CARL S JR RESTAURANT NNN INVESTMENT NNN INVESTMENT 1304 Broad Street Wichita Falls, TX 76301
CARL S JR RESTAURANT NNN INVESTMENT EXECUTIVE SUMMARY PROPERTY Carl s Jr. & Green Burrito Restaurant LOCATION 1304 Broad Street Wichita Falls, TX 76301 SALES PRICE $1,220,000 CAPITALIZATION RATE 5.25% PRIMARY ANNUAL LEASE TERM RENTAL Years 1-5 $63,970 Years 6-10 $70,367 Years 11-15 $77,403 Years 16-20 $85,143 BUILDING SIZE Approximately 3,058 square feet originally constructed in 1980 and fully remodeled in 2015 LAND PARCEL SIZE Approximately 35,000 square feet at a corner signalized intersection PRIMARY LEASE TERM New twenty (20) year primary lease term that commenced on April 29, 2016 RENTAL INCREASES Fixed ten (10%) percent increases every five (5) years OPTIONS TO EXTEND Four five (5) year options at same terms and conditions TENANT INFORMATION OK Restaurant Holdings LLC is a new Oklahoma Limited Liability company established by Aslam Khan in April, 2015 that acquired 37 existing Carl s Jr. restaurants from Star Chaser s Inc. Prior to OK Restaurant Holdings LLC acquisition the restaurants they were operated by Star Chaser s since 2006 and Carl s Jr. Corporate previously. The Oklahoma market is very mature with many of the restaurants having a 25+ year history of successful operations. Aslam Khan has 30+ years management experience in the Quick Service Restaurant industry and owns a number of different restaurant companies which own and operate over 258 restaurants in numerous states. Mr. Khan is a personal guarantor to the lease in addition to having OK Restaurant Holdings LLC as the tenant. Please contact broker for additional organizational and financial information on the tenant & guarantor. Please also visit their company website at http://falconholdings.com for additional information on the company. In 2015 Mr. Khan was recognized as Restaurant Franchisee of the year by International Restaurant Franchisee Association. Mr. Kahn also acquired the existing local Oklahoma management team that was has been running the Oklahoma restaurants since early 2000 and integrated it with his existing corporate infrastructure which provides for a seamless transition to new ownership. COMMENTS The Broad Street Carl s Junior restaurant is a very seasoned property with over 35+ years successful operations at this location which is an excellent track record of success. The property is located in the heart of the old downtown area of Wichita Falls which is a very mature retail market plus a number of large employers along with the majority of Wichita Falls residential population. There are a number of downtown banks, professional offices, the City of Wichita Falls municipal offices including the Wichita County Municipal Court House, U.S. Post Office, the Wichita Falls municipal library, and Kemp Center for the arts which all contribute to a strong daytime population of visitors and employees in the Downton area. A majority of Wichita Falls residential population also surrounds the Carl s Junior restaurant location too. As a result of these charactistics the property features a strong morning and lunch time business plus a steady evening business too. There are a number of downtown lodging and hospitality options in the immediate area which also provides a steady source of business for the property. The building offers a very large floor plan at over 3,100 S.F. with an excellent drive thru facility. The land parcel is also very large at approximately 35,000 S.F plus offers excellent ingress and egress from all four streets which surround the property. Both the building exterior and dining room were remodeled to Carl Jr. new image standards in 2015 at the approximate cost of $150,000 so the property has an attractive interior and exterior. Wichita Falls Texas has population which exceeds 100,000 residents and is approximately 15 miles south of the Texas and Oklahoma border area. It is also approximately 115 miles from the Dallas/Ft. Worth metro-plex area and a very popular city for travelers between Texas and Oklahoma cities to coming and going into the DFW metro-plex area. Wichita Falls is also home to the 12,000+ person Shepard Air Force base which is one of the largest and most strategic military bases in the region.
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