captain d`s - Matthews Real Estate Investment Services

Representative Photo
CAPTAIN D’S
2515 S GREAT SOUTHWEST PKWY, GRAND PRAIRIE, TX 75052
OFFERING MEMORANDUM
™
R E T A I L
A D V I S O R S
C O N FID EN T I A L I T Y & DI SCL A IMER STATEMEN T
This Offering Memorandum contains select information pertaining to the business and affairs of Captain D’s located at 2515 S Great
Southwest Pkwy, Grand Praire, TX 75052 (“Property”). It has been prepared by Matthews Retail Advisors . 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 Matthews Retail Advisors . 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 of 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 for the Property, 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 Matthews Retail Advisors expressly reserve the right, at their sole disc retion, 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 the Property 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 Matthews Retail Advisors or any of their affiliates or any of their res pective 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.
Matthews Retail Advisors
Table of Contents
PRICING & FINANCIAL ANALYSIS
Investment Highlights.................................................................... 2
Executive Summary.........................................................................3
Company Overview ........................................................................4
PROPERTY DESCRIPTION
Physical Description....................................................................... 6
Birds Eye.............................................................................................7
Tenant Map....................................................................................... 8
Regional Map.................................................................................... 9
DEMOGRAPHICS
City Overview | Grand Prairie, TX...............................................12
Demographics Report................................................................... 13
EXCLU SIVELY LIST E D BY:
Gary Chou
Director | Restaurant Practice Group
DIRECT +1.310.919.5827
MOBILE +1.714.928.8016
[email protected]
License No. 01911222
Mark Cohen
Broker of Record
License No. 447509
Matthews Retail Advisors
™
Pricing & Financial Analysis
™
Pricing & Financial Analysis
PRICING AND FINANCIAL ANALYSIS
PROPERTY DESCRIPTION
DEMOGRAPHICS
Investment Highlights
GREAT FOR OUT-OF-STATE-INVESTORS
• Absolute NNN Investment – Zero landlord responsibility making this investment great for out of state investors
looking for passive income
STRONG BUSINESS CONCEPT AND PERFORMANCE
• Growing Fast Casual Brand – Based out of Nashville, TN, Captain D’s specializes in serving delicious seafood
and fish and chips at over 520 locations
• Corporate Guarantee – Shoney’s operates restaurants in 17 states and have been in business since 1947;
primarily in the Southeast, Midwest, and Mid-Atlantic States
• Healthy Rent-to-Sales Ratio – Captain D’s is operating with a low occupancy cost making the location more
profitable for them
EXCELLENT RETAIL LOCATION
• Heavily Trafficked Location - The Great Southwest Pkwy heading south towards Captain D’s has over 17,000
CPD in addition to State Spur 303 (W Pioneer Pkwy) serving approximately 21,000 CPD
• Excellent Demographics – High growth area with 42.89% during 2000-2010, 9.75% during 2010-2015, projected
8.46% during 2015-2020 in a one mile radius with over 313,000 people already living in a three mile radius
• Nearby tenants include Sherwin-Williams, Hong Kong Market, Fresh Express, Valero, among others
P. 2
Matthews Retail Advisors
OFFERING MEMORANDUM | Captain D’s
PRICING AND FINANCIAL ANALYSIS
PROPERTY DESCRIPTION
DEMOGRAPHICS
Executive Summary
CAPTAIN D’S
2515 S GREAT SOUTHWEST PKWY
GRAND PRAIRE, TX 75052
List Price............................................................................................... $472,000
CAP Rate - Current����������������������������������������������������������������������������������9.00 %
Gross Leasable Area������������������������������������������������������������������������ 2,696 SF
Lot Size ...................................................................... 0.49 Acres ( 21,344 SF)
Year Built��������������������������������������������������������������������������������������������������������1995
Annualized Operating Data
Monthly Rent
Annual Rent
CAP Rate
Current - 12/31/2018 (Option 1)
$3,533.08
$42,397.00*
9.00%
Option 2 - 12/31/2023
$3,533.08
$42,397.00*
9.00%
*Rent is based on 5% of average store sales for the past 3 years. Base rent is
$31,522 and percentage rent overages equal $10,875.
Tenant Summary
Tenant Trade Name
Captain D's
Type of Ownership
Fee Simple
Lease Guarantor
Corporate
Lease Type
Roof and Structure
NNN
Tenant Responsible
Original Lease Term
5
Lease Commencement Date
1/1/2014
Rent Commencement Date
1/1/2014
Lease Expiration Date
12/31/2018
Term Remaining on Lease
3.3
Increases
Options
Captain D’s | OFFERING MEMORANDUM
None
One (1) 5-Year Option Remaining
Matthews Retail Advisors
P. 3
PRICING AND FINANCIAL ANALYSIS
PROPERTY DESCRIPTION
DEMOGRAPHICS
Company Overview
Property Name
Gross Leasable Area
Property Type
Parent Company Trade Name
Ownership
No. of Locations
Headquartered
Web Site
Year Founded
P. 4
Matthews Retail Advisors
Captain D’s
2,696 SF
Quick Service Restaurant
Sun Capital Partners
Captain D’s Seafood Restaurant first opened its doors back on August 15, 1969. A lot has changed since then, but their commitment to
serving freshly prepared seafood at a great value has been their core
mission from the beginning. Known originally as Mr. D’s Seafood and
Hamburgers, Captain D’s was opened in Donelson, Tennessee. From
the very start, they set out to provide quality seafood at reasonable
prices—a concept that was revolutionary at the time.
Private
+520
Nashville . TN
http://www.captainds.com
1969
Today, Captain D’s is still dedicated to serving freshly prepared seafood at reasonable prices, all while offering the best dining experience
in the industry. They work hard to make sure that these values shine
through in every customer interaction. Since 1969 they have had over
40 years to perfect their recipe for success, which combines great
food and great value with even better service. This focus on serving quality seafood in a warm and inviting atmosphere has helped us
grow to over 500 restaurants since 1969. Read on to discover more
about what makes us unique.
OFFERING MEMORANDUM | Captain D’s
™
Property Description
™
Property Description
PROPERTY DESCRIPTION
PRICING AND FINANCIAL ANALYSIS
DEMOGRAPHICS
Physical Description
THE OFFERING
Property Name...................................................................................... Captain D’s
Property Address.............................................. 2515 S Great Southwest Pkwy
Grand Praire, TX 75052
Assessor’s Parcel Number�������������������������������������������������������������������06148840
SITE DESCRIPTION
Number of Stories���������������������������������������������������������������������������������������������One
Year Built..............................................................................................................1995
Gross Leasable Area (GLA)����������������������������������������������������������������� 2,696 SF
Lot Size............................................................................ 0.49 Acres ( 21,344 SF)
Type of Ownership................................................................................Fee Simple
Landscaping.........................................................................................Professional
Topography.................................................................................... Generally Level
CONSTRUCTION
Foundation........................................................................................Concrete Slab
Framing..............................................................................................................Wood
Exterior............................................................................................. Painted Stucco
Parking Surface.............................................................................................Asphalt
Roof.........................................................................................................................Flat
P. 6
Matthews Retail Advisors
OFFERING MEMORANDUM | Captain D’s
PRICING AND FINANCIAL ANALYSIS
PROPERTY DESCRIPTION
DEMOGRAPHICS
Birds Eye
Captain D’s | OFFERING MEMORANDUM
Matthews Retail Advisors
P. 7
PRICING AND FINANCIAL ANALYSIS
PROPERTY DESCRIPTION
DEMOGRAPHICS
Tenant Map
P. 8
Matthews Retail Advisors
OFFERING MEMORANDUM | Captain D’s
PRICING AND FINANCIAL ANALYSIS
PROPERTY DESCRIPTION
DEMOGRAPHICS
Regional Map
Captain D’s | OFFERING MEMORANDUM
Matthews Retail Advisors
P. 9
PRICING AND FINANCIAL ANALYSIS
P. 10
Matthews Retail Advisors
PROPERTY DESCRIPTION
DEMOGRAPHICS
OFFERING MEMORANDUM | Captain D’s
™
Demographics
™
Demographics
PRICING AND FINANCIAL ANALYSIS
PROPERTY DESCRIPTION
DEMOGRAPHICS
City Overview | Grand Prairie, TX
Grand Prairie, Texas, suburb of Dallas is centrally located in the Dallas-Fort Worth-Arlington Metropolitan Statistical Area. The community stretches 26 miles long by about eight miles at its widest point. The
city covers about 81 square miles (100 square miles including extraterritorial jurisdiction) and has an estimated population of 181,824. It is
also a part of the Mid-Cities region in the Dallas–Fort Worth metroplex.
The City of Grand Prairie, Texas, offers relaxation, family fun, friendly neighbors and a smart place to live and do business. With its population Grand Prairie is the 15th largest city in Texas and in the top 150 nationwide. Generally speaking, residents are around 30 something, dual
income homeowners. In Grand Prairie, families who have lived here for
generations welcome newcomers who come to Grand Prairie for the same
reasons the natives don’t leave—location and hometown atmosphere.
The majority of Grand Prairie kids attend schools in the Grand Prairie Independent School District. GPISD is a 58-square-mile district
serving more than 26,000 students within the Dallas County portion of Grand Prairie. The district boasts 39 campuses, including 25 elementary schools, seven middle schools, two ninth grade centers, three high schools and two alternative education schools. The district employs more than 3,372 staff members and offers a variety of
services and programs designed to help students radiate success.
Tourists can play the horses at Lone Star Park, rummage through the 161-acre
flea market at Traders Village, come face to face with lifelike figures at Louis
Tussauds Palace of Wax, explore fascinating oddities from around the world
at Ripley’s Believe It Or Not!, dance in the aisles at Verizon Theatre concerts,
swing with abandon at Tangle Ridge and Prairie Lakes golf courses, and, to
cap it all off, play on the beaches and camp under the stars at the 7,500-acre
Joe Pool Lake. Grand Prairie even has a minor league baseball team, the
Grand Prairie AirHogs, that plays in a 87,000-square-foot stadium located in
the city’s entertainment district between Lone Star Park and Verizon Theatre.
P. 12
Matthews Retail Advisors
OFFERING MEMORANDUM | Captain D’s
PRICING AND FINANCIAL ANALYSIS
PROPERTY DESCRIPTION
DEMOGRAPHICS
Demographics Report
Population
2020 Projection
2015 Estimate
2010 Census
2000 Census
Growth 2015-2020
Growth 2010-2015
Growth 2000-2010
1-Mile
7,570
6,979
6,359
4,450
8.46%
9.75%
42.89%
3-Mile
147,794
138,837
130,243
109,256
6.45%
6.60%
19.21%
5-Mile
332,406
313,297
294,988
258,547
6.10%
6.21%
14.09%
Households
2020 Projection
2015 Estimate
2010 Census
2000 Census
Growth 2015-2020
Growth 2010-2015
Growth 2000-2010
2,391
2,218
2,058
1,473
7.77%
7.80%
39.65%
46,928
44,178
41,746
36,559
6.22%
5.83%
14.19%
111,214
105,189
100,003
91,397
5.73%
5.19%
9.42%
14.26%
14.35%
14.85%
16.77%
19.25%
10.44%
4.95%
2.49%
1.77%
0.47%
0.34%
0.06%
$51,130
$40,853
14.26%
14.35%
14.85%
16.77%
19.25%
10.44%
4.95%
2.49%
1.77%
0.47%
0.34%
0.06%
$57,642
$45,313
Income
$0 - $15,000
$15,000 - $24,999
$25,000 - $34,999
$35,000 - $49,999
$50,000 - $74,999
$75,000 - $99,999
$100,000 - $124,999
$125,000 - $149,999
$150,000 - $199,999
$200,000 - $249,999
$250,000 - $499,999
$500,000+
2015 Est. Average Household Income
2015 Est. Median Household Income
Captain D’s | OFFERING MEMORANDUM
19.03%
19.34%
13.84%
14.65%
16.73%
8.66%
3.20%
2.48%
1.53%
0.32%
0.18%
0.05%
$45,043
$33,403
Matthews Retail Advisors
P. 13
CAPTAIN D’S
2515 S Great Southwest Pkwy
Grand Praire, TX 75052
OFFERING MEMORANDUM
Gary Chou
Director | Restaurant Practice Group
DIRECT +1.310.919.5827
MOBILE +1.714.928.8016
[email protected]
License No. 01911222
Matthews Retail Advisors | 841 Apollo Street, Suite 150 | El Segundo, CA 90245 | www.Matthews.com
™
Mark Cohen
Broker of Record
License No. 447509