Marketing Package

REPRESENTATIVE PHOTO
EXCLUSIVE OFFERING | $1,900,000 | 5% CAP
Whataburger |Absolute nnn ground lease
2620 Airline dr., bossier city, la (Shreveport)
214.915.8890
BOB MOORHEAD
[email protected]
JOE CAPUTO
[email protected]
RUSSELL SMITH
[email protected]
property. New 3,196+ SF building on 1.16+ acres.
tenant. Whataburger | 2014 financials: $1.8 billion in sales | Over 700 locations nationwide.
lease structure. New 15-year, absolute NNN ground lease with 10% rent increases every 5 years in option periods.
location. Whataburger is strategically positioned along Airline Drive (34k cars / day), just south of Interstate 220 (37K Cars / Day). Airline Dr. is north-south
thoroughfare that serves Bossier City. I-220 is an east-west bypass route around Shreveport, LA in the northwestern corner of the state. It runs 17.62 miles from I20 to a second interchange with I-20 in Bossier City. Due to Whataburger’s proximity to these major thoroughfares, the site benefits from the concentration of
traffic traveling along both routes. The subjected property is surrounded by numerous national credit tenants such as Kroger, Home Depot, Lowes, Best Buy,
Target, Sam’s, Ross, Old Navy, Pet Smart, Bed Bath and Beyond, Anytime Fitness, Walgreens, Hobby Lobby, Rite Aid Pharmacy, Subway, Dickey’s, Taco Bell,
Sonic, Sport Clips and many more. Bossier City is located along the east bank of the Red River across from Shreveport in Northwest Louisiana. Bossier City is a
growing metropolitan area with more than 62,000 residents.
Table of contents | Disclaimer
Whataburger
2620 Airline dr., bossier city, la
PAGE 1:
COVER
PAGE 2:
TABLE OF CONTENTS | DISCLAIMER
PAGE 3:
INVESTMENT | TENANT | LEASE OVERVIEW
PAGE 4-5:
SITE PLANS
PAGE 5:
SITE RENDERINGS
PAGE 6-7:
AERIAL PHOTOS
PAGE 8:
LOCATION OVERVIEW
PAGE 9-10:
LOCATION MAPS
PAGE 11:
DEMOGRAPHICS
Disclaimer
Trivanta (“Agent”) has been engaged as an agent for the sale of the property located at
2620 Airline Dr., Bossier City, LA by the owner of the Property (“Seller”). The Property is
being offered for sale in an “as-is, where-is” condition and Seller and Agent 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 Agent 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 Agent 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. Agent is 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 Agent 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 Agent; and (c) no portion of the enclosed materials may be copied
or otherwise reproduced without the prior written authorization of Seller and Agent.
Broker of Record: Joe Mann | Retail Specialists, Inc. | Louisiana Real Estate License: BROK.0995685381-CORP
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Investment overview
Whataburger
2620 Airline dr., bossier city, la
Lease overview
PRICE:
$1,900,000 | 5% CAP
Initial Lease Term:
15-Years, Plus 3, 5-year Options to Extend
NET OPERATING INCOME:
$95,000
Projected Rent Commencement:
February 2016
BUILDING AREA:
3,196+ Square Feet
Projected Lease Expiration:
February 2031
LAND AREA:
+1.16 Acres
Lease Type:
Absolute NNN Ground Lease
YEAR BUILT :
2016
Rent Increases:
10% Every 5-Years in Options
LANDLORD RESPONSIBILITY:
None
Years 1-5 Annual Rent (Current):
$95,000
Years 6-10:
$104,500
OCCUPANCY:
100%
Years 11-15:
$114,950
Years 16-20 (Option 1):
$126,445
Years 21-25 (Option 2):
$139,089
Years 26-30 (Option 3):
$152,998
Tenant overview
WHATABURGER REAL ESTATE, LLC
WHATABURGER | www.whataburger.com
Whataburger Restaurants, L.P. is a privately held, regional restaurant chain specializing in hamburgers. The company, founded by Harmon Dobson, opened its
first restaurant in Corpus Christi, Texas in 1950 and is now headquartered in San Antonio, TX. The company began expansion outside of Texas in 1959 when its
21st store opened in Pensacola, FL. In 1963 Whataburger expanded its footprint into Arizona and had 205 locations in 12 states by 1977. In the late 1980s
Whataburger altered its growth strategy by increasing store numbers in states where it was already well established. Today, Whataburger Restaurants, LP is still
owned and operated by the Dobson family and has 735 locations in the ten states (Texas, Arizona, New Mexico, Oklahoma, Louisiana, Arkansas, Mississippi,
Alabama, Florida, and Georgia).
Whataburger has consistently added promotional and "limited time only" food products to its menu. Most of the limited-time-only products will be served for a set
SUBJECT PROPERTY
period of time, such as the Honey BBQ Chicken Strip Sandwich, the A1 Thick and Hearty Burger, Patty Melt, and the Peppercorn Ranch Whatachick'n. These
PRIOR
PANDA
EXPRESS
EXPANSION
products usually return on the menu again for a limited time after a few months. Some of their promotion products have sold so well
thatTO
they
have been
added
to
the menu permanently, namely the "Three Piece Chicken Strips" Whatameal and the Honey Butter Chicken Biscuit. Whataburger also has a breakfast menu and
serves breakfast sandwiches along with other items. Whataburger's breakfast menu is unique because it is served from 11:00 p.m. through 11:00 a.m. each day,3a
wider window than most other fast-food restaurants, and all regular menu items are still available during breakfast service. Most Whataburger locations are now
open 24 hours a day and 7 days a week.
Whataburger has had sustained revenue growth over the last decade and currently brings in approximately $1.8 billion dollars in U.S. system wide sales (FY’14).
Enhanced store productivity has been one of the company’s key strengths during the late 2000’s recession. One measure taken to increase per store revenue
has been the installation of contactless PayPass kiosks at over 500 locations. Whataburger restaurants are being deployed with Vivotech 4500M and DTc readers,
integrated devices designed to accept PayPass contactless payments. Between 2008 and 2010 the number of locations increased 2.38% while revenue
increased 20.00%.
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Site plan
Whataburger
2620 Airline dr., bossier city, la
4
Site plan
Whataburger
2620 Airline dr., bossier city, la
5
Site renderings
Whataburger
2620 Airline dr., bossier city, la
6
Aerial photo
Whataburger
2620 Airline dr., bossier city, la
Willis-Knigton
Health System
I-220 (37k cars / day)
Airline H.S.
Louisiana
Technical College
Shreveport
Downtown Airport
Pierre
Bossier Mall
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Aerial photo
Whataburger
2620 Airline dr., bossier city, la
Willis-Knigton
Health System
I-220 (37k cars / day)
Hampton Inn
Apollo Elementary
School
Airline
High School
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Location overview
Whataburger
2620 Airline dr., bossier city, la
IMMEDIATE TRADE AREA
Whataburger is strategically positioned along Airline Drive (34k cars / day), just
south of Interstate 220 (37K Cars / Day). Airline Dr. is north-south thoroughfare
that serves Bossier City. I-220 is an east-west bypass route around Shreveport,
LA in the northwestern corner of the state. It runs 17.62 miles from I-20 to a
second interchange with I-20 in Bossier City. Due to Whataburger’s proximity to
these major thoroughfares, the site benefits from the concentration of traffic
traveling along both routes.
A new 350,000 SF convention center was recently completed in downtown
Shreveport. It includes an 800-space parking garage. An adjoining Hilton Hotel
opened in June 2007.
Shreveport is also a major medical center for the region and state. The
Louisiana State University Health Sciences Center Shreveport operates at
expanded facilities once used by the former Confederate Memorial Medical
Center. Major hospitals include Christus Schumpert, Willis Knighton, and the
Shriners Hospital for Children.
The subject property is surrounded by numerous national credit tenants such
as Kroger, Home Depot, Lowes, Best Buy, Target, Sam’s, Ross, Old Navy, Pet
Smart, Bed Bath and Beyond, Anytime Fitness, Walgreens, Hobby Lobby, Rite
Aid Pharmacy, Subway, Dickey’s, Taco Bell, Sonic, Sport Clips and many
more.
The Haynesville Shale has been a boom to Shreveport and the surrounding
areas. Many new jobs in the natural gas industry have been created and local
residents are enjoying large bonuses for signing mineral rights leases. The city
itself stands to profit by leasing the mineral rights on public lands in the near
future as neighboring municipalities have already done.
BOSSIER CITY / SHREVEPORT, LA
SHREVEPORT-BOSSIER CITY MSA
Bossier City is located along the east bank of the Red River, across from
Shreveport, in Northwest Louisiana. Bossier City is a growing metropolitan area
with more than 68,000 residents. Barksdale Air Force Base, home of the Air
Force Global Strike Command, Eighth Air Force, 2d Bomb Wing, and 307th
Bomb Wing are located within Bossier City limits. Bossier City is also home to
four riverboat casinos/hotels: Horseshoe, Diamond Jacks, Boomtown and
Margaretville. Harrah’s Louisiana Downs, first class thoroughbred racetrack
with slot machines, is located on the east side of the city with three new hotels
on the property. Bossier City has easy access by major highways including I20, I-49, I-220, US Hwy. 80, 71, 171, and State Hwy. 3. The Shreveport
Regional Airport is located just seven miles from Bossier City via I-20.
The Shreveport-Bossier City Metropolitan Statistical Area (MSA) is a
metropolitan area in northwestern Louisiana that covers three parishes –
Caddo, Bossier, and De Soto. The MSA currently has a population of 482,000
residents. Bossier City (Population: 68,315), which is adjacent to Shreveport is
home to Barksdale Air Force Base. Barksdale encompasses 22,000 acres and
employs 9,018 people, making it the 2nd largest employer in the MSA. Recent
growth in the film industry has added to the economic diversification of the
area. Tax incentives offered by the state government have given Louisiana the
3rd largest film industry in the country. Over 30 feature films have been shot in
the area since 2006.
Shreveport, LA is located in northwest Louisiana 15-miles west of the TexasLouisiana state line. The city has a population of 218,021 making it the 3rd
largest city in Louisiana.
With a history as a regional center for the oil and gas industry, the city has
largely transitioned to a service economy. In particular, the area has seen a
rapid growth in the gaming industry, hosting various riverboat gambling
casinos.
Growth in the gaming industry has spurred large scale retail growth in the area.
In May 2005, the Louisiana Boardwalk, a 550,000 SF shopping and
entertainment complex, opened across the Red River in Bossier City, featuring
outlet shopping, several restaurants, a 14-screen movie theater, a bowling
complex, and a Bass Pro Shops. Bossier City is also home to 1 of the 3 horse
racetracks in the state, Harrah's Louisiana Downs. Casinos in ShreveportBossier include Sam's Town Casino, Eldorado Casino, Horseshoe Casino,
Boomtown Casino, and Diamond Jacks Casino (formerly Isle of Capri).
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Location map
Whataburger
2620 Airline dr., bossier city, la
10
Location map
Whataburger
2620 Airline dr., bossier city, la
11
Demographics
Whataburger
2620 Airline dr., bossier city, la
Airline Dr & George Dement Blvd.
Airline Dr & George Dement Blvd.
1 mi radius 3 mi radius 5 mi radius
2010 Census Population
4,881
33,737
80,940
2000 Census Population
Projected Annual Growth 2015 to 2020
4,759
2.2%
32,328
2.1%
76,349
1.5%
Historical Annual Growth 2000 to 2015
0.7%
1.0%
1.1%
2015 Estimated Households
2,220
15,487
35,595
2020 Projected Households
2010 Census Households
2,496
2,057
17,285
13,933
38,793
31,889
2000 Census Households
1,986
12,856
29,635
Projected Annual Growth 2015 to 2020
Historical Annual Growth 2000 to 2015
2.5%
0.8%
2.3%
1.4%
1.8%
1.3%
2015 Est. Population Under 10 Years
14.3%
14.8%
14.5%
2015 Est. Population 10 to 19 Years
13.4%
13.1%
12.9%
2015 Est. Population 20 to 29 Years
2015 Est. Population 30 to 44 Years
14.4%
17.8%
17.2%
19.3%
17.4%
20.2%
2015 Est. Population 45 to 59 Years
16.5%
17.3%
17.5%
2015 Est. Population 60 to 74 Years
2015 Est. Population 75 Years or Over
13.1%
10.5%
11.8%
6.7%
11.4%
6.0%
36.2
33.4
33.7
2015 Est. Male Population
2015 Est. Female Population
46.0%
54.0%
47.7%
52.3%
49.8%
50.2%
2015 Est. Never Married
33.6%
36.2%
38.5%
2015 Est. Now Married
34.9%
34.9%
34.6%
2015 Est. Separated or Divorced
2015 Est. Widowed
23.2%
8.4%
20.7%
8.2%
20.5%
6.4%
2015 Est. HH Income $200,000 or More
3.1%
2.8%
2.7%
2015 Est. HH Income $150,000 to $199,999
2.0%
2.6%
3.1%
2015 Est. HH Income $100,000 to $149,999
2015 Est. HH Income $75,000 to $99,999
9.8%
10.8%
7.1%
7.9%
8.2%
9.3%
2015 Est. HH Income $50,000 to $74,999
2015 Est. HH Income $35,000 to $49,999
19.4%
13.7%
17.2%
14.4%
16.3%
14.3%
2015 Est. HH Income $25,000 to $34,999
8.6%
13.5%
12.2%
2015 Est. HH Income $15,000 to $24,999
2015 Est. HH Income Under $15,000
14.3%
18.2%
15.4%
19.1%
14.2%
19.5%
2015 Est. Average Household Income
$58,591
$53,398
$56,215
2015 Est. Median Household Income
2015 Est. Per Capita Income
$42,463
$24,994
$41,631
$22,385
$44,409
$23,093
MARITAL STATUS
& GENDER
INCOME
LABOR FORCE
88,871
95,710
OCCUPATION
37,141
40,970
2015 Est. Labor Population Age 16 Years or Over
4,041
28,748
69,297
2015 Est. Civilian Employed
59.1%
61.0%
56.9%
2.9%
4.0%
3.6%
2015 Est. in Armed Forces
2015 Est. not in Labor Force
2.9%
35.1%
2.2%
32.8%
3.7%
35.7%
2015 Labor Force Males
2015 Labor Force Females
43.8%
56.2%
46.5%
53.5%
49.1%
50.9%
2010 Occupation: Population Age 16 Years or Over
2,100
15,060
35,205
2010 Mgmt, Business, & Financial Operations
10.0%
10.2%
11.1%
2010 Professional, Related
2010 Service
16.2%
25.2%
16.2%
23.6%
17.7%
23.1%
2010 Sales, Office
32.0%
26.9%
25.7%
0.1%
7.9%
0.1%
12.0%
0.1%
10.6%
2015 Est. Civilian Unemployed
2010 Farming, Fishing, Forestry
2010 Construction, Extraction, Maintenance
2010 Production, Transport, Material Moving
TRANSPORTATION
TO WORK
5,234
5,813
TRAVEL TIME
2015 Estimated Population
2020 Projected Population
2015 Est. Median Age
1 mi radius 3 mi radius 5 mi radius
Bossier City, LA 71111
CONSUMER EXPENDITURE
AGE
HOUSEHOLDS
POPULATION
Bossier City, LA 71111
8.6%
11.0%
11.7%
2010 White Collar Workers
2010 Blue Collar Workers
58.2%
41.8%
53.3%
46.7%
54.5%
45.5%
2010 Drive to Work Alone
89.6%
84.3%
80.9%
2010 Drive to Work in Carpool
3.4%
7.3%
8.3%
2010 Travel to Work by Public Transportation
2010 Drive to Work on Motorcycle
0.3%
-
1.2%
-
2.6%
-
2010 Walk or Bicycle to Work
2010 Other Means
1.1%
4.6%
2.6%
3.0%
3.4%
3.1%
2010 Work at Home
1.1%
1.7%
1.7%
2010 Travel to Work in 14 Minutes or Less
49.3%
42.9%
41.9%
2010 Travel to Work in 15 to 29 Minutes
2010 Travel to Work in 30 to 59 Minutes
34.8%
12.7%
40.0%
13.4%
41.6%
13.0%
2010 Travel to Work in 60 Minutes or More
3.2%
3.8%
3.6%
2010 Average Travel Time to Work
14.4
15.7
15.9
2015 Est. Total Household Expenditure
2015 Est. Apparel
$107 M
$3.74 M
$700 M
$24.4 M
$1.66 B
$57.9 M
2015 Est. Contributions, Gifts
$6.86 M
$44.8 M
$107 M
2015 Est. Education, Reading
$3.97 M
$25.9 M
$62.3 M
2015 Est. Entertainment
$5.92 M
$38.5 M
$91.9 M
2015 Est. Food, Beverages, Tobacco
$16.8 M
$110 M
$260 M
2015 Est. Furnishings, Equipment
2015 Est. Health Care, Insurance
$3.56 M
$9.70 M
$23.0 M
$63.4 M
$55.1 M
$150 M
2015 Est. Household Operations, Shelter, Utilities
2015 Est. Miscellaneous Expenses
$33.5 M
$1.62 M
$218 M
$10.5 M
$518 M
$24.9 M
2015 Est. Total Businesses
237
2,749
6,513
2015 Est. Personal Care
$1.40 M
$9.13 M
$21.7 M
2015 Est. Total Employees
2,528
35,943
84,727
2015 Est. Transportation
$20.4 M
$132 M
$315 M
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