
competitions throughout the year.
ESTERO, FL
Clustered on both sides of U.S. 41, Estero’s neighborhoods are all close to
retail, dining, and world-class entertainment; schools, including Florida Gulf
Coast University; top-notch hospitals and healthcare facilities; pristine beaches;
golf and tennis amenities; and marinas and parks. Known as the retail capitol of
Southwest Florida, Estero is home to three huge regional malls – Gulf Coast
Town Center, Coconut Point, and Miromar Outlets. Miromar Design Center,
with dozens of showrooms, offers everything related to interior design.
Estero is home to Estero Community Park, the largest park within Lee County’s
Parks & Recreation System. The park is home to 55-acres, four-lakes, and
amenities such as WiFi access, 5k cross-country course, volleyball courts, dog
parks, walking trails, and an outdoor theatre. The outdoor theater is part of the
40,000 square-foot Recreation Center.
Lee County is home to many of these industries leading firms like GE, Sony,
Chico’s and WCI communities. Lee County offers many incentives to
companies that open and operate within Lee County. Some of these incentives
include tax refunds, employee training programs, bonding for manufacturing
firms, and reduced impact fees for qualified enterprises. The rich history and
tourism draw of the area provides a built in customer base for many industries.
Located off Interstate 75, Southwest Florida International Airport (RSW) is one
of America’s busiest airports. It serves a diverse domestic market, rapidly
growing global market, and offers a full array of cargo services. a $438-million
expansion of Southwest Florida International airport included a new midfield
terminal – and both RSW and Page Field are designated as Foreign Trade
Zones.
Port Charlotte is another principal city in the area and is located 22-miles south
of Arcadia. Port Charlotte currently has a population of 54,392 which
represents a 17.1% gain over the previous 10-years. The CDP was listed
among the 10 best places in the United States to retire for the year 2012 by
U.S. News & World Report.
Punta Gorda is located just south of Port Charlotte and is 26-miles south of
Arcadia. In addition to its beautifully restored historic district, Punta Gorda
offers many natural attractions, waterside shopping and leisurely strolls along
the Harborwalk and at Fishermen's Village on Charlotte Harbor. With its
location along the south Florida Gulf Coast and access to Interstate 75 Punta
Gorda has a thriving tourism industry.
7
Location map
TGI FRIDAY’S
7991 Plaza del Lago Dr, Estero, FL – (Coconut Point)
8
Location map
TGI FRIDAY’S
7991 Plaza del Lago Dr, Estero, FL – (Coconut Point)
9
Demographics
TGI FRIDAY’S
7991 Plaza del Lago Dr, Estero, FL – (Coconut Point)
Demographic snapshot
Radius
1 Mile
3 Mile
5 Mile
2019 Projection
5,723
36,712
84,976
2014 Estimate
5,053
32,260
76,680
Population:
2010 Census
4,132
25,854
68,205
Growth 2014-2019
13.26%
13.80%
10.82%
Growth 2010-2014
22.29%
24.78%
12.43%
Total Businesses 2014
162
1,571
3,228
Total Employees 2014
1,522
14,586
26,022
Adj. Daytime Age 16 or Over 2014
3,651
29,334
58,488
2019 Projection
2,848
18,169
37,190
2014 Estimate
2,515
16,010
33,480
Daytime Population:
Households:
2010 Census
2,056
12,964
29,608
Growth 2014 - 2019
13.24%
13.49%
11.08%
Growth 2010 - 2014
5.79%
4.38%
2.29%
Owner Occupied
2,054
13,654
27,182
Renter Occupied
462
2,355
6,299
2014 Avg Household Income
$93,798
$87,787
$83,938
2014 Med Household Income
$60,281
$58,868
$56,226
<$25,000
357
2,513
5,891
$25,000 - $50,000
596
4,093
9,070
$50,000 - $75,000
567
3,154
6,154
$75,000 - $100,000
319
1,711
3,496
$100,000 - $125,000
136
1,211
2,490
$125,000 - $150,000
72
922
1,848
$150,000 - $200,000
184
1,028
1,754
$200,000+
285
1,379
2,778
THE SHOPPES AT COCONUT POINT, ESTERO, FL
2014 Households by Household Inc:
ESTERO BEACH, ESTERO, FL
10