ground lease investment opportunity€¦ · • cracker barrel is located in a hospitality cluster...
TRANSCRIPT
SINGLE TENANT ABSOLUTE NNN Ground Lease Investment Opportunity
13 CAMPGROUND ROAD
LA VALE MARYLANDREPRESENTATIVE PHOTO
RICK FERNANDEZSr. Managing DirectorSRS National Net Lease Group
1765 Greensboro Station Place Tower 1, Suite 900McLean, VA 22102 D [email protected] VA License No. 0225176005
REPRESENTATIVE PHOTO 2 NATIONAL NET LEASE GROUP
Reciprocal Broker: David Wirth, SRS Real Estate Partners-Northeast, LLC MD License No. 5000356
EXCLUSIVELY MARKETED BY
ANDREW FALLONExecutive Managing DirectorSRS National Net Lease Group
1765 Greensboro Station Place Tower 1, Suite 900McLean, VA 22102 M [email protected] DC License No. SP200204411
PYLON SIGN
DIMENSIONSFAMILY HAIR
REPRESENTATIVE PHOTO 3 NATIONAL NET LEASE GROUP
Parcel Map
OFFERING SUMMARY Offering
Property Specifications
PRICING $2,735,000
NET OPERATING INCOME $136,750
CAP RATE 5.00%
GUARANTY Corporate
TENANT Cracker Barrel Old Country Store, Inc.
LEASE TYPE Absolute NNN - Ground Lease
LANDLORD RESPONSIBILITIES None
RENTABLE AREA 9,030 SF
LAND AREA 2.90 Acres
PROPERTY ADDRESS 13 Campground Road La Vale, MD 21502
YEAR BUILT 2016
PARCEL NUMBER 29-019622
OWNERSHIP Leased Fee (Land Ownership)
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For financing options and loan quotes:Please contact our SRS Debt & Equity team at [email protected].
Lease Term Rental Rates
TENANT NAMESQUARE
FEETLEASE START
LEASE END
BEGIN INCREASE MONTHLY PSF ANNUALLY PSFRECOVERY
TYPEOPTIONS
Cracker Barrel Old Country Store, Inc.
9,030 4/13/2016 4/12/2031 Current - $11,396 $1.26 $136,750 $15.14 Absolute NNN 4 (5-Year)
(Corporate Guaranty) 4/13/2026 20% $13,719 $1.52 $164,627 $18.23
Option Period4/13/2031
10% $15,058 $1.67 $180,690 $20.0110% Increase at Beg.
of Each Option
Option Period4/13/2036
10% $16,530 $1.83 $198,359 $21.97
Option Period4/13/2041
10% $18,150 $2.01 $217,795 $24.12
RENT ROLL
Early Lease Extension20% Rent Increase in 2026
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Corporate Guaranteed | Scheduled Rental Increase (20%+)Cracker Barrel Old Country Store, Inc.
• Corporate guaranteed by Cracker Barrel Old Country Store, Inc.• The tenant has 11 years remaining in their initial term after agreeing to
exercise their first option early, demonstrating their long-term commitment to the site
• The lease features a 20% rental increase in April of 2026 with 10% rental increases at the beginning of each option period
• The 20% rent increase will raise the cap rate by 100 bps, increasing the cap rate yield to 6%+
• Founded in 1969, Cracker Barrel Old Country Store, Inc. operates over 660 restaurants across 45 states
Located Along Campground Road | Quick Access to I-68 |Excellent Visibility & Access
• The property is located near the signalized, hard corner intersection of Campground Rd. and U.S. Highway 40, averaging 12,900 combined vehicles passing by daily
• The site is equipped with a large pylon sign, creating excellent visibility along Campground Road
• Nearby on/off ramp access to I-68 (33,000 VPD), a major east/west commuter thoroughfare traveling through La Vale and the greater Western Maryland area
Country Club Mall | Dense Retail Corridor |Strong National/Credit Tenants
• Located just 1.25 miles north of Country Club Mall, a 600,000 SF enclosed regional mall anchored by Walmart Supercenter, J.C. Penney, T.J. Maxx, and Golden Star Theaters
• Close proximity to multiple shopping centers including Braddock Square (258,500 SF), Winchester Square (37,000 SF), and La Vale Plaza (145,300 SF)
• Other nearby national/credit tenants include Lowe’s Home Improvement, Tractor Supply Co., Aldi, CVS Pharmacy, PetSmart, Dollar Tree, Staples, and more
• Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for Cracker Barrel
Hospitality Cluster | Direct Consumer Base |Strong Demographics in 5-Mile Trade Area
• Cracker Barrel is located in a hospitality cluster comprised of 5 hotels, which provides a strong consumer base to draw from
• Notable hotels include Holiday Inn Express, Comfort Inn & Suites, Motel 6, Best Western, Super 8, and more
• More than 45,300 residents and 21,000 employees support the trade area• $57,100 average household income
INVESTMENT HIGHLIGHTS
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Location
Parking
Access
Parcel
Traffic Counts
Year Built
Improvements
Zoning
Located inLa Vale, MarylandAllegany County
There are approximately 128 parking spaces
on the owned parcel. The parking ratio is
approximately 14.17 stalls per 1,000 SF of leasable area.
Campground Road 1 Access Point
Park Avenue W 1 Access Point
Parcel Number: 29-019622 Acres: 2.90
Square Feet: 126,324 SF
Interstate 68 33,300 Cars Per Day
2016
There is approximately 9,030 SF of existing building area
Commercial B
PROPERTY OVERVIEW
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CAMPGROUND RD.
CAMPGROUND RD.U.S. HIGHWAY 40 ALTERNATE
U.S. HIGHWAY 40 ALTERNATE
PARK AVE. W
PARK AVE. W
LAVALE AVE.
LAVALE AVE.
CARS PER DAY12,900
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PARKSIDE ELEMENTARY PARKSIDE ELEMENTARY SCHOOLSCHOOL
LA VALE PLAZALA VALE PLAZA
COUNTRY CLUB MALLCOUNTRY CLUB MALLWINCHESTERWINCHESTERCOURTCOURT
STATE HIGHWAY 53
STATE HIGHWAY 53
CAMPGROUND RD./S
TATE
HIG
HWAY
658
CAMPGROUND RD./S
TATE
HIG
HWAY
658
U.S. H
IGHW
AY 40
ALT
ERNAT
E
U.S. H
IGHW
AY 40
ALT
ERNAT
E
INTERSTATE 68
INTERSTATE 68
CARS PER DAY33,300
CARS PER DAY14,800
CARS PER DAY12,900
BRADDOCK BRADDOCK SQUARESQUARE
PYLON SIGN
DIMENSIONSFAMILY HAIR
CAMPGROUND RD.
CAMPGROUND RD.
PARK AVE. W.
PARK AVE. W.
LAVALE AVE.
LAVALE AVE.
SIMPSON AVE.
SIMPSON AVE.
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10 NATIONAL NET LEASE GROUP
PITTSBURGH116 min 113 miles
BALTIMORE134 min 143 miles
WASHINGTON DC143 min 140 miles
LAVALE
LOCATION MAP
2019 ESTIMATED POPULATION
3 Mile 20,466
5 Mile 43,671
10 Mile 72,707
2019 AVERAGE HOUSEHOLD INCOME
3 Mile $59,585
5 Mile $56,945
10 Mile $57,791
2019 ESTIMATED TOTAL EMPLOYEES
3 Mile 13,294
5 Mile 24,424
10 Mile 33,538
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LaVale, Maryland
LaVale is a census-designated place (CDP) in Allegany County, Maryland, United States. It is part of the Cumberland, MD-WV Metropolitan Statistical Area. The population was 3,551. According to the United States Census Bureau, the CDP has a total area of 2.7 square miles.
Living in La Vale offers residents a rural feel and most residents own their homes. In La Vale there are a lot of parks. Many retirees live in La Vale and residents tend to be conservative. The public schools in La Vale are above average.
Allegany County is situated in the heart of Western Maryland equidistant from Baltimore, Washington, D.C. and Pittsburgh. It is crossed by Interstate 68 and the main lines of CSX Transportation, providing excellent access to major markets in the East and Midwest. The population was 70,416 according to US census as of July 1, 2019.
The county has developed a series of business parks tailored to a diverse economy including information technology, biotechnology and advanced manufacturing. New projects include the Allegany Business Centre at Frostburg State University, a technology based Business Park located on university land and offering the resources of Frostburg State and the University System of Maryland. Another is the Barton Business Park for Advanced Manufacturing.
Allegany County is home to two Federal HUBZones, one located in South Cumberland and the other in Frostburg. The HUBZones Empowerment Contracting Program provides Federal contracting preferences to small businesses that obtain HUBZone certification. Allegany County has three State Enterprise Zones offering tax credits for new capital investments and job creation. Allegany County currently has eight modern industrial parks located in and around the Cumberland and Frostburg areas. The sites available in these parks offer a wide variety of options including some with rail and newly added fiber optic lines. North Branch Industrial Park, the largest park in the county, is in an Enterprise Zone and has several sites available. Allegany County has become a uniquely personal hospitality experience, with award winning pubs, breweries and wineries and a four-season calendar of entertaining events and attractions.
AREA OVERVIEW
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BRAND PROFILE
Cracker Barrel crackerbarrel.com
Cracker Barrel Old Country Store, Inc. shares warm welcomes and friendly service while offering guests quality homestyle food and unique shopping – all at a fair price. By creating a world filled with hospitality and charm through an experience that combines dining and shopping, guests are cared for like family. Established in 1969 in Lebanon, Tenn. Cracker Barrel and its affiliates operate 664 company-owned Cracker Barrel Old Country Store® locations in 45 states and own the breakfast and lunch focused fast-casual Maple Street Biscuit Company® restaurants.
COMPANY TYPE 2019 EMPLOYEES 2019 REVENUE
Public (NASDAQ: CBRL) 73,000 $3.07 B
2019 NET INCOME 2019 ASSETS 2019 EQUITY
$223.40 M $1.58 B $604.71 M
RETAIL PROFESSIONALS
275+
OFFICES
25+
LARGEST REAL ESTATE SERVICES FIRMin North America
exclusively dedicated to retail
#1
RETAIL TRANSACTIONS
in 2019 company wide
2100+
PROPERTIES SOLD
in 2019 NNLG
485
TRANSACTION VALUE in 2019 NNLG
$1.5B
SRS NATIONAL NET LEASE GROUP IS THE EXCLUSIVE NET LEASE CAPITAL MARKETS TEAM OF SRS REAL ESTATE PARTNERS.
This marketing material has been prepared by SRS National Net Lease Group (SRS) and has been approved for distribution by the owner. Although effort has been made to provide accurate information, neither the owner nor SRS can warrant or represent accuracy or completeness of the materials presented herein or in any other written or oral communications transmitted or made
available to the purchaser. Many documents have been referred to in summary form and these summaries do not purport to represent or constitute a legal analysis of the contents of the applicable documents. Neither owner nor SRS represents that this marketing material is all inclusive or contains all of the information a purchaser may require. All of the financial projections and/or conclusions
presented herein are provided strictly for reference purposes and have been developed based upon assumptions and conditions in effect at the time the evaluations were undertaken. They do not purport to reflect changes in the economic performance of the property or the business activities of the owner since the date of preparation of this marketing material. The projected economic performance of the property, competitive submarket conditions, and selected economic and demographic statistics may have changed subsequent to the preparation of the package. Qualified
purchasers are urged to inspect the property and undertake their own independent evaluation of the property, the market and the surrounding competitive environment.
*Statistics are for 2019
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