ihop Corporate IHOP Ground lease at the entrance to power center S. US Highway 71, Grandview, MO [

Transcription

1 ihop Corporate IHOP Ground lease at the entrance to power center S. US Highway 71, Grandview, MO [ ]

2 PROperty Summary very rare 30-year ground lease with 15 years remaining PRICE: $1,064,801 CAP: 5.00% Rentable SF...4,100 SF Price per SF...$ land area Acres YEAR BUILT Current Rent...$12.99/SF Lease Expiration...8/31/2031 Listing Team Contact Info John Andreini (415) CA BRE# In conjunction with MO Licensed Broker: Patrick Willett, Pace Properties (314) Capital Pacific collaborates. Click here to meet the rest of our San Francisco team. IHOP 2

3 core characteristics EXCELLENT RETAIL LOCATION Pad at the entrance to Truman s Marketplace, a 395,000 square foot retail center with TJ Maxx, Ross, Petco, Burlington Coat Factory, Payless, Five Below, Shoe Carnival, and many others. Billboard location - US Highway 71 visibility to over 74,000 vehicles per day Kansas City MSA Grandview, MO is technically in South Kansas City 20 minutes from downtown 3 points of ingress egress and ample parking 1-mile population of 7,946, 3-mile population of 49,642, and 5-mile population of 106, 601 (all trending upwards in forecasted population) TENANT HIGHLIGHTS IHOP is owned by DineEquity. With more than 3,600 Applebee s and IHOP restaurants in 18 countries, a 99%-franchised system of more than 350 franchisee partners, and approximately 200,000 team members (at franchised and company-operated restaurants), DineEquity is one of the largest full-service restaurant companies in the world. IHOP has been ranked #1 for 7 years straight based on US system-wide sales they currently have over 1,650 restaurants. Over 100,000 Residents within a 5-mile radius. National Tenant. LEASE HIGHLIGHTS Very low annual rent of $53,140: rent comps indicate that IHOP and other casual sit-down restaurants pay 3-4 times this rent Corporate lease 15 years remaining on a 30-year primary term 10% rental increases every 5 years through out the base term and options Three 5-year options Guarantor of the lease is IHOP Corporation [ Truman s marketplace rendering ] IHOP 3

4 aerial 150 E 171st Street 58 Belton High School E Blue Ridge Boulevard ihop is located at the entrance to a 395,000 sf power center TRUMAN S MARKETPLACE EAGLE S LANDING GOLF COURSE Mill Creek Upper Gladden Butcher-Greene Conn-West 49 74,995 DAILY Belvidere RIVER OAKS GOLF COURSE BELTON TOWNE CENTER GRAND SUMMIT GOLF COURSE Grandview High School Meadowmere BELTON MARKETPLACE 49 Grandview Middle School Ray 58 CREEKMOOR GOLF COURSE SW Scherer Road W Foxwood Drive 150 Creekmoor Ingels High Grove tow nr oad 49 KANSAS CITY IHOP 4

5 income & expense PRICE $1,064,801 Price Per Square Foot: $ Capitalization Rate: 5.00% Total Rentable Area (SF): 4,100 Lot Size (AC): 0.96 STABILIZED INCOME Per Square Foot Scheduled Rent $12.99 $53,240 Effective Gross Income $12.99 $53,240 LESS Per Square Foot Taxes NNN $0.00 Insurance NNN $0.00 Total Operating Expenses NNN $0.00 EQUALS NET OPERATING INCOME $53,240 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. IHOP 5

6 rent roll TENANT INFO LEASE TERMS RENT SUMMARY Tenant Name Sq. Ft. Term Current Rent Monthly Rent Yearly Rent Monthly Rent/FT Yearly Rent/FT IHOP 4,100 08/14/01 08/31/06 $3, $39, $0.81 $ /01/06 08/31/11 $3, $44,000 $0.89 $ /01/11 08/31/16 $4, $48,400 $0.98 $ /01/16 08/31/21 $53,240 $4, $53,240 $1.08 $ /01/21 08/31/26 $4, $58,564 $1.19 $ /01/26 08/31/31 $5, $64,420 $1.31 $15.71 Option 1 09/01/31 08/31/36 $5, $70,862 $1.44 $17.28 Option 2 09/01/36 08/31/41 $6, $77,949 $1.58 $19.01 Option 3 09/01/41 08/31/46 $7, $85,744 $1.74 $20.91 Totals: 4,100 $53,240 $4, $53,240 $1.08 $12.99 *Seller shall credit the difference between the close of escrow rent and August 1, 2016 rent 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. IHOP 6

7 site plan TRUMAN S MARKETPLACE NOT A PART Site Plan Key Parcel outline: Land Area: 0.96 acres Building Area: 4,100 sf Ingress/Egress: POLE SIGN Frontage Road 74,995 DAILY IHOP 7

8 tenant overview [ Truman s marketplace rendering ] About ihop For 57 years, the IHOP family restaurant chain has served its world famous pancakes and a wide variety of breakfast, lunch, and dinner items that are loved by people of all ages. IHOP offers its guests an affordable, everyday dining experience with warm and friendly service. The company is owned by DineEquit and 99% of the restaurants are run by independent franchisees. As of March 31, 2015, there were 1,650 IHOP restaurants in all 50 states and the District of Columbia, as well as in Bahrain, Canada, Dubai (UAE), Guatemala, Kuwait, Mexico, Puerto Rico, Saudi Arabia, The Philippines and the U.S. Virgin Islands. Nyse DIN 2014 AVERAGE VOLUME $1.87 MILLION NUMBER OF LOCATIONS 1,650+ IHOP 8

9 surrounding retail Area Retailers include T.J. Maxx, Ross, Petco, Burlington coat factory, CVS, & Applebee s IHOP 9

10 location & demographics About grandview, MO Grandview is located in Jackson County, MO, just 20 minutes south of Kansas City along U.S. Highway 71. Grandview is a diverse city with quiet neighborhoods, busy shopping districts, rolling hills, and the popular Longview Lake. 74,995 DAILY Grandview is considered part of South Kansas City, which consists of the southern half of Kansas City, as well as the suburbs of Harrisonville, Belton, Loch Lloyd, Martin City and Raymore. Population 1-Mile 3-Mile 5-Mile ,638 49, , ,946 49, , ,212 50, , Household 1-Mile 3-Mile 5-Mile Average $42,914 $53,090 $62,243 kansas city 20 min 14 miles Top Employers In kansas city msa Employer # of Employees Federal Government 30,000 Cerner Corp 10,128 HCA Midwest Health System 9,753 St. Luke s Health System 7,550 Sprint Corp 6,300 grandview IHOP 10

11 A unique HUMAN RESULTS-DRIVEN client experience The capital pacific experience - our daily commitment to our clients [ ] John Andreini jandreini@capitalpacific.com (415) CA BRE# In conjunction with MO Licensed Broker: Patrick Willett, Pace Properties pwillett@paceproperties.com (314) Capital Pacific collaborates. Click here to meet the rest of our San Francisco team. chris kostanecki zeb ripple chris peters joe caccamo dave lucas gregg steele zandy smith karla zens jack navarra rick sanner Bob sanner [ Copyright 2015 Capital Pacific ]