chuy`s mexican food

For those with
HIGHER EXPECTATIONSTM
Rendering
CHUY’S MEXICAN FOOD
SOUTHEAST CORNER OF WESTERN BOULEVARD AND GATEWAY NORTH, JACKSONVILLE, NC
Joe Caccamo | [email protected] [415] 274-7394
CA DRE #: 01191110
Chris Kostanecki | [email protected] [415] 274-2701
CA DRE#: 01002010
Zeb Ripple | [email protected] [415] 274-2702
CA DRE#: 01242540
Chris Peters | [email protected] [415] 274-2703
CA DRE#: 01339983
In Association with: Stuart Mullen, Commercial Real Estate
Carolina - NC Licensed Broker
Phone: (704) 817-3389 / Email: [email protected]
[www.CapitalPacific.com]
ADDRESS: SEC of Western Boulevard & Gateway North
Jacksonville, NC
The Story
INVESTMENT HIGHLIGHTS | SUMMARY
SOON-TO-BE- CONSTRUCTED ABSOLUTE NNN GROUND LEASE WITH HIGHLY SUCCESSFUL,
GROWING, PUBLICLY TRADED RESTAURANT CHAIN, LOCATED ON A HARD CORNER INTERSECTION IN
FLOURISHING COASTAL CAROLINA.
PURCHASE PRICE. . . . . . . . . . . . . . . $3,461,538
Developer scheduled to deliver build-ready pad to tenant on December 1, 2013, with store
opening and rent commencement anticipated for early 2014. The property is situated on the main
commercial arterial in Jacksonville, the county seat of Onslow County, NC.
CAP RATE. . . . . . . . . . . . . . . . . . . . . . . 6.50%
APPROX. BUILDING SIZE. . . . . . . . . 7,600 SF
LOCATION HIGHLIGHTS:
> Outstanding retail market: neighboring tenants include Kohl’s, Target, Ross, Bed Bath & Beyond,
Petsmart, Lowe’s, Sam’s Club, Walmart, The Home Depot, Old Navy, Marshall’s, Toys ‘R Us, Best Buy,
Babies ‘R Us, Michael’s, Sears, Belk, Gap, Walgreens, Rite-Aid, Cracker Barrell, Chili’s, Cheddar’s, Chickfil-a, Panera Bread and Olive Garden along with numerous hotels and other casual dining and quickservice restaurants (see aerial on page 3)
> Parcel is just off newly constructed Highway 17 bypass
> Traffic counts for Western Blvd approximately 35,000 cars per day
> Chuy’s is part of a four-parcel development (other tenants currently include Mission BBQ and
Sleepy’s)
LOT SIZE. . . . . . . . . . . . . . . . . . . . . . . . 2.31 Acres
YEAR BUILT . . . . . . . . . . . . . . . . . . . . . 2013
Representative
Photo
MARKET HIGHLIGHTS:
> Jacksonville was ranked #11 for Job Growth, and #14 for Cost of Doing Business by Forbes in 2013
> Onslow County is home to Camp Lejeune, “The World’s Largest and Most Complete Amphibious
Training Base,” which provides formal school training for over 53,000 Marines and Sailors annually
> Jacksonville is minutes from Atlantic Beach, Topsail Beach and Emerald Isle Beach, some of the top
tourist destinations in the state
TENANT HIGHLIGHTS:
> Founded in 1982, Chuy’s is a Tex-Mex chain based in Austin, TX operating 42 restaurants across 9
states
> Chuy’s will open new restaurants in Charlotte, NC; Raleigh, NC; Richmond, VA and Greenville, SC
in addition to Jacksonville
> Chuy’s is publicly traded on NASDAQ (CHUY) with a market cap (8/7/13) of approximately $617
million and shareholder equity of approximately $87 million
LEASE HIGHLIGHTS:
> Absolute NNN ground lease with zero landlord responsibilities
> 20-year primary term with three (3) five-year options
> Ten percent (10%) increases every five years through primary term and options
> Corporately guaranteed lease performance
COPYRIGHT © 2013 ALL USE, DISCLOSURE AND/OR REPRODUCTION NOT SPECIFICALLY AUTHORIZED IS PROHIBITED. ALL RIGHTS RESERVED. Capital Pacific Real Estate Brokerage Company (“Agent”) has presented this confidential Investment Memorandum to assist the recipient in evaluating the “Property” and it is intended for your use only. This confidential material contains brief, selected
information pertaining to the Property and shall not be considered all-inclusive or unchanged since the date of preparation. No warranty as to the accuracy or completeness is expressed or implied. The information has been received from sources believed to be reliable but is not guaranteed. Agent disclaims all liabilities in connection with any inaccuracies or incompleteness. The Buyer
should independently verify each item of information and have the same reviewed by its tax advisor and/or legal counsel. The Buyer agrees that (a) the materials are of a highly confidential nature and will be held in the strictest confidence or shall be returned to Agent upon request; (b) the Buyer shall not contact any property manager, employee or tenant of the Property regarding the
enclosed materials or the Property, without prior approval of Agent; and (c) the Buyer understands and agrees that Agent represents the seller and not the Buyer. Neither the seller nor Agent shall have any obligation to pay any commission, finder’s fee, or other compensation to any broker or other person dealing with the Buyer. The Buyer may provide information to persons retained
for the purpose of evaluating the Property after first obtaining a signed confidentiality agreement from such persons to keep such information confidential. The Buyer shall defend, indemnify and hold harmless the seller, Agent and its affiliates from and against any claims, demands, damages, liabilities, costs or expenses, including reasonable attorneys’ fees, relating to any claim for a
commission, finder’s fee or other compensation by any broker or other person dealing with the Buyer. The Property is being sold on an “as-is, where-is” and “with all faults” basis. - 2013
MAPS | AERIAL
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17
CHUY’S
3
FINANCIALS | INCOME & EXPENSE
PRICE
$3,461,538
Price Per Square Foot:
$455.47
Capitalization Rate:
6.50%
Total Rentable Area (SF):
7,600
Lot Size (Acres):
STABILIZED INCOME
2.31
Per Square Foot
Scheduled Rent
$29.61
$225,000
Effective Gross Income
$29.61
$225,000
LESS
Per Square Foot
Taxes
NNN
$0.00
Insurance
NNN
$0.00
Total Operating Expenses
EQUALS NET OPERATING INCOME
Representative interior Photos
$0.00
$225,000
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
CHUY’S
4
FINANCIALS | RENT ROLL
TENANT INFO
Tenant Name
Chuy’s
Totals:
LEASE TERMS
Sq. Ft.
7,600
Term
RENT SUMMARY
Current Rent Monthly Rent
5
6
$225,000
Monthly Rent/ Yearly Rent/
FT
FT
$18,750
$225,000
$2.47
$29.61
10
$20,625
$247,500
$2.71
$32.57
11
15
$22,688
$272,250
$2.99
$35.82
16
20
$24,956
$299,475
$3.28
$39.40
Option 1
21
25
$27,452
$329,424
$3.61
$43.35
Option 2
26
30
$30,197
$362,364
$3.97
$47.68
Option 3
31
35
$33,217
$398,600
$4.37
$52.45
$18,750
$225,000
$2.47
$29.61
7,600
1
Yearly Rent
$225,000
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
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CHUY’S
5
| PAGE OVERVIEW
PROPERTY
PROPERTYDESCRIPTION
DESCRIPTION| TENANT
NAME
Chuy’s is a Tex-Mex chain restaurant headquartered in Austin, Texas that first opened in 1982. There are
over 38 locations in Texas, Tennessee, Oklahoma, Alabama, North Carolina, Georgia, Virginia, Kentucky,
Indiana, Florida, Alabama and more. Each location has a personality of its own - from hard carved
wooden fish to uneven tile in funky colors and metal palm trees.
The traditional Tex-Mex cuisine includes enchiladas, nachos, quesadillas, and tacos. Every year on
Elvis Presley’s birthday January 8, most locations host the Elvis’ Birthday Bash, during which an Elvis
impersonator visits the restaurant. Chuy’s also annually hosts a Green Chile Festival at its locations,
celebrating the harvest of the Hatch Green Chiles from Hatch, New Mexico.
Representative Photo
CHUY’S
6
MAPS | PAGE
REGIONAL
NAMEMAP
HERE
CHUY’S
CHUY’S
7
MARKET INTELLIGENCE | PAGE
AREA NAME
OVERVIEW
JACKSONVILLE. NC
Jacksonville is a city in Onslow County, NC with a population of over 80,000. It’s the principal
city in the MSA and is home to the United States Marine Corps’ Marine Corps Base Camp
Lejeune and Marine Corps Air Station New River.
Home to more than 185,000 people, Onslow County’s flat, gently rolling terrain covers
767 square miles and is located in the southeastern coastal plain of North Carolina,
approximately 120 miles east of Raleigh, and 50 miles north of Wilmington.
Onslow County offers the ultimate in outdoor coastal recreation and sports with over 30
miles of beautiful beaches, rivers and ocean teeming with an abundance of marine life,
and forests filled with diverse wildlife. The scenic 40 mile long New River is the only large
river in the continental United States with headwaters and mouth in the same county.
Onslow County also remains an important agricultural force, its rich farmland still yielding
bountiful crops.
TOP EMPLOYERS IN JACKSONVILLE, NC
Employer
# of Employees
DEMOGRAPHICS
Population
2010 Population
2012 Population
2017 Population (Projection)
1 Mile
3 Miles
5 Miles
6,386
6,542
7,889
38,921
41,615
47,479
70,598
74,634
83,822
$62,106
$46,913
$56,635
$42,976
$54,418
$41,727
2012 Income
2012 Average Household Income
2012 Median Household Income
U.S. Department of Defense
1000+
Onslow County Schools
1000+
MCCS Camp Lejeune
1000+
Onslow Memorial Hospital
1000+
Onslow County
1000+
FOR MORE INFORMATION
Joe Caccamo | [email protected] [415] 274-7394
CA DRE #: 01191110
Chris Kostanecki | [email protected] [415] 274-2701
CA DRE#: 01002010
Zeb Ripple | [email protected] [415] 274-2702
CA DRE#: 01242540
Chris Peters | [email protected] [415] 274-2703
CA DRE#: 01339983
In Association with: Stuart Mullen, Commercial Real Estate
Carolina - NC Licensed Broker
Phone: (704) 817-3389 / Email: [email protected]
Copyright © 2013 [Capital Pacific Real Estate Brokerage Company]