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U.S. HIGHWAY 90 & EVELYN STREET
PACE, FL 32571
New 15 year absolute nnn lease
6x5-year options
FOR SALE - Absolute NNN
$2,243,000
5.35% Cap Rate
Corporate Guarantee
From Sunshine Restaurant
Partners (152 Units)
1.00% Annual Rent Increases
new Construction
$120,000 NOI
*Representative Photos Throughout
Outparcel to Lowe’s
Home improvement
TABLE OF CONTENTS
MARKET INFORMAT ION
Aerials
Maps
Demographics
Nick PourhassanAcquisitions-Mid-Atlantic [email protected]
I NTRODUCT ION
Tenant Summary
System Wide Sales
I NVESTMENT OVERV IEW
Investment Summary
Lease Highlights
Rent Schedule
3
I NTRODUCT ION
ARGONNE CAPITAL GROUP SUMMARY Founded in 2003, Argonne Capital Group is a private investment firm based in Atlanta, GA. Led by Michael Klump, Founder and President, and a
team of veteran private equity investors, Argonne focuses on the acquisition and growth of positive cash flow businesses primarily in the restaurant,
retail, service, and real estate industries. Argonne is the franchisor of iconic concepts such as Krystal and On The Border, in addition to being one
of the largest franchisees of DineEquity (NYSE: DIN), the franchisor of IHOP and Applebee’s. Argonne’s portfolio has enjoyed considerable growth
and now includes over 945 Krystal, IHOP, Applebee’s, On the Border, and Sonny’s BBQ locations spanning over 30 states. System wide revenues
are in excess of $1.32 billion. SUNSHINE RESTAURANT PARTNERS: (TENANT SIGNING LEASE)In 2007, Argonne formed Sunshine Restaurant Partners to acquire the exclusive license rights to IHOP for the state of Florida and 24 counties in
south Georgia. Operating 152 restaurants (68 sub-franchisees) and producing over $186 million in system wide revenue, SRP aims to reach over
250 locations in their territory.
SUMMARY OF ARGONNE CAPITAL GROUP RESTAURANT PORTFOLIO COMPANIES
Concept EntityNumber of Locations
Location of Stores System Wide Revenue
Applebee’s NRP Florida 75 FL, GA, AL $157,900,000
Applebee’s NRP 47 GA, TX $90,400,000
IHOP Sunshine Restaurant Partners 152 FL, GA $186,100,000
IHOP ACG Texas 75 TX $148,500,000
IHOP Peak Restaurant Partners 38 7 Western States $53,400,000
IHOP Alliance Pancake Partners 29 AL, GA, NC, SC, TN, VA $40,700,000
Krystal The Krystal Company 362 11 Southeast States $289,700,000
On The Border On The Border 158 30+ States $329,200,000
Sonny’s BBQ Sonny’s BBQ 9 30+ States $25,000,000
TOTAL 945 $1,320,900,000
4
I NVESTMENT OVERV IEW
ADDRESS: U.S. Highway 90 & Evelyn Street, Pace, FL 32571
PRICE: $2,243,000
NOI: $120,000
Cap Rate: 5.35%
RENTABLE SF: 4,084 SF
LOT SIZE: +/- 1.0 acre
TERM REMAINING: 15 years
EST. COMMENCEMENT DATE: September 1, 2019
EXPIRATION DATE: August 31, 2033
LANDLORD RESPONSIBILITIES: None (Absolute NNN)
OPTIONS: 6x5-year options, 1% bumps
GUARANTEE: Corporate guarantee from SRP Florida (152 stores)
RENT SCHEDULE
Year 1 $120,000 6 $126,121 11 $132,555
2 $121,200 7 $127,382 12 $133,880
3 $122,412 8 $128,656 13 $135,219
4 $123,636 9 $129,943 14 $136,571
5 $124,872 10 $131,242 15 $137,937
Outparcel to Lowe’s Home Improvement
In close proximity to national retailers
including: Target, Publix, TJMaxx, Home
Depot, DIck’s Sporting Goods, Ulta, Walmart,
and Lowe’s Home Improvement
Corporate Guarentee from Sunshine
Restaruant Partners Florida (SRP) - 152
Stores)
3 Miles 5 Miles 10 Miles
Total Population 26,670 57,993 144,464
Average Household Income $71,981 $72,970 $72,054
Race: White 88.2% 86.4% 81.2%
Black 3.8% 5.8% 11.2%
Other 8.0% 7.8% 7.6%
8,000 AADTBell Lane
31,500 AADTHighway 90
5
I NVESTMENT OVERV IEWMARKET AERIAL
Highway 90 / Caroline Street 31,500 AADT
Cinema
MARKET INFORMAT ION
6
SURVEY
(FLO
RID
A H
IGH
WAY
197
-A)
(100
' R/W
)
A
4
2
1
C
6
5
7
3
B B0.9 A0.5
WATERHEATER
DEFH
6.7
G
MARKET INFORMAT ION
7
IHOPU.S. Highway 90 & Evelyn St. Pace, FL 32571
IHOPU.S. Highway 90 & Evelyn St. Pace, FL 32571
MAPS
MARKET INFORMAT ION
8
DEMOGRAPHICS
% % %
% % %
% % %
22.729.916.314.8
17,353
26,670
5143 Hwy 90: Milton,FL 32571:Site located at 30.60299, 87.10911
38.9
1,398
1,011.023,536.0
7,5096,180
3,957
population
households
10 mi ring
26,645
99.4
Population99.9
5 mi ring3 mi ring
1Page 1 of 4
in households
57,993
94.2
2018 Demographics comparing areas
24.5
57,65849,94087.0
144,464
136,04386.6
7,718111,421
24.0
13.4335 0.6
13.0
© 2019 Scan/US, Inc. All rights reserved. 800.272.2687 www.scanus.com/rpt/SCCY-L01
Households
Housing Units
24
31,359
3,5492,711
64,748
4282,501
2.3
1,419.0 5.3
7,463
2.623.11
56,549
4.9
7,673
10,602
31,751
23.3
23,290
1,010
34
4.35,416
1.28
72.4
4.023.6
16,864
2.40
19,4681.1
7,427
3.092.59
46.073.447.6
0.926.7
1.26
6,137 27.565
59,61069,180
1,875 22.3
0.71,287.0 2.2
86.4
9,477
39.342.5
50,130.0
3,640 6.3
28,062
40.7
28,663 19.843,802 30.3
6.89,861
81.924,622 18.18,421 5.8
70,06133,230
16.9
34.4168
43
28,405
41.840.3
24,349
81.216,120.0 11.2
908.0 0.6
117,238.0
Median age
13,181
201.0605.0
23,1783,467
28.2
3,392.0402.00.8
5.2
0.182
23.2
age 65 and overage 75 and over
Per capita income 27,465
25in noninstitutional group quarters 6
in familiesin non-families
in group quarters
under age 18age 55 and over
37.640.8
1,317.0
57,788
3,523.06,675.0
7,744.0
56,673
37,20516,324
22,280
16,144
2,782.0
35
43.4
2,840.0
88.23.8
4.9
5.8
4.8
American IndianAsian, Pacific Islanderother, multi-racial
0.9
Diversity index
Hispanic
2.44.6
65.643.9
5.4
72.5
10,174
malefemale
Race whiteblack
1.26
3,213 5.4
59,886
39,171 65.417,502 29.2
72.4
Source: Scan/US 2018 Estimates (Jan 1) 03/19/2019
familieswith person under 18
non-familieswith person under 18
Median household incomemedian family incomemedian non-family income
Household sizefamily sizenon-family size
owner-occupiedrenter-occupiedvacant units
2.99
MARKET INFORMAT ION
9
DEMOGRAPHICS
% % %
14.7
1,182987
5.7
4.44.5
880897
411 4.04.23.4
2,2191,136
923
Average incomeMedian income
Renter households
4.44.24.74.6
3.1
1,0541,015
3,155
10.0
5.1
980940
2,2263,003
Aggregate income ($M)
447
$10,000 - 14,999$15,000 - 19,999$20,000 - 24,999
$40,000 - 49,999
577511
$71,981$56,549
1,0781,4981,512
878
732
267 692
1,626$72,970$59,610
3.02.6
306
14.98.64.4
11.1 5951,754
1 person
2773 to 4 persons5+ persons
4.7
© 2019 Scan/US, Inc. All rights reserved. 800.272.2687 www.scanus.com/rpt/SCCY-L01
29.0
29.226.67.6
24.624.9
32.38.8
28.032.411.0
2 persons877
33.59.4
75.4
960
2,94519.8
4,6501,338
4,35116,012
4,928
% %22,28010,174
2,138
28.935.1
2,501
21.0
38.4
6832,530 33.0
8.9
36.1
4.1
13.514.210.0
15,710
22.136.2
9,086
3,6693,407
7,673
24.328.6
8,069
16,864
1,548
5,4541,480
6,552
2,075
3,380
7,208 32.4
20.0
5,102
17,5025,416
11,362
1,517622724
38.9
9.375.7
1,516
30.936.6
3,013
39,171
7.7
40.1
7,046
%
1,798
4,084$72,054$57,788
6,412
7,8605,2652,716
20,812
2,274
(households)
2
4.69.2
2,632
2,7552,877
428344
452462528475
10.6
992
2,8912,5465.0
income
household size
4.05.34.4
2018 Demographics comparing areas
Page 2 of 4
Household income (households) (households)
3 mi ring 5 mi ring 10 mi ring
4.53.9
2,7802,4952,624
5,242
5.15.1
03/19/2019Source: Scan/US 2018 Estimates (Jan 1)
$50,000 - 59,999$60,000 - 74,999$75,000 - 99,999$100,000 - 124,999
23.269.17.7
36.7
3.24.0
4.9$25,000 - 29,999$30,000 - 34,999$35,000 - 39,999
2,8725.2
4.55.14.64.44.9
2 persons3 to 4 persons5+ persons
13.912.4
4.89.3
Household size
$125,000 - 149,999$150,000 - 199,999$200,000 - 249,999$250,000 and over
27.3
28.3
56,67315,498
5143 Hwy 90: Milton,FL 32571:Site located at 30.60299, 87.10911
2 persons3 to 4 persons5+ persons
1 person
under $10,000
Owner households
All households1 person
