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NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
Max & Erma’s4255 Baldwin Road
Auburn Hills, MI 48326 (Detroit MSA)
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
1) Confidentiality&Disclaimer
2) ExecutiveSummary
3) PropertyOverview
4) Aerial
5) SitePlan
6) Maps
7) TenantProfile
8) DemographicComparisonReport
9) LocationOverview
10) ContactInformation
TABLE OF CONTENTS
TABLE OF CONTENTS
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
TheinformationcontainedinthefollowingOfferingMemorandumisproprietaryandstrictlyconfidential.ItisintendedtobereviewedonlybythepartyreceivingitfromTheBoulderGroupandshouldnotbemadeavailabletoanyotherpersonorentitywithoutthewrittenconsentofTheBoulderGroup.ThisOfferingMemorandumhasbeenpreparedtoprovidesummary,unverifiedinformationtoprospectivepurchasers,andtoestablishonlyapreliminarylevelofinterestinthesubjectproperty.Theinformationcontainedhereinisnotasubstituteforathoroughduediligenceinvestigation.TheBoulderGrouphasnotmadeanyinvestigation,andmakesnowarrantyorrepresentation.TheinformationcontainedinthisOfferingMemorandumhasbeenobtainedfromsourceswebelievetobereliable;however,TheBoulderGrouphasnotverified,andwillnotverify,anyoftheinformationcontainedherein,norhasTheBoulderGroupconductedanyinvestigationregardingthesemattersandmakesnowarrantyorrepresentationwhatsoeverregardingtheaccuracyorcompletenessoftheinformationprovided.Allpotentialbuyersmusttakeappropriatemeasurestoverifyalloftheinformationsetforthherein.
CONFIDENTIALITY & DISCLAIMER
CONFIDENTITALITY & DISCLAIMER
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
TheBoulderGroupispleasedtoexclusivelymarketforsaleasingletenantabsolutenetleasedMax&Erma’spropertylocatedintheDetroitMSA.The6,264squarefootMax&Erma’srestaurantisideallylocatedatanInterstate75interchangeinadominantretaildestinationthatattractsconsumersfromthroughoutpartsofMichiganandnearbyCanada.LocatedacrossthestreetistheGreatLakesCrossingOutlets,whichfeaturesover180shopsand1.4millionsquarefeetofretail.MaxandErma’shasapproximatelynineyearsremainingontheirtwentyyear leasethatexpiresApril30,2023.Theleasefeaturesa7.5%rentalescalation in2018.Max&Erma’s isacasualdiningrestaurantchainthat isknownfortheiraward-winningburgers,locallybrewedbeerandfresh-bakedchocolatechipcookiesaswellasmanyothermenuitems.Max&Erma’sisawhollyownedsubsidiaryofAmericanBlueRibbonHoldings,the8thlargestfullservicerestaurantholdingscompanyintheUnitedStates.
TheMax&Erma’sislocatedacrossthestreetfromtheGreatLakesCrossingOutlets.GreatLakesCrossingOutletsisMichigan’slargestanddominantoutletshoppingcenterwithastrongmixoffashiondepartmentstoreoutlets,manufacturer’soutlets,andcategory-dominantstores.NotableretailerswithinthedevelopmentincludePoloRalphLauren,Coach,MichaelKors,Lacoste,J.Crew,HugoBoss,Talbots,andmanyotherpremiumretailers.Thedevelopmentalsofeaturesa25-screenAMCTheatreandSeaLifeMichiganAquarium(scheduledtoopenSpring2015).Approximately20%ofGreatLakesCrossingOutlets’shoppersaretouriststraveling60milesormoreandcomefromthroughouttheMidwestandCanada.Furtherestablishingthiscorridorasadominant retaildestination is thepresenceofmanybigboxnational retailers in the immediatevicinity.SurroundingnotableretailersincludeCostco,Sam’sClub,Target,HomeDepot,Meijer,Kohl’s,BestBuy,andmanyothers.
The2.89acreMax&Erma’sparcel is locatedatahighprofile Interstate75 interchangeonBaldwinRoad. Interstate75experiencestrafficcountsinexcessof85,000vehiclesperday.BaldwinRoadisaheavilytraffickednorth-souththoroughfareinthenorthwestsuburbs.Theaverageannualhouseholdincomewithinaonemileradiusisinexcessof$73,000.Additionally,thereareapproximately125,000peoplelivingwithinafivemileradius.
Max&Erma’shasapproximately9yearsremainingontheirabsolutenetleasethatexpiresApril30,2023.Theleasefeaturesa7.5%rentalescalationin2018.Thereareapproximately70Max&Erma’slocationsthroughoutpartsoftheMidwestandEastCoast.Max&Erma’sisawhollyownedsubsidiaryofAmericanBlueRibbonHoldings,the8thlargestfullservicerestaurantholdingscompanyintheUnitedStatesandhaveover646restaurants.
INVESTMENT HIGHLIGHTS•LocatedwithinaregionallydominantretaildestinationintheDetroitMSA•7.5%rentalescalationin2018•Nolandlordresponsibilities•Guarantoristhe8thlargestfullservicerestaurantholdingcompanyintheUnited States•LocatedatahighprofileInterstate75(85,000VPD)interchange•BaldwinRoadisaprimarynorth-souththoroughfare•LocatedacrossthestreetfromGreatLakesCrossingOutlets,a1.4millionsquarefoot developmentthatisMichigan’slargestanddominantoutletshoppingcenter•OthernotableretailerslocatedintheimmediatevicinityincludeCostco,Sam’sClub,Target,HomeDepot,Meijer,Kohl’s, andBestBuy
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
PROPERTY OVERVIEW
PROPERTY OVERVIEW
Price: $2,970,250
CapRate: 7.60%
RentSchedule: NOI EscalationDate
$225,750$242,681 5/1/18
LeaseExpirationDate: April30,2023
Tenant: Max&Erma’s
YearRenovated: 2003
LeaseType: NNN
BuildingSize: 6,264SF
LandSize: 2,896SF
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
AERIAL
AERIAL
N
85,000 VPD75
NET LEASED INVESTMENT OFFERING
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SITE PLAN
SITE PLAN
LAKE VILLAGE BLVD
N75
NET LEASED INVESTMENT OFFERING
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MAPS
MAPS
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
Max & Erma’sisacasualdiningrestaurantchainbasedinColumbus,Ohio.ItoperatesthroughoutpartsoftheEasternandMidwesternUnitedStates,andwasfoundedin1972byToddBarnumandBarryZacks.In2010,thechainwasacquiredbyAmericanBlueRibbonHoldings.Max&Erma’sisacasualdiningrestaurantchainthatisknownfortheiraward-winningburgers,locallybrewedbeerandfresh-bakedchocolatechipcookiesaswellasmanyothermenuitems.
American Blue Ribbon Holdingsisthe8thlargestfullservicerestaurantholdingcompanyintheUnitedStates.AsofJuly2012,theyoperated646restaurantsin43statesandservedover90millionguestsannually.Theyhad$1.2billionoftotalannualrevenueandemployedover32,000people.TheirbrandsincludeO’Charley’s,VillageInn,BakersSquare,NinetyNineandMax&Erma’s.
TenantWebsite: www.maxandermas.comNumberofLocations: 70Headquarters: Columbus,OH
ParentWebsite: www.abrholdingss.comEmployees: 32,000+Headquarters: Nashville,TN
TENANT PROFILE
TENANT PROFILE
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
Population 1-mi 3-mi 5-mi
TotalPopulation 38,361 252,568 515,306TotalHouseholds 16,918 106,437 199,818
Income
MedianHouseholdIncome $54,042 $45,483 $44,130AverageHouseholdIncome $73,224 $65,196 $63,679
DEMOGRAPHIC COMPARISON REPORT
DEMOGRAPHIC COMPARISON REPORT
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
Auburn Hills isadistinguishedleader insoutheastMichigan,knownnotonlyforits22high-technologyparks,butalsoforhavingworld-renownedretail, entertainment and manufacturing. Home to more than 21,000residents, italsoservesasMichigan’sglobalbusinessaddress,with40internationalcorporationsfrom32countrieshousedhere,includingmany
worldandNorthAmericanheadquarters.AuburnHills’residentsenjoytheamenitiesofcityandsuburbanlivingwithparks,arevitalizeddowntowndistrictandawelcomingcitycomplexwithalibraryandcommunitycenter.Additionally,thecityhasfivecollegesanduniversities,theawardwinningPalaceofAuburnHillsentertainmentcomplexandGreatLakesCrossingOutlets,oneofthestate’slargestdestinationshoppingcenters,providingavarietyofcultural,socialandeducationalopportunitiestoresidents,workersandvisitors.
DetroitisthelargestcityinthestateofMichiganandthecountyseatofWayneCounty.Atthetimeof the2010U.S.WayneCountywas rankedas the15thmostpopulous county in theUnitedStateswithapopulationof1,820,584.TheDetroitMSA is the13thmostpopulatedmetropolitan area in the United States with 4,296,250 residents. The Detroitmetropolitanarea,commonlyreferredtoasMetroDetroit,iswidelyknownastheautomobileindustryhubofNorthAmerica.Mostnotably,Detroit isknownforthe“BigThree”automobilecompanies,
GeneralMotors,FordandChrysler,allheadquarteredinMetroDetroit.TheDetroitautoindustryemploysover70,000people.
Downtown Detroit is home to the Compuware world headquarters, Blue Cross Blue Shield, HP EnterpriseServices,andQuickenLoans,whorecentlyrelocateditsheadquartersand4,000employeesdowntown.Detroitalsobenefitsfromthecasinogamingindustry.DetroitisthelargestcityintheUnitedStatestooffercasinoresorthotelsandishometotheMGMGrandDetroit,MotorCityCasinoandGreektownCasino.
LOCATION OVERVIEW
LOCATION OVERVIEW
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
CONTACT INFORMATION
CONTACT INFORMATION
666DundeeRoad,Suite1801Northbrook,IL60062
Randy [email protected]
Jimmy [email protected]
