Triple Net Lease Property for sale


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Triple Net Lease Property for sale

  1. 1. NET LEASED INVESTMENT OFFERING Taco Bueno (Corporate) 813 E. Prospect Avenue Ponca City, OK 74601
  2. 2. NET LEASED INVESTMENT OFFERING 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 TABLE OF CONTENTS TABLE OF CONTENTS
  3. 3. NET LEASED INVESTMENT OFFERING 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. CONFIDENTIALITY & DISCLAIMER CONFIDENTITALITY & DISCLAIMER
  4. 4. NET LEASED INVESTMENT OFFERING The Boulder Group is pleased to exclusively market for sale a single tenant corporately guaranteed Taco Bueno property located in Ponca City, Oklahoma. Ponca City is located just outside the Tulsa MSA approximately 70 miles northwest of downtown Tulsa. The property is located on a 1.15 acre parcel and is an outparcel to a busy Wal-Mart Supercenter. The subject property was built in 2003 and there are ten years remaining on the original twenty year lease with 1% annual rental escalations. Taco Bueno is a fast-food chain that serves Tex-Mex style Mexican cuisine with 175 locations and 25% of all Taco Bueno locations are within Oklahoma. The Taco Bueno property is located along East Prospect Avenue, less than one-half mile west of Highway 77. Highway 77 is a primary thoroughfare in the area and experiences traffic volumes in excess of 21,600 vehicles per day. Ponca City is the largest city within Kay County and serves as a retail destination for surrounding cities. The subject property has multiple points of ingress and egress and a shared access drive with the Wal-Mart Supercenter. Additionally, Taco Bueno benefits from the signalized intersection at East Prospect Avenue and 5th Street, which provides consistent traffic at the site. Retailers in the immediate area include Lowe’s, Hobby Lobby, Kmart, Tractor Supply, Food Lion, JCPenney and Aldi. Taco Bueno is in close proximity to Ponca City Medical Center (140-bed hospital) and Ponca City Industrial Park. Ponca City Industrial Park is a 600 acre industrial park and employs over 5,000 people. Major tenants in the park include Dorada Foods (Tyson) and an Albertson’s distribution center. The original lease term was for twenty years and expires in October 2023. The base rent increases annually by 1% during the primary term and in each of the two 5-year renewal option periods. The lease has a corporate guarantee from Taco Bueno Restaurants, L.P. Taco Bueno is a fast-food chain that serves Tex-Mex style Mexican cuisine with 175 locations nationwide. INVESTMENT HIGHLIGHTS • Long term lease with ten years remaining • Corporately guaranteed lease • 1% annual rental escalations • No landlord responsibilities • Outparcel to a Wal-Mart Supercenter with shared access • Nearby retailers include Lowe’s, Hobby Lobby, Kmart, Tractor Supply and Aldi • Close proximity to Ponca City Industrial Park (600 acres and 5,000+ employees) and Ponca City Medical Center (140-bed hospital) EXECUTIVE SUMMARY EXECUTIVE SUMMARY
  5. 5. NET LEASED INVESTMENT OFFERING PROPERTY OVERVIEW PROPERTY OVERVIEW Price: $1,173,662 Cap Rate: 8.00% Net Operating Income: $93,893 (November 2013) Rent Escalations: 1% Annual Renewal Options: Two 5-Year Lease Commencement Date: October 31, 2003 Lease Expiration Date: October 31, 2023 Tenant: Taco Bueno (Corporate) Year Built: 2003 Landlord Obligations: None Rentable Square Feet: 2,295 Land Size: 41,817 SF
  9. 9. NET LEASED INVESTMENT OFFERING Taco Bueno is a U.S. based fast-food restaurant chain specializing in Tex-Mex style Mexican cuisine. Taco Bueno was founded in Abilene, Texas in 1967 and is currently headquartered in Farmers Branch, Texas. The company has 175 locations (155 company-owned and 20 franchised) throughout Arkansas, Kansas, Missouri, New Mexico, Oklahoma, Texas and Louisiana with concentrations in North Texas and Oklahoma, recent additions include Kansas City, Missouri; Fayetteville, Arkansas; Alexandria, Louisiana; and Harker Heights, Texas. On August 28, 1996 Taco Bueno was purchased by CKE restaurants and in 2001 CKE, in an effort to get out of debt, sold the chain to a private investment group, Jacobson Partners, for $72.5 million. In 2011, Ed Lambert became the new CEO of Taco Bueno. Website: Number of Locations: 175 Number of Employees: 3,856 TENANT PROFILE TENANT PROFILE
  10. 10. NET LEASED INVESTMENT OFFERING Population 3-mi 5-mi 7-mi Total Population 23,127 28,037 30,198 Total Households 9,480 11,428 12,275 Income Median Household Income $40,635 $41,143 $41,718 Average Household Income $52,205 $53,079 $53,869 DEMOGRAPHIC COMPARISON REPORT DEMOGRAPHIC COMPARISON REPORT
  11. 11. NET LEASED INVESTMENT OFFERING Ponca City is located in Kay County, Oklahoma approximately 18 miles south of the Kansas border. At the time of the 2010 U.S. Census, Ponca City had a population of 25,387 making it the largest city in Kay County which had a total population of 46,562. The city is in close proximity to the Arkansas River, The Salt Fork of the Arkansas River, Kaw Lake and Lake Ponca, which all provide numerous recreational opportunities. Ponca City has a rich history and an economy that has been shaped by the petroleum and oil industry. Ponca City’s largest employer, ConocoPhillips, operates an oil refinery that employs over 1,500 people and 650 contractors. In 2007 ConocoPhillips opened, to the public, a $5 million museum across from its Ponca City refinery. The company also has a credit card center, a refining complex, a technology research center and a transportation office. The city’s recent efforts to grow its economy beyond the petroleum industry have attracted a number of technology, manufacturing and service jobs. Other large employers in Ponca City include Smith International, Air Systems Component, Ponca City Medical Center, along with Dorada Foods and Albertson’s Inc. who operate distribution centers in Ponca City. LOCATION OVERVIEW LOCATION OVERVIEW
  12. 12. NET LEASED INVESTMENT OFFERING 666 Dundee Road, Suite 1801 Northbrook, IL 60062 Randy Blankstein President 847.562.0003 Jimmy Goodman Partner 847.562.8500 CONTACT INFORMATION CONTACT INFORMATION