SINGLE TENANT NET LEASE INVESTMENT TACO BELL
SINGLE TENANT NET LEASE INVESTMENTTACO BELLCALUMET CITY, ILABSOLUTE NET GROUND LEASERepresentative PhotoCORUA PORA RATENTEEGPhoto by Coolcaesar at en.wikipedia [CC-BY-SA-3.0 (http://creativecommons.org/licenses/by-sa/3.0/)], from Wikimedia CommonsFOR MOREINFORMATIONCONTACT:Michael KaiderNNN SpecialistFirst Vice President 1 630 573 7015michael.kaider@cbre.comFOR FINANCINGOPTIONS CONTACT:Steve KundertDebt & Structured FinanceVice President 1 630 573 7044steven.kundert@cbre.com
EXECUTIVE SUMMARYCBRE is pleased to offer this corporate absolute NNN leased Taco Bell(BBB) in Calumet City, Illinois (Chicago MSA). The Lease has over 9.5years of term remaining, includes a below market rent, has 10% rentalbumps every five years and has zero landlord responsibilities throughthe primary term and the four 5-year option periods.INVESTMENT SUMMARYOffering Price: 1,110,000Cap Rate:6.0%Taco Bell 1501 River Oaks Drive Calumet City, IllinoisNOI:The property is a 3,029 SF single story building on 0.93 acres ofland located in Calumet City, Illinois. Taco Bell is an outparcel to the160,000-square-foot River Oaks Plaza West Shopping Center whichis anchored by Marshalls, Ross Dress for Less, Petco, Party City andBig Lots. The site is across the street from the 1.3-million-square-footRiver Oaks Center regional mall. River Oaks is the largest enclosedshopping mall in the south suburbs of Chicago and the seventh largestmall in the metropolitan area. 66,550Lease Structure:Ground leaseParcel Size: 0.930 acresApproximate Building Size:Tenant: 3,029 square feetWindy Landings, Inc. [1]Rent Commencement:June 15 ,2004Lease Expiration:June 30, 2024Rent:Lease Options:Option Rent:Landlord Responsibilities:Years 1-5:Years 6-10:Years 11-15:Years 16-20: 55,000 60,500 66,550 73,205Four 5-year options with10% rent increases every 5 yearsYearsYearsYearsYears21-25:26-30:31-35:35-40: 80,526 88,578 97,436 107,179None[1] In June of 2010 Windy Landings, Inc. entered into an agreement with Taco Bell Corp to acquire 24 storesincluding this location. Pursuant to Article 22 of the Lease, Taco Bell of America, Inc. remains the corporateguarantor of the Lease. Please see Lease Abstract in the back of this Offering Memorandum.
THE MARKET: Retail Corridor SatelliteRIVER OAKS DRIVETaco Bell 1501 River Oaks Drive Calumet City, IllinoisTORRENCE AVENUE159TH STREETRIVER OAKS MALLTORRENCE AVENUEWALMARTE. 170TH STREET
INVESTMENT HIGHLIGHTSTaco Bell 1501 River Oaks Drive Calumet City, Illinois Long Term Absolute Net Ground Lease – This is an original 20year absolute NNN ground lease with 9 years and 10 months ofterm remaining. There are zero landlord responsibilities. Corporate Guaranty – This lease is fully guaranteed by Taco Bellof America, a wholly owned subsidiary of Yum! Brands, Inc. Yum!Brands, Inc., (NYSE: YUM), which has a Standard and Poor’s Creditrating of BBB, is one of the world’s largest restaurant companieswith over 40,000 restaurants in more than 125 countries andterritories. Yum! Brands is ranked #216 on the FORTUNE 500 listwith revenues of more than 13 billion and in 2014. Strong Co-Tenancy – The asset sits at the hard corner outparcel tothe 160,000-square-foot River Oaks Plaza West Shopping Centerwhich is anchored by Marshalls, Ross Dress for Less, Petco, PartyCity and Big Lots. Regional Draw - The site is across the street from the 1.3-millionsquare-foot River Oaks Center regional mall. River Oaks is thelargest enclosed shopping mall in the south suburbs of Chicagoand the seventh largest mall in the metropolitan area. Strong Demographics – There are more than 257,000 peopleresiding within 5 miles of the restaurant with an average householdincome of approximately 41,000. Traffic counts immediately infront of the restaurant average 28,500 vehicles per day on 159thStreet.
SITE PLAN159th 4sf15,010sfPYLONAvailable25,280sfTorrence Avenueoadg RRinTaco Bell 1501 River Oaks Drive Calumet City, 7sf7/9/14
Taco Bell 1501 River Oaks Drive Calumet City, IllinoisREGIONAL & LOCATOR MAPS
THE TENANTAbout Taco BellTaco Bell is the #1 Mexican fast-food chain inthe US with more than 5,900 locations. About20% of the restaurants are company-operated,Taco Bell 1501 River Oaks Drive Calumet City, Illinoisthe rest are franchised. Taco Bell features a widerange of Mexican-style menu items including tacos,burritos, quesadillas, salads, and nachos. Taco Bellrestaurants can be found operating as free-standing units and as quickservice kiosks in places like shopping malls and airports. There are alsosome 240 locations in a dozen countries outside the US.About Parent Company YUM! Brands, Inc.Founded in 1997 and headquartered in Louisville,KY, Yum! Brands, Inc. operates, develops, franchises,and licenses a portfolio of restaurants. The companyconsists of six operating segments including YUMRestaurants China, YUM Restaurants International, Taco Bell US, and KFCUS. Its three restaurant concepts, KFC, Pizza Hut, and Taco Bell, are theglobal leaders of the chicken, pizza and Mexican-style food categories.Yum! Brands has become a truly global company with nearly 70% ofprofits coming from outside the U.S. In 2013, Yum! Brands opened onaverage five new restaurants daily outisde the U.S.NYSE: YUMFortune 500 Ranking:216Standard & Poor’s Rating:BBB/Stable2013 Sales: 13 billionTotal Employees:539,000
LEASE ABSTRACTTaco Bell 1501 River Oaks Drive Calumet City, IllinoisTenantPremisesLease TermRent CommencementLease ExtensionsAnnual Base RentOption RentTenant ResponsibilitiesLandlord ResponsibilitiesTenant Assignment& SubleaseGo Dark RightWindy Landings, Inc. 3,029 square feetJune 15, 2004 - June 30, 2024June 15 ,2004Four 5-year optionsYears 1-5: 55,000Years 6-10: 60,500Years 11-15: 66,550Years 16-20: 73,205Years 21-25: 80,526Years 26-30: 88,578Years 31-35: 97,436Years 36-40: 107,179Roof and structureNoneTenant may assign and sublease without Landlord’s consent to any affiliate, franchisee of Taco Bell. Tenantmay assign without Landlord’s consent provided: (1) the assignee assumes obligations of lease; (2) Tenantremains responsible for all payments; (3) assignee continues to operate the LP as a fast food restaurant; (4)Landlord is advised in writing of assignment. If Tenant wishes to assign for a use other than fast food stylerestaurant, and items 1 & 2 are met, Landlord shall not unreasonably withhold consent. (Article 22)Tenant shall not be obligated to continuously operate its business and shall not be in default. If the LeasedPremises remains closed for 180 consecutive days, Landlord may, w/in 30 days after such 180 day period,terminate lease. Such termination shall be effective 60 days after notice to Tenant, unless Tenant reopensthen Landlord’s notice of termination shall be null & void. Tenant may remain closed for 180 days andLandlord may not terminate lease if Tenant is closed to (1) restore & repair Leased Premises after a casualty;(2) remodel, scrape, rebuild, renovate or otherwise modify Leased Premises; (3) obtain an assignee/sublesseefor the Leased Premises. If the Leased Premises does not open when (1), (2) or (3) can be reasonably beachieved, then Landlord may terminate lease and such termination shall be effective 60 days after Tenantreceives notice. Landlord shall reimburse Tenant for the unamortized cost of Tenant Improvements. (Article 36)
Taco Bell 1501 River Oaks Drive Calumet City, IllinoisAERIAL VIEWFlood Zone DisclosureBoundaries are approximateAccording to FEMA Community Map Panel 17031C 0756J dated August 19, 2008, the property is located in Flood Zone X, an area of minimalflooding, usually depicted as above the 500-year flood level.
THE MARKET: Calumet City OverviewSouth of River Oaks Center on the east side of Torrence is anotherprominent center called The Landings. Tenants at The Landingsinclude CitiTrends, Pier 1 Imports, TJ Maxx, Walmart, Anna’s Linens,Ultra Foods, Burlington Coat Factory, Forman Mills and Dollar Tree.Located across Torrence from The Landings is Home Depot andSports Authority.POPULATIONHOUSEHOLDSCalumet City’s business community serves not only its residents, butalso the hundreds of thousands who reside within a 15-mile radiusthat make Calumet City shopping districts their destination. Thesubject Taco Bell is situated as an outparcel to River Oaks West, a162,000-square-foot community center that is home to Marshalls,Ross, Big Lots, Petco and Party City. Sam’s Club, Shoe Carnival andShoppers World are located directly south of this center. Directlyacross Torrence Avenue to the east is River Oaks Center, the largestenclosed mall in the Chicago south suburbs. The mall contains morethan 1.3 million square feet, and is anchored by JCPenney andMacy’s. Joining these anchors are 150 stores and food retailers. Themall is owned by Washington Prime Group, Inc.1 Mile3 Miles5 Miles2014 Estimated Population5,173122,822257,7942019 Projected Population5,216121,295255,3112010 Census Population5,137124,421260,5402000 Census Population5,231128,786272,388Growth 2010-20140.70%-1.29%-1.05%Growth 2014-20190.84%-1.24%-0.96%2014 Estimated Median Age47.7936.9335.802014 Estimated Average Age45.3537.6637.052014 Estimated Households2,60045,02093,4332019 Projected Households2,64144,56992,9362010 Census Households2,56245,48693,8982000 Census Households2,49948,16599,342Growth 2010-20141.49%-1.03%-0.50%Growth 2014-20191.58%-1.00%-0.53%2.012.692.732014 Est. Median Household Income 39,326 43,378 41,1722019 Prj. Median Household Income 41,294 45,437 43,0422000 Cen. Median Household Income 38,377 43,038 40,7582014 Est. Average Household Income 49,868 53,873 52,3382014 Estimated Per Capita Income 25,062 19,747 18,9692014 Est. Average Household SizeINCOMECalumet City is south suburb of Chicago, located in Cook County,approximately 20 miles south of downtown, with a current populationof 36,500. Calumet City is strategically located just south of the cityof Chicago and borders the Indiana-Illinois state line. The city hasexcellent highway access to I-94/I-80 and is minutes from Interstates294, 57 and 55, providing access to Chicago and Chicago’snorthwest and western suburbs.HOUSINGTaco Bell 1501 River Oaks Drive Calumet City, Illinois1501 River Oaks DriveCalumet City, IL2014 Estimated Housing Units2,79949,968104,8552014 Estimated Occupied Units2,60045,02093,4331994,94811,4222014 Est. Owner Occupied Units2014 Estimated Vacant Units1,38929,78260,5022014 Est. Renter Occupied Units1,21115,23832,9302014 Est. Median Housing Value 113,585 127,760 121,8972014 Est. Average Housing Value 131,814 139,353 139,043Source: Nielsen
Taco Bell 1501 River Oaks Drive Calumet City, IllinoisCONFIDENTIAL MEMORANDUM & DISCLAIMERCBRE, Inc. operates within a global family of companieswith many subsidiaries and/or related entities (each an“Affiliate”) engaging in a broad range of commercialreal estate businesses including, but not limited to,brokerage services, property and facilities management,valuation, investment fund management anddevelopment. At times different Affiliates may representvarious clients with competing interests in the sametransaction. For example, this Memorandum may bereceived by our Affiliates, including CBRE Investors, Inc.or Trammell Crow Company. Those, or other, Affiliatesmay express an interest in the property described in thisMemorandum (the “Property”) may submit an offer topurchase the Property and may be the successful bidderfor the Property. You hereby acknowledge that possibilityand agree that neither CBRE, Inc. nor any involvedAffiliate will have any obligation to disclose to you theinvolvement of any Affiliate in the sale or purchase ofthe Property. In all instances, however, CBRE, Inc. willact in the best interest of the client(s) it represents inthe transaction described in this Memorandum and willnot act in concert with or otherwise conduct its businessin a way that benefits any Affiliate to the detriment ofany other offeror or prospective offeror, but rather willconduct its business in a manner consistent with the lawand any fiduciary duties owed to the client(s) it representsin the transaction described in this Memorandum.This is a confidential Memorandum intended solely foryour limited use and benefit in determining whether youdesire to express further interest in the acquisition of theProperty.This Memorandum contains selected informationpertaining to the Property and does not purport to bea representation of the state of affairs of the Propertyor the owner of the Property (the “Owner”), to be allinclusive or to contain all or part of the informationwhich prospective investors may require to evaluatea purchase of real property. All financial projectionsand information are provided for general referencepurposes only and are based on assumptions relatingto the general economy, market conditions, competitionand other factors beyond the control of the Owner andCBRE, Inc. Therefore, all projections, assumptions andother information provided and made herein are subjectto material variation. All references to acreages, squarefootages, and other measurements are approximations.Additional information and an opportunity to inspectthe Property will be made available to interested andqualified prospective purchasers. In this Memorandum,certain documents, including leases and other materials,are described in summary form. These summaries donot purport to be complete nor necessarily accuratedescriptions of the full agreements referenced. Interestedparties are expected to review all such summaries andother documents of whatever nature independently andnot rely on the contents of this Memorandum in anymanner.Neither the Owner or CBRE, Inc, nor any of theirrespective directors, officers, Affiliates or representativesmake any representation or warranty, expressed orimplied, as to the accuracy or completeness of thisMemorandum or any of its contents, and no legalcommitment or obligation shall arise by reason of yourreceipt of this Memorandum or use of its contents;and you are to rely solely on your investigations andinspections of the Property in evaluating a possiblepurchase of the real property.The Owner expressly reserved the right, at its solediscretion, to reject any or all expressions of interestor offers to purchase the Property, and/or to terminatediscussions with any entity at any time with or withoutnotice which may arise as a result of review of thisMemorandum. The Owner shall have no legalcommitment or obligation to any entity reviewing thisMemorandum or making an offer to purchase theProperty unless and until written agreement(s) for thepurchase of the Property have been fully executed,delivered and approved by the Owner and anyconditions to the Owner’s obligations therein havebeen satisfied or waived.By receipt of this Memorandum, you agree that thisMemorandum and its contents are of a confidentialnature, that you will hold and treat it in the strictestconfidence and that you will not disclose thisMemorandum or any of its contents to any other entitywithout the prior written authorization of the Owneror CBRE, Inc. You also agree that you will not use thisMemorandum or any of its contents in any mannerdetrimental to the interest of the Owner or CBRE, Inc.If after reviewing this Memorandum, you have nofurther interest in purchasing the Property, kindly returnthis Memorandum to CBRE, Inc.CBRE and the CBRE logo are service marks of CBRE, Inc.and/or its affiliated or related companies in the UnitedStates and other countries. all other marks displayedon this document are the property of their respectiveowners.Photos herein are the property of their respective ownersand use of these images without the express writtenconsent of the owner is prohibited.Prospective Purchaser hereby acknowledges thatProspective Purchaser has been informed, both orallyand by this written disclosure, that:A. Listing Agent through George Good, Bob Mahoney,Rich Frolik, Christian Williams, Derrick Almassy andMike Kaider are acting as Agent(s) of the Seller of theProperty, andB. Any information given by Prospective Purchaser toListing Agent may be disclosed to the Seller. 2014 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty orrepresentation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or futureperformance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independentinvestigation of the property to determine to your satisfaction the suitability of the property for your needs.
ABSOLUTE NET GROUND LEASESINGLE TENANT NET LEASE INVESTMENTTACO BELLCALUMET CITY, ILLINOISFOR MORE INFORMATION CONTACT:Michael KaiderNNN SpecialistFirst Vice President 1 630 573 7015michael.kaider@cbre.comCBRE700 Commerce DriveSuite 550Oak Brook, IL 60523
Restaurants China, YUM Restaurants International, Taco Bell US, and KFC US. Its three restaurant concepts, KFC, Pizza Hut, and Taco Bell, are the global leaders of the chicken, pizza and Mexican-style food categories. Yum! Brands has become a truly global company with nearly 70% of profits coming from outside
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Mar 26, 2015 · Consider the lease "product type": Base Year Leases Base year leases are really just a modified type of gross lease—a lease where the tenant pays “gross” rent or rent that is not net of the major operating expenses Instead of actual operating costs being passed through to the tenant as in a NNN lease, in a base year lease
