BLOOMINGTON, ILLINOIS - LoopNet€¦ · Restaurants in East Peoria, Champaign, Plainfield, and Bloomington, Illinois. FDR-SC, LLC has a development agreement to open 13 units in the

STNL ABSOLUTE NNN - 14 YEARS REMAININGBLOOMINGTON, ILLINOIS

BRETT J. CHETEKSENIOR MANAGING DIRECTOR

Office: (786) 522-7091Cell: (314) 775-4285

[email protected]

ALEX R. PEREZSENIOR DIRECTOR

Office: (314) 889-2517Cell: (314) 598-1469

[email protected]

CHRIS GARAVAGLIASENIOR INVESTMENT ADVISOR

Office: (314) 889-2562Cell: (314) 941-4377

[email protected]

KYLE MEIHOFERINVESTMENT ADVISOROffice: (314) 889-2580Cell: (219) 309-9466

[email protected]

INVESTMENT ADVISORS:

49,400 VPD

2 SLIM CHICKENS | BLOOMINGTON, ILL INOIS

REPRESENTATIVE PHOTO


The Chetek Group of Marcus & Millichap is pleased to present the exceptional opportunity to acquire a 100% fee-simple interest in a single-tenant net leased Slim Chickens (“The Property”), located at 1515 N Veterans Parkway, Bloomington, IL 61704. The Property consists of a 2,992 square-foot building on 1.29 acres of land. Slim Chickens was constructed in 2017 and is on an original 15-year Absolute Net lease. Slim Chickens’ lease commenced in 2017 and the original term runs through 2032, with 1% annual increases. Thereafter, Slim Chickens has three 5-year renewal options, also with 1% annual increases.

The Property serves a population of 93,169 within a three-mile radius and 129,394 within a five-mile radius. The Property is situated off of Veterans Avenue; Bloomington-Normal’s main thoroughfare with many national retailers in the immediate area including Target, Wal-Mart, Hy-Vee, Meijer, Dick’s Sporting Goods, Best Buy, Jewel-Osco, LA Fitness, and Schnuck’s. Veteran’s Avenue is also home to the OSF Medical Center, a level two trauma center with 149 beds serving the greater Bloomington-Normal area. State Farm Insurance’s headquarters are located one and a half miles south of the property where 17,000 employees work.

Slim Chickens is one of the fastest growing fast casual restaurant chains in the United States. Founded in Fayetteville, Arkansas, Slim Chickens has grown to over 77 locations across Arkansas, Illinois, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Nebraska, Oklahoma, Ohio, South Dakota & Texas. Founded off of the desire to develop a southern casual dining, quick service restaurant concept focusing on fresh chicken recipes, Slim Chickens has had success delivering quality products to happy customers for over 15 years. From 2013 to 2018, Slim Chickens reported revenue has grown from $20 million to nearly $100 million

1515 N VETERANS PARKWAY, BLOOMINGTON, ILLINOIS 61704

INVESTMENT SUMMARY

LISTING PRICE: $2,517,000

CAP RATE: 6.50%

NET OPERATING INCOME: $163,620

SQUARE FOOTAGE: 2,992

PERCENT LEASED: 100%

TOTAL LAND AREA: 1.29 ACRES

YEAR BUILT: 2017

LEASE TYPE: ABSOLUTE NET

GUARANTOR: FRANCHISE GUARANTEE

LEASE YEARS REMAINING: 14 YEARS

RENT INCREASES: 1% ANNUAL

LANDLORD RESPONSIBILITY: NONE


» Build-to-suit location constructed in 2017 along the densest retail corridor in Bloomington-Normal, IL.

» 15-Year Absolute Triple-Net (NNN) Lease; Passive Investment Offering a Long-Term Security of Cash Flow.

» Attractive annual rent Increases of 1%

» Franchisee has committed to developing 15 more Slim Chickens locations outside the Chicago, IL MSA within the next 5 years.

» Tenant Renewal Options: Three Periods of Five Years, bringing the Potential remaining lease term to 30 Years.

» One Mile from State Farm’s Corporate Headquarters (17,000 employees).

» Less than 1 mile from OSF Saint Joseph Hospital (149 bed, Level 2 Trauma Center).

» Freestanding Property Featuring High Visibility off of Bloomington-Normal’s main thoroughfare, Veterans Parkway.

» Strong Demographics: 93,169 people live within 3 miles, boasting average household incomes of $84,846.

» Nationally Growing Brand; Expansion into Key Markets. Exceptional Operator Continues to see Success.

49,400 VPD


46,400 VPD 39,600 VPD49,400 VPD40,700 VPD

14,500 VPD

16,9

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19,0

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19,4

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11,2

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49,400 VPD


TENANT GLA %SHARE

LEASE DATES PAYMENT DATES MINIMUM RENT% CHANGE OPTION NOTICE

RECOVERIES

START END START END ANNUAL MONTHLY PSF CAM TAXES INS.

SLIM CHICKENS 2,992 4/1/17 3/31/32 4/1/18 3/31/19 $163,620.00 $13,635.00 $54.69 Absolute

4/1/19 3/31/20 $165,256.20 $13,771.35 $55.23 1.00%

1515 N Veterans Parkway 4/1/20 3/31/21 $166,908.76 $13,909.06 $55.79 1.00%

Bloomington, IL 61704 4/1/21 3/31/22 $168,577.85 $14,048.15 $56.34 1.00%

4/1/22 3/31/23 $170,263.63 $14,188.64 $56.91 1.00%

4/1/23 3/31/24 $171,966.26 $14,330.52 $57.48 1.00%

4/1/24 3/31/25 $173,685.93 $14,473.83 $58.05 1.00%

4/1/25 3/31/26 $175,422.79 $14,618.57 $58.63 1.00%

4/1/26 3/31/27 $177,177.01 $14,764.75 $59.22 1.00%

4/1/27 3/31/28 $178,948.78 $14,912.40 $59.81 1.00%

4/1/28 3/31/29 $180,738.27 $15,061.52 $60.41 1.00%

4/1/29 3/31/30 $182,545.65 $15,212.14 $61.01 1.00%

4/1/30 3/31/31 $184,371.11 $15,364.26 $61.62 1.00%

4/1/31 3/31/32 $186,214.82 $15,517.90 $62.24 1.00%

4/1/32 3/31/33 $188,076.97 $15,673.08 $62.86 1.00% Option #1 180 days

4/1/33 3/31/34 $189,957.74 $15,829.81 $63.49 1.00%

4/1/34 3/31/35 $191,857.32 $15,988.11 $64.12 1.00%

4/1/35 3/31/36 $193,775.89 $16,147.99 $64.76 1.00%

4/1/36 3/31/37 $195,713.65 $16,309.47 $65.41 1.00%

4/1/37 3/31/38 $197,670.79 $16,472.57 $66.07 1.00% Option #2 180 days

4/1/38 3/31/39 $199,647.49 $16,637.29 $66.73 1.00%

4/1/39 3/31/40 $201,643.97 $16,803.66 $67.39 1.00%

4/1/40 3/31/41 $203,660.41 $16,971.70 $68.07 1.00%

4/1/41 3/31/42 $205,697.01 $17,141.42 $68.75 1.00%

4/1/42 3/31/43 $207,753.98 $17,312.83 $69.44 1.00% Option #3 180 days

4/1/43 3/31/44 $209,831.52 $17,485.96 $70.13 1.00%

4/1/44 3/31/45 $211,929.84 $17,660.82 $70.83 1.00%

4/1/45 3/31/46 $214,049.14 $17,837.43 $71.54 1.00%

4/1/46 3/31/47 $216,189.63 $18,015.80 $72.26 1.00%

Lease Comments: Renewal: tenant has three - (5) year renewal options; 1% annual increases; 180 days’ notice. Lease Structure: absolute net - tenant responsible for all CAM, Taxes, and Insurance. Repairs & Maintenance: tenant reponsible at its sole cost and expense including roof and HVAC.


Greg Smart and Tom Gordon founded the first Slim Chicken in Fayetteville in February 2003. The two entrepreneurs wanted to develop a southern casual dining, quick service restaurant concept focusing on fresh chicken recipes. Slim Chickens’ roots run deep in the Delta where food is honest, meals are social, and the door is always open. They started with a mission to bring a dose of that southern hospitality to a fast, casual setting—serving fresh handmade food to the communities they serve. Now over a decade and thousands of happy customers later, they know that there’s something special about their hand-breaded chicken tenders, fresh Buffalo wings, and handmade dipping sauces that keeps their loyal fans coming back…over and over again. Customers tell them that Slims has changed their weekly routines—that their food was simply life changing, and that they can’t get enough. No joke. They strive to return that enthusiasm by giving back to the communities they serve—helping local non-profits with fundraisers, donating food to community events, and doing everything they can to improve the lives of people in the communities where they live and work. In more ways than one, Slim Chickens is truly Life Changing Chicken.

In 2016, CNBC named Slim Chickens as one of the top six franchises to watch. At the time, the brand had nearly 40 locations across the country, serving fast casual fare, and generating consistent revenue streams allowing the company to expand at a rapid pace without raising much capital. Since the brands inception in 2003, Greg Smart and Tom Gordon founded Slim Chickens with a goal of national

expansion. By 2025, the executive operating team of Slim Chickens has set a growth goal of expanding the franchise to 600 locations nationwide.

FRANCHISEE OVERVIEW: FDR-SC, LLC is a Slim Chickens Franchisee headed by entrepreneurs Ryan Carls, director of operations, and Dave Armel, business partner. Focusing on fresh chicken, the brand has developed a niche in its sector of the restaurant industry for product quality that can’t be found anywhere else. With fresh ingredients and minimal freezer space in every restaurant, Slim Chickens honors a commitment to homemade recipes and strong supplier partnerships, ensuring guests can feel good about the food they eat. The down-home Southern brand offers diners hand-breaded or grilled chicken tenders paired with a choice of eight handmade dipping sauces or seven wing sauces for exceptional flavor that has earned admiration from both customers and critics. If guests want to switch it up, Slim Chickens also offers fresh salads, wraps and chicken and waffles. To offset the savory side of the menu, rotating desserts served in Mason jars are also available.

FDR-SC, LLC currently operates 4 Slim Chickens Restaurants in East Peoria, Champaign, Plainfield, and Bloomington, Illinois. FDR-SC, LLC has a development agreement to open 13 units in the next five years covering the most populated cities in Illinois, outside the City of Chicago.

2002 S. PROMENADE BOULEVARD | ROGERS, ARKANSAS 72758

WWW.SLIMCHICKENS.COM

FAYETTVILLE, AR

60 AS OF JUNE 2017

2003

NATIONAL/ REGIONAL

LONDON & KUWAIT

CORPORATE FRANCHISE


1 0 1 0 10 SLIM CHICKENS | BLOOMINGTON, ILL INOIS

The City of Bloomington is located in the heart of Central Illinois, approximately 125 miles southwest of Chicago, 155 miles northeast of St. Louis, and 64 miles northeast of Springfield, the State Capital. Bloomington is the County Seat of McLean County, the largest county in Illinois (approximately 762,240 acres). Bloomington (pop. 76,610) is a twin City with the Town of Normal (pop. 52,497). Interstates 39, 55 and 74 converge on Bloomington-Normal, as well as US Route 51 and State Route 9.

The City of Bloomington and McLean County comprise the fastest-growing metropolitan area in Illinois. The area’s population has grown 28 percent from 1990 through 2006. The fastest growth has been in Bloomington. New construction continues to enhance residential, industrial and commercial growth.

Bloomington is located in one of the most productive agricultural areas in the nation, but the economy is diverse and well-balanced. In addition to the major manufacturers and industries, there are two universities, three hospitals, a convention center, two indoor malls, an outdoor outlet mall, and many banks and Savings & Loan Associations located in Bloomington-Normal. The City of Bloomington is one of the fastest growing metropolitan areas in Illinois with and estimated 20.25 percent increase in population between 1986 and 1995. New construction continues to enhance residential, industrial and commercial growth.

Bloomington is home to Illinois Wesleyan University, founded in 1850, it is a private residential University with an enrollment of 2,100 and a student/faculty ratio of 12 to 1. A NCAA Division III University, Illinois Wesleyan

BLOOMINGTON, ILLINOISONE OF THE FASTEST GROWING METROPOLITAN AREAS IN ILLINOIS

has had more than 100 athletes elected into the Academic All American team since 1970. Neighboring City, Normal, is home to Illinois State University with a student enrollment of 21,039. ISU is a NCAA Division I University in the Missouri Valley Conference.

The twin cities are serviced by four major railroad lines and Amtrak, as well as air transportation at the Central Illinois Regional Airport, one of the fastest growing airports in the country, which services commuter, corporate, and private aircraft. The advantages of the Chicago/St. Louis rail corridor make the area attractive for land-based transportation. Rated as one of the top non-hub airports in the nation for growth, the Central Illinois Regional Airport at B-N is a regional hub for air transportation, offering commuter and jet service to major national and international destinations.

With the continued expansion by the Bloomington-Normal Airport Authority, Central Illinois Regional Airport is one of the fastest growing airports in the nation. The facility has lighted runways, charter service and private aircraft storage. Two new additional runways have been added in the last two years, servicing major airlines including Frontier, Air Tran, American Eagle, Northwest Airlink and Transworld Express. Carriers offer more than 40 daily flights to Atlanta, Chicago, Denver, Orlando, Minneapolis/St.Paul and St. Louis.

Bloomington-Normal/McLean County continues to be an economic leader in Illinois. The economy finds its strength in insurance, education, healthcare, agribusiness and industry.

1 1 SLIM CHICKENS | BLOOMINGTON, ILL INOIS

DAILY TRAFFIC COUNTSCOLLECTION STREET CROSS STREET VPD DISTANCE

(MI)

N VETERANS PKY CLEARWATER AVE 49,400 0.14

VETERANS PKY E VERNON AVE 46,400 0.18

VETERANS PKY E COLLEGE AVE 39,600 0.53

E VERNON AVE IAA DR 16,900 0.20

S TOWANDA AVE KURT DR 14,500 0.28

TRADE AREA DEMOGRAPHICSRADIUS FROM PROPERTY 1 MILE 5 MILE 10 MILE

POPULATION

2018 ESTIMATE 93,169 129,394 146,384

2010 CENSUS 92,514 127,794 143,687

GROWTH 2010 - 2018 0.71% 1.25% 1.88%

HOUSEHOLDS

2018 ESTIMATE 35,103 49,968 56,162

2010 CENSUS 34,851 49,256 55,046

GROWTH 2010 - 2018 0.72% 1.45% 2.03%

OWNER OCCUPIED 20,809 30,331 35,769

RENTER OCCUPIED 14,294 19,637 20,393

2018 HOUSEHOLDS BY HH INCOME

<$25,000 7,014 10,542 10,984

$25,000 - $50,000 6,765 10,283 11,153

$50,000 - $75,000 5,965 8,551 9,528

$75,000 - $100,000 4,653 6,355 7,223

$100,000 - $125,000 3,005 4,026 4,768

$125,000 - $150,000 2,914 3,821 4,624

$150,000 - $200,000 2,696 3,593 4,361

$200,000+ 2,092 2,796 3,521

2018 AVG HH INCOME $84,846 $81,676 $85,651


ST. LOUIS

SPRINGFIELD

BLOOMINGTON

INDIANAPOLIS

CHICAGO

DAVENPORT

IOWA CITY

CEDAR RAPIDS

COLUMBIA

JEFFERSON CITY


STNL MARKETING PACKAGE DISCLAIMERMarcus & Millichap hereby advises all prospective purchasers of Single Tenant Net Leased property as follows:The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will

not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee,

warranty or representation whatsoever about the accuracy or completeness of any information provided. As the Buyer of a single tenant property, it is the

Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing

Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation

to conduct a due diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for

example only and do not represent the current or future performance of this property. The value of a single tenant property to you depends on factors that

should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful,

independent investigation of any single tenant property to determine to your satisfaction with the suitability of the property for your needs.

Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal

and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is

not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set

based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and

any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part

or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting

his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating

a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential

replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.

By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this single tenant property.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

BRETT J. CHETEKSENIOR MANAGING DIRECTOR

Office: (786) 522-7091Cell: (314) 775-4285

[email protected]

ALEX R. PEREZSENIOR DIRECTOR

Office: (314) 889-2517Cell: (314) 598-1469

[email protected]

CHRIS GARAVAGLIASENIOR INVESTMENT ADVISOR

Office: (314) 889-2562Cell: (314) 941-4377

[email protected]

KYLE MEIHOFERINVESTMENT ADVISOROffice: (314) 889-2580Cell: (219) 309-9466

[email protected]

INVESTMENT ADVISORS:


Documents

BLOOMINGTON, ILLINOIS - LoopNet€¦ · Restaurants in East Peoria, Champaign, Plainfield, and Bloomington, Illinois. FDR-SC, LLC has a development agreement to open 13 units in the