4391 TREAT BOULEVARD Concord, California 94521 ... OFFERING MEMORANDUM // 4391 Treat Boulevard //...

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Transcript of 4391 TREAT BOULEVARD Concord, California 94521 ... OFFERING MEMORANDUM // 4391 Treat Boulevard //...

  • OFFERING MEMORANDUM

    COLLIERS INTERNATIONAL 203 Redwood Shores Parkway Suite 125 Redwood City, CA 94065 www.colliers.com

    MARK ENGEMANN Senior Vice President mark.engemann@colliers.com +1 916 563 3007 CA License No. 00865424

    MICHAEL DRAEGER Vice President michael.draeger@colliers.com +1 650 486 2221 CA License No. 01766822

    Single Tenant Net Leased Restaurant

    The Original Mels Diner

    4391 TREAT BOULEVARD C o n co rd , C a l i fo r n i a 9 4 5 2 1

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    OFFERING MEMORANDUM // 4391 Treat Boulevard // Concord // CA

    DISCLAIMER

    CONTACT

    Colliers International Disclaimer:

    This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees or representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquires as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2020. All rights reserved.

    For further information, please contact Exclusive Advisors:

    MARK ENGEMANN Senior Vice President mark.engemann@colliers.com +1 916 563 3007 CA License No. 00865424

    MICHAEL DRAEGER Vice President michael.draeger@colliers.com +1 650 486 2221 CA License No. 01766822

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    OFFERING MEMORANDUM // 4391 Treat Boulevard // Concord // CA

    TABLE OF CONTENTS

    1. Property Overview 4

    2. Highlights 5

    3. Trade Area Aerial 6

    4. Local Trade Aerial 7

    5. Parcel Map 8

    6. Site Plan 9

    7. Floor Plan 10

    8. Rent Roll 11

    9. Tenant Overview 12

    10. Location Overview 13

    11. Demographics 14

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    OFFERING MEMORANDUM // 4391 Treat Boulevard // Concord // CA

    PROPERTY OVERVIEW LOCATION: The Original Mels Diner

    4391 Treat Boulevard Concord, CA 94521

    OFFERING SUMMARY:

    RENT SCHEDULE:

    Address 4391 Treat Boulevard, Concord, CA 94521

    Price $3,120,000

    Cap Rate 5.00%

    NOI $156,000.00

    Gross Leasable Area ±5,329 SF

    Land Area ±0.741 acre (±32,278 SF)

    Lease Type NNN

    Lease Term 10 years, 26 days

    Lease Commencement Date December 5, 2019

    Lease Expiration Date December 31, 2029

    Options Three (3) five (5)-year options

    Year Start End Monthly Base Rent PSF Monthly

    Base Rent Annual

    Base Rent

    1 – 5 12/5/2019 12/31/2024 $2.44 $13,000.00 $156,000.00

    6 - 10 1/1/2025 12/31/2029 $2.63 $14,000.00 $168,000.00

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    OFFERING MEMORANDUM // 4391 Treat Boulevard // Concord // CA

    > Rare San Francisco Bay Area single tenant net leased restaurant

    > New 10-year NNN lease, three (3) five (5)-year options

    > Corporate store – operated by the owner and franchisor of The Original Mels brand

    > 7.7% rent increase in year 6

    > Minimal landlord maintenance responsibilities

    > In-place rent is estimated to be 15% below market

    > Signalized hard corner site

    > Excellent exposure, identity and access from Treat Boulevard and proximity to Clayton Road

    > Located in the heart of the Clayton retail corridor

    HIGHLIGHTS

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    OFFERING MEMORANDUM // 4391 Treat Boulevard // Concord // CA

    TRADE AREA AERIAL

    The Orchards At Walnut Creek

    Broadway Plaza Shopping Area

    Downtown Pleasant Hill & Courtyard Shopping Center

    Crossroads Shopping Center

    Pleasant Hill Shopping Center

    Sunvalley Shopping Center

    4391 TREAT

    BOULEVARD

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    OFFERING MEMORANDUM // 4391 Treat Boulevard // Concord // CA

    LOCAL TRADE AERIAL

    4391 TREAT

    BOULEVARD

    1

    2 3

    Treat Boulevard @ Bel Air Drive: ±22,096 AADT

    Clayton Road @ Treat Boulevard: ±34,992 AADT

    Denkinger Road @ Clayton Road: ±12,815 AADT

    TRAFFIC VOLUME (Source: Kalibrate)

    1

    2

    3

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    OFFERING MEMORANDUM // 4391 Treat Boulevard // Concord // CA

    PARCEL MAP

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    OFFERING MEMORANDUM // 4391 Treat Boulevard // Concord // CA

    SITE PLAN

    Drawings Not Exact, Not to Scale. The information furnished has been obtained from sources we deem reliable and is submitted subject to errors, omissions and changes. Although Colliers International has no reason to doubt its accuracy, we do not guarantee it. All information should be verified by the recipient prior to lease, purchase, exchange, or execution of legal documents. © 2020 Colliers International

    Treat BoulevardTreat Boulevard

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    OFFERING MEMORANDUM // 4391 Treat Boulevard // Concord // CA

    FLOOR PLAN

    2/25/2016 1:17:11 PM

    Drawings Not Exact, Not to Scale. The information furnished has been obtained from sources we deem reliable and is submitted subject to errors, omissions and changes. Although Colliers International has no reason to doubt its accuracy, we do not guarantee it. All information should be verified by the recipient prior to lease, purchase, exchange, or execution of legal documents. © 2020 Colliers International

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    OFFERING MEMORANDUM // 4391 Treat Boulevard // Concord // CA

    RENT ROLL Year Start End Monthly Base Rent PSF

    Annual Base Rent PSF

    Monthly Base Rent

    Annual Base Rent Increase

    1 1/1/2020 12/31/2020 $2.44 $29.27 $13,000.00 $156,000.00 -

    2 1/1/2021 12/31/2021 $2.44 $29.27 $13,000.00 $156,000.00 -

    3 1/1/2022 12/31/2022 $2.44 $29.27 $13,000.00 $156,000.00 -

    4 1/1/2023 12/31/2023 $2.44 $29.27 $13,000.00 $156,000.00 -

    5 1/1/2024 12/31/2024 $2.44 $29.27 $13,000.00 $156,000.00 -

    6 1/1/2025 12/31/2025 $2.63 $31.53 $14,000.00 $168,000.00 7.69%

    7 1/1/2026 12/31/2026 $2.63 $31.53 $14,000.00 $168,000.00 -

    8 1/1/2027 12/31/2027 $2.63 $31.53 $14,000.00 $168,000.00 -

    9 1/1/2028 12/31/2028 $2.63 $31.53 $14,000.00 $168,000.00 -

    10 1/1/2029 12/31/2029 $2.63 $31.53 $14,000.00 $168,000.00 -

    11 1/1/2030 12/31/2030 $2.81 $33.78 $15,000.00 $180,000.00 7.14%

    12 1/1/2031 12/31/2031 $2.81 $33.78 $15,000.00 $180,000.00 -

    13 1/1/2032 12/31/2032 $2.81 $33.78 $15,000.00 $180,000.00 -

    14 1/1/2033 12/31/2033 $2.81 $33.78 $15,000.00 $180,000.00 -

    15 1/1/2034 12/31/2034 $2.81 $33.78 $15,000.00 $180,000.00 -

    16 1/1/2035 12/31/2035 $3.00 $36.03 $16,000.00 $192,000.00 6.67%

    17 1/1/2036 12/31/2036 $3.00 $36.03 $16,000.00 $192,000.00 -

    18 1/1/2037 12/31/2037 $3.00 $36.03 $16,000.00 $192,000.00 -

    19 1/1/2038 12/31/2038 $3.00 $36.03 $16,000.00 $192,000.00 -

    20 1/1/2039 12/31/2039 $3.00 $36.03 $16,000.00 $192,000.00 -

    21 1/1/2040 12/31/2040 $3.19 $38.28 $17,000.00 $204,000.00 6.25%

    22 1/1/2041 12/31/2041 $3.19 $38.28 $17,000.00 $204,000.00 -

    23 1/1/2042 12/31/2042 $3.19 $38.28 $17,000.00 $204,000.00 -

    24 1/1/2043 12/31/2043 $3.19 $38.28 $17,000.00 $204,000.00 -

    25 1/1/2044 12/31/2044 $3.19 $38.28 $17,000.00 $204,000.00 -

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    OFFERING MEMORANDUM // 4391 Treat Boulevard // Concord // CA

    TENANT OVERVIEW The Mels Brand

    1947–1975 As a pioneer in the restaurant industry, Mels began its history as Mels Drive-Ins in San Francisco back in 1947. David “Mel” Weiss and Harold Dobbs built their first car hop eatery, inspired by similar restaurants serving motorists in Los Angeles. It didn’t take long for the first unit to multiply into eleven! Six Mels became landmarks in the Bay Area with additional clusters achieving their own notoriety in Stockton and Sacramento. They reigned for almost twenty years growing to over 35 restaurants. Mels Drive-Ins peaked in popularity in the 1960’s and ended up selling in 1972.

    1985–1987 Steven Weiss, David “Mel” Weiss’ son, had an itch to bring back the Mels “good times.” Succumbing to his son’s urging, a grand re-opening of Mels Drive-In took place in 1985. Soon afterwards, there were opportunities to grow and Mels Drive-Ins added 3 more restaurants. An unfortunate rift developed between father and son. Soon thereafter, an agreement was made that David “Mel” Weiss would continue on as “The Original Mels”, while his son, Steven, would create Mels “Next Generation” and operated as Mels Drive-Ins.

    1987 to Present The Original Mels has now grown to 22 restaurants, serving All-American Family favorites throughout Northern California and Northern Nevada. The Original Mels is committed to honoring our 70 year history by continuing to serve great food at great value, treating every customer like family, respecting and supporting its employees to reach their own life goals.

    Source: originalmels.com Tenant/Guarantor The tenant, Original Mels Development Co., LLC, is an entity owned by the owner and franchisor of The Original Mels brand and holds 5 corporate stores including locations in Con