STARBUCKS & CHIPOTLE NEW 2017 CONSTRUCTION · 2018-01-08 · Current Occupancy 100.0% Year Built / Renovated 2017 Lot Size 1.21 acre(s) 5 MAJOR TENANTS TENANT GLA LEASE EXPIRATION

STARBUCKS & CHIPOTLE NEW 2017 CONSTRUCTION

Grove City (Columbus MSA), OH

Offering Memorandum

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https://youtu.be/BctGpt4GvTg

https://youtu.be/BctGpt4GvTg

N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E

Confidentiality and DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to

be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other

person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to

provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of

interest in the subject property. The information contained herein is not a substitute for a thorough due diligence

investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with

respect to the income or expenses for the subject property, the future projected financial performance of the

property, the size and square footage of the property and improvements, the presence or absence of contaminating

substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the

improvements thereon, or the financial condition or business prospects of any tenant, or any tenant's plans or

intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure

has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not

verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding

these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the

information provided. All potential buyers must take appropriate measures to verify all of the information set forth

herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. Â© 2017

Marcus & Millichap. All rights reserved.

Non-Endorsement NoticeMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in

this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply

affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or

subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for

the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.

PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.


Grove City, OH

ACT ID Y0320280

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TABLE OF CONTENTS

SECTION

INVESTMENT OVERVIEW 01Offering Summary

Regional Map

Aerials

Site Plan

FINANCIAL ANALYSIS 02Tenant Summary

Operating Statement

Pricing Detail

MARKET OVERVIEW 03

Demographic Analysis

Market Analysis


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INVESTMENT

OVERVIEW

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EXECUTIVE SUMMARY

OFFERING SUMMARY

MAJOR EMPLOYERS

EMPLOYER # OF EMPLOYEES

Walmart 1,300

Ohio Department of Health 900

Correctional Reception Center 544

Decisionone 502

Fedex 500

Ohio Auto Auction 450

Pickaway Correctional Instn 450

Nationwide 352

Tigerpoly Manufacturing Inc 350

Tosoh America Inc 350

Meijer Inc 327

South- Western City School Dst 325

DEMOGRAPHICS

1-Miles 3-Miles 5-Miles

2016 Estimate Pop 1,386 26,147 66,038

2010 Census Pop 1,231 23,410 59,776

2016 Estimate HH 637 9,717 23,569

2010 Census HH 570 8,727 21,394

Median HH Income $81,410 $71,175 $66,783

Per Capita Income $45,236 $31,725 $28,648

Average HH Income $98,139 $85,136 $79,111

VITAL DATA

YEAR 1 YEAR 6

Price $3,077,000 CAP Rate 5.30% 5.83%

Down Payment 100% / $3,077,000Net Operating Income

$163,080 $179,388

Loan Type All CashNet Cash Flow After Debt Service

5.30% / $163,080 5.83% / $179,388

Gross Leasable Area (GLA) 4,528 SF Total Return 5.30% / $163,080 5.83% / $179,388

Price/SF $679.55

Current Occupancy 100.0%

Year Built / Renovated 2017

Lot Size 1.21 acre(s)

5

MAJOR TENANTS

TENANT GLA LEASE EXPIRATION LEASE TYPE

Chipotle 2,240 7/31/2027 NNN

Starbucks 2,288 11/30/2027 NNN

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OFFERING SUMMARY

Brand New 2017 Construction Chipotle & Starbucks with Drive-Thru

10-Year NNN Leases Featuring 10% Increases Every 5 Years

Under Construction $355 Million Hospital in Vicinity - Opening 2018

Located Directly off I-71 & S.R. 665 off Signalized Corner

62,680 Daily Cars at I-71 Interchange / Over 17,900 Daily Cars Past Site

INVESTMENT HIGHLIGHTS

Marcus & Millichap is pleased to exclusively present for sale Grove City Gateway Retail, a new construction, 4,528 square foot two-tenant shopping center located approx. 11

miles south of the city center of Columbus, OH and only approx. 13 miles (15 minute driving time) to the Ohio State University. Grove City Gateway Retail is 100% triple net

leased to two tenants; Starbucks with a drive-thru and Chipotle are under 10-year base term leases with ten percent rent escalations every five years. The newly developed

parcel is also under a 15-year tax abatement on the site’s improvements. The shopping center is currently under construction and the tenants will be open in Summer 2017.

Grove City Gateway is situated directly off of I-71 and S.R. 665 (London-Groveport Road) Interchange at the signalized intersection off S.R. 665 and North Meadows Drive in

the heart of the Grove City submarket. I-71 is a north-south interstate highway running the entire length of the state of Ohio servicing the Columbus metropolitan area with

over 80,000 vehicles per day at the I-71 Interchange and S.R. 665. I-71 is currently undergoing a widening by an extra lane in each direction by the Ohio Department of

Transportation as part of a $37 million project expected to be complete summer of this year.

Situated on a 1.209+/- acre site, the subject property is located in a diverse business, residential, and retail trade area with superior visibility, frontage and access with ample

59 parking spaces. The immediate area features a Kroger & Meijer grocery stores, Mount Carmel Urgent Care, CVS, Goddard School, Huntington Bank, WesBanco Bank, Key

Bank, McDonalds, Subway, Arby’s, Tim Hortons, Wendy’s, Tire Discounters, Taco Bell, Jimmy John’s, Sunny Street Cafe, AT&T, and Petland & Adoption Center.

Mount Carmel Health Systems has a $355 million major hospital under construction with 210 beds and 1,500 new jobs. Mount Carmel Grove City, set to open next year, will

consist of a 24-hour 37,000-square-foot emergency department, including a women’s health center, in addition to a separate 54,000-square-foot medical office tower, home

to primary care and specialty physicians, along with outpatient services like physical therapy and cardiac rehabilitation.

INVESTMENT OVERVIEW

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OFFERING SUMMARY

Within just a 1-mile radius, there is a plethora of companies including, FedEx Ground (500 employees), Tigerpoly Manufacturing (350 employees), Meijer (327 employees),

Buckeye Ranch (250 employees), Gap (200 employees), along with T. Marzetti (122 employees). The population is over 66,000 within a five mile radius and the average household

income is over $79,000.

Columbus is the capital of and the largest city in Ohio. It is the 15th largest city in the United States with a population of 822,553 (2013 estimate). In addition, it is also the fourth

most populous state capital in the United States and the third largest city in the Midwestern United States.

The city has a diverse economy based on education, government, insurance, banking, fashion, defense, aviation, food, clothes, logistics, steel, energy, medical research, health

care, hospitality, retail, and technology. Columbus is home to the Battelle Memorial Institute, the world's largest private research and development foundation, Chemical

Abstracts Service, the world's largest clearinghouse of chemical information, NetJets, the world's largest fractional ownership jet aircraft fleet, and The Ohio State University, one

of the largest universities in the United States. As of 2013, the city has the headquarters of five corporations in the U.S. Fortune 500: Nationwide Mutual Insurance

Company, American Electric Power, L Brands, Big Lots and Cardinal Health. The fast-food corporations Wendy's, and White Castle are also based in Columbus as fast food

companies love Columbus as a test market.

In 2012, Columbus was ranked in BusinessWeek's 50 best cities in America. In 2013, Forbes gave Columbus an A rating as one of the top cities for business in the U.S., and later

that year included the city on its list of Best Places for Business and Careers. Columbus was also ranked as the no. 1 up-and-coming tech city in the nation by Forbes in 2008, and

the city was ranked a top ten city by Relocate America in 2010. In 2007, FDi Magazine ranked the city no. 3 in the U.S. for cities of the future, and the Columbus Zoo and

Aquarium was rated no. 1 in 2009 by USA Travel Guide. Columbus was also ranked 9th fastest growing city in America in 2012 and 6th American city with the most activities

dedicated to culture and recreation by Business Insider.

INVESTMENT OVERVIEW

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PROPERTY SUMMARY

OFFERING SUMMARY

THE OFFERING

Property Starbucks & Chipotle New 2017 Construction

Price $3,077,000

Property Address 3015 Meadow Pond Ct,Grove City,OH

Assessors Parcel Number 040-013250-00

Zoning Commercial

SITE DESCRIPTION

Number of Stories 1

Year Built/Renovated 2017

Gross Leasable Area 4,528 Square Feet

Ownership Fee Simple

Lot Size 1.21 Acres

Parking 59 Spots

Parking Ratio 13:1,000 Square Feet

Topography Flat

Access Points Multiple

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NEW MOUNT CARMEL HOSPITAL RENDERING


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NEW MOUNT CARMEL HOSPITAL CONSTRUCTION


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REGIONAL MAP


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PROPERTY PHOTOS


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PROPERTY PHOTOS


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PROPERTY PHOTOS


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PROPERTY PHOTOS


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PROPERTY PHOTOS


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UNDER CONSTRUCTION AERIAL


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SITE PLAN


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FINANCIAL

ANALYSIS

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FINANCIAL ANALYSIS


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TENANT SUMMARY

Term PSF Monthly

Current 1-5 $37.50 $7,150.00

Bump 6-10 $41.25 $7,865.00

Option 1 11-15 $45.37 $8,650.55

Option 2 16-20 $49.90 $9,514.27

Option 3 21-25 $54.89 $10,465.69

Option 4 26-30 $60.37 $11,510.55

Term PSF Monthly

Current 1-5 $34.50 $6,440.00

Bump 6-10 $37.95 $7,084.00

Option 1 11-15 $41.75 $7,793.33

Option 2 16-20 $45.92 $8,571.33

Option 3 21-25 $50.51 $9,428.53

Option 4 26-30 $55.56 $10,371.20

STARBUCKS CHIPOTLE

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FINANCIAL ANALYSIS


OPERATING STATEMENT

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FINANCIAL ANALYSIS


PRICING DETAIL

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TENANT SUMMARY

#

Chipotle Mexican Grill, Inc.

CREDIT RATING: B1

Overview for the first quarter of 2017 as compared to the first quarter of 2016

• Revenue increased 28.1% to $1.07 billion • Comparable restaurant sales increased 17.8%• Restaurant level operating margin increased to 17.7% from 6.8% • Net income was $46.1 million, improved from a net loss of $26.4 million • Diluted earnings per share was $1.60, improved from net loss per share of $0.88 • Opened 57 new restaurants

PRICING AND VALUATION MATRIX

PROPERTY NAMESTARBUCKS & CHIPOTLE NEW 2017 CONSTRUCTION



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TENANT SUMMARY

Chipotle Mexican Grill is a popular quick-service restaurant chain. The company owns and operates more than 2,000 quick-casual eateries popular for

their burritos and other Mexican food items. Chipotle customers can build a 1-1/4 pound burrito from a lineup that includes chicken, steak, barbecue

or free-range pork, as well as beans, rice, guacamole, and various other veggies and salsas. The company claims that with extras, its menu offers

more than 65,000 choices. Chipotle restaurants also serve soft tacos, crispy tacos, chips and salsa, beer, and margaritas.

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TENANT SUMMARY

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Starbucks Corporation

CREDIT RATING: A2

Overview for the second quarter of 2017

• Global comparable store sales increased 3%• Americas comp store sales increased 3%• Consolidated net revenues grew 6% to a Q2 record $5.3 billion• Consolidated operating income increased 8% to a Q2 record $935 million• Consolidated operating margin expanded 40 basis points to a Q2 record 17.7%• Total stores reached 26,161 in 75 countries globally• Opening of 427 net new stores in the quarter





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TENANT SUMMARY

Wake up and smell the coffee -- Starbucks is everywhere. The world's #1 specialty coffee retailer, Starbucks has more than 25,000 coffee shops in 75

countries. The outlets offer coffee drinks and food items, as well as roasted beans, coffee accessories, and teas. Starbucks operates more than 12,700

of its own shops, which are located mostly in the US, while licensees and franchisees operate roughly 12,375 units worldwide (including many

locations in shopping centers and airports). In addition, Starbucks markets its coffee through grocery stores, food service customers, and licenses its

brand for other food and beverage products.

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MARKET

OVERVIEW

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PROPERTY NAME

MARKETING TEAM


DEMOGRAPHICS

Source: © 2016 Experian

Created on December 2017

POPULATION 1 Miles 3 Miles 5 Miles

2021 Projection

Total Population 1,551 28,558 71,259

2016 Estimate


2010 Census


2000 Census

Total Population 814 17,160 47,659

Current Daytime Population

2016 Estimate 1,374 26,819 58,494

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

2021 Projection

Total Households 721 10,694 25,802

2016 Estimate


Average (Mean) Household Size 2.73 2.59 2.59

2010 Census


2000 Census


Occupied Units

2021 Projection 721 10,694 25,802

2016 Estimate 644 9,921 24,156

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

2016 Estimate

$150,000 or More 9.07% 7.35% 6.18%

$100,000 - $149,000 23.86% 20.73% 18.50%

$75,000 - $99,999 20.75% 17.57% 17.00%

$50,000 - $74,999 20.02% 19.30% 21.60%

$35,000 - $49,999 12.96% 12.27% 13.00%

Under $35,000 11.47% 21.41% 22.68%

Average Household Income $98,139 $85,136 $79,111

Median Household Income $81,410 $71,175 $66,783

Per Capita Income $45,236 $31,725 $28,648

HOUSEHOLDS BY EXPENDITURE 1 Miles 3 Miles 5 Miles

Total Average Household Retail Expenditure

$75,837 $70,824 $68,851

Consumer Expenditure Top 10 Categories

Housing $18,377 $17,253 $16,867

Transportation $13,118 $12,147 $11,837

Shelter $9,823 $9,348 $9,184

Food $8,975 $8,336 $8,170

Personal Insurance and Pensions $7,181 $6,469 $6,290

Health Care $5,518 $5,042 $4,790

Utilities $4,366 $4,099 $4,013

Entertainment $3,622 $3,314 $3,229

Apparel $3,575 $3,158 $3,023

Cash Contributions $2,432 $2,114 $1,912

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

Population By Age

2016 Estimate Total Population 1,386 26,147 66,038

Under 20 28.71% 27.42% 26.09%

20 to 34 Years 13.47% 16.59% 20.51%

35 to 39 Years 5.84% 6.19% 7.02%

40 to 49 Years 15.75% 14.95% 14.67%

50 to 64 Years 21.37% 20.65% 19.27%

Age 65+ 14.87% 14.21% 12.45%

Median Age 41.37 39.85 37.43

Population 25+ by Education Level

2016 Estimate Population Age 25+ 929 17,745 45,061

Elementary (0-8) 0.68% 1.22% 1.66%

Some High School (9-11) 2.85% 5.57% 8.83%

High School Graduate (12) 32.84% 33.31% 35.08%

Some College (13-15) 25.61% 25.41% 23.38%

Associate Degree Only 11.29% 8.82% 8.61%

Bachelors Degree Only 18.10% 17.21% 14.97%

Graduate Degree 8.42% 8.05% 6.86%

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MARKET OVERVIEW

Columbus is a national transportation and distribution hub, with nearly 60 percent of the U.S. population within

an eight-hour driving radius. Interstates 70 and 71 intersect in Columbus, while I-270 forms a beltway around

the metro and I-670 bisects the city.

Port Columbus International Airport, located east of downtown, is the primary passenger facility. General

aviation airports Bolton Field and OSU Don Scott also provide air service. Rickenbacker International is one of

the world’s few international airports primarily dedicated to cargo transport. Freight rail service to the airport

and throughout the region is offered by CSX and Norfolk Southern railways.

Central Ohio Transit Authority provides bus service throughout Franklin County and portions of Delaware,

Fairfield, Licking and Union counties.

Infrastructure

The Columbus Metro is:

190 miles from Detroit

360 miles from Chicago

405 miles from Washington, D.C.

570 miles from Atlanta

Airports

Port Columbus International Airport

Rickenbacker International

OSU Don Scott and Bolton Field general

aviation airports

Major Roadways

Interstates 70, 71, 270 and 670

Highways 23, 33 and 62

Rail

Freight – CSX and Norfolk Southern

The Columbus metro contains a population of nearly 2 million people and comprises eight counties: Delaware,

Licking, Fairfield, Pickaway, Union, Morrow, Madison, Perry, Hocking and Franklin. The metro’s population will

increase 5.0 percent over the next five years, slightly above the national rate. Columbus, the capital city, also

has the largest population with 829,200 residents.

Metro

Largest Cities in Metro by Population

Columbus 829,200

Newark 48,100

Dublin 44,800

Lancaster 39,500

Grove City 38,900

Westerville 38,800

* Forecast

Sources: Marcus & Millichap Research Services; U.S. Census

Bureau; Experian

COLUMBUS


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MARKET OVERVIEW

Relatively diverse employment opportunities, Columbus’ designation as the state

capital and the presence of Ohio State University provide a strong foundation for

healthy local economic activity.

Major corporations are drawn to Columbus’ lower business costs, stellar

education system and strategic location. The metro is home to four Fortune 500

companies, L Brands, Cardinal Health, American Electric Power and Nationwide,

as well as many regional and subsidiary operations.

Columbus has a strong tradition of nurturing local enterprises into national and

global powerhouses. Wendy’s and L Brands, both headquartered in Columbus,

support thousands of jobs in the metro and are involved in community

development.

Information technology is a growing sector in Columbus with the recent addition

of IBM’s Client Center for Advanced Analytics. A collaborative partnership with

Ohio State University will draw and train workers in a business and technology

curriculum, preparing workers for data analytics jobs.

The housing sector in Columbus is improving. More than 7,300 residential

building permits were issued in 2015, and home sales are trending higher.

Economy

* Forecast

Sources: Marcus & Millichap Research Services; Bureau of Economic

Analysis; Moody's Analytics; U.S. Census Bureau; Fortune

COLUMBUS


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MARKET OVERVIEW

Columbus’ standing as the state capital and Ohio State University’s impact on the local economy have helped the region remain popular with relocating and expanding

companies. The metro houses a number of nationally and globally recognized corporations in a wide array of industries.

Honda of America Mfg. has been in the metro since 1979, when it started producing motorcycles in Marysville. The company has moved its North American headquarters

from Los Angeles to Marysville. Additional Honda facilities are located in the nearby communities of Anna and East Liberty. Honda employs a significant portion of local

residents.

Nationwide Insurance, already one of the largest private employers in Columbus, is expected to grow in the years ahead as the vast group of aging baby boomers utilizes its

financial and insurance products and services for retirement and investment planning.

L Brands, (formerly Limited Brands), one of Columbus’ most recognized local firms, is an integral corporate entity to the metro economy. The company employs thousands

at its corporate offices and retail outlets. Successful subsidiary organizations of L Brands, including Victoria’s Secret and Abercrombie & Fitch, also maintain corporate

headquarters in the metro.

Employers

Major Employers

JPMorgan Chase

Nationwide Insurance

Honda of America

L Brands

Nationwide Children’s Hospital

PNC Financial Services Group

Huntington Bancshares Inc.

Cardinal Health

American Electric Power

Express Script Holdings Co.

Alliance Data Retail Systems * Forecast

Sources: Marcus & Millichap Research Services; BLS; Moody’s

Analytics; Experian

COLUMBUS


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MARKET OVERVIEW


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COLUMBUS METRO AREA

2017 Market Forecast

Steady job creation and a decline in deliveries kept Columbus in 30th place

of this year’s NRI.

Employers add 21,000 workers in 2017, building on the 18,600 positions

created last year, when professional and business services dominated

growth.

Annual completions reach a five-year low, as less than half of last year’s 1.1

million square feet is scheduled to come online in 2017.

Stable net absorption and minimal deliveries drop vacancy to 4.4 percent

this year. The rate of compression slightly outpaces 2016, when the metro’s

vacancy rate contracted 40 basis points.

Limited leasable space translates to a second straight year of rent growth,

with average asking rent escalating to $12.33 per square foot. Rents

jumped 4.6 percent last year.

Buyer demand for existing properties near new residential development,

where new retail construction has yet to follow, escalates transaction

activity in downtown, the University District and the cities of Dublin

and Hilliard.* Forecast

Sources: Marcus & Millichap Research Services; CoStar Group, Inc.;

Real Capital Analytics

NRI Rank

30, no change

Employment

up 2.0%

Construction

456,000 sq. ft.

Vacancy

down 60 bps

Rent

up 2.5%

Investment

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Documents

STARBUCKS & CHIPOTLE NEW 2017 CONSTRUCTION · 2018-01-08 · Current Occupancy 100.0% Year Built / Renovated 2017 Lot Size 1.21 acre(s) 5 MAJOR TENANTS TENANT GLA LEASE EXPIRATION