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EXCLUSIVELY PRESENTED BY
EXCLUSIVELY PRESENTED BY
Confidential Offering Memorandum
CHAMPPS AMERICANA RESTAURANTColumbus, OH
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• INVESTMENT SUMMARY
• PROPERTY AND LEASE OVERVIEW
• PROPERTY AERIAL
• TENANT PROFILE AND OVERVIEW
• SUBMARKET AERIAL
• SITE LOCATION MAP
• COLUMBUS AT A GLANCE
• DEMOGRAPHIC SUMMARY
• LOCATION HIGHLIGHTS
• CONFIDENTIALITY AND CONDITIONS OF SALE
TABLE OF CONTENTS
FOR MORE INFORMATION, CONTACT:
Brad GibbsSenior Associate214.560.3238 | [email protected]
John A. Topping, Jr.Associate, Investment Sales678.420.1384 | [email protected]
Robert Drake Analyst, Investment Sales678.420.1386 | [email protected]
Richard HermanOH Lic.# - 305822
SRS Real Estate Partners - Atlanta3400 Peachtree Road NE, Suite 1100Atlanta, Georgia 30326404.231.2232
SRSRE.COM/ChamppsColumbus
CHAMPPS AMERICANA RESTAURANT3933 Morse CrossingColumbus, OH 43219
3Exclusively Presented By SRS Real Estate Partners
INVESTMENT SUMMARY
Investment SummarySRS Real Estate Partners, as exclusive agent, is pleased to offer a single-tenant-net-lease investment opportunity occupied by Champps Americana Restaurant and located in Columbus, Ohio. Champps benefits from its proximity to a plethora of notable synergized tenants amongst the Easton retail market. The Easton retail market is comprised of Easton Market, Easton Town Center, and Easton Gateway, with Lowe’s, Target, Walmart, and Sam’s all located just north of the Property. Easton Town Center is an indoor/outdoor shopping complex opened in 1999, becoming one of the first of its kind in the country and is intended to look like a self-contained “town” reminiscent of American towns and cities in the early-to-mid 20th century. Attracting roughly 21 million visitors per year, the Easton retail market has a plethora of notable tenants including AMC Dine-In Movie Theatre, Macy’s, Nordstrom, Trader Joe’s, Louis Vuitton, Apple Store, Tesla Motors, Crate & Barrel, Costco, REI, Saks off 5th, and more.
The subject site is situated as an outparcel to Easton Market in one of the most highly sought after retail pockets in Ohio.
Columbus serves as the county seat of Franklin County, the capital of Ohio, and the 15th largest city in the United States. The city is within a one-day truck drive or one-hour flight of 41% of the U.S. population, 80% of U.S. corporate headquarters, and 43% of U.S. manufacturing capacity. With a population of over 787,000 according to the 2010 census, Columbus is the fourth most populous state capital in the United States and the third largest city in the Midwestern United States.
The 2.012 +/- AC subject site is extremely well located between Easton Market and Easton Town Center at the intersection of Morse Crossing and Gramercy St, serving as the main north/south and east/west thoroughfares in the market, catering to the roughly 21 million yearly visitors to the site.
Investment Highlights• Absolute NNN Lease: Zero landlord responsibilities creates a favorable lease structure allowing for passive ownership.
• Easton Retail Node: Roughly 21 million visitors are drawn to this location each year located just west of Interstate 270 and experiencing combined traffic counts in excess of 229,000.
• Supreme Location: Power center outparcel adjacent to a world-renowned indoor/outdoor mall amongst a high density of prominent retailers creating a regional draw.
• Primary Market: Columbus is a bustling metropolis serving as the state capital of Ohio, and the 15th largest city in the United States.
• Corporate Guarantee: Champps Entertainment Inc. guarantees the lease and the tenants obligations for the full term of the lease.
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4Exclusively Presented By SRS Real Estate Partners
PROPERTY AND LEASE OVERVIEW
Property Overview Price: $3,400,000
Cap: 7.35%
NOI: $250,000
Address: 3933 Morse Crossing, Columbus, OH 43219
GLA: 10,582 SF +/- SF
Land Area: 2.012 +/- Acres
Year Built: 1999
Occupancy: 100%
County: Franklin County
Champps Lease OverviewTenant Name: Champps Operating Corporation
Guarantor: Champps Entertainment, Inc.
Lease Type: NNN
Landlord Responsibilities: None
Lease Expiration: April 30th, 2019
Remaining Lease Term: 4 Years
Options: Three (3) consecutive periods of five (5) years each
Rental Increases: If tenant renews from May 1, 2019 to April 30, 2024 rent shall be equal to the greater of (a) 7% of Net Sales or (b) $250,000 per year and if tenant renews May 1, 2024 to April 30, 2029 and May 1, 2029 to April 30, 2034 rent shall be 90% of Fair Market Value, but in no event less than $250,000 per year.
Current Annual Rent: $250,000
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PROPERTY AERIAL
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Champps American RestaurantChampps Entertainment Inc. operates and franchises a chain of around 60 casual dining restaurants offering sports viewing, nighttime entertainment, and quality service. Originally a modest, local neighborhood restaurant in
St. Paul Minnesota founded in 1984, Champps is now headquartered in Wichita, KS and operates in 14 states including Minnesota, Iowa, Michigan, Wisconsin, Illinois, Indiana, Ohio New York, Pennsylvania, New Jersey, Virginia, Maryland, North Carolina, Florida, and Texas. Its menu includes appetizers, pasta, handhelds, burgers, salads, cocktails, and deserts. In addition, the company offers private facilities for meetings, receptions, group catering, and entertainment gatherings. Formerly known as Unique Casual Restaurants, Inc. the company changed its name to Champps Entertainments, Inc. in July of 1999. As of October 2007, Champps Entertainment Inc. operates as a subsidiary of F&H Acquisition Corp., which also owns the Fox & Hound sports bar chain.
TENANT PROFILE AND OVERVIEW
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Operating Information
Stabilized Income Per Square FootScheduled Rent $23.63 $250,000.00Effective Gross Income $23.63 $250,000.00
Operating Expenses Per Square Foot
CAM $0.00 NNNTaxes $0.00 NNN
Insurance $0.00 NNN
Total Operating Expenses $0.00 NNN
Net Operating Income $0.00 $250,000.00
7Exclusively Presented By SRS Real Estate Partners
SUBMARKET AERIAL
8Exclusively Presented By SRS Real Estate Partners
SITE LOCATION MAP
9Exclusively Presented By SRS Real Estate Partners
COLUMBUS AT A GLANCE
OverviewColumbus, OH serves as the county seat of Franklin County, the capital of Ohio, and the 15th largest city in the United States. With a population of over 2,370,800, Columbus is a part of the Columbus-Marion-Zanesville CSA - the second largest metropolitan area in Ohio and the 28th largest in the United States. Founded in 1812 and designed as the capital of Ohio at the confluence of the Scioto and Olentangy rivers, Columbus was named for renowned Italian explorer Christopher Columbus. The city’s strategic positioning at the confluence of the Scioto and Olentangy rivers, its proximity to the Ohio River and the Erie Canal, and the construction of the National Railroad in 1831 created an abundance of transportation routes and facilitated a population boom creating what is the bustling metropolis that exists today.
EconomyColumbus is centered around a diverse economy based on education, insurance, banking, fashion, defense, aviation, food, logistics, steel, energy, medical research, health care, hospitality, retail, and technology. As the state capital of Ohio, government plays an integral role in the economy and government jobs provide the second largest source of employment within the city trailing only Ohio State University. Other prominent employers in the area include the numerous schools, hospitals, hi-tech research and development firms-including Battelle Memorial Institute, information/library companies such as OCLC and Chemical Abstracts, financial institutions such as JP Morgan Chase and Huntington Bancshares, as well as fast food giants Wendy’s and White Castle, which have headquarters located in Columbus.
In 2013, four corporations located in Columbus were named to the U.S. Fortune 500 list: Nationwide Mutual Insurance Company, American Electric Power, L Brands, and Big Lots. In addition, major foreign corporations including Siemens, Roxane Laboratories, Vaisala, Techneglas Inc., Tomasco Mulciber Inc., A Y Manufacturing, ABB Group, and Mettler Toledo have chosen Columbus as a location for their U.S. operations.
Culture & RecreationHome to an abundance of historical landmarks, museums, performing arts centers, professional sports teams, schools, parks, and fairs and festivals, Columbus is consistently bustling with activity. A unique feature to Columbus is its college atmosphere generated from Ohio State University, one of the largest universities in the nation, creating a college town feel in what is otherwise a capital city. Columbus is also home to two national sports teams: the NHL’s Columbus Blue Jackets and the MLS’ Columbus Crew. Other notable attractions in the city include the Columbus Museum of Art, the Columbus Symphony Orchestra, the Columbus and Franklin County Metropolitan Park District, the Columbus Zoo and Aquarium, and the Ohio State Fair; one of the largest state fairs in the country.
Rank Company No. of Employees1 Ohio state University 27,6562 State of Ohio 23,6773 JPMorgan Chase & Co. 19,2004 OhioHealth Corp. 19,1825 Kroger Co. 17,3976 Nationwide Mutual Insurance 11,3007 Mount Carmel Health Systems 8,4108 City of Columbus 8,3859 Columbus City Schools 8,923
10 Nationwide Children's Hospital 7,822
Central Ohio Top 10 Employers*
* from Columbus Business Journal
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DEMOGRAPHIC SUMMARY
Columbus, OH | Champps1 Mile Radius
3 Mile Radius
Current Estimated Population 5,600 104,738 260,3822019 Projected Population 5,969 109,341 272,5942010 Census Population 5,363 102,759 254,7712000 Census Population 5,135 95,176 241,749 Historical Annual Growth 2000 to 2010 0.44% 0.77% 0.53%Estimated Annual Growth 2010 to 2014 1.02% 0.45% 0.51%Projected Annual Growth 2014 to 2019 1.28% 0.86% 0.92%Median Age 32.00 33.20 35.60Current Estimated Households 2,421 42,040 108,7112019 Estimated Households 2,571 43,841 113,9132010 Census Households 2,326 41,217 106,0362000 Census Households 2,175 38,282 100,082Historical Annual Growth 2000 to 2010 0.67% 0.74% 0.58%Estimated Annual Growth 2010 to 2014 0.95% 0.47% 0.59%Projected Annual Growth 2014 to 2019 1.21% 0.84% 0.94%Population per Household 2.31 2.47 2.37White 36.54% 49.25% 56.53%Black or African American 52.16% 40.15% 33.87%Asian & Pacific Islander 3.04% 3.20% 2.87%Other Races 3.98% 3.26% 2.87%Non Hispanic or Latino Population 92.77% 93.13% 93.89%Hispanic or Latino Population 7.23% 6.87% 6.11%Average Household Income $54,130 $56,134 $60,492Median Household Income $42,811 $44,210 $45,027Per Capita Income $21,678 $22,544 $25,254Elementary 3.06% 4.15%Some High School 6.50% 7.93%High School Graduate 27.51% 25.26%Some College 23.05% 23.35%Associates Degree Only 8.70% 8.48%Bachelors Degree Only 21.67% 20.46%Graduate Degree 7.76% 7.82%Number of Businesses 941 6,779Total Number of Employees (FTE) 16986 46,733Employees per Business 18.05 6.89Residential Population per Business 5.95 15.45
Population
5 Mile Radius
Populationby R
aceH
ouseholdsEducation(Age 25+)
3.43%7.81%
Income
21.45%
Business
18,257122,560
10.07%
24.34%22.90%
7.22%
6.7114.26
SRS Real Estate Partners 1 of 1 Data Source: ESRI
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Columbus Accolades:• #1 Opportunity City – Forbes 2014
• Top Cities in the U.S. – Forbes 2013
• One of the 50 best cities in America – Businessweek 2012
• Top 10 Best Big Cities in the U.S. – Relocate America 2010
• No. 1 up-and-coming tech city in the nation – Forbes 2008
• No. 7 best place to operate a business in the U.S – Market Watch 2008
• No. 3 “Cities of the Future” and No. 4 for most business-friendly – fDi Magazine 2007
• 7th strongest economy in the U.S. and best in Ohio – Policom Corp. 2006
Easton Retail Market Accolades:• Award for Innovative Design of a New Project – International Council of
Shopping Centers 2000
• Professional Groups Management Honor Award – Professional Ground Management Society & Landscape Management Magazine 2000
• #1 Shopping Center in Greater Columbus – Business First 2003
• 36th Annual Landscape Awards Grand Award – Ohio Nursery & Landscape Association 2008
• US Community Support Award for the Central Region - International Council of Shopping Centers 2009
• Top Five Most Innovative Malls in the World – Inside Retail Magazine 2011
Educated WorkforceColumbus prides itself on its top notch educational system.
• The K-12 education options in the Columbus area includes schools that are ranked by the U.S. News and World Report as the top U.S. high schools offering college preparatory curricula such as Advanced Placement and the International Baccalaureate Diploma Programme.
• The region is home to 63 college and university campuses with a total enrollment of more than 138,000 college and graduate students and more than 22,000 annual graduates.
LOCATION HIGHLIGHTS
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Healthcare HubThe Columbus Region is consistently ranked among the best in the country by the U.S. News and World Report.
• Home to four world-renowned, award winning healthcare systems including The Ohio State University Wexner Medical Center, Nationwide Children’s Center, OhioHealth, and Ohio State University James Cancer Hospital, contributing billions of dollars annually to the local economy and employing in excess of 45,000.
Big BusinessThe Columbus Region features 1 million potential workforce contributors and has an annual growth rate of 1.2 percent.
• The region is home to the headquarters for several notable companies including Nationwide Mutual Insurance, L Brand, Inc., Huntington Bancshares, Cardinal Health, Inc., American Electric Power, Alliance Data Retail Services, Abercrombie & Fitch, as well as numerous others.
Airports• Port Columbus International Airport- Providing service to Toronto, Canada, Cancun, Mexico, as well as most domestic destinations.
• Rickenbacker International Airport- A major cargo facility utilized by the Ohio National Guard.
Major Highways• Interstates 70, 71, 670, 270
• US Routes 40, 33
LOCATION HIGHLIGHTS
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CONFIDENTIALITY AND CONDITIONS OF SALE
This Offering Memorandum is not intended to constitute an offer, but is merely a solicitation of interest with respect to a possible sale of the Walmart Neighborhood Market located at 2003 East Greenville Street in Anderson, South Carolina.
This Offering Memorandum has been prepared by SRS Real Estate Partners - Southeast, LLC and has been approved for distribution by the owner. Although effort has been made to provide accurate information, neither owner nor SRS can warrant or represent accuracy or completeness of the materials presented herein or in any other written or oral communications transmitted or made available to the purchaser. Many documents have been referred to in summary form and these summaries do not purport to represent or constitute a legal analysis of the contents of the applicable documents. Neither owner nor SRS represents that this offering summary is all inclusive or contains all of the information a purchaser may require.All of the financial projections and/or conclusions presented herein are provided strictly for reference purposes and have been developed based upon assumptions and conditions in effect at the time the evaluations were undertaken. They do not purport to reflect changes in the economic performance of the property or the business activities of the owner since the date of preparation of this Offering Memorandum. The projected economic performance of the property, competitivesubmarket conditions, and selected economic and demographic statistics may have changed subsequent to the preparation of the package. Qualified purchasers are urged to inspect the property and undertake their own independent evaluation of the property, the market and the surrounding competitive environment.
Environmental matters can and do have dramatic impact not only on the physical conditions of a property but also on its economic performance and underlying value. If such substances exist, special governmental approvals and permits may be required. Purchasers are encouraged to engage qualified professionals to determine whether
hazardous or toxic substances or wastes, including asbestos, PCB’s, petrochemicals or other contaminants or conditions are present at the property. Neither SRS nor the owner performs or conducts investigations or analyses of environmental matters. It is the sole responsibility of qualified purchasers to review all applicable laws and regulations applying to either the existence, transportation or removal of hazardous materials and to prudently have an on site investigation and inspection of the property conducted. The cost and removal of hazardous materials may be substantial; therefore, SRS strongly encourages qualified purchasers to engage legal counsel and appropriate technical professionals if any of these conditions are discovered during the inspection. No person, firm or entity is authorized to make or submit offers on behalf of anyone or divulge or reproduce the contents of this executive summary or discuss the availability or the purchase of the property without first having registered in writing the name of the party receiving the material and received written authorization to proceed from SRS. The owner and SRS reserve the right, at their discretion, to reject any or all expressions of interest with any party at any time with or without notice. The Recipient is strictly prohibited from contacting the tenant or any affiliate regarding this offering without prior written authorization of Owner or SRS. The terms and conditions stated herein apply to all sections of the executive summary.
SRS is acting as exclusive disposition agent, and the owner reserves the right to withdraw the property from the market, to change the price and terms or sell the property at any time without notice being given.
Brad Gibbs John A. Topping, Jr. Robert DrakeSenior Associate Associate Associate [email protected] [email protected] [email protected] 678.420.1384 678.420.1386
