Exclusively Offered NNN Leased Restaurant - 15560 Cedar Avenue, Apple Valley, MN - Representative Photo - LoopNet
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Exclusively Offered NNN Leased Restaurant
15560 Cedar Avenue, Apple Valley, MN
Representative Photo
CONFIDENTIALITY & DISCLAIMER As t he Buyer of a single tenant property, it is the Buyer’s responsibility to
independently confirm the accuracy and completeness of all material
The information contained in the following Marketing Brochure is proprietary information before completing any purchase. This Marketing Brochure is not
and strictly confidential. It is intended to be reviewed only by the party a substitute for your thorough due diligence investigation of this investment
receiving it from Marcus & Millichap and should not be made available to opportunity. Marcus & Millichap expressly denies any obligation to conduct a
any other person or entity without the written consent of Marcus & Millichap. due diligence examination of this Property for Buyer.
This Marketing Brochure has been prepared to provide summary, unverified
information to prospective purchasers, and to establish only a preliminary Any projections, opinions, assumptions or estimates used in this Marketing
level of interest in the subject property. The information contained herein Brochure are for example only and do not represent the current or future
is not a substitute for a thorough due diligence investigation. Marcus performance of this property. The value of a single tenant property to you
& Millichap has not made any investigation, and makes no warranty or depends on factors that should be evaluated by you and your tax, financial
representation, with respect to the income or expenses for the subject and legal advisors.
property, the future projected financial performance of the property, the
size and square footage of the property and improvements, the presence or Buyer and Buyer’s tax, financial, legal, and construction advisors should
absence of contaminating substances, PCB’s or asbestos, the compliance with conduct a careful, independent investigation of any single tenant property
State and Federal regulations, the physical condition of the improvements to determine to your satisfaction with the suitability of the property for your
thereon, or the financial condition or business prospects of any tenant, or any needs.
tenant’s plans or intentions to continue its occupancy of the subject property.
Like all real estate investments, this investment carries significant risks.
The information contained in this Marketing Brochure has been obtained
Buyer and Buyer’s legal and financial advisors must request and carefully
from sources we believe to be reliable; however, Marcus & Millichap has not
review all legal and financial documents related to the property and tenant.
verified, and will not verify, any of the information contained herein, nor has
While the tenant’s past performance at this or other locations is an important
Marcus & Millichap conducted any investigation regarding these matters and
consideration, it is not a guarantee of future success. Similarly, the lease rate
makes no warranty or representation whatsoever regarding the accuracy or
for some properties, including newly-constructed facilities or newly-acquired
completeness of the information provided. All potential buyers must take
locations, may be set based on a tenant’s projected sales with little or no
appropriate measures to verify all of the information set forth herein.
record of actual performance, or comparable rents for the area. Returns are
NON-ENDORSEMENT NOTICE not guaranteed; the tenant and any guarantors may fail to pay the lease rent
or property taxes, or may fail to comply with other material terms of the lease;
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by cash flow may be interrupted in part or in whole due to market, economic,
any commercial tenant or lessee identified in this marketing package. The environmental or other conditions. Regardless of tenant history and lease
presence of any corporation’s logo or name is not intended to indicate or guarantees, Buyer is responsible for conducting his/her own investigation of
CONFIDENTIALITY
imply & DISCLAIMER
affiliation with, or sponsorship or endorsement by, said corporation all matters affecting the intrinsic value of the property and the value of any
of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, long-term lease, including the likelihood of locating a replacement tenant if
service, or commercial listing of Marcus & Millichap, and is solely included the current tenant should default or abandon the property, and the lease
for the purpose of providing tenant lessee information about this listing to terms that Buyer may be able to negotiate with a potential replacement
prospective customers. tenant considering the location of the property, and Buyer’s legal ability to
make alternate use of the property.
MARCUS & MILLICHAP HEREBY ADVISES ALL PROSPECTIVE PURCHASERS
OF SINGLE TENANT NET LEASED PROPERTY AS FOLLOWS: By accepting this Marketing Brochure you agree to release Marcus & Millichap
Real Estate Investment Services and hold it harmless from any kind of claim,
The information contained in this Marketing Brochure has been obtained cost, expense, or liability arising out of your investigation and/or purchase of
from sources we believe to be reliable. However, Marcus & Millichap has this single tenant property.
NON-ENDORSEMENT
not NOTICE
and will not verify any of this information, nor has Marcus & Millichap
conducted any investigation regarding these matters. Marcus & Millichap ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. CONTACT YOUR
makes no guarantee, warranty or representation whatsoever about the MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
accuracy or completeness of any information provided.
OFFERING SUMMARY nn Marcus & Millichap is pleased to present for sale the fee simple interest (land & building) in the
Red Robin Restaurant in Apple Valley, Minnesota (Minneapolis-St. Paul MSA). The tenant is in the
process of extending the lease, showing committment to the location. There will be 10 years of
Offering Price: $3,025,000 primary lease term remaining with 3 5-Year options. Red Robin has an 18 year operating history at
this location with consistently solid store perormance.
Price/SF: $484.00
nn The Apple Valley is a growing and affluent suburb approximately fifteen miles South of the
Cap Rate: 5.72% Minneapolis-St Paul International Airport. This corporate Red Robin restaurant is located on the
primary retail corridor in Apple Valley which is surrounded by three-million square feet of retail. It
Tenant: Red Robin
is the only casual dining restaurant & bar that is walking distance to the neighboring fifteen screen
Lease Type: NNN AMC theatre. The adjacent AMC theatre is the only movie theatre within Apple Valley city limits
and has positive synergy with the Red Robin restaurant. The strategic location has contributed to
Address: 15560 Cedar Ave, Apple Valley, MN consistent store performance.
Gross Leasable Area: 6,250 SF nn Red Robin Gourmet Burgers (NASDAQ: RRGB) is a popular family dining Restaurant
Lot Size: 0.81 AC Chain with over 500 locations in the United States. At the End of 2017, system-wide
revenues were at $1.4 Billion which was up 6.5% from the previous year.
Year Built: 2000
10 Year Lease Extension Showing Location Committment
NNN Corporate Red Robin Lease (NASDAQ: RRGB)
Rare Fee Simple Red Robin Offering (Land & Building)
Consistently Performing Red Robin Store - Rent to Sales Ratio
Below 6%
Located on Primary Retail Corridor - Surrounded by 3,000,000
Square Feet of Retail
High Traffic Location - 46,000 Cars Per Day
Affluent Twin Cities Suburb - Avg Household Income
$107,000 in 3 Mile Radius
Growth Market - Projected Double-Digit Population Growth in
1-Mile Radius
1 1
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. References to square footage or age are approximate. buyer must verify the information and bears
all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved
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. References to square footage or age are approximate. buyer must verify the information and bears
all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.
Representative Photo
TENANT
OVERVIEW
TENANT RED ROBIN GOURMET BURGERS
OWNERSHIP PUBLIC
LOCATIONS 538
SALES VOLUME $1.3 BILLION
STOCK SYMBOL NASDAQ: RRGB
Red Robin Gourmet Burgers and Brews, or simply Red Robin,
is an American chain of casual dining restaurants founded in
September 1969 in Seattle, Washington. Its menu features a
line of gourmet burgers, which it makes from ground beef,
as well as its line of Red’s Tavern Double Burgers and its Red
Robin’s line of half-pound Angus beef burgers with various
toppings. It also offers burgers made from chicken breasts, fish
fillets, turkey patties, as well as vegetarian and vegan options.
2
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. References to square footage or age are approximate. buyer must verify the information and bears
all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.
EXECUTIVE
SUMMARY RENT SCHEDULE
TERM ANNUAL ANNUAL/SF MONTHLY
Offering Price: $3,025,000 CURRENT $173,000.00 $27.68 $14,416.17
Price/SF: $484.00 2019 $173,000.00 $27.68 $14,416.17
Cap Rate: 5.72% 2020 $173,000.00 $27.68 $14,416.17
2021 $173,000.00 $27.68 $14,416.17
Gross Leasable Area: 6,250 SF
2022 $173,000.00 $27.68 $14,416.17
Lot Size: 0.81 AC
2023 $173,000.00 $27.68 $14,416.17
2024 $181,650.00 $29.06 $15,137.50
2025 $181,650.00 $29.06 $15,137.50
LEASE SUMMARY 2026 $181,650.00 $29.06 $15,137.50
LEASE TYPE NNN 2027 $181,650.00 $29.06 $15,137.50
TENANT RED ROBIN 2028 $181,650.00 $29.06 $15,137.50
LEASE GUARANTOR CORPORATE OPTION 1 $199,815.00 $31.97 $16,125.50
ANNUAL RENT/SF $27.68 OPTION 2 $219,796.00 $35.17 $18,316.33
LEASE TERM 10 YEARS OPTION 3 $241,776.00 $38.68 $20,148.00
LEASE EXPIRATION 2028
TERM REMAINING 10 YEARS
INCREASES 5% IN YEAR 5 & 10% IN OPTION YEARS
OPTIONS 3 5-YEAR
*Landlord & Tenant have agreed upon the represented lease extension terms.
The lease extension amendment will be executed during escrow
3
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. References to square footage or age are approximate. buyer must verify the information and bears
all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved
NEARBY
RETAIL
4
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. References to square footage or age are approximate. buyer must verify the information and bears
all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.
TRAFFIC COUNT 5 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. References to square footage or age are approximate. buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved
PARCEL NUMBER 01-
16253-01-010
6
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. References to square footage or age are approximate. buyer must verify the information and bears
all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.
INTERIOR
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PHOTOSNEARBY ENTERTAINMENT & DINING ESTABLISHMENTS
AREA
DEMOGRAPHICS
POPULATION 1 MILE 3 MILES 5 MILES INCOME 1 MILE 3 MILES 5 MILES
2022 Projection 16,294 91,282 200,504 2022 Projection
2017A Estimate 14,772 86,167 187,568 Average Household $87,356 $122,279 $122,703
2010 Census 13,903 81,201 177,248 Median Household $79,787 $99,865 $99,405
Growth 2017A - 2022 10.31% 5.94% 6.90% Per Capita $35,144 $45,395 $46,229
Growth 2010 - 2017A 6.25% 6.11% 5.82% 2017A Estimate
Average Household $77,849 $107,515 $107,047
RACE & ETHNICITY 1 MILE 3 MILES 5 MILES Median Household $70,814 $86,418 $85,008
White 74.65% 82.50% 81.71% Per Capita $30,844 $39,416 $39,911
Black 11.22% 6.28% 6.99%
Marcus
Asian &Millichapispleasedtooffer7.89% forsaleaRedRobin Restaurantin
5.68% Apple
5.42% amenities.
Valley,Minnesota(Minneapolis-St.PaulMSA). AppleValleyisanenergetic
Native American 0.41% 0.38% 0.38% The Southport Centre is located directly in downtown Apple Valley and
community located about 20 minutes south of downtown Minneapolis
Pacific Islander 0.07% 0.05% 0.06% is dual-anchored by SuperTarget and Cub Foods. This shopping plaza
and St. Paul and 15 minutes south of the Minneapolis / St. Paul airport and
also includes numerous brand name national tenants such as Best Buy,
the Mall of America. Cedar Avenue runs
Multi-Race through the
3.74% heart of Apple3.36%
3.37% Valley,
Walgreens,OfficeMax,PaylessShoes,GNCVitaminsandmanyothers.Also
linking with Interstates 35E and 494.
Other 2.02% 1.73% 2.09% situatedinthedowntownareaareWalmart,Petco,HomeDepot,multiple
Apro-businesscommunityof50,000residents,thecityofAppleValleyhas exercisecentersandcasualdiningestablishments. Thecityhasonongoing
Ethnicity
an established vibrant economy and a well-skilled workforce in a strong commitmentofprovidingafirmfoundationforbusinessestoplant,grow,
Hispanic
market thatOrigin
is continually evolving.6.38% 4.79%
Centrally located 5.39%
at the crossroads of andprosperwhilemaintainingasurplusofopportunitiesandjobsforlocal
majorhighwaysCountyRoad42andCedarAvenueintheSouthMetro,the residents.
AppleValleyisveryactiveinretainingandattractingnewbusinesses.Apple
Valley was named by Money Magazine as one of the "Best Places to Live"
in 2007, 2008, 2010, and 2013 due in part to its vibrant local economy and
10
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. References to square footage or age are approximate. buyer must verify the information and bears
all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.METRO OVERVIEW
MINNEAPOLIS - ST. PAUL
The Minneapolis-St. Paul metro is hub for corporate headquarters, consisting of 16
counties, 14 in the southeastern portion of central Minnesota and two in western
Wisconsin. The metro has a population of almost 3.6 million people and covers
6,364 square miles. Nearly 1,000 of Minnesota’s 10,000 lakes are located within the
metro, along with the Mississippi, Minnesota and St. Croix rivers. The Twin Cities
of Minneapolis and St. Paul straddle the Mississippi River. The Twin Cities metro
area encompasses the seven core counties of the region, the most populous being
Hennepin County with 1.2 million residents. Minneapolis is the most populated city in
the state with more than 412,100 citizens, followed by St. Paul, the capital city, which
has approximately 305,500 people.
DIVERSE ECONOMIC BASE
The metro’s economy includes food production and delivery, information
technology, biomedical technology, retail, finance, and logistics.
ATTRACTIVE BUSINESS ENVIRONMENT
Companies are drawn to the region’s high quality of living, skilled and
growing labor force, as well as the strong work ethic.
ABUNDANCE OF HIGHER EDUCATION
There are more than 20 colleges and universities in the Twin Cities,
producing a highly educated pool of workers.
11
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. References to square footage or age are approximate. buyer must verify the information and bears
all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reservedECONOMY HIGHLIGHTS MAJOR EMPLOYERS
Target Corp.
nn The metro’s diverse economic base includes 16 Fortune 500 companies such as
Target, UnitedHealth Group, 3M and General Mills. University of Minnesota
Allina Health System
nn A strong manufacturing sector encompasses both traditional and high-tech
Fairview Health Services
manufacturing.
Best Buy Co, Inc.
nn Medical institutions including the University of Minnesota and the Mayo Clinic Wells Fargo Minnesota
underpin a growing biomedical research and development sector.
3M Co.
nn Minneapolis, with its strong financial base, houses the Ninth Federal Reserve United Health Group, Inc.
District, which services Minnesota, the Dakotas, Montana and portions of Michigan
Health Partners
and Wisconsin.
2017 POPULATION 2017 HOUSEHOLDS 2017 MEDIAN AGE 2017 MEDIAN HH INCOME
3.6M 1.4M 36.7 $71,500
4.5% by 2022 6.1% by 2022 US Median: 37.7 US Median: $56,300
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau
12
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. References to square footage or age are approximate. buyer must verify the information and bears
all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.CITY OVERVIEW | APPLE VALLEY
Marcus
nn
&Millichapispleased
A pro-business communitytoofferof
forsaleaRed
50,000 RobinRestaurant
residents, inApple
the city of Apple Valleyamenities.
has an established vibrant economy and a well-skilled workforce in
Valley, Minnesota (Minneapolis-St.Paul MSA). Apple Valley is an energetic
a strong market that is continually evolving. Centrally located at the crossroads of major highways County 42 and Cedar Avenue in the South
The Southport Centre is located directly in downtown Apple Valley and
community
Metro, located
the Apple about
Valley is20 minutes
very activesouth of downtown
in retaining Minneapolis
and attracting new businesses. Apple Valley was named by Money Magazine as one of the
“Best
and St.Places
Paul andto15
Live” in 2007,
minutes south2008, 2010
of the and 2013
Minneapolis due
/ St. inairport
Paul part toand its vibrantislocal
dual-anchored
economy and by SuperTarget
amenities. and Cub Foods. This shopping plaza
also includes numerous brand name national tenants such as Best Buy,
the Mall of America. Cedar Avenue runs through the heart of Apple Valley,
Thewith
Southport Centre Walgreens,OfficeMax,PaylessShoes,GNCVitaminsandmanyothers.Also
linking
nn
Interstates 35Eisand
located
494. directly in downtown Apple Valley and is dual-anchored by SuperTarget and Cub Foods. This shopping
plaza also includes numerous brand name national tenants such as Best Buy, situated inthedowntown
Walgreens, areaPayless
Office Max, areWalmart, Petco,
Shoes, GNCHome Depot,
Vitamins multiple
and many
others. Also situated
Apro-business community in the downtwon
of50,000 areathe
residents, arecity
Walmart, Petco,has
ofAppleValley Home Depot, multiple
exercise centersexercise centers
andcasual diningand casual dining
establishments. establishments.
The cityhasonongoing
The city has anvibrant
an established ongoing commitment
economy of providing
and a well-skilled a firm foundation
workforce in a strong for businesses
commitment to plant, grow, aand
ofproviding firmprosper while
foundation maintaining
forbusinesses toaplant,
surplus of
grow,
opportunities and jobs for
market that is continually local residents.
evolving. Centrally located at the crossroads of andprosperwhilemaintainingasurplusofopportunitiesandjobsforlocal
majorhighwaysCountyRoad42andCedarAvenueintheSouthMetro,the residents.
nn Apple Valley is home to 12 schools which consist of six elementary, three middle school and three high schools. One of the three high
Apple Valley is very active in retaining and attracting new businesses. Apple
schools is a magnet school for 11th and 12th graders and focuses on Environmental Studies. The district also opened three magnet schools at
Valley was named
the elementary by Money
level in 2007:Magazine
1) STEM, as2)
one of the "Best Places
International Studies to Live"
and 3) Arts and Science, respectively.
in 2007, 2008, 2010, and 2013 due in part to its vibrant local economy and
13
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. References to square footage or age are approximate. buyer must verify the information and bears
all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reservedexclusively listed by
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