Docstoc

Burger King in Orlando Florida for Sale | NNN Brokers USA (323) 696 1031

Document Sample
Burger King in Orlando Florida for Sale | NNN Brokers USA (323) 696 1031 Powered By Docstoc
					exclusive offering memorandum                            > Strong Corporate Guarantee - Burger King Corporation - S&P Rated B-, Moody’s Rated Ba3
                                                         > 10 Year Absolute NNN Ground Lease with 6 - 5 Yr Options - 6+ Years Remaining


burger king                                              > Excellent Existing Financing – Loan Must be Assumed
                                                         > Burger King is the 2nd Largest Fast Food Hamburger Chain in the World - 2010
Fee Simple ground leaSe                                  > Excellent Visibility and Traffic - Signalized Location - Off Hwy 540 Hwy 27
                                                         > Outparcel to The Shoppes at Miller’s Landing - Neighborhood Shopping Center
Single TenanT nnn inveSTmenT                             > Ranked #170 America’s Largest Private Companies - Forbes 2010
7350 CypreSS gardenS blvd | winTer haven (orlando), Fl   > Great Location - Located Only 2 Miles from Legoland Florida
Table of conTenTs
  Confidentiality Agreement                                    3

  Tenant Description                                           4

  Property Description                                         6

  Investment Highlights                                        7

  Property Overview                                            8

  Financial Analysis                                           9

  Property Photos                                              10

  Site Plan                                                    13

  Location Map                                                 14

  Parcel Map                                                   15

  Aerial View                                                  16

  Demographics                                                 18

  Area Profile                                                 19

                                                                                                    i




                 The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
TenanT descripTion
                                 ABOuT BK                                                                         COMPANY OVERVIEW

                                 founded in 1954, Burger King® is the second                                      The Burger King(r) system operates more than 12,000 restaurants in all
                                 largest fast food hamburger chain in the world.                                  50 states and in 76 countries and u.s. territories worldwide. approximately
                                                                                                                  90 percent of Burger King(r) restaurants are owned and operated by inde-
                                 The original Home of THe WHoPPer®, the
                                                                                                                  pendent franchisees, many of them family-owned operations that have been in
                                 Burger King® system operates more than
                                                                                                                  business for decades. in 2008, fortune magazine ranked Burger King corp.
                                 12,200 locations serving over 11 million guests                                  (BKc) among america’s 1,000 largest corporations and in 2010, standard &
                                 daily in 76 countries and territories worldwide.                                 Poor’s included shares of Burger King Holdings, inc. in the s&P midcap 400
                                 approximately 90 percent of Burger King®                                         index. BKc was recently recognized by interbrand on its top 100 “Best global
                                 restaurants are owned and operated by inde-                                      Brands” list and ad Week has named it one of the top three industry-changing
pendent franchisees, many of them family-owned operations that have been in                                       advertisers within the last three decades.

business for decades. in october 2010, Burger King corp. was purchased by 3g
                                                                                                                  shareholders may request a printed copy of the company’s complete audited
capital, a multi-billion dollar, global investment firm focused on long-term value
                                                                                                                  financial statements free of charge by calling the company’s investor relations
creation, with a particular emphasis on maximizing the potential of brands and                                    line at (305) 378-7696, by writing to the investor relations department at 5505
businesses. for more information on 3g capital, please go to http://3g-capital.                                   Blue lagoon drive, miami, fla., 33126 or by requesting it through the investor
com/. To learn more about Burger King corp., please visit the company’s web-                                      relations services “information request” link on this page.
site at www.bk.com or follow us on facebook and Twitter.



burger king rankingS
> Burger King capital Holdings, llc announces Pricing of senior discount notes offering - april 15, 2011
> Burger King® is the second largest fast food Hamburger chain in the World
> every day, over 11 million guests visit a BK somewhere in the World
> fortune magazine ranked Burger King corp. (BKc) among america’s 1,000 largest corporations- 2008
> standard & Poor’s included shares of Burger King Holdings, inc. in the s&P midcap 400 index- 2010
> BKc was recently recognized by interbrand on its Top 100 “Best global Brands” list
> Burger King corporation among Top restaurant companies Honored for Best Human resources
  Practices - 11/17/10
> s&P rated B- stable, moody’s rated Ba3
> ranked #170 america’s largest Private companies- forbes 2010


P. 4   BuRGER KING | 7350 CYPRESS GARDENS BOuLEVARD, WINTER HAVEN, FL 33884

                               The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
properTy descripTion
PROPERTY OVERVIEW
The offering includes a single tenant, free-standing Burger King restaurant with drive-thru located in
the city of Winter Haven (orlando), fl. The property offers a fee simple ground lease, 10 Year absolute
nnn lease with 6- 5 year options and 10% rental increases every 5 years, including all options. Built
in 2008, this newer building is 2,618 sf, positioned as a corner out-parcel to The shoppes at miller’s
landing, a neighborhood shopping center. This is a corporate guaranteed lease (only 10% of BK’s
are corporate-owned) with Burger King corporation, the 2nd largest fast food hamburger chain in
the world. They are s&P rated B- stable and moody’s rated Ba3. currently, BK operates more than
12,000 restaurants in all 50 states, in 76 countries and u.s. territories worldwide. approximately 90
percent of the restaurants are owned and operated by independent franchisees, many of them family-
owned operations that have been in business for decades. in october 2010, BK corp. was purchased
by 3g capital, a multi-billion dollar, global investment firm focused on long-term value creation, with a
particular emphasis on maximizing the potential of brands and businesses. every day, over 11 million
guests visit a BK somewhere in the world. Just recently, Burger King corporation was recognized
by interbrand on its Top 100 “Best global Brands” list while fortune magazine ranked BKc among
america’s 1000 largest companies in 2008. for 2010, forbes ranks BKc #170 on america’s largest
Private companies. This is rare opportunity to own a strong national retailer at a low purchase price,
as only 10% of all BK’s are corporate owned nationally.
LOCATION OVERVIEW
This property is on the signalized corner of lake Bess rd. and busy Hwy 540 (cypress gardens Blvd.)
in the established residential city of Winter Haven, fl. With the recent opening of lego land Theme
Park, this community is also regarded as a highly populated tourist destination, just miles outside
of famous orlando. Burger King is strategically located along this main retail corridor and serves
as a focal point for one of Winter Haven’s greatest concentration of retail activity. This restaurant is
the signalized, hard-corner outparcel to The shoppes at miller’s landing, including several strong
regional tenants offering exceptional accessibility from all parts of the retail trade area. The property
is shadow-anchored by a Wal-mart supercenter, while also being around the corner from the eagle
ridge mall and lowe’s, the only regional mall servicing the region. surrounding retailers include;
Wal-mart, lowe’s, dillard’s, cvs, 7 eleven, aT&T, leslie’s, goodyear, community southern Bank,
edward Jones and lego land Theme Park. aside from retail, this location is across the street from
state farm’s insurance operation office, a 430k sf facility with over 2,000 employees…adding to the
daytime traffic. along with strong demographics and retail demand, Burger King is well suited for the
neighborhood and enjoys very little completion from other Qsr’s, reflected in their strong sales.                             POPuLATION                                    1-MILE    3-MILE    5-MILE
This high traffic location boasts over 24,900 cars per day and enjoys excellent visibility on a signalized                    estimated Population (2011)                   2,762     21,564    48,248
corner with irreplaceable street frontage along Hwy 540 (cypress gardens Blvd), just minutes from                             Projected Population (2016)                   3,051     23,836    52,697
Hwy 27 (over 63,000 cPd). The property offers convenient egress/ingress from all directions,                                  Projected annual growth                       10.46%    10.54%    9.22%
making accessibility easy for everyone since this location is on the path to the new Theme Park. The
intersection serves as a commercial hub for the neighborhood and miller’s landing is a destination                            average Household income (2011)               $67,228   $64,900   $61,204
center for the community, funneling traffic to this fast food restaurant.
P. 5   BuRGER KING | 7350 CYPRESS GARDENS BOuLEVARD, WINTER HAVEN, FL 33884

                                The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
invesTmenT HigHligHTs
STRONG CORPORATE GuARANTY
> corporate guaranteed lease by Burger King corp. (10% corp. stores) - 3g capital Private
   equity firm
> Burger King is the 2nd largest fast food Hamburger chain in the World
> ranked #170 on forbes 1000 america’s largest Private companies - forbes 2010
> Burger King corp. recently recognized by interbrand on its Top 100 “Best global Brands” list
> fortune magazine ranked Burger King corp. (BKc) among america’s 1,000 largest
   corporations - 2008

STABLE INCOME - EASE OF MANAGEMENT
> 10% rental increases every 5 Years, including all options - great inflation Hedge
> Zero management responsibilities - Tenant Pays all expenses directly
> 10 Year absolute nnn lease with 6-5 Year options - 6+ Years remaining
> fee simple ground lease ownership - coupon clipper asset
> newer construction - Built in 2008 - drive Thru and street signage

EXCELLENT RETAIL DESTINATION LOCATION
> Premiere Hard corner, signalized location along Hwy 540 - main retail corridor
> irreplaceable visibility - located near new lego land Theme Park - strong Tourist demand
> outparcel to the shoppes at miller’s landing - neighborhood shopping center
> surrounding retailers include; Wal-mart, lowe’s, dillard’s, cvs, 7 eleven, aT&T, leslie’s,
   goodyear, community southern Bank, edward Jones and lego land Theme Park.
> strong residential community - suburb of orlando - above average demographics

PERFECT 1031 EXCHANGE PROPERTY
> long Term 10 Year absolute nnn ground lease and 6-5 Year options
> excellent existing financing – must be assumed
> rare opportunity to Purchase national credit Tenant with corporate guaranty at low Price Point
> attractive rent Bumps every 5 Years (10%) - next increase in april 2013
> no existing financing in Place - coupon clipper asset


P. 6   BuRGER KING | 7350 CYPRESS GARDENS BOuLEVARD, WINTER HAVEN, FL 33884

                               The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
properTy overview

PROPERTY INFORMATION                                                                                          LEASE SuMMARY

subject Property:                   Burger King restaurant #16432                                             Tenant:                                           Burger King

Property address:                   7350 cypress gardens Blvd                                                 corporate guaranty:                               Burger King corporation - 3g capital
                                    Winter Haven, florida 33884
                                                                                                              lease Term:                                       10 Years
Price:                              $1,307,000
                                                                                                              Term remaining on lease:                          6+ Years
caP rate:                           6.50%
                                                                                                              lease Type:                                       fee simple ground lease
current noi:                        $85,000
                                                                                                              date of lease:                                    august 8, 2008
Building size:                      2,618 sf
                                                                                                              lease commencement:                               march 27, 2008
land size:                          44,057 sf (1.01 acres)
                                                                                                              rent commencement:                                april 1, 2008
construction Year:                  2008
                                                                                                              lease expiration:                                 march 26, 2018
Parcel number:                      27-29-07-000000-032040
                                                                                                              annual rent Terms:                                Years 1-5:         $85,000
Traffic count:                      approx. 24,900 cPd at lake Bess dr &
                                    Hwy 540                                                                                                                     Years 6-10:        $93,500
                                                                                                              renewal options:
                                    approx. 63,000 cPd at Hwy 540 & Hwy 27                                    (6-5 Year Options)                                Years 11-15:       $102,850
                                                                                                                                                                Years 16-20:       $113,135
                                                                                                                                                                Years 21-25:       $124,448
                                                                                                                                                                Years 26-30:       $136,893
                                                                                                                                                                Years 31-35:       $150,583
                                                                                                                                                                Years 36-40:       $165,641



P. 7   BuRGER KING | 7350 CYPRESS GARDENS BOuLEVARD, WINTER HAVEN, FL 33884

                               The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
financial analYsis | Burger King in WinTer Haven, florida
7350 Cypress Gardens Boulevard - Winter Haven, FL 33884


 renT roll
                         SQuare               leaSe                leaSe               renT/              annual                            renTal
        TenanT                                                                                                                                                                     opTionS
                         FooTage              STarT              eXpiraTion            SQ. FT.             renT                           inCreaSeS

                                                                                                                                                              6-5 Year options
                                                                                                                                                         10% increases every option
                                                                                                                                                           4/01/2018 $102,850.00
                                                                                                                             10% increases every 5 Years   4/01/2023 $113,135.00
   Burger King             2,618           3/27/2008              3/26/2018             $32.47         $85,000.00
                                                                                                                               4/01/2013 $93,500.00        4/01/2028 $124,448.00
                                                                                                                                                           4/01/2033 $136,893.00
                                                                                                                                                           4/01/2038 $150,583.00
                                                                                                                                                           4/01/2043 $165,641.00

        Total :            2,618                                                                      $85,000.00


                             inCome & eXpenSeS                                                                    p r i C i n g a n a ly S i S
                             net operating income                                             $85,000            Price                                       $1,307,000
                                                                                                                 Price/sq. ft.                                $499.24
                                                                                                                 down Payment                                $522,800
                                                                                                                 down Payment %                                40.0%
                                                                                                                 loan amount                                 $780,000
                             eXiSTing FinanCing TermS                                                            cap rate                                      6.50%
                             approx. loan Balance                                            $780,000            net operating income                         $85,000
                             interest rate                                                      5.60%            loan Payment                                 $64,916
                             amortization                                                        20 Yr           cash flow                                    $20,084
                             lTv                                                                  60%            cash/cash                                     3.84%
                             loan expiration                                                 11/1/2021           dscr                                           1.31%
                            *loan must be assumed

 P. 8   BuRGER KING | 7350 CYPRESS GARDENS BOuLEVARD, WINTER HAVEN, FL 33884

                                The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
properTy pHoTos




P. 9   BuRGER KING | 7350 CYPRESS GARDENS BOuLEVARD, WINTER HAVEN, FL 33884

                               The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
surrounding area pHoTos




P. 10   BuRGER KING | 7350 CYPRESS GARDENS BOuLEVARD, WINTER HAVEN, FL 33884

                               The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
locaTion map




P. 11   BuRGER KING | 7350 CYPRESS GARDENS BOuLEVARD, WINTER HAVEN, FL 33884

                               The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
                                                                                                                                                   parcel map
Polk, FL, 2011-2012 - 27-29-07-000000-032040 (Alt:07-29-27-000000-032040), 7350 CYPRESS GARDENS BLVD, WINTER HAVEN, FL 33884-3202, Sheet: 1 of 1




                                                                                                                                                   apn: 27-29-07-000000-032040
                                                                                                                                                   P. 12   BuRGER KING | 7350 CYPRESS GARDENS BOuLEVARD, WINTER HAVEN, FL 33884

                                                                                                                                                                                  The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
aerial view


                                                                                                                                                               STATE FARM




                                                                                                                                   LAKE FOX DRIVE
                                                                                                                                                                CAMPUS




                                                                                                       Winter Haven
                                                                                                       Urgent Care

                                 24,900 CPD              CYPRESS GARDENS BOULEVARD



                                                                                                                                                    Carefree RV
                                                                                                                                                    Country Club




P. 13   BuRGER KING | 7350 CYPRESS GARDENS BOuLEVARD, WINTER HAVEN, FL 33884

                               The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
aerial view

                       Lake
                      Mariana                                     Lake Rochelle

                                                                                                          Lake
                                                                                                         Fannie
                                                                                                                                                 Lake                      27
                                                                                                                                               Hamilton

                                 Lake
                                Cannon
                                                             17

                                           Lake
                                          Howard




                                                                                                                                                                               63,000 CPD
                                             Lake Shipp
           Spirit Lake
                                                                  Lake Lulu         540
                                                                                                                                                                                                         Lake
                                                                                                                                                                                                         Annie
                                                                                          Lake
                      Eagle             17                                               Eloise                         24,900
                      Lake                                                                                                          CPD Cypress Gardens Blvd                   27
                                                                                                                   Lake
                                                                                                                 Winterset              Lake Ruby
                                 Lake
                                McLead                                                                                                          Lake Bess                                   Shoppes on
                                                                                                                                                                                             the Ridge




P. 14   BuRGER KING | 7350 CYPRESS GARDENS BOuLEVARD, WINTER HAVEN, FL 33884

                                The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
demograpHics




POPuLATION                    1-MILE   3-MILE   5-MILE   DAYTIME DEMOS                    1-MILE    3-MILE    5-MILE
estimated Population (2011)   2,762    21,564   48,248   Total # of Businesses (2011)     168       736       1,596
census Population (2000)      1,853    15,728   38,323   Total # of employees (2011)      3,293     8,802     19,442
Projected Population (2016)   3,051    23,836   52,697   employee Pop. per Business       19.60     11.96     12.18
HISTORICAL ANNUAL GROWTH                                 residential Pop. per Business    16.44     29.30     30.23
1990-2000                     23.53%   23.34%   17.71%
2000-2011                     49.06%   37.11%   25.90%
PROJECTED ANNUAL GROWTH
2011-2016                     10.46%   10.54%   9.22%



HOuSEHOLDS                    1-MILE   3-MILE   5-MILE   INCOME                           1-MILE    3-MILE    5-MILE
estimated Households (2011)   1,239    9,127    19,367   avg. Household income (2011)     $67,228   $64,900   $61,204
census Households (2000)      841      6,691    15,477   median Household income (2011)   $48,289   $48,770   $45,401
Projected Households (2016)   1,387    10,178   21,323   Per capita income (2011)         $30,195   $27,608   $24,857
HISTORICAL ANNUAL GROWTH
1990-2000                     26.66%   23.36%   15.90%
2000-2011                     47.32%   36.41%   25.13%
PROJECTED ANNUAL GROWTH
2011-2016                     11.95%   11.52%   10.10%
    City of Orlando :: About Orlando                                                                                                     Page 1 of 3
area profile
                                                                                                          ABOuT ORLANDO
                                                                                                          orlando is one of the world’s fastest-growing cities. it is among florida’s major
                                                                                                          cities and is a center for digital media and bio medicine. The city has the 9th

        ABOUT ORLANDO
                                        Winter Haven                                                      busiest airport in the u.s. and is warm and sunny all year round.

                                        The Chain of Lakes City                                           BRIEF HISTORY OF THE CITY OF ORLANDO
   Orlando is one of the world's fastest-growing cities. It is among Florida's major in 1856 orlando became the county seat of orange county, florida. The “Town
                                                                                      cities and is
   a WINTER HAVEN
ABOuTcenter for digital media and bio medicine. The City has the 9th busiest airport in the U.S. was incorporated on July 31, 1875 with an area of 4 square miles.
                                                                                     of orlando”
   and is warm and sunny all year round.
                                         Winter Haven is a community                                      orlando incorporated as a city in 1885.
                                         of more than 34,000 people,                                      Today, the city of orlando as a result of numerous annexations, has an area of
                                         located in central florida
                                    History                                                               over 100 square miles and is still located entirely within orange county.
                                         between Tampa and orlando.
                                    Government
                                    Relocation
                                         The gentle rolling hills of Polk                                loCaTion                             populaTion                           ClimaTe
                                    City Facts
                                         county and 45 fresh-water                                       THis ciTY is 110.2 sQuare            224,055 as of 2006.                  annual average
                                         lakes touch or are contained                                    miles and covers a ToTal             267,050 (2010 ProJecTion)            TemPeraTure: 82°
                                         within the city limits. Twenty-                                 of 70,528 acres. WiTH                meTro orlando: 2 million
                                         four of the lakes are connected                                 iTs cenTral locaTion                 (2006)                               summers are in THe HigH
                                                                                                         in THe region and                    61.1% caucasian,                     80s and WinTers sTaY in
                                        by a system of navigable canals
                                                                                                         THe sTaTe, orlando is                26.9% african american,              THe loW 70s
        BRIEF HISTORY OF THE CITY
better known as “The chain of lakes.” OF ORLANDO                                                         easilY accessiBle from               2.7% asian,
        In 1856 Orlando became the county seat of                                                        inTersTaTe 4, florida                17.5% HisPanic                       inCome
Winter Haven will soon be home to the newest legoland. The main campus
      Orange County, Florida. The “Town of Orlando”                                                      TurnPiKe, easT/WesT                                                       median familY income:
        four-year Polk state college is an area
of thewas incorporated on July 31, 1875 withalso located in Winter Haven; and                            exPressWaY and THe                   4TH largesT meTroPolis               $40,143
      of 4 square miles. Orlando incorporated as a city                                                  BeacHline.                           in THe souTHeasT uniTed
an exciting new program is that of the Business accelerator, developed
      in 1885.                                                                                                                                sTaTes                               Per caPiTa: $23,157
by the Polk county commission and central florida development council.
      Today, the City of Orlando as a in downtown Winter Haven, will benefit
The Business incubator, located result of
new companies by offering resources; a national research university (usf
      numerous annexations, has an area of over 100
      square miles and is still located entirely within
                  with
Polytechnic)County. access to faculty experts; operational infrastructure
      Orange
like office space, equipment and technology; technology consultants; and
training programs.
      Back to Top


nearby, visitors enjoy Historic Bok sanctuary (Bok Tower gardens) and
fantasy of flight air museum... both just minutes away. Winter Haven is
       ORLANDO GOVERNMENT
an excellent location to raise a family or to retire and enjoy a wonderful
           With has a Mayor-Commission gardens, seaWorld and universal
climate.Orlando disney World, Busch form of government. Six City Commissioners are elected at-
          all within an respective districts perfect “home base” for vacations,
studios large from theirhour’s drive, it is ato four-year terms. The Mayor is the formal representative of
as well. the City.
P. 16   BuRGER KING | 7350 CYPRESS GARDENS BOuLEVARD, WINTER HAVEN, FL 33884
        Elected Officials
                                The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
        City of Orlando Mayor, Buddy Dyer

				
DOCUMENT INFO
Shared By:
Stats:
views:139
posted:8/16/2012
language:Unknown
pages:15
Description: Burger King in Orlando Florida for Sale | NNN Brokers USA (323) 696 1031