Cheddars - Norman, OK

Transcription

For more information, please contact:
Rob James, President, EXP Realty Advisors
118 East 28th St, Suite 808, New York, NY 10016
Email [email protected] Website www.exp1031.com
Phone 212-972-7457
Investment Opportunity
New Cheddar’s Ground Lease
15 Yr NNN With 10% Escalations Every 5 Yrs
At University Town Crossings
Anchored by Super Target, TJ Maxx, & Kohls
Robinson St. & I 35, Norman, OK 73069
Property
Property Summary:
Summary: This
This new
new ground
ground leased
leased fee
fee interest
interest consists
consists of
of 1.72
1.72 acres
acres on
on which
which the
the tenant
tenant constructed
constructed
an
an 8,000
8,000 +/+/- sf
sf building.
building. This
This property
property isis aa pad
pad site
site to
to University
University Town
Town Center
Center which
which isis currently
currently anchored
anchored by
by
Super
Super Target,
Target, Kohls,
Kohls, TJ
TJ Maxx
Maxx &
& Circuit
Circuit City.
City. University
University Town
Town Center
Center isis part
part of
of Legacy
Legacy Park,
Park, aa 2.5
2.5 million
million sf
sf
mixed
use
development.
Construction
of
the
building
will
be
completed
by
December
08
/
January
09.
Norman
mixed use development. Construction of the building will be completed by December 08 / January 09. Norman isis
the
largest city
city in
in Oklahoma
Oklahoma and
and home
home to
to over
over 100,000
100,000 full
full time
time residents.
residents. Norman
Norman isis also
also home
home to
to the
the
the 33rdrd largest
University
of
Oklahoma,
with
over
20,000
full
time
students
living
on
campus
and
is
less
than
4
miles
south
University of Oklahoma, with over 20,000 full time students living on campus and is less than 4 miles south of
of
the
center.
There
are
many
museums
and
cultural
activities
in
Norman,
most
notably
is
the
Fred
Jones,
Jr
the center. There are many museums and cultural activities in Norman, most notably is the Fred Jones, Jr
Museum
Museum of
of Art
Art (at
(at the
the University
University of
of Oklahoma)
Oklahoma) which
which in
in 2000
2000 received
received the
the largest
largest collection
collection of
of impressionist
impressionist art
art
thth best place to live in
ever
given
to
an
American
University.
Money
Magazine
has
just
ranked
Norman
as
the
6
ever given to an American University. Money Magazine has just ranked Norman as the 6 best place to live in
the
the United
United States.
States. Major
Major employers
employers include
include Johnson
Johnson Controls,
Controls, Itachi,
Itachi, Astellas
Astellas Pharma,
Pharma, Albon
Albon Engineering,
Engineering,
Xylant
Xylant Technology,
Technology, USPS,
USPS, and
and the
the National
National Weather
Weather Center.
Center. Nearby
Nearby retailers
retailers include
include Albertson’s,
Albertson’s, Cinemark,
Cinemark,
JoS
A.
Bank,
Pizza
Hut,
Cracker
Barrel,
Starbucks,
Arby’s,
Subway,
Wal-Mart,
Best
Buy,
Carl’s
Jr.,
JoS A. Bank, Pizza Hut, Cracker Barrel, Starbucks, Arby’s, Subway, Wal-Mart, Best Buy, Carl’s Jr., Joe’s
Joe’s Crab
Crab
Shack,
Taco
Bell,
Sherwin-Williams,
Aeropostale,
American
Eagle
Outfitters,
Dillard’s,
JCPenny,
GNC
and
Shack, Taco Bell, Sherwin-Williams, Aeropostale, American Eagle Outfitters, Dillard’s, JCPenny, GNC and
RadioShack.
RadioShack.
Price
We offer
offer this
this property
property at
at $1,500,000
$1,500,000 which
which isis aa 6.33%
6.33% cap
cap rate
rate on
on NOI
NOI of
of $95,000.
$95,000.
Price and
and Cap:
Cap: We
Tenant:
Cheddar’s Casual
Casual Café,
Café, Inc.
Inc. (Private)
(Private)
Tenant: Cheddar’s
Co-founders
Co-founders Aubrey
Aubrey Good
Good and
and Doug
Doug Rogers
Rogers dreamed
dreamed up
up the
the Cheddar’s
Cheddar’s concept
concept long
long ago
ago and
and the
the first
first restaurant
restaurant
opened
in
1978
outside
of
Six
Flags
in
Arlington,
Texas.
Since
then,
Cheddar’s
has
evolved
into
the
perfect
opened in 1978 outside of Six Flags in Arlington, Texas. Since then, Cheddar’s has evolved into the perfect
American
American restaurant
restaurant with
with its
its focus
focus on
on made-from-scratch
made-from-scratch food
food in
in an
an upscale
upscale dining
dining atmosphere
atmosphere at
at an
an astonishing
astonishing
value.
value. Today
Today there
there are
are over
over 60
60 Cheddar’s
Cheddar’s restaurants
restaurants nationwide.
nationwide. Though
Though the
the concept
concept has
has aa lot
lot of
of room
room left
left to
to
grow,
its
popularity
spans
the
country.
grow, its popularity spans the country.
Lease
Lease Summary:
Summary:
Original
Original Term:
Term:
Current
Rent:
Current Rent:
Escalations:
Escalations:
Rent
Rent Commencement:
Commencement:
Expiration
Expiration Date:
Date:
Options:
Options:
15
15 Years
Years
$95,000
$95,000 ($11.88
($11.88 psf)
psf)
10%
10% every
every 55 years
years
12/1/2008
12/1/2008
12/31/2023
12/31/2023
33 (5)
(5) year
year with
with 10%
10% escalations
escalations every
every 55 years
years
Lease
This isis an
an absolute
absolute triple
triple net
net ground
ground lease.
lease. The
The tenant
tenant constructed
constructed and
and paid
paid for
for the
the building.
building. Upon
Upon
Lease Type:
Type: This
lease
lease expiration,
expiration, ownership
ownership of
of the
the building
building reverts
reverts to
to the
the owner
owner of
of the
the land.
land. Landlord
Landlord has
has absolutely
absolutely no
no
maintenance,
repair
or
replacement
responsibility
for
the
building
or
land,
such
responsibility
being
solely
maintenance, repair or replacement responsibility for the building or land, such responsibility being solely that
that of
of
the
the tenant.
tenant. Tenant
Tenant carries
carries their
their own
own insurance
insurance policy
policy and
and names
names landlord
landlord as
as additional
additional insured.
insured. Tenant
Tenant pays
pays taxes
taxes
directly.
directly. Tenant
Tenant also
also pays
pays the
the owner
owner of
of the
the shopping
shopping center
center as
as additional
additional rent
rent their
their proportionate
proportionate share
share of
of
landscaping
costs.
landscaping costs.
This information has been obtained from sources deemed reliable, however EXP Realty Advisors and RPJ Commercial Realty Advisors do not guarantee, warranty or
represent its accuracy. It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
Phone 212-972-7457
Phone 212-972-7457
Phone 212-972-7457
Not Actual Site
(Opened October 2006)
Phone 212-972-7457
Auto Dealership
Hotel & Convention Center
Phone 212-972-7457
Phone 212-972-7457
Phone 212-972-7457
Traffic Counts
Phone 212-972-7457
30 Minute Drive Time
Phone 212-972-7457
Phone 212-972-7457
Phone 212-972-7457

Cheddars - Norman, OK

Transcription

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