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Old Country Buffet
Single Tenant nnn investment Opportunity 6821 West Canal Drive, Kennewick, Washington, 99336
[ www.CapitalPacific.com ]
Kennewick, WA
RENTABLE SF . . . . . . 10,000 SF
LAND AREA . . . . . . . . 26,217 SF
PRiCE PER SF . . . . . . $265
LEASE TYPE. . . . . . . . NNN
YEAR BUiLT . . . . . . . . Remodeled in 2013
PARKiNG* . . . . . . . . . 84 Spaces (8.4/1,000)
*Parking is approximate and based on a manual count
OLD COUNTRY BUFFET IS A 100% LEASED NNN PROPERTY IN KENNEwICK, wAShINgTON. ThE
SINgLE TENANT PROPERTY IS PAD TO ThE 167,000 SF COLONNADE ShOPPINg CENTER, ANChORED BY ROSS, PETSMART, MIChAEL’S, BEST BUY, AND OFFICE DEPOT.
6821 West Canal Drive, Kennewick, Washington 99336
ADDRESS:
It is located off Canal Drive, a major retail thoroughfare achieving traffic counts
in excess of 19,783 vehicles per day. This location benefits from nearby residential
density of more than 52,029 households within a 5 mile radius and close proximity to Columbia
Center, anchored by Macy’s, Sear’s, and JC Penney.
PRICE: $2,650,000CAP: 6.37%
Investment highlights
Old COuntry Buffet | 2
with nationally recognized Tenant
10 yeArS lefT
On leASe
10 YEARS LEFT oN NNN LEASE
NNN lease provides passive management. Landlord responsible for roof and structure.
NATioNALLY RECoGNizED TENANT
Ovation Brands, Inc. (formerly Buffets, Inc.) operates a total of 340 restaurants in 35 states. Ovation owns Hometown Buffet Inc., which operates locations throughout the United States, variably known as Old Country Buffet, Country Buffet, or Hometown Buffet.
ExCELLENT ACCESSiBiLiTY AND viSiBiLiTY
Less than 1 mile from Hwy 240 via N Columbia Center Blvd, with traffic counts of 44,000 vehicles per day. STRoNG RETAiL LoCATioN Pad to 167,000 SF Colonnade Shopping Center. Less than 1 mile from Columbia Center.
STRoNG DEmoGRAPhiCS Average income exceeds $75,362 within a 5 mile radius. Combined traffic counts upwards of 19,783 vehicles per day.
Investment highlights
Old COuntry Buffet | 3
Aerial
240
240
CoLUmBiA CENTER
VISTA FIELD AIRPORT
CoLUmBiA SQUARE
TRi-CiTiES CENTER
SEATTLE
w gAgE bLVD
n S
TEP
TOE
ST
w gRAnDRIDgE bLVD
n c
EnTE
R Pk
wy
n c
OLu
mb
IA c
EnTE
R b
LVD
w quInALT AVE
n y
Ou
ng
ST
w cAnAL DR
OLD cOunTRy buFFET
44,000 DAILy
39,2
38 D
AIL
y
16,626 DAILy
STRONg ReTAIL
LOCATION & HIgH
TRAFFIC COUNTS
ThE CoLoNNADE
Old COuntry Buffet | 4
Site
PAD TO THe
COLONNADe WITH
FRONTAge ON
W CANAL DRIVe
ThE CoLoNNADE
w cAnAL DR
w cAnAL DR
w g
RAn
DRI
Dg
E b
LVD
w g
RAn
DRID
gE b
LVD
3,15
7 D
AIL
y
16,626 DAILy
Old COuntry Buffet | 5
Site Plan
Site Plan Not To Scale
W CANAL DRivEW
GRA
NDR
iDGE
BoU
LEvA
RD
SITE PLAn kEy
PARCeL OUTLINe:
LAND AReA: 26,217 SF
BUILDINg AReA: 10,000 SF
INgReSS/egReSS:
N KEL
LoGG
STR
EET
ThE CoLoNNADE
Old COuntry Buffet | 6
The Colonnade and remainder 6 pads are not a part
Photos
MONUMeNT SIgN ON
W CANAL DRIVe
The Colonnade
W Canal Dr.
Old COuntry Buffet | 7
Financial Summary
Old Country Buffet - KennewickIncome & Expense
PRICE $2,650,000Capitalization Rate: 6.37%
Price Per Foot: $265
NET OPERATING INCOME SUMMARYPlus: STABILIZED INCOME Per SFScheduled Rent: 1/1/2014 $17.00 $170,004Equals: Effective Gross Income $17.00 $170,004
Less: OPERATING EXPENSES Per SFReserves $0.10 ($1,000)Total Operating Expenses $0.10 ($1,000)
Equals: NET OPERATING INCOME $169,004
Price
1/17/2014 [ <www.CapitalPacific.com> ]
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Old COuntry Buffet | 8
Rent Roll
Old Country Buffet - KennewickRent Roll
TENANT INFO OPTIONS LEASE
Tenant Name Size Occupancy Date
Lease Expiration
Monthly Base Rent Rent/SF/YR Date Monthly Annual
Hometown Buffet Inc. 10,000 5/15/94 12/31/23 $14,167 $17.00 1/1/16 $14,583 Two 5-Year: NNN1/1/17 $15,0001/1/18 $15,300
2% annual increases thereafterTotals: 10,000 $14,167 $17.00
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
RENT INCREASES
comments: Landlord responsible for roof & structure.
LEASE TERMS CURRENT RENT
2% annual increases
1/17/2014 [ <www.CapitalPacific.com> ]
Bethel JunCtiOn | 9This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Old COuntry Buffet | 9
ABoUT ovATioN BRANDS
In the Fall of 2013, Buffets, Inc., one of the nation’s largest restaurant companies, marked its 30th anniversary. New executive leadership spearheaded a reinvention of its structure and culture and subsequently renamed the corporation Ovation Brands.
Ovation Brands currently operates 340 restaurants in 35 states, comprised of 331 steak-buffet restaurants and nine Tahoe Joe’s Famous Steakhouse restaurants. The restaurants are principally operated under the Old Country Buffet®, HomeTown® Buffet and Ryan’s® brands. Ovation employs approximately 18,000 team members and serves approximately 100 million customers annually. Corporate headquarters are based in greer, SC with a Corporate Support Center located in eagan, MN.
LoCATioNS 340
EmPLoYEES 18,000
Old Country Buffet
iN ThE NEWS
granny’s Buffet on Canal Drive has re-branded itself into a second Old Country Buffet location in Kennewick.
The two buffet-style restaurants are owned by the same umbrella company, Buffets Inc. The Canal Drive location is one of many throughout the nation undergoing changes as part of the company’s strategic growth plan to provide better facilities, better food and better training for its employees.
The newly remodeled and renamed restaurant features ethnic destinations within a streetscape design, a food salad market and an improved bakery and dessert center.
For full article, click here.
Old COuntry Buffet | 10
Spokane
Moses lake
Seattle
90
1.5 Hours100 Miles
3 Hours180 Miles
1.2 Hours180 Miles
Location & Demos Kennewick, WA
WA is a n income t ax free stateECoNomiC GRoWTh
The city benefits from a talented labor pool, steady job market and low cost of living. Business advantages in the Kennewick area include electric costs among the lowest in the nation, access to a state of the art communications network, an exceptional transportation network, and one-stop permitting from pro-business local governments. Tri-City’s population is highly educated and enjoys the second highest per capita income levels in Washington State.
Kennewick
1-Mile 3-Mile 5-MileMedian $44,532 $59,142 $55,317Average $64,172 $79,123 $74,362
2013 hOusehOld inCOmes
3-Mile 5-Mile2010 56,816 133,717 2013 60,497 143,472 2018 67,626 160,986
POPulatiOn
employer Battelle/Pacific NW National Laboratory 3,984ConAgra Foods 2,498Bechtel National 2,244Kadlec Regional Medical Center 2,227
*Approximate
tOP emPlOyers # Ofemployees
KENNEWiCK/TRi-CiTiES AREA ovERviEW
Kennewick is the largest of the Tri-Cities Metropolitan Statistical Area (MSA) consisting of Richland, West Richland, Pasco and Kennewick located in Benton and Franklin Counties. With a population of 268,000, the Tri-Cities was the fastest growing MSA in the United States in 2010 and 2011. A thriving city, Kennewick continues to be at the forefront for statewide growth in almost every way. The area has grown into a regional retail hub, drawing consumers from Southeast Washington and portions of Idaho and Oregon. Nestled in the heart of Washington wine country, Kennewick boasts over 160 wineries within a 50 mile radius. Kennewick’s location along the Columbia River provides a variety of recreational activities including world-class fishing, birding, bike trails and parks.
Old COuntry Buffet | 11
miChAEL [email protected] | (503) 675-8381
PETER [email protected] | (503) 607-0197
KEviN ADATTo [email protected] | (503) 675-7726
SCoTT FRANK [email protected] | (503) 675-8383
BAYLoR GoRDoN [email protected] | (206) 457-8960
SEAN mACK [email protected] | (503) 675-8378
SEAN TUFTS [email protected] | (206) 743-8468
A unique HUMANRESULTS-DRIVEN client experience
ThE CAPiTAL PACiFiC ExPERiENCE - oUR DAiLY CommiTmENT To oUR CLiENTS
[ www.CapitalPacific.com ]