hooters - loopnet€¦ · hooters is a pad to henry town center, a 700,000 square foot shopping...
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NOR
MCDONOUGH, GA (ATLANTA MSA)
ABSOLUTE NNN CORPORATE 15-YEAR LEASE WITH 11 YEARS REMAINING
HOOTERS
75
JONESBORO ROADJONESBORO ROAD
16,600 VPD
ATLANTA27 MILES 75Contact the
team
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. Buyer must verify the information and bears all risk for any inaccuracies.
JOE [email protected]: 415.274.7394CA DRE# 01191110
IN CONJUNCTION WITH GA LICENSED BROKER: Steve MillerMiller Realty Services, [email protected]
HENRY TOWN HENRY TOWN CENTERCENTER
132,000 VPD
2
HOOTERS1858 JONESBORO ROAD, MCDONOUGH, GA 30253
HOOTERS IS A PAD TO A 700,000 SF SHOPPING CENTER FEATURING SUPER TARGET, HOME DEPOT,
BELK, MARSHALLS, AND HOMEGOODS
6.25%CAP
$2,754,000PRICE
NOI: $172,141LEASE TYPE: Absolute NNNLEASE TERM: 15-Years (11 Remaining)LEASE OPTIONS: Two 5-year optionsLEASABLE AREA: 4,334 SFLAND AREA: 1.14 AcresYEAR RENOVATED: 2018
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. Buyer must verify the information and bears all risk for any inaccuracies.
3
Overview
THE OFFERINGHooters is a pad to Henry Town Center, a 700,000 square foot shopping center anchored by Super Target, Home Depot, Belk, Marshalls, and HomeGoods. Located in the Atlanta MSA, this corporate Hooters has 11 years remaining on its original 15-year absolute NNN lease with zero Landlord maintenance or management responsibilities. The lease features 1.5% annual rent bumps, and two 5-year options to extend. In 2015, Hooters extended its lease at this location and in July 2018, Hooters spent approximately $300,000 on major renovations to the subject property including new signage, interior, and parking lot.
The subject property is located in the primary retail hub of McDonough. It is located just off I-75, a major north-south interstate highway through the southeastern region of the U.S., with traffic counts exceeding 132,000 VPD, providing excellent visibility and access to the shopping center.
• Located in the major retail hub for the McDonough area, just off Interstate 75
• Located in front of the major shopping center in the trade area with very strong anchors including a Super Target, Home Depot, Belk, Marshalls, and HomeGoods
DESIRABLE LOCATION
4
Investment Highlights
SURROUNDING RETAIL
HIGHLIGHTS• Approximately $300,000 in renovations
completed in 2018• Located in Atlanta MSA• 11 years remaining• Zero Landlord maintenance or
management responsibilities
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. Buyer must verify the information and bears all risk for any inaccuracies.
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. Buyer must verify the information and bears all risk for any inaccuracies.
PRICE $2,754,000 Capitalization Rate: 6.25%
Total Rentable Area (SF): 4,334
Lot Size (AC): 1.14
STABILIZED INCOME PER SQUARE FOOTScheduled Rent $39.72 $172,141
Effective Gross Income $39.72 $172,141
LESS PER SQUARE FOOTTaxes NNN $0.00
Insurance NNN $0.00
Total Operating Expenses NNN $0.00
EQUALS NET OPERATING INCOME $172,141
5
Income & Expense
TENANT INFO LEASE TERMS RENT SUMMARY CAP RATE BASED ON ANNUAL RETURN
TENANT NAME SQ. FT. CURRENT RENT
MONTHLY RENT
YEARLY RENT
MONTHLY RENT/FT
YEARLY RENT/FT CAP RATE
Hooters 4,334 6/1/2015 5/31/2016 $13,383 $160,600 $3.09 $37.06 5.83%
6/1/2016 5/31/2017 $13,618 $163,411 $3.14 $37.70 5.93%
6/1/2017 5/31/2018 $13,856 $166,270 $3.20 $38.36 6.04%
6/1/2018 5/31/2019 $14,098 $169,180 $3.25 $39.04 6.14%
6/1/2019 5/31/2020 $172,141 $14,345 $172,141 $3.31 $39.72 6.25%
6/1/2020 5/31/2021 $14,596 $175,153 $3.37 $40.41 6.36%
6/1/2021 5/31/2022 $14,852 $178,218 $3.43 $41.12 6.47%
6/1/2022 5/31/2023 $15,111 $181,337 $3.49 $41.84 6.58%
6/1/2023 5/31/2024 $15,376 $184,510 $3.55 $42.57 6.70%
6/1/2024 5/31/2025 $15,645 $187,739 $3.61 $43.32 6.82%
6/1/2025 5/31/2026 $15,919 $191,025 $3.67 $44.08 6.94%
6/1/2026 5/31/2027 $16,197 $194,368 $3.74 $44.85 7.06%
6/1/2027 5/31/2028 $16,481 $197,769 $3.80 $45.63 7.18%
6/1/2028 5/31/2029 $16,769 $201,230 $3.87 $46.43 7.31%
6/1/2029 5/31/2030 $17,063 $204,752 $3.94 $47.24 7.43%
Option 1 6/1/2030 5/31/2031 $17,361 $208,335 $4.01 $48.07 7.56%
6/1/2031 5/31/2032 $17,665 $211,981 $4.08 $48.91 7.70%
6/1/2032 5/31/2033 $17,974 $215,690 $4.15 $49.77 7.83%
6/1/2033 5/31/2034 $18,289 $219,465 $4.22 $50.64 7.97%
6/1/2034 5/31/2035 $18,609 $223,306 $4.29 $51.52 8.11%
Option 2 6/1/2035 5/31/2036 $18,934 $227,213 $4.37 $52.43 8.25%
6/1/2036 5/31/2037 $19,266 $231,190 $4.45 $53.34 8.39%
6/1/2037 5/31/2038 $19,603 $235,235 $4.52 $54.28 8.54%
6/1/2038 5/31/2039 $19,946 $239,352 $4.60 $55.23 8.69%
6/1/2039 5/31/2040 $20,295 $243,541 $4.68 $56.19 8.84%
TOTALS: 4,334 $172,141 $14,345 $172,141 $3.31 $39.72 AVERAGE RETURN: 7.24%
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. Buyer must verify the information and bears all risk for any inaccuracies. 6
Rent Roll
JONESBORO ROAD
PARKING FOR HENRY TOWN CENTER
MONUMENT SIGN
JONESBORO ROAD
MILL ROAD
75
7This site plan is a rendering that has been created based on sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
4,334RENTABLE SF
1.14ACRES
NOT A PARTNOT A PART
16,600VPD
132,000VPD
Site Plan
Hooters of America, LLC is an iconic American restaurant chain that is based in Atlanta, Georgia. There are more than 430 locations in 38 across the United States and 27 countries. Originally founded in 1983 in Clearwater, Florida as a single neighborhood restaurant, it became a wide success with hundreds of new restaurants, both corporate and franchisee-owned.
Hooters has a high brand-equity concept, known for their high level of customer service, fun atmosphere, and great food. It offers a sports bar feel with a wide menu selection of wings, appetizers, drinks, burgers, sandwiches, tacos, seafood, salads, and more.
LOCATIONS IN 38 U.S. STATES AND 27 COUNTRIES430+
Hooters of America, LLC was recently sold to investment companies Nord Bay Capital and TriArtisan Capital Advisors. However, Hooters will still retain a stake in the company so it’s unlikely that most of the things that make the chain so iconic are going away any time soon. To start, the two private equity firms plan to expand Hooters’ fast-casual concept, Hoots, across the country. Hoots is a counter-service-only restaurant that features a one-page menu with Hooter’s most popular items and allows customers to order at the counter and take their food to-go or eat at in-store dining tables.
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. Buyer must verify the information and bears all risk for any inaccuracies.
8
Tenant Overview
Subject Property
SUBJECT PROPERTY
ATLANTA27 MILES
HARTSFIELD-JACKSON ATLANTA INTL. AIRPORT
20 MILES
9
Subject Property
10
Interior Perspective of Remodel
• New paint scheme on all non-brick exteriors and metal roofs
• New LED light element on parapet and miscellaneous repairs as needed
• New interior finishes throughout: walls, ceilings, exposed structural columns, and beams
• Brand new seating package including new booths and new themed tables throughout
• Updates to lighting package throughout the interior
• New bar design, increasing taps count to 24-32 taps
• Enclose kitchen, re-grout tile, and replace tile where needed
HOOTERS completed major renovations to the subject property in the summer of 2018. Spending approximately $300,000, the remodel demonstrates the company’s commitment to the site. Below is a summary of renovations:
INTERIOR PHOTOS
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. Buyer must verify the information and bears all risk for any inaccuracies.
11
1815 The Exchange • Atlanta, GA • 30339
INTERIOR RENDERINGS
2016 – McDonough, GA
1815 The Exchange • Atlanta, GA • 30339
EXTERIOR FRONT RENDERING
2016 – McDonough, GA
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. Buyer must verify the information and bears all risk for any inaccuracies.
Exterior and Interior Renderings
12
Surrounding Retail
75
JONESBORO ROADJONESBORO ROAD
132,000 VPD
16,600 VPD
ATLANTA27 MILES
Zoomed-In Aerial75
13This 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. Buyer must verify the information and bears all risk for any inaccuracies.
HENRY TOWN HENRY TOWN CENTERCENTER
14
Zoomed-Out Aerial75
75
20
75155
20
20
23
23
JONESBORO ROADJONESBORO ROAD
HAMPTON ROAD
HAMPTON ROAD
S ZACK H
INTO
N
S ZACK H
INTO
N
PARKW
AYPA
RKWAY
ATLANTA STREET
ATLANTA STREET
JONESBORO ROADJONESBORO ROAD
PEOPLES BAPTIST
ACADEMY
HENRY COUNTY
HIGH SCHOOL
HENRY COUNTY
MCDONOUGH METHODIST ACADEMY
CITY OF MCDONOUGH
CITY OF MCDONOUGH
WESLEY LAKES
ELEMENTARY
WESLEY LAKES
ACADEMY
COTTON FIELDS GOLF
CLUB
HENRY COUNTY MIDDLE SCHOOL
HENRY COUNTY
HENRY COUNTY
KAISER PERMANENTE
SOUTHERN CRESCENT TECHNICAL
COLLEGE
WALNUT CREEK
ELEMENTARY
HENRY COUNTY
24,950 VPD
132,000 VPD
16,600 VPD
21,900 VPD
18,600 VPD
ATLANTA27 MILES
Zoomed-Out Aerial
14
22,200 VPD
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. Buyer must verify the information and bears all risk for any inaccuracies.
POPULATION
1-MILE 3-MILES 5-MILES
2010 1,284 24,010 74,131
2019 2,424 29,343 86,714
2024 2,883 32,376 94,185
2019 HH INCOME
1-MILE 3-MILES 5-MILES
Average $92,223 $90,325 $82,194
Median $79,389 $71,388 $66,186
TOP EMPLOYERS IN HENRY COUNTY
EMPLOYER # OF EMPLOYEES
Henry County Schools 4,950
Luxottica Retail Group 2,000
Piedmont Henry Hospital 1,800
Henry County Government 1,656
PVH Corp 1,000
MCDONOUGH
ATLANTA(27 MILES)
THE AVERAGE HOUSEHOLD INCOME WITHIN A 1-MILE RADIUS
IS OVER $92K
GRIFFIN
CONYERS
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. Buyer must verify the information and bears all risk for any inaccuracies.
15
Demographics
COVINGTON
JACKSON
FAYETTEVILLE
HARTSFIELD-JACKSON ATLANTA INTL. AIRPORT
MCDONOUGH, GEORGIA
MCDONOUGH is situated about 27 miles south of Atlanta. It is the county seat of Henry County and has a population of approximately 25,782 residents. McDonough is a vibrant community with a charming downtown, numerous historic sites, festivals, and both unique stores and large national retailers drawing residents and visitors.
The city has two colleges within its city limits - Gordon State College and Mercer University. Gordon State College has about 3,663 students currently enrolled and Mercer University has a regional academic center with about 600 students currently enrolled.
HENRY COUNTY is comprised of four cities: Stockbridge, McDonough, Hampton, and Locust Grove. Henry County is home to many attractions such as helicopter rides in military aircraft, animal encounters, one of Georgia’s few remaining Civil War battlefields – and plenty of homegrown entertainment.
Future job growth over the next ten years is predicted to be 46.7%, which is higher than the U.S. average of 33.5%. Henry County is also a part of the Atlanta-Sandy Springs-Roswell MSA.
5.88 MILLIONATLANTA MSA POPULATION (ESTIMATED)
ATLANTA
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. Buyer must verify the information and bears all risk for any inaccuracies. 16
Location Overview
Contact us.
CAPITAL PACIFIC COLLABORATES. CLICK HERE TO MEET OUR SAN FRANCISCO TEAM.
IN CONJUNCTION WITH GA LICENSED BROKER: Steve MillerMiller Realty Services, [email protected]
CAPITALPACIFIC.COM
JOE [email protected]: 415.274.7394CA DRE# 01191110
Copyright © 2019 Capital Pacific Partners
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. Buyer must verify the information and bears all risk for any inaccuracies.