CHURCH'S CHICKEN UNDER CONSTRUCTION QSR WITHIN THE CHARLOTTE MSA LINCOLNTON, NC (CHARLOTTE MSA) - LoopNet

Page created by Timothy Williams
 
CONTINUE READING
CHURCH'S CHICKEN UNDER CONSTRUCTION QSR WITHIN THE CHARLOTTE MSA LINCOLNTON, NC (CHARLOTTE MSA) - LoopNet
REPRESENTATIVE PHOTO

CHURCH’S CHICKEN
UNDER CONSTRUCTION QSR WITHIN THE CHARLOTTE MSA

LINCOLNTON, NC (CHARLOTTE MSA)
CHURCH'S CHICKEN UNDER CONSTRUCTION QSR WITHIN THE CHARLOTTE MSA LINCOLNTON, NC (CHARLOTTE MSA) - LoopNet
Overview

                                          REPRESENTATIVE PHOTO
                                                                                              CHURCH’S CHICKEN
                                                                                              1129 NORTH MAIN STREET, LINCOLNTON, NC 28092

                                                                                              $2,307,700                             6.50%
                                                                                              PRICE                                  CAP
                                                                                              LEASABLE SF            LOT SIZE               LEASE TYPE
                                                                                              1,893 SF               0.99 AC                ABSOLUTE NNN

                                                                                              PRICE PSF              YEAR BUILT             NOI
                                                                                              $1,219.07              2019                   $150,000

                                                                                              • Estimated rent commencement and store opening on June 1, 2019
                                                                                              • New construction 20-year Absolute NNN lease featuring three
                                                                                              5-year options with 10% increases in the base term and options

                                                                                              • Situated along busy retail corridor with traffic counts exceeding
                                                                                              16,000 VPD

                                                                                              • Strong neighboring tenants include Walmart Supercenter, Lowe’s
                                                                                              Home Improvement, CVS Pharmacy, Walgreens, and more

                                                                                              • Over 32,000 residents with average household incomes
                                                                                              exceeding $56K within a 5-mile radius
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.
                                                                                                                                                                2
Buyer must verify the information and bears all risk for any inaccuracies.
CHURCH'S CHICKEN UNDER CONSTRUCTION QSR WITHIN THE CHARLOTTE MSA LINCOLNTON, NC (CHARLOTTE MSA) - LoopNet
Investment Highlights
                                                                                              Contact the
                                                                                              team
THE OFFERING provides an opportunity to acquire an under construction Church’s Chicken
located in Lincolnton, NC. The lease features a new 20-year Absolute NNN term with three
5-year options to extend and 10% increases in the base term and options. The operator
and guarantor of this location is Goalz Restaurant Group, LLC and its principals, a dynamic   JOE CACCAMO
and rapidly expanding QSR operator with Church’s Chicken, Captain D’s, Dairy Queen, and       jcaccamo@capitalpacific.com
Dog Haus locations currently under management. For more information on the franchisee,        PH: 415.274.7394
please see page 4.                                                                            CA DRE# 01191110

THE SUBJECT PROPERTY is located along East Main Street, a major retail corridor of
Lincolnton where traffic counts exceed 16,000 VPD. Adjacent to the Church’s Chicken is an
under construction Captain D’s. Other neighboring tenants include Walmart Supercenter,
Lowe’s Home Improvement, AutoZone, Hardee’s, Walgreens, CVS Pharmacy, Wendy’s, and
more. Within a 5-mile radius of Church’s Chicken, there are over 32,000 residents with
average household incomes exceeding $56,000.

LINCOLNTON is located within the Charlotte MSA and 45 minutes northwest of downtown
Charlotte. The Charlotte MSA, with a population over 2.5 million people, is the largest
metropolitan area within the Carolinas and is the fourth largest metropolitan area in the
southeast United States. Charlotte is headquarters to eight Fortune 500 companies and
seven Fortune 1,000 companies.
                                                                                              IN CONJUNCTION WITH
                                                                                              NC LICENSED BROKER:
                                                                  REPRESENTATIVE PHOTO
                                                                                              Stuart Mullen
                                                                                              Commercial Real Estate Carolina, LLC
                                                                                              stuart@rangeds.com
                                                                                              PH: 704.661.9800

                                                                                              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.
OVER 1,650 LOCATIONS IN 29 STATES AND 23
COUNTRIES AND GLOBAL MARKETS                                                                                                                   3
CHURCH'S CHICKEN UNDER CONSTRUCTION QSR WITHIN THE CHARLOTTE MSA LINCOLNTON, NC (CHARLOTTE MSA) - LoopNet
Tenant Overview
                                                                        ABOUT CHURCH’S CHICKEN

                                                                        Church’s Chicken, founded in San Antonio, TX in 1952, is one of
                                                                        the largest quick service chicken restaurant chains in the world.
                                                                        Church’s Chicken specializes in Original and Spicy Chicken,
                                                                        biscuits, and home-style sides. The company, with more than
                                                                        1,650 locations in 29 states and 23 countries and global markets,
                                                                        is the fourth-largest chicken restaurant chain in the world.

                                                                        In 2009, Church’s Chicken was purchased by the San Francisco-
                                                                        based private equity firm Friedman Fleischer & Lowe, which
                                                                        operates the Church’s brand through a wholly-owned subsidiary,
                                                                        Cajun Global, LLC. In 2011, Cajun Global, LLC issued debt that
                                                                        was rated ‘BBB’ by Standard & Poor’s. Cajun Global, LLC does
                                                                        not guarantee the lease. Church’s Chicken’s annual revenue is
                                                                        estimated at $1.2 billion.

                                                                                   ABOUT THE OPERATOR / GUARANTORS

                                                                        The Franchisee is Goalz Restaurant Group, LLC. The lease at this
                                                                        location features three limited personal guaranties (Shawn Eby
                                                                        – CEO, Steve Piascik – CFO, and Jeron Boemer - VP), as well as
                                                                        a corporate level guarantee from Goalz Restaurant Group, LLC.
                                                                        Goalz currently operates 15 restaurants under the Church’s,
                                                                        Captain D’s, Dairy Queen and Dog Haus brands. In August 2017,
                                                                        Goalz Restaurant Group entered an agreement with Church’s
                                                                        Chicken to develop 200 new locations, with a plan of opening
                                                                        approximately 20 new stores per year (click here for more
                                                                        info). Goalz is expected to open a total of approximately 265
                                                                        restaurants (Church’s, Captain D’s, Dairy Queen, Dog Haus) over
REPRESENTATIVE PHOTO                                                    the next few years. Goalz will also operate the Captain D’s under
                                                                        construction adjacent to this property. For more on Goalz click
This information has been secured from sources we believe to be
reliable but we make no representations or warranties, expressed or
                                                                        here.
implied, as to the accuracy of the information. Buyer must verify the                                                               4
information and bears all risk for any inaccuracies.
CHURCH'S CHICKEN UNDER CONSTRUCTION QSR WITHIN THE CHARLOTTE MSA LINCOLNTON, NC (CHARLOTTE MSA) - LoopNet
Aerial                                                                                             BUS
                                                                                                   321

                                                                                                                            321      30,000
                                                                                                                                      VPD                 ATRIUM
                                                                                                                                                          HEALTH
                                                                                                                                                         HOSPITAL

                                                                                          BUS
                                                                                         321

                                                                                                                                                                                 LINCOLN
                                                       STREPEN

                                                                                                       ELEMENTARY
                                                            ET

                                                                                                       SCHOOL                                                                    COUNTY
                                                                                                                                        E MAIN                                   AIRPORT
                                                       N AS

                                                                                                                                        STREET
                                    HIGH
                                   SCHOOL                                                                    27
                                                                                                                                              ACADEMY
                                  ELEMENTARY
                                                                                       T
                                                                                   REE
                                   SCHOOL           LINCOLN                                                                                             ELEMENTARY
                                                                               ST
                                                    COUNTY                                         BUS
                                                      SEAT
                                                                          IN                       321                                                  SCHOOL

                                                                   E   MA                                                                                                        27

                                                                                                                             GOLF
                                                                                                                            COURSE
                                                               GASTON
             27
                                           16,000              COLLEGE
                                                               LINCOLN
                                            VPD                CAMPUS
                                                                                  ELEMENTARY
                                                                                  SCHOOL
                                                                                         BOUELNERALS
                          50

                                                                                                   D
                                                                                              EVAR
                          1
                       AY
                     HW

                                                                                                                                              27,000
                                                                                                                                                                     CHARLOTTE
                                                                                         SG
                  HIG

                                                                                                                                               VPD
                                                                                                                                                                      38 MILES
                 W

                           ELEMENTARY                              150
                            SCHOOL

                                                                                                                                           321

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
                                                                                                                                                                                      5
inaccuracies.
CHURCH'S CHICKEN UNDER CONSTRUCTION QSR WITHIN THE CHARLOTTE MSA LINCOLNTON, NC (CHARLOTTE MSA) - LoopNet
REPRESENTATIVE PHOTO
Submarket Overview

RETAILERS IN CLOSE PROXIMITY INCLUDE:
Advance Auto Parts                                  Dairy Queen                                          Taco Bell
ALDI                                                Family Dollar                                        Tractor Supply Co.
AutoZone                                            Hardee’s                                             Waffle House
Belk                                                Little Caesars                                       Walgreens
Big Lots                                            McDonald’s                                           Walmart Supercenter
Bojangles’                                          O’Reilly Auto Parts                                  Wendy’s
CVS Pharmacy                                        Ross Dress for Less                                  Zaxby’s

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.

                                                                                                                                      BUSINESS SUMMARY

                                                                                                                                      TOTAL         1-MILE   3-MILES   5-MILES

                                                                                                                                      Businesses     496       995      1,219

                                                        LINCOLNTON                                                                    Employees     5,315     10,974    13,979

                                                                                                                                      Residential
                                                                                                                                                     3,114    18,486    32,913
                                                                                                                                      Population
                                                                                                                 IRON STATION

KEY
     1-MILE
     3-MILES
     5-MILES                                                                                                                                                                     6
                                                                                            HIGH SHOALS
CHURCH'S CHICKEN UNDER CONSTRUCTION QSR WITHIN THE CHARLOTTE MSA LINCOLNTON, NC (CHARLOTTE MSA) - LoopNet
REPRESENTATIVE PHOTO
Income & Expense

 PRICE                                                                                          $2,307,700
 Price Per Square Foot:                                                                                 $1,219.07
 Capitalization Rate:                                                                                         6.50%
 Total Rentable Area (SF):                                                                                      1,893
 Lot Size (AC):                                                                                                  0.99

 STABILIZED INCOME                                                PER SQUARE FOOT
 Scheduled Rent                                                       $79.24                             $150,000
 Effective Gross Income                                               $79.24                             $150,000

 LESS                                                             PER SQUARE FOOT
 Taxes                                                                  NNN                                    $0.00
 Insurance                                                              NNN                                    $0.00
 Total Operating Expenses                                               NNN                                    $0.00

 EQUALS NET OPERATING INCOME                                                                       $150,000

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
                                                                                                                                         7
inaccuracies.
CHURCH'S CHICKEN UNDER CONSTRUCTION QSR WITHIN THE CHARLOTTE MSA LINCOLNTON, NC (CHARLOTTE MSA) - LoopNet
Rent Roll

                    TENANT INFO                                              LEASE TERMS                                                         RENT SUMMARY
                                                                                                                       CURRENT        MONTHLY       YEARLY     MONTHLY   YEARLY
         TENANT NAME                               SQ. FT.
                                                                                                                        RENT           RENT          RENT      RENT/FT   RENT/FT

   Church’s Chicken                                 1,893                         1                  5                  $150,000      $12,500       $150,000    $6.60    $79.24

                                                                                 6                  10                                 $13,750      $165,000    $7.26     $87.16

                                                                                 11                 15                                 $15,125      $181,500    $7.99    $95.88

                                                                                 16                 20                                $16,638       $199,650    $8.79    $105.47

                                                  Option 1                       21                 25                                 $18,301      $219,615    $9.67    $116.01

                                                  Option 2                      26                  30                                 $20,131      $241,577    $10.63   $127.62

                                                  Option 3                       31                 35                                $22,145       $265,734    $11.70   $140.38

   TOTALS:                                          1,893                                                               $150,000      $12,500       $150,000    $6.60    $79.24

*Estimated rent commencement and store opening on June 1, 2019

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.
                                                                                                                                                                              8
CHURCH'S CHICKEN UNDER CONSTRUCTION QSR WITHIN THE CHARLOTTE MSA LINCOLNTON, NC (CHARLOTTE MSA) - LoopNet
Site Plan

               1,893                                              0.99                   22
            RENTABLE SF                                          ACRES                 SPACES

                                                                            LINCOLN
                                                                            COUNTY
                               N GENERALS BOULEVARD

                                                                            30,000
                                                                             VPD            321

                                                                                                                                                                   DOCTOR MARTIN LUTHER KING JUNIOR DRIVE
                                                                  LINCOLN
                                                                  COUNTY

                                                      E MAIN ST
                                                                REET
                                                                                                                PYLON SIGN                        PYLON SIGN

              LINCOLN
              COUNTY
                                                      16,000
                                                       VPD

                                                                                      321

                                                                                                                             27   E MAIN STREET

This site plan is a rendering that has been created based on sources we believe to be reliable. 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.
                                                                                                                                                               9
Demographics

    POPULATION                                                                                                                  WINSTON-SALEM
                                                                                                                                      (90 MILES)
                               1-MILE                       3-MILES                     5-MILES
                                                                                                                                                          RALEIGH
    2010                        2,864                         17,924                        31,761                                                        (201 MILES)

    2018                         3,114                        18,486                       32,913
                                                                                                                        LINCOLNTON
    2023                        3,285                         19,075                       33,918
                                                                                                                   CHARLOTTE
                                                                                                                       (38 MILES)            FAYETTEVILLE
    2018 HH INCOME
                                                                                                                                                      (201 MILES)

                             1-MILE                        3-MILES                        5-MILES
    Average                  $58,317                        $55,227                        $56,521

    Median                  $39,552                          $41,651                       $44,176                                    FLORENCE
                                                                                                                                        (149 MILES)

                                                                                                                 COLUMBIA
    TOP EMPLOYERS IN CHARLOTTE MSA                                                                                (123 MILES)
    EMPLOYER
    Carolinas Health System

    Wells Fargo Company

    Walmart & Sam’s Club stores

    Bank of America                                                                                                       THE AVERAGE HOUSEHOLD
    American Airlines                                                                                                 INCOME WITHIN A 1-MILE RADIUS
                                                                                                                                       IS OVER $58K
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                                                  10
bears all risk for any inaccuracies.
Location Overview

                                                                               LINCOLNTON,
                                                                            NORTH CAROLINA

CHARLOTTE

 LINCOLNTON is the county seat of Lincoln County, which                                                                 CHARLOTTE          Charlotte is the 2nd largest city in the Southeast
 is home to over 82,000 residents. Lincolnton is home to a                                                              MSA                and the 17th largest city in the United States.
 flourishing downtown central business district. Part of the                                                                               The Charlotte MSA is well known for its auto
 Carolina Thread Trail, the Cloninger Rail Trail passes through                                                                            racing history and is home to eight Fortune
 the heart of downtown and connects three city parks.                                                                   500 headquarters and seven Fortune 1000 companies.

 Lincolnton is located 38 miles northwest of downtown                                                                   These companies including Bank of America, Duke Energy, Sealed
 Charlotte, the largest metropolitan area within the Carolinas                                                          Air Corporation, Nucor Steel, and Lowe’s Home Improvement
 and the fourth largest metropolitan area in the Southeast                                                              Stores. Other headquarters include Harris Teeter, Food Lion,
 region of the United States. The Charlotte MSA is home to                                                              Cheerwine, and Sundrop. Charlotte is also home to the Charlotte
 over 2.5 million people and is the 22nd largest MSA in the                                                             Douglas International Airport, one of the world’s busiest airports.
 United States.
                                                                                                                                                                 CHARLOTTE MSA
                                                                                                                                 2.5 MILLION                     POPULATION
                                                                                                                                                                 (ESTIMATED)
 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                                                                 11
 all risk for any inaccuracies.
We’d love to hear
                                                                                                                            from you.

                                                                                                                            JOE CACCAMO
                                                                                                                            jcaccamo@capitalpacific.com
                                                                                                                            PH: 415.274.7394
                                                                                                                            CA DRE# 01191110

                                                                                                                            IN CONJUNCTION WITH
                                                                                                                            NC LICENSED BROKER:
                                                                                                                            Stuart Mullen
                                                                                                                            Commercial Real Estate Carolina, LLC
                                                                                                                            stuart@rangeds.com
                                                                                                                            PH: 704.661.9800

                                                                                                                            CAPITAL PACIFIC COLLABORATES.
                                                                                                                            CLICK HERE TO MEET OUR
                                                                                                                            SAN FRANCISCO TEAM:

                                                                                                                            ZEB RIPPLE            CHRIS KOSTANECKI   CHRIS PETERS

                                                                                                                            JOHN ANDREINI         JOE CACCAMO        DAVE LUCAS

                                                                                                                            ZANDY SMITH           RICK SANNER        JACK NAVARRA

                                                                                                                            JUSTIN SHARP          JUSTIN STARK

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.
REPRESENTATIVE PHOTO

SFO.                PDX.               SEA.   CAPITALPACIFIC.COM

Copyright © 2019 Capital Pacific Partners
You can also read