LOGAN S ROADHOUSE 30275 Eastern Shore Court, Spanish Fort, AL 36527
LOGAN S ROADHOUSE OFFERED EXCLUSIVELY BY: 110 Office Park Drive, Suite 200 Birmingham, AL 35223 T (205) 871.7100 F (205) 871.3331 Dan Lovell, SIOR, LEED AP Graham & Company danl@grahamcompany.com LOGAN S ROADHOUSE INVESTMENT OFFERING TABLE OF CONTENTS AREA MAP PAGE 3 PROPERTY AERIAL PAGE 4 INVESTMENT HIGHLIGHTS LOGAN S ROADHOUSE PAGE 5 TENANT SUMMARY PAGE 6 The information contained herein was obtained from sources believed reliable; however, Graham & Company makes no guaranties, warranties or representations as to the completeness thereof. The presentation of this property for sale, rent or exchange is submitted subject to errors, omissions, change of price or condition, or withdrawal without notice. INVESTMENT SUMMARY LEASE ABSTRACT PAGE 7 LOCATION MAP PAGE 8 LOCATION SPANISH FORT, AL PAGE 9 EASTERN SHORE CENTRE/EASTERN SHORE PLAZA PAGE 10 DEMOGRAPHICS PAGE 11 L O G A N S R O A D H O U S E I N V E S T M E N T O F F E R I N G PAGE 2
AREA MAP Eastern Shore Centre Eastern Shore Plaza LOGAN S ROADHOUSE INVESTMENT OFFERING PAGE 3
L O G A N S R O A D H O U S E I N V E S T M E N T O F F E R I N G PAGE 4
INVESTMENT HIGHLIGHTS LOGAN S ROADHOUSE Purchase Price: $3,035,000 Current Cap Rate: 7.5% Current Annual Rent: $227,604 100% leased and corporate guaranteed by Logan s Roadhouse Long term lease just under ten (10) years remaining on initial lease through 11/29/26; plus five (5) five (5) year options to renew Absolute NNN lease zero landlord responsibility. Tenant is responsible for all expenses including roof, structure, taxes, insurance and maintenance Pylon sign along highly traveled Interstate 10 Rent increases annually at two times CPI (max 1.75%) Easy access from exit 38 of Interstate 10 Excellent location and visibility Outparcel to Eastern Shore Plaza and Eastern Shore Centre L O G A N S R O A D H O U S E I N V E S T M E N T O F F E R I N G PAGE 5
INVESTMENT HIGHLIGHTS TENANT SUMMARY Logan s Roadhouse is a leading casual dining steakhouse headquartered in Nashville, Tennessee. There are 194 company-operated and 25 franchised restaurants in 23 states offering great southern-inspired food from high quality ingredients. In addition to being known for their bottomless buckets of in-shell peanuts, Logan s offers high-quality and moderately-priced menu items including mesquite-grilled steaks and made-from-scratch yeast rolls. Logan s was founded in 1991, and in 1999 became a wholly owned subsidiary of the publicly held CBRL Group, Inc. (franchisor of Cracker Barrel restaurants). On December 6, 2006, CBRL Group sold Logan's Roadhouse to affiliates of Bruckmann, Rosser, Sherrill & Co., Canyon Capital Advisors LLC, and Black Canyon Capital LLC for $486 million. In 2010, private equity firm Kelso & Company acquired the company. Company Information Founded: 1991 Corporate HQ: Nashville, TN Locations: 219 L O G A N S R O A D H O U S E I N V E S T M E N T O F F E R I N G PAGE 6
INVESTMENT SUMMARY LEASE ABSTRACT 30275 Eastern Shore Court, Spanish Ft., AL 36527 Offering Price: $3,035,000 Offering Cap Rate: 7.5% Tenant: Logan s Roadhouse Rentable Square Feet: +/- 8,060 Lot Size: +/- 1.44 Acres Current Annual Rent: $227,604 Lease Commencement: 11/30/06 Base Lease Term: Twenty (20) Years Lease Expiration: 11/29/26 Renewal Options: Five (5), Five (5) year options Rental Increases: Two times CPI annually, not less than 0.35% and not more than 1.75% Expenses: NNN Absolute Net Lease L O G A N S R O A D H O U S E I N V E S T M E N T O F F E R I N G PAGE 7
LOCATION MAP Bridge Head Spanish Fort Eastern Shore Centre & Eastern Shore Plaza Malbis Daphne High School L O G A N S R O A D H O U S E I N V E S T M E N T O F F E R I N G PAGE 8
INVESTMENT SUMMARY LOCATION SPANISH FORT, AL Logan s Roadhouse is located in Spanish Fort, AL in the western region of Baldwin County, AL. The property is situated within the heavy retail area of Eastern Shore Shopping Centre (540,000 sf of retail) and Eastern Shore Plaza (250,000 sf of retail), off exit 38 of Interstate 10. Eastern Shore Shopping Centre is lifestyle design, with outdoor access between stores and is anchored by Dillard s and Belk. Eastern Shore Plaza is a power center anchored by Petsmart, Michael s, Best Buy, World Market and Panera Bread. Spanish Fort is located in Baldwin County, AL. The area has seen tremendous growth over the last 15 years spurred by this development and other nearby projects. Mobile Spanish Fort L O G A N S R O A D H O U S E I N V E S T M E N T O F F E R I N G PAGE 9
EASTERN SHORE CENTRE / EASTERN SHORE PLAZA Eastern Shore Centre 540,000 SF Retail Eastern Shore Centre features Dillard's and Belk combined with specialty fashion stores and a variety of dining options. The distinctive center includes Barnes & Noble and national specialty retailers' first stores in the area including Ann Taylor Loft, Jos. A. Bank, and Talbots, plus many more. Eastern Shore Centre offers an extraordinary shopping experience of unique specialty shops, boutiques, and restaurants. Eastern Shore Plaza 250,000 SF Retail Eastern Shore Plaza power center is tenanted with big box stores such as Best Buy, PetSmart, Old Navy, Ross Dress For Less, Michaels, and World Market. is located on an out parcel of these two mega retail shopping centers. L O G A N S R O A D H O U S E I N V E S T M E N T O F F E R I N G PAGE 10
DEMOGRAPHICS 30275 EASTERN SHORE COURT, SPANISH FT, AL 36527 Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2016 and 2021. Esri converted Census 2000 data into 2010 geography L O G A N S R O A D H O U S E I N V E S T M E N T O F F E R I N G PAGE 11
LOGAN S ROADHOUSE OFFERED EXCLUSIVELY BY: 110 Office Park Drive, Suite 200 Birmingham, AL 35223 T (205) 871.7100 F (205) 871.3331 Dan Lovell, SIOR, LEED AP Graham & Company danl@grahamcompany.com L O G A N S R O A D H O U S E I N V E S T M E N T O F F E R I N G PAGE 12