IHOP APOPKA (ORLANDO MSA), FL - SINGLE-TENANT OFFERING - Thomas T. Ladt
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OFFERING MEMORANDUM
S I N G L E -T E N A N T O F F E R I N G
IHOP
APOPKA (ORLANDO MSA), FL
Thomas T. Ladt
Representative Photo +1 760 930 7931
thomas.ladt@colliers.com
CA License No. 01803956
IHOP APOPKA
Amenities Aerial
MID-FLORIDA LOGISTICS PARK
2.4M SF CLASS A INDUSTRIAL
APOPKA HIGH
SCHOOL
3,147 STUDENTS
7,851 CPD
VICTORIA PLAZA
VICK RD
441
¨
WO
RA
NG
EB OL
LOS DD 10,022 CPD
S OM IXI
TRL EH
GOYA FOODS DISTRIBUTION CENTER WY
NEW $43M DISTRIBUTION CENTER
330K SF INDUSTRIAL WAREHOUSE
APOPKA
APOPKA COMMONS ELEMENTARY
781 STUDENTS
46,591 CPD
APOPKA CITY CENTER DEVELOPMENT
$100M MIXED-USE DEVELOPMENT
ALSO AVAILABLE
(Click Here to Request OM)
441
13,110 CPD
FL-
®
451
RESIDENTIAL
COMMUNITIES
96,223 RESIDENTS IN
PRIMARY TRADE AREA
2
Offering Summary
IHOP APOPKA
LEASE SUMMARY
ADDRESS
LEASE TYPE Absolute NNN
West Orange Blossom
ROOF & STRUCTURE Tenant Responsible
Trail and Lake Doe Blvd.
TENANT Sunshine Restaurant Partners (+193 Units)
Apopka, FL 32712
LEASE TERM 15 Years
PRICE RENT COMMENCEMENT Est. June 2019
$3,160,000 RENT EXPIRATION Est. June 2034
INCREASES 2.5% in Year 6, 1% Annually Beginning Year 11
CAP RATE OPTIONS Five, 5-Year
5.00% OPTIONS TO TERMINATE None
RIGHT OF FIRST REFUSAL None
YEAR BUILT
2019
RENT SUMMARY
TERM ANNUAL MONTHLY
GROSS LEASABLE AREA Years 1 - 5 $158,000.00 $13,166.67
4,621 SF Years 6 - 10 $162,500.00 $13,500.00
Year 11 $164,125.00 $13,677.08
Year 12 $165,766.25 $13,813.85
LOT SIZE
2.30 Acres Year 13 $167,423.91 $13,951.99
Year 14 $169,098.15 $14,091.51
Year 15 $170,789.13 $14,232.43
OWNERSHIP
Option 1 - 5 (5 Yrs. Each) 1% Annually
Fee Simple
3
Investment Highlights
IHOP APOPKA
SECURE INCOME STREAM
• 15-Year Absolute NNN Lease with Annual Increases
• New 2019 Construction, Latest IHOP Prototype Design
• Second Largest IHOP Franchisee with 193+ Locations in Florida and South Georgia
• Sunshine Restaurant Partners is Wholly Owned Subsidiary of Argonne Capital
Group, LLC
GROWING TRADE AREA IN ORLANDO MSA
• 96,223 Residents in Primary Trade Area
• High Growth Market, Population Increased 48% Since 2000
• Highly Visible to 46,591 Cars/Day Along Highway 441, Direct Access to
Downtown Orlando
• Average Household Income of $90,518 in 1-Mile Radius
CLOSE PROXIMITY
• 3 Miles to Goya Foods $43M Distribution Center, a 330K SF Industrial Space to be
Completed in 2020
• 2.5 Miles to Apopka City Center, a $100M Mixed-Use Development Breaking
Ground in 2019
• 3 Miles to Mid-Florida Logistics Park, a 2.4M SF Class A Industrial Park Currently
Under Construction
• Nearby Retailers Include Lowe’s, Home Depot, Wynn Dixie, Planet Fitness,
McDonald’s, Panera Bread, Chili’s, Wendy’s and Harbor Freight
STRONG MARKET FUNDAMENTALS
• 116.5 Million Visitors to Orlando in 2017, Tourism is the Number 1 Economic
Driver in Florida
• Orlando MSA Has Lead Florida Job Creation for 38 Consecutive Months
• 20 Miles to Orlando International Airport and Walt Disney World
• Surrounded by Several K-12 Schools with 6,203 Combined Students 4
Tenant Overview
IHOP APOPKA
IHOP (International House of Pancakes) is a United States-based multinational
restaurant chain that specializes in breakfast foods. IHOP was founded in 1958
in Toluca Lake, CA and the company is currently headquartered in Glendale,
CA. It is owned by DineEquity, with 99% of the restaurants run by independent
franchisees. The company has 1,700+ locations in the United States and
Canada, making it the largest casual-dining chain. Same-store sales upped
3% during the fourth quarter of fiscal 2018, which represented the brand’s best
performance in more than three years (Q3 of 2015). Also, it marked the fourth
consecutive period of gains for IHOP.
Sunshine Restaurant Partners is the 2nd largest operator of IHOP franchises
in the country. They currently operate over 193 units in Florida and 24 counties
in South Georgia. The company produces over $250 million in sales and aims
to reach over 250 locations. Sunshine Restaurant Partners is a wholly owned
subsidiary of Argonne Capital Group, LLC. Argonne is the owner of concepts
such as Krystal and On The Border, and is one of the largest franchisees of
DineEquity (NYSE: DIN), the owner of IHOP and Applebee’s. System-wide
sales for Argonne Capital are in excess of $1.6 billion.
WWW.IHOPSRP.COM
BUSINESS LOCATIONS TENANT HEADQUARTERS OWNERSHIP
CASUAL DINING 193+ SUNSHINE RESTAURANT SUNRISE, FLORIDA PRIVATELY HELD
PARTNERS, LLC.
5
Parent Company Overview
IHOP APOPKA
Argonne Capital Group Founded in 2003, Argonne Capital Group is a closely-
held private investment firm that seeks to make equity investments in a diverse
range of middle market enterprises. Unlike traditional private equity firms,
Argonne independently capitalizes each investment it makes, allowing the firm
meaningful flexibility in the types of transactions it pursues and an indefinite
time horizon for its ownership of any given asset. This flexibility has made
Argonne a preferred acquirer in situations involving closely-held companies or
unique deal dynamics.
Argonne has established itself as a long-term investor that is steadfastly
focused on growing assets under management by investing in stable and
established businesses that maintain relevance despite a constantly changing
marketplace. Since the firm’s first acquisition in 2004, Argonne has relied on
this principle to build a diversified portfolio of companies and real estate that
now generate in excess of $1.6 billion in annual sales and employs 32,000
people.
WWW.ARGONNECAPITAL.COM
ARGONNE CAPITAL GROUP COMPANIES
CONCEPT ENTITY # OF LOCATIONS LOCATION OF STORES
Applebee’s NRP Florida 71 FL, GA, AL
Applebee’s NRP 52 GA, TX
IHOP Sunshine Restaurant Partners 193 FL, GA
IHOP ACG Texas 73 TX
IHOP Peak Restaurant Partners 38 7 Western States
IHOP Alliance Pancake Partners 28 AL, GA, NC, SC, TN, VA
Krystal The Krystal Company 356 11 Southern States
On the Border On the Border 153 36 Southern States
6
East Facing
IHOP APOPKA
APOPKA CITY CENTER DEVELOPMENT
$100M MIXED-USE DEVELOPMENT
®
APOPKA MIDDLE SCHOOL APOPKA ELEMENTARY
1,095 STUDENTS 781 STUDENTS
13,110 CPD
451
RESIDENTIAL
441
M TRAIL
GE BLOSSO
ALSO AVAILABLE FOR SALE
WEST ORAN
(Click here to Request OM)
WOLF LAKE ELEMENTARY
1,180 STUDENTS
46,591 CPD
RESIDENTIAL
7
West Facing
IHOP APOPKA
MID-FLORIDA LOGISTICS PARK
GOYA FOODS
2.4M SF CLASS A INDUSTRIAL
$43M DISTRIBUTION CENTER
330K SF INDUSTRIAL SPACE
APOPKA COMMONS
WOLF LAKE ELEMENTARY
1,180 STUDENTS
RESIDENTIAL
ALSO AVAILABLE
(Click Here to Request OM)
46,591 CPD VICTORA PLAZA
AIL
M TRO
LOSS
GE B
ORAN
WEST
8
Site Plan
IHOP APOPKA
W
OR
AN
GE
LAKE DOE BLVD
BL
OS
SO
MT
RA
IL 441
ADT LOT SIZE PARKING
59,701
Cars per day at Intersection
2.30
Acres
70
Spaces
with 451
9
Apopka, FL
IHOP APOPKA
THE ALLIGATOR STATE
The City of Apopka is centrally located located 13 miles northwest of Orlando amid Florida’s beautiful backdrop of lakes, springs and forests. Apopka is one of
Central Florida’s top destinations for outdoor recreation, offering a beautiful landscape of lakes, springs and natural land areas – ideal to get away and explore the
best of nature within minutes of Orlando. Apopka is a fast-growing city and is expanding in all directions. Most notable are the new Lowes and Home Depot DIY
stores to the north of the city on US 441 in the location of the previous Dunn Citrus grove (the stretch of 441 which runs through the city is named after Fred N.
Dunn). Other businesses on the former Dunn Citrus site include Staples office supply and a second Chili’s restaurant.
ECONOMY TOURISM
As of 2015, the Department of Economic Opportunity estimated A record 116.5 million tourists visited Florida in 2017, a 3.6%
that of the 9.1 million people employed in Florida, 1.1 million have percent increase over the 112.4 million visitors in 2016. The city’s
jobs related to the tourism industry, which contributed $51 billion rich history resonates in its small-town charm, locally owned
to the state GDP. Florida’s famed agriculture industry employs 2 businesses and tree-lined neighborhoods. Major shopping areas,
million people and contributes more than $104 billion to the state’s entertainment, tourist destinations and airports are just minutes
economy each year. Florida is one of the largest export states in away with direct access to northwest Central Florida’s growing
the United States. Forty percent of all U.S. exports to Latin and highway system.
South America pass through Florida.
TRANSPORTATION ATTRACTIONS
There are 2 airports and 5 Amtrak train stations within 30 miles Enjoy fishing on Lake Apopka, hiking along the vast north shore,
of the Apopka city center. Florida’s highway system contains canoeing from Wekiva Springs State Park or cycle along 22 miles
1,495 mi (2,406 km) of interstate highway, and 10,601 mi of the West Orange Trail. Birders can enjoy many of the area’s 300
(17,061 km) of non-interstate highway, such as state highways documented species. Canoe, camp or hike more than 13 miles of
and U.S. Highways. Florida’s interstates, state highways, and nature trails at scenic Wekiva Springs State Park, or cycle along
U.S. Highways are maintained by the Florida Department of 22 paved miles of the West Orange Trail. Get in the game at the
Transportation. Intercity bus travel, which utilizes Florida’s 128-acre Northwest Recreation Complex – one of Florida’s premier
highway system, is provided by Greyhound, Megabus, and Amtrak outdoor sports facilities with 28 fields and a 1,300-seat outdoor
Thruway Motorcoach. amphitheater. Apopka also is home of the annual Old Florida
Outdoor Festival in February.
10Demographics
IHOP APOPKA
Apopka, FL
POPULATION 1 MI 3 MI 5 MI
2018 Estimate 8,123 47,617 96,223
2023 Projected 9,174 52,837 105,167
Total Daytime Population 6,411 41,245 79,334
96,223
POPULATION GROWTH 1 MI 3 MI 5 MI
2000 to 2018 Population 135.6% 66.7% 47.9%
47,617 5 Miles
2010 to 2023 Population 39.0% 31.8% 27.5%
INCOME 1 MI 3 MI 5 MI
8,123 3 Miles
2018 Median Income $70,851 $58,377 $60,153
2018 Average Income $90,518 $75,267 $80,717
1 Miles
Orange Blossom Trail Median Income Change 2018-23 18.9% 20.9% 24.1%
AGE/HOME VALUE 1 MI 3 MI 5 MI
2018 Est. Median Age 37.7 37.4 38.0
$90,518
19 and Under 26.2% 27.2% 26.8%
2018 Est. Median Home Value $174,469 $154,873 $159,631
$75,267 2018 Est. Average Home Value $180,266 $172,229 $183,642
EDUCATION 1 MI 3 MI 5 MI
$80,717 Bachelor’s Degree or Higher 32.6% 32.0% 34.1%
Population (2018)
Average. Household Income (2018)
11IHOP APOPKA
CONFIDENTIALITY DISCLAIMER
The information contained herein, including an pro forma income and expense information (collectively, the “Information”) is based upon assumption and projections
and has been compiled or modeled from sources we consider reliable and is based on the best available information at the time the brochure was issued. However, the
Information is subject to change and is not guaranteed as to completeness or accuracy. While we have no reason to believe that the Information set forth in this brochure,
underwriting, cash flows, valuation, and other financial information (or any Information that is subsequently provided or made available to you) contains any material
inaccuracies, no representations or warranties, express or implied, are made with respect to the accuracy or completeness of the Information. Independent estimates of
pro forma income and expenses should be developed before any decision is made on whether to invest in the Property. Summaries of any documents are not intended
to be comprehensive or all-inclusive, but rather only outline some of the provisions contained therein and are qualified in their entirety by the actual document to which
they relate. You understand that the Information is confidential and is furnished solely for the purpose of your review in connection with a potential investment in the
Property. You further understand that the Information is not to be used for any purpose or made available to any other person without express written consent of Colliers
International. This offering is subject to prior placement and withdrawal, cancellation, or modification without notice. This publication is the copyrighted property of
Colliers International and/or its licensor(s). ©2018. All rights reserved.
12OFFERING MEMORANDUM Thomas T. Ladt Broker of Record Colliers International +1 760 930 7931 Danny Rice 5901 Priestly Dr, Suite 100 thomas.ladt@colliers.com FL License No. CQ1036962 Carlsbad, CA 92008 CA License No. 01803956 +1 760 930 8950
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