CHECKERS DRIVE-IN RESTAURANT - 1098 Sgt Asbury Hawn Way, Smyrna, Tennessee 37167 OFFERING MEMORANDUM - The Ben-Moshe Brothers of Marcus ...
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REPRESENTATIVE PHOTO
CURRENTLY UNDER CONSTRUCTION
CHECKERS DRIVE-IN RESTAURANT
1098 Sgt Asbury Hawn Way, Smyrna, Tennessee 37167 Ben-Moshe Brothers
OFFERING MEMORANDUM
E X C LU S I VE LY L IS T E D B Y :
Ben-Moshe Brothers
OF MARCUS & MILLICHAP
www.CapRates.com
ROEE BEN-MOSHE LEEOR BEN-MOSHE
Miami Florida Miami Florida
(786) 522-7083 (786) 522-7059
Rbenmoshe@marcusmillichap.com Lbenmoshe@marcusmillichap.com
CHECKERS DRIVE-IN RESTAURANT Ben-Moshe Brothers
OFFERING MEMORANDUM
CONFIDENTIALITY & DISCLAIMER STATEMENT
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus
& Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure 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. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect
to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements,
the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon,
or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained
in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information
contained herein, nor has Marcus & Millichap 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.
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s
logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any
agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective
customers.
Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows:
The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any
of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation
whatsoever about the accuracy or completeness of any information provided.
As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any
purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any
obligation to conduct a due diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example
only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you
and your tax, financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased
property to determine to your satisfaction with the suitability of the property for your needs.
Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial
documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future
success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with
little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property
taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions.
Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and
the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that
Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property. By
accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense, or liability
arising out of your investigation and/or purchase of this net leased property.
CHECKERS DRIVE-IN RESTAURANT Ben-Moshe Brothers
OFFERING MEMORANDUM
TABLE OF CONTENTS
PRICING & FINANCIAL ANALYSIS
Investment Highlights 6
Executive Summary 7
Company Overview 9
PROPERTY DESCRIPTION
Physical Description 11
Aerial Map 14
Regional Map 15
DEMOGRAPHIC ANALYSIS
City Overview 18
Executive Summary 20
Ben-Moshe Brothers
REPRESENTATIVE PHOTO CURRENTLY UNDER CONSTRUCTION
CHECKERS DRIVE-IN RESTAURANT
1098 Sgt Asbury Hawn Way, Smyrna, Tennessee 37167
Ben-Moshe Brothers
REPRESENTATIVE PHOTO
BRAND NEW 20-YEAR LEASE
ABSOLUTE TRIPLE-NET
ZERO LANDLORD RESPONSIBILITIES
BRAND NEW CONSTRUCTION
BRAND NEW PROTOTYPE
TAX FREE STATE – NO INCOME TAX
COMPLETION SCHEDULED IN 2ND QUARTER OF 2017
EXPERIENCED FRANCHISEE WITH STRONG NET WORTH
RARE 2 PERCENT ANNUAL BUMPS
SIGNALIZED INTERSECTION
DIRECTLY IN FRONT OF MAIN ENTRANCE TO NISSAN ASSEMBLY PLANT
OVER 25,000 VEHICLES PER DAY
OVER 70,000 RESIDENTS WITHIN 5 MILES
OVER $60,000 IN HOUSEHOLD INCOME WITHIN 5 MILES
OVER 40% POPULATION GROWTH SINCE 2000
HIGH EMPLOYMENT AREA
Marcus & Millichap is pleased to offer this Checker’s property paired with an
absolute net 20-Year lease with zero landlord responsibilities.
Checkers Drive-In Restaurants, Inc., is one of the largest chains of double drive-thru
restaurants in the United States. The company operates Checkers and Rally's restaurants in
28 states and the District of Columbia. They specialize in hamburgers, hot dogs, french fries,
and milkshakes.
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions,
assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real
Ben-Moshe Brothers
Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap Activity ID X0390975CHECKERS DRIVE-IN RESTAURANT RENT SCHEDULE ANNUAL RENT MONTHLY RENT CAP RATE
1098 Sgt Asbury Hawn Way, Smyrna, YEAR 1 $139,821 $11,651 6.00%
Tennessee 37167 YEAR 2 $142,618 $11,884 6.12%
YEAR 3 $145,470 $12,122 6.24%
LIST PRICE $2,330,362
CAP RATE 6.00% YEAR 4 $148,379 $12,364 6.37%
AVERAGE 20-YEAR CAP RATE 7.30% YEAR 5 $151,347 $12,612 6.49%
INCREASES 2% Annual Increases
YEAR 6 $154,374 $12,864 6.62%
LEASE TERM 20 Years
OPTIONS Three 5-Year Options YEAR 7 $157,461 $13,121 6.76%
YEAR 8 $160,610 $13,384 6.89%
LOT SIZE 54,450 (1.25 ACRES)
YEAR 9 $163,822 $13,651 7.03%
STATUS Under Construction
TYPE OF OWNERSHIP Fee Simple YEAR 10 $167,219 $13,934 7.18%
GUARANTY Franchisee YEAR 11 $170,561 $14,213 7.32%
TRAFFIC COUNTS Over 25,000 cars per day YEAR 12 $173,972 $14,497 7.47%
YEAR 13 $177,451 $14,787 7.61%
YEAR 14 $180,000 $15,083 7.77%
YEAR 15 $184,694 $15,391 7.93%
YEAR 16 $188,387 $15,698 8.08%
YEAR 17 $192,155 $16,012 8.25%
YEAR 18 $195,998 $16,333 8.41%
YEAR 19 $199,918 $16,659 8.58%
YEAR 20 $203,916 $16,993 8.75%
NET OPERATING INCOME $139,821
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions,
assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real
Ben-Moshe Brothers
Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap Activity ID X0390975OWNERSHIP PRIVATE
Checkers Drive-In Restaurants, Inc., is one of the largest chains of double drive-thru FOUNDED 1985
restaurants in the United States. The company operates Checkers and Rally's restaurants in
28 states and the District of Columbia. They specialize in hamburgers, hot dogs, french fries,
S & P RATING B-
and milkshakes. OWNER SENTINEL CAPITAL PARTNERS
Checkers and Rally's had similar concepts, being almost exclusively drive-thru with very little NUMBER OF LOCATIONS 800+
seating. After the merger, Rally's began redesigning its restaurants to follow the Checkers HEADQUARTERED TAMPA, FLORIDA
look. Today, Checkers and Rally's restaurants look nearly identical, the only major difference
WEBSITE WWW.CHECKERS.COM / WWW.RALLYS.COM
being the name on the sign. In June 2006, the company went private through a merger with
Taxi Holdings Corp., an affiliate of Wellspring Capital Management, a private equity firm. In CEO ENRIQUE SILVA
2014, Wellspring sold Checkers to another private equity firm, Sentinel Capital Partners.
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of
Ben-Moshe Brothers
the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus
& Millichap Activity ID X0390975REPRESENTATIVE PHOTO CURRENTLY UNDER CONSTRUCTION
CHECKERS DRIVE-IN RESTAURANT
1098 Sgt Asbury Hawn Way, Smyrna, Tennessee 37167
Ben-Moshe BrothersThis 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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Ben-Moshe Brothers Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap Activity ID X0390975
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Ben-Moshe Brothers Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap Activity ID X0390975
Nissan
Manufacturing
Plant
Over 10,500
Employees
37
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Ben-Moshe Brothers
Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of
the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus
& Millichap Activity ID X0390975NISSAN ASSEMBLY PLANT
884 ACRES
10,500 EMPLOYEES
640,000 Vehicles Produced Annually
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of
Ben-Moshe Brothers
the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus
& Millichap Activity ID X0390975This 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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of
Ben-Moshe Brothers
the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus
& Millichap Activity ID X0390975REPRESENTATIVE
PHOTOSCHECKERS DRIVE-IN RESTAURANT
1098 Sgt Asbury Hawn Way, Smyrna, Tennessee 37167
Ben-Moshe BrothersHIGH EMPLOYMENT AREA
Smyrna is a town in Rutherford County, Tennessee. In 2007, U.S. News & World Report listed Smyrna as one of the
best places in the United States to retire. The town of Smyrna has its European-American roots in the early 19th POPULATION 43,060
century and began as an agrarian community. It was important during the Civil War because its railroad station lies
DENSITY 1,119/SQ MI
between Nashville and Chattanooga.
INCORPORATED 1869
During the 1970s, many new industries moved to the area. The city began a period of growth stimulated by production COUNTY RUTHERFORD
of such companies as Better Built Aluminum, Cumberland Swan (currently known as Vi-Jon, Inc.), and Square D TIME ZONE EST (UTC−6)
building plants. In the early 1980s, planning began to build a Nissan Motors manufacturing plant and, in 1983, the first AREA CODES 615
vehicle was produced. The Nissan plant now employs around 10,500 workers, has a production capacity of 640,000 WEBSITE WWW.TOWNOFSMYRNA.ORG
vehicles annually, and covers an area of 5,200,000 sq ft (480,000 m2). In 2012, Smyrna began manufacturing Nissan's
MAYOR MARY ESTHER REED
electric car, the Nissan Leaf. The top employers in the city are: Nissan (automobile manufacturing): 10,500, Asurion
(communications): 1,165, Vi-Jon (personal care products): 737, Stonecrest Medical Center (hospital): 550, Taylor
Farms (produce): 550, Square D/Schneider Electric (electrical products): 474 employees.
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of
Ben-Moshe Brothers
the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus
& Millichap Activity ID X0390975ADDITIONAL INVESTMENT BY NISSAN 2015
Nissan to invest $160M in Smyrna, Create 1,000 more Jobs
Nissan North America, already the largest employer in Rutherford County, "We're going to see a lot of [auto] suppliers who retrenched during the Great
is about to add to its local investment. Recession, they're going to be looking to expand their capacity as they try to
meet growth" in the auto manufacturing sector, Martin said. "My goal is to get
Company, state and local officials announced Tuesday that the Japanese- these suppliers to invest in Tennessee near [Nissan's] factory. I don't want them
based automaker, whose North American division is based in Franklin, will to expand their traditional base in the Midwest. I want them to come down
invest $160 million to expand in Smyrna, creating 1,000 jobs. The south and feed us and the other Japanese and Korean transplants that have
investment will create a new "supplier park." come over into the South."
"This project is a key component to the long-term sustainability of our U.S.
business as we close in on a goal of 10 percent U.S. market share," he added.
On Monday, the Rutherford County Industrial Development Board approved
$18 million in tax incentives for the company, abating property taxes for more
than 20 years. The deal, codenamed Project Cedar, is expected to have an
economic impact of more than $58 million and indirectly create nearly 1,700
jobs.
Randy Boyd, the Commissioner of the Tennessee Department of Economic and
Community Development, said the state is contributing $35 million in
incentives for Nissan’s expansion.
The move comes after Nissan North America posted record U.S. sales in
2014. In December, the automaker partnered with the state to build an
education and training center neighboring its Smyrna assembly plant. That When asked about the incentives, Boyd said Nissan's expansion "helps attract
facility is expected to take up more than 150,000 square feet and open in other businesses to this area because these suppliers can also supply other
late 2016. businesses."
Nissan employs 8,000 full-time workers in Rutherford County, according "We're building strength on strength," Boyd said. "Our [original equipment
to Nashville Business Journal research. There are 12,000 Nissan manufacturers] are attracting suppliers and our suppliers can help attract other
employees in Middle Tennessee, Gov. Bill Haslam said today, a number OEMs."
that has doubled since he took office. The 1,000 new jobs will not be Nissan
employees, but suppliers who use the park as part of doing business with Current plans for the project call for construction of an integrated logistics
Nissan, according to John Martin, Nissan's senior vice president of center that will be located on Nissan's Smyrna campus and is more than 1.5
purchasing and supply chain management. million square feet in size. The integrated logistics center will serve as an
immediate space for suppliers and be used for multiple purposes supporting
"Nissan and Tennessee have enjoyed a long and successful partnership, operations including inbound production parts and outbound returnable
and today's announcement is another significant milestone in our history containers, according to the news release.
together," Haslam said in a news release. "The success of Tennessee's
automotive industry brings with it growth in supplier networks, and we The project will be delivered in phases beginning in late-2016, with project
want to thank Nissan for this new investment in Smyrna and our state." completion expected in late-2017.1 Mile 3 Miles 5 Miles
2000 Population 2,425 26,339 48,964
2010 Population 4,006 35,242 65,506
2014 Population 4,275 37,966 70,483
2019 Population 4,705 40,918 78,859
2000 Households 921 9,675 17,711
2010 Households 1,481 12,887 23,618
2014 Households 1,583 13,882 25,423
2019 Households 1,760 15,139 28,706
2014 Average Household Size 2.83 2.72 2.77
2014 Daytime Population 896 10,872 22,642
2000 Owner Occupied Housing Units 69.33% 68.24% 71.12%
2000 Renter Occupied Housing Units 27.23% 28.04% 24.75%
2014 Owner Occupied Housing Units 64.63% 69.17% 72.00%
2014 Renter Occupied Housing Units 35.37% 30.83% 28.00%
2019 Owner Occupied Housing Units 65.16% 68.77% 71.81%
2019 Renter Occupied Housing Units 34.84% 31.23% 28.19%
$ 0 - $14,999 10.3% 9.7% 8.8%
$ 15,000 - $24,999 10.0% 10.2% 8.9%
$ 25,000 - $34,999 9.0% 10.9% 11.1%
$ 35,000 - $49,999 17.2% 16.5% 16.2%
$ 50,000 - $74,999 23.6% 21.8% 23.0%
$ 75,000 - $99,999 16.0% 16.8% 16.8%
$100,000 - $124,999 4.8% 7.1% 7.8%
$125,000 - $149,999 3.9% 3.3% 3.6%
$150,000 - $199,999 3.3% 2.5% 2.3%
$200,000 - $249,999 1.0% 0.6% 0.7%
$250,000 + 1.0% 0.7% 0.8%
2014 Median Household Income $54,031 $53,096 $55,627
2014 Per Capita Income $24,242 $23,038 $23,477
2014 Average Household Income $64,995 $62,757 $64,931
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Ben-Moshe Brothers
Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of
the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus
& Millichap Activity ID X0390975Geography: 5 miles Population
In 2014, the population in your selected geography is 70,482. The population has changed by 43.94% since 2000. It is estimated that the population in your
area will be 78,858 five years from now, which represents a change of 11.88% from the current year. The current population is 49.01% male and 50.98% female.
The median age of the population in your area is 34.3, compare this to the Entire US average which is 37.3. The population density in your area is 896.90 people per
square mile.
Households
There are currently 25,422 households in your selected geography. The number of households has changed by 43.53% since 2000. It is estimated that the number
of households in your area will be 28,706 five years from now, which represents a change of 12.91% from the current year. The average household size in your area
is 2.76 persons.
Income
In 2014, the median household income for your selected geography is $55,627, compare this to the Entire US average which is currently $51,972. The median
household income for your area has changed by 16.51% since 2000. It is estimated that the median household income in your area will be $67,482 five years from
now, which represents a change of 21.31% from the current year. The current year per capita income in your area is $23,476, compare this to the Entire US average,
which is $28,599. The current year average household income in your area is $64,930, compare this to the Entire US average which is $74,533.
Race & Ethnicity
The current year racial makeup of your selected area is as follows: 77.52% White, 10.43% Black, 0.07% Native American and 3.36% Asian/Pacific Islander. Compare
these to Entire US averages which are: 71.60% White, 12.70% Black, 0.18% Native American and 5.02% Asian/Pacific Islander. People of Hispanic origin are counted
independently of race. People of Hispanic origin make up 10.18% of the current year population in your selected area. Compare this to the Entire US average of
17.13%.
Housing
In 2000, there were 13,138 owner occupied housing units in your area and there were 4,573 renter occupied housing units in your area. The median rent at the time
was $536.
Employment
In 2014, there are 22,641 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 57.10% of employees are
employed in white-collar occupations in this geography, and 42.76% are employed in blue-collar occupations. In 2014, unemployment in this area is 4.80%. In 2000,
the average time traveled to work was 28.2 minutes.
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of
Ben-Moshe Brothers
the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus
& Millichap Activity ID X0390975E X C LU S I VE LY L IS T E D B Y :
Ben-Moshe Brothers
OF MARCUS & MILLICHAP
www.CapRates.com
ROEE BEN-MOSHE LEEOR BEN-MOSHE
Miami Florida Miami Florida
(786) 522-7083 (786) 522-7059
Rbenmoshe@marcusmillichap.com Lbenmoshe@marcusmillichap.com
CHECKERS DRIVE-IN RESTAURANT Ben-Moshe Brothers
OFFERING MEMORANDUMYou can also read
