single tenant net-leased investment offering
Chili’s Chesapeake, Virginia
SINGLE TENANT NET-LEASED INVESTMENT OFFERING
For More Information: Paul Bonanno Direct 760-452-2402 / Fax 760-452-2407 Net Leased Real Properties [email protected]
Chili’s Chesapeake, Virginia
INVESTMENT SUMMARY TENANT:
Chili’s
LOCATION:
2636 Taylor Road Chesapeake, VA 23321
PRICE:
$2,980,000
CAP:
7.43%
NOI:
$221,391.33 (based on rent increase 7/1/10.
Seller to credit Buyer any
difference in rent)
LEASE TERMS:
20 Years on Absolute NNN Lease commenced 6/27/2007. 1.5% Increases are adjusted annually. There are Two x 10 year options to renew
SQUARE FEET:
Approximately 5,667+/- sf
LOT SIZE:
Approximately 65,262+/- sf
YEAR BUILT:
2003
LEASE COMMENCEMENT:
6/27/2007
PROPERTY DESCRIPTION: The property is ideally located on the southwest side of Taylor Road, sitting on an outparcel to a WalMart Supercenter and Sam’s Club. Predominant uses in the local market include Home Depot, Target, Chesapeake Square Mall anchored by Dillard’s, Sears, Macy’s, JC Penney and more. Other retailers include Firestone, Applebee’s, Red Robin, Golden Corral, and Starbucks. Supportive single family and multi-family residential developments as well as offices and churches are located in adjoining neighborhoods. The City of Chesapeake is located in southeastern Virginia, part of the Norfolk-Virginia BeachNewport News MSA, the nation’s 27th largest metro region (as of 2007). Commonly referred to as “Hampton Roads,” this collection of dynamic, historic cities at the mouth of the Chesapeake Bay was America’s first port and is still one of its busiest. Today, Chesapeake is a unique blend of rural and urban centers, providing its citizens with excellent schools, recreational and cultural facilities and strong municipal leadership as the city continues to grow.
Chili’s Chesapeake, Virginia
LEASE SUMMARY TENANT:
Chili’s
GUARANTOR:
Pepper Dining, Inc.
LEASE COMMENCEMENT:
6/27/2007
LEASE EXPIRATION:
6/30/2027
SQUARE FOOTAGE:
5,667 sf +/-
RENT:
Year 3: Year 4: Year 5: Year 6: Year 7: Year 8: Year 9: Year 10: Year 11: Year 12: Year 13: Year 14: Year 15: Year 16: Year 17: Year 18: Year 19: Year 20:
NOI:
$221,391.33
ORIGINAL TERM:
20 Years
LEASE TYPE:
NNN
OPTIONS:
2 x 10 year
RENTAL INCREASES:
1.5% annual
$221,391.33 (7.43%) $224,712.10 $228,082.78 $231,504.02 $234,976.58 $238,501.23 $242,078.75 $245,709.93 $249,395.58 $253,136.52 $256,933.56 $260,787.57 $264,699.38 $268,669.87 $272,699.92 $276,790.42 $280,942.27 $285,156.41
Chili’s Chesapeake, Virginia
LOCATION MAPS
Chili’s Chesapeake, Virginia
AERIAL PHOTOGRAPHS
Chesapeake, with the 3rd largest population among Virginia’s cities, has a land area of 353 square miles, and is divided into several planning areas, based on census tracts.
WESTERN BRANCH CAMELOT RIVERCREST
DEEP CREEK
INDIAN SOUTH RIVER NORFOLK GREENBRIER GREAT BRIDGE
SOUTHERN CHESAPEAKE
www.yeschesapeake.com
- Highest average household income in MSA - Highest median household income in MSA - Highest percentage households earning over $75,000 in MSA - Highest per capita retail sales in MSA - Fastest growing retail sales in MSA - Top 50 US city for job growth (3.15%) Chesapeake Statistics Source: www.demographicsnow.com
2006 Estimate
2011 Projection
Total Population
220,798
237,655
Total Households
78,313
85,150
2.82
2.79
Average Household Income
$65,367
$69,837
Median Household Income
$57,814
$62,813
Per Capita Income
$23,778
$25,634
High School or Higher (age 25+)
88.3%
90.4%
Bachelor's Degree or Higher (age 25+)
26.9%
28.8%
White
67.1%
67.2%
Black
28.4%
28.2%
Hispanic
2.7%
3.2%
Asian
2.6%
3.1%
Average Household Size
Educational Attainment:
Population By Race and Ethnicity:
www.yeschesapeake.com
SINGLE TENANT NET-LEASED INVESTMENT OFFERING
For More Information: Paul Bonanno Direct 760-452-2402 / Fax 760-452-2407 Net Leased Real Properties [email protected]
Chili’s Chesapeake, Virginia
INVESTMENT SUMMARY TENANT:
Chili’s
LOCATION:
2636 Taylor Road Chesapeake, VA 23321
PRICE:
$2,980,000
CAP:
7.43%
NOI:
$221,391.33 (based on rent increase 7/1/10.
Seller to credit Buyer any
difference in rent)
LEASE TERMS:
20 Years on Absolute NNN Lease commenced 6/27/2007. 1.5% Increases are adjusted annually. There are Two x 10 year options to renew
SQUARE FEET:
Approximately 5,667+/- sf
LOT SIZE:
Approximately 65,262+/- sf
YEAR BUILT:
2003
LEASE COMMENCEMENT:
6/27/2007
PROPERTY DESCRIPTION: The property is ideally located on the southwest side of Taylor Road, sitting on an outparcel to a WalMart Supercenter and Sam’s Club. Predominant uses in the local market include Home Depot, Target, Chesapeake Square Mall anchored by Dillard’s, Sears, Macy’s, JC Penney and more. Other retailers include Firestone, Applebee’s, Red Robin, Golden Corral, and Starbucks. Supportive single family and multi-family residential developments as well as offices and churches are located in adjoining neighborhoods. The City of Chesapeake is located in southeastern Virginia, part of the Norfolk-Virginia BeachNewport News MSA, the nation’s 27th largest metro region (as of 2007). Commonly referred to as “Hampton Roads,” this collection of dynamic, historic cities at the mouth of the Chesapeake Bay was America’s first port and is still one of its busiest. Today, Chesapeake is a unique blend of rural and urban centers, providing its citizens with excellent schools, recreational and cultural facilities and strong municipal leadership as the city continues to grow.
Chili’s Chesapeake, Virginia
LEASE SUMMARY TENANT:
Chili’s
GUARANTOR:
Pepper Dining, Inc.
LEASE COMMENCEMENT:
6/27/2007
LEASE EXPIRATION:
6/30/2027
SQUARE FOOTAGE:
5,667 sf +/-
RENT:
Year 3: Year 4: Year 5: Year 6: Year 7: Year 8: Year 9: Year 10: Year 11: Year 12: Year 13: Year 14: Year 15: Year 16: Year 17: Year 18: Year 19: Year 20:
NOI:
$221,391.33
ORIGINAL TERM:
20 Years
LEASE TYPE:
NNN
OPTIONS:
2 x 10 year
RENTAL INCREASES:
1.5% annual
$221,391.33 (7.43%) $224,712.10 $228,082.78 $231,504.02 $234,976.58 $238,501.23 $242,078.75 $245,709.93 $249,395.58 $253,136.52 $256,933.56 $260,787.57 $264,699.38 $268,669.87 $272,699.92 $276,790.42 $280,942.27 $285,156.41
Chili’s Chesapeake, Virginia
LOCATION MAPS
Chili’s Chesapeake, Virginia
AERIAL PHOTOGRAPHS
Chesapeake, with the 3rd largest population among Virginia’s cities, has a land area of 353 square miles, and is divided into several planning areas, based on census tracts.
WESTERN BRANCH CAMELOT RIVERCREST
DEEP CREEK
INDIAN SOUTH RIVER NORFOLK GREENBRIER GREAT BRIDGE
SOUTHERN CHESAPEAKE
www.yeschesapeake.com
- Highest average household income in MSA - Highest median household income in MSA - Highest percentage households earning over $75,000 in MSA - Highest per capita retail sales in MSA - Fastest growing retail sales in MSA - Top 50 US city for job growth (3.15%) Chesapeake Statistics Source: www.demographicsnow.com
2006 Estimate
2011 Projection
Total Population
220,798
237,655
Total Households
78,313
85,150
2.82
2.79
Average Household Income
$65,367
$69,837
Median Household Income
$57,814
$62,813
Per Capita Income
$23,778
$25,634
High School or Higher (age 25+)
88.3%
90.4%
Bachelor's Degree or Higher (age 25+)
26.9%
28.8%
White
67.1%
67.2%
Black
28.4%
28.2%
Hispanic
2.7%
3.2%
Asian
2.6%
3.1%
Average Household Size
Educational Attainment:
Population By Race and Ethnicity:
www.yeschesapeake.com
