Original TOmmy`s | OuTparcel TO walmarT supercenTer

Transcription

offering memorandum
Original Tommy’s | outparcel to walmart supercenter
5208 Boulder hwy., las vegas, nv 89122
Eric Carlton
Senior Advisor
License No. S0172067
949.724.5561
[email protected]
3960 Howard Hughes Pkwy.
Suite 150
Las Vegas, NV 89169
702 735 5700
www.colliers.com
The SNYDER/CARLTON Team
Colliers NNN Group
3 Park Plaza Ste. 1200
Irvine, CA 92614
www.colliersnnn.com
table of contents
executive summary..................................................................................................3
tenant overview........................................................................................................5
financial overview................................................................................................... 8
property overview..................................................................................................10
market & area overview........................................................................................ 18
Colliers International | 3 Park Plaza, Suite 1200 | Irvine, CA 92814 | Snyder/Carlton Team
Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to,
warranties of content, accuracy and reliability. This publication is the copyrighted property of Colliers International and /or its licensor(s). 2012. All rights reserved.
Tommy’s | 5208 Boulder Hwy. | page 2
executive summary
Colliers NNN Group
www.colliersnnn.com
investment highlights
STRONG CORPORATE GUARANTEE:
>>
Corporate Guaranteed Lease by Tomdan Enterprises Inc. & Koulax Enterprises Inc.
>>
Currently 34 Restaurants Throughout CA and Nevada - Expanding in the Nevada and Arizona Markets
>>
Famous Fast - Food Brand Name out of Los Angeles - Celebrated 65 Years in Business
>>
One of the Fastest Growing Regional Fast Food Hamburger Restaurants on the West Coast
STABLE INCOME - EASE OF MANAGEMENT:
>>
20 Year Single Tenant Absolute NNN Ground Lease, 2- 5 Yr. Options- 14+ Years Remaining
>>
10% Rental Increases Every 5 Years, Including All Options - Effective Inflation Hedge
>>
Zero Landlord Responsibilities - Tenant Responsible for All Expenses/Maintenance
PROPERTY OVERVIEW
>>
Built in 2008 - Free Standing Bldg - Only Drive Thru within Boulder Crossing Shopping Center
This offering includes a single tenant, free-standing Tommy’s Hamburgers with a drive-thru in the
famous city of Las Vegas, NV. The property consists of a 20 year NNN ground lease (14+ years
remaining) with 2- 5 yr. options. The Lease is corporate guaranteed by Tomdan Enterprises, Inc. with
10% rental increase every 5 years, including all the option periods. The Property offers an effective
inflation hedge and no management responsibilities. Built in 2008, this 3,000 SF building (parcel
size: .71 acres) sits along busy Boulder Highway. Tom Koulax founded Tommy’s in 1946 and engaged
in various business ventures before founding the original stand at Beverly Blvd. and Rampart Blvd.
in Los Angeles. After many long hours of hard work and dedication toward quality and fast service
finally paid off; by the mid 1950’s, the little stand gained a reputation like none other for the appetites
of Los Angeles burger lovers. In the 1960’s Tom had to expand his operation to accommodate the
growth of his customer base. In the 1970’s, Tommy began breaking new ground - the opening of new
restaurant locations. During that decade, five new Tommy’s were opened. Though not as popular as
the Original, each became very successful in its own right. Today, there are many Tommy’s Original
locations throughout Los Angeles, Orange, Ventura, San Bernardino, San Diego, Riverside and
Nevada’s Clark County. With over 34 restaurants and growing into Las Vegas, Tommy’s has become a
EXCELLENT FAST FOOD LOCATION:
strong brand. This is an excellent opportunity to own a strong tenant in Las Vegas.
>>
Outparcel PAD to Wal-Mart Supercenter - Part of Boulder Crossroads Shopping Center
>>
Great Location along Boulder Hwy (582) – Signalized Intersections of Harmon and Nellis Blvd.
>>
Excellent Visibility and Monument Signage - Several Points of Egress/Ingress - Dense Retail Corridor
>>
Across from Sam’s Town and Eastside Cannery Casinos - Strong Tourist Destination & Retail Trade Area
PERFECT 1031 EXCHANGE PROPERTY:
>>
Long Term Absolute NNN Ground Lease with 2-5 Yr. Options - Coupon Clipper Asset
>>
Attractive 10% Rent Bumps Every 5 Years and Options - Zero Landlord Duties
>>
Free and Clear of any Financing/Debt - Excellent Rates and Terms Available
>>
Rare Opportunity to own in World Famous Las Vegas - Outparcel to a Wal-Mart
OSH | 6124 San Juan Avenue | page 4
tenant overview
Colliers NNN Group
www.colliersnnn.com
lease summary
LEASE SUMMARY
Tenant Trade Name
Lease Guarantor
Original Tommy’s
Tomdan Enterprises Inc. &
Koulax Enterprises Inc.
Lease Commencement
January 4, 2008
Lease Expiration
January 4, 2028
Lease Term
20 Years
Term Remaining On Lease
14+ Years
Current Base Rent
Option Periods
Rental Increases
Roof and Structure
$154,000 Per Year
10% Increases Every 5 Years
01/04/2018 $169,400.00
01/04/2023 $186,340.00
2- 5 Year Options
10% Rent Increases Every Option
01/04/2028 $204,974.00
01/04/2033
$225,471.00
Tenant Responsible
Building Area
Land Area
Lease Type
First Right of Refusal
APN
3,000 SF
.71 Acres
30,928 SF
Single Tenant NNN Ground Lease
No
POPULATION
1-MILE
3-MILE
5-MILE
Estimated Population (2012)
Projected Households (2018)
Total # of Businesses (2012)
Avg. Household Income (2012)
27,962
10,482
402
$52,933
164,363
61,130
4,642
$61,128
400,713
142,686
14,537
$61,782
161-21-213-006
Tom Koulax founded Tommy’s in 1946. Beginning with a ramshackle little stand on the
corner of Beverly and Rampart Boulevards in Los Angeles, Tommy has fed an estimated
fifty million Southern Californians. Today, there are many Tommy’s Original locations throughout Los
Angeles, Orange, Ventura, San Bernardino, San Diego, Riverside and Nevada’s Clark County.
Tommy’s is oriented toward a wide customer base. Young, old, families and every ethnic background imaginable have
embraced the taste of Tommy’s. The restaurants feature a limited menu consisting of high-quality, low-priced foods. The
entrees served include hamburgers, hot dogs, tamales, French fries, chili fries and a breakfast menu including an
egg/sausage sandwich and a breakfast burrito. All entrees are served with Tommy’s famous
chili unless otherwise requested.
The ingredients are of the highest quality, including 100% beef patties and hot dogs, double-thick slices of real cheese,
fresh chopped onions, hand sliced beefsteak tomatoes, pickles and mustard. All items are prepared to order and extra
portions of chili, mustard, onion or tomato are offered at no extra charge; portions are extremely generous. As food
costs are much higher than industry standards, the restaurants are profitable due only to the high volume of customer
traffic.
The limited menu allows the speed of service to be unsurpassed in the industry. Customers have learned to expect long lines
at Tommy’s, but certainly are delighted with the speed in which they move. This speed of service also creates an ideal situation
for a drive-thru.
Tommy’s Expands Into Nevada With Two Restaurants In The Las Vegas Area
financial overview
Colliers NNN Group
www.colliersnnn.com
financial analysis
Tenant
Original Tommy's
Bldg
Square
Footage
3,000
Totals
Lease Start Lease Expiration
1/4/2008
1/4/2028
43,579 SF
Annual Rent
Increases
Options
$154,000.00
10% Increases Every 5 Years
01/04/2018 $169,400.00
01/04/2023 $186,340.00
2- 5 Year Options
10% Rent Increases Every Option
01/04/2028 $204,974.00
01/04/2033 $225,471.00
$546,000
PRICING
Price
NOI
Cap Rate
NEW FINANCING QUOTE
$2,566,000
$154,000
6.00%
OPERATING EXPENSE DATA
Taxes
Insurance
CAM
NNN
NNN
NNN
Total Expenses
NNN
LTV
Interest Rate
Amortization
Term
Loan Amount
Annual Payment (Principal + Int)
50%
4.00%
30
10 Years
$1,283,000
$73,503
Down Payment
Year One Cash-On-Cash Return
Debt Coverage Ratio
$1,283,000
6.27%
2.10x
OSH | 6124 San Juan Avenue | page 9
property overview
Colliers NNN Group
www.colliersnnn.com
property information
Address / Location
5208 Boulder Hwy. | Las Vegas, NV 89122
Market/Submarket
Las Vegas/ East Las Vegas
Price
Zoning
H-1 (Strip Commercial)
Year Built/Renovated
Built in 2008
$2,566,000
Current NOI
$154,000
Cap Rate
6.00%
Parcel
APN#: 161-21-213-006
Land Area
Approximately 30,928 SF (.71 Acres)
Building Area
Approximately 3,000 SF
Visibility And Frontage
Excellent visibility and frontage along Boulder Hwy.
Monument Signage (2)
Access
Easy access from Boulder Hwy. & 515 Freeway
Several points of egress/ingress from Nellis Blvd.
& Harmon Ave.
property photos
surrounding area
property aerial
The Suites
Sam’s Town
Eastside Cannery
Casino
CPD 3
3,000
Bould
er
Hwy.
Longhorn Casino
Bould
er
is
ell
N
S.
Bould
er C
Shopp rossroads
ing Ce
nter
0
d.
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CPD
00
,0
34
Maslo
Count w
y Park
Hwy.
CPD
o
rm
Ha
.
ve
nA
0
7,6
property aerial
CPD
000
33,
E. Des
sert In
n Rd.
E. Fla
Royal Links
Golf Club
Stallion Mountain
Golf Club
ming
o Rd.
E. Fla
ming
o Rd.
CPD
34,00
0
Harm
on A
ve.
r
lde
Bou
y.
Hw
Ave
. CPD
29,0
00
000
33,
ana
CPD
E. T
ropi
c
property aerial
property aerial
E. Fla
ming
E. Flam
o Rd
ingo R
d.
.
McCarran International
Airport
Har
mon
icana A
ve.
.
wy
CPD
15
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515
lde
Ave
.
u
Bo
CPD
25
9,0
0
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130
0
,00
CPD 182,0
00
market & area overview
Colliers NNN Group
www.colliersnnn.com
location overview
The property is located on the corner of Boulder Hwy and Harmon Ave in front
is a 13 acre hotel/casino, opened in 1979, and recently renovated in 2007. This 646
of a Wal-Mart Supercenter within Boulder Crossroads Shopping Center. On the
room/suite Casino, offers a 500 lot RV park, and has been a popular destination
East side of Las Vegas, Tommy’s is positioned along this busy Hwy 582 (over
for not only tourists, but local residents as well. Next door, The Eastside Cannery
34,000 CPD) in a dense residential part of this famous city of Las Vegas, NV.
Casino, built in 2003, features 201 rooms/suites along with a large gaming area.
Just down the street from the 515 Freeway (over 130,000 CPD), the Restaurant is
Along with a Century Theater, this area has become a tourist destination off the
surrounded by three main retail corridors, Boulder Hwy., Nellis Blvd and Harmon
Strip and dense retail trade area. As an example, the population (within 5 miles)
Ave while offering the only drive-thru fast-food option within the entire Center.
has grown 19%since 2000, and expected to grow another 8% in the next five
Boulder Crossroads is a 21-acre center and offers over 260k square feet of retail
years. Surrounding retailers also include; Wal-Mart, Walgreens, Chase Bank, Radio
space, while being strategically located in front of Wal-Mart, one of the busiest
Shack, GameStop, T-Mobile in this residential part of town. Las Vegas is one of
in the state of Nevada. Directly across the street sits the Sam’s Town Casino
the most popular destinations in the world, and currently the 31st most populous
and Eastside Cannery Casino, both within walking distance. Sam’sTown Casino
City in the U.S. Statistics show that 2013 will mark tourism levels back to pre2007 recessionary numbers as the national and local economy continues to grow.
area profile: las vegas
Established in 1905, Las Vegas officially became a city in 1911. With the growth that
followed, at the close of the century Las Vegas was the most populous American
city founded in the 20th century (a distinction held by Chicago in the 19th century).
The city’s tolerance for various forms of adult entertainment earned it the title of Sin
City, and this image has made Las Vegas a popular setting for films and television
programs. There are numerous outdoor lighting displays on Fremont Street, as well
as elsewhere in the city.
Las Vegas is the most populous city in Nevada, the seat of Clark County, and an
internationally renowned major resort city for gambling, shopping and fine dining. Las
Vegas, which bills itself as The Entertainment Capital of the World, is famous for the
number of casino resorts and associated entertainment. A growing retirement and
family city, it is the 28th most populous city in the United States with an estimated population by the U.S. Census Bureau of 567,641 as
of 2009. The 2008 population estimate of the Las Vegas metropolitan area was 1,865,746.
The name Las Vegas is often applied to unincorporated areas that surround the city, especially the resort areas on and near the Las Vegas
Strip. The 4.2 mile (6.8 km) stretch of Las Vegas Boulevard known as the Strip is mainly in the unincorporated communities of Paradise
and Winchester, while a small portion overlaps into Las Vegas and the unincorporated community of Enterprise.
East Las Vegas Communities are some of the most well established neighborhoods in
the valley. The mountains on the eastern rim of the city overlook the strip and many
of the residential areas. These areas boast a great deal of the cities history. The
McCarran Airport is easily accessed from the east side of town. Business travelers,
tourists, etc. can get to the airport from several common main road ways.
Malls and other shopping opportunities are found throughout. Some of the newest
facilities in the valley as well as some of the most well established are located in
Eastern Las Vegas. Hospitals, schools (including access to UNLV), and many other key
services are available in this part of town.
regional map
confidentiality agreement
This Offering Memorandum contains select information pertaining to the business and affairs of Tommy’s, Las Vegas, NV It has been prepared by Colliers International. This
Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum
is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any
other person without the written consent of Seller or Colliers International. The material is based in part upon information supplied by the Seller and in part upon financial
information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the
accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers
should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.
By acknowledging your receipt of this Offering Memorandum from Colliers, you agree:
1. The Offering Memorandum and its contents are confidential;
2. You will hold it and treat it in the strictest of confidence; and
3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the
interest of the Seller.
Owner and Colliers International expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to
terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the
purchase and sale of the Property has been fully executed and delivered.
If you wish not to pursue negotiations leading to the acquisition of Tommy’s, Las Vegas, NV or in the future you discontinue such negotiations, then you agree to purge all
materials relating to this Property including this Offering Memorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale
of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective
purchaser have any other claims against Seller or Colliers International or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees,
or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.
This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs
of the Property since the date this Offering Memorandum.
For More Information, contact:
Eric Carlton
Senior Advisor
License No. S0172067
949.724.5561
[email protected]
3960 Howard Hughes Pkwy.
Suite 150
Las Vegas, NV 89169
702 735 5700
www.colliers.com
Colliers NNN Group
3 Park Plaza Ste. 1200
Irvine, CA 92614
www.colliersnnn.com

Original TOmmy`s | OuTparcel TO walmarT supercenTer

Transcription

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