pollo tropical - EXP Realty Advisors

SUBJECT PROPERTY
EXCLUSIVE OFFERING | $3,669,000 - 6.00% CAP
POLLO TROPICAL
12000 NW 7th Avenue, NORTH MIAMI, FL
EXP DALLAS
214.522.7200
JOE CAPUTO
[email protected]
BOB MOORHEAD
[email protected]
property. 3,419+ SF building built in 2012 on 0.69+ acre site.
tenant. Lessee: Pollo Tropical - 25+ year history and is now a wholly owned subsidiary of Fiesta Restaurant Group, Inc. (NASDAQ: FRGI). 100 corporate owned
and operated domestic Pollo Tropical locations in Florida, Georgia, and Tennessee. 30 international franchised locations in Puerto Rico, the Bahamas, Ecuador,
Honduras, Panama, Trinidad, Venezuela, and Costa Rica. Average unit volume is $2.5 million.
lease structure. Brand new, 20-year, corporate, NNN lease with 1.0% rent increases beginning year 11.
location. The subject property is located along 7th Avenue (30,957 Cars / Day) which parallels Interstate 95 (233,644 Cars / Day) located 1-block to the east.
Other retailers that have taken advantage of this accessibility include CVS, Walgreens, Family Dollar, KFC, McDonald’s, BP, and Wendy’s.
Table of contents | Disclaimer
POLLO TROPICAL
12000 NW 7th Avenue, NORTH MIAMI, FL
Disclaimer
PAGE 1:
COVER
PAGE 2:
TABLE OF CONTENTS | DISCLAIMER
PAGE 3:
INVESTMENT | TENANT | LEASE OVERVIEW
PAGE 4:
POLLO TROPICAL SALES HIGHLIGHTS
PAGE 5:
SITE PLAN
PAGE 6-7:
PHOTOS
PAGE 8:
AERIAL PHOTO
PAGE 9:
LOCATION OVERVIEW
PAGE 10-11:
LOCATION MAPS
PAGE 12:
DEMOGRAPHICS
REPRESENTATIVE PHOTO
EXP Realty Advisors, Inc. (“Agent”) has been engaged as an agent for the sale of the
property located at 12000 NW 7th Avenue, North Miami, FL 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.
Florida Broker of Record:
Turner Net Properties, Inc. | License # 565084
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Investment overview
POLLO TROPICAL
12000 NW 7th Avenue, NORTH MIAMI, FL
Lease overview
Initial Lease Term:
20-Years
Projected Rent Commencement:
2013 (Upon Close of Escrow)
Projected Lease Expiration:
2033 (240 Months After Close of Escrow)
Lease Type:
Absolute NNN | No Landlord Responsibility
Initial Term Rent Increases:
1.0% Annually Starting Lease Year 11
PRICE:
$3,669,000
CAP RATE:
6.00%
NET OPERATING INCOME:
$220,109
BUILDING AREA:
3,419+ Square Feet
LAND AREA:
0.69+ Acres
Annual Rent (Current): $220,109
YEAR BUILT:
2012
Annual Rent Year 11:
$222,310
Annual Rent Year 16:
$233,650
OWNERSHIP:
Fee Simple Interest
Annual Rent Year 12:
$224,533
Annual Rent Year 17:
$235,986
OCCUPANCY:
100%
Annual Rent Year 13:
$226,778
Annual Rent Year 18:
$238,346
Annual Rent Year 14:
$229,046
Annual Rent Year 19:
$240,729
Annual Rent Year 15:
$231,336
Annual Rent Year 20:
$243,137
Tenant overview
Options Term:
4, 5-Year Options to Renew
Option Term Rent Increases:
Years 1-3: 1% Annually | Years 4-5: None
LESSEE: Pollo Operations, Inc., a Florida corporation
POLLO TROPICAL | www.pollotropical.com
Pollo Tropical®, a part of Fiesta Restaurant Group, Inc., owns and operates 100 locations in the United States (Florida, Georgia, and Tennessee). Within the
United States, Pollo Tropical owns and operates all of its restaurants, with the exception of "institutional" locations such as airports and universities. Universities
which have franchised locations include Florida International University, University of Florida, and Florida State University. The company has more than 30
international franchised locations in Puerto Rico, the Bahamas, Ecuador, Honduras, Panama, Trinidad, Venezuela, and Costa Rica and has agreements in place
for additional franchised units in Guatemala, Aruba, Bonaire, and Curaçao. The first Pollo Tropical restaurant opened in 1988 in Miami, Florida. The unique
restaurant concept is known for its fresh, never frozen, open flame grilled chicken, marinated in a proprietary blend of tropical fruit juices and spices, as well as
authentic “made from scratch” side dishes.
FIESTA RESTAURANT GROUP | www.frgi.com
PROPERTY
Fiesta Restaurant Group, Inc., through its subsidiaries, owns and operates quick-casual restaurants under the ‘Pollo Tropical’ andSUBJECT
‘Taco Cabana’
brand names in the
PRIOR
TO PANDA
EXPRESS EXPANSION
United States. The company’s Pollo Tropical restaurants offer tropical and Caribbean inspired menu items, featuring grilled chicken
marinated
in proprietary
blend
of tropical fruit juices and spices. As of March 31, 2013, Fiesta Restaurant Group, Inc. owns and operates the Pollo Tropical and Taco Cabana restaurant brands
with 255 company-owned and operated restaurants and 44 franchised restaurants in the U.S., Puerto Rico, the Bahamas, Costa Rica, Ecuador, Honduras,
Panama, Trinidad & Tobago, and Venezuela. The company was incorporated in 2011, and is based in Dallas, TX. Fiesta Restaurant Group, Inc. operates
independently of Carrols Restaurant Group, Inc. due to a spinoff completed as of May 7, 2012. As of July 1, 2012 Fiesta Restaurant Group had revenues of $493
million over the previous 12 months. At this time company net income was $3.92 million, a 7.87% year-on-year increase as well as $11.58 million in cash flow
from operating activities over this time period. Fiesta Restaurant Group does not guarantee lease.
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Pollo tropical SALES highlights
POLLO TROPICAL
12000 NW 7th Avenue, NORTH MIAMI, FL
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SITE PLAN
POLLO TROPICAL
12000 NW 7th Avenue, NORTH MIAMI, FL
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photos
POLLO TROPICAL
12000 NW 7th Avenue, NORTH MIAMI, FL
REPRESENTATIVE PHOTO
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photos
POLLO TROPICAL
12000 NW 7th Avenue, NORTH MIAMI, FL
REPRESENTATIVE PHOTO
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Aerial photo
POLLO TROPICAL
12000 NW 7th Avenue, NORTH MIAMI, FL
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Location overview
POLLO TROPICAL
12000 NW 7th Avenue, NORTH MIAMI, FL
IMMEDIATE TRADE AREA
The subject property is located along 7th Avenue (30,957 Cars / Day) which
parallels Interstate 95 (233,644 Cars / Day) located 1-block to the east. The
site is also 1-block north of the 7th Avenue and Gratigny Road (47,192 Cars /
Day) intersection. 7th Avenue serves as an access road for Interstate 95 and
Gratigny Road is one of the North Miami’s main east-west surface streets.
Other retailers that have taken advantage of this accessibility include CVS,
Walgreens, Family Dollar, KFC, McDonald’s, BP, and Wendy’s.
NORTH MIAMI, FL
North Miami (Population: 58,786) is a suburban city located in northeast MiamiDade County, Florida, United States, about 10 miles north of Miami. The city
lies on Biscayne Bay and hosts the Biscayne Bay campus of Florida
International University, and the North Miami campus of Johnson & Wales
University. North Miami offers its residents and businesses a central location,
sizeable market area, and a dynamic and prosperous business community.
The City of North Miami is strategically located between Miami and Fort
Lauderdale. North Miami was 1 of 10 cities recognized by the National Civic
League as an "All-American City" in 2010. It is served by an excellent
transportation network making it easily accessible from Interstate 95, US
Highway 1, the Florida Turnpike, West Dixie Highway, and the US Highway
441. North Miami is less than a 30-minute drive from Florida's two major
airports - Fort Lauderdale/Hollywood International and Miami International, the
twelfth busiest airport in the United States for total passengers. It is also in
close proximity to the Port of Miami and Port Everglades, both important
gateways to major national and international markets.
The education industry provides North Miami with desirable economic stability.
With a student body of more than 7,000 the Biscayne Bay Campus in North
Miami is FIU's second-largest campus. It was opened in 1977 by Harold
Crosby and occupies about 200 acres, directly on the bay and adjacent to the
Oleta River State Park, with which FIU has a research partnership. Access to
these resources inspired the creation of a marine biology program on the
Biscayne Bay Campus, which has become one of the university's most
recognized programs. The Biscayne Bay Campus also houses the School of
Hospitality & Tourism Management, the School of Journalism and Mass
Communication, the Aquatic Center, and the Kovens Conference Center.
The North Miami campus of Johnson and Wales University hosts 2,150
students and offers business, counseling psychology, culinary arts, education,
engineering, equine management, hospitality, and technology programs.
MIAMI-FORT LAUDERDALE-WEST PALM BEACH, FL MSA
the Miami-Fort Lauderdale-West Palm Beach, FL Metropolitan Statistical Area
(MSA) has a population of 5,564,635 and comprises Miami-Dade, Broward,
and Palm Beach counties—Florida's 3 most populous counties—with principal
cities including Miami (Population: 408,568), Fort Lauderdale (Population:
165,521), Pompano Beach (Population 99,845), West Palm Beach (Population
101,043), and Boca Raton (Population: 84,392).
Miami is a major center and a leader in finance, commerce, culture, media,
entertainment, the arts, and international trade. In 2010, Miami was classified
as an Alpha-World City in the World Cities Study Group’s inventory. In 2010,
Miami ranked 7th in the United States in terms of finance, commerce, culture,
entertainment, fashion, education, and other sectors. It ranked 33rd among
global cities. In 2008, Forbes magazine ranked Miami "America's Cleanest
City", for its year-round good air quality, vast green spaces, clean drinking
water, clean streets and city-wide recycling programs. According to a 2009
UBS study of 73 world cities, Miami was ranked as the richest city in the United
States, and the world's 5th richest city in terms of purchasing power. Downtown
Miami and South Florida are home to the largest concentration of international
banks in the United States, and is home to many large companies both
nationally and internationally. The Civic Center is a major center for hospitals,
research institutes, medical centers, and biotechnology industries. Tourism is
also an important industry in Miami. Along with finance and business, the
beaches, conventions, festivals and events draw over 38 million visitors
annually into the city, from across the country and around the world, spending
$17.1 billion. The Art Deco District in South Beach, is reputed as one of the
most glamorous in the world for its nightclubs, beaches, historical buildings,
and shopping.
The local ports play a prominent role in the local economy due to the size of the
shipping and cruise industries in Miami. The MSA has 4 seaports, the largest
and most important being the Port of Miami. Others in the area include Port
Everglades, Port of Palm Beach and the Miami River Port. For more than two
decades, the Port of Miami, known as the "Cruise Capital of the World," has
been the number one cruise passenger port in the world, accommodating some
of the world's largest cruise ships and operations, and is currently the busiest in
both passenger traffic and cruise lines.
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Location map
POLLO TROPICAL
12000 NW 7th Avenue, NORTH MIAMI, FL
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Location map
POLLO TROPICAL
12000 NW 7th Avenue, NORTH MIAMI, FL
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Demographics
POLLO TROPICAL
12000 NW 7th Avenue, NORTH MIAMI, FL
Demographic snapshot
Radius
1 Mile
3 Mile
5 Mile
2016 Projection
25,814
198,260
476,554
2011 Estimate
25,723
193,314
461,076
2010 Census
26,001
193,644
459,582
Growth 2011-2016
0.40%
2.60%
3.40%
Growth 2010-2011
-1.10%
-0.20%
0.30%
2016 Projection
6,653
62,933
155,474
2011 Estimate
6,617
61,428
150,352
2010 Census
6,692
61,647
149,946
Growth 2011-2016
0.50%
2.40%
3.40%
Growth 2010-2011
-1.10%
-0.40%
0.30%
Owner Occupied
4,657
31,379
76,229
Renter Occupied
1,960
30,049
74,124
2011 Avg Household Income
$42,912
$43,299
$44,447
2011 Med Household Income
$32,787
$29,422
$30,652
2011 Per Capita Income
$11,406
$14,388
$15,021
Income Less than $15,000
1,296
15,437
37,003
Income $15,000 - $24,999
1,137
10,747
25,069
Income $25,000 - $34,999
1,058
8,720
20,562
Income $35,000 - $49,999
1,189
9,117
23,165
Income $50,000 - $74,999
974
8,366
21,389
Income $75,000 - $99,999
540
4,218
11,035
Income $100,000 - $149,999
346
3,185
7,876
Income $150,000 - $199,999
46
845
2,149
Income $200,000+
32
794
2,096
Population:
Households:
Downtown Miami, FL
2011 Households by Household Inc:
Florida International University Biscayne Bay Campus
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