johnny carino’s italian grill€¦ · 2021 $156,091 7.10% 2022 $157,652 7.17% 2023 $159,228 7.24%...
TRANSCRIPT
CONFIDENTIAL OFFERING
MEMORANDUM
Johnny Carino’s
Italian Grill 3213 MacArthur Drive, Alexandria, LA 71303
Johnny Carino’s Italian Grill is ideally
located in a major retail corridor in
Alexandria, Louisiana.
The Alexandria MSA is found in the
center of Louisiana and boasts a
population in excess of 160,000.
This 6,069-square foot single-tenant
retail building sits on approximately
1.648 acres of land directly off the
main north-south arterial highway.
As a testament to the tenant’s
dedication to this location, the original
lease has been extended by 7 years
with three 5-year extensions—24
years beyond the original term.
EXCLUSIVELY OFFERED BY
Scott Gardner
Sentry Real Estate
(702) 951-2800
Executive Summary
OVERVIEW
Sentry Real Estate is pleased to exclusively offer Johnny Carino’s Italian Grill, a truly exceptional opportunity to purchase
a single-tenant triple-net (NNN) investment in the heart of one of Louisiana’s largest MSAs. Situated on more than 1.6
acres in the heart of Alexandria’s retail district, Johnny Carino’s Italian Grill is well-located along the city’s major north-
south arterial, highway 71.
The tenant is a long-standing Carino’s franchisee/operator that manages various dining concepts and has many years
in the restaurant industry. The tenant is successfully re-branding Johnny Carino’s Italian Grill with a cantina-style
restaurant called Johnny’s Italian American Tavern by Carino’s.
OFFERING SUMMARY
Sales Price $2,200,000 | $362 PSF
NOI $150,000
Cap Rate 6.82%
Gross Leasable Area 6,069 SF
Lot Size 1.648 Acres
Year Built 2003
10-Year IRR 7.09%
Sales-to-Rent Ratio 8.00%
LEASE SUMMARY
Lease Type Absolute Triple-Net
Tenant Alexandria 71, LLC
Original Lease Term 17 Years
Lease Commencement November 2003
Lease Expiration March 2027
Remaining Term 9.5 Years
Lease Options Three 5-Year
Rent Increases 1% Annually
10-Year IRR 7.09%
10-Year NPV of Cash Flows
@ 6.00% $1,149,555
Year Annual Rent Cap Rate
2017 $150,000 6.82%
2018 $151,500 6.89%
2019 $153,015 6.96%
2020 $154,545 7.02%
2021 $156,091 7.10%
2022 $157,652 7.17%
2023 $159,228 7.24%
2024 $160,820 7.31%
2025 $162,429 7.38%
2026 $164,053 7.46%
First Option
2027 $165,693 7.53%
2028 $167,350 7.61%
2029 $169,024 7.68%
2030 $170,714 7.76%
2031 $172,421 7.84%
Financial Analysis
ANNUALIZED OPERATING DATA
The lease currently has a little over nine (9) years remaining with three
(3) 5-year options. Additionally, the lease calls for annual 1% increases
in the rent.
6.40%
6.60%
6.80%
7.00%
7.20%
7.40%
7.60%
$140,000.00
$145,000.00
$150,000.00
$155,000.00
$160,000.00
$165,000.00
$170,000.00
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Rent Cap Rate
Location Overview
HIGHLIGHTS � Located in Dense Retail Trade Corridor
� Traffic counts of 31,000 vehicles per
day
� Within ½ Mile of Many National
Tenants and Regional Mall
� Excellent Access from Interstate 49
� Dense Population in Heart of Louisiana
with Over 50,000 Residents
AREA INFORMATION The Alexandria city limits expand over Rapides
and Grant parishes in the heart of Louisiana.
Alexandria is the principal city in the region and
is the parish seat for Rapides Parish.
The metro area has grown 9.8 percent since
2000, to nearly 55,000 citizens. Over the next
five years, the population of the metro will
increase by 0.5 percent annually.
Major employers in the area include Procter &
Gamble, Louisiana State University, Union
Tank Car Company, PlastiPak, Rapides
Regional Medical Center, and the Alexandria
International Airport (AEX). Sundrop Fuels Inc.
has announced plans to construct a 1,200+ acre
plant just northwest of Alexandria.
Alexandria was rated the 77th best place in
which to conduct business out of the 393 U.S.
cities ranked!
Demographics
CITY FACTS
Due to the construction of a new plant near the city,
it has been projected that Alexandria will see more
than 5% population growth in the next few years.
The primary market drivers of the Alexandria
economy are Government, military, manufacturing,
healthcare, and travel.
The estimated median household income in the
Alexandria MSA has increased by 53% over the past
20 years.
The City of Alexandria is almost the exact geographic
center of the state of Louisiana and is:
� 97 miles from Baton Rouge
� 204 miles from Houston
� 320 miles from Dallas
� 925 miles from Miami
There are approximately 18,000 families with
children in the Alexandria MSA.
Data taken from https://datausa.io/profile/geo/alexandria-la-metro-area/#economy
Population City – 50,000+
MSA – 160,000+
Median Age 37.4 Year Old
Median Household
Income $40,591
Number of
Employees 60,000+
Median Property
Value $120,000
Number of
Households 17,800+
Data taken from https://datausa.io/profile/geo/alexandria-la-metro-area/#top and other available sources
Notices & Disclaimers
DISCLAIMERS
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 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.
This property is exclusively presented by Scott Gardner of Sentry Real Estate.