exclusive offerings_mi_utica_marketing package.pdfcommunication or information transmitted or made...

SUBJECT PROPERTY

EXP DALLAS

214.522.7200

BOB MOORHEAD

[email protected]

JOE CAPUTO

[email protected]

property. 6,000+ SF building on 1.78+ acre site.

tenant. TGI Friday’s Inc. : 900+ locations in 59 countries. 2011 revenue: $2.6 billion.

lease structure. Ground lease – Absolute NNN. Recent 10-year option to renew exercised. 10% rent increases in each new option period.

location. TGI Friday’s is located at the corner of Schoenherr Road (47,278 Cars / Day) and Hall Road (86,800 Cars / Day). There is over 4 million square feet of

retail space located within a 1-mile radius of the site. TGI Friday’s is caddy corner to Lakeside Mall (1,550,4500 SF). Lakeside Mall is anchored by Macy’s,

JCPenney, and Sears and has over 180 retailers. Detroit–Warren–Livonia MSA Population: 4,296,250.

EXCLUSIVE OFFERING | $2,128,000 – 6.00% CAP

TGI FRIDAY’S

45001 Schoenherr Road, Utica, Mi – Detroit Metro

Retail Resource Group, Inc. and EXP Realty Advisors, Inc. (“Agents”) have been engaged

as agents for the sale of the property located at 45001 Schoenherr Road, Utica, MI 48315

by the owner of the Property (“Seller”). The Property is being offered for sale in an “as-is,

where-is” condition and Seller and Agents make no representations or warranties as to the

accuracy of the information contained in this Offering Memorandum. The enclosed

materials include highly confidential information and are being furnished solely for the

purpose of review by prospective purchasers of the interest described herein. The enclosed

materials are being provided solely to facilitate the prospective investor’s own due diligence

for which it shall be fully and solely responsible. The material contained herein is based on

information and sources deemed to be reliable, but no representation or warranty, express

or implied, is being made by Agents or Seller or any of their respective representatives,

affiliates, officers, employees, shareholders, partners and directors, as to the accuracy or

completeness of the information contained herein. Summaries contained herein of any

legal or other documents are not intended to be comprehensive statements of the terms of

such documents, but rather only outlines of some of the principal provisions contained

therein. Neither the Agents nor the Seller shall have any liability whatsoever for the

accuracy or completeness of the information contained herein or any other written or oral

communication or information transmitted or made available or any action taken or decision

made by the recipient with respect to the Property. Interested parties are to make their own

investigations, projections and conclusions without reliance upon the material contained

herein. Seller reserves the right, at its sole and absolute discretion, to withdraw the

Property from being marketed for sale at any time and for any reason. Seller and Agents

each expressly reserves the right, at their sole and absolute discretion, to reject any and all

expressions of interest or offers regarding the Property and/or to terminate discussions with

any entity at any time, with or without notice. This offering is made subject to omissions,

correction of errors, change of price or other terms, prior sale or withdrawal from the market

without notice. Agents are not authorized to make any representations or agreements on

behalf of Seller. Seller shall have no legal commitment or obligation to any interested party

reviewing the enclosed materials, performing additional investigation and/or making an offer

to purchase the Property unless and until a binding written agreement for the purchase of

the Property has been fully executed, delivered, and approved by Seller and any conditions

to Seller’s obligations hereunder have been satisfied or waived. By taking possession of

and reviewing the information contained herein, the recipient agrees that (a) the enclosed

materials and their contents are of a highly confidential nature and will be held and treated

in the strictest confidence and shall be returned to Agents or Seller promptly upon request;

and (b) the recipient shall not contact employees or tenants of the Property directly or

indirectly regarding any aspect of the enclosed materials or the Property without the prior

written approval of the Seller or Agents; and (c) no portion of the enclosed materials may be

copied or otherwise reproduced without the prior written authorization of Seller and Agents

PAGE 3: INVESTMENT | TENANT | LEASE OVERVIEW

PAGE 1: COVER

PAGE 2: TABLE OF CONTENTS | DISCLAIMER

PAGE 10: DEMOGRAPHICS

Table of contents | Disclaimer TGI FRIDAY’S

45001 Schoenherr Road, Utica, Mi

PAGE 5-6: AERIAL PHOTOS

PAGE 7: LOCATION OVERVIEW

PAGE 8-9: LOCATION MAPS

Disclaimer

2

PAGE 4: SITE PLAN

http://www.bsro.jobs/about_bsro

SUBJECT PROPERTY PRIOR TO PANDA EXPRESS EXPANSION

PRICE: $2,128,000

CAP RATE: 6.00%

NET OPERATING INCOME: $127,656

BUILDING AREA: 6,000+ Square Feet

LAND AREA: 1.78+ Acres

YEAR BUILT | REMODELED: 1989 | 2005

OWNERSHIP: Fee Simple Interest

LANDLORD RESPONSIBILITY: None

OCCUPANCY: 100%

Tenant overview

3

Investment overviewTGI FRIDAY’S


TGI Friday’s Inc.

Lease overview

Current Lease Term: 10 Yrs & (1) 10-Year Option to Renew

Rent Increases: 10% In Option Period

Lease Type: Ground Lease – Absolute NNN

(Option 3 | 4/14-3/24): $127,656

(Option 4 | 4/24-3/34): $140,421

Percentage Rent: 2% Over Breakpoint

Option 3 Commencement: April 2014

Lease Expiration: March 2024

Tenants Right of First Refusal: Yes

(Option 2 | 4/09-3/14): $110,635

(Option 3 has been exercised)

TGI FRIDAY’S | www.tgifridays.com

TGI Friday’s Inc., aka “Friday’s,” is arguably the most recognized chain in the casual dining sector in North America. Friday’s was founded in 1965 with one

restaurant in New York City. The company has since grown to generate well over $2.6 billion dollars in annual revenues thru 900+ restaurants in 59 countries and

49 states. Friday’s is a wholly owned subsidiary of Carlson Companies who acquired the chain nearly 40 years ago in 1975.

The parent of TGI Friday’s Inc., Carlson Restaurants Worldwide, Inc (CRW), is a subsidiary of Carlson Companies, Inc. Carlson Companies was founded in 1938

and is a global leader in the travel, cruise, restaurant and hotel industries. Today, the company is one of the largest privately owned corporations in the country

with operations in nearly 150 countries worldwide, employing approximately 160,000 people. In 2008 the company posted $38 billion in revenues. The company is

headquartered in Minnetonka, Minnesota.

4

SITE PLANTGI FRIDAY’S


5

Aerial photoTGI FRIDAY’S


6

Aerial photoTGI FRIDAY’S


IMMEDIATE TRADE AREA

TGI Friday’s is located at the corner of Schoenherr Road (47,278 Cars / Day)

and Hall Road (86,800 Cars / Day). Both Schoenherr Road and Hall Road are

main arterial roads that provide the site with excellent exposure to commuter

and retail traffic.

As a result of this visibility there has been extensive and dense retail

development near the subject property. There is over 4 million square feet of

retail space located within a 1-mile radius of the site. TGI Friday’s is caddy

corner to Lakeside Mall ( 1,550,4500 SF). Lakeside Mall is anchored by

Macy’s, JCPenney, and Sears and has over 180 retailers. The mall boasts an

exciting line-up of specialty stores, including: Victoria’s Secret/PINK, The

Limited, Buckle, Teavana, Gymboree, Express, American Eagle Outfitters,

Coach, Forever 21, Hollister Co., Zumiez, Bath & Body Works, The Disney

Store, Panera Bread, p.s. from aéropostale, Body Central and Kay Jewelers.

Big box retailers nearby include Home Depot, Lowe’s, Target, Sam’s Club,

Costco, Best Buy, Sports Authority, Office Max, Garden Ridge, Petsmart,

Dick’s Sporting Goods, Barnes and Noble, Jo-Ann, Kohl’s, Office Depot, and

Hobby Lobby.

UTICA, MI / MACOMB COUNTY

Utica is located in metropolitan Detroit approximately 20-miles north of the city

in Macomb County. Utica has a population of 4,757. Macomb County is

attracting billions of dollars in new investment from leading domestic and

international corporations. Located in the heart of the global automotive

industry, Macomb’s robust infrastructure, dynamic public-private partnerships,

highly skilled workforce and exceptional communities provide the right

combination of resources for success. Macomb County is home to several key

industries. The largest and most widely recognized is manufacturing. In 2011

alone, the Macomb County Department of Planning and Economic

Development’s (MCPED) clients invested nearly $105 million in new and

expanded facilities, machinery and equipment, and created or retained more

than 3,000 jobs. Macomb’s economy continues to diversify and expand. Many

cutting-edge design and engineering firms are located there, and in recent

years, service related industries have grown substantially.

AITS plans to invest $13.3 million to manufacture equipment for commercial

and military aircraft at the new 312,000 square foot facility in Macomb County.

The project is expected to create 1,435 new jobs, including 275 directly by the

company. The MCPED estimates the increased economic activity created by

the project will create an additional 1,160 indirect jobs.

7

Location overviewTGI FRIDAY’S


DETROIT–WARREN–LIVONIA MSA

The Detroit–Warren–Livonia Metropolitan Statistical Area (MSA) or Metro

Detroit is a major metropolitan area located in Southeast Michigan, constituted

of the city of Detroit and the six counties of Lapeer, Livingston, Macomb,

Oakland, St. Clair, and Wayne. The MSA currently has a population of

4,296,250. With the adjacent city of Windsor, Ontario and its suburbs, the

combined Detroit–Windsor area has a population of about 5,700,000.

The MSA has a workforce of about 2.6 million with about 247,000 businesses

operating in the area. Metro Detroit has made Michigan's economy a leader in

information technology, biotechnology, and advanced manufacturing; Michigan

ranks fourth nationally in high tech employment with 568,000 high tech

workers, including 70,000 in the automotive industry. Compuware, IBM,

Google, and Covansys are examples information technology and software

companies with a headquarters or major presence in Metro Detroit. HP

Enterprise Services makes Metro Detroit its regional headquarters, and one of

its largest global employment locations. Michigan typically ranks second or third

in overall Research & development (R&D) expenditures in the United States.

Metro Detroit is an important source of engineering and high tech job

opportunities. As the home of the "Big Three" American automakers (General

Motors, Ford, and Chrysler), it is the world's traditional automotive center and a

key pillar of the U.S. economy. For 2010, the domestic automakers have

reported significant profits indicating the beginning of rebound. A Center for

Automotive Research (CAR) study estimated that tax revenue generated by the

automotive industry in the United States for a single year, 2010, amounted to

$91.5 billion in state and local tax revenue and additional $43 billion in federal

tax revenue.

Metro Detroit serves as the headquarters for the United States Army TACOM

Life Cycle Management Command (TACOM), with Selfridge Air National Guard

Base. Detroit Metropolitan Airport (DTW) is one of America's largest and most

recently modernized airports, with six major runways, Boeing 747 maintenance

facilities, and an attached Westin Hotel and Conference Center.

Detroit is a major U.S. port with an extensive toll-free expressway system. A

Border Transportation Partnership study showed that 150,000 jobs in the

Detroit-Windsor region and $13 billion in annual production depend on Detroit's

international border crossing. A source of top talent, the University of Michigan

in Ann Arbor is one of the world's leading research institutions, and Wayne

State University in Detroit has the largest single-campus medical school in the

United States.

8

Location mapTGI FRIDAY’S


9

Location mapTGI FRIDAY’S


10

DemographicsTGI FRIDAY’S


Demographic snapshot

Radius 1 Mile 3 Mile 5 Mile

Population:

2017 Projection 12,350 105,212 247,730

2012 Estimate 12,523 105,209 247,238

2010 Census 12,740 105,325 246,879

Growth 2012-2017 -1.40% 0.00% 0.20%

Growth 2010-2012 -1.70% -0.10% 0.10%

Households:

2017 Projection 5,341 43,907 98,851

2012 Estimate 5,416 43,872 98,631

2010 Census 5,492 43,799 98,304

Growth 2012-2017 -1.40% 0.10% 0.20%

Growth 2010-2012 -1.40% 0.20% 0.30%

Owner Occupied 3,416 31,880 74,633

Renter Occupied 2,001 11,992 23,998

2012 Avg Household Income $66,094 $67,033 $70,657

2012 Med Household Income $54,772 $53,957 $56,697

2012 Per Capita Income $28,560 $28,077 $28,360

2012 Households by Household Inc:

Income Less than $15,000 767 5,081 9,908

Income $15,000 - $24,999 522 4,744 9,910

Income $25,000 - $34,999 490 4,434 9,383

Income $35,000 - $49,999 635 5,815 13,560

Income $50,000 - $74,999 1,104 8,375 18,506

Income $75,000 - $99,999 803 6,170 14,326

Income $100,000 - $149,999 793 6,575 16,088

Income $150,000 - $199,999 206 1,883 4,767

Income $200,000+ 96 795 2,176

DOWNTOWN DETROIT, MI

GM GLOBAL HEADQUARTERS, DETROIT, MI

exclusive offerings_mi_utica_marketing package.pdfcommunication or information transmitted or made...

Documents