GOODYEAR TIRE & RUBBER
CONFIDENTIAL OFFERING MEMORANDUM
Prototype Photo
GOODYEAR TIRE & RUBBER 34721 EMERALD COAST PKWY | DESTIN, FLORIDA
Josiah Byrnes (719) 243-6569 [email protected]
CONFIDENTIALITY AGREEMENT
TABLE OF CONTENTS
The information contained herein is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Embree Group and should not be made available to any other person or entity without the written consent of Embree Group (the Embree Group collectively refers to Embree Capital Markets Group, Inc., Embree Asset Group, Inc., Embree Healthcare Group, Inc., and Embree Construction Group, Inc.). This Brochure has been prepared to provide summary information to prospective investors and to establish a preliminary level of interest in establishing an investment relationship with Embree, which may or may not include the sale or purchase of any specific property referenced herein. Several Embree Group employees are licensed real estate agents and brokers in various states.
PROPERTY AND LEASE SUMMARY
3
TENANT PROFILE
4
PROPERTY PHOTOGRAPHS
5
SITE PLAN
7
LOCATION OVERVIEW
9
The subject property is currently under construction and photos shown herein are representative only. The information contained herein is not a substitute for a thorough due diligence investigation. Embree Group has supplied information in this Brochure from sources we believe are reliable; however, all potential Buyers and Investors must take appropriate measures to investigate and verify the income and expenses for any specific property, the future projected financial performance of any specific property, the size and square footage of any specific property and its improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant or any tenant’s plans or intentions to continue its occupancy of any specific property. Embree Group reserves the right to withdraw this solicitation at any time without prior notice. The information contained herein is based upon sources deemed to reliable, but the accuracy of the information is not guaranteed, nor should the information contained herein be considered all inclusive. Statements contained herein which involve matters of opinion, whether or not identified to be that only, are not representations of fact. The price and terms of this offering may be subject to change Prototype Photo at any time.
DEMOGRAPHICS
11
CONTACT
12
PROPERTY AND LEASE SUMMARY | 3
INVESTMENT OVERVIEW ADDRESS
Embree Capital Markets Group is pleased to offer for sale a high-quality, single-tenant, net-leased asset. The property will be newly built in 2015 and is being offered free and clear of any debt. It is a unique opportunity for an investor to acquire a trophy credit-tenant asset in a very desirable and high-barrier-to-entry Florida geography.
LOCATION DESCRIPTION Destin is a city located in Okaloosa County, Florida. It is a principal city of the Fort Walton Beach-Crestview-Destin, Florida Metropolitan Statistical Area. Located on Florida's Emerald Coast, Destin is known for its white beaches and emerald green waters. Originating as a small fishing village, it is now a popular tourist destination. According to the Florida Department of Environmental Protection, over 80 percent of the Emerald Coast's 4.5 million visitors each year visit Destin. As of 2012, the population was approximately 12,000 people. The average home price is over $400,000, and the median household income is approximately $60,000.
4
The Goodyear Tire & Rubber Company
GUARANTOR
The Goodyear Tire & Rubber Company
CONSTRUCTION TYPE
OFFERING
34721 Emerald Coast Pkwy, Destin, FL 325413
TENANT
BUILDING SIZE
Emerald Coast Parkway, Destin, FL | Source: Google
2
LAND SIZE ASSET CLASS ANNUAL RENT CAP RATE PURCHASE PRICE EST. COMMENCEMENT EST. LEASE END PRIMARY LEASE TERM LEASE TYPE
5
Approximately 6,066 rentable square feet
6
Split-face block and stucco veneer Approximately 1.23 acres Single-tenant, net-leased automotive $248,232 5.50% $4,513,000 June 1, 2015 May 31, 2030 15 years NNN (no landlord responsibilities)
LEASE ESCALATIONS
10% every 5 years
RENEWAL OPTIONS
Four 5-year options
TENANT PROFILE | 4
The Goodyear Tire & Rubber Company (Nasdaq: “GT”), together with its subsidiaries, develops, manufactures, markets, and distributes tires and related products and services in the United States and internationally. The company offers various lines of rubber tires for automobiles, trucks, buses, aircraft, motorcycles, farm implements, earthmoving and mining equipment, industrial equipment, and various other applications.
Prototype Photo
It sells tires under the Goodyear, Dunlop, Kelly, Debica, Sava, Fulda, and various other Goodyear owned house brands, as well as under the private-label brands. COMPANY TYPE
Public (NYSE: GT)
2013 REVENUE
$19.5+ Billion
STORE COUNT
1,240+
EMPLOYEES S&P CREDIT RATING WEBSITE
69,000+ BBwww.goodyear.com
The company is also involved in retreading truck, aviation, and off-the-road tires; manufacturing and selling tread rubber and other tire retreading materials; providing automotive repair services, and miscellaneous other products and services; and manufacturing and selling rubber-related chemicals. It operates approximately 1,240 tire and auto service center outlets, where it offers its products for retail sale and provides automotive repair and other services. The Goodyear Tire & Rubber Company was founded in 1898 and is headquartered in Akron, Ohio. Goodyear is rated "BB-" by Standard & Poor's and "Ba3" by Moody's Investors Service
PROPERTY PHOTOGRAPHS | 5
INTERIOR PROTOTYPES
PROPERTY PHOTOGRAPHS | 6
EXTERIOR PROTOTYPES
PROPERTY PHOTOGRAPHS | 7
SITE PLAN
PROPERTY PHOTOGRAPHS | 8
COLOR ELEVATIONS
LOCATION OVERVIEW | 9
STATE CONTEXT MAP
AREA CONTEXT MAP
DESTIN, FL
DESTIN, FL
Source: Google
Source: Google
LOCATION OVERVIEW | 10
SITE CONTEXT MAP
CITY CONTEXT MAP
KELLY PLANTATION GOLF COURSE
GOODYEAR
50,000 VPD
Source: Google
Source: Google HENDERSON BEACH PARK
DEMOGRAPHICS | 11
RADIUS
1 MILE
3 MILE
5 MILE
POPULATION 2018 Projection
RADIUS
1 MILE
3 MILE
5 MILE
HOUSEHOLDS 1,013
11,496
19,734
2018 Projection
425
5,009
8,741
2013 Estimate
947
10,773
18,706
2013 Estimate
396
4,680
8,253
2010 Census
929
10,559
18,529
2010 Census
387
4,592
8,175
1.36%
1.31%
1.08%
Growth 2013 - 2018
1.42%
1.37%
1.16%
42
628
1,231
Owner Occupied
226
2,890
5,111
Renter Occupied
169
1,790
3,142
2013 Avg Household Income
$110,987
$103,305
$94,864
2013 Med Household Income
$68,528
$68,425
$64,760
Growth 2013-2018 2013 Population Hispanic Origin
2013 POPULATION BY RACE White
880
9,723
16,916
Black
12
190
300
Am. Indian & Alaskan
2
31
58
Asian
22
266
415
Prototype Photo
GOODYEAR TIRE & RUBBER 34721 EMERALD COAST PKWY | DESTIN, FLORIDA
Josiah Byrnes (719) 243-6569 [email protected]
CONFIDENTIALITY AGREEMENT
TABLE OF CONTENTS
The information contained herein is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Embree Group and should not be made available to any other person or entity without the written consent of Embree Group (the Embree Group collectively refers to Embree Capital Markets Group, Inc., Embree Asset Group, Inc., Embree Healthcare Group, Inc., and Embree Construction Group, Inc.). This Brochure has been prepared to provide summary information to prospective investors and to establish a preliminary level of interest in establishing an investment relationship with Embree, which may or may not include the sale or purchase of any specific property referenced herein. Several Embree Group employees are licensed real estate agents and brokers in various states.
PROPERTY AND LEASE SUMMARY
3
TENANT PROFILE
4
PROPERTY PHOTOGRAPHS
5
SITE PLAN
7
LOCATION OVERVIEW
9
The subject property is currently under construction and photos shown herein are representative only. The information contained herein is not a substitute for a thorough due diligence investigation. Embree Group has supplied information in this Brochure from sources we believe are reliable; however, all potential Buyers and Investors must take appropriate measures to investigate and verify the income and expenses for any specific property, the future projected financial performance of any specific property, the size and square footage of any specific property and its improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant or any tenant’s plans or intentions to continue its occupancy of any specific property. Embree Group reserves the right to withdraw this solicitation at any time without prior notice. The information contained herein is based upon sources deemed to reliable, but the accuracy of the information is not guaranteed, nor should the information contained herein be considered all inclusive. Statements contained herein which involve matters of opinion, whether or not identified to be that only, are not representations of fact. The price and terms of this offering may be subject to change Prototype Photo at any time.
DEMOGRAPHICS
11
CONTACT
12
PROPERTY AND LEASE SUMMARY | 3
INVESTMENT OVERVIEW ADDRESS
Embree Capital Markets Group is pleased to offer for sale a high-quality, single-tenant, net-leased asset. The property will be newly built in 2015 and is being offered free and clear of any debt. It is a unique opportunity for an investor to acquire a trophy credit-tenant asset in a very desirable and high-barrier-to-entry Florida geography.
LOCATION DESCRIPTION Destin is a city located in Okaloosa County, Florida. It is a principal city of the Fort Walton Beach-Crestview-Destin, Florida Metropolitan Statistical Area. Located on Florida's Emerald Coast, Destin is known for its white beaches and emerald green waters. Originating as a small fishing village, it is now a popular tourist destination. According to the Florida Department of Environmental Protection, over 80 percent of the Emerald Coast's 4.5 million visitors each year visit Destin. As of 2012, the population was approximately 12,000 people. The average home price is over $400,000, and the median household income is approximately $60,000.
4
The Goodyear Tire & Rubber Company
GUARANTOR
The Goodyear Tire & Rubber Company
CONSTRUCTION TYPE
OFFERING
34721 Emerald Coast Pkwy, Destin, FL 325413
TENANT
BUILDING SIZE
Emerald Coast Parkway, Destin, FL | Source: Google
2
LAND SIZE ASSET CLASS ANNUAL RENT CAP RATE PURCHASE PRICE EST. COMMENCEMENT EST. LEASE END PRIMARY LEASE TERM LEASE TYPE
5
Approximately 6,066 rentable square feet
6
Split-face block and stucco veneer Approximately 1.23 acres Single-tenant, net-leased automotive $248,232 5.50% $4,513,000 June 1, 2015 May 31, 2030 15 years NNN (no landlord responsibilities)
LEASE ESCALATIONS
10% every 5 years
RENEWAL OPTIONS
Four 5-year options
TENANT PROFILE | 4
The Goodyear Tire & Rubber Company (Nasdaq: “GT”), together with its subsidiaries, develops, manufactures, markets, and distributes tires and related products and services in the United States and internationally. The company offers various lines of rubber tires for automobiles, trucks, buses, aircraft, motorcycles, farm implements, earthmoving and mining equipment, industrial equipment, and various other applications.
Prototype Photo
It sells tires under the Goodyear, Dunlop, Kelly, Debica, Sava, Fulda, and various other Goodyear owned house brands, as well as under the private-label brands. COMPANY TYPE
Public (NYSE: GT)
2013 REVENUE
$19.5+ Billion
STORE COUNT
1,240+
EMPLOYEES S&P CREDIT RATING WEBSITE
69,000+ BBwww.goodyear.com
The company is also involved in retreading truck, aviation, and off-the-road tires; manufacturing and selling tread rubber and other tire retreading materials; providing automotive repair services, and miscellaneous other products and services; and manufacturing and selling rubber-related chemicals. It operates approximately 1,240 tire and auto service center outlets, where it offers its products for retail sale and provides automotive repair and other services. The Goodyear Tire & Rubber Company was founded in 1898 and is headquartered in Akron, Ohio. Goodyear is rated "BB-" by Standard & Poor's and "Ba3" by Moody's Investors Service
PROPERTY PHOTOGRAPHS | 5
INTERIOR PROTOTYPES
PROPERTY PHOTOGRAPHS | 6
EXTERIOR PROTOTYPES
PROPERTY PHOTOGRAPHS | 7
SITE PLAN
PROPERTY PHOTOGRAPHS | 8
COLOR ELEVATIONS
LOCATION OVERVIEW | 9
STATE CONTEXT MAP
AREA CONTEXT MAP
DESTIN, FL
DESTIN, FL
Source: Google
Source: Google
LOCATION OVERVIEW | 10
SITE CONTEXT MAP
CITY CONTEXT MAP
KELLY PLANTATION GOLF COURSE
GOODYEAR
50,000 VPD
Source: Google
Source: Google HENDERSON BEACH PARK
DEMOGRAPHICS | 11
RADIUS
1 MILE
3 MILE
5 MILE
POPULATION 2018 Projection
RADIUS
1 MILE
3 MILE
5 MILE
HOUSEHOLDS 1,013
11,496
19,734
2018 Projection
425
5,009
8,741
2013 Estimate
947
10,773
18,706
2013 Estimate
396
4,680
8,253
2010 Census
929
10,559
18,529
2010 Census
387
4,592
8,175
1.36%
1.31%
1.08%
Growth 2013 - 2018
1.42%
1.37%
1.16%
42
628
1,231
Owner Occupied
226
2,890
5,111
Renter Occupied
169
1,790
3,142
2013 Avg Household Income
$110,987
$103,305
$94,864
2013 Med Household Income
$68,528
$68,425
$64,760
Growth 2013-2018 2013 Population Hispanic Origin
2013 POPULATION BY RACE White
880
9,723
16,916
Black
12
190
300
Am. Indian & Alaskan
2
31
58
Asian
22
266
415
