pageland,sc (charlotte msa) burger king - atlantic retail · 2020. 2. 13. · carrols restaurant...

P AGELAND,SC (CHARLOTTE MSA)

Burger King

ATLANTA | BOSTON | CHARLOTTE | LOS ANGELES | PITTSBURGH | WEST PALM BEACH | ATLANTICRETAIL.COM

ASKING PRICE $1,478,000CAP RATE 5.75%

© ATLANTIC RETAIL 2019 The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it.

Sam Young980.498.3292 [email protected]

David Hoppe980.498.3293 [email protected]

ATLANT ICRETAIL .COM | 2BURGER K IN G | INVESTMENT H IGHL IGHTS

Investment Highlights

• Established Tenant in a Proven Location (Tenant has been in location for over 20 years & recently extended their lease)

• Lease Guaranteed by the Largest Burger King Franchisee in the USA (Carrols Restaurant Group – 1,000+ Locations; NASDAQ: TAST)

• The tenant recently funded a complete remodel of this property, showing their commitment to the location

• Rental Increases in Initial Term and Renewal Options

• Property enjoys a Robust Traffic Count Exceeding 18,000 VPD at the intersection of Van L Mungo Blvd and McGregor St

• Subject Property is Located in Pageland’s Main Commercial Corridor with Many Major Retailers

• Subject benefits from strong seasonal business due to its location on a major highway providing access to and from Coastal vacation destinations

ATLANT ICRETAIL .COM | 3BURGER K IN G | INVESTMENT S UMMARY

Lease SummaryTENANT Burger King

GUARANTOR Carrols Corporation (NASDAQ: TAST)-Over 1000 Units

ASKING PRICE $1,478,000

CAP RATE 5.75%

ADDRESS 201 N Van L Mungo BlvdPageland, SC

BUILDING SIZE 3,000 SF

LAND SIZE 1.21 AC

ANNUAL RENT $85,000

LEASE TERM 10 years

LEASE TYPE Absolute NNN

COMMENCEMENT October 28, 2019

EXPIRATION October 27, 2029

OPTIONS 2 x 5 year options

INCREASES 6% in 202212% in 202912% in 2032

LANDLORD No Responsibilities

RIGHT OF FIRST REFUSAL

Lessee has 50-Day ROFR

Rent ScheduleYEARS ANNUAL MONTHLY INCREASE

1-3 $85,000 $7,083.33

4-10 $90,000 $7,500.00 6.00%

OPTION 1 (LY 11 TO 13) $100,800 $8,400.00 12.00%

OPTION 2 (LY 13 TO 18) $112,896 $9,408.00 12.00%

ATLANT ICRETAIL .COM | 4BURGER K IN G | S IT E AER IAL

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ATLANT ICRETAIL .COM | 6BURGER K IN G | S IT E SURVEY

ATLANT ICRETAIL .COM

PAGELAND, SC


PAGELAND REFORMEDPRESBYTERIAN CHURCH

BUNTINGGRAPHICS

PAGELAND SCREENPRINTERS, INC

130+ EMPLOYEES

DOWNTOWNPAGELAND

E McGregor St

N V

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gle M

ungo B

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10,5

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8,300 ADT

McGregor St

ATLANT ICRETAIL .COM | 7BURGER K IN G | MAR KET AER IAL

151

ATLANT ICRETAIL .COM | 8BURGER K IN G | T ENANT P ROF ILE

Tenant Overview

BURGER KING

Every day, more than 11 million guests visit BURGER KING® restau-rants around the world. And they do so because our restaurants are known for serving high-quality, great-tasting, and affordable food. Founded in 1954, BURGER KING® is the second largest fast food hamburger chain in the world. The original HOME OF THE WHOPPER®, our commitment to premium ingredients, signa-ture recipes, and family-friendly dining experiences is what has defined our brand for more than 50 successful years. For more information, please visit bk.com

RESTAURANT BRANDS INTERNATIONAL

Restaurant Brands International Inc. (“RBI”) is one of the world’s largest quick service restaurant companies with more than $30 billion in system-wide sales and over 25,000 restaurants in more than 100 countries and U.S. territories. RBI owns three of the world’s most prominent and iconic quick service restaurant brands – TIM HORTONS®, BURGER KING®, and POPEYES®. These independently operated brands have been serving their respec-tive guests, franchisees and communities for over 40 years.

Restaurant Brands International Inc. is committed to growing the TIM HORTONS®, BURGER KING®, and POPEYES® brands by le-veraging their respective core values, employee and franchisee relationships, and long track records of community support. The brands benefit from the global scale and shared best practices that come through common ownership under Restaurant Brands International Inc. For more information, please visit rbi.com

CARROLS RESTAURANT GROUP

Carrols is one of largest restaurant franchisees in the United States, and currently operates a total of 1,087 restaurants. It is the largest BURGER KING® franchisee in the United States cur-rently operating 1,027 BURGER KING® restaurants and also oper-ates 60 POPEYES® restaurants. It has operated BURGER KING® restaurants since 1976. For more information on Carrols, please visit carrols.com

ATLANT ICRETAIL .COM | 9BURGER K IN G | D EMOGRAP HICS

DemographicsPOPULATION 1 MILE 3 MILES 5 MILES

2024 PROJECTED POPULATION 1,885 6,307 9,713

2019 ESTIMATE 1,883 6,297 9,685

2010 CENSUS 1,865 6,213 9,589

GROWTH 2019 - 2024 0.11% 0.16% 0.29%

GROWTH 2010 - 2019 0.97% 1.35% 1.00%

POPULATION BY RACE 1 MILE 3 MILES 5 MILES

WHITE 1,122 3,750 6,069

BLACK 678 2,277 3,217

HISPANIC 203 725 974

AM. INDIAN & ALASKAN 22 65 89

ASIAN 15 53 71

OTHER 46 153 234

HOUSEHOLDS 1 MILE 3 MILES 5 MILES

2024 PROJECTION 712 2341 3598

2019 ESTIMATE 711 2,338 3,588

2010 CENSUS 705 2,309 3,555

GROWTH 2019 - 2024 0.14% 0.13% 0.28%

GROWTH 2010 - 2019 0.85% 1.26% 0.93%

OWNER OCCUPIED 427 1,455 2,346

RENTER OCCUPIED 284 884 1,242

2019 AVG HOUSEHOLD INCOME $41,386 $42,370 $44,435

2019 MED HOUSEHOLD INCOME $31,866 $32,510 $33,486

HOUSEHOLDS BY HOUSEHOLD INCOME 1 MILE 3 MILES 5 MILES

<$25,000 295 954 1405

$25,000 - $50,000 215 690 1,013

$50,000 - $75,000 90 342 577

$75,000 - $100,000 84 232 361

$100,000 - $125,000 9 58 121

$125,000 - $150,000 8 23 44

$150,000 - $200,000 10 28 48

$200,000+ 2 11 19

ATLANT ICRETAIL .COM | 10BURGER K IN G | LOCAT ION OVERVIEW

Why Invest in Charlotte, NC?

#1 Most Millennial Growth Apartment List, Inc.

#1 Best City For High Pay and Low Expenses Yahoo

#2 Fastest Growing City In The U.S. United States Census

#2 State In The Country For Low Cost Of Business (NC) Forbes

#3 Best State to Do Business Forbes

#9 Most Attractive Real Estate Market In The U.S. In 2016 Urban Land Institute

The Charlotte metropolitan region, with a balanced economy, an attractive quality of life, a top international airport, and a signif-icant concentration of corporate headquarters continues to be one of the most attractive, fastest growing markets in the United States, boasting a population surge of nearly 80% between 2000 and 2018.

PEOPLE & BUSINESSES KEEP COMING TO CHARLOTTE

• Largest city in North Carolina and 17th largest city in the United States with a population exceeding 800,000

• 2.4 million people in the ten county Charlotte MSA

• Located in the middle of the eastern seaboard, Charlotte is accessible to 60% of the U.S. population within two hours by air

• Diverse economy that is home to the headquarters of seven Fortune 500 companies

• Home to endless amenities & activities including the NFL, NBA, NASCAR, minor league baseball, U.S.

• National Whitewater Center, & museums

FORTUNE 500 COMPANIES IN CHARLOTTE

ECONOMY

The Charlotte metropolitan area contains a diverse economy that is home to the headquarters of seven Fortune 500 companies and sixteen Fortune 1000 firms. Between 2009 and 2018, the unemployment rate plummeted 750 basis points from 12.4% to 4.9%.

MSA POPULATION

47% Population increase between 2010 & 2030

ATLANT ICRETAIL .COM | 1 1BURGER K IN G | LOCAT ION OVERVIEW

LEADER IN FINANCEDowntown Miami has one of the largest concentrations of international banks in the United States, and is home to many large national and international companies.

ENERGY Duke Energy recently dubbed Charlotte as “The New Energy Capital”

28,000 people working in the energy sector throughout Char-lotte

North Carolina is the first south-ern state to legislate renewable energy production and imple-mentation by 2021

There are currently 39 power plants operating in the region with six new potential units in application process

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Anson County

Union County

Lancaster County

York County

Chester County

Cabarrus County

Stanly County

Gaston County

Cl eveland County

Rowan CountyLincoln County

Alexander County

Iredell County

Catawba County

Monroe

Albemarle

Salisbury

Statesville

Shelby

Gastonia

Chester Lancaster Cheraw

Taylorsville

Wadesboro

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Charlotte

Lincolnton

Mooresville

Concord

Rock Hill

Hickory

Charlotte USA energy sector companies

57 FINANCIAL SERVICES COMPANIESWith over 100 employees in Charlotte

20102.0 Million

20152.35 Million

2030 Projection2.94 Million

Charlotte, NC Market Information

BANKING & FINANCIAL SERVICES

Financial Capital of the Southeast offering a well

educated workforce

Home to the Headquarters of Bank of America and Wells Fargo’s eastern

United States operations

291 Fortune 500 Firms represented in the

Charlotte MSA

58,771 People Employed in the financial services

industry in Charlotte

ATLANT ICRETAIL .COM | 12BURGER K IN G | L IM IT ING CONDIT IONS

Limiting ConditionsAtlantic Retail is the exclusive agent for the sale of this property and, as such, will act as the Seller’s Agent. Consequently, the prospective purchaser should not disclose any confidential information to Atlantic Retail.

This Offering Memorandum was prepared by Atlantic Retail, and has been reviewed by the Seller. It contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information that a prospective purchaser may desire. All financial projections are provided for general reference purposes only and are based on assumptions relating to the general economy, competition, and other factors that, therefore, are subject to material change or variation. An opportunity to inspect the Property will be made available to qualified prospective purchasers.

The subject property is being offered on a no representation or warranty “As-Is” basis.

In this Offering Memorandum, certain documents, including leases and other materials, are described in summary form and do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents.

This Offering Memorandum is subject to prior placement, errors, omissions, changes, or withdrawal without notice and does not constitute a recommendation, endorsement, or advice as to the value of the Property by Atlantic Retail, or the Seller. Each prospective purchaser is to rely upon its own investigation, evaluation, and judgment as to the advisability of purchasing the Property described herein.

Seller expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any party at any time with or without notice. Seller shall have no legal commitment or obligation to any purchaser reviewing this Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller, and any conditions to Seller’s obligations thereunder have been satisfied or waived. Atlantic Retail is not authorized to make any representations or agreements on behalf of Seller.

This Offering Memorandum is the property of Atlantic Retail, and may be used only by parties approved by Atlantic Retail. The Property is privately offered, and by accepting this Offering Memorandum, the party in possession hereof agrees (i) to return it to Atlantic Retail, and (ii) that this Offering Memorandum and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Offering Memorandum may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Atlantic Retail and Seller. The terms and conditions set forth above apply to this Offering Memorandum in its entirety.

pageland,sc (charlotte msa) burger king - atlantic retail · 2020. 2. 13. · carrols restaurant...

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