BLACK ROCK COFFEE - LoopNet
[Pages:9]BLACK ROCK COFFEE
1202 WEST BROADWAY ROAD, TEMPE, ARIZONA
OFFERING MEMORANDUM
BUILDING RENDERING
TEMPE MARKETPLACE
MESA RIVERVIEW
202
101
10
51,585 STUDENTS
20,400 STUDENTS
60
The information in this package 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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. ? 2013 Marcus Millichap. ACT ID Z0070501
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2 // Black Rock Coffee
Executive Summary
FINANCIAL SUMMARY Price Down Payment Cap Rate Building Size Net Cash Flow Year Built/Renovated Lot Size LEASE SUMMARY Lease Type Tenant Guarantor Roof & Structure Lease Commencement Date Lease Expiration Date Lease Term Remaining Rental Increases Renewal Options
$2,100,000 100% $2,100,000
5.0% 2,200 SF 5.0% $105,000 1983/2020 .68 Acres
Absolute Triple-Net (NNN) Lease Black Rock Store Operations Co.
Corporate Tenant Responsible
January 1, 2020 December 31, 2029
10 Years 10% Every 5 Years
4, 5 Year Option
ANNUALIZED OPERATING DATA Lease Years 1 - 5 6 - 10 Options Option 1 Option 2 Option 3 Option 4
Base Rent Net Operating Income Total Return
Annual Rent $105,000.00 $115,500.00 Annual Rent $127,050.00 $139,755.00 $153,730.50 $169,103.55
Cap Rate 5.00% 5.50% Cap Rate 6.05% 6.66% 7.32% 8.05%
$105,000 $105,000 5.0% $105,000
MARCUS & MILLICHAP
3 // Black Rock Coffee
202 INDUSTRIAL
51,585 STUDENTS
STUDENT HOUSING
10
MARCUS & MILLICHAP
33,500 CPD
BROADWAY RD
BURGER KING MCDONALD'S
TEMPE HIGH SCHOOL
4 // Black Rock Coffee
Property Description
BUILDING RENDERING
INVESTMENT HIGHLIGHTS ?? New 10-Year Absolute Triple-Net (NNN) Corporate Lease ?? Brand New 2020 Renovation ?? 10% Rental Increases Every 5 Years ?? 304,833 Residents in Growing Tempe Trade Area - Phoenix MSA ?? Excellent Location Just Minutes from Arizona State University's Tempe Campus
(51,585+ Students) ?? Visible to 33,500+ Cars/Day Along West Broadway Road ?? Immediately Off the I-10 Freeway, the Primary Connector for the Phoenix Area ?? Down the Road from Tempe High School (1,580+ Students) ?? Strong Daytime Population - 610,600 Employees in Surrounding Area ?? Average Household Income Exceeds $63K within a 5-Mile Radius
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DEMOGRAPHICS 1-mile 3-miles 5-miles
Population
2023 Projection 2018 Estimate Growth 2018 ? 2023
Households
2023 Projection 2018 Estimate Growth 2018 ? 2023
Income
2018 Est. Average Household Income 2018 Est. Median Household Income 2018 Est. Per Capita Income
8,227 8,139 1.08%
121,309 119,968
1.12%
310,731 304,833
1.94%
3,569 3,463 3.07%
47,482 46,114 2.97%
127,733 122,461
4.31%
$61,802 $58,249 $63,974 $50,130 $43,491 $46,113 $26,434 $23,811 $26,314
5 // Black Rock Coffee
Tenant Overview
BUILDING RENDERING
Private
Company Type
Portland, Oregon
Headquarters
2008
Founded
60+
Locations
br.coffee
Website
Based in Portland, Oregon, Black Rock Coffee Bar is a contemporary coffee chain with locations throughout the West Coast. Through their employee franchise program, employees have the opportunity to open their own locations, ensuring that Black Rock's culture is maintained and consistent at each new location. Currently, there are over 60 locations throughout Oregon, Arizona, California, Nevada, Washington, Idaho, and Colorado with more locations coming soon in each state.
In 2008, three families with experience ranging from construction to coffee teamed up to found Black Rock Coffee Bar. The success of Black Rock can be attributed to its consistent culture; regardless of where the franchise exists, customers are guaranteed a hip, stylish, positive brand experience inside the store and beyond. Black Rock has a variety of store types, including one- and two-window drive thru locations, sit-down/drive thru locations, and sit-down only locations.
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6 // Black Rock Coffee
Building Elevations
NORTH ELEVATION
WEST ELEVATION
MARCUS & MILLICHAP
SOUTH ELEVATION
EAST ELEVATION
7 // Black Rock Coffee
Location Overview
2 Miles
to Arizona State University
5 Miles
to Phoenix Sky Harbor International Airport
8 Miles
to Scottsdale Fashion Square
9 Miles
to Downtown Phoenix
Located just 10 minutes east of downtown Phoenix, Tempe exudes its own personality and the youthful spirit of a college town. Home to Arizona State University, the largest public university in the United States, Tempe has a vibrant downtown that's active day and night. Visitors will find locally-owned eateries and microbreweries, annual festivals, arts and cultural events. And plenty of opportunities to enjoy over 300 days of sunshine a year on a bike, hiking trail or stand-up paddleboard.
While enjoying dynamic growth, the city has maintained its unique personality and style through a careful and masterful blending of the new with the old. Respecting its heritage and energetically planning for the future, Tempe is a wonderful mix of history and modern urban amenities. Tempe has a distinct identity as an emerging destination city, replete with all the offerings of a city rich
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in economics, technology, culture, tourism and educational resources. Tempe offers a blend of quality new developments, revitalization and redevelopment, prestigious institutions such as Arizona State University, and celebrated traditions. Tempe brings it all together ? bright Arizona sun, rewarding places to work, diverse cultures, a myriad of recreational opportunities, the best in entertainment and an unparalleled Southwestern lifestyle.
Tempe maintains one of the most thriving economic environments in the country, home to top research firms, Fortune 500 companies, and start-ups. The city's largest employers include Arizona State University, State Farm, Salt River Project, Honeywell, Medtronic, and Insight Direct. Tempe has the most educated and technically-skilled workforce in Arizona. It is a young and diverse community, with a median age of 28.1.
8 // Black Rock Coffee
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