REPRESENTATIVE PHOTO
Exclusive OFFERING|$1,728,000 – 5.5% CAP
DUNKIN DONUTS
12 Bailey Station Way, Newnan, GA
214.915.8890
JOE CAPUTO
[email protected]
BOB MOORHEAD
[email protected]
RUSSELL SMITH
[email protected]
property. New Construction. 2,500+ SF building on 0.75+ acre site.
tenant. Dunkin Donuts. Franchisee: Boston Coffee, Inc., operates 38+ restaurants with 15+ years of restaurant and real estate experience. Lease includes
strong personal guarantee.
lease structure. Brand new, 10-year, absolute NNN lease with 10% rent increases every 5-years.
location. Dunkin Donuts is strategically located along Highway 34 (29,000 Cars / Day) and Bailey Station Way in Newnan, GA. The subject property shares the
immediate trade area with several well-known national credit tenants, including the likes of Kroger, Walgreens, AutoZone, Advance Auto Parts, Taco Bell, KFC,
Wells Fargo and PNC bank. Residents within a 1, 3, and 5-mile radius of the site have a higher than average estimated household income compared to the
national average; figures reflect an est. average household income of $82,000+. 4-miles west of the subject property is a dense retail and commercial / corporate
corridor. Yamaha Motor Manufacturing Corporation, Kmart Distribution Center, and numerous other notable corporate tenants are tenants in the area. This corridor
is also home to Newnan Pavilion and Ashley Park, two very well-known outdoor lifestyle shopping centers.
Table of contents | Disclaimer
Dunkin Donuts
12 Bailey Station Way, Newnan, GA
Disclaimer
PAGE 1:
COVER
PAGE 2:
TABLE OF CONTENTS | DISCLAIMER
PAGE 3:
INVESTMENT | TENANT | LEASE OVERVIEW
PAGE 4-5:
AERIAL PHOTOS
PAGE 6:
SITE PLAN
PAGE 7:
PROPERTY PHOTO
PAGE 8:
LOCATION OVERVIEW
PAGE 9-10:
LOCATION MAPS
PAGE 11:
DEMOGRAPHICS
SUBJECT PROPERTY
Trivanta (“Agent”) has been engaged as an agent for the sale of the property located at the
12 Bailey Station Way, Newnan, GA by the owner of the Property (“Seller”). The Property is
being offered for sale in an “as-is, where-is” condition and Seller and Agent make no
representations or warranties as to the accuracy of the information contained in this
Offering Memorandum. The enclosed materials include highly confidential information and
are being furnished solely for the purpose of review by prospective purchasers of the
interest described herein. The enclosed materials are being provided solely to facilitate the
prospective investor’s own due diligence for which it shall be fully and solely responsible.
The material contained herein is based on information and sources deemed to be reliable,
but no representation or warranty, express or implied, is being made by Agent or Seller or
any of their respective representatives, affiliates, officers, employees, shareholders,
partners and directors, as to the accuracy or completeness of the information contained
herein. Summaries contained herein of any legal or other documents are not intended to be
comprehensive statements of the terms of such documents, but rather only outlines of
some of the principal provisions contained therein. Neither the Agent nor the Seller shall
have any liability whatsoever for the accuracy or completeness of the information contained
herein or any other written or oral communication or information transmitted or made
available or any action taken or decision made by the recipient with respect to the Property.
Interested parties are to make their own investigations, projections and conclusions without
reliance upon the material contained herein. Seller reserves the right, at its sole and
absolute discretion, to withdraw the Property from being marketed for sale at any time and
for any reason. Seller and Agent each expressly reserves the right, at their sole and
absolute discretion, to reject any and all expressions of interest or offers regarding the
Property and/or to terminate discussions with any entity at any time, with or without notice.
This offering is made subject to omissions, correction of errors, change of price or other
terms, prior sale or withdrawal from the market without notice. Agent is not authorized to
make any representations or agreements on behalf of Seller. Seller shall have no legal
commitment or obligation to any interested party reviewing the enclosed materials,
performing additional investigation and/or making an offer to purchase the Property unless
and until a binding written agreement for the purchase of the Property has been fully
executed, delivered, and approved by Seller and any conditions to Seller’s obligations
hereunder have been satisfied or waived. By taking possession of and reviewing the
information contained herein, the recipient agrees that (a) the enclosed materials and their
contents are of a highly confidential nature and will be held and treated in the strictest
confidence and shall be returned to Agent or Seller promptly upon request; and (b) the
recipient shall not contact employees or tenants of the Property directly or indirectly
regarding any aspect of the enclosed materials or the Property without the prior written
approval of the Seller or Agent; and (c) no portion of the enclosed materials may be copied
or otherwise reproduced without the prior written authorization of Seller and Agent.
Georgia Broker of Record:
Pamela Atwater | Atwater Commercial Real Estate Services
2
Investment overview
Dunkin Donuts
12 Bailey Station Way, Newnan, GA
Lease overview
PRICE:
$1,728,000
CAP RATE:
Initial Lease Term:
10-Years, Plus 2, 5-Year Options to Renew
5.5%
Projected Rent Commencement:
June 2015
NET OPERATING INCOME:
$95,000
Projected Lease Expiration:
June 2025
BUILDING AREA:
2,500+ Square Feet
Lease Type:
Absolute NNN
LAND AREA:
0.75+ Acres
Rent Increases:
10% Every 5-Years In Primary Term & Options
Year 1-5 Annual Rent (Current):
$95,000
YEAR BUILT:
2015
Year 6-10 Annual Rent:
$104,500
LANDLORD RESPONSIBILITY:
None
Year 11-15 Annual Rent (Option 1):
$114,950
Year 16-20 Annual Rent (Option 2):
$126,445
Percentage Rent:
If 8% of Gross Sales for previous calendar
month exceeds the Rent payable, Tenant shall
pay the Sales Excess to Landlord.
OWNERSHIP:
Fee Simple Interest
OCCUPANCY:
100%
Tenant overview
Franchisee: Boston Coffee, Inc.
Lessee: BC 2ABR LLC, a Georgia limited liability company
BOSTON COFFEE, INC.
Boston Coffee, Inc. is a partnership between two seasoned professionals who both have extensive experience in the retail restaurant industry. The first partner
has successfully owned, financed and operated over 50 Dunkin Donuts, Hurricane Grill and Wings and Marco’s Pizza restaurants in Florida and Georgia. The
second partner has over 16 years of experience as an operator of Taco Bell, Hurricane Gill and Wings, Marco’s Pizza and Dunkin Donuts, has a commitment to
build 25 Dunkin Donuts / Baskin Robbins and 20 Marco’s Pizza locations, has a strong personal net worth and guaranteed the lease.
DUNKIN’ DONUTS | www.dunkindonuts.com
Founded in 1950, Dunkin' Donuts is the world's leading baked goods and coffee chain, serving more than 3 million customers per day. Dunkin' Donuts sells 52
varieties of donuts and more than a dozen coffee beverages as well as an array of bagels, breakfast sandwiches and other baked goods. Dunkin’ Donuts has
earned the No. 1 ranking for customer loyalty in the coffee category by Brand Keys for eight years running . Dunkin’ Donuts derives its revenues as a percentage
of franchisee sales, known as royalty income. Most of Dunkin’s expenses are fixed (such as SG&A) and therefore strong franchisee sales provide leverage to
SUBJECT PROPERTY
boost margins by spreading these costs over a bigger revenue base .
PRIOR TO PANDA EXPRESS EXPANSION
In the long term, the company plans to increase its store count in the U.S. to 15,000 in the next 18-20 years – almost double the number it has today. The Western
part of the U.S. is a major focus area for the company since it has little presence in the region . Dunkin’ sees an opportunity to add 5,000 more stores to the West
of the Mississippi river, including 1,000 in California . Even in the Eastern part of the country, the company sees an opportunity to add 3,000 more stores,
especially in places such as New York City, where Dunkin’ Donuts has a relatively low presence.
DUNKIN’ BRANDS | www.dunkinbrands.com
With more than 18,000 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 2013, Dunkin' Brands' nearly 100
percent franchised business model included nearly 11,000 Dunkin' Donuts restaurants and 7,300 Baskin-Robbins restaurants. For the full-year 2013, the company
had franchisee-reported sales of approximately $9.3 billion. Dunkin' Brands Group, Inc. is headquartered in Canton, Mass.
3
Aerial photo
DUNKIN DONUTS
12 Bailey Station Way, Newnan, GA
Kmart
Distribution
Center
Yamaha Motor
Manufacturing
Corporation
Corporate /
Commercial
Mixed-Use
Space
Ashley
Park
Mall
4
Aerial photo
DUNKIN DONUTS
12 Bailey Station Way, Newnan, GA
Sharpsburg McCollum Rd
5
SITE PLAN
DUNKIN DONUTS
12 Bailey Station Way, Newnan, GA
6
PROPERTY PHOTO
DUNKIN DONUTS
12 Bailey Station Way, Newnan, GA
7
Location overview
DUNKIN DONUTS
12 Bailey Station Way, Newnan, GA
IMMEDIATE TRADE AREA
Dunkin Donuts is strategically located along Highway 34 (29,000 Cars / Day)
and Bailey Station Way in Newnan, GA. The subject property shares the
immediate trade area with several well-known national credit tenants, including
the likes of Kroger, Walgreens, AutoZone, Advance Auto Parts, Taco Bell,
KFC, Wells Fargo and PNC bank. Residents within a 1, 3, and 5-mile radius of
the site have a higher than average estimated household income compared to
the national average; figures reflect an est. average household income of
$82,000+.
4-miles west of the subject property is a dense retail and commercial /
corporate corridor. Yamaha Motor Manufacturing Corporation, Kmart
Distribution Center, and numerous other notable corporate tenants are tenants
in the area. This corridor is also home to Newnan Pavilion and Ashley Park,
two very well-known outdoor lifestyle shopping centers. Gander MTN, Walmart,
Lowe’s, Home Depot, Academy Sports & Outdoors, Dicks Sporting Goods,
Best Buy, Belk, Dillards, JCPenny, Target, hhgregg, BJ’s Wholesale Club, and
numerous others call these shopping centers home.
NEWNAN GA / COWETTA COUNTY
Newnan is a city in Metro Atlanta and the county seat of Coweta County,
Georgia, about 40 miles southwest of Atlanta. The population was 33,039 at
the 2010 census, up from 16,242 at the 2000 census, for a growth rate of
103.4% over that decade.
The Coweta County School District holds pre-school to grade twelve, and
consists of nineteen elementary schools, six middle schools, and three high
schools. The district has 1,164 full-time teachers and over 18,389 students.
Mercer University has a Regional Academic Center in Newnan. The center
opened in 2010 and offers programs through the university's College of
Continuing and Professional Studies. The University of West Georgia has a
campus located in Newnan, near I-85. This campus currently has two
undergraduate programs - Bachelor's of Science in Nursing and Early
Childhood Education. Newnan is also home to a campus of West Georgia
Technical College.
Coweta County is fortunate to have an outstanding transportation system, I-85
bisects Coweta County and includes 5 interchanges.
Also, CSX & Norfolk Southern serves office parks and industries throughout
Coweta County. Located about five miles south of the city of Newnan on U.S.
Highway 29, the Newnan-Coweta Airport boosts a 5,500 foot lighted asphalt
runway with 36 T-Hangars and 11 corporate hangars.
ATLANTA-SANDY SPRINGS-MARIETTA, GA MSA
The Atlanta metropolitan area, or metro Atlanta, is officially designated by the
United States Census Bureau as the Atlanta-Sandy Springs-Marietta
Metropolitan Statistical Area, and is the most populous metro area in the U.S.
state of Georgia and the9th largest metropolitan statistical area (MSA) in the
United States. In addition to Atlanta, Georgia's capital and largest city, the
Atlanta metropolitan area spans 28 counties in north Georgia and has a total
2010 population of 5,268,860, a 28.13% increase from 2000. With a gross
metropolitan product of $270 billion, Atlanta's economy ranks 15th among world
cities and 6th in the nation. As such, a Globalization and World Cities Study
Group and Network at Loughborough University has labeled the metro Atlanta
area as an “Alpha- World City” based on how the city externally impacts the
world through advanced producer services in accountancy, advertising,
banking, finance, and law .
Several major national and international companies are headquartered in metro
Atlanta such as The Coca-Cola Company; Home Depot; United Parcel Service;
Delta Air Lines; AT&T Mobility; and Newell Rubbermaid. 4 of these companies
have Fortune 100 status. Other major corporate headquarters in Atlanta and
around the metro area include Arby's, Chick-fil-A, Earthlink, Equifax, First Data,
Gentiva Health Services, Georgia-Pacific, NCR, Oxford Industries, RaceTrac
Petroleum, Southern Company, Mirant, and Waffle House. The MSA also has
a sizable financial sector. The Federal Reserve has its district headquarters in
Atlanta and Sun Trust, the 7th largest bank in the U.S. by assets, held is based
there. The metro area is a major transportation hub, too. Hartsfield–Jackson
Atlanta International Airport, the world’s busiest airport, is located 7 miles
south of the Atlanta central business district.
Interstate 75, which extends
from Tampa, FL north to Canada, passes through the center of the city.
Interstates 85 and 20 also intersect in Atlanta. These amenities have lured
corporations such as Ford Motor Company, Publix, Kellog’s, Toys r Us, Office
Depot, and GE Appliance to locate major distribution centers in the area, and in
the outside of Atlanta.
8
Location map
DUNKIN DONUTS
12 Bailey Station Way, Newnan, GA
9
Location map
DUNKIN DONUTS
12 Bailey Station Way, Newnan, GA
10
Demographics
DUNKIN DONUTS
12 Bailey Station Way, Newnan, GA
12 Bailey Station Way
12 Bailey Station Way
1 mi radius 3 mi radius 5 mi radius
2,201
16,678
44,945
2015 Est. Civilian Employed
68.7%
66.2%
65.8%
4.3%
4.1%
3.3%
2015 Est. in Armed Forces
2015 Est. not in Labor Force
27.0%
0.1%
29.6%
0.2%
30.7%
2015 Labor Force Males
2015 Labor Force Females
49.3%
50.7%
48.6%
51.4%
48.1%
51.9%
1,512
9,946
26,659
15.4%
15.9%
18.0%
19.2%
7.0%
21.5%
11.4%
19.9%
12.8%
2010 Sales, Office
36.6%
29.0%
28.7%
2010 Farming, Fishing, Forestry
2010 Construction, Extraction, Maintenance
0.1%
12.3%
0.4%
10.1%
0.2%
7.7%
21,434
22,780
58,364
61,899
2010 Census Population
2,779
20,945
56,013
2000 Census Population
Projected Annual Growth 2015 to 2020
2,537
1.2%
17,507
1.3%
37,653
1.2%
Historical Annual Growth 2000 to 2015
0.8%
1.5%
3.7%
2015 Estimated Households
985
7,464
20,883
2020 Projected Households
2010 Census Households
1,027
961
7,811
7,249
21,851
19,931
2010 Occupation: Population Age 16 Years or Over
2010 Mgmt, Business, & Financial Operations
2000 Census Households
835
5,903
13,052
Projected Annual Growth 2015 to 2020
Historical Annual Growth 2000 to 2015
0.9%
1.2%
0.9%
1.8%
0.9%
4.0%
2010 Professional, Related
2010 Service
11.9%
13.1%
2015 Est. Population 10 to 19 Years
18.1%
16.4%
15.7%
2015 Est. Population 20 to 29 Years
2015 Est. Population 30 to 44 Years
8.2%
18.4%
9.2%
19.4%
10.3%
20.5%
2015 Est. Population 45 to 59 Years
27.2%
25.1%
22.9%
2015 Est. Population 60 to 74 Years
2015 Est. Population 75 Years or Over
14.0%
3.8%
13.7%
4.2%
13.2%
4.4%
41.3
39.6
38.1
2015 Est. Male Population
2015 Est. Female Population
50.3%
49.7%
49.1%
50.9%
48.7%
51.3%
2015 Est. Never Married
20.7%
22.4%
22.9%
2015 Est. Now Married
61.5%
63.6%
62.7%
2015 Est. Separated or Divorced
2015 Est. Widowed
13.7%
4.2%
11.1%
2.9%
10.9%
3.6%
2015 Est. HH Income $200,000 or More
0.1%
1.9%
3.5%
2015 Est. HH Income $150,000 to $199,999
6.1%
9.2%
8.5%
2015 Est. HH Income $100,000 to $149,999
2015 Est. HH Income $75,000 to $99,999
22.7%
28.9%
21.5%
18.2%
20.7%
16.5%
2015 Est. HH Income $50,000 to $74,999
2015 Est. HH Income $35,000 to $49,999
25.8%
6.7%
20.4%
14.4%
22.0%
11.3%
2015 Est. HH Income $25,000 to $34,999
2.8%
6.2%
6.8%
2015 Est. HH Income $15,000 to $24,999
2015 Est. HH Income Under $15,000
5.3%
1.6%
4.0%
4.2%
4.5%
6.2%
2015 Est. Average Household Income
$82,420
$85,900
$86,077
2015 Est. Median Household Income
2015 Est. Per Capita Income
$81,517
$28,726
$76,458
$29,913
$76,219
$30,808
OCCUPATION
10.3%
2015 Est. Civilian Unemployed
2010 Production, Transport, Material Moving
TRANSPORTATION
TO WORK
2015 Est. Population Under 10 Years
LABOR FORCE
2,825
2,993
TRAVEL TIME
MARITAL STATUS
& GENDER
2015 Est. Labor Population Age 16 Years or Over
2015 Estimated Population
2020 Projected Population
2015 Est. Median Age
INCOME
1 mi radius 3 mi radius 5 mi radius
Newnan, GA 30265
CONSUMER EXPENDITURE
AGE
HOUSEHOLDS
POPULATION
Newnan, GA 30265
9.4%
11.7%
12.8%
2010 White Collar Workers
2010 Blue Collar Workers
71.2%
28.8%
66.4%
33.6%
66.6%
33.4%
2010 Drive to Work Alone
81.5%
82.1%
81.4%
2010 Drive to Work in Carpool
8.4%
9.3%
9.1%
2010 Travel to Work by Public Transportation
2010 Drive to Work on Motorcycle
0.3%
-
0.8%
0.4%
1.2%
0.2%
2010 Walk or Bicycle to Work
2010 Other Means
0.2%
1.1%
0.4%
1.0%
0.6%
1.2%
2010 Work at Home
8.7%
6.1%
6.2%
2010 Travel to Work in 14 Minutes or Less
20.9%
19.5%
19.6%
2010 Travel to Work in 15 to 29 Minutes
2010 Travel to Work in 30 to 59 Minutes
24.0%
38.6%
33.1%
35.5%
30.6%
38.7%
2010 Travel to Work in 60 Minutes or More
16.5%
11.9%
11.1%
29.1
26.7
27.9
2015 Est. Total Household Expenditure
2015 Est. Apparel
$61.1 M
$2.13 M
$476 M
$16.7 M
$1.33 B
$46.7 M
2015 Est. Contributions, Gifts
$3.96 M
$32.4 M
$91.8 M
2015 Est. Education, Reading
$2.29 M
$18.6 M
$52.9 M
2015 Est. Entertainment
$3.47 M
$26.9 M
$75.3 M
2015 Est. Food, Beverages, Tobacco
$9.33 M
$72.3 M
$202 M
2015 Est. Furnishings, Equipment
2015 Est. Health Care, Insurance
$2.18 M
$5.25 M
$16.8 M
$40.8 M
$46.8 M
$114 M
2015 Est. Household Operations, Shelter, Utilities
2015 Est. Miscellaneous Expenses
$18.7 M
$896 K
$147 M
$6.91 M
$411 M
$19.5 M
2010 Average Travel Time to Work
2015 Est. Total Businesses
169
814
2,021
2015 Est. Personal Care
$797 K
$6.19 M
$17.3 M
2015 Est. Total Employees
1,704
9,149
20,997
2015 Est. Transportation
$12.0 M
$91.7 M
$255 M
11