Perkins Restaurant & Bakery - Westwood Net Lease
Perkins Restaurant & Bakery
3939 South Bolger Road Independence, MO 64055 Kansas City MO-KS MSA
Confidential Offering Memorandum
Westwood Net Lease Advisors, LLC Division of 1031-NNN Properties 314-997-5227
Andrew Medler | Vice President 314-563-2203 Amedler@
Actual Site
Perkins Restaurant & Bakery
3939 South Bolger Road Independence, MO 64055 Kansas City MO-KS MSA
Confidentiality Agreement
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Westwood Net Lease Advisors and should not be made available to any other person or entity without the written consent of Westwood Net Lease Advisors. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Westwood Net Lease Advisors has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and 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 the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Westwood Net Lease Advisors has not verified, and will not verify, any of the information contained herein, nor has Westwood Net Lease Advisors conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
Westwood Net Lease Advisors, LLC Division of 1031-NNN Properties 314-997-5227
Andrew Medler | Vice President 314-563-2203 Amedler@
Perkins Restaurant & Bakery
3939 South Bolger Road Independence, MO 64055 Kansas City MO-KS MSA
Site Description
The Property is a single-tenant building leased on a long-term basis with 17 years remaining to CyHawk Hospitality, a 13 unit operator of Perkin's restaurants in Missouri and Iowa. CyHawk has seen rapid growth in recent years increasing from four total locations to 13 with plans of continued growth. The operator is personally guaranteeing the lease.
The site has an excellent location as an outparcel to a Sam's and Wal-Mart center along with Taco Bell, McDonald's and National Tire & Battery. The center is heavily trafficked and with easy access to and visibility from Interstate 70.
The site is located in one of Kansas City's most dynamic retail trade areas. Most of the major national big box retailers, including Wal-Mart, Sam's, Kohl's, Lowe's, Best Buy, Marshall's, Target, AMC Theaters, Hobby Lobby, Dick's Sporting Goods, Bed Bath and Beyond and others can be found within one mile of the site. Further, with regional draws in the immediate trade area of the site, such as Macy's, Dillard's, CarMax, Costco and Bass Pro Shops Outdoor World, people come to Independence from all over the Kansas City region for shopping and dining.
There is also a substantial medical component to the Independence market as well as retail. Centerpoint Medical Center is a hospital campus with 221 private rooms, outpatient services, state-of-the-art equipment and technology and some of the latest clinical services available. Children's Mercy Hospital, located within a short distance of the site in Independence, features specialty clinic services, radiology, lab, as well as convenient urgent care hours.
Independence is the fourth largest city in Missouri with a 2010 population of 116,830. Independence is the county seat of Jackson County and is part of the Kansas City, MO-KS MSA. It is the hometown of President Harry Truman and location of the Truman Presidential Library and Museum. President Truman and First Lady Bess Truman are buried in Independence.
Westwood Net Lease Advisors, LLC Division of 1031-NNN Properties 314-997-5227
Andrew Medler | Vice President 314-563-2203 Amedler@
Perkins Restaurant & Bakery
3939 South Bolger Road Independence, MO 64055 Kansas City MO-KS MSA
Property Description
Location:
Purchase Price: Cap Rate: NOI: Total Rentable Area: Lot Size: Year Built: Commencement Date: Expiration Date:
3939 South Bolger Road Independence, MO 64055 $2,142,215 6.50% $139,260 5,500 Square Feet 1.36 Acres 2011 August 9, 2011 August 8, 2032
Highlights
Absolute NNN Lease Structure ? No Landlord
Responsibilities
17+ Years Remaining on Base Term of Lease Annual Increases of 1% Personal guarantee of experienced operator with 13 total
stores
Heavy retail area surrounding site in all directions Many national big box retail tenants operate within one
mile of the site
Macy's, Costco, CarMax, Bass Pro Shops, Dillard's and
other regional draws are located within one mile of the site
Substantial medical facilities within one mile of the site Average Household Income within 3 miles of site of over
$70,000
Area has growing population and increasing household
income
Westwood Net Lease Advisors, LLC Division of 1031-NNN Properties 314-997-5227
Andrew Medler | Vice President 314-563-2203 Amedler@
Perkins Restaurant & Bakery
3939 South Bolger Road Independence, MO 64055 Kansas City MO-KS MSA
Westwood Net Lease Advisors, LLC Division of 1031-NNN Properties 314-997-5227
Andrew Medler | Vice President 314-563-2203 Amedler@
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