burger king - lacey, wa king - lacey, wa.pdf · burger king absolute triple net lease 4830 yelm...

This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy. It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.

For more information, contact:Robert James, Managing Director

280 Park Avenue, 11th Floor, New York, NY 10017 [email protected]

Phone 212-972-7457 Fax 212-972-7496www.kimcoexchangeplace.com

Investment Opportunity

Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.

Burger King

Absolute Triple Net Lease 4830 Yelm Highway, Lacey, WA

Property Summary: This Burger King building is 3,847 sf located on a .917 acre parcel of land and is a pad site to a 44,000 sf Safeway anchored shopping center. The Burger King is on a hard corner with excellent access and visibility at the intersection of Yelm Highway & College St. A new Lowe’s Home Improvement Center has been constructed directly across College Street and that corner is being redeveloped into a new large retail shopping center. This new Lowe’s and associated retail should further increase traffic counts, retail synergy and increase Burger Kings sales at this location. Population has increased 3.8% annually from 1990 to 2007 and is expected to grow 1.9% annually through 2012 within a 3 mile radius. New single family homes are being constructed directly east of the property. The property is located approximately 15 miles south west of Fort Lewis Military Base. Fort Lewis has more than 25,000 soldiers and civilian workers. The post supports 120,000(+) retirees and more than 29,000 family members living both on and off post. Fort Lewis proper contains 86,000 acres; the Yakima Training Center covers 324,000 acres. Area retailers include Safeway Food & Drug, Lowe’s, Rite Aid, Subway, McDonald’s, Advance Auto, Shucks Auto Parts, Liquidation World Inc, Papa Murphy, Quality Food Center and Starbucks among others. Lacey is located approximately 45 miles south of Seattle. This property was remodeled 3 years ago.

Price and Cap: We offer this property at $1,445,919 which is a 9.23% cap rate on NOI of $133,396. NOI is comprised of base rent of $89,250 at an 7.75% cap ($1,151,613) plus percentage rent of $44,146 at a 15% cap ($294,306). Due to the tremendous response to this offering, we have decided to call for best and final offers which are due by Wednesday, November 7th. Offers should have no financing contingency, and close before year end.

Tenant: Flynn Olympic Restaurants, LLC (franchisee) Flynn Olympic Restaurants operates 16 Burger King’s in Washington. In addition, its operating company is a majority owner of Seattle-based World Wrapps casual food chain which operates 12 locations in WA and CA and is rapidly growing.

Lease Summary: Rent: $89,250Escalations: Rent Escalates 10% On November 1st, 2008Percentage Rent Paid: $44,146 (from 10/2006 – 9/2007)Expiration Date: 9/30/2015Option: 5 (5) year options with 10% escalations at the beginning of each option period.Percentage Rent: 8.5% of gross sales in excess of $1,050,000 (natural breakpoint). Sales for the 12 months

ending September 2007: $1,569,372 / 2005 Sales: $1,218,862 / 2004 Sales: $1,209,003

Lease Type: This is a triple net lease. Landlord has absolutely no maintenance, repair or replacement responsibility for the building or land, such responsibility being solely that of the tenant. Tenant pays insurance and real estate taxes directly.

Property Summary: This Burger King building is 3,847 sf located on a .917 acre parcel of land and is a pad site to a 44,000 sf Safeway anchored shopping center. The Burger King is on a hard corner with excellent access and visibility at the intersection of Yelm Highway & College St. A new Lowe’s Home Improvement Center has been constructed directly across College Street and that corner is being redeveloped into a new large retail shopping center. This new Lowe’s and associated retail should further increase traffic counts, retail synergy and increase Burger Kings sales at this location. Population has increased 3.8% annually from 1990 to 2007 and is expected to grow 1.9% annually through 2012 within a 3 mile radius. New single family homes are being constructed directly east of the property. The property is located approximately 15 miles south west of Fort Lewis Military Base. Fort Lewis has more than 25,000 soldiers and civilian workers. The post supports 120,000(+) retirees and more than 29,000 family members living both on and off post. Fort Lewis proper contains 86,000 acres; the Yakima Training Center covers 324,000 acres. Area retailers include Safeway Food & Drug, Lowe’s, Rite Aid, Subway, McDonald’s, Advance Auto, Shucks Auto Parts, Liquidation World Inc, Papa Murphy, Quality Food Center and Starbucks among others. Lacey is located approximately 45 miles south of Seattle. This property was remodeled 3 years ago.

Price and Cap: We offer this property at $1,445,919 which is a 9.23% cap rate on NOI of $133,396. NOI is comprised of base rent of $89,250 at an 7.75% cap ($1,151,613) plus percentage rent of $44,146 at a 15% cap ($294,306). Due to the tremendous response to this offering, we have decided to call for best and final offers which are due by Wednesday, November 7th. Offers should have no financing contingency, and close before year end.

Tenant: Flynn Olympic Restaurants, LLC (franchisee) Flynn Olympic Restaurants operates 16 Burger King’s in Washington. In addition, its operating company is a majority owner of Seattle-based World Wrapps casual food chain which operates 12 locations in WA and CA and is rapidly growing.

Lease Summary: Rent: $89,250Escalations: Rent Escalates 10% On November 1st, 2008Percentage Rent Paid: $44,146 (from 10/2006 – 9/2007)Expiration Date: 9/30/2015Option: 5 (5) year options with 10% escalations at the beginning of each option period.Percentage Rent: 8.5% of gross sales in excess of $1,050,000 (natural breakpoint). Sales for the 12 months

ending September 2007: $1,569,372 / 2005 Sales: $1,218,862 / 2004 Sales: $1,209,003

Lease Type: This is a triple net lease. Landlord has absolutely no maintenance, repair or replacement responsibility for the building or land, such responsibility being solely that of the tenant. Tenant pays insurance and real estate taxes directly.







Location:Lacey is in Thurston County, Washington, strategically located at the mid-point between Portland, Oregon to the south and Puget Sound to the north. Since the 1960’s Thurston has consistently been one of the fastest growing counties in the state and has exceeded the state’s overall rate of growth. Thurston county has Interstate 5, a major north-south artery, traversing throughout the entire county. This ease of transportation and portability, along with the increase in local population, has been the leading cause of the increase in growth of warehouse and distribution businesses, medical services that provide for the surrounding five-county region, local producers engaging in traditional manufacturing and capturing a significant piece of the their global market, and an emerging life sciences community. New professional services include technical internet and web design firms, and legal and consultant companies. Since Lacey is near the capital, much (45%) of the county workforce is in the state government. Thurston has abundant recreational activities including sailing, fishing, canoeing, diving, biking, hiking, and many PGA level golf courses. Thurston is only 120 miles from Mt. St. Helens, 81 miles from Mt. Rainier, 75 miles from ocean shores, and near by to one of the Northwest’s largest gaming casinos. Thurston is home to the Evergreen State College, St Martin’s University, and South Pudget Sound Community College.







Food & Drug

Dollar StoreLiquidation World, Inc

(closing)







Dollar Store

New retail developmentAnchored by Lowe’s

McDonald’sStarbucks,

Movie Gallery, Shucks Auto Supply,

Fantastic SamsQuality Food Center

New Single Family Residential

Development

Baskin Robbins, Subway,

Lacey Nails,Papa Murphy’s,Mayan Mexican

SafewayFood & Drug

Liquidation World Inc

Farrell’s Pizza & Pool







Traffic Counts







Safeway Anchored Shopping Center







25 Minute Drive Time







DEMOGRAPHIC PROFILE2000 Census, 2007 Estimates & 2012 ProjectionsCalculated using Proportional Block Groups

Oct-07

3.00 mi radius 5.00 mi radius 7.00 mi radius

2007 Estimated Population 54,355 113,089 158,0522012 Projected Population 59,509 122,065 170,0662000 Census Population 46,487 99,190 139,3671990 Census Population 32,867 78,358 110,402Historical Annual Growth 1990 to 2007 3.8% 2.6% 2.5%Projected Annual Growth 2007 to 2012 1.9% 1.6% 1.5%

2007 Est. Households 21,030 44,904 63,054 2012 Est. Households 22,934 48,174 67,501 2000 Census Households 18,230 40,069 56,462 1990 Census Households 12,672 31,048 43,735 Historical Annual Growth 1990 to 2007 3.9% 2.6% 2.6%Projected Annual Growth 2007 to 2012 1.8% 1.5% 1.4%

2007 Population 0 to 9 Years 12.5% 11.6% 11.3%2007 Population 10 to 19 Years 12.8% 12.4% 12.5%2007 Population 20 to 24 Years 6.6% 7.5% 8.0%2007 Population 25 to 44 Years 28.3% 28.8% 28.9%2007 Population 45 to 59 Years 21.2% 21.4% 21.5%2007 Population 60 to 74 Years 11.2% 11.2% 11.2%2007 Population 75 Years Plus 7.4% 7.0% 6.6%2007 Est. Median Age 37.3 37.1 36.9

2007 Male Population 48.0% 48.5% 48.7%2007 Female Population 52.0% 51.5% 51.3%Married Base (15yrs+) 44,148 93,211 130,687Never Married 23.0% 25.1% 25.8%Now Married 56.4% 52.3% 51.8%Separated, Divorced or Widowed 20.6% 22.6% 22.4%Households with Kids 37.1% 34.5% 34.0%Average Household Size 2.6 2.5 2.5

2007 Est. HH Income $200,000 or More 2.0% 1.9% 2.0%2007 Est. HH Income $150,000 to 199,999 3.4% 2.9% 3.0%2007 Est. HH Income $100,000 to 149,999 13.7% 12.2% 12.2%2007 Est. HH Income $75,000 to 99,999 16.5% 15.8% 15.4%2007 Est. HH Income $50,000 to 74,999 24.2% 23.4% 23.1%2007 Est. HH Income $35,000 to 49,999 14.8% 14.8% 14.6%2007 Est. HH Income $25,000 to 34,999 9.9% 10.6% 10.7%2007 Est. HH Income $15,000 to 24,999 7.7% 8.8% 9.0%2007 Est. HH Income $0 to 14,999 7.7% 9.7% 10.0%2007 Est. Average Household Income $68,272 $65,245 $65,699 2007 Est. Median Household Income $60,100 $56,469 $56,021 2007 Est. Per Capita Income $27,086 $26,701 $26,989

Number of Businesses 938 4,557 7,054Total Number of Employees 7,663 62,825 89,036

2007 Estimated Population 54,355 113,089 158,052 2007 Est. White Population 80.9% 81.2% 81.2%2007 Est. Black or African American 4.2% 4.1% 3.9%2007 Est. American Indian & Alaska Native 1.1% 1.3% 1.4%2007 Est. Asian & Pacific Islander 7.7% 7.2% 7.3%2007 Est. Two or more and Other Races 6.0% 6.2% 6.1%

HO

USE

HO

LDS

AG

EPO

PULA

TIO

NR

AC

EM

AR

ITA

L ST

ATU

S&

SEX

Lat/Lon: 46.996179/-122.8220075

4830 Yelm Hwy Se Lacey, Washington

INC

OM

E

burger king - lacey, wa king - lacey, wa.pdf · burger king absolute triple net lease 4830 yelm...

Documents