HOOTERS 2765 North US Highway 67 Florissant, MO 63033 (St. Louis MSA) - NET LEASE INVESTMENT OFFERING - The Boulder Group
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NET LEASE INVESTMENT OFFERING HOOTERS 2765 North US Highway 67 Florissant, MO 63033 (St. Louis MSA)
TABLE OF CONTENTS
TABLE OF CONTENTS
I. Executive Profile II. Location Overview III. Market & Tenant Overview
Executive Summary Photographs Demographic Report
Investment Highlights Aerial Market Overview
Property Overview Site Plan Tenant Overview
Map
NET LEASE INVESTMENT OFFERING
DISCLAIMER STATEMENT
DISCLAIMER The information contained in the following Offering Memorandum is proprietary and strictly confidential.
STATEMENT: 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.
NET LEASE INVESTMENT OFFERING
EXECUTIVE SUMMARY
EXECUTIVE The Boulder Group is pleased to exclusively market for sale a single tenant net lease Hooters property located
SUMMARY: in Florissant, a suburb of St. Louis and the 12th largest city in Missouri. The Hooters restaurant is strategically
located off of the signalized intersection of Cougar Drive and Lindbergh Boulevard (US Highway 67), the trade
areas primary thoroughfare. There are ten years remaining in the primary lease term which expires in April 2027.
The triple net lease features a 10% rental escalation in 2022 and in each renewal option period. Hooters corporate
has indicated the store is scheduled for a remodel in 2018.
The 5,048 square foot restaurant is located on Lindbergh Boulevard (US Highway 67), the primary thoroughfare
in the trade area experiencing traffic counts of roughly 27,900 vehicles per day. The surrounding area is densely
populated with over 96,500 people living within a three mile radius of the property. There are a number of new
developments in the area as the local community continues to grow. The immediate area features numerous
national retailers such as The Home Depot, Marshalls, PetSmart, Target, Five Below, ALDI, Lowe’s, Kmart and
Walmart Supercenter to name a few.
Hooters’ has approximately 10 years remaining on their 20 year lease which expires April 30, 2027. This triple
net lease features 10% rent escalation in May 2022 and two 5-year renewal option periods with 10% escalations.
Hooters of America, LLC, the lease guarantor, operates more than 420 Hooters restaurants in 42 states and 29
countries.
NET LEASE INVESTMENT OFFERING
INVESTMENT HIGHLIGHTS
INVESTMENT • Corporately guaranteed lease
HIGHLIGHTS:
• No landlord responsibilities
• Located within the St. Louis MSA
• Positioned along the primary thoroughfare which experiences traffic counts of 27,900 vehicles per day
• 10 years remaining on lease with two 5 year renewal option periods
• 10% rental escalation in the primary term and each renewal option
• The immediate area features numerous big box retailers such as The Home Depot, Marshalls, PetSmart,
Target, Five Below, ALDI, Lowe’s, Kmart and Walmart Supercenter
• Over 96,500 people living within a three mile radius of the property
• Hooters corporate has indicated the store is scheduled for a remodel in 2018
NET LEASE INVESTMENT OFFERING
PROPERTY OVERVIEW
PROPERTY Price: $2,863,668
OVERVIEW:
Cap Rate: 6.75%
Net Operating Income: $193,298
Lease Commencement Date: April 30, 2007
Lease Expiration Date: April 30, 2027
Rental Escalations: 10% every 5- years
Renewal Options: Two 5-Year
Guarantor: Hooters of America, LLC (Corporate)
Year Built 2007
Lease Type: NNN
Building Size: 5,048 SF
Land Size: 1.5 Acres
NET LEASE INVESTMENT OFFERING
PHOTOGRAPHS NET LEASE INVESTMENT OFFERING
AERIAL
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NET LEASE INVESTMENT OFFERING
SITE PLAN
L I N D B E R G H B LV D / H I G H W A Y 6 7 ( 2 7 , 8 9 3 V P D)
NET LEASE INVESTMENT OFFERING
MAP
Lake
Michigan
NET LEASE INVESTMENT OFFERINGDEMOGRAPHIC REPORT
DEMOGRAPHIC
Population 1-Mile 3-Mile 5-Mile
REPORT:
Total Population 13,645 96,572 179,786
Total Households 5,529 37,939 69,792
Income 1-Mile 3-Mile 5-Mile
Average Household Income $62,742 $66,691 $61,111
NET LEASE INVESTMENT OFFERINGMARKET OVERVIEW
MARKET Florissant, Missouri
OVERVIEW: Florissant is a second-ring suburb of St. Louis, located in northern St. Louis County, Missouri.
The exact date the first settlers went to the Valley of Florissant is unknown, but it is one of the
oldest settlements in the state of Missouri. The village, called “Fleurissant,” or “Blooming” in
English, by its French settlers and “St. Ferdinand” by its Spanish rulers, was a typical French village
of the time. As late as 1889, the town was predominantly French-speaking.
Following World War II, Florissant went from a small village community to a large suburban cen-
ter, as developers began building subdivisions on what was formerly farmland and empty acreage. Approximately 18,000
houses were built between 1947 and 1980, and the population swelled to its peak of about 76,000 in the mid-1970s,
making it the largest city in St. Louis County
Florissant was ranked in the top 100 Best Places to Live by Money Magazine in 2012. Other recent reports have
Florissant ranked as the #1 Best Small City to Retire To in America and the 2nd Safest City in Missouri. As of the 2010
United States census, the population was just over 52,000, which made Florissant the 12th largest city in Missouri.
www.florissantmo.com
NET LEASE INVESTMENT OFFERINGMARKET OVERVIEW
MARKET St. Louis, Missouri
OVERVIEW: St. Louis is an independent city and major U.S. port in the State of Missouri, built along the western
bank of the Mississippi River, on the border with Illinois. The city has an estimated 2015 population
of 315,685 and is the cultural and economic center of the Greater St. Louis area (home to 2,916,447
people), making it the largest metropolitan area in Missouri and the 19th-largest in the United States.
The city of St. Louis was founded in 1764 by French fur traders Pierre Laclède and Auguste
Chouteau, and named after Louis IX of France. In 1764, following France’s defeat in the Seven
Years’ War, the area was ceded to Spain and retroceded back to France in 1800. In 1803, the United States acquired the
territory as part of the Louisiana Purchase.
The economy of metro St. Louis relies on service, manufacturing, trade, transportation of goods, and tourism. Its metro
area is home to major corporations, including Anheuser-Busch, Express Scripts, Centene, Boeing Defense, Emerson,
Energizer, Panera, Enterprise, Peabody Energy, Ameren, Ralcorp, Monsanto, Scottrade, Edward Jones, Go Jet, Purina
and Sigma-Aldrich. St. Louis has also become known for its growing medical, pharmaceutical and research presence.
St. Louis has 2 professional sports teams: the St. Louis Cardinals of Major League Baseball and the St. Louis Blues of
the National Hockey League. The city is commonly identified with the tall Gateway Arch in Downtown St. Louis.
explorestlouis.com
NET LEASE INVESTMENT OFFERINGTENANT OVERVIEW
TENANT Hooters
OVERVIEW: Hooters was incorporated in Clearwater, Florida, on April 1, 1983, by six local businessmen. The date was an April Fools’
Day joke because the original six owners believed that their prospect was going to fail. Their first Hooters restaurant
was built on the site of a former rundown nightclub. So many businesses had folded in that particular location that the
Hooters founders built a small “graveyard” at the front door for each that had come and gone before them. The first
restaurant opened its doors on October 4, 1983.
In 1984 Hugh Connerty bought the rights to Hooters from the Original Hooters 6. Robert H. Brooks and a group of
Atlantan investors (operators of Hooters of America, Inc.) bought out Hugh Connerty. In 2002, Brooks bought majority
control and became chairman. The Clearwater-based company retained control over restaurants in the Tampa Bay Area,
Chicago metropolitan area, and one in Manhattan, New York, while all other locations were under the guidance of Hoot-
ers of America, which sold franchising rights to the rest of the United States and international locations.
Hooters of America, LLC, the lease guarantor, is the proud franchisor and operator of more than 420 Hooters restaurants
in 42 states and 29 countries. The company’s first overseas location was in Singapore, and there are Hooters restaurants
in Aruba, Australia, Austria, Brazil, Canada, China, Colombia, Costa Rica, Nicaragua, Czech Republic, Dominican
Republic, Ecuador, El Salvador, Germany, Guatemala, Hong Kong, Hungary, Japan, Mexico, Panama, Philippines,
South Africa, South Korea, Switzerland, Taiwan, Thailand, Russia, and one in the United Kingdom. The Hooters menu
includes hamburgers and other sandwiches, steaks, seafood entrees, appetizers, and the restaurant’s specialty, chicken
wings. Hooters is famous for the woman waiting staff, usually referred to simply as “Hooter Girls”, who are a primary
component of the company’s image.
Website: www.hooters.com
Number of Locations: 420+
Headquarters: Atlanta, Georgia
NET LEASE INVESTMENT OFFERINGRandy Blankstein President 847.562.0003 randy@bouldergroup.com Jimmy Goodman Partner 847.562.8500 jimmy@bouldergroup.com 666 Dundee Road, Suite 1801 Northbrook, IL 60062 www.bouldergroup.com
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