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LOGAN’S ROADHOUSEO F F E R I N G M E M O R A N D U M
1 5 1 1 S k y l a n d B lv d E | T u s c a l o o s a , A L 3 5 4 0 5
R E P R E S E N TAT I V E P H OTO
1511 SKYLAND BLVD E | TUSCALOOSA, AL 35405
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E XC LU S I V E LY L I S T E D BY
G a r y c h o uSVP & Senior Director
[email protected] (310) 919-5827MOB (714) 928-8016
LIC # 01911222
K y l e M at t h e w sBROKER OF RECORD
LIC # 110253 (AL)
C O N T E N T S
6 FINANCIAL OVERVIEW
1 0 AREA OVERVIEW
EXECUTIVE SUMMARY4
R E P R E S E N TAT I V E P H OTO
4 | L O G A N ’ S R O A D H O U S E , T U S C A L O O S A , A LE X E C U T I V E S U M M A R Y R E P R E S E N TAT I V E P H OTO
M A T T H E W S R E A L E S T A T E I N V E S T M E N T S E R V I C E S | 5
I N V E S T M E N T H I G H L I G H T S
• Corporate Lease – Logan’s has over 230 locations across southeastern US – It was acquired by CraftWorks Holdingsin 2018 - Craftworks Holdings operates a total of 390 casual-dining restaurants
• Major Retail Destination – Site is anchored by Walmart Supercenter and Sam’s Club – Other major retailers in the areainclude Office Depot, Popeye’s, Krystal, Burger King, T.J Maxx, Hardee’s, Taco Bell, Sonic, KFC, Checkers, and PizzaHut
• Robust Traffic Counts - Skyland Blvd has over 27,230 in ADT - The property is conveniently located off I-20 which hasover 53,000 in ADT and McFarland Blvd which is a major thoroughfare with over 51,500 in ADT - I-20 which connectsTuscaloosa with Birmingham, the largest city in Alabama
• University of Alabama - Tuscaloosa is home to the University of Alabama, which is an NCAA Division I school home toover 36,000 students
• Favorable Demographics – Double-digit growth over the past 10 years in a 1-mile, 3-mile and 5-mile radius in a marketwhere there are over 4,300 people in a 1-mile, 54,000 people in a 3-mile and 118,000 people in a 5-mile
6 | L O G A N ’ S R O A D H O U S E , T U S C A L O O S A , A LF I N A N C I A L O V E R V I E W R E P R E S E N TAT I V E P H OTO
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L O G A N ’ S R O A D H O U S E
A N N U A L I Z E D O P E R A T I N G D A T A
YearMonthly
RentAnnual
RentRPSF Cap Increases
Current $20,896 $250,750 $31.36 8.75%
1/1/2022 - 12/31/2026 $22,202 $266,422 $33.32 9.30% 6.25%
Option 1 $23,589 $283,073 $35.41 9.88% 6.25%
Option 2 $25,064 $300,765 $37.62 10.49% 6.25%
Option 3 $26,630 $319,563 $39.97 11.15% 6.25%
Option 4 $28,295 $339,536 $42.47 11.85% 6.25%
T E N A N T S U M M A R Y
Tenant Trade Name Logan’s Roadhouse
Type of Ownership Fee Simple
Lease Guarantor Corporate
Lease Type NNN
Roof and Structure Tenant Responsible
Rent Commencement Date 11/30/2006
Lease Expiration Date 12/31/2026
Original Lease Term 20 Years
Term Remaining on Lease ±7 Years
Increases 6.25% Every 5 Years
Options 4, 5 Year Options
R E P R E S E N TAT I V E P H OTO
*Tenant Termination Option: Lease provides for a one-time termination option on 12/31/2021, if unit level sales are below a certain threshold. Contact broker for details.
ADDRESS1511 Skyland Blvd E,
Tuscaloosa, AL 35405
LIST PRICE $2,866,000
CAP RATE 8.75%
GROSS LEASABLE AREA ±7,995 SF
LOT SIZE ±1.7 AC
YEAR BUILT / RENOVATED 2006
8 | L O G A N ’ S R O A D H O U S E , T U S C A L O O S A , A LT E N A N T O V E R V I E W R E P R E S E N TAT I V E P H OTO
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Property Name Logan’s Roadhouse
Parent Company Trade Name CraftWorks Restaurants & Breweries
Ownership Private
Sales $101 million
Year Founded 1991
No. of Locations ±230
No. of Employees ±5,100
Headquartered Miami, FL
Website logansroadhouse.com
TENANT OVERVIEW
Logan’s Roadhouse is a chain of restaurants based in Nashville, Tennessee, and founded in 1991 in Lexington, Kentucky. There are 194 company operated and 25 franchised Logan’s Roadhouse locations throughout 23 states and growing.
MISSION
It’s a welcome rest for the hardworking rooted in American tradition. A laidback, “come as you are” kind of place where you can crack open a cold one, throw your peanut shells on the floor and enjoy steakhouse quality meat in the comfort of jeans and a t-shirt. It’s where the atmosphere is lively, beer is served ice cold, rolls are made-from-scratch and are endless, steak is grilled over real mesquite wood... the way it was meant to be and genuine hospitality is part of the DNA. There are no strangers at a Roadhouse, only friends.
They deliver the best guest service experience with a sense of warmth, friendliness and individual pride so that each guest leaves highly satisfied with great value, convinced that Logan’s Roadhouse is the best choice for their everyday authentic Roadhouse, serving quality steaks, a kickin’ bar and upbeat dining experience.
1 0 | L O G A N ’ S R O A D H O U S E , T U S C A L O O S A , A L
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T E N A N T M A P
M A T T H E W S R E A L E S T A T E I N V E S T M E N T S E R V I C E S | 1 1
D E M O G R A P H I C SPopulation 1 Mile 3 Mile 5 Mile
2024 Projection 6,371 52,143 113,996
2019 Estimate 6,176 50,269 110,531
2010 Census 5,801 46,362 103,223
Growth 2019 - 2024 3.16% 3.73% 3.13%
Growth 2010 - 2019 6.46% 8.43% 7.08%
Households 1 Mile 3 Mile 5 Mile
2024 Projection 3,051 23,668 45,822
2019 Estimate 2,945 22,754 44,353
2010 Census 2,734 20,874 41,127
Growth 2019 - 2024 3.60% 4.02% 3.31%
Growth 2010 - 2019 7.72% 9.01% 7.84%
Income 1 Mile 3 Mile 5 Mile
2016 Est. Average Household Income
$52,307 $56,369 $58,394
A R E A O V E R V I E W
±3 MILES±3 MILES
±3 MILES±6 MILES
1 2 | L O G A N ’ S R O A D H O U S E , T U S C A L O O S A , A L
T U S C A L O O S A , A L
Tuscaloosa is a city in and the seat of Tuscaloosa County in west central Alabama (in the southeastern United States). Located on the Black Warrior River, it is the
fifth-largest city in Alabama. Tuscaloosa is the regional center of industry, commerce, healthcare, and education for the area of west-central Alabama known as West
Alabama. It is the principal city of the Tuscaloosa Metropolitan Statistical Area, which includes Tuscaloosa, Hale and Pickens counties.
Tuscaloosa is also the home of the University of Alabama, Stillman College and Shelton State Community College. While the city attracted international attention
when Mercedes-Benz announced it would build its first automotive assembly plant in North America in Tuscaloosa County, the University of Alabama remains the
dominant economic and cultural engine in the city. Tuscaloosa has been traditionally known as the “Druid City” because of the numerous water oaks planted in its
downtown streets since the 1840s. The city has also become well known nationally for the University of Alabama’s success in sports, and particularly in football. City
leaders adopted the moniker “The City of Champions” after the Alabama Crimson Tide football team won the BCS National Championship game in 2010, 2012, and
again in 2013. In 2008, the City of Tuscaloosa hosted the USA Olympic Triathlon trials for the Beijing Games.
T O U R I S MTuscaloosa is the fifth-largest city in Alabama and continues to attract tourists from across the country. At the heart of the city is the University of Alabama, home
to the Alabama Crimson Tide Bryant-Denny Stadium. Due to the University’s great athletic success, the University of Alabama remains the dominant economic and
cultural hub in the city.
Tuscaloosa contains a notable amount of artistic attractions and historical sites, including the Tuscaloosa Amphitheatre, host to countless concerts and events in the
7,500-seat artistic arena. The Midred Westervelt Warner Transportation Museum, advances appreciation of Tuscaloosa’s local and regional history through exhibits
and educational programs; the Greenwood Cemetery, one of the oldest cemeteries holding many of the city’s most prominent citizens; the Sarah Moody Gallery of
Art, home to a diverse range of artistic and cultural enrichment; and the Battle-Friedman House, the historical home of the Battle and Friedman families, occupies
an entire city block and is now operated by the Tuscaloosa County Preservation Society for weddings, receptions, and party rentals.
Tuscaloosa also contains various nighttime attractions that drive tourists to the city year after year. Rhythm & Brews is the premier location for the best live music
bands ranging from dance to country music, signature cocktails, and great service. Another popular among Alabama natives is Catch 22. With gallon apothecary jars
filled with fruity distilled Finland vodka across the countertops, Catch 22 offers a unique spin for endless cocktail creations by their masterful mixologists. Cypress
Inn remains Tuscaloosa’s premier casual dining spot with their home style southern cuisine, friendly service, and stunning riverfront views.
1 4 | L O G A N ’ S R O A D H O U S E , T U S C A L O O S A , A L
C O N F I D E N T I A L I T Y A G R E E M E N T & D I S C L A I M E R
This Offering Memorandum contains select information pertaining to the business and affairs of Logan’s Roadhouse located at 1511 Skyland Blvd E, Tuscaloosa, AL, 35405 (“Property”). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.
By acknowledging your receipt of this Offering Memorandum for the Property, you agree:
1. The Offering Memorandum and its contents are confidential;2. You will hold it and treat it in the strictest of confidence; and3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner
detrimental to the interest of the Seller.
Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.
If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.
This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.
LOGAN’S ROADHOUSE1511 SKYLAND BLVD E | TUSCALOOSA, AL 35405
™
E XC LU S I V E LY L I S T E D BY
G a r y c h o uSVP & Senior Director
[email protected] (310) 919-5827MOB (714) 928-8016
LIC # 01911222
K y l e M at t h e w sBROKER OF RECORD
LIC # 110253 (AL)
