NNN Property For Sale
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NNN Burger King property for sale

NNN Burger King property for sale

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NNN Property For Sale Document Transcript

  • 1. NET LEASED INVESTMENT OFFERING Representative Rendering Burger King (Ground Lease) 630 Machesney Road Machesney Park, IL 61115 (Rockford MSA) Randy Blankstein | President 847.562.0003 rblank@bouldergroup.com Jimmy Goodman |Partner 847.562.8500 jimmy@bouldergroup.com www.bouldergroup.com
  • 2. CONFIDENTIALITY & DISCLAIMER 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. Randy Blankstein | President 847.562.0003 rblank@bouldergroup.com Jimmy Goodman |Partner 847.562.8500 jimmy@bouldergroup.com www.bouldergroup.com
  • 3. BURGER KING (GROUND LEASE) MACHESNEY PARK, IL (ROCKFORD MSA) NET LEASE OPPORTUNITY BURGER KING (GROUND LEASE) - MACHESNEY PARK, IL (ROCKFORD MSA) 630 Machesney Road, Machesney Park, IL 61115 EXECUTIVE SUMMARY The Boulder Group is pleased to exclusively market for sale a single tenant Burger King ground lease located in the Rockford MSA. Rockford is the third largest city in Illinois and the largest city outside of the Chicago MSA.. The 1.34 acre property is located at a signalized intersection along Rockford’s primary north-south thoroughfare. The newly signed Burger King ground lease has over 19 years remaining and features 10% rental escalations every five years. The franchisee has successfully operated at this location since 1986. The property is located at the signalized intersection of North 2nd Street and Machesney Road. North 2nd Street is the primary north-south thoroughfare in Rockford and experiences traffic counts in excess of 20,000 vehicles per day. There are over 110,000 people living within 5 miles of the Burger King. Retailers located in the immediate vicinity include Associated Bank, Big Lots, Bergner’s, Burlington Coat Factory, CVS, O’Reilly Auto Parts, and Family Dollar. Burger King’s ground lease is for twenty years and expires August 30, 2033. The lease features 10% rental escalations every five years throughout the primary term of the lease. This Burger King is operated by a franchisee who has operated at this location since 1986 and also operates other Burger King locations. Burger King operates 13,000 restaurants in 79 countries and employs over 34,000 people. Randy Blankstein | President 847.562.0003 rblank@bouldergroup.com Jimmy Goodman |Partner 847.562.8500 jimmy@bouldergroup.com www.bouldergroup.com
  • 4. BURGER KING (GROUND LEASE) MACHESNEY PARK, IL (ROCKFORD MSA) NET LEASE OPPORTUNITY Representative Rendering PROPERTY OVERVIEW Escalation Date Price: $880,000 Cap Rate: 6.25% Average Cap Rate: 7.30% Type: Ground Lease Renewal Options: None Building Size: 3,501 SF Landlord Obligations: None Site Size: 1.34 Acres Year Built: 1986 Lease Start Date: September 1, 2013 Lease Expiration: August 30, 2033 Rent Schedule: Randy Blankstein | President 847.562.0003 rblank@bouldergroup.com Jimmy Goodman |Partner 847.562.8500 jimmy@bouldergroup.com $55,000 $60,500 $66,550 $73,205 9/1/2018 9/1/2023 9/1/2028 www.bouldergroup.com
  • 5. BURGER KING (GROUND LEASE) MACHESNEY PARK, IL (ROCKFORD MSA) NET LEASE OPPORTUNITY PROPERTY HIGHLIGHTS      Long term ground lease with over 19 years remaining 10% rental escalations every five years Newly signed lease with no landlord responsibilities Rockford is the largest city in Illinois outside of the Chicago MSA Tenant has successfully operated at this location since 1986     Building was recently renovated Located along the primary north-south thoroughfare in Rockford Located at the corner of a signalized intersection that experiences traffic counts in excess of 25,000 vehicles per day Other retailers in the immediate vicinity include Associated Bank, Big Lots, Bergner’s, Burlington Coat Factory, CVS, O’Reilly Auto Parts, and Family Dollar DEMOGRAPHICS 1-MILE Population: Total Households Avg. Household Income: 3-MILE 5-MILE 9,576 3,649 $50,667 46,539 18,574 $56,697 110,804 44,448 $63,563 Randy Blankstein | President 847.562.0003 rblank@bouldergroup.com Jimmy Goodman |Partner 847.562.8500 jimmy@bouldergroup.com www.bouldergroup.com
  • 6. BURGER KING (GROUND LEASE) MACHESNEY PARK, IL (ROCKFORD MSA) NET LEASE OPPORTUNITY TENANT OVERVIEW Burger King (NYSE: BKW) is a global chain of hamburger fast food restaurants. At the end of fiscal year 2012, Burger King operated over 7,400 locations in the United States and over 12,900 locations worldwide. Burger King primarily sells hamburgers, cheeseburgers, chicken, french fries and is famous for their signature menu item, the Whopper. Burger King offers customers counter service as well as drive-thru service. As an effort to enhance cash flow and strengthen relationships with key franchisees, Burger King is working towards a 100% franchised business model. In 2012, Burger King refranchised 871 restaurants worldwide bringing their total to 97% franchised. Website: Number of Locations: 12,997 Stock Symbol: BKW : NYSE Market Capitalization: Randy Blankstein | President 847.562.0003 rblank@bouldergroup.com www.bk.com $6.8 billion Jimmy Goodman |Partner 847.562.8500 jimmy@bouldergroup.com www.bouldergroup.com
  • 7. BURGER KING (GROUND LEASE) MACHESNEY PARK, IL (ROCKFORD MSA) NET LEASE OPPORTUNITY LOCATION OVERVIEW Machesney Park is located in Winnebago County in the state of Illinois. The population at the 2010 census was 23,499. Machesney Park is located directly north of Rockford, Illinois. With the addition of The Gateway, Machesney Park is becoming a major retail area for the surrounding trade area. Machesney Park is within an hour’s drive of Chicago, Madison and Milwaukee and at the crossroads of Interstates 90 & 39, Illinois State Highway 173 and US Highway 20. Rockford is the third largest city in Illinois and is the primary city in the Rockford MSA. At the time of the 2010 census Rockford had a population of 152,871 and the metropolitan area had a population of 339,178. The largest employers in the MSA include the Rockford Public School District, Rockford Health System, Swedish American Hospital, Wal-Mart Stores, OSF Saint Anthony Medical Center, Hamilton Sundstrand and Chrysler. Randy Blankstein | President 847.562.0003 rblank@bouldergroup.com Jimmy Goodman |Partner 847.562.8500 jimmy@bouldergroup.com www.bouldergroup.com