NET LEASE INVESTMENT OFFERING BOOT BARN

Transcription

1 BOOT BARN 1775 Vann Drive Jackson, TN 38305

2 TABLE OF CONTENTS TABLE OF CONTENTS I. Executive Profile Executive Summary Investment Highlights Property Overview II. Location Overview Photographs Aerials Site Plan Map III. Market & Tenant Overview Demographic Report Market Overview Tenant Overview

3 DISCLAIMER STATEMENT DISCLAIMER STATEMENT: The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from The Boulder Group and should not be made available to any other person or entity without the written consent of The Boulder Group. This Offering Memorandum 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. The Boulder Group has not made any investigation, and makes no warranty or representation. The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, The Boulder Group has not verified, and will not verify, any of the information contained herein, nor has The Boulder Group 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.

4 EXECUTIVE SUMMARY EXECUTIVE SUMMARY: The Boulder Group is pleased to exclusively market for sale a single tenant net leased Boot Barn property located in Jackson, Tennessee. The property is strategically located immediately off of Interstate 40 in a regional trade area. The property is brand new construction outfitted to accommodate Boot Barn. Boot Barn executed a ten year lease that expires March 31, The lease features a 10% rental escalation in the primary term and in each of the four 5-year renewal option periods. Boot Barn is the largest and fastest-growing lifestyle retail chain devoted to western and work-related footwear, apparel and accessories in the United States. The 8,000 square foot building is located immediately off Interstate 40 along Vann Drive in Jackson s primary retail corridor. Interstate 40 is the primary east-west thoroughfare in the area experiencing traffic counts of 48,795 vehicles per day. Retailers located in the immediate area include Walmart Supercenter, The Home Depot, Sam s Club, Lowe s Home Improvement, Dick s Sporting Goods, Ross Dress for Less and Kohl s. Hotels located in the immediate area including Fairfield Inn, Comfort Suites, Best Western and Quality Inn. Directly west of the Boot Barn location, construction is in progress for a mixed-use project. The project offers a destination featuring shopping, restaurants and luxury living. Two miles north of the property is Union University, a top-ranked private university with over 4,300 students. The property is also located within close proximity to multiple residential communities and local businesses. There are 64,000 people living within a five mile radius of the property with average annual household incomes of roughly $70,000 per year. Boot Barn has over nine years on their lease which features a 10% rental escalation in the primary term and in each of the four 5-year renewal option periods. The property is brand new construction designed specifically for Boot Barn. Boot Barn is the nation s leading lifestyle retailer of western and work-related footwear, apparel and accessories with more than 200 stores in 29 states. Boot Barn is a publicly traded company on the New York Stock Exchange using the symbol BOOT.

5 INVESTMENT HIGHLIGHTS INVESTMENT HIGHLIGHTS: New construction (2017) 10% rental escalation in primary terms and renewal option periods Triple net lease Over 64,000 people living within a five mile radius of the property earning an average household income of $70,000 per year Positioned in a retail corridor featuring Walmart Supercenter, The Home Depot, Sam s Club, Lowe s Home Improvement, Dick s Sporting Goods, Ross Dress for Less and Kohl s Less than two-mile from Union University, a top-ranked private university with over 4,300 students Construction is in progress for a mixed-use project offering shopping, restaurants and luxury living directly west to the property Boot Barn is the largest and fastest-growing lifestyle retail chain devoted to western and work-related footwear, apparel and accessories in the U.S. Boot Barn is a publicly traded company on the New York Stock Exchange (Symbol: BOOT) with a market capitalization in excess of $205 million

6 PROPERTY OVERVIEW PROPERTY OVERVIEW: Price: $2,200,000 Cap Rate: 6.36% Rent Schedule: NOI Escalation Date $140,000 $154,000 4/1/2022 $169,400 4/1/2027 (Option 1) $186,340 4/1/2032 (Option 2) $204,974 4/1/2037 (Option 3) $225,471 4/1/2042 (Option 4) Rental Escalations: 10% Every 5-Years Renewal Options: Four 5-Year; 10% Escalations Lease Commencement Date: April 1, 2017 Lease Expiration Date: March 31, 2027 Tenant: Boot Barn Western and Work Wear (Corporate) Year Built: 2017 Lease Type: NNN - No Landlord Responsibilities Parking: 38 Spaces Building Size: 8,000 SF Land Size: 0.90 Acres

7 PHOTOGRAPHS

8 AERIAL

9 SITE PLAN

10 MAP

11 DEMOGRAPHIC REPORT DEMOGRAPHIC REPORT: Population 3-Mile 5-Mile 7-Mile Total Population 23,437 64,001 77,732 Total Households 9,158 24,404 29,710 Income 3-Mile 5-Mile 7-Mile Median Household Income $49,581 $44,664 $43,011 Average Household Income $77,708 $69,977 $66,783

12 MARKET OVERVIEW MARKET OVERVIEW: Jackson, Tennessee Jackson is the county seat of Madison County, Tennessee with a population of over 67,000 people. Located 70 miles east of Memphis, it is a regional center of trade for West Tennessee. Jackson is the primary city of the Jackson, Tennessee metropolitan area, which is included in the Jackson-Humboldt, Tennessee Combined Statistical Area. Jackson is Madison County s largest city, and the second-largest city in West Tennessee next to Memphis. It is home to the Tennessee Supreme Court s courthouse for West Tennessee, as Jackson was the major city in the west when the court was established in Interstate 40 goes through the city in an east-west direction, and U.S. Route 45 in a north-south direction. Interstate 40 has six exits in the city. McKellar-Sipes Regional Airport serves the city. SeaPort Airlines began commercial service from Jackson to both Memphis and Nashville in January The Jackson area has attracted major manufacturing companies like Procter & Gamble and Stanley/Black and Decker. Jackson is the U.S. home to Japanese manufacturers including TBDN and ARJ [Toyota Boshoku] and Pacific Industries. Jackson is home to Bodine Aluminum, a 100% Toyota owned high volume die casting plant. Jackson began investing in a large fiber network in 2003 and in January 2015 Jackson was named a Gig City from the upgrades to its fiber network to offer Internet speeds up to 1 gigabit per second to the home.

13 TENANT OVERVIEW TENANT OVERVIEW: Boot Barn Boot Barn is the nation s leading lifestyle retailer of western and work-related footwear, apparel and accessories for men, women and children. The Company offers its loyal customer base a wide selection of work and lifestyle brands. Boot Barn operates more than 200 stores in 29 states, in addition to an e-commerce channel, including both and Boot Barn is a publicly traded company on the New York Stock Exchange (Symbol: BOOT) with a market capitalization in excess of $205 million. The company was founded in 1978 and is headquartered in Irvine, California. Boot Barn is the largest and fastest-growing lifestyle retail chain devoted to western and work-related footwear, apparel and accessories in the United States. Website: Locations: 200+ Employees: 5,000 +/- Year Founded: 1978 Headquarters: Irvine, California Stock Symbol: BOOT (New York Stock Exchange) Market Capitalization: $205 million +/-

14 Randy Blankstein President Jimmy Goodman Partner Dundee Road, Suite 1801 Northbrook, IL