net lease hooters property for sale

HOOTERS2765 North US Highway 67Florissant, MO 63033 (St. Louis MSA)

NET LEASE INVESTMENT OFFERING

TABLE OF CONTENTS

TABLE OF CONTENTS

II. Location Overview Photographs Aerial Site Plan Map

III. Market & Tenant Overview Demographic Report Market Overview Tenant Overview

I. Executive Profile Executive Summary Investment Highlights Property Overview


DISCLAIMERSTATEMENT:

DISCLAIMER STATEMENT

The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from The Boulder Group and should not be made available to any other person or entity without the written consent of The Boulder Group.

This Offering Memorandum 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. The Boulder Group has not made any investigation, and makes no warranty or representation.

The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, The Boulder Group has not verified, and will not verify, any of the information contained herein, nor has The Boulder Group 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.


EXECUTIVESUMMARY:

EXECUTIVE SUMMARY

The Boulder Group is pleased to exclusively market for sale a single tenant net lease Hooters property located in Florissant, a suburb of St. Louis and the 12th largest city in Missouri. The Hooters restaurant is strategically located off of the signalized intersection of Cougar Drive and Lindbergh Boulevard (US Highway 67), the trade areas primary thoroughfare. There are ten years remaining in the primary lease term which expires in April 2027. The triple net lease features a 10% rental escalation in 2022 and in each renewal option period. Hooters corporate has indicated the store is scheduled for a remodel in 2018.

The 5,048 square foot restaurant is located on Lindbergh Boulevard (US Highway 67), the primary thoroughfare in the trade area experiencing traffic counts of roughly 27,900 vehicles per day. The surrounding area is densely populated with over 96,500 people living within a three mile radius of the property. There are a number of new developments in the area as the local community continues to grow. The immediate area features numerous national retailers such as The Home Depot, Marshalls, PetSmart, Target, Five Below, ALDI, Lowe’s, Kmart and Walmart Supercenter to name a few.

Hooters’ has approximately 10 years remaining on their 20 year lease which expires April 30, 2027. This triple net lease features 10% rent escalation in May 2022 and two 5-year renewal option periods with 10% escalations. Hooters of America, LLC, the lease guarantor, operates more than 420 Hooters restaurants in 42 states and 29 countries.


INVESTMENT HIGHLIGHTS:

INVESTMENT HIGHLIGHTS

• Corporately guaranteed lease

• No landlord responsibilities

• Located within the St. Louis MSA

• Positioned along the primary thoroughfare which experiences traffic counts of 27,900 vehicles per day

• 10 years remaining on lease with two 5 year renewal option periods

• 10% rental escalation in the primary term and each renewal option

• The immediate area features numerous big box retailers such as The Home Depot, Marshalls, PetSmart,

Target, Five Below, ALDI, Lowe’s, Kmart and Walmart Supercenter

• Over 96,500 people living within a three mile radius of the property

• Hooters corporate has indicated the store is scheduled for a remodel in 2018


PROPERTY OVERVIEW:

PROPERTY OVERVIEW

Price: $3,221,626

Cap Rate: 6.00%

Net Operating Income: $193,298

Lease Commencement Date: April 30, 2007

Lease Expiration Date: April 30, 2027

Rental Escalations: 10% every 5- years

Renewal Options: Two 5-Year

Guarantor: Hooters of America, LLC (Corporate)

Year Built 2007

Lease Type: NNN

Building Size: 5,048 SF

Land Size: 1.5 Acres



PHOTOGRAPHS


AERIAL

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SITE PLAN

L I N D B E R G H B LV D / H I G H W A Y 6 7 ( 2 7 , 8 9 3 V P D)


MAP

Lake Michigan

DEMOGRAPHICREPORT:

DEMOGRAPHIC REPORT

Population 1-Mile 3-Mile 5-Mile

Total Population 13,645 96,572 179,786

Total Households 5,529 37,939 69,792

Income 1-Mile 3-Mile 5-Mile

Average Household Income $62,742 $66,691 $61,111


MARKETOVERVIEW:

MARKET OVERVIEW

Florissant, MissouriFlorissant is a second-ring suburb of St. Louis, located in northern St. Louis County, Missouri. The exact date the first settlers went to the Valley of Florissant is unknown, but it is one of the oldest settlements in the state of Missouri. The village, called “Fleurissant,” or “Blooming” in English, by its French settlers and “St. Ferdinand” by its Spanish rulers, was a typical French village of the time. As late as 1889, the town was predominantly French-speaking.

Following World War II, Florissant went from a small village community to a large suburban cen-ter, as developers began building subdivisions on what was formerly farmland and empty acreage. Approximately 18,000 houses were built between 1947 and 1980, and the population swelled to its peak of about 76,000 in the mid-1970s, making it the largest city in St. Louis County

Florissant was ranked in the top 100 Best Places to Live by Money Magazine in 2012. Other recent reports have Florissant ranked as the #1 Best Small City to Retire To in America and the 2nd Safest City in Missouri. As of the 2010 United States census, the population was just over 52,000, which made Florissant the 12th largest city in Missouri.

www.florissantmo.com


MARKETOVERVIEW:

MARKET OVERVIEW

St. Louis, MissouriSt. Louis is an independent city and major U.S. port in the State of Missouri, built along the western bank of the Mississippi River, on the border with Illinois. The city has an estimated 2015 population of 315,685 and is the cultural and economic center of the Greater St. Louis area (home to 2,916,447 people), making it the largest metropolitan area in Missouri and the 19th-largest in the United States.

The city of St. Louis was founded in 1764 by French fur traders Pierre Laclède and Auguste Chouteau, and named after Louis IX of France. In 1764, following France’s defeat in the Seven Years’ War, the area was ceded to Spain and retroceded back to France in 1800. In 1803, the United States acquired the territory as part of the Louisiana Purchase.

The economy of metro St. Louis relies on service, manufacturing, trade, transportation of goods, and tourism. Its metro area is home to major corporations, including Anheuser-Busch, Express Scripts, Centene, Boeing Defense, Emerson, Energizer, Panera, Enterprise, Peabody Energy, Ameren, Ralcorp, Monsanto, Scottrade, Edward Jones, Go Jet, Purina and Sigma-Aldrich. St. Louis has also become known for its growing medical, pharmaceutical and research presence.

St. Louis has 2 professional sports teams: the St. Louis Cardinals of Major League Baseball and the St. Louis Blues of the National Hockey League. The city is commonly identified with the tall Gateway Arch in Downtown St. Louis.

explorestlouis.com


HootersHooters was incorporated in Clearwater, Florida, on April 1, 1983, by six local businessmen. The date was an April Fools’ Day joke because the original six owners believed that their prospect was going to fail. Their first Hooters restaurant was built on the site of a former rundown nightclub. So many businesses had folded in that particular location that the Hooters founders built a small “graveyard” at the front door for each that had come and gone before them. The first restaurant opened its doors on October 4, 1983.

In 1984 Hugh Connerty bought the rights to Hooters from the Original Hooters 6. Robert H. Brooks and a group of Atlantan investors (operators of Hooters of America, Inc.) bought out Hugh Connerty. In 2002, Brooks bought majority control and became chairman. The Clearwater-based company retained control over restaurants in the Tampa Bay Area, Chicago metropolitan area, and one in Manhattan, New York, while all other locations were under the guidance of Hoot-ers of America, which sold franchising rights to the rest of the United States and international locations.

Hooters of America, LLC, the lease guarantor, is the proud franchisor and operator of more than 420 Hooters restaurants in 42 states and 29 countries. The company’s first overseas location was in Singapore, and there are Hooters restaurants in Aruba, Australia, Austria, Brazil, Canada, China, Colombia, Costa Rica, Nicaragua, Czech Republic, Dominican Republic, Ecuador, El Salvador, Germany, Guatemala, Hong Kong, Hungary, Japan, Mexico, Panama, Philippines, South Africa, South Korea, Switzerland, Taiwan, Thailand, Russia, and one in the United Kingdom. The Hooters menu includes hamburgers and other sandwiches, steaks, seafood entrees, appetizers, and the restaurant’s specialty, chicken wings. Hooters is famous for the woman waiting staff, usually referred to simply as “Hooter Girls”, who are a primary component of the company’s image.

Website: www.hooters.comNumber of Locations: 420+Headquarters: Atlanta, Georgia

TENANT OVERVIEW

TENANT OVERVIEW:


666 Dundee Road, Suite 1801Northbrook, IL 60062

www.bouldergroup.com

Randy [email protected]

Jimmy [email protected]

net lease hooters property for sale

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