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TWO TENANT NET LEASED EXCLUSIVELY LISTED BY:
Panera + Mattress Firm Lexington, SC
5416 Sunset Blvd.Lexington, SC 29072
OFFERING MEMORANDUM
B612 VenturesPoi Yu
Poi.y.pyu@gmail.com909.833.0119License #01881091
Shaw TachaviratStachavirat@gmail.com
License #01877121
License #02003026
B612 VenturesPoi Yu
Poi.y.pyu@gmail.com909.833.0119License #01881091
Shaw TachaviratStachavirat@gmail.com
License #01877121
License #02003026
Contact Panera + MF – Lexington | 2
Offering Memorandum
EXCLUSIVELY LISTED BY:
The information contained has been obtained from sources we deem reliable, however, we do not guarantee its accuracy and are not responsible for errors.Panera + MF – Lexington | Offering Memorandum 2017
5.7.9.10.12.14.15.16.18.19.20.
Offering SummaryInvestment HighlightsPanera Lease AbstractMattress Firm Lease AbstractTenant ProfilesRetail CorridorSiteAerialArea DemographicsAdditional InformationContact
Contents
The information contained has been obtained from sources we deem reliable, however, we do not guarantee its accuracy and are not responsible for errors.Panera + MF – Lexington | Offering Memorandum 2017
Panera + MF – Lexington | 3
Offering Summary
The information contained has been obtained from sources we deem reliable, however, we do not guarantee its accuracy and are not responsible for errors.Panera + MF – Lexington | Offering Memorandum 2017
Offering Summary
Offering Price
CAP Rate
Net Operating Income
Lease
Ownership Interest
Occupancy
Rentable SF
Lot Size
Year Built
Building Type
Parking
$4,534,500
6.10%
$276,600/year
NN – Double NetLandlord Responsible for
Roof & Structure
Fee
100%
8,700
1.35 AC
2014
Free Standing – Two Tenantwith Drive-Thru
65 spaces
Property
Panera + Mattress Firm5416 Sunset Blvd. Lexington, SC 29072
Panera + MF – Lexington | 5
Panera + Mattress Firm Lexington is offered as a fee investment opportunity. It sits on a 1.35 acre pad of a Lowe’s Home Improvement store. The two tenant building is 8,700 SF with a drive-thru for Panera. The parking lot is large, with 65 spaces. Here are some of the highlights:
PANERA’S OPERATING EXPERTISE – The tenant, Cadle Limited Liability Company, operates approximately 90 Panera locations. Cadle is an subsidiary of Covelli Enterprises which operates approximately 289 Panera locations, making it the single largest Panera operator. Covelli has a track record dating back to 1959.
PANERA’S STRONG PERFORMANCE – The tenant has experienced double digit percentage increases in profits year over year. It has also seen healthy gains in revenue.
CORPORATE GUARANTY – Mattress Firm is on a corporate lease. The brand is under the Steinhoff International umbrella, forming the largest mattress retailer in the world.
MARKET/LOCATION – Located on Sunset Blvd, adjacent to Office Depot, Kohl’s and Zaxby’s, in addition to Lowe’s. The immediate retail area includes Ross, Publix, Starbucks, Walmart, Buffalo Wild Wings, Chick-fil-A among many others along this retail artery.
Investment Highlights
The information contained has been obtained from sources we deem reliable, however, we do not guarantee its accuracy and are not responsible for errors.Panera + MF – Lexington | Offering Memorandum 2017
Panera + MF – Lexington | 7
Panera Lease Abstract Panera + MF – Lexington | 9
The information contained has been obtained from sources we deem reliable, however, we do not guarantee its accuracy and are not responsible for errors.Panera + MF – Lexington | Offering Memorandum 2017
Lease Summary
Tenant & Guarantor
Leased Area
Primary Term Expiration
Annual Rent
Lease Type
Options
Financial Reporting
Cadle Limited Liability CompanyAppox. 90 unit Panera Bread entity
(Operated by Covelli Enterprises)
4,200 SF
December 31, 20247 years remaining
$109,200/year10% increase on Jan. 1, 2019
and every option period
NN – Double NetLL Responsible forRoof and Structure
3 options, 5 years each
Operating Level
Mattress Firm Lease Abstract Panera + MF – Lexington | 10
The information contained has been obtained from sources we deem reliable, however, we do not guarantee its accuracy and are not responsible for errors.Panera + MF – Lexington | Offering Memorandum 2017
Lease Summary
Tenant & Guarantor
Leased Area
Primary Term Expiration
Annual Rent
Lease Type
Options
Mattress Firm, Inc(Owned by Steinhoff
International Holdings)
4,500 SF
June 30, 2025(7.5 years remaining)
$167,400/year10% increase on July 1, 2019
and every option period
NN – Double NetLL Responsible forRoof and Structure
2 options, 5 years each
Tenant Profiles Panera + MF – Lexington | 12
Cadle LLC (A Subsidiary of Covelli Enterprises)
Stores
Financials
Rank
Founded
Approx. 289 Panera Stores (7 States and Canada)
Extremely strong – available after accepted LOI
#1 in Panera System
1959 (Panera 1997)
Mattress Firm
Stores
Financials
Rank
3,500+ (48 States) Purchased by Steinhoff International
Steinhoff International Revenue 2016: $14.5BSteinhoff International Profits 2016: $1.6B
Part of largest Mattress retailer globally
The information contained has been obtained from sources we deem reliable, however, we do not guarantee its accuracy and are not responsible for errors.Panera + MF – Lexington | Offering Memorandum 2017
Retail Corridor Panera + MF – Lexington | 14
The information contained has been obtained from sources we deem reliable, however, we do not guarantee its accuracy and are not responsible for errors.Panera + MF – Lexington | Offering Memorandum 2017
Subject Center
2.3 Mile Sunset Blvd. Retail Corridor
Available Existing ALTA/ACSM as-built survey Existing clean Phase 1 environmental report
Site Panera + MF – Lexington | 15
The information contained has been obtained from sources we deem reliable, however, we do not guarantee its accuracy and are not responsible for errors.Panera + MF – Lexington | Offering Memorandum 2017
Aerial Panera + MF – Lexington | 16
The information contained has been obtained from sources we deem reliable, however, we do not guarantee its accuracy and are not responsible for errors.Panera + MF – Lexington | Offering Memorandum 2017
The information contained has been obtained from sources we deem reliable, however, we do not guarantee its accuracy and are not responsible for errors.Panera + MF – Lexington | Offering Memorandum 2017
Demographics Panera + MF – Lexington | 18
5416 Sunset Blvd.Lexington, SC
1 Mile 3 Mile 5 Mile
2013 Population 3,870 18,352 57,998
Lexington, SC Median Income: $65,694
Leases and all attachmentsLatest Cadle financialsExisting clean Phase I (10/30/2014)Existing title and supporting documentsExisting as-built ALTA surveyCurrent insurance certificatesOther supporting documents
Available upon accepted LOI
The information contained has been obtained from sources we deem reliable, however, we do not guarantee its accuracy and are not responsible for errors.Panera + MF – Lexington | Offering Memorandum 2017
Additional Information Panera + MF – Lexington | 19
For additional information, please contact:
This information has been obtained from sources believed to be reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
B612 VenturesPoi Yu
Poi.y.pyu@gmail.com909.833.0119CA BRE #01881091
Shaw TachaviratStachavirat@gmail.com
CA BRE #01877121
+
License #02003026
Contact Panera + MF – Lexington | 20
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