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Net Lease Logan's Property

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net leased property for sale in Peoria

net leased property for sale in Peoria


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  • 1. NET LEASED INVESTMENT OFFERING Logan’s Roadhouse (Ground Lease) 240 Conference Center Drive East Peoria, IL 61611 www.bouldergroup.com
  • 2. TABLE OF CONTENTS NET LEASED INVESTMENT OFFERING TABLE OF CONTENTS 1) Confidentiality & Disclaimer 2) Executive Summary 3) Property Overview 4) Aerial 5) Site Plan 6) Maps 7) Tenant Profile 8) Demographic Comparison Report 9) Location Overview 10) Contact Information www.bouldergroup.com
  • 3. CONFIDENTITALITY & DISCLAIMER NET LEASED INVESTMENT OFFERING CONFIDENTIALITY & DISCLAIMER The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from The Boulder Group and should not be made available to any other person or entity without the written consent of The Boulder Group. This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. The Boulder Group has not made any investigation, and makes no warranty or representation. The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, The Boulder Group has not verified, and will not verify, any of the information contained herein, nor has The Boulder Group conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. www.bouldergroup.com
  • 4. EXECUTIVE SUMMARY NET LEASED INVESTMENT OFFERING EXECUTIVE SUMMARY The Boulder Group is pleased to exclusively market for sale a single tenant Logan’s Roadhouse ground leased property in East Peoria, Illinois. The 7,268 square foot building was constructed on a 1.62 acre land parcel in 2007 within a vibrant regional trade area. The ground lease has 14 years remaining and features 10% rental escalations every five years. In 2011, a 150,000 square foot Bass Pro Shops opened, further adding to the trade area’s regional draw. Logan’s Roadhouse is a chain of casual dining restaurants with over 240 locations in 23 states. The subject property is located on Conference Center Drive, a recently developed street along the Illinois River across from an Embassy Suites Hotel and the Riverfront Conference Center. The property is positioned in immediate proximity to the intersection of the Bob Michael Bridge and River Road which experiences traffic volumes in excess of 33,000 vehicles per day. The property has access to the Bob Michael Bridge, a primary entry point to downtown Peoria from the east. Access to Interstate 74 (60,000 vehicles per day) is approximately one mile from the subject property. The property is positioned in a strong retail corridor with national retailers and restaurants such as Wal-Mart Supercenter, Bass Pro Shop, Lowe’s, Target, Costco, Kohl’s and PetSmart. The Peoria Civic Center is located five minutes from the property and is host to numerous concerts and sporting events in addition to its exhibit hall and meeting rooms. Peoria is home to the world headquarters of Caterpillar, Inc. Caterpillar employs over 125,000 people worldwide and over 15,000 in Peoria. Additionally, there are over 130,000 people living within five miles of the property. Logan’s Roadhouse original ground lease term was for twenty years and the ground lease expires in October 2027. The base rent increases by 10% in the eleventh year, with the next rental escalation occurring October 2017. The rental escalations continue throughout the primary term and each of the four 5-year renewal option periods. Logan’s Roadhouse is a private company with over 240 locations in 23 states and 2012 sales were in excess of $629 million. INVESTMENT HIGHLIGHTS • Long term ground lease with 14 years remaining • 10% rental escalations every five years • Located within a vibrant regional trade area featuring Wal-Mart Supercenter, Lowe’s, Bass Pro Shops, Target, Costco and Kohl’s • Zero landlord responsibilities • Traffic volume at the intersection of the Bob Michael Bridge and River Road in excess of 33,000 vehicles per day • Positioned across the street from the Embassy Suites Hotel and Riverfront Conference Center • Peoria is home to the world headquarters of Caterpillar Inc., who employs over 15,000 people locally • Bass Pro Shops opened in 2011, further adding to the trade area’s regional draw www.bouldergroup.com
  • 5. PROPERTY OVERVIEW NET LEASED INVESTMENT OFFERING PROPERTY OVERVIEW Price: $1,700,000 Cap Rate: 5.50% Rent Schedule: NOI Escalation Date $93,500 $102,850 $113,135 $124,449 $136,893 $150,853 $165,641 10/29/2017 10/29/2022 10/29/2027 (Option 1) 10/29/2032 (Option 2) 10/29/2037 (Option 3) 10/29/2042 (Option 4) Renewal Options: Four 5-Year Lease Commencement Date: October 29, 2007 Lease Expiration Date: October 28, 2027 Tenant: Logan’s Roadhouse Year Built: 2007 Lease Type: NNN (Ground Lease) Building Size: 7,268 SF Land Size: 1.62 acres www.bouldergroup.com
  • 6. AERIAL NET LEASED INVESTMENT OFFERING AERIAL N WORLD HEADQUARTERS RID LS B D HAE MIC 00 VP BOB 19,1 74 GE 0 VPD 60,00 www.bouldergroup.com
  • 7. SITE PLAN NET LEASED INVESTMENT OFFERING SITE PLAN N ENCE R CONFE R DR CENTE www.bouldergroup.com
  • 8. MAPS NET LEASED INVESTMENT OFFERING MAPS www.bouldergroup.com
  • 9. TENANT PROFILE NET LEASED INVESTMENT OFFERING TENANT PROFILE Logan’s Roadhouse is a chain of casual restaurants that serve generous-sized plates of grilled steaks, chicken, barbecued ribs, and hamburgers. The chain prides itself on its affordable prices (the average bill is less than $15) while also offering free, all-you-can-eat buckets of shelled peanuts and rolls. Logan’s Roadhouse has 232 company-owned locations across 23 states and 26 franchises in four states. Logan’s Roadhouse is headquartered in Nashville, TN. Website: Number of Locations: 2012 Sales: Number of Employees: www.logansroadhouse.com 240+ $630 million 15,000+ www.bouldergroup.com
  • 10. DEMOGRAPHIC COMPARISON REPORT NET LEASED INVESTMENT OFFERING DEMOGRAPHIC COMPARISON REPORT Population Total Population Total Households 3-mi 5-mi 7-mi 64,363 24,725 127,254 52,571 178,672 73,909 $32,333 $44,309 $39,443 $52,426 $44,083 $60,205 Income Median Household Income Average Household Income www.bouldergroup.com
  • 11. LOCATION OVERVIEW NET LEASED INVESTMENT OFFERING LOCATION OVERVIEW Peoria is the largest city on the Illinois River and the county seat of Peoria County, Illinois. As of the 2010 census, the city was the seventh-most populated in Illinois, with a population of 115,007. The Peoria MSA had a population of 373,590 in 2011, making it the third largest metropolitan area in the state after the Chicago metropolitan area and the Metro-East portion of the St. Louis metropolitan area. Peoria is the world headquarters for Caterpillar Inc., one of the 30 companies composing the Dow Jones Industrial Average. Caterpillar employs over 125,000 people world-wide, of which 15,000+ are located in Peoria. Other significant employers in the area include the Methodist Medical Center, OSF Saint Francis Medical Center, and the Peoria School District. Peoria is also home to Bradley University (6,000 students) and Illinois Central College (12,000 students). The Embassy Suites and Riverfront Conference Center, which is located across from the subject property, caters to the Caterpillar World Headquarters, Bradley University, and Peoria Civic Center. The Embassy Suites and Riverfront Conference Center is ideal for East Peoria meetings and events and boasts a 50,000 square foot conference center. www.peoriagov.org www.bouldergroup.com
  • 12. CONTACT INFORMATION NET LEASED INVESTMENT OFFERING CONTACT INFORMATION 666 Dundee Road, Suite 1801 Northbrook, IL 60062 Randy Blankstein President 847.562.0003 rblank@bouldergroup.com Jimmy Goodman Partner 847.562.8500 jimmy@bouldergroup.com www.bouldergroup.com

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