exclusive net-leased offering
EXCLUSIVE NET-LEASED OFFERING
Culver's Sale/Leaseback 7165 South Bingham Junction Boulevard Midvale, UT 84047
Offering Summary Price Current Net Operating Income Cap Rate Gross Leasable Area (GLA)
$3,340,000 $192,000 5.75% 3,954
Price/SF
$867.48
Rent/SF
$48.56
Down Payment Cash on Cash Return Year Built Lot Size
Offices Nationwide
Tenant Summary Culver's Franchising System, Inc. is a privately owned and operated fast casual restaurant chain that operates primarily in the Midwestern United States. The first Culver's opened in 1984 in Sauk City, Wisconsin. As of June 1, 2015, the chain has 543 restaurants across the United States. Culver's menu features Culver's trademark ButterBurgers and frozen custard.
$3,340,000 5.75%
Annualized Operating Data Tenant
Culver's
Lease Type
Absolute-Net
Lease Commencement Lease Expiration
Upon Closing September 30, 2030
Lease Term Remaining
15 Years
Options
5 5-Year
No. of Locations Web Site
543 www.culvers.com
2011 1 Acre
Two Towne Square, Suite 450 Sout hfield, MI 48076 • Tel: (248) 415 - 2600 Fa x: (248) 352 -3813
www.marcusmillichap.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Denver, Inc. © 2015 Marcus & Millichap (Activity ID: W0290428 Property ID: 2008213)
7165 South Bingham Junction Boulevard • Midvale, UT 84047 Investment Overview
Annual/Monthly Rent Schedule
Marcus & Millichap is pleased to offer for sale a 3,954-square foot freestanding Culver’s located in Midvale, Utah. Culver’s will execute a 15-year absolute-net lease at closing as a sale/leaseback. The base rental rate of $46.15 per square foot will increase 5 percent every five years. In 2011, Culver’s expanded into Utah. A franchisee moved from Wisconsin to Utah and opened the Midvale location, the first 100-seat Culver’s franchise in the state of Utah. The subject property is located directly off of Interstate 15. Bingham Junction has a daily traffi c count of over 35,000 cars. The subject property is located directly across the street from the View 72 Corporate Center, Salt Lake City’s newest 87 acre Class A, LEED-certified office park. Located within the View 72 Corporate Center is the new four-story 80,000-square foot corporate headquarters of Savage (supply chain management company), the new 50,000 -square foot office build-to-suit for ZAGG, Inc. (consumer electronic accessories company), and soon to be home of the brand new Overstock.com 213,000-square foot corporate office. Topgolf, a 65,000-square foot three-story premier golf entertainment complex, is also being constructed next to the subject property.
Monthly Rent $16,000.00
% Increase
$192,000.00
Annual Rent/SF $48.56
Years 6-10
$201,600.00
$50.99
$16,800.00
5.00%
Years 11-15
$211,680.00
$53.54
$17,640.00
5.00%
Rent Increases
Annual Rent
Years 1-5
Demographics 2010 Population 2010 Households Average HH Income
1 Mile
3 Miles
5 Miles
9,530
120,566
341,091
3,626
42,619
120,275
$55,084
$68,928
$73,960
Investment Highlights
New 15-Year Lease at Closing
5 Percent Rental Increases Every Five Years
Multi-Unit Franchisee
Across from New 87 Acre LEED-Certified Office Park
New 260,000-Square Foot Overstock Headquarters Opening Across the Street
Absolute-Net - Passive Investment
Listing Cap Rate - 5.75 Percent Gary K Mangum Broker Tel: (801) 736-2600 License: UT 5468490-AB00
Exclusively Listed By: This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Denver, Inc. © 2015 Marcus & Millichap (Activity ID: W0290428 Property ID: 2008213)
Culver's Sale/Leaseback 7165 South Bingham Junction Boulevard Midvale, UT 84047
Offering Summary Price Current Net Operating Income Cap Rate Gross Leasable Area (GLA)
$3,340,000 $192,000 5.75% 3,954
Price/SF
$867.48
Rent/SF
$48.56
Down Payment Cash on Cash Return Year Built Lot Size
Offices Nationwide
Tenant Summary Culver's Franchising System, Inc. is a privately owned and operated fast casual restaurant chain that operates primarily in the Midwestern United States. The first Culver's opened in 1984 in Sauk City, Wisconsin. As of June 1, 2015, the chain has 543 restaurants across the United States. Culver's menu features Culver's trademark ButterBurgers and frozen custard.
$3,340,000 5.75%
Annualized Operating Data Tenant
Culver's
Lease Type
Absolute-Net
Lease Commencement Lease Expiration
Upon Closing September 30, 2030
Lease Term Remaining
15 Years
Options
5 5-Year
No. of Locations Web Site
543 www.culvers.com
2011 1 Acre
Two Towne Square, Suite 450 Sout hfield, MI 48076 • Tel: (248) 415 - 2600 Fa x: (248) 352 -3813
www.marcusmillichap.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Denver, Inc. © 2015 Marcus & Millichap (Activity ID: W0290428 Property ID: 2008213)
7165 South Bingham Junction Boulevard • Midvale, UT 84047 Investment Overview
Annual/Monthly Rent Schedule
Marcus & Millichap is pleased to offer for sale a 3,954-square foot freestanding Culver’s located in Midvale, Utah. Culver’s will execute a 15-year absolute-net lease at closing as a sale/leaseback. The base rental rate of $46.15 per square foot will increase 5 percent every five years. In 2011, Culver’s expanded into Utah. A franchisee moved from Wisconsin to Utah and opened the Midvale location, the first 100-seat Culver’s franchise in the state of Utah. The subject property is located directly off of Interstate 15. Bingham Junction has a daily traffi c count of over 35,000 cars. The subject property is located directly across the street from the View 72 Corporate Center, Salt Lake City’s newest 87 acre Class A, LEED-certified office park. Located within the View 72 Corporate Center is the new four-story 80,000-square foot corporate headquarters of Savage (supply chain management company), the new 50,000 -square foot office build-to-suit for ZAGG, Inc. (consumer electronic accessories company), and soon to be home of the brand new Overstock.com 213,000-square foot corporate office. Topgolf, a 65,000-square foot three-story premier golf entertainment complex, is also being constructed next to the subject property.
Monthly Rent $16,000.00
% Increase
$192,000.00
Annual Rent/SF $48.56
Years 6-10
$201,600.00
$50.99
$16,800.00
5.00%
Years 11-15
$211,680.00
$53.54
$17,640.00
5.00%
Rent Increases
Annual Rent
Years 1-5
Demographics 2010 Population 2010 Households Average HH Income
1 Mile
3 Miles
5 Miles
9,530
120,566
341,091
3,626
42,619
120,275
$55,084
$68,928
$73,960
Investment Highlights
New 15-Year Lease at Closing
5 Percent Rental Increases Every Five Years
Multi-Unit Franchisee
Across from New 87 Acre LEED-Certified Office Park
New 260,000-Square Foot Overstock Headquarters Opening Across the Street
Absolute-Net - Passive Investment
Listing Cap Rate - 5.75 Percent Gary K Mangum Broker Tel: (801) 736-2600 License: UT 5468490-AB00
Exclusively Listed By: This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Denver, Inc. © 2015 Marcus & Millichap (Activity ID: W0290428 Property ID: 2008213)
