1812 e main street alice, tx 78332 - loopnet...with square cupolas, wood benches/tables, lobster...
TRANSCRIPT
Offering Memorandum1812 E Main StreetAlice, TX 78332
| E H R E N J A C O B S1
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Execs
EHREN JACOBSREALTOR®
CELL: (310) 920-8996EMAIL: [email protected]# 01219939
DANELLE BROWNRE/MAX ELITEBROKER OF RECORDLIC# 0678782
RACHEL BATEMANTRANSACTION COORDINATOR
ALBERT MEDINAMARKETING ASSOCIATE
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DISCLAIMER STATEMENT:
The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from RE/MAX Execs/RE/MAX Elite and should not be made available to any other person or entity without the written consent of RE/MAX Execs/RE/MAX Elite.
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. RE/MAX Execs/RE/MAX Elite 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, RE/MAX Execs/ RE/MAX Elite has not verified, and will not verify, any of the information contained herein, nor has RE/MAX Execs/RE/MAX Elite 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.
CONTENTS2 TEAM MEMBERS
3 CONTENTS
4 INVESTING OFFERING Investment Highlights Property Summary
5 FINANCIAL ANALYSIS Financial Summary Rent Schedule
6 TENANT OVERVIEW Company History
7-8 MAPS Site/Regional Aerial Tenant
9-10 DEMOGRAPHICS
11 CITY OVERVIEW
12 PARCEL LOCATION3
This offering is subject to change, prior to sale, prior lease or withdrawal from the market without notice. The above information was furnished to us either directly by the Owner or his Agent or through a Co-Broker and therefore is herewith submitted without any guarantee on our part, and while we do not guarantee it and assume no liability for errors or omissions, we believe it to be correct. The photos in this OM are representations and not actual photos of the property. The information is given with the understanding that all the negotiations relative to purchase, sale, exchange or leasing of the property herein described will be conducted through RE/MAX EXECS.
INVESTMENT HIGHLIGHTSAs exclusive sales agents RE/MAX Execs is proud to represent this single tenant, NET lease opportunity. The tenant is in a high visibility location. Located at the hub of retail activity in Alice, Texas.
INVESTMENT HIGHLIGHTS
• National Brand Name Tenant
• 14+ years remaining on the lease
• 10% rent bumps throughout the lease
• Available @ a 6.5% CAP rate
• 3 options to renew the lease
• Website: www.ljsilvers.com
• Number of locations: 1132 ±
• Number of employees: 8400 ±
• Current NOI $71,499
PROPERTY SUMMARY
Address: 1812 E Main Street Alice, TX 78332
Assessor Parcel #: 12-44-80-010-000-0
Census tract: 9503.00
Legal Description: SAINCO S/D LT 1 0000.712 (Abbreviated)
Lot Size: 31,015 ± Sq. Ft.
Building Size: 2,650 ± Sq. Ft.
Landscaping: Professional
Property Type: Commercial
Number of Stores: One
Parking Spaces: 31 ± Estimated
Year Built: 1983
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INVESTING OFFERING
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This offering is subject to change, prior to sale, prior lease or withdrawal from the market without notice. The above information was furnished to us either directly by the Owner or his Agent or through a Co-Broker and therefore is herewith submitted without any guarantee on our part, and while we do not guarantee it and assume no liability for errors or omissions, we believe it to be correct. The information is given with the understanding that all the negotiations relative to purchase, sale, exchange or leasing of the property herein described will be conducted through RE/MAX EXECS.
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FINANCIAL ANALYSIS
TERM PERIOD MONTHLY RENT ANNUAL RENT
FIRST 5/1/08 - 4/29/16 $5416.67 $63,000.04
SECOND 5/1/16 - 9/30/18 $5416.67 $65,000.04
CURRENT TERM 10/1/18 - 9/30/23 $5958.33 $71,499.96
FOURTH 10/1/23 - 9/30/28 $6554.17 $78,650.04
FIFTH 10/1/28 - 9/30/33 $7209.56 $86,514.72
OPTION 1 10/1/31 - 9/30/39 $7930.51 $95,166.12
OPTION 2 10/1/41 - 9/30/46 $8723.56 $104,682.72
OPTION 3 10/1/51 - 9/30/56 $9,595.92 $115,150.99
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RENT SCHEDULE
Offer Price $1,020,000
Cap Rate 7.0%
Lease Type NNN
Ownership Fee Simple
Base Rent $71,449.96
Guarantor MUY Brands (until 4/29/23)Baracuda Brands (4/30/23 - 9/30/33)
Lease Assigned 12/1/12
Tenant Barracuda Restaurant Holdings
Term Remaining 14+ Years
Options to Renew (3) Five year options
Rent Increases Throughout Terms
Option Increases 10% @ each option period
Property Taxes Tenant
Property Maintenance Tenant
Property Insurance Tenant
Lease Start 05/01/2008
Lease Expiration 09/30/2033
1812 E Main StreetAlice, TX 78332
FINANCIAL SUMMARY
TENANT OVERVIEW
COMPANY HISTORYLong John Silvers is the largest quick-service seafood restaurant chain in the United States, with about one-third of the estimated $1.24 billion market. The chain’s more than 1200 units, located in 36 states, feature a nautical theme and amenu that includes their trademark battered-dipped fish, chicken,seafood,breadedfish,sandwichedandFrenchfries,coleslawandmore.
Thefirstrestaurantwasopenedin1969,inLexington,Kentucky.Theoriginallocation, on 301 Southland Drive just off Nicholasville Road, was previously a seafood carry out restaurant named the Cape Codder.
Earlier restaurants were known for their Cape Cod style buildings, blue roofs with square cupolas, wood benches/tables, lobster pots, and ship’s wheels. Later, more nautically themed decorations were added such as seats made to look like nautical flags. Those early restaurants also featured separateentrance and exit doors, a corridor like waiting line area, deep fryer with food heaters that were transparent so customers could see the food waiting to be served, and wrought iron ‘sword’ door handles.
In September 2011, Yum! announced the impending sale of Long John Silver’s to LJS Partners LLC – a group consisting of franchisees and other private investors.
In March 2015, James O’Reilly, who had previously worked for KFC (another Yum! Brands holding), was appointed as the CEO. He stated that he expected the chain to maintain its 1,132 stores and refocus its marketing.
On May 22, 2018, Long John Silver’s announced the acquisition of seventy six franchised restaurants primarily owned by ServUS located primarily in Indiana, as well as renovating its restaurants. Today Long John Silver’s continues to prosper and look for new opportunities to grow.
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MAPS
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SITE/REGIONAL
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MAPS
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AERIAL TENANT
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1812 E Main StreetAlice, TX 78332
DEMOGRAPHICS
Data supplied from Environics Analytics
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DEMOGRAPHICS
Demographics Summary
Description1812 E Main Street
1 mi Radius1812 E Main Street
3 mi Radius1812 E Main Street
5 mi Radius
Total % Total % Total %
Populatons2010 Census 5,039 100.00 20,807 100.00 22,885 100.002019 Estimate 4,745 100.00 20,137 100.00 22,296 100.00
Households2010 Census 1,833 100.00 7,188 100.00 7,878 100.002019 Estimate 1,754 100.00 7,101 100.00 7,841 100.00
Est.PopulationbySingle-ClassificationRace
Description1812 E Main Street
1 mi Radius1812 E Main Street
3 mi Radius1812 E Main Street
5 mi Radius
Total % Total % Total %White Alone 4,111 86.64 17,302 85.92 19,173 85.99
Black or African American Alone 43 .091 194 .096 203 .091American Indian & Alaska Native Alone 30 0.63 156 0.78 175 0.79
Asian Alone 49 1.03 95 0.47 100 0.45Native Hawaiian & Other Pacific Islander 1 0.02 4 0.02 4 0.02
Some Other Race Alone 385 8.11 2,000 9.93 2,215 9.94Two or More Races 128 2.70 385 1.91 425 1.91
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This offering is subject to change, prior to sale, prior lease or withdrawal from the market without notice. The above information was furnished to us either directly by the Owner or his Agent or through a Co-Broker and therefore is herewith submitted without any guarantee on our part, and while we do not guarantee it and assume no liability for errors or omissions, we believe it to be correct. The information is given with the understanding that all the negotiations relative to purchase, sale, exchange or leasing of the property herein described will be conducted through RE/MAX EXECS.
DEMOGRAPHICS 1 MI - 3 MI - 5 MI Radius
DEMOGRAPHICS
Data supplied from Environics Analytics
DEMOGRAPHICS
ExecsPop-Facts® Demographics | Map
Trade Area: 1812 E Main Street Alice Texas 78332 - 1 mi Radius, 1812 E Main Street Alice Texas 78332 - 3 mi Radius, 1812 E Main Street Alice Texas 78332 - 5
mi Radius
Benchmark: USA Copyright © 2019 by Environics Analytics (EA). Source: ©Claritas, LLC 2019.(https://en.environicsanalytics.ca/Envision/About/3/2019)
Leaflet (http://leafletjs.com) | TomTom | Powered by Esri (https://www.esri.com) | USGS, NOAA
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DEMOGRAPHICS 1 MI - 3 MI - 5 MI Radius
CITY OVERVIEW
Alice, TexasHistoryThe city of Alice is located in Jim Well County, Texas in the South Texas region. Alice wasestablishedin1888.Firstitwascalled“Bandana”then“Kleberg”andfinally“Alice”after Alice Gertrude King Kleberg the daughter of Richard King, who established the King Ranch.
Alice was known for its large cattle industry until the discovery of petroleum beneath and around the town in the 1940’s, this caused a petroleum boom.
CultureAlice been recognized as “The Birthplace of Tejano” music dating back to the mid-1940’s when Armando Marroquin Sr. of Alice and partner Paco Betancourt of San Benito launched “Ideal Records” to record Tejano artists exclusively. This became the perfect vehicle for Tejano groups artist to get their music to the public.
Alice is also the birthplace of two Nobel Prize winner’s, Robert F. Curl Jr. who was honored in 1996 in chemistry. Then James P. Allison for his work in Medicine in 2018.
EconomyToday, Alice’s economy is centered on the drilling industry, with more than 100 different oil fieldcompanieslocatedinarea.Aliceisalsocalledthe“HubCity”duetoitsgeographicallocation between Corpus Christy, McAllen, Laredo and San Antonio. Its location between these cities makes it an ideal center for distribution.
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PARCEL MAP
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1812 E Main StreetAlice, TX 78332