Carl's Jr (Dark) +7.25 Years of Guaranteed Term Remaining - $1,100,000 in Guaranteed Income - 7249 Bandera Rd, San Antonio, TX
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OFFERING MEMORANDUM
Carl’s Jr (Dark)
7249 BANDERA ROAD
SAN ANTONIO, TX 78238
+ 7. 2 5 Ye a r s o f G u a r a n t e e d Te r m R e m a i n i n g
$1,100,000 in Guaranteed Income
™
C o m b i n e d ± 74 , 0 0 0 Ve h ic l e s Pe r D a y
CONTENTS EXCLUSIVELY LISTED BY
03
MITCHELL GLASSON KYLE MATTHEWS
EXECUTIVE OVERVIEW Senior Associate Broker of Record
direct (949) 432-4502 License No. EC 9005919 (TX)
04 FINANCIAL OVERVIEW
mitchell.glasson@matthews.com
License No. 02016029 (CA)
08 AREA OVERVIEW
SECTION 1
Executive
Overview
Matthews Real Estate Investment Services is pleased to present the fee simple sale of Kohls & Guitar Center, located in the city
of Fort Collins, Colorado. Located on Harmony Road, a major East-West commercial thoroughfare for the trade area with over
48,000 cars per day at Harmony Road and Boardwalk Drive. Kohl’s has operated out of this location for over 13 years and Guitar
Center recently renewed for 10 years demonstrating the strength of this location and commitment to this store.
INVESTMENT HIGHLIGHTS
• Absolute NNN Lease - fee simple ownership
• Individual Store Performance - broke Carl’s Jr. domestic and international opening week sales record
• Lease Guarantor - successful ±135 operator was assigned to the Lease in 2016 after the original Lessor defaulted
• (Pre-Covid & Post Lease Assignment) - lease restructure and real estate buybacks proposals were presented but declined by Lessor - please
see Broker for details
• ±7.25 Years of Guaranteed Term Remaining - $1,222,150 in Guaranteed Income
|3
SECTION 1
Executive
Overview
Matthews Real Estate Investment Services is pleased to present the fee simple sale of Kohls & Guitar Center, located in the city
of Fort Collins, Colorado. Located on Harmony Road, a major East-West commercial thoroughfare for the trade area with over
48,000 cars per day at Harmony Road and Boardwalk Drive. Kohl’s has operated out of this location for over 13 years and Guitar
Center recently renewed for 10 years demonstrating the strength of this location and commitment to this store.
INTRINSIC VALUE OF REAL ESTATE
• Ideal Location - ±1.12 acre parcel located at the signalized intersection of Bandera & Eckhert Road (±74,000 Vehicles Per Day)
• Dominant Retail Corridor - Caliber Collision, Hobby Lobby, Raising Cane’s, Sherwin-Williams, Starbucks, and WalMart Supercenter within 1.2
miles of the subject property on Bandera Road
• Proven Market & Rapid Growth - 13% average population growth within 1, 3, & 5-mile radius since 2010
• John Marshall High School - walking distance with approximate enrollment of ±3,000 students (nearest drive-through property)
• Trails of Leon Creek Apartments - new construction, located across the street, by PEDCOR Companies (known for prominent development in
affluent market of Carmel, IN - #1 Ranking in Best Places to Live US)
4|
SECTION 2
Financial
Overview
TENANT SUMMARY EXECUTIVE SUMMARY
Tenant Dark
List Price $2,326,000
Ownership Fee Simple
Cap Rate 6.50%
Lease Type NNN (reverted from NNN Ground Lease)
Gross Leasable Area ± 2,911 SF
Roof and Structure Tenant Responsible
Lease Guarantor Franchisee Lot Size ± 1.17 Acres (±50,965 SF)
Original Tenant Frontier Star CJ, LLC Year Built / Renovated 2009
Successor Tenant & Guarantor Starcorp CJ, LLC
Lease Amendment Date May 11, 2016 A N N U A L I Z E D O P E R AT I N G D ATA
Original Lease Term Twenty (20) Years Monthly Annual
Te r m Rent/SF Increases
Rent Rent
Lease Commencement Date March 27, 2008
Order Date - 3/27/2018 $12,000 $144,000 $49 -
Lease Expiration Date March 27, 2028
Lease Term Remaining ±7.25 Years 3/28/2018 - 3/27/2023 $12,600 $151,200 $52 5.00%
Rental Increases 5% Every 5 Years 3/28/2023 - 3/27/2028 $13,230 $158,760 $55 5.00%
Options Two, 5-Year
|5
BANDERA RD
± 50,000 VPD
SUBJECT
PROPERTY
ECKHERT RD
± 24,000 VPD
6|
NEW
M U LT I F A M I LY
DEVELOPMENT
JOHN MARSHAL
HIGH SCHOOL
BANDERA RD
± 50,000 VPD
ECKHERT RD
± 24,000 VPD
SUBJECT
PROPERTY
|7
SECTION 4
Area
Overview
DEMOGRAPHICS
SAN ANTONIO, TX POPULATION 1-MILE 3-MILE 5-MILE
2025 Projection 14,134 132,743 409,196
San Antonio officially the City of San Antonio, is the seventh most populous city
in the United States and the second most populous city in both Texas and the 2020 Estimate 13,110 123,974 382,902
Southern United States. Straddling the regional divide between South and Central 2010 Census 11,343 110,547 340,868
Texas, San Antonio anchors the southwestern corner of an urban megaregion Growth % 2020-2025 7.81% 7.07% 6.87%
colloquially known as the “Texas Triangle”.
Growth % 2010-2020 15.58% 12.15% 12.33%
San Antonio is the center of the San Antonio–New Braunfels metropolitan statistical
HOUSEHOLDS 1-MILE 3-MILE 5-MILE
area. Commonly called Greater San Antonio, the metro area has a population of
2,473,974 based on the 2017 U.S. census estimate, making it the 24th-largest 2025 Projection 5,789 50,825 154,502
metropolitan area in the United States and third-largest in Texas. Growth along the 2020 Estimate 5,359 47,260 143,839
Interstate 35 and Interstate 10 corridors to the north, west, and east make it likely 2010 Census 4,593 41,538 125,958
that the metropolitan area will continue to expand.
Growth % 2020-2025 8.02% 7.54% 7.41%
Growth % 2010-2020 16.68% 13.78% 14.20%
HOUSEHOLDS 1-MILE 3-MILE 5-MILE
Average Household
$54,551 $63,210 $64,263
Income
8|
ECONOMY
The City of San Antonio maintains a strong financial position with a “AAA”
general obligation bond rating from all three major rating agencies. The
Milken Institute has ranked San Antonio No. 1 on its Best-Performing
Cities list. As the seventh-largest city in the United States, San Antonio is
experiencing solid economic growth in 21st-century industries such as
bioscience and healthcare, aerospace, IT and cybersecurity, and green
technologies. Biotech companies and healthcare systems in San Antonio
contribute billions to the local economy. The Aerospace industry remains
a dominant economic strength in San Antonio with the presence of several
aviation and aerospace corporations, including the military. The military has
had a significant relationship with San Antonio for more than 200 years and
is home to several military commands. The city is also a cybersecurity hub;
nationally recognized as a leader in the field of information security.
San Antonio is positioning itself to be at the forefront of the New Energy
Economy in the United States, committed to investing and creating
employment opportunities in green industries. The economy has remained
steady and prosperous by successfully attracting new businesses and helping
existing companies grow. The city has focused on creating new employment
opportunities in 21st-century industries, maintaining a great quality of life,
and facilitating business growth at the local and international level.
3RD 6
LARGEST CITY FORTUNE 500
IN TEXAS COMPANIES
2.4 3
MAJOR
MILLION PEOPLE
SPORTS TEAMS
|9
S A N A N T O N I O C U LT U R E “Museum Reach” beginning in Brackenridge Park through downtown,
San Antonio is a popular tourist destination. The Alamo Mission in San Antonio “Downtown Reach”, past the Blue Star’s “Eagleland” to the “Mission Reach”
(“The Alamo”), located in Downtown, is Texas’ top tourist attraction. Because of ending near Loop 410 South past Mission Espada. Lined with numerous shops,
the mission, San Antonio is often called “Alamo City”. bars, and restaurants, as well as the Arneson River Theater, this attraction is
transformed into an impressive festival of lights during the Christmas and New
The River Walk, which meanders through the Downtown area, is the city’s Year holiday period (except for the Mission Reach), and is suffused with the local
second-most-visited attraction, giving it the additional nickname of “River City”. sounds of folklorico and flamenco music during the summer, particularly during
Extended an additional 13 miles between 2009–2013, the landscaped walking celebrations such as the Fiesta Noche del Rio.
and bike path line the San Antonio River from the
S A N A N T O N I O AT T R A C T I O N S
The city is home to three animal attractions. SeaWorld, 16 miles west of It is expected to open by summer 2018. The San Antonio Aquarium is the third
Downtown in the city’s Westover Hills district, is the number 3 attraction and and final attraction. San Antonio is also home to several commercial amusement
one of the largest marine life parks in the world. The very popular and historic parks, including Six Flags Fiesta Texas, Splashtown and Morgan’s Wonderland, a
San Antonio Zoo is in the city’s Brackenridge Park. A third animal attraction is in theme park for children with special needs. Kiddie Park, featuring old-fashioned
development by British company Merlin Entertainments to accompany SeaWorld amusement rides for children, was established in 1925 and is the oldest children’s
as a second aquarium attraction and indoor counterpart. The new attraction will amusement park in the U.S.
be inside the Shops at Rivercenter in Downtown San Antonio and will be one of
Merlin’s Sea Life Aquariums.
10 |CONFIDENTIALITY AGREEMENT & DISCLAIMER
This Offering Memorandum contains select information pertaining to the business and affairs of Carl’s Jr located at 7249 Bandera
Road, San Antonio, TX 78238 (“Property”). It has been prepared by Matthews Real Estate Investment Services. This Offering
Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information
contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser
of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of
Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in
part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes
any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its
contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own
projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.
By acknowledging your receipt of this Offering Memorandum for the Property, you agree:
1. The Offering Memorandum and its contents are confidential;
2. You will hold it and treat it in the strictest of confidence; and
3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any
fashion or manner detrimental to the interest of the Seller.
Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all
expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this
Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of
the Property has been fully executed and delivered.
If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations,
then you agree to purge all materials relating to this Property including this Offering Memorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information
provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase
Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or
Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners,
employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the
Property.
This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there
has been no change in the state of affairs of the Property since the date this Offering Memorandum.
| 11Carl’s Jr (Dark)
EXCLUSIVELY LISTED BY
MITCHELL GLASSON KYLE MATTHEWS
Senior Associate Broker of Record
direct (949) 432-4502 License No. EC 9005919 (TX)
mitchell.glasson@matthews.com
License No. 02016029 (CA)
™
12 |11-2-2015
Information About Brokerage Services
Texas law requires all real estate license holders to give the following informaƟon about
brokerage services to prospecƟve buyers, tenants, sellers and landlords.
TYPES OF REAL ESTATE LICENSE HOLDERS:
.
• A BROKER is responsible for all brokerage acƟviƟes, including acts performed by sales agents sponsored by the broker.
• A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker.
A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents):
• Put the interests of the client above all others, including the broker’s own interests;
• Inform the client of any material informaƟon about the property or transacƟon received by the broker;
• Answer the client’s quesƟons and present any offer to or counter-offer from the client; and
• Treat all parƟes to a real estate transacƟon honestly and fairly.
A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION:
AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner's agent through an agreement with the owner,
usually in a wriƩen lisƟng to sell or property management agreement. An owner's agent must perform the broker’s minimum duƟes
above and must inform the owner of any material informaƟon about the property or transacƟon known by the agent, including
informaƟon disclosed to the agent or subagent by the buyer or buyer’s agent.
AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant's agent by agreeing to represent the buyer, usually through a
wriƩen representaƟon agreement. A buyer's agent must perform the broker’s minimum duƟes above and must inform the buyer of any
material informaƟon about the property or transacƟon known by the agent, including informaƟon disclosed to the agent by the seller or
seller’s agent.
AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parƟes the broker must first obtain the wriƩen
agreement of each party to the transacƟon. The wriƩen agreement must state who will pay the broker and, in conspicuous bold or
underlined print, set forth the broker's obligaƟons as an intermediary. A broker who acts as an intermediary:
• Must treat all parƟes to the transacƟon imparƟally and fairly;
• May, with the parƟes' wriƩen consent, appoint a different license holder associated with the broker to each party (owner and
buyer) to communicate with, provide opinions and advice to, and carry out the instrucƟons of each party to the transacƟon.
• Must not, unless specifically authorized in wriƟng to do so by the party, disclose:
ᴑ that the owner will accept a price less than the wriƩen asking price;
ᴑ that the buyer/tenant will pay a price greater than the price submiƩed in a wriƩen offer; and
ᴑ any confidenƟal informaƟon or any other informaƟon that a party specifically instructs the broker in wriƟng not to
disclose, unless required to do so by law.
AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transacƟon without an agreement to represent the
buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first.
TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH:
• The broker’s duƟes and responsibiliƟes to you, and your obligaƟons under the representaƟon agreement.
• Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated.
LICENSE HOLDER CONTACT INFORMATION: This noƟce is being provided for informaƟon purposes. It does not create an obligaƟon for
you to use the broker’s services. Please acknowledge receipt of this noƟce below and retain a copy for your records.
Kyle Matthews/Matthews Retail Group Inc. 678067 kyle.matthews@matthews.com (310) 919-5757
Licensed Broker /Broker Firm Name or License No. Email Phone
Primary Assumed Business Name
Kyle Matthews 678067 kyle.matthews@matthews.com (310) 919-5757
Designated Broker of Firm License No. Email Phone
Licensed Supervisor of Sales Agent/ License No. Email Phone
Associate
Sales Agent/Associate’s Name License No. Email Phone
Buyer/Tenant/Seller/Landlord Initials Date
Regulated by the Texas Real Estate Commission InformaƟon available at www.trec.texas.gov
IABS 1-0
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