baker’s square | 690-unit Guaranty

O F F E R I N G M E M O R A N D U M

west st. paul, mn

1949 S Robert StreetWest St. Paul, MN 55118

$2,900,000

7.40%

$214,467

priCe

aDDress

nOi

Cap rate

FinanCialOverview

Lease Type Absolute Net

Tenant American Blue Ribbon Holdings, LLC

Guarantor Corporate

Roof and Structure Tenant Responsible

Primary Term 20 Years

Rent Commencement Date 2/20/1996

Lease Expiration Date 6/30/2028

Term Remaining 8.5 Years

Rental Increases 1% and 2% Annually

Renewal Options Four, Five-Year

OFFerinGsummary

Building Square Feet 4,053 SF

Year Built 1996

Lot Size 1.37 Acres

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investmenthiGhliGhts

• Corporate Guaranty from 690+ Unit Parent Company (American Blue Ribbon Holdings)

• Absolute Net Lease Offering Zero Landlord Responsibilities

• Annual Rent Increases of 1% and 2%

• 23-Year Operating History at Subject Location

• Recent 11-Year Lease Extension Executed by Tenant Signals Commitment

• Fidelity National Owns 55% Stake in American Blue Ribbon Holdings

• Four-Way Signalized Intersection and Oversized 1.37-Acre Lot

• Chick-fil-A and Raising Cane’s Recently Built Restaurants Up the Street Speaking to Strength of Subject Retail

Market

• Developer Recently Constructed Brand New Two-Tenant Aspen Dental and Med Express on Opposite Corner

• Tenant has 4, 5-Yr Option Periods Remaining

• Investor’s Return Improves to Over 8% by 6th Year of Ownership

• American Blue Ribbon Holdings Also Owns and Operates O’Charley’s, Village Inn and Ninety Nine

Lease Years Annual Rent Monthly Rent Cap Rate1 $214,467 $17,872 7.40%2 $218,756 $18,230 7.54%3 $223,131 $18,594 7.69%4 $227,594 $18,966 7.85%5 $229,870 $19,156 7.93%6 $232,169 $19,347 8.01%7 $234,490 $19,541 8.09%8 $236,835 $19,736 8.17%9 $239,204 $19,934 8.25%

End of Option 1 $251,406 $20,951 8.67%End of Option 2 $264,230 $22,019 9.11%End of Option 3 $277,709 $23,142 9.58%End of Option 4 $291,875 $24,323 10.06%

rentrOll

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lOCatiOnhiGhliGhts

• Prime, Four-Way Signalized Intersection

• South Robert Street Underwent Major, $100,000,000+ Road Improvement Project in 2016

• In Heart of South Robert Street Retail Corridor Including National Retailers Target, Walmart, Home Depot, LA

Fitness, Burling Coat Factory, Starbucks, Panera, Lowe’s, etc.

• Saint Paul/Minneapolis Represents the 16th Largest Metropolitan Statistical Area in the United States

• 191,000 People Live Within Five-Mile Radius

• Property is Located Seven-Miles South of Downtown Saint Paul

• Several New Construction Properties Along South Robert as Result of Road Improvement Project with Focus

on Food and Medical

• 10+ Car Dealerships Located Two Blocks South

• Two Points of Access Into and Out of Site

• Main Retail Location - Across Street from Walmart Supercenter and Near Menards, Aldi, Culver’s, IHOP,

PetSmart, Hobby Lobby, Hy-Vee and Southridge Mall

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aerialphOtOs

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prOpertyDemOGraphiCs

POPULATION 1 MILE 3 MILE 5 MILE

2010 Population 7,195 69,824 182,238

2018 Population 7,545 72,380 192,048

2023 Population 7,519 74,161 196,083

HOUSEHOLDS

2010 Households 3,358 28,533 77,599

2018 Households 3,545 29,708 82,548

2023 Households 3,561 30,917 85,845

2018 Daytime Population 10,788 67,479 270,903

2018 Median Household Income $44,086 $61,643 $59,527

2018 Per Capita Income $33,619 $35,609 $37,254

2018 Average Household Income $70,336 $86,414 $86,101

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ameriCan blue ribbOn

hOlDinGs

Tenant Baker ’s Square

Tenant/Guarantor American Blue Ribbon Holdings, LLC

# Locations of Guarantor 690+

# Baker ’s Square Locations 45

Ownership Private

Headquarters Nashville, TN

Annual Revenue +- $1.3 Billion

• 690+ Restaurants in Operation

• Fidelity National Owns and Controls 55% of Company

• Currently Operates Restaurants in 40 Different States

• Other Brands Include O’Charley’s, Ninety Nine and Village Inn

A diversified food service company with approximately $1.3 billion in annual revenue and currently operates more than 690 company and franchise restaurants in more than 40 states.

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Baker’s Square – West Saint Paul, MN

Bakers Square began in the early 1970’s as an independent restaurant in Des Moines, Iowa, serving soups, sandwiches and–as it happens–some of the most incredible pies anyone in

the area had ever tasted. The fresh baked double crust fruit pies, cream and meringue pies that this little restaurant turned out day in and day out soon built a reputation that reached

as far away as Minneapolis, where Pillsbury® took note.

Today, Bakers Square is owned and managed by American Blue Ribbon Holdings, LLC. It has grown into a network of restaurants across the upper Midwest that, in many ways, still maintains the charm and friendly appeal of that original restaurant in Iowa. For breakfast, lunch, dinner–or just a slice of pie–our guests find Bakers Square to be a comfortable and

inviting place to relax, celebrate, or simply reward themselves with something special.

american blue ribbon holdings

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Retail Investment Sales Brokerage Company Ranking*

natiOnal retail GrOup

“We close a transaction every 14 minutes of every

working day.”

“More transactions than our next 7 largest

competitors combined.”

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exClusively listeD by

JON RUZICKARegional Manager (RM)/ Broker of Record (BOR) MINNEAPOLISJon.Ruzicka@marcusmillichap.comLicense: 40583288