STARBUCKS & EXPRESS OIL CHANGE - CONFIDENTIAL OFFERING MEMORANDUM SIMPSONVILLE, SOUTH CAROLINA - Furman Capital ...
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Representative Photo
S TA R B U C K S & E X P R E S S O I L C H A N G E
SIMPSONVILLE, SOUTH CAROLINA
CONFIDENTIAL
OFFERING
MEMORANDUM
Representative Photo
TABLE OF CONTEN T S EXC L U S I V E LY LI S T E D B Y
Investmen t Overview Peter Couchell, CCIM
03 Executive Summary Managing Director/Shareholder
couchell@furmancap.com
864 678 5923
Pro perty Overview
04 Regional Map
05 Market Map
06 Submarket Map
Robert Schmidt
07 Site Maps Director/Shareholder
09 Site Plan rschmidt@furmancap.com
864 678 5960
10 Property Renderings
Te nant Overview
11 Lease Summaries
13 Tenant Summaries
Ma rke t Overview
14 Market Analysis
15 Demographics Furman Capital Advisors, LLC
101 E. Washington Street, Suite 400
Greenville, SC 29601 | 864.235.6855
FurmanCapital.com
Investment Services Division of NAI Earle Furman
INVESTMENT OVERVIEW
E xecu ti ve S u m m a ry
P ROPERTY SUMM A RY INVESTMENT SUMMARY
932 NE Main St
Address
Simpsonville, SC 29681 NOI $260,000
Ownership Fee Simple
Cap Rate 5.25%
Financing Delivered Free and Clear
Class A List Price $4,952,000
Year Built 2021 Lease Type NNN
Number of Buildings 2 Starbucks: 10 Yrs
Lease Terms
Total Building Size ±7,325 SF Express Oil Change: 15 Yrs
Parcel Size ±1.13 Acres
Tenancy 2 Freestanding Buildings
Occupancy 100%
Tenants Starbucks & Express Oil Change
Traffic Count ±24,400 VPD (NE Main St)
±14,900 VPD (Hwy 14)
PROPERTY HIGHLIGHTS
• Best in Class Corporate Leases: Starbucks has over 33K locations in 78 countries with a $97 Billion market cap. Express Oil has 293
locations in 18 states and is owned by Golden Gate Capital.
• Brand New Construction: 2021 Build-to-suit for Starbucks and Express Oil with an estimated end of Q3 delivery.
• Minimal Landlord Responsibilities: Both leases are NNN with landlord only responsible for roof, structure, and parking lot replacement
and all warranties will be transferred at closing.
• Long-Term Leases: Starbucks signed a brand new 10-year lease with no termination rights and six 5-year options; Express Oil signed a
brand new 15-year lease with five 5-year options.
• Excellent Access to Population Density: Over 125K people with an average HHI of $96,812 within a 5-mile radius.
• Highly Desirable Submarket: Simpsonville is one of Greenville’s most desirable suburban submarkets and expected to grow over 10%
by 2025.
• Booming Greater Market: Greenville SC is one of America’s most desirable and fastest growing investment markets.
3. St a rbu c k s & E xp re s s O i l Ch a n ge | Simpson ville , SC
PROPERTY OVERVIEW
Reg ion al M ap
Raleigh
Asheville ±74 Miles From Site
Charlotte
SITE
±266 Miles From Site
Greenville
SIMPSONVILLE
±103 Miles From Site
±12.8 Miles From Site Columbia
Atlanta
±92 Miles From Site
±154 Miles From Site
4. St a rbu c k s & E xp re s s O i l Ch a n ge | Simpson ville , SC
PROPERTY OVERVIEW
M a rk et M ap
North American
Headquarters
SITE
5. St a rbu c k s & E xp re s s O i l Ch a n ge | Simpson ville , SC
PROPERTY OVERVIEW
S u b market M ap
±23,400 VPD
N
E
M
ai
n
St
TO GREENVILLE, SC
±14,900 VPD
±8,800 VPD
N
E
M
SITE
ai
n
S
t
±72,400 VPD Pete’s of
Simpsonville
NE
M
ai
n
St
6. St a rbu c k s & E xp re s s O i l Ch a n ge | Simpson ville , SC
PROPERTY OVERVIEW
S i t e M ap
Si m p s o n v i l l e T i re a n d
S e r v i c e Ce n t e r
d
am R
Pelh
INTERSEALIZED
SIGN
CTION
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SITE
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B e nne tt & So n s
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Antiq u e s
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2,500S
60
14
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°' R/W
QSR
R/W OHE
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1.13 AC.
LOT 1
R/W
R/W
AUTO
4,825S VICE
SER
60°'
F
DN
St NE MAI
St
N ST (SC
45 mphHWY 417)
4,857
QSR
ain
ok
SF
1.20AC
LOT 2
.
es
NE M
Rd
7. St a rbu c k s & E xp re s s O i l Ch a n ge | Simpson ville , SC
PROPERTY OVERVIEW
S i t e M ap
14
SITE
NE M ain St
8. St a rbu c k s & E xp re s s O i l Ch a n ge | Simpson ville , SC
PROPERTY OVERVIEW
S i t e P l an
R/W
SITE
OHE
R/W
OHE
R/W
R/W
OHE
OHE
OHE
OHE
LOT 2
OHE
AUTO SERVICE
4,825SF
DN
1.20AC.
OHE
OHE
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60
OHE
°'
LOT 1
OHE
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4
SC Hwy 1
OHE
O
°'
60
O
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O
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QSR
4,857 SF
OHE
QSR
2,500SF
OHE
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OHE
OHE
NE Main St (SC Hwy 417)
OHE
OHE
SIGNALIZED NE MAIN ST (SC HWY 417)
INTERSECTION 45 mph
OHE
OHE
OHE
OHE
9. St a rbu c k s & E xp re s s O i l Ch a n ge | Simpson ville , SC
PROPERTY OVERVIEW P ro p erty Ren dering s 10. St arb u c k s & E xp re s s O il Ch a n ge | Simpson ville , SC
INVESTMENT OVERVIEW
L e a se Su m m ary - Starbucks
LEASE SUMMARY RENT SCHEDULE
Tenant Starbucks Initial Term Monthly Annually
Lease Guarantor Starbucks Corporation Years 1-10* $9,167 $110,000
Tenant Classification Corporate
Lease Type NNN Option 1
Original Lease term 10 Years Years 11-15 $10,083 $121,000
Rent Commencement Date Est. August 2021 Option 2
Term Remaining 10 Years Years 16-20 $11,092 $133,100
Options 6 - (5) Year Options Option 3
Increases 10% in Option Periods
Years 21-25 $12,201 $146,410
Property Taxes Tenant is Responsible
Option 4
Insurance Tenant is Responsible
Years 26-30 $13,421 $161,051
Common Area Maintenance Tenant is Responsible
Option 5
Admin Fee 10% of CAM
Years 31-35 $14,763 $177,156
Roof Landlord is Responsible
Option 6
Structure Landlord is Responsible
Parking Lot Tenant to Repair; Landlord to Replace Years 36-40 $16,239 $194,872
Option to Terminate None *Tenant has 60 days free rent after the RCD
11. St arb u c k s & E xp re s s O il Ch a n ge | Simpson ville , SCINVESTMENT OVERVIEW
L e a se Su m m ary - Express Oil Change
LEASE SUMMARY RENT SCHEDULE
Tenant Express Oil Change Initial Term Monthly Annually
Lease Guarantor Mavis Tire Express Services Intermediate Corp Years 1-10 $12,500 $150,000
Tenant Classification Private Years 11-15 $13,438 $161,250
Lease Type NNN
Option 1
Original Lease term 15 Years
Rent Commencement Date Est. October 2021 Years 16-20 $14,445 $173,344
Term Remaining 15 Years
Option 2
Options 5 - (5) Year Options
Years 21-25 $15,529 $186,345
Increases 7.5% Every 5 Years Beginning Year 11
Property Taxes Tenant is Responsible Option 3
Insurance Tenant is Responsible
Years 26-30 $16,693 $200,320
Common Area Maintenance Tenant is Responsible
Option 4
Admin Fee 10% of CAM
Roof Landlord is Responsible Years 31-35 $17,945 $215,344
Structure Landlord is Responsible
Option 5
Parking Lot Tenant to Repair; Landlord to Replace
Option to Terminate None Years 36-40 $19,291 $231,495
12. St arb u c k s & E xp re s s O il Ch a n ge | Simpson ville , SCTENANT OVERVIEW
S t a rb ucks an d E xpress Oil Chang e
www.starbucks.com
www.expressoil.com
Founded 1971
Headquartered Seattle, WA
Founded 1979
Credit Rating S&P BBB+
±33,000 retail stores Headquartered Birmingham, AL
Number of Locations
in 78 countries
Type Private
Market Cap $97.30 Billion
±293 stores in 18 States
Number of Locations
Annual Revenue $26.51 Billion (213 Corporate, 80 Franchise)
Express Oil Owner/Golden Gate Capital
Fortune 500 Rank (2020) 227 Owner
(Buyout Pending)*
Stock Symbol NASDAQ: SBUX Subsidiaries Brakes Plus
• Starbucks is a national investment grade tenant (NASDAQ: Each Express Oil Change & Tire Engineers is a full-service
SBUX; S&P: BBB+) with over 33,000 stores globally. automotive mechanical department staffed by experienced
• Fiscal 2019 was highlighted by growth in topline revenue of technicians. Their ASE-certified technicians provide total
$26.51 billion, up 7.24% over the prior year. car care using state-of-the-art equipment and premium
• Average store sales are approximately 50% greater in Starbucks parts. The company’s mission is to give each customer the
locations that have a drive-thru, which has created a goal for Starbucks assurance their car is well-maintained by providing the highest
to have drive-thrus in half of its stores by end of year 2020. quality automotive products and services delivered quickly
• The company opened 278 new stores in the first quarter of and conveniently in a superior environment by a friendly,
fiscal 2021, yielding 4% year-over-year unit growth, ending the professional staff emphasizing integrity in every action. Express
period with 32,938 stores globally, of which 51% and 49% were Oil Change & Tire Engineers stands out in an industry that
company-operated and licensed, respectively continues to grow because of their proven formula for success.
*See potential buyout info from yahoo!finance
13. St arb u c k s & E xp re s s O il Ch a n ge | Simpson ville , SCMARKET OVERVIEW
M a rk et An al ys i s
LOCATION COMMERCE
• The city of Greenville is the 4th among 15 of the fastest-growing • Home to national and international corporations such as Fluor
large cities in the U.S. according to population estimates by Corporation, Hubbell Lighting, BMW and Michelin North America.
the U.S. Census Bureau. • Other major businesses include Bausch and Lomb, the Perrigo
• Centrally located along the I-85 corridor directly between two Company of SC, Prisma Health System, Ernst and Young, IBM, Charter
of the largest cities in the Southeast - Atlanta, Georgia and Communications, Dunlop Slazenger Group, Liberty Corporation Bank of
Charlotte, North Carolina. America, GE Power & Water, Day & Zimmerman, Scan Source, Lockheed
• Located 100 miles from the capital city of Columbia and only Martin Aircraft, Windstream, SYNNEX Corporation and TD Bank.
200 miles from the Port of Charleston SC.
ACCOLADES
INFRASTRUCTURE • One of the South’s Best ‘Cities on the Rise’ (Southern Living) March 2021
• Greenville-Spartanburg International Airport is the 2 busiest nd • #10 Coolest Cities with the Lowest Cost of Living in the U.S. (Purewow) February 2021
• #6 Best Small Cities in the US (Condé Nast Traveler) October 2020
airport in the state with 1.1 million passengers in 2020.
• America’s Best Small Cities (BestCities.org) March 2020
• 3 Interstate highways offer easy access to the North, South,
• The 50 Best U.S. Cities for Starting a Business in 2020 (Inc.com) December 2019
Midwest, and all major markets on the Eastern Seaboard.
• US Travel: 25 Best Places to Visit in 2020 (Forbes) December 2019
• Home to the Inland Port Greer connecting the Upstate to the • 10 Cities to Watch in 2020 (Worth) November 2019
Port of Charleston. • #36 Best Places to Live (Money Magazine) October 2019
• #22 Best Places to Live in the USA (U.S News & World Report) May 2019
• #10 2019 Top 100 Best Places to Live (Livability) March 2019
HIGHER EDUCATION • #7 The South’s Best Cities 2019 (Southern Living) March 2019
• Clemson University, Furman University, Bob Jones University, • Top 19 Must-See Destinations in 2019 (Expedia) January 2019
North Greenville University and Limestone College-Greenville • America’s 100 Best Places to Retire (Where to Retire) December 2018
among others are all located in or around Greenville. • #35 Top Cities in the US with the Biggest Influx of People, The Most Work
Opportunities, and the Hottest Business Growth (Business Insider) August 2018
14. St arb u c k s & E xp re s s O il Ch a n ge | Simpson ville , SCMARKET OVERVIEW
D e mograph i cs
1
Summary 2010 2020 2025
Population 3,008 3,558 3,867
Households 1,215 1,426 1,551
Families 915 1,066 1,156
Average Household Size 2.48 2.50 2.49
MILE Owner Occupied Housing Units
Renter Occupied Housing Units
973
242
1,164
262
1,265
286
RADIUS
Median Age 38.8 41.6 42.6
Average Household Income $95,876 $108,806
Summary 2010 2020 2025
3
Population 39,441 45,353 49,067
Households 15,420 17,746 19,183
Families 11,272 12,808 13,789
Average Household Size 2.55 2.55 2.55
Owner Occupied Housing Units 11,840 13,746 14,756
MILE Renter Occupied Housing Units 3,580 4,000 4,427
RADIUS
Median Age 38.1 40.1 40.4
Average Household Income $89,973 $99,644
Summary 2010 2020 2025
5
Population 100,916 125,427 138,036
Households 38,042 46,831 51,411
Families 28,104 34,074 37,254
Average Household Size 2.64 2.67 2.68
Owner Occupied Housing Units 29,385 35,504 38,688
MILE Renter Occupied Housing Units 8,657 11,327 12,723
RADIUS Median Age 37.1 38.9 39.4
Average Household Income $96,812 $108,221
15. St arb u c k s & E xp re s s O il Ch a n ge | Simpson ville , SCDISCLAIMER
This Offering Memorandum contains select information pertaining to the business and affairs of the property located at 932 NE Main St,
Simpsonville, SC 29681 (“Property”). It has been prepared by Furman Capital Advisors (“Agent”). This Offering Memorandum may not be
all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in the 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 Owner or Agent. The material is based in part
upon information supplied by the Owner and in part upon financial information obtained from sources it deems reliable. The Owner, nor
their officers, employees, or agents make 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 Owner.
Owner and Agent 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 by all parties 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 the 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 Agent or any
of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or
cause 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 creation of this Offering Memorandum.
16. St arb u c k s & E xp re s s O il Ch a n ge | Simpson ville , SC101 E. Washington Street, Suite 400 | Greenville, SC 29601
864.235.6855 FurmanCapital.com
Investment Services Division of NAI Earle FurmanYou can also read
