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GARRETT KEAIS, SOIR+1 248 358 6112 | MI Lic #6501285727 [email protected]
CORY WITHERS+1 858 546 5263 | CA Lic #01902196 [email protected]
LOCAL BROKER:
CHUCK KLEIN+1 858 546 5473 | CA Lic #01522766 [email protected]
EXCLUSIVELY OFFERED BY:
O F F E R I N G M E M O R A N D U M
5 3 9 E B I G B E A V E R R D | T R O Y , M I C H I G A N
Representative Photos
BAHAMA BREEZE | TROY, MI
DISCLAIMERCushman & Wakefield has been retained as exclusive advisor to the Seller for the sale of the Bahama Breeze parcel (the “Property”), approximately 10,800± square feet on 2.00± acres located at 539 E Big Beaver Rd, Troy MI.
This Offering Memorandum has been prepared by Cushman & Wakefield for use by a limited number of parties and does not purport to provide a necessarily complete summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective investors may need or desire. All projections have been developed by Cushman & Wakefield, the Owner, and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and Cushman & Wakefield, therefore, are subject to variation. No representation is made by Cushman & Wakefield or Owner as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be correct, Owner and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Cushman & Wakefield, Owner, and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, and omitted from, this
Offering Memorandum or any other written or oral communication transmitted or made available to the recipient. This Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the Property or the Owner since the date of preparation of the package. Analysis and verification of the information contained in this package is solely the responsibility of the prospective purchaser.
Additional information and an opportunity to inspect the Property will be made available upon written request to interested and qualified prospective investors.
Owner and Cushman & Wakefield each expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers regarding the Property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligation to any entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase of the Property has been fully executed, delivered, and approved by Owner and its legal counsel, and any conditions to Owner’s obligations thereunder have been satisfied or waived. Cushman & Wakefield is not authorized to make any representations or agreements on behalf of Owner.
This Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources
available to the public (such contents as so limited herein are called the “Contents”), are of a confidential nature. By accepting the package, you agree (i) to hold and treat it in the strictest confidence, (ii) not to photocopy or duplicate it, (iii) not to disclose the package or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of Owner or Cushman & Wakefield, (iv) to not use the package or any of the contents in any fashion or manner detrimental to the interest of Owner or Cushman & Wakefield, and (v) to return it to Cushman & Wakefield immediately upon request of Cushman & Wakefield or Owner.
The information contained herein has been obtained from the owner of the property or from other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
BAHAMA BREEZE | TROY, MI
EXECUTIVE SUMMARY
TENANT: Bahama Breeze Holdings, LLC dba Bahama Breeze
LOCATION: 539 E Big Beaver RdTroy, MI 48083
BUILDING SIZE: 10,800± square feet
LAND SIZE: 2.00± acres
YEAR BUILT: 2000
YEAR OPENED: 2001
LEASE TERM: 8 Years
INCREASES: 1.50% Annually
LEASE TYPE: Absolute Net, Land & Building
PRICE: $2,700,000
NOI: $159,030
CAP: 5.89%
All offers must be submitted on the Seller’s form of Letter of Intent - LINK TO LOI FORM
Representative Photo
BAHAMA BREEZE | TROY, MI
INVESTMENT HIGHLIGHTS
• New 8 Year Lease commencing at Close of Escrow
• 1.5% Rent Increases Annually
• Absolute Net, Land and Building Lease
• Seasoned Sales History with Low Rent to Sales Ratio
• Corporate Lease with Bahama Breeze Holdings, LLC
• Bahama Breeze Holdings, LLC is owned by Darden Restaurants, Inc. (S&P Rating BBB) with 2018 Revenue in excess of $8 Billion
• Population 3-Mile Radius – 87,099
• Average HH Income 3-Mile Radius – $96,737
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TRAFFIC GENERATORS • Located on Big Beaver Road, Troy’s major east-
west thoroughfare with Average Daily Traffic over 87,000
• ¼ mile north of Interstate 75, with Average Daily Traffic over 103,000
• Somerset Collection Mall is a 1.4 million square foot super-regional luxury shopping mall anchored by Nordstrom, Macy’s, Neiman Marcus and Saks Fifth Avenue, and is located 2 miles west of Bahama Breeze
NEW DEVELOPMENTS• Updated zoning laws along the Big Beaver
corridor and an effort from the city to make the area more walkable and changed existing laws to allow freestanding restaurants to be built on Big Beaver, whereas previously they had to be attached to a strip mall or office building. Now the corridor is much more pedestrian friendly for the tens of thousands of nearby office workers, local shoppers and employees.
− https://www.detroitnews.com/story/entertainment/dining/2017/07/06/big-beaver-troy-booms-restaurants/103457502/
• New children’s hospital: A new 3-story, 63,000 square foot Children’s Hospital opened in 2016. The $42 million hospital is located less than 1 mile west of Bahama Breeze, operates as a 24/7 emergency pediatric care facility, and has more than 300 physicians on staff.
− https://www.crainsdetroit.com/article/20160605/NEWS/160609812/dmc-childrens-hospital-troy-outpatient-center-off-to-strong-start
BAHAMA BREEZE | TROY, MI
AREA INFORMATION
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36,175CARS PER DAY
103,800CARS PER DAY
BAHAMA BREEZE | TROY, MI
RETAIL MAP
BAHAMA BREEZE | TROY, MI
Bahama Breeze# OF LOCATIONS (2017): 39
Bahama Breeze is an internally-developed full-service restaurant brand operating primarily in the eastern United States that offers guests the feeling of a Caribbean escape, with food, drinks and atmosphere found in the islands. The menu features distinctive, Caribbean-inspired fresh seafood, chicken and steaks as well as handcrafted tropical cocktails. In 1996, Bahama Breeze opened its first restaurant in Orlando, Florida.
Website: www.bahamabreeze.com
TENANT PROFILE
Darden Restaurants, Inc. is a restaurant company featuring a portfolio of
differentiated brands that include Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s. Darden holds an investment-grade credit rating of BBB with Standard & Poor’s with a Stable outlook. In fiscal 2018, Darden served nearly 390 million meals.
DARDEN RESTAURANTS, INC.(NYSE: DRI)
2018 REVENUE: $8.08 BILLION
2018 NET INCOME: $596 MILLION
# OF LOCATIONS: 1,746+
# OF EMPLOYEEES: 180,000+
For additional information, see https://www.darden.com.
3 MILE
10 MILE
5 MILE
3 MILE 5 MILE 10 MILE$96,737 $103,457 $87,837
AVERAGE HH INCOME
3 MILE 5 MILE 10 MILE87,099 266,207 1,018,476
POPULATION
$96K+ 3 MILE RADIUS
AVERAGE HHINCOME
87K+ 3 MILE RADIUS
POPULATION
BAHAMA BREEZE | TROY, MI
N
DEMOGRAPHICS - 2018
BAHAMA BREEZE | TROY, MI
Troy is located in Metropolitan Detroit's northern suburbs in Oakland County. The population was 80,980 at the 2010 census, making it the 11th-largest city in Michigan by population, and the largest city in Oakland County. Troy has become a business and shopping destination in the Metro Detroit area, with numerous office centers and the upscale Somerset Collection mall.
Troy’s location in the heart of Oakland County offers quick highway access to I-75, I-696 and M-59. Troy is a highly educated community with 57% of its population obtaining a bachelor’s degree or higher. The City is home to a vibrant and diverse international community - 83 different languages are spoken in Troy homes. Troy has once again been named the safest city in Michigan across all population sizes and the 23rd safest City overall in the nation. In 2015, NerdWallet named Troy the 4th best small city in the U.S. to start a business, and Niche Rankings named Troy the #1 best town in Michigan to raise a family. Troy is the only city in Michigan to be listed in the top ten.
The Troy School District is one of the highest ranked districts in the state and the country. It is one of only four school districts in Metro Detroit to receive an A+ rating from the Detroit News. Troy Athens, Troy High, and the east campus of the International Academy were named among the top 4% of all high schools by Newsweek.
AREA OVERVIEWTROY, MI
Troy, MI
CHUCK KLEIN+1 858 546 5473 | CA Lic #01522766 [email protected]
CORY WITHERS+1 858 546 5263 | CA Lic #01902196 [email protected]
EXCLUSIVELY OFFERED BY: LOCAL BROKER:
GARRETT KEAIS, SOIR+1 248 358 6112 | MI Lic #6501285727 [email protected]
Representative Photos
O F F E R I N G M E M O R A N D U M
5 3 9 E B I G B E A V E R R D | T R O Y , M I C H I G A N
