net lease qdoba property for sale

Qdoba (Corporate)3225 Alpine Avenue NW, Grand Rapids, MI 49544

NET LEASE INVESTMENT OFFERING

TABLE OF CONTENTS

I. Executive Profile Executive Summary Investment Highlights Property Overview

II. Location Overview Photographs Aerial Site Plan Maps

III. Market & Tenant Overview Demographic Report Market Overview Tenant Overview

TABLE OF CONTENTS


The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from The Boulder Group and should not be made available to any other person or entity without the written consent of The Boulder Group.

This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. The Boulder Group has not made any investigation, and makes no warranty or representation.

The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, The Boulder Group has not verified, and will not verify, any of the information contained herein, nor has The Boulder Group conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

DISCLAIMERSTATEMENT:

DISCLAIMER STATEMENT



EXECUTIVESUMMARY:

The Boulder Group is pleased to exclusively market for sale a single tenant corporately guaranteed Qdoba property located within the Grand Rapids MSA. The Qdoba is strategically positioned in a vibrant retail destination along a heavily trafficked street. This is a proven Qdoba location as evidenced by the tenant’s recent decision to exercise their first renewal option. There are over five years remaining on the corporately guaranteed Qdoba lease which expires September 30, 2021. The absolute triple net lease features no landlord responsibilities and one five-year renewal option with a 15% rental escalation. Qdoba is a fast casual Fresh Mex restaurant chain in the United States and Canada serving Mexican-style cuisine with over 600 total locations. Qdoba is a wholly owned subsidiary of Jack in the Box. Jack in the Box is a publicly traded company (NASDAQ: JACK) with a market capitalization in excess of $2 billion.

The Qdoba property is strategically positioned along Alpine Avenue which is the trade area’s primary north-south thoroughfare. Alpine Avenue experiences traffic volumes in excess of 50,000 vehicles per day. The Qdoba is benefitted by its proximity to Interstate 96 which is located immediately to the south of the property. Interstate 96 experiences traffic counts in excess of 64,000 vehicles per day. The property is centrally located within a regional retail destination that features many national tenants. The Qdoba is located directly across the street from Green Ridge Square which a 406,597 square foot power center that is anchored by Target, Best Buy, TJ Maxx, Bed Bath & Beyond and Michael’s. Additional retailers located in the immediate trade area include Walmart, Sam’s Club, Home Depot, Menards, Meijer, Hobby Lobby, Kohl’s and Burlington Coat Factory.

Qdoba recently exercised their first renewal option extending their lease until September 30, 2021. The lease features no landlord responsibilities and a 15% rental escalation in the next renewal option period. Qdoba is a fast-casual Tex-Mex chain with over 600 locations and is a wholly owned subsidiary of Jack in the Box.

EXECUTIVE SUMMARY


INVESTMENT HIGHLIGHTS:

• Located within the Grand Rapids MSA

• Rare corporately guaranteed single tenant Qdoba property

• Proven and successful location as evidenced by the tenants decision to exercise a renewal option

• Absolute triple net lease with no landlord responsibilities

• 15% rental escalation in the renewal option period

• Strategically positioned within a primary retail destination that features Walmart, Sam’s Club, Menards, Target, Home Depot, Meijer, Kohl’s, Best Buy, TJ Maxx and many other national retailers

• Located long Alpine Avenue which is the trade area’s primary north-south thoroughfare and experiences traffic counts in excess of 50,000 vehicles per day

• Immediate proximity to Interstate 96 which experiences traffic volumes in excess of 64,000 vehicles per day

• Wholly owned subsidiary of Jack in the Box (NASDAQ: JACK) which has a market capitalization in excess of $2.75 billion

INVESTMENT HIGHLIGHTS


PROPERTY OVERVIEW:

PROPERTY OVERVIEW

Price: $1,117,605

Cap Rate: 7.10%

Rent Schedule: NOI Escalation Date:

$79,350$91,252 10/1/2021 (Option 2)

Renewal Options: One 5-Year

Rent Expiration Date: September 30, 2021

Tenant: Qdoba

Credit Rating: Corporate

Year Built: 2006

Lease Type: Absolute Triple Net – No Landlord Responsibilities

Building Size: 2,265 SF

Land Size: 14,800 SF


PHOTOGRAPHS


AERIAL

A L P I N E AV E N U E ( 5 0 , 0 0 0 V P D )

(64,

000

VPD

)


SITE PLAN

AP

LI N

E A

VE

NU

E (

55

, 00

0 V

PD

)


MAPS


Population 1-Mile 3-Mile 5-Mile

Total Population 6,274 56,671 149,288

Total Households 2,765 22,682 61,143

Income 1-Mile 3-Mile 5-Mile

Average Household Income $47,177 $54,689 $55,137

DEMOGRAPHICREPORT:

DEMOGRAPHIC REPORT


DEMOGRAPHIC REPORT

Grand Rapids is located in Kent County, Michigan. At the time of the 2010 US Census, Grand Rapid’s population was 188,040. The Grand Rapids metropolitan area had a population of 774,160 in 2010. Grand Rapids is the second largest city in Michigan and the largest city in Western Michigan. Grand Rapids is home to five of the world’s leading office furniture companies and is nicknamed the “Furniture City”. The city and surrounding communities are economically diverse, and contribute heavily to the health care, information technology, automotive, aviation, and consumer goods manufacturing industries, among others. The largest employers in Grand Rapids include Spectrum Health (16,000), Meijer (9,785), Steelcase (5,400) and Johnson Controls (5,000).

Spectrum Health is headquartered in Grand Rapids and is the largest employer in West Michigan with 16,000 staff and 1,500 physicians. Spectrum Health’s Meijer Heart Center, Lemmen-Holton Cancer Pavilion, and Butterworth Hospital are located on the Grand Rapids Medical Mile which has world-class facilities focusing on the health sciences.

MARKETOVERVIEW:


Qdoba Mexican Grill is a chain of fast casual Fresh Mex restaurants in the United States and Canada serving Mexican-style cuisine. The company is a wholly owned subsidiary of Jack in the Box since its purchase from ACI Capital, Western Growth Capital, and other private investors in 2003. Qdoba was founded in 1995 and is head-quartered in Lakewood, Colorado. Qdoba now operates over 600 fast casual restaurant locations throughout the United States.

Website: www.qdoba.comLocations: 600+Year Founded: 1995Headquarters: Lakewood, COParent Company: Jack in the Box

Jack in the Box is an American fast-food restaurant founded in February 21, 1951 by Robert O. Peterson in San Diego, California, where it is headquartered. In total, the chain has 2,200 locations, primarily serving the West Coast of the United States. Food items include a variety of hamburger and cheeseburger sandwiches along with selections of internationally themed foods such as tacos and eggrolls. The company also operates the Qdoba Mexican Grill chain.

Jack in the Box is publicly traded on the NASDAQ (JACK) with a market capitalization in excess of $2 billion.

Website: www.jackinthebox.comLocations: 2,200+ Stock Symbol: NASDAQ: JACKMarket Capitalization: $2 Billion Year Founded: 1951

TENANT OVERVIEW

TENANT OVERVIEW:

666 Dundee Road, Suite 1801Northbrook, IL 60062

www.bouldergroup.com

Randy [email protected]

Jimmy [email protected]

net lease qdoba property for sale

Real Estate