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Offering Memorandum
Bank of HemetHeadquarters
Acadia MiddleSchool
32,000 Vehicles Per Day
Offering SummaryOffering Price: $1,342,000
Rentable SF: 1,743
Price PSF: $770
Annual Rent: $83,885
Cap Rate: 6.25%
Lease Summary:Tenant: Jack in the Box, Inc. (NYSE: JBX)
Lease Commencement: December, 2004
Lease Expiration: December, 2022
Lease Type: NNN
Lease Term: 18 years
Remaining Term: 14 years
Options: Four, 5 year options
Increases: CPI capped at 8% every 5 years
Next Increase: December, 2009
Site Summary:Address: 1595 E Florida Avenue
Land SF: 24,829
Year Built: 1973
Frontage: 150 feet onto East Florida Avenue
General Use: Quick Service Restaurant
Drive Through: Yes
Number of Parking Spaces: 22
Jack in the Box has operated at this location since 1973. In 2004, thetenant signed a new 18 year lease at the property.
Assumable FinancingLoan Balance: $682,927
Interest Rate: 6.00%
Annual Debt Service: $56,832
Cash Flow After Debt Service: $27,053
2% Loan Assumption Fee: $13,659
Cash Required: $672,732
Next Rate Adjustment: Fixed Rate
Term End: February, 2010
Sale of this property is contingent on Buyer assuming the existing financing subject to a 2% assumption fee.
*All data current as of October, 2008
Subject Property
Bank of HemetHeadquarters
Acadia MiddleSchool
32,000 Vehicles Per Day
This Southern California Jack in the Box location is on Florida Avenue, the primaryretail corridor through the city of Hemet. Florida Avenue is a 4 lane thoroughfare (plusa dedicated‐left lane) with an average daily vehicle count of 32,000 near the property.
Local activity includes Bank of America immediately next door to the site, Citibank,WAMU, and the headquarters of the Bank of Hemet across the street, nearby AcadiaMiddle School, and numerous other traffic drivers as illustrated below.
Jack in the Box enjoys excellent visibility from Florida Avenue. The dedicated‐left laneensures easy access to the property .
Jack in the Box Inc. (NYSE: JBX) operates over 2,100 quick service restaurants,primarily company owned, in 43 states across the US. In addition, thecompany owns the 400 unit Qdoba quick‐service brand and the 60 unit QuickStuff chain of convenience stores.
In 2007, Jack in the Box’s revenues exceeded $2.875 Billion with net income ofmore than $126 Million. Company assets as of July, 2008 were approximately$1.421 Billion with equity of nearly $420 Million.
Summarized Financial StatisticsAll Numbers in Thousands
Assets $ 1,420,902 Liabilities $ 1,000,985
Equity $ 419,917
2007 Revenue $ 2,875,978 2007 Operating Cashflow $ 179,809
2007 Net Income $ 126,304
Bird’s eye of the property facing South
Over 143,000 people live within 5 miles of the Jack in the Boxproperty earning an average household income of nearly$49,000 per year. The population has increased over 47% since1990 and is expected to grow another 15% by 2013.
Summarized Demographics0.00 ‐ 1.00
Miles 0.00 ‐ 3.00
Miles 0.00 ‐ 5.00
Miles
Population2013 Projection 20,752 117,300 165,3592008 Estimate 18,835 104,013 143,4822000 Census 16,574 86,725 113,0271990 Census 15,170 74,603 93,596
Growth 2008‐2013 10.18% 12.77% 15.25%Growth 2000‐2008 13.64% 19.93% 26.94%Growth 1990‐2000 9.26% 16.25% 20.76%
2008 Est. Median Age 31.15 35.88 36.73
2008 Est. Average Household Income $40,021 $45,982 $48,694
2008 Est. Median Household Income $30,128 $34,041 $36,951
2008 Est. Average Number of Vehicles 1.40 1.44 1.49
2008 Est. Median All Owner‐Occupied Housing Value $226,376 $221,984 $221,646
For more information regarding this opportunity, please contact:
Zach GoldmanThe Midtown Niki Group
(858) 546‐[email protected]