BURGER KING - COMING Q3 2020 REPRESENTATIVE PHOTO
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BURGER KING
PIEDMONT (GREENVILLE MSA), SOUTH CAROLINA
COMING Q3 2020
REPRESENTATIVE PHOTO
CONFIDENTIAL OFFERING MEMORANDUM
CONTENTS PRESENTED BY
3 NEAL PRINGLE, CCIM
Director of Investment Sales
EXECUTIVE P 770.955.2434
Neal.Pringle@tscg.com
SUMMARY
ADAM BIRNBREY
10 Senior Investment Sales Advisor
P 770.955.2434
LOCATION Adam.Birnbrey@tscg.com
OVERVIEW
17
DEMOGRAPHICS
REPRESENTATIVE PHOTO
EXECUTIVE SUMMARY
IN T RODUC T ION
INVESTMEN T SUM M A RY
SI T E PL A N
T EN A N T PROFIL E
L E A SE A BST R AC T
REPRESENTATIVE PHOTO
DOWNTOWN GREENVILLE
POWDERSVILLE, SC DONALDSON
VF JEANSWEAR
100 EMPLOYEES CENTER AIRPORT
PRETTL ELECTRIC CO
180 EMPLOYEES
FABRI-KAL
286 EMPLOYEES
R+L CARRIERS J GRADY RANDOLPH
100 EMPLOYEES 200 EMPLOYEES
CAROLINA HANDLING
70 EMPLOYEES
PALMETTO
BOAT CENTER
INTERNATIONAL
SUPPLY
CLASS A 300,000 SF
LARRY’S BODY INDUSTRIAL
& WRECKER
COCA COLA BOTTLING
COMPANY
(61 EMPLOYEES)
AIR POWER
MANUFACTURING
SOLUTIONS
ANDERSON BROTHERS BHI ENERGY YEARGIN MISC METALS
TRUCK TRAILER (38 EMPLOYEES)
T)
SC-86 (11,200 AAD
(33 EMPLOYEES) PANELMATIC GREENVILLE
KW BEVERAGE
BUDWEISER OF GREENVILLE
(84
,50
MAINSTAY FUEL TECHNOLOGIES
0A
AD
WISE BUSINESS FORMS
(60 EMPLOYEES)
T)
LIFTEX CORPORATION
SOUTHERN WEAVING
COMPANY
(150 EMPLOYEES)
INTRO DUCTIO N
HO M E
20-YEAR ABSOLUTE NNN LEASE INTERSTATE DRIVEN FAST FOOD LOCATION SOUGHT AFTER BRAND & SEASONED FRANCHISEE
• 20-Year Initial Lease Term | Long term lease with • Access and Exposure to Interstate 85 | Immediately • 2nd Largest Fast Food Burger Chain | Over 7,200
four, 5-year renewal options adjacent to Interstate 85 (84,500 VPD) units in the US and nearly 18,000 stores worldwide
EX ECUT IVE
SUM M A RY
• 2020 Construction with Double Drive Thru | Ground • Brand New QuikTrip and Limited Competition| Only • Promising Revenue Stream and Parent Company|
up development built in 2020 with newest prototype fast food users include McDonald’s and Bojangles | $21.62 Billion in sales across all Burger King
New QuikTrip adjacent to the Property locations in 2018
• 10% Rent Increases Every 5 Years | Hedge against
inflation with 10% rent bumps every 5 years and per • Large Employment Draw within ½ Mile | Coca • Impressive Parent Company | Restaurant Brand
each option Cola (61 employees), Budweiser, Southern Weaving International (RBI) owns Burger King, Popeyes and
Company (150 employees), Wise Business Tim Hortons | RBI had $3.62 billion in total equity
OVERVIEW
L OCAT ION
• Absolute NNN Lease Structure | Tenant handles all Forms (60 employees), Watson Engineering (35 in 2018
expenses of every kind and nature | absolutely zero employees) less than ½ mile
responsibilities for the landlord • Veteran Operator and Growing Franchisee | 30+
• Proximity to Anderson and Greenville | Strategically units opened and operating with plans to grow to
• Tenant Continues to Pay Rent | Franchisee has kept located between Greenville (10 miles) and Anderson 45+ units by Q1 2021 | Locations include GA, FL,
all other locations opened and continued to pay rent (17 miles) NC and SC
DEMOG RAPHI CS
during pandemic
• Nearby Walgreens Distribution and Robert Bosch | 8
miles north of Robert Bosch (1,825 employees), Walgreens
Distribution (825 employees) and AFCO (360 employees)
1901 Hwy 86
ADDRESS Piedmont, SC 29673
YEAR BUILT 2020
GLA 2,393 SF
LAND ACREAGE 2.69 Acres
TENANCY Single
B U R G E R K I N G - P I E D M O N T, S C – TSCG.COM 5
INVESTMENT SUMMARY
HO M E
Tenant Burger King
Lease Type Absolute NNN
EX ECUT IVE
SUM M A RY
Term 20 Years
Expected RCD 9/8/20
$2,558,000
$2,558,000 Options Four, 5-Year
OVERVIEW
L OCAT ION
6% CAP
6% CAP RATE
RATE Rental Increases 10% Every 5 Years
6.96% AVG CAP RATE OVER TERM
DEMOG RAPHI CS
RENT SCHEDULE
Initial Term Monthly Rent Annual Rent Cap Rate
1-5 $12,790.23 $153,483 6.00%
6-10 $14,069.25 $168,831 6.60%
GROSS LEASEABLE AREA TERM 11-15 $15,476.17 $185,714 7.26%
2,393 SF 20 YEARS 16-20 $17,023.79 $204,286 7.99%
Extension Term Monthly Rent Annual Rent Cap Rate
$ Option 1
Option 2
$18,726.17
$20,598.79
$224,714
$247,185
8.78%
9.66%
Option 3 $22,658.67 $271,904 10.63%
YEAR BUILT NOI (YEARS 1-5)
Option 4 $24,924.53 $299,094 11.69%
2020 $153,483
(UNDER CONSTRUCTION)
B U R G E R K I N G - P I E D M O N T, S C – TSCG.COM 6
Parking Spaces: 35 Gross Leasable Area: 2,393 SF Year Built: 2020
T)
0 AAD
(84,50
SC-86 (11,2
00 AADT)
CE
FEN
NER
LK
FAU
THRUIVE
DR
THRUIVE
DR
TENANT PROFILE – BURGER KING
HO M E
Insta–Burger King founded in Jacksonville, FL by
1953
Keith Kramer and Matthew Burns
EX ECUT IVE
SUM M A RY
Insta–Burger King purchased by James McLamore
1954 and David Egerton and rebranded to Burger King
Company Name Burger King
Property Type Quick Service Restaurant
OVERVIEW
L OCAT ION
Parent Company Name Restaurant Brands International 1959 Franchising system is established
Ownership Public
Number of Locations 17,800 (worldwide)
1967 Pillsbury Company purchases Burger King for $18M
Headquarters Miami–Dade County, Florida
Website www.bk.com
Year Founded 1953 Pillsbury is purchased by British Liquor company
1989
DEMOG RAPHI CS
Traded On NYSE Grand Metropolitan (later Diageo) for $5.7 billion
Ticker Symbol QSR (Restaurant Brands International)
Texas Pacific Group purchases Burger King from
Headquartered in the unincorporated area of Miami–Dade County, Florida, Burger King operates 2002
Diageo for $1.6 billion
as the #2 fast food hamburger chain in the world. The company was founded in 1953 and since
its inception, Burger King has grown to over 17,800 locations worldwide in over 100 countries.
Everyday, more than 11 million guests visit Burger King Restaurants around the world due to its 2009 12,000th store opened in Beijing
affordability, exceptional quality and great tasting food. From the famous Whopper sandwich to the
recently debuted Pretzel Bacon King burger, Burger King offers a wide array of options. The chain Brazil based 3 G Capital acquires BK in a deal
2010
offers a large selection of burgers, chicken sandwiches, salads, breakfast items, sides (nuggets, worth $3.26 billion
fries, mozzarella sticks) and dessert. In 2018, Burger King Worldwide had a total revenue stream
of $21.6 billion. Burger King is owned and operated by Restaurant Brands International – owner Burger King merges with Canadian donut/
of Burger King, Tim Hortons and Popeyes. RBI is a publicly traded company on the New York Stock 2014 coffee chain Tim Hortons and Restaurant Brands
Exchange under the ticker symbol: QSR. International is created
B U R G E R K I N G - P I E D M O N T, S C – TSCG.COM 8
LEASE ABSTRACT
HO M E
BURGER KING LEASE ABSTRACT
Tenant CFH Piedmont, LLC
EX ECUT IVE
SUM M A RY
d/b/a Burger King
Square Footage 2,393 SF
Term 20 Years
Options Four (4), 5-year options
Expected RCD 9/8/20
OVERVIEW
L OCAT ION
Permitted Use Tenant shall use the Property as a quick service restaurant.
Net Lease Rent shall be asbolutely net to Landlord, and Tenant shall pay
and be responsible for all costs, expenses and obligations of
every king relating to the Property.
Estoppel Within fifteen (15) days after either party's request.
DEMOG RAPHI CS
Assignment and Subletting Tenant shall not assign this Lease or sublease the Property
without the prior, written consent of Landlord, except a) an
assignment of this Lease to any subsidiary or parent of Tenant
or b) assignment of the Lease or subletting of the Property to
any approved franchisee of Burger King.
Guarantor Bruce Daniels and CFH Novo Holdings, LLC
BURGER KING RENT SCHEDULE
Initial Term Extension
Monthly Rent Annual Rent Monthly Rent Annual Rent
(Years) Term
1-5 $12,790.23 $153,483 First $18,726.17 $224,714
6-10 $14,069.25 $168,831 Second $20,598.79 $247,185
11-15 $15,476.17 $185,714 Third $22,658.67 $271,904
16-20 $17,023.79 $204,286 Fourth $24,924.53 $299,094
REPRESENTATIVE PHOTO
B U R G E R K I N G - P I E D M O N T, S C – TSCG.COM 9
LOCATION OVERVIEW
LOC AT ION M A P
T R A DE A RE A ZOOMED OU T
T R A DE A RE A ZOOMED IN
PIEDMONT (GREENVILLE MSA) OVERVIEW
REPRESENTATIVE PHOTODOWNTOWN ANDERSON AFCO
(360 EMPLOYEES)
WALGREENS DISTRIBUTION
(825 EMPLOYEES)
ROBERT BOSCH
(1,825 EMPLOYEES)
NEW RESIDENTIAL
SOUTHERN WEAVING
COMPANY
(150 EMPLOYEES)
OPPERMANN WEBBING
WATSON ENGINEERING
WISE BUSINESS FORMS (35 EMPLOYEES)
AIR POWER (60 EMPLOYEES)
MANUFACTURING
SOLUTIONS
PANELMATIC GREENVILLE
BUDWEISER OF GREENVILLE
BHI ENERGY ANDERSON BROTHERS
TRUCK TRAILER
(33 EMPLOYEES)
SC-86 (11,200 AADT)
PALMETTO
USED CARS
(84
LARRY’S BODY
& WRECKER COCA COLA BOTTLING
,50
COMPANY
(61 EMPLOYEES)
0A
AD
T)
CLASS A 300,000 SF
INDUSTRIALMOST POPULOUS MSA 920,447 RESIDENTS 4TH FASTEST -
in South Carolina is the in Greenville-Anderson-Mauldin
GROWING CITY
in the US in 2017 was
Greenville MSA MSA Greenville, SCPIEDMO NT (GREENVILLE MSA) OVERVIEW
HO M E
Piedmont is part of the Greenville-Anderson-Mauldin MSA with a total population
of 920,000+ residents. The city is situated in northern Anderson County and
EX ECUT IVE
SUM M A RY
southwestern Greenville County in between the cities of Anderson and Greenville.
It is located 10 miles south of Downtown Greenville and 17 miles northeast of
Anderson. The continued development in Piedmont is predicated on the rapid growth
of Greenville. The city saw a 3.62% population increase from 2016 to 2017.
ECONOMY
The largest industries in Piedmont are manufacturing, health care & social
OVERVIEW
L OCAT ION
assistance and retail trade. The establishment of Interstate 85 brought an economic
boom to various areas of South Carolina from the start. Stretching from Alabama
to Virginia, the I-85 corridor has brought a significant amount of manufacturing and
distribution facilities throughout the Carolinas. Major companies along I-85 in Piedmont
include Coca Cola, Budweiser, KW Beverage, Southern Weaving Company, Wise
Business Forms, Opperman Webbing and Watson Engineering.
DEMOG RAPHI CS
EDUCATION
Schools in Piedmont fall into both Anderson County and Greenville County school
districts. Schools within Anderson School District include Wren High School,
Wren Middle School, Wren Elementary School, Spearman Elementary School.
Woodmont High School, Woodmont Middle School, and Sue Cleveland Elementary
School are all located in the Greenville County School District. There are over 6,100
students within the city of Piedmont.
MAJOR EMPLOYERS IN GREENVILLE
Rank Company Employees
1 Prisma Health 15,941
2 Greenville County Schools 10,095
3 Michelin North America 7,120
4 Bi-Lo, Inc. 4,600
5 Bon Secours St. Francis Health 4,355
B U R G E R K I N G - P I E D M O N T, S C – TSCG.COM 16DEMOGRAPHICS
R A DII
REPRESENTATIVE PHOTODOWNTOWN GREENVILLE
EASLEY, SC DONALDSON
CENTER AIRPORT
POWDERSVILLE, SC
R+L CARRIERS
100 EMPLOYEES
CAROLINA HANDLING
70 EMPLOYEES
PALMETTO
BOAT CENTER
K&K TRUCK
SERVICE
INTERNATIONAL
SUPPLY
COCA COLA BOTTLING
COMPANY
(61 EMPLOYEES)
CLASS A 300,000 SF
INDUSTRIAL
LARRY’S BODY
& WRECKER
SC-86 (11,200 AADT)
PALMETTO
USED CARS
)
DT
AA
00
5
4,
(8
ANDERSON BROTHERS
TRUCK TRAILER
(33 EMPLOYEES)EX ECUT IVE L OCAT ION
HO M E DEMOG RAPHI CS
SUM M A RY OVERVIEW
19
TSCG.COM
–
B U R G E R K I N G - P I E D M O N T, S C
RADIIDOWNTOWN GREENVILLE
DONALDSON
CENTER AIRPORT
J GRADY RANDOLPH
200 EMPLOYEES
FABRI-KAL
286 EMPLOYEES
ASHLAND
GRIFFIN THERMAL PRODUCTS
ORTEC
50 EMPLOYEES
CAROLINA HANDLING SOUTHWARK METAL
70 EMPLOYEES 100 EMPLOYEES
K&K TRUCK
SERVICE
CLASS A 300,000 SF
INDUSTRIAL YEARGIN MISC METALS
(38 EMPLOYEES)
PALMETTO INTERNATIONAL
BOAT CENTER SUPPLY
AIR POWER
LARRY’S BODY MANUFACTURING
& WRECKER BHI ENERGY SOLUTIONS
PANELMATIC GREENVILLE
ANDERSON BROTHERS
TRUCK TRAILER
(33 EMPLOYEES)
COCA COLA BOTTLING
COMPANY
(61 EMPLOYEES)
(84
,50
0A
AD
T)
) KW BEVERAGE
DT
MAINSTAY FUEL TECHNOLOGIES
A A
0
1,20
BUDWEISER OF GREENVILLE
86 ( 1
SC- LIFTEX CORPORATIONREPRESENTATIVE PHOTO
DISCLAIMER
This Offering Memorandum has been prepared by TSCG for The Offering Memorandum does not constitute a representation This Offering Memorandum and the contents, except such
use by interested parties to evaluate the potential acquisition that there has been no change in the business or affairs of information which is a matter of public record or is provided
of Burger King located in Piedmont, South Carolina (the the Property or Owner since the date of preparation of the in sources available to the public, are of a confidential nature.
“Property”). All projections have been developed by TSCG, Offering Memorandum. Analysis and verification of the By accepting this Offering Memorandum, you agree that you
Owner and designated sources, are based upon assumptions information contained in the Offering Memorandum is solely will hold and treat it in the strictest confidence, that you will
relating to the general economy, competition, and other factors the responsibility of the prospective purchaser. not photocopy or duplicate it, that you will not disclose this
beyond the control of TSCG and Owner, and therefore are Offering Memorandum or any of the contents to any other entity
subject to variation. No representation is made by TSCG or Additional information and an opportunity to inspect the (except to outside advisors retained by you, if necessary, for
Owner as to the accuracy or completeness of the information property will be made available to interested and qualified your determination of whether or not to make a proposal and
contained herein, and nothing contained herein is or shall prospective investors upon written request. Owner and TSCG from whom you have obtained an agreement of confidentiality)
be relied on as a promise or representation as to the future each expressly reserve the right, at their sole discretion, to reject without the prior written authorization of Owner or TSCG and
performance of the Property. Although the information contained any or all expressions of interest or offers regarding the property that you will use the information in this Offering Memorandum
herein has been obtained from sources deemed to be reliable and/or terminate discussions with any entity at any time with for the sole purpose of evaluating your interest in the property
and believed to be correct, TSCG, Owner and its employees or without notice. Owner shall have no legal commitment or and you will not use the Offering Memorandum or any of the
disclaim any responsibility for inaccuracies and expect obligations to any entity reviewing this Offering Memorandum contents in any fashion or manner detrimental to the interest of
prospective purchasers to exercise independent due diligence or making an offer to purchase the property unless and until Owner or TSCG. If you have no interest in the property, please
in verifying all such information. Further, TSCG, Owner and such offer is approved by Owner, a written agreement for the return the Offering Memorandum to TSCG.
its employees disclaim any and all liability for representations purchase of the property has been fully executed, delivered and
and warranties, expressed and implied, contained in, or for approved by Owner and its legal counsel, and any obligations © 2020 TSCG All Rights Reserved
omissions from, the Offering Memorandum or any other written set by Owner thereunder have been satisfied or waived.
or oral communication transmitted or made available to the
recipient.
B U R G E R K I N G - P I E D M O N T, S C – TSCG.COM 21NEAL PRINGLE, CCIM ADAM BIRNBREY
Director of Investment Sales Senior Investment Sales Advisor
P 770.955.2434 P 770.955.2434
Neal.Pringle@tscg.com Adam.Birnbrey@tscg.com
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