3934 49th Street North St. Petersburg, Florida 33709images1.loopnet.com/d2/S7I3m7U57VvuePgJtB8OxTTC2s-ujEeZK-XUeXfKqvY/... · 3934 49th Street North St. Petersburg, Florida 33709

Offering Memorandum

3934 49th Street North St. Petersburg, Florida 33709

Brand New, 15-Year, Triple Net (NNN) Lease

Four, Five-Year Renewal Options

10 Percent Rental Increases Every Five Years

Brand New Construction

CONFIDENTIALITY AND DISCLAIMER

NON-ENDORSEMENT NOTICE

The 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 hereby advises all prospective purchasers of Net Leased property as follows:

The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.

As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this Property for Buyer.

Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors.

Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the property for your needs.

Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success.Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.

By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.

Marcus & 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.

NET LEASED DISCLAIMER

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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2017. All rights reserved.

PROPERTY RENDERINGS


PROPERTY RENDERINGS


FINANCIAL OVERVIEW

Overview

3934 49th Street North, St. Petersburg, Florida 33709Price: $2,225,000Cap Rate: 5.25%Rentable Square Feet: 2,050Annual Rent: $116,822Rent/Square Foot: $56.99Land Area: 0.79 AcresYear Built: 2017

Tenant: Dunkin’ Donuts & Baskin RobbinsWebsite: www.PurpleSquareMgmt.comLease Guarantor: Purple Square Management Co, LLC*Lease Type: NNNLease Term: 15 Years

Base Term Annual Rent PSF Cap Rate

Lease Years 1-5: $116,822 $56.99 5.25%Lease Years 6-10: $128,504 $62.68 5.78%Lease Years 11-15: $141,355 $68.95 6.35%

Option Periods Annual Rent PSF Cap Rate

Lease Years 16-20: $155,490 $75.85 6.99%Lease Years 21-25: $171,039 $83.43 7.69%Lease Years 26-30: $188,143 $91.78 8.46%Lease Years 31-35: $206,957 $100.95 9.30%

Option Periods: 4, 5-Year Option PeriodsRental Increases: 10% Every 5 YearsRoof & Structure: TenantRent Commencement: 1/1/2018 est.Lease Expiration: 12/31/2032 est.

Lease Summary

* Lease guarantor is Purple Square Management Company, LLC until 10th anniversary of lease term

http://purplesquaremgmt.com/

INVESTMENT HIGHLIGHTS


Investment Highlights• Brand New, 15-Year, Triple Net (NNN) Lease• Four, Five-Year Renewal Options• 10 Percent Rental Increases Every Five Years in Base Term and Option Periods• Brand New Construction

Location Highlights• Surrounding National Retailers Include Publix, Beall’s Outlet, Dollar Tree,

Walgreens, Pet Supermarket, Walgreens, Advance Auto Parts, Anytime Fitness, PNC Bank, Bank of America, McDonald’s, Subway and Many More

• Four Miles from St. Petersburg College – St. Petersburg/Gibbs Campus• Five Miles from Tropicana Field, Home of the MLB’s Tampa Bay Rays• Six Miles from Downtown St. Petersburg and the University of South Florida

at St. Petersburg• Eight Miles from St. Pete Beach and Eckerd College• 20 Miles from Tampa, Florida• St. Petersburg is the Fifth Most Populous City in the State of Florida and the

Largest City in Florida that is Not a County Seat• Part of the Tampa Bay Area, Which has Roughly of 2.8 Million Residents• St. Petersburg and St. Pete Beach are Popular Vacation Destinations for Both

American and Foreign Tourists

Tenant Highlights• Dunkin’ Brands has More Than 19,000 Points of Distribution in Nearly 60

Countries Worldwide• Dunkin’ Brands Group, Inc. is One of the World’s Leading Franchisors of Quick

Service Restaurants• Purple Square Management Co. Owns and Operates 48 Dunkin Donuts/

Baskin Robbins Locations• Annual Sales in Excess of $40 Million• Recently Named Dunkin Brands’ Southeast Franchisee of the Year

TENANT SUMMARY


Dunkin’ Donuts is an American global doughnut company and coffeehouse chain based in Canton, Massachusetts, in Greater Boston. Dunkin’ Donuts is a market leader in sales of hot, decaffeinated and flavored coffee, iced coffee, bagels, donuts and muffins.

Since its founding, the company has grown to become the leading coffee and baked goods chains in the world, serving more than three million customers each and every day. True to their name, the company offers more than 50 varieties of donuts, but customers can also enjoy dozens of premium beverages, breakfast sandwiches and other baked goods.

The company has more than 11,300 Dunkin’ Donuts restaurants worldwide – with over 8,500 restaurants in 41 states across the United States and over 3,200 international restaurants across 36 countries.

The company has more than 130 years of franchising experience. Dunkin’ Brands is home to two of the world’s most recognized, beloved franchises: Dunkin’ Donuts and Baskin-Robbins.

Purple Square Management Co. owns and operates 48 Dunkin Donuts/Baskin Robbins locations throughout Alabama, Florida and Louisiana with annual sales in excess of $40 million. The company anticipates being at over 70 locations in all markets by the end of 2017. The company also owns and operates eight The Brass Tap locations in Florida, North Carolina and South Carolina, and owns rights to develop Popeyes in Atlanta, Georgia. In January of 2017, they entered a partnership with Super Bowl-winning, New Orleans Saints quarterback, Drew Brees, to build 69 Dunkin Donuts stores in the State of Louisiana. Today, Purple Square Management has approximately 800 employees and were recently named Dunkin Brands’ Southeast Franchisee of the Year.

Purple Square Management Co.

TENANT SUMMARY


Tenant: Dunkin’ Donuts | Baskin-Robbins

Ownership: Public

Revenue (2016): $828.9 Million

Stock Symbol: DNKN

Headquarters: Canton, Mass.

Locations: 11,300+

Website: www.DunkinBrands.com

With more than 19,000 points of distribution in nearly 60 countries worldwide, Dunkin’ Brands Group, Inc. (Nasdaq: DNKN) is one of the world’s leading franchisors of quick service restaurants (QSR) serving hot and cold coffee and baked goods, as well as hard-serve ice cream. At the end of the third quarter 2015, Dunkin’ Brands’ nearly 100 percent franchised business model included more than 11,500 Dunkin’ Donuts restaurants and more than 7,600 Baskin-Robbins restaurants. Dunkin’ Brands Group, Inc. is headquartered in Canton, Mass.

Dunkin Brands Group, Inc.NASDAQ: DNKN

AERIAL


49TH Street

38TH Avenue

17,500Daily

28,500Daily

LOCAL & REGIONAL MAPS


LOCATION OVERVIEW


St. Petersburg, Florida | Pinellas CountySt. Petersburg, located in Pinellas County on Florida’s beautiful west coast, is the fifth most populous city in the state of Florida and the largest city in Florida that is not a county seat. St. Petersburg is part of the Tampa Bay Area, which is composed roughly of 2.8 million residents. St. Petersburg and St. Pete Beach are also popular vacation destinations for both American and foreign tourists.

St. Petersburg is nicknamed “The Sunshine City”. Due to its good weather and low cost of living American Style magazine ranked St. Petersburg its top mid-size city in 2011.

St. Petersburg prides itself on being a city of opportunity where the sun shines on all who come to live, work and vacation. It’s an innovative, creative and competitive community that honors its history while helping its residents and local business owners pursue a bright future. The St. Petersburg area is an ideal location to live and do business.

The current population of Pinellas County is 936,734 with the median age of 46. Pinellas County’s median household income is $44,939, and the average household net worth is $369,188.


View inGoogle Maps

DEMOGRAPHICS

POPULATION 1 MILE 3 MILES 5 MILES2010 Population 16,102 125,388 296,2212016 Population 16,504 128,622 304,3212021 Population 16,613 129,205 305,8342016 Male Population 7,987 63,342 147,1992016 Female Population 8,517 65,280 157,1222016 Median Age 43.5 42.6 45.2

RACE & ETHNICITY 1 MILE 3 MILES 5 MILESAmerican Indian, Eskimo 0.4% 0.4% 0.4%Asian 8.9% 7.4% 5.2%Black 5.2% 9.4% 14.0%Hawaiian/Pacific Islander 0.2% 0.1% 0.1%White 80.0% 76.6% 75.5%Other 2.5% 2.8% 2.1%Multi-Race 2.8% 3.3% 2.8%Hispanic Ethnicity 11.9% 11.2% 8.8%Not of Hispanic Ethnicity 88.1% 88.8% 91.2%

HOUSEHOLDS 1 MILE 3 MILES 5 MILES2010 Households 6,832 53,258 132,7172016 Households 6,997 54,402 135,9142021 Households 7,040 54,865 137,375

HOUSEHOLD INCOME 1 MILE 3 MILES 5 MILES2010 Avg Household Income $52,942 $51,140 $57,0282016 Avg Household Income $52,692 $51,479 $57,7842021 Avg Household Income $59,494 $58,374 $66,0062010 Med. Household Income $41,925 $39,884 $39,9732016 Med. Household Income $42,627 $40,523 $40,7852021 Med. Household Income $48,045 $45,956 $46,7882010 Per Capita Income $22,481 $21,954 $25,8452016 Per Capita Income $22,355 $22,003 $26,0972021 Per Capita Income $25,228 $25,016 $29,938

https://www.google.com/maps/place/3934+49th+St+N,+St.+Petersburg,+FL+33709/@27.8078783,-82.7026697,17z/data=!3m1!4b1!4m5!3m4!1s0x88c2e372267d757d:0x282a9c804aebef0d!8m2!3d27.8078736!4d-82.700481

The Wolfe Retail Group of Marcus & Millichap specializes in the sale of single-tenant properties and shopping centers and has successfully assisted clients in selling approximately 450 separate commercial properties with a market value exceeding $1.15 billion. Having closed sales in nearly 40 states, our track record is evidence that we are one of the premier brokerage teams in the United States.

With our experience and background in various fields such as law and finance, we have proved to be invaluable to our clients, earning their trust and exceeding their expectations while best assisting them in their real estate transactions.

Marcus & Millichap (NYSE: MMI) has established itself as a leading and expanding investment real estate company with nearly 1,500 brokers in 78 markets throughout the United States and Canada. The foundation of our investment sales is the depth of our local market knowledge. Our 44-year history of maintaining investor relationships in local markets enables us to be the best information source and transaction service provider in North America.

About Marcus & Millichap

The Wolfe Retail Group has sold

approx. 450 properties in

nearly 40 states

Representative Photo

Barry M. WolfeSenior Vice President of [email protected]

(954) 245-3493

Alan LipskyVice President Investments

[email protected] (954) 245-3595

Evan WhelanAssociate

[email protected](954) 245-3487

Catie JacksonMarketing Coordinator


Angelica LinaresTransaction Coordinator


mailto:Evan.Whelan%40marcusmillichap.com?subject=

mailto:Angelica.Linares%40marcusmillichap.com?subject=

Documents

3934 49th Street North St. Petersburg, Florida 33709images1.loopnet.com/d2/S7I3m7U57VvuePgJtB8OxTTC2s-ujEeZK-XUeXfKqvY/... · 3934 49th Street North St. Petersburg, Florida 33709