Capital Markets | Net Lease Property Group
TACO BELL
2 9 0 1 W E S T M A I N S T R E E T : : W AY N E S B O R O , V I R G I N I A
© 2013 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or
future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
PROTOTYPE IMAGE
L O C A L B R O K E R C O N TA C T:
: : Jacob H. Fedder
First Vice President
Lic. 01392067
310.550.2643
[email protected]
: : Joyce Brotman
Lic. 01855126
310.550.2551
[email protected]
: : CBRE, Inc.
Broker Lic. 00409987
310.550.2500
www.cbre.com/beverlyhills
: : PK Kamath
Lic. 0225-076009
Charlottesville, VA 22902
T +1 434 284 4001
[email protected]
TACO BELL
2 9 0 1 W E S T M A I N S T R E E T : : W AY N E S B O R O , V I R G I N I A
TA B L E O F C O N T E N T S
The Offering.....................................................3
Investment Highlights........................................3
Deal Summary.................................................4
Lease Summary................................................4
The Tenant.......................................................5
The Franchisor..................................................5
Location Overview............................................6
Demographics..................................................7
Affiliated Business Disclosure and
Confidentiality Agreement.................................8
© 2013 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or
future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
L O C A L B R O K E R C O N TA C T:
: : Jacob H. Fedder
First Vice President
Lic. 01392067
310.550.2643
[email protected]
: : Joyce Brotman
Lic. 01855126
310.550.2551
[email protected]
: : CBRE, Inc.
Broker Lic. 00409987
310.550.2500
www.cbre.com/beverlyhills
: : PK Kamath
Lic. 0225-076009
Charlottesville, VA 22902
T +1 434 284 4001
[email protected]
TACO BELL
2 9 0 1 W E S T M A I N S T R E E T : : W AY N E S B O R O , V I R G I N I A
THE OFFERING
CBRE Net Lease Property Group is pleased to offer for sale this Taco Bell property located
in Waynesboro, Virginia.
This is an absolute NNN Lease with no landlord responsibilities located in Waynesboro,
Virginia. Waynesboro, located in Virginia’s scenic and historic Shenandoah Valley, is
just 90 miles northwest of the state capital of Richmond. Waynesboro is located near
many important historical markers of the Revolutionary and Civil Wars as well as the
Shenandoah National Park.
INVESTMENT HIGHLIGHTS
• New 20 year absolute NNN lease – No landlord responsibilities.
• 10% escalations every 5 years
• Long term stable cash flow - Guaranteed by BurgerBusters, Inc., which operates 95 Taco Bell,
Pizza Hut and KFC businesses under franchise and license agreements.
• BurgerBusters was recognized as one of the top 100 franchisee organizations.
• Tenant has been operating at site for more than a decade and tenant signed new 20 years lease
which shows strong commitment to site.
• 2,266 sf restaurant on a 43,996 sf pad which, along with UPS, is an outparcel for Kroger’s and
across from the Powerhouse Gym.
• The Property is located in a busy corridor that includes Wal-Mart Supercenter, Lowe’s, BP, CVS,
Kmart, Dollar Tree, Warehouse, Ntelos Wireless, dealerships for Cadillac, Ford and Chevrolet and
Waynesboro High School.
• There is double digit population growth within 5 miles of the property and an average household
income of more than $56k.
• Tourism, industrial production and retail remain vital to the Waynesboro economy. Major
Interstate highways, three airports and railways serve the area.
© 2013 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or
future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
L O C A L B R O K E R C O N TA C T:
: : Jacob H. Fedder
First Vice President
Lic. 01392067
310.550.2643
[email protected]
: : Joyce Brotman
Lic. 01855126
310.550.2551
[email protected]
: : CBRE, Inc.
Broker Lic. 00409987
310.550.2500
www.cbre.com/beverlyhills
: : PK Kamath
Lic. 0225-076009
Charlottesville, VA 22902
T +1 434 284 4001
[email protected]
TACO BELL
2 9 0 1 W E S T M A I N S T R E E T : : W AY N E S B O R O , V I R G I N I A
DEAL SUMMARY
ADDRESS
2901 West Main Street
Waynesboro, Virginia 22980
BUILDING SIZE
±2,266 SF
LAND AREA
±43,996 SF
PRICE
$1,980,000
CAP RATE
6.25%
AVG CAP RATE
7.25%
NOI
$123,747
ASSET TYPE
Land and Building
LEASE SUMMARY
LESSEE
BurgerBusters, Inc.
FRANCHISOR
Yum! Brands, Inc. (NYSE: YUM)
LEASE TERM
20 years
LEASE OPTIONS
5 five year options
ESCALATIONS
10% increases every 5 years
ANNUAL BASE RENT
$123,747
LANDLORD
RESPONSIBILITIES
NONE – Absolute NNN Lease
© 2013 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or
future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
L O C A L B R O K E R C O N TA C T:
: : Jacob H. Fedder
First Vice President
Lic. 01392067
310.550.2643
[email protected]
: : Joyce Brotman
Lic. 01855126
310.550.2551
[email protected]
: : CBRE, Inc.
Broker Lic. 00409987
310.550.2500
www.cbre.com/beverlyhills
: : PK Kamath
Lic. 0225-076009
Charlottesville, VA 22902
T +1 434 284 4001
[email protected]
TACO BELL
2 9 0 1 W E S T M A I N S T R E E T : : W AY N E S B O R O , V I R G I N I A
THE TENANT
Taco Bell is the world’s leading Mexican-style quick service restaurant chain, serving over 2 billion consumers each year in more
than 5,800 restaurants in the United States. It is an American chain of fast-food restaurants based in Irvine, CA. A subsidiary
of YUM! Brands, Inc., serving American-adapted Mexican food, Taco Bell serves tacos burritos, quesadillas, nachos and other
specialty items, including a variety of “Value Menu” items. Taco Bell serves over 2 billion consumers each year in more than 5,800
restaurants. Over 80% of Taco Bell restaurants are owned and operated by independent franchisees. Taco Bell is also present in
the Dominican Republic, Puerto Rico, Guam, Aruba, Costa Rica, Chile, Columbia, Ecuador, Panama and on AAFES military bases
in Japan, Germany and Iraq.
BurgerBusters Inc. and its affiliates (BurgerBusters) were organized in 1986 to own and operate Taco Bell restaurants in Virginia,
Maryland, West Virginia, and North Carolina. In 1987 the Company opened its first store in Harrisonburg, Virginia and
successfully developed 25 stores from the ground up over the subsequent 10 years. In 1997 BurgerBusters began the first of two
major acquisitions starting with the acquisition of twenty six stores in the Burlington, Greensboro and Winston Salem area. The
second acquisition was completed in 1999 through the Asset Optimization Program with Taco Bell Corporation that resulted in the
company acquiring an additional twenty six locations in the Richmond, Williamsburg and Norfolk areas.
Today, the company operates 95 restaurants under franchise agreements and licenses with Taco Bell Corporation and YUM!
Brands and is one of the ten largest Taco Bell franchisee organizations in North America. BurgerBusters Inc. was recognized in
2011 by the Multi-Unit Franchise Publication as one of the top 100 franchisee organizations.
THE FRANCHISOR
Yum! Brands, Inc. (NYSE: YUM), based in Louisville, Kentucky, is the world’s largest restaurant company in terms of system
restaurants with more than 35,000 restaurants in more than 110 countries and territories. Four of their restaurant brands, KFC,
Long John Silver’s, Pizza Hut and Taco Bell are the global leaders in their categories. A & W Restaurants is the longest running
quick-service franchise chain in America. Yum! develops, operates, franchises and licenses a this worldwide system of restaurants
that prepares, packages and sells a menu of food items. YUM has a market capitalization of $15.18 b.
© 2013 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or
future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
L O C A L B R O K E R C O N TA C T:
: : Jacob H. Fedder
First Vice President
Lic. 01392067
310.550.2643
[email protected]
: : Joyce Brotman
Lic. 01855126
310.550.2551
[email protected]
: : CBRE, Inc.
Broker Lic. 00409987
310.550.2500
www.cbre.com/beverlyhills
: : PK Kamath
Lic. 0225-076009
Charlottesville, VA 22902
T +1 434 284 4001
[email protected]
TACO BELL
2 9 0 1 W E S T M A I N S T R E E T : : W AY N E S B O R O , V I R G I N I A
L O C AT I O N O V E R V I E W - W AY N E S B O R O , V I R G I N I A
The City of Waynesboro is centrally located in the eastern portion of Virginia’s
scenic and historic Shenandoah Valley, just 90 miles northwest of the state capital
of Richmond.
An independent city surrounded by Augusta County, Waynesboro covers an area
of approximately fifteen square miles.
Waynesboro is located near many important historical markers of the
Revolutionary and Civil Wars as well as the Shenandoah National Park. Shortly
after U.S. Army General Anthony Wayne’s important victory the area came
to be called Waynesboro. As early as 1798, the downtown area had been
plotted and sold and was officially recognized by the State of Virginia in 1801.
It was incorporated by 1834. Downtown Waynesboro is a Virginia Mainstreet
community and Virginia Historic District. The South River, a south fork of the
Shenandoah River, runs directly through the city.
Some remaining buildings from the period of its founding include the Plumb
House (now a museum and open for tours) and the Coiner-Quesenbury House
built in 1806, the first brick house in the town which still stands on Main Street.
The Plumb House was built during the presidency of Thomas Jefferson and the
Museum features Civil War and Native American artifacts as well as a summer
kitchen, historic garden and several other outbuildings. The town is also known
as the home of the P. Buckley Moss Museum which features Moss’ works of art
and attracts approximately 45,000 visitors a year.
Significant employers for residents of Waynesboro include Invista (formerly a
DuPont plant), Benger Laboratories where Lycra was invented and Wayn-Tex, a
large textile mill. Waynesboro is also the home to the corporate headquarters of
Ntelos (a regional wireless and telecommunications company serving Virginia,
West Virginia, North Carolina, Tennessee, Kentucky and Ohio. Fishburne
Military School, an all male military boarding school for grades 8 – 12, sits on a
hill overlooking the downtown area.
Tourism, industrial production and retail remain vital to the Waynesboro
economy. Major Interstate highways, three airports and railways serve the area.
© 2013 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or
future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
L O C A L B R O K E R C O N TA C T:
: : Jacob H. Fedder
First Vice President
Lic. 01392067
310.550.2643
[email protected]
: : Joyce Brotman
Lic. 01855126
310.550.2551
[email protected]
: : CBRE, Inc.
Broker Lic. 00409987
310.550.2500
www.cbre.com/beverlyhills
: : PK Kamath
Lic. 0225-076009
Charlottesville, VA 22902
T +1 434 284 4001
[email protected]
TACO BELL
Location
1. 2901 W Main St - 1 mile radius
2. 2901 W Main St 2- 9
5 mile
0 1 radius
WEST
3. 2901 W Main St - 10 mile radius
MAIN STREET ::
Longitude
Latitude
-78.930473
38.082292
W AY N E S B-78.930473
O R O , V I R G I N I A38.082292
-78.930473
38.082292
DEMOGRAPHICS
1-MILE
5-MILE
10-MILE
3,525
38,132
82,671
AVERAGE HH INCOME
$73,198
$56,417
$56,571
POPULATION GROWTH
24.64%
15.46%
10.50%
POPULATION
© 2013 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or
future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
L O C A L PM
B R O K E R C O N TA C T:
Prepared On: 11/27/2012 2:50:01
: : Jacob H. Fedder
First Vice President
Lic. 01392067
310.550.2643
[email protected]
: : Joyce Brotman
Lic. 01855126
310.550.2551
[email protected]
: : CBRE, Inc.
: : PK Kamath
©2012 - CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections,
opinions,
assumptions or estimates used are for example only
and do
not represent the current or future performance of the property. You and your advisors should conduct a careful,
Broker independent
Lic. 00409987
Lic.
0225-076009
investigation of the property to determine to your satisfaction the suitability of the property for your needs. Source: Claritas
310.550.2500
Charlottesville, VA 22902
www.cbre.com/beverlyhills
T +1 434 284 4001
[email protected]
TACO BELL
2 9 0 1 W E S T M A I N S T R E E T : : W AY N E S B O R O , V I R G I N I A
A F F I L I AT E D B U S I N E S S D I S C L O S U R E A N D C O N F I D E N T I A L I T Y A G R E E M E N T
CBRE, Inc. operates within a global family of companies with many subsidiaries and/
or related entities (each an “Affiliate”) engaging in a broad range of commercial
real estate businesses including, but not limited to, brokerage services, property and
facilities management, valuation, investment fund management and development.
At times different Affiliates may represent various clients with competing interests
in the same transaction. For example, this Memorandum may be received by our
Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other,
Affiliates may express an interest in the property described in this Memorandum (the
“Property”) may submit an offer to purchase the Property and may be the successful
bidder for the Property. You hereby acknowledge that possibility and agree that
neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to
you the involvement of any Affiliate in the sale or purchase of the Property. In all
instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents
in the transaction described in this Memorandum and will not act in concert with or
otherwise conduct its business in a way that benefits any Affiliate to the detriment
of any other offeror or prospective offeror, but rather will conduct its business in
a manner consistent with the law and any fiduciary duties owed to the client(s) it
represents in the transaction described in this Memorandum.
This is a confidential Memorandum intended solely for your limited use and benefit
in determining whether you desire to express further interest in the acquisition of the
Property.
This Memorandum contains selected information pertaining to the Property and
does not purport to be a representation of the state of affairs of the Property or the
owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the
information which prospective investors may require to evaluate a purchase of real
property. All financial projections and information are provided for general reference
purposes only and are based on assumptions relating to the general economy, market
conditions, competition and other factors beyond the control of the Owner and
CBRE, Inc. Therefore, all projections, assumptions and other information provided
and made herein are subject to material variation. All references to acreages, square
footages, and other measurements are approximations. Additional information and an
opportunity to inspect the Property will be made available to interested and qualified
prospective purchasers. In this Memorandum, certain documents, including leases and
other materials, are described in summary form. These summaries do not purport to
be complete nor necessarily accurate descriptions of the full agreements referenced.
Interested parties are expected to review all such summaries and other documents of
whatever nature independently and not rely on the contents of this Memorandum in
any manner.
Neither the Owner or CBRE, Inc, nor any of their respective directors, officers,
Affiliates or representatives make any representation or warranty, expressed or
implied, as to the accuracy or completeness of this Memorandum or any of its
contents, and no legal commitment or obligation shall arise by reason of your
receipt of this Memorandum or use of its contents; and you are to rely solely on your
investigations and inspections of the Property in evaluating a possible purchase of the
real property.
The Owner expressly reserved the right, at its sole discretion, to reject any or all
expressions of interest or offers to purchase the Property, and/or to terminate
discussions with any entity at any time with or without notice which may arise as a
result of review of this Memorandum. The Owner shall have no legal commitment or
obligation to any entity reviewing this Memorandum or making an offer to purchase
the Property unless and until written agreement(s) for the purchase of the Property
have been fully executed, delivered and approved by the Owner and any conditions to
the Owner’s obligations therein have been satisfied or waived.
By receipt of this Memorandum, you agree that this Memorandum and its contents
are of a confident nature, that you will hold and treat it in the strictest confidence and
that you will not disclose this Memorandum or any of its contents to any other entity
without the prior written authorization of the Owner or CBRE, Inc. You also agree that
you will not use this Memorandum or any of its contents in any manner detrimental to
the interest of the Owner or CBRE, Inc.
If after reviewing this Memorandum, you have no further interest in purchasing the
Property, kindly return this Memorandum to CBRE, Inc.
© 2013 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or
future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
L O C A L B R O K E R C O N TA C T:
: : Jacob H. Fedder
First Vice President
Lic. 01392067
310.550.2643
[email protected]
: : Joyce Brotman
Lic. 01855126
310.550.2551
[email protected]
: : CBRE, Inc.
Broker Lic. 00409987
310.550.2500
www.cbre.com/beverlyhills
: : PK Kamath
Lic. 0225-076009
Charlottesville, VA 22902
T +1 434 284 4001
[email protected]