1031 Exchange Opportunity

Transcription

1 Logan s Roadhouse Triple Net Ground Lease Fee Interest 20 Year Term w/ 10% Escalations Every 5 Years Gateway Shopping Center (Kohl s, Linens, Staples, Ross, Michaels & PetsMart Anchored) Hwy I-35, Between McAllister & Ashbury Burleson (FT. Worth), TX Property Summary: This new Logan s Roadhouse, Inc. contains 8,000 square feet and is is located on a 1.4 acre parcel. The property is is a pad site to the Gateway Station Shopping Center, which is is anchored by Kohl s, Linens N Things, Staples, Michaels, PetsMart, Pier 1 Imports and Ross Stores. Other retailers at this center include AT&T Wireless, Claire s Boutiques, Dress Barn, Famous Footwear, Mattress Giant, and Subway. Traffic counts at this location average 196,000 vehicles per day. Price and Cap: We offer this property at $1,250,000 which is is a 6.0% cap rate on first year s income. Average cap rate is is 7.0% over the 20 year base term. Tenant: Logan s Roadhouse, Inc. Logan's Roadhouse, Inc. operates 85 company-owned and 12 franchised casual-dining restaurants in 17 states, mostly in the Southeast and southern Midwest. Designed to resemble roadhouses from the 1930s to the 1950s, the restaurants' exteriors are highlighted with rough-hewn cedar siding, corrugated metal, and neon. Inside, patrons listen to Wurlitzer jukeboxes and eat peanuts. Logan s Roadhouse was acquired by CBRL Group(NASDAQ: CBRL), the owner of the Cracker Barrel Old Country Store restaurant chain (470 units) in For the fiscal year ended July 2003, CBRL posted sales of $2.198 billion, a one year increase of 6.4%. Net income for the same period was $106.5 million, a one year growth of 16%. Lease Summary: 20 Year Primary Term Annual Rent: $75,000 years 1-5; $82,500 years 6-10; $90,750 years 11-15; $99,825 years Rent increases 10% every five years Expiration Date: 8/31/2023 (Opened 9/1/03) Options to Renew: 4 (5) year renewals Rent increases 10% every five years in the option periods. Lease Type: This is is an absolute triple net ground lease. The tenant constructed and paid for the building. Upon lease expiration, ownership of the building reverts to the owner of the land. Landlord has absolutely no maintenance, repair or replacement responsibility for the building or land, such responsibility being solely that of the tenant.

2 McAlister Rd. FM 1017 M. K. & T. RAILROAD 86,584sf 28,000sf PetsMart 25,000sf 18,875sf Anchor H Michaels Ross 23,838sf 30,187sf 2583sf 1200sf West Frontage Road Staples 23,942sf Borders Books 15,354sf Dress Barn 8,000sf Famous Footwear 10,000sf Pier 1 Imports 9,042sf Cotton Patch 4,698sf Anchor N 15,000sf Anchor O 12,000sf Anchor P Kohl's Anchor J Anchor M 10,000sf Rest. Q Avail. 3,000sf Rest. R Avail. 4,500sf 9/17/03 SP-43 WOOD POST FUTURE EXPANSION AREA 19,840 SF Catherines Shops T Motherhood Maternity Shops S 21,875sf 7,781sf 2734sf EB GameWorld Hi-Tech Sales Supercuts Mailboxes, Etc. Luxury Nails H&R Block Premier Eye Care 2414sf Smoothie King Cold Stone Creamery Harvest & Nutrition Bombay Company Mattress Giant Subway Claire's Boutique AT&T Wireless Pad 1 4,500sf 7,405sf 5,383sf Pad 2 Pad 3 5,350sf 8,127sf IH 35 Kmart Not A Part Detention Area The Olive Garden Red Lobster Applebee's Future Development Logan's Roadhouse Not A Part Not A Part Chick-fil-A Logan s Roadhouse Proposed Access

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4 Demographics: 1 Mile 3 Miles 5 Miles Population 2,388 25,028 66,815 Average HH Income $70,560 62,407 $68,911

5 2002 Average Income By Block Group $75,000 or more $60,000 to $75,000 $45,000 to $60,000 $30,000 to $45,000 Less than $30,000 Edgecliff Village 5.00 Miles Everman Kennedale 3.00 Miles Mile Crowley GATEWAY STATION < BURLESON TOWN CENTER 174 Burleson Briaroaks Cross Timber