Dunkin' Donuts NW 62nd Ave & NW 2 3rd St Gainesville, FL 32653 - ABSOLUTE NNN LEASED OFFERING - Dunkin' Donuts
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Garito & Company LLC Timothy Garito 407.777.9660 Principal www.garitoco.com D: 407.777.9660 x100 info@garitoco.com tim@garitoco.com ABSOLUTE NNN LEASED OFFERING Dunkin’ Donuts NW 62nd Ave & NW 2 3rd St Gainesville, FL 32653
DISCLOSURE
This confidential Offering Memorandum was prepared by Garito and Company, LLC . It contains selected information pertaining to the Property OFFERED
and does not purport to be all-inclusive, nor to contain all the information that a prospective investor may desire. This presentation is not an offer E XCLUSIVELY BY:
to sell or a solicitation to buy any securities, and is subject; to prior placement, errors, omissions, changes or withdrawal without notice and does
not constitute a recommendation, endorsement, or advice as to the actual return on this investment. Timothy Garito
Principal
Except for any historical information, such matters discussed herein are forward-looking statements that are subject to certain risks and uncertainties 407.777.9660 x100
that could cause the actual results to differ materially from those projected, and could result in the loss of principal. Each prospective investor is to tim@garitoco.com
rely upon its own investigation, evaluation and judgment as to the advisability of the investment described herein.
14 E Washington St, Ste 402
Sources of information contained within this Offering Memorandum came from: CoStar, Integrated Realty Resources, Google, Esri and the US Orlando, FL 32801
Census Bureau. United States
The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers and/or to terminate discussions Garito & Company LLC
www.garitoco.com
with any party at any time with or without notice. The Owner shall have no legal commitment or obligation to any investor or Broker reviewing
this Offering Memorandum or making an offer to invest in the Property unless a written agreement has been fully executed, delivered, and
approved by the Owner and any conditions to Owner’s obligations thereunder have been satisfied or waived.
This Offering Memorandum is the property of Garito and Company, LLC and and may only be used by parties approved by Garito and Company,
LLC. The Property is being privately offered and by accepting this Offering Memorandum, the party in possession hereof agrees that its contents
are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Offering Memorandum may be copied
or otherwise reproduced or disclosed to anyone without the prior written authorization of Garito and Company, LLC and Owner. The terms and
conditions set forth apply to this Offering Memorandum in its entirety.
Closing Costs: Closing costs will be divided as customary and included in the contract.
PURCHASE CONTRACT:
Seller will prepare the purchase and sale agreement.
TRANSACTION:
• “As-Is, Where-Is” sale; Representations and Warranties Shall not survive closing
• Due Diligence period : 30 days or less
• Closing Period: 30 days or less
• Seller will provide draft of lease after fully executed LOI
OFFERING SUMMARY
INTRODUC TION SITE SPECIFIC ATIIONS
Address: NW 62nd Avenue & NW 23rd Avenue
Garito and Company is pleased to offer for sale a 100% fee simple interest in the newly
Total GLA: 1,435 sf
constructed, free-standing Dunkin’ Donuts with drive-thru located at the Northwest corner
Site Area: 0.75 ± Acres
of NW 62nd Avenue & NW 23rd Avenue in Gainesville, FL. The location will be open Q3
of 2019 and will be sold with a 20-year NNN lease term, no landlord responsibilities and Lease Expiration: 2039
rent steps every 5 years. The Property is strategically located directly in front of a Walmart Increases: 8.00% every five years
Supercenter which sits on the SW corner of NW 62nd & NW 23rd Avenue. Options: Four (five year options)
INVES TMENT H IG HLIG HTS PRICING
Tenant Name: Dunkin’ Donuts
Strategic Location
Franchisee: Southern Star Restaurant Manager
• The Property is located in the Northside Park Community of northern Gainesville, FL
Grantor: Personal Guarantee
fronting Walmart Supercenter.
Ownership Type/Lease Type: Fee Simple/NNN
Strong Operator
Landlord Responsibilities: None
• Strong 100+ unit operator Store Opening: Q3 2019 (estimated)
Brand New Construction
Lease Term Remaining: 20 Years
• The building is expected to be completed in the third quarter of 2019.
Price: $1,700,000
Great Lease Terms
Year-One NOI: $85,000
• A 20-year primary term with 8% rental increases every 5 years. An absolute NNN Cap Rate: 5.00%
lease ideal for the passive investor
DUNKIN’ DONUTS | INVES TMENT OFFERING 3
FINANCIAL SUMMARY
DUNKIN’ DONUTS | ABSOLUTE NNN LEASE OFFERING
NW 62nd Avenue & NW 23rd Avenue, Gainesville, FL 32653
$1,700,000
5.00% CAP
Fee Simple Ownership
SUMMARY
Tenant Name: Dunkin’ Donuts
Square Footage: 1,435 sf (estimated)
Store Opens: Q3 2019 (estimated)
Lease Term Remaining: 20 Years
Rent Commencement: Close of escrow
Annual Rent: $85,000
Options: Four (5 year)
Increases: 8.00% every 5 years
Lease Expiration: 20
O PERATING SUMMARY
Net Operating Income CAP Rate
Years 1-5 $85,000 5.00%
Years 6-10 $91,800 5.40%
Years 11-15 $99,144 5.83%
Years 16-20 $107,076 6.30%
Option 1 $115,642 6.80%
Option 2 $124,893 7.35%
Option 3 $134,884 7.93%
Option 4 $145,675 8.57%
DUNKIN’ DONUTS | INVES TMENT OFFERING 4
PEOPLE & DEMOGR APHICS
AL ACHUA COUNT Y
POPULATION 1 MILE 3 MILE 5 MILE ALACHUA FLORIDA
Est. Population (2018) 6,746 38,719 102,865 263,496 20,600,000
Proj. Population (2023) 22,600,000
Proj. Annual Population Growth (2018-2023) 1.36% 1,988,319 (1.9%)
Est. Households (2018) 2,985 16,715 37,548 97485 8,216,632
Average Home Value $141,622 $179,700 181,723 177,100 452,452 (1.1%)
Median Age 37.8 40.3 33.7 31.3 41.0
HOUSEHOLD INCOME
Est. Avg. Household Income (2018) $52,011 $68,679 $46,780 $71,756 $72,504
Mean Family Income (2018) $56,947 $87,236 $62,019 $89,263
Est. Median Household Income (2018) $45,272 $55,193 $48,764 $45,304 $52,516
EDUCATION
Some College 884 2,996 5,625 58.5%
College Degree + (Bachelor Degree or Higher) 1,266 12,293 26,053 109,087 28.4%
WORKFORCE
Civilian Employed 3,021 18,937 44,731 138,564 n/a
Civilian Unemployed 350 1.219 4,091 7,114 n/a
Civilian Not In Labor Force 1,976 11,846 40,233 n/a
Armed Forces 1 55 68 92,249
HOUSING
Owner-Occupied Median Home Value $141,622 $132,494 $170,732 $105,100 $180,290
Housing Units Owner-Occupied 1,647 10,119 19,444 51,277 66.6%
Housing Units Renter-Occupied 1,119 6,596 18,104 52,544 33.4%
* Source: 2018 US Census Report
DUNKIN’ DONUTS | INVES TMENT OFFERING 5
MAP
DUNKIN’ DONUTS | INVES TMENT OFFERING 6
MAP
SITE LOCATION
LAKE CITY
STARKE
HIGH SPRINGS
ALACHUA
SITE
NEWBERRY GAINESVILLE
* Source: 2018 Google Earth
DUNKIN’ DONUTS | INVES TMENT OFFERING 7
TENANT OVERVIEW
SOUTHERN STAR RESTAURANT MANAGEMENT
Southern Star Restaurant Management is headquartered in Winter Park, Florida. The company is an
experienced operator with over 100 units located from Florida and in the Northeast, over 65 of
these units are Dunkin’ Donuts.
DUNKIN’ DONUTS
Founded: 1950
No. of Stores: 11,300
Headquarters: Canton, MA
Website: www.dunkindonuts.com/en
Founded in 1950, Dunkin’ Donuts is America’s favorite all-day, everyday stop for coffee and baked
goods. Dunkin’ Donuts is a market leader in the hot regular/decaf/flavored coffee, iced coffee,
donut, bagel and muffin categories. Dunkin’ Donuts has earned the No. 1 ranking for customer
loyalty in the coffee category by Brand Keys for nine years running. The company has more than
11,500 restaurants in 40 countries worldwide.
DUNKIN’ DONUTS | INVES TMENT OFFERING 8
GAINESVILLE, FLORIDA
Gainesville is the county seat and largest city in Alachua County, Florida, United States, and the principal city of the Gainesville, Florida Metropolitan Statistical Area (MSA). The pop-
ulation of Gainesville in the 2017 US Census estimates was 132,249, a 6.4% growth from 2010. Gainesville is the largest city in the region of North Central Florida. It is home of the
University of Florida, the nation’s fifth-largest university campus by enrollment, as well as to Santa Fe College. The University of Florida is a major financial boost to the community,
and UF athletic events, including SEC football games, create hundreds of thousands of dollars in additional revenue. In all, UF contributes nearly $9 billion annually to Florida’s econ-
omy and is responsible for more than 100,000 jobs
Gainesville is the only city with more than 100,000 residents in the Gainesville, Florida Metropolitan Statistical Area (Alachua and Gilchrist counties), and it is surrounded by rural
area, including the 21,000-acre wilderness of Paynes Prairie on its southern edge. The city is characterized by its medium size and central location, about 90 minutes’ driving time from
either Jacksonville or Orlando, two hours from Tampa, and five hours from either Atlanta or Miami.
In 2016, the University of Florida had 35,043 undergraduate students, and 52,286 students in total. The total number of International students attending the university was 5,169
in 2016. The University of Florida is ranked second overall in the United States for the number of bachelor’s degrees awarded to African-Americans, and third overall for Hispanics.
The university ranks fifth in the number of doctoral degrees awarded to African-Americans, and second overall for Hispanics, and third in number of professional degrees awarded
to African-Americans, and second overall for Hispanics. The university offers multiple graduate programs—-including engineering, business, law and medicine—-on one contiguous
campus, and coordinates 123 master’s degree programs and 76 doctoral degree programs in 87 schools and departments.
IMMEDIATE TRAD E AREA
The Dunkin’ Donuts is located in north Gainesville and located approximately
5 miles from the University of Florida. It is adjacent to the 47-acre Northside
Park and across from Northwood Commercial Park and is less than 5 miles from
Gainesville Regional Airport.
DUNKIN’ DONUTS | INVES TMENT OFFERING 9
Garito & Company LLC Timothy Garito 407.777.9660 Principal www.garitoco.com D: 321.848.8269 info@garitoco.com tim@garitoco.com
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