TEXAS ROADHOUSE OFFERING MEMORANDUM - ISSENBERG BRITTI
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O f f e r i n g M e mo r a n d u m NEW CONSTRUCTION
Texas Roadhouse
33090 South Dixie Highway, Florida City, FL 33034
REPRESENTATIVE PHOTO
CONFIDENTIALIT Y AND DISCLAIMER
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from
Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure 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. Marcus & Millichap has not made any investigation, and makes no
warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size
and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and
Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or
intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to
be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap 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.
NON-ENDORSEMENT NOTICE
Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in
this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said
corporation of M&M, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing
tenant lessee information about this listing to prospective customers.
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of
any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its
affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee
information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR
MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
NET LEASE DISCLAIMER Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows: The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided. As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the property for your needs. Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are 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; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property. By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property. By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.
exclusively listed
E x cl u si v ely liste d b y:
GABRIEL BRITTI RONALD ISSENBERG
Vice President Investments Vice President Investments
Senior Director, National Retail Group Senior Director, National Retail Group
Miami OFfice Miami OFfice
Office: (786) 522-7017 Office: (786) 522-7013
Gbritti@marcusmillichap.com Rissenberg@marcusmillichap.com
Texas Roadhouse, Florida City, FL
Table of Contents
Executive summary........................................................7
Financial analysis......................................................... 9-10
Property description...................................................11-14
Demographic analysis..................................................15-16
Executive summary
E XECUTIVE S UMM A RY Texas Roadhouse, Florida City, FL
Investment Overview
Marcus & Millichap is pleased to present a rare opportunity to acquire a 15-
Year Corporately Guaranteed NNN Ground Lease with Texas Roadhouse. There
are 10 Percent scheduled increases in rent every Five Years in the initial term,
as well as the option periods. This site is located on US1/South Dixie Highway
just 42 Miles south of Downtown Miami in Florida City. With accessibility from
US-1 and the Florida Turnpike to the east, the immediate area is home to
national retailers Home Depot, BJ’s Wholesale Club, Best Buy, Mattress Firm,
Panda Express, AutoZone, Bank of America, Chase, Payless Shoe Source, and
Krispy Kreme, among others.
Texas Roadhouse, Inc. (Texas Roadhouse), incorporated in 2004, is a full-
service, casual dining restaurant chain. The Company offers an assortment
of specially seasoned and aged steaks hand-cut daily on the premises, and
cooked to order over open gas-fired grills. In addition to steaks, it also offers its
guests a selection of ribs, fish, seafood, chicken, pork chops, pulled pork, and
vegetable plates, and an assortment of hamburgers, salads and sandwiches. Its
entrees include two made-from-scratch side items, and it offers all its guests
a free unlimited supply of roasted in-shell peanuts and made-from-scratch
yeast rolls. As of December 27, 2011, it leased 173 properties and owned
121 properties. As of 2015 the chain operates 450 restaurants in 49 states.
Investment Highlights
■■ New 15-Year Absolute Triple-Net (NNN) Corporate Ground Lease
■■ Brand New Construction
■■ Rare Corporate Guarantee (Texas Roadhouse, Inc.)
■■ 2014 Corporate Sales Exceeded $1.58 Billion
■■ Florida - No State Income Tax
■■ Traffic Counts Exceed 38,000 Plus Vehicles Per Day
REPRESENTATIVE PHOTO
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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap
7
PR ICING A N D F inancial Analysis Texas Roadhouse, Florida City, FL
Tenant Research
The Company’s wholly owned subsidiaries include Texas Roadhouse Holdings LLC (Holdings), Texas Roadhouse Development Corporation
(TRDC), Texas Roadhouse Management Corp (Management Corp.) and Aspen Creek, LLC (Aspen Creek). The Company and its wholly
owned subsidiaries operate restaurants under the names Texas Roadhouse and Aspen Creek. Holdings also provides supervisory and
administrative services for certain other license and franchise restaurants. TRDC sells franchise rights and collects the franchise royalties
and fees. Management Corp. provides management services to Holdings, TRDC and certain other license and franchise restaurants.
Texas Roadhouse restaurants offer a variety of menu items that are designed to appeal to a range of consumer tastes. It offers an
assortment of specially seasoned and aged steaks, including 6, 8, 11 and 16 ounce Sirloins; 10, 12, 16 and 20 ounce Rib-eyes; 6 and
8 ounce Filets; Prime Rib, and T-Bones. The Company also offers its guests a selection of fish, seafood, chicken, pork chops, ribs, pulled
pork and vegetable plates, and an assortment of hamburgers, salads and sandwiches. Entree prices include made-from-scratch yeast
rolls and include the choice of two of the made-from-scratch sides: baked potato, sweet potato, steak fries, mashed potatoes, house
or Caesar salad, green beans, chili, seasoned rice, baked beans, corn, and steamed vegetables. Its menu allows guests to customize
their meals by ordering steaks that are smothered either in cheese, onions, gravy or mushrooms and baked potatoes loaded with sour
cream, cheese, bacon, and butter. Other menu items include specialty appetizers, such as the Cactus Blossom and Chicken Critters
(chicken tenders). The Company also provide a 12 & Under menu for children that includes sirloin steak, rib basket, Lil ‘Dillo Sirloin
Bites, Jr. Chicken Critters, mini-cheeseburgers, hot dog and macaroni & cheese, all served with one side item and a beverage. Most
of its restaurants feature a full bar that offers a selection of draft and bottled beer. It serves a selection of brands of liquor and wine,
as well as margaritas. Texas Roadhouse restaurants are focused to appeal to segments of the population, children, families, couples,
adults, and business persons.
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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap
8
PR ICING A N D F inancial Analysis Texas Roadhouse, Florida City, FL
PROPERTY RENT DATA
Texas Roadhouse
Rent Increases Monthly Rent Annual Rent
33090 South Dixie Highway, Florida City, FL 33034
Years 1-5 $10,000.00 $120,000.00
Years 6-10 $11,000.00 $132,000.00
Years 11-15 $12,100.00 $145,200.00
ANNUALIZED OPERATING DATA Option 1 $13,310.00 $159,720.00
List Price $2,400,000
Cap Rate 5.00% Option 2 $14,641.00 $175,692.00
Lot Size 1.813 Acres
Base Rent ($33.75/SF) $120,000
Rentable Square Feet 7,163 SF
Price/SF (GLA) $335.06
Net Operating Income $120,000
Year Built 2016
Type of Ownership Leased Fee / Ground Lease Total Anual Return $120,000
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. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap
9
PRICING A ND F inancial Analysis Texas Roadhouse, Florida City, FL
TENANT LEASE ABSTRACT
Tenant Trade Name Texas Roadhouse
Tenant overview
Tenant Corporate Store
Stock Symbol TXRH
Ownership Public
Guarantor Corporate Guarantee Board NASDAQ
Lease Type Absolute Net
HQ Louisville, KY
Lease Term 15 Years
Lease Commencement Date 2016 Number of Locations 455
Rent Commencement Date On or Before August 17, 2016
Expiration Date of Base Term 2031
Roof & Structure Maintenance Tenant Responsible
Increases 10% Every Five Years
Options Two (Five Year) Options
Term Remaining on Lease 15 Years
Property Type Net Leased Restaurant - Other
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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap
10Property description Texas Roadhouse, Florida City, FL
Regional Map
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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap
11Property description Texas Roadhouse, Florida City, FL
Aerial
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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap
12Property description Texas Roadhouse, Florida City, FL
Parcel Map
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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap
13Property description Texas Roadhouse, Florida City, FL
Site Plan
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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap
14Property description Texas Roadhouse, Florida City, FL
Parcel Survey
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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap
15Demographic analysis Texas Roadhouse, Florida City, FL
Demographic Details
Population 2-Mile 4-Miles 6-Miles Income 2-Mile 4-Miles 6-Miles
2000 Population 35,156 68,169 87,057 $0 - $ 14,999 26.6% 22.1% 21.5%
2010 Population 51,621 99,244 128,196 $15,000 - $24,999 17.0% 14.4% 14.5%
2014 Population 55,402 107,311 139,265 $25,000 - $34,999 16.0% 13.7% 13.3%
2019 Population 62,106 120,685 156,870 $35,000 - $49,999 14.8% 15.1% 14.3%
$50,000 - $74,999 13.6% 15.8% 16.6%
$75,000 - $99,999 5.8% 8.2% 8.6%
Households 2-Mile 4-Miles 6-Miles $100,000 - $124,999 3.2% 4.7% 5.1%
2000 Households 10,606 20,375 25,494 $125,000 - $149,999 1.2% 2.4% 2.7%
2010 Households 15,884 30,125 38,396
$150,000 - $200,000 1.1% 2.1% 2.1%
2014 Households 17,126 32,723 41,879
$200,000 to $249,999 0.3% 0.5% 0.6%
2019 Households 19,263 36,894 47,247
$250,000 + 0.6% 0.9% 0.9%
2014 Average HH Size 3.17 3.24 3.27
2014 Daytime Population 11,896 21,286 27,558 2014 Median HH Income $28,512 $34,875 $35,700
2000 Owner Occupied Housing Units 32.38% 46.16% 47.46% 2014 Per Capita Income $12,729 $15,586 $15,624
2000 Renter Occupied Housing Units 56.54% 45.28% 42.65% 2014 Average HH Income $40,691 $50,459 $51,402
2000 Vacant 11.08% 8.56% 9.88%
2014 Owner Occupied Housing Units 34.05% 46.40% 49.19%
2014 Renter Occupied Housing Units 65.95% 53.60% 50.81%
2014 Vacant 11.16% 10.53% 10.35%
2019 Owner Occupied Housing Units 33.53% 45.90% 48.78%
2019 Renter Occupied Housing Units 66.47% 54.10% 51.22%
2019 Vacant 12.20% 11.63% 11.31%
Demographic data © 2012 by Experian.
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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap
16Demographic analysis Texas Roadhouse, Florida City, FL
Demographic Summary
Geography: 6 Miles
Population Race and Ethnicity
In 2014, the population in your selected geography is 139,264. The population The current year racial makeup of your selected area is as follows: 66.88%
has changed by 59.96% since 2000. It is estimated that the population in your White, 21.44% Black, 0.12% Native American and 1.25% Asian/Pacific
area will be 156,869 five years from now, which represents a change of 12.64% Islander. Compare these to Entire US averages which are: 71.60% White,
from the current year. The current population is 50.04% male and 49.95% 12.70% Black, 0.18% Native American and 5.02% Asian/Pacific Islander.
female. The median age of the population in your area is 30.4, compare this People of Hispanic origin are counted independently of race. People of
to the Entire US average which is 37.3. The population density in your area is Hispanic origin make up 59.47% of the current year population in your
1,233.31 people per square mile. selected area. Compare this to the Entire US average of 17.13%.
Households
Housing
There are currently 41,878 households in your selected geography.
The number of households has changed by 64.26% since 2000. It is In 2000, there were 13,428 owner occupied housing units in your area and
estimated that the number of households in your area will be 47,246 there were 12,066 renter occupied housing units in your area. The median
five years from now, which represents a change of 12.81% from the rent at the time was $451.
current year. The average household size in your area is 3.27 persons.
Employment
Income In 2014, there are 27,558 employees in your selected area, this is also known as
In 2014, the median household income for your selected geography is the daytime population. The 2000 Census revealed that 44.24% of employees
$35,700, compare this to the Entire US average which is currently $51,972. are employed in white-collar occupations in this geography, and 55.25% are
The median household income for your area has changed by 21.51% since employed in blue-collar occupations. In 2014, unemployment in this area is
2000. It is estimated that the median household income in your area will 8.90%. In 2000, the average time traveled to work was 35.5 minutes.
be $41,753 five years from now, which represents a change of 16.95% from
the current year. The current year per capita income in your area is $15,624,
compare this to the Entire US average, which is $28,599. The current year
average household income in your area is $51,401, compare this to the Entire
US average which is $74,533.
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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap
17Market Overview Texas Roadhouse, Florida City, FL
About Florida City, Florida
The Florida Keys are a string of tropical islands stretching about 120 miles
off the state’s southern tip, between the Atlantic Ocean and Gulf of Mexi-
co. A major tourist destination, visitors are drawn to keys leisure lifestyle,
Florida City is locatedi 42 miles South of Downtown Miami
along the gate way to the Florida Keys, The Everglades National
Park and Biscayne National Park. Each Year, several million
tourists travel along US 1 to reach these destinations. Traffic
counts exceed 38,000 Plus vehicles per day or approximately
14 million per year.
Commerce in Florida city is integrated for daily traffic of tourists,
locals and commercial vehicles. Immediate surrounding retail
includes Best Buy, Super Walmart, BJ Wholesale Club, Home
Depot and the Florida Keys Outlet Mall. This mall features
tenants such as Calvin Klein, Nike, Tommy Hilfiger, Crocs and
Guess which all serve the local residents and the entire Florida
Keys chain of islands’ residents.
sources: http://www2.dot.state.fl.us/floridatrafficonline/viewer.html
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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap
18Additional DETA I L S Texas Roadhouse, Florida City, FL
REPRESENTATIVE PHOTO
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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap
19Additional DETA I L S Texas Roadhouse, Florida City, FL
REPRESENTATIVE PHOTO
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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap
20Additional DETA I L S Texas Roadhouse, Florida City, FL
REPRESENTATIVE PHOTO
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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap
21exclusively listed
E x clusi v ely listed by:
GABRIEL BRITTI RONALD ISSENBERG
Vice President Investments Vice President Investments
Senior Director, National Retail Group Senior Director, National Retail Group
Miami OFfice Miami OFfice
Office: (786) 522-7017 Office: (786) 522-7013
Gbritti@marcusmillichap.com Rissenberg@marcusmillichap.comYou can also read
