Embed Size (px)
Citation preview
BAUM REALTY GROUP, LLC | 1030 W. CHICAGO AVENUE | CHICAGO, IL 60642 | WWW.BAUMREALTY.COM COPYRIGHT © 2014 BAUM REALTY GROUP, LLC. ALL RIGHTS RESERVED.
Site Selection Manual
THESE MATERIALS ARE FOR USE AS AN EX AMPLE ONLY.SOME INFORMATION HAS BEEN FABRICATED TO ILLUSTR ATE POTENTIAL MARKET SCENARIOS.
Site Selection Manual
Table of Contents
01. Introduction Letter
02. Summary of Brokerage Services
03. BRG Local Broker System
04. Site Selection Criteria
05. Franchisee Site Approval Form
06. Sample Site Acceptance Package
1030 W. Chicago Avenue ׀ Suite 200 ׀ Chicago, IL ׀ 60642 ׀ P: 312 666 3000 ׀ F: 312 666 7970 ׀ www.baumrealty.com
Dear Franchisee, On Behalf of Baum Realty Group (BRG), we look forward to working with you to find the right location for your Arooga’s Grill House and Sports Bar (Arooga’s). The first half of this manual is designed to introduce you to our company and to explain how we will be working together. We have also provided an outline of the criteria that we will use to identify potential sites for you along with a site approval form that you will use once we have found a suitable location. Please note that we will provide you with most of the information you will need to complete the acceptance form. The second half of this manual is a sample Site Acceptance Package (SAP). The SAP is a tool that has been specifically designed to provide you the franchisee and the support team at Arooga’s with all the information needed to make the decision to select and accept a site. The BRG team will prepare this information for you as we work together. The decisions that will be made during the site selection and lease negotiation process are all based on in-depth research into the key success factors for Arooga’s combined with the knowledge gained through our work with dozens of national retailers. This SAP is a summary of how the site under consideration measures up to the criteria that have been established for Arooga’s. Many of BRG’s clients have found that their Site Selection Manual and in particular the SAP have been very helpful in their efforts to secure financing for their new business. Several lenders have commented that understanding the in-depth site selection process that BRG undertakes on behalf of the franchisee along with the sophisticated information that is provided in the SAP enable the lender to be more comfortable underwriting a franchisee’s loan. We would encourage you to share this Site Selection Manual with your prospective lenders. We would like to provide you with an introduction to some commercial leasing concepts that will be important to understand throughout the site selection process. Most commercial lease rates are quoted on a per square foot basis (psf). Rental rates are quoted in either Triple Net Rates (NNN) or Gross Rates (gross). Most commercial leases are Triple Net leases, but it is important for you to understand the concept of both types of leases. A triple net lease is one in which the Landlord passes through to the tenants the costs of real estate taxes, property insurance, and common area maintenance (CAM). These costs are collective referred to as “the net charges.” The net charges are calculated based on the amount of square feet that you lease as a percentage of the total number of rentable square feet in the center. A common size for a location is 7,500 SF. A triple net lease rate would be quoted as a net rent of $25 psf NNN plus net charges of $6 psf. To calculate your monthly rent amount you multiply the number of leased square feet by the net rent plus the net charges and divide it by 12.
(Ex: 7,500 SF x ($25 +$6) psf = $232,500 annual rent / 12 months = $19,375 monthly rent) A gross lease is one in which the landlord includes in the rental rate the costs of real estate taxes, property insurance, and common area maintenance (CAM). A gross lease rate would be quoted as one number per square foot ($31 gross). To calculate your monthly rent amount you multiply the number of leased square feet by the gross rent and divide it by 12.
(Ex: 7,500 SF x $31 psf = $232,500 annual rent / 12 months = $19,375 monthly rent)
1030 W. Chicago Avenue ׀ Suite 200 ׀ Chicago, IL ׀ 60642 ׀ P: 312 666 3000 ׀ F: 312 666 7970 ׀ www.baumrealty.com
As your brokerage team, it is our role to be your real estate expert and advisor. We invite you to review this manual and talk with us about any questions you may have regarding its contents or the process that we will be undertaking together. We are always available to answer any of your questions. We look forward to working with you. Sincerely, Baum Realty Group, LLC
Phil Baugh [email protected] 312-275-3102
SUMMARY OF BROKERAGE SERVICES
COPYRIGHT © 2014 BAUM REALTY GROUP, LLC. ALL RIGHTS RESERVED.
baum realty group retail brokerage services
Baum Realty Group (BRG) is one of the country’s leading retail brokerage fi rms.
BRG has secured thousands of sites for national retailers such as Advance Auto Parts,
Starbucks Coffee, Panera Bread, FedEx Offi ce, Häagen-Dazs, Chipotle Mexican Grill, and
many others. Due to our advanced capabilities and excellent customer service, BRG has
been retained by Arooga’s to manage the real estate component of their franchised national
expansion. We have developed an intricate system that drives the success of our national
brokerage accounts and have represented our clients in hundreds of markets across the
country. On behalf of Arooga’s, we will work to support you throughout the real estate and
site selection process!
As the preferred real estate brokerage fi rm for Arooga’s, BRG will provide you with:
• Local retail experts who have extensive market knowledge and will help you fi nd the right location and negotiate excellent deal terms
• Answers to all of your real estate questions and guidance so that you are comfortable with the site selection process
• Demographic information for of your territory and a discussion about any relevant market trends and new developments
• Our extensive market knowledge and industry contacts
• A recommendation of top potential sites in your territory
• We will provide you with a detailed site approval package to include:
· Market maps
· Site plan of top site
· Aerial photographs of the market
· Digital photos of the top site
· Demographic reports for top site
We will prepare a comprehensive Letter of Intent for you and will negotiate on your behalf with landlords and secure the best possible deal terms.
Overall, we will be an expert resource for you throughout the entire site selection and deal negotiation process.
For questions related to real estate or the site selection process, please contact:
Phil Baugh
Principal, Baum Realty Group
312.275.3102
coachingand support
deal negotiation
market knowledge and trends
industry contacts
As your retail brokerage fi rm
Baum Realty Group can help
you grow
detailed site approval
packages
COPYRIGHT © 2014 BAUM REALTY GROUP, LLC. ALL RIGHTS RESERVED. WWW.BAUMREALTY.COM
tenant representationour current & past clients
Ace HardwareAdvance Auto PartsAladdin’s EateryAllen EdmondsAmerica’s BestAmerican ApparelAndy’s Frozen CustardAnthropologieArooga’sArthur Murray Dance StudiosAurelio’s PizzaBaker FurnitureBeef O’Brady’sBlakeBlaze PizzaBlue SushiBoston MarketBruegger’s BagelsBurger HutBurgervilleCaribou CoffeeCarluccio’sCarquestCarter’sCartridge World
Champps / Fox & HoundCheckersChildren of AmericaChipotle Mexican GrillChop’tCiCi’s PizzaCitibankClixDel Frisco’s GrilleDenny’sDiet CenterDoctors ExpressDotty’sDryHop BreweryDunkin’ DonutsDuxianaEileen FisherElephant Bar RestaurantFantastic SamsFarrell’s Extreme BodyshapingFatburgerFedEx Offi ceFirestoneFitness 19Five Guys Burgers & Fries
Foss Swim SchoolFuego Loco RestaurantGold’s GymGreat ClipsGreat SteaksHäagen-Dazs ShopsHalsted Street DeliHand & StoneHarbor Freight ToolsHenry BeguilinHershey’s ChocolateHill Country Barbecue MarketHiltiHomeMade Pizza Co.I Dream of FalafelInsomnia CookiesiTAN SolariumsJared The Galleria Of JewelryJiffy LubeJimmy John’sJohnny Rocket’sJose EberJuice BlendzJusticeKay Jewelers
KidvilleKriser’sLa MadiaLifeSourceLladróLushMarloweMaterial PossessionsMixed GreensMorton’s Restaurant GroupMosaica EducationMyMenuNanette LeporeNaples TomatoNationwide InsuranceNew Era Cap Co.Newk’s EateryOffi ceMaxOlive Mediterranean GrillOmaha SteaksOshKosh B’goshPagoda RedPanchero’s Mexican GrillPanera BreadPapa John’s Pizza
Performance BikePet StuffPhenix Salon SuitesPiadaPita PitPizza FusionPlank Seafood & ProvisionsPLS Loan StorePocketsPollo CamperoPompeiPorche Design StorePotbelly Sandwich ShopPrimrose SchoolsPro Martial ArtsQuaker Steak & LubeQuicksilverSalad CreationsSalon 1800Sarku JapanSbarroScoop NYCSnippet’s Mini CutsSpeedwayStarbucks
StarfruitSubwayTaco FrescoTasti D-LiteTeavanaTexas CorralThe Cellular ConnectionThe Gardner SchoolThe Little Salad ShopTide Dry CleanersTricoci UniversityTrue ValueUnderground PrintingUno Pizzeria & GrillUrban Outfi ttersUS BankVerizon WirelessVerloW Grocer / Sky GrocerWingstopYankee CandleYo BlendzYO! SushiYogurtland
BAUM REALTY GROUP LOCAL BROKER SYSTEM
COPYRIGHT © 2014 BAUM REALTY GROUP, LLC. ALL RIGHTS RESERVED.
local broker systemIn order to provide each franchise with in-depth local market knowledge, BRG utilizes its network of top retail brokers
across the country. BRG is actively involved in every step of the Arooga’s real estate process. As your local broker is
working with you to select the best site, BRG is in constant communication with them, supervising their efforts. Once
you have picked your top site, BRG will guide the local broker on negotiations with the landlord for the best deal
terms according to BRG and Arooga’s protocol. BRG reviews every aspect of the negotiation process for all Arooga’s
franchisees across the country.
Site Specifications
Building Size: 5,000- 8,000 (7,000 ideal) plus outdoor patio area
Building Type: 1st generation space; 2nd generation restaurant space; ground-up/build to suit Minimum Width: 50 ft
Site Type: End caps or free standing sites, highly visible from major roadways
Parking: Minimum 125 spaces
Signage: Building signage and Pylon or Monument signage
Traffic Flow: 30,000+ cars per day, convenient for lunch and dinner customers
Access: Easy ingress and egress, traffic light intersections preferred
Ventilation: Black iron required
Market Characteristics Target Locations Regional retail markets that have a strong combination of daytime white collar employment, strong national retailers, and dense middle to upper income neighborhoods. Established markets with continued growth potential are preferred.
Major university markets with retail trade areas that are close to campus and convenient to university students, staff, and visitors.
Target Demographics • Population: 30,000+ within 3 miles • Daytime Employment: 10,000+ within 3 miles • Education Levels: Density of Bachelor’s Degree; percentage of white & blue collar customers • Median Household Income: $45K+
Co-tenants & Demand Generators
Examples of desirable co-tenants and demand generators are the following:
• Hospitals • Universities • Office Parks • Regional Malls/Movie Theatres • Upscale National Retailers
• Upscale Grocers • Barnes and Noble / Borders • Target, Walmart • Home Depot, Lowe’s • Other High End QSR’s (Chipotle)
Franchisee NameFranchisee Site Approval Form Date
Information about the Proposed Location
Address of the Location
Position of the location relative to the street Street front Set back
End cap space or free standing space End cap Free Standing
Is the location new construction or an existing space New Existing
What are the dimensions of the space Width Length
Total square feet of leaseable space
When do you expect the space to be turned over to you
Will the space be delivered in Arooga's Vanilla Box condition Yes No
If space will not be delivered in vanilla box condition, describe the work that needs to be done and an estimate of time and cost
What is your projected opening date
Information about the Lease Term & Rent Package
How long is the initial term of the lease (years)
Are there option terms, if so how many and for how long Number of options Years per option
What is the rent commencement date
What is the monthly base rent for the first year ($$)
What are the monthly net charges for the first year ($$)
What is your total monthly rent for the first year ($$)
Does the rent escalate, if so by how much and when
Site Accessibility
How would you rate the customer access to the site Good Average Poor
How would you rate the availability of parking for the site Good Average Poor
How many parking spaces are there for the site
Are there any unique factors that restrict access to the site
Franchisee Site Approval Form Page 2Franchisee Name
Site Visibility & Traffic
How would you rate the visibility of the site Good Average Poor
How would you rate the traffic that drives by the site Good Average Poor
What is the traffic count in front of the site
How would you rate the customer traffic within the center Good Average Poor
Co-Tenants, Appeal to Target Consumer, Competition
Who are the co-tenants in the center
How would you rate the appeal of the site to Arooga's customers Good Average Poor
Who are the competitors in the market and what is their distance to this site
Demographics & Neighborhood -
How many daytime employees are there surrounding the site 1 Mile 3 Miles 5 Miles
What is the residential population surrounding the site 1 Mile 3 Miles 5 Miles
What is the median household income surrounding the site 1 Mile 3 Miles 5 Miles
How would you describe the neighborhood around the site
I have undertaken a thorough evaluation of this location and I believe this to be a suitable location for an Arooga's Grill House and Sports Bar.
Franchisee Signature Date
BAUM REALTY GROUP, LLC | 1030 W. CHICAGO AVENUE | CHICAGO, IL 60642 | WWW.BAUMREALTY.COM COPYRIGHT © 2014 BAUM REALTY GROUP, LLC. ALL RIGHTS RESERVED.
Site Acceptance Package
Executive Site Summary
City & State: Date: Site Location: Prepared By: Shopping Center Name:
DEMOGRAPHICS Size (SF)RADIUS RINGS 1 mile 3 mile 5 milePopulation 8,665 49,001 89,892 Base RentMedian HH Income $100,792 $109,676 $111,115 Net ChargesAverage HH Income $108,835 $112,900 $117,017 Total Annual Gross RentNo. of Households 3,312 18,707 33,826Median Age of Population 34.1 36.7 37.6 Availability DateDaytime Work Population 1,301 12,302 27,550 Term
OptionsRent Increases
Traffic Counts: Other
Homegoods - $8.2 M Dress Barn - $1.3 M Chick Fil A - $3.2 M Arby's - $1.6 MMarshalls - $9.5 M Spa - $12 M Chipotle - $3 M Burger King - $1.9 MSafeway (estimate) - $35-38 M Pier 1 - $2M
HOSPITAL # of BEDS EMPLOYEES DISTANCE UNIVERSITY # of STUDENTS DISTANCECrownsville Hospital Center 264 650 4.1 mi EAnne Arundel Medical Center 317 1500 8.2 mi SE
Crofton, MDRt 3 & Waugh Chapel RdVillage at Waugh Chapel
6/27/2014Baum Realty Group
Two (2) five (5) year options
DEMOGRAPHICS LEASE INFORMATION
7,500 sf
$25/sf
10% every five years$25/sf TI, space delivered in Vanilla Box condition
$6/sf
• Rt 3: 58,392 CPD
VISIBILITY AND ACCESS
The Village at Waugh Chapel is a 380,000 sf shopping center located in the center of Crofton, MD, for which the entire surrounding population trades both north and south based on the tenant mix. The center was built and changed the dynamic of the Crofton market, and now has evolved into a vibrant, dense, and up-scale area, with strong market positioning. The first phase of this project included national anchor tenants like Safeway, Marshall’s, Pier 1, HomeGoods, and most recently LA Fitness. In addition, the center includes over 50 other retailers increasing the goods and services driving people to this market. The southern portion of this center will provide the addition of Target, Wegman’s, Dicks’s, BBB, and a new Regal Cinema, which will drive this trade area to expand in size to bring more and more people to this shopping center.
This trade area is based around one major retail artery known as Route 3 (also US 301 and Crain Highway). This road runs through Crofton and functions as the primary north-south transportation link between I-97 to the north, carrying traffic between Annapolis and Baltimore, and US Rt. 50 to the south, carrying traffic between Annapolis and Washington DC.
TRADE AREA SUMMARY
$232,500/yr ($19,375/month)
One (1) ten (10) year termImmediate
The center has multiple access points directly off of Route 3. The proposed space would be mostly accessed by the centers major point in front of CFA. As you drive down the drive aisle, Arooga’s would be directly south with visibility to this position.The southern portion of this center which is currently delivering is connected by an interior roadway connecting the 2 centers. The proposed location is located directly on this connecting road.
HOSPITALS/UNIVERSITIES IN TRADE AREA
PARKING AND SIGNAGE
MAJOR DEMAND GENERATORS
The center does not have Pylon signage. We will be able to have building signage above the space. In addition, we will be pursuing an outdoor area that we are going to create out of an existing landscaped area. We will utilize umbrella’s and/or awnings to further sign the proposed space. The field of parking in front of the proposed Arooga’s location is shared amongst 6 existing retailers and 2 banks, which is very attractive for our use. All together, it includes over 14 duel-side rows of parking going from the front of the store to just in front of Route 301. Additionally, the majority of our co-tenants in this portion of the center drive traffic during dinner hours primarily which further improves the value in front of our space.
The retail of this trade area is its major demand generator. Additionally, this center is located six miles from Fort Meade, a 15 minute drive from Annapolis, 25 miles from Baltimore, and 30 miles from Washington, DC. Crofton was named one of three Maryland towns on Money Magazine's 100 Best Places to Live in America list for 2011. The Crofton community is expected to further grow, both residentially and with 10,000 new jobs projected by 2013, due to the BRAC (Base Re-Alignment and Closure) initiative.
MARKET SALES INFORMATION
Panera - Opened 4 months ago; sales starte $70K/week and have settled at high $50's/low $60's. Avg MD unit does $3M annually
RivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRivaRiva
WoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmoreWoodmore
BowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowieBowie ParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParoleParole
StevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensvilleStevensville
GrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGrasGras
Fort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort MeadeFort Meade
Lake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake ShoreLake Shore
SevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernSevernNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth LaurelNorth Laurel
Rock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock HallRock Hall
Glen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen BurnieGlen Burnie
EdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemereEdgemere
97
695
495
95
895
3013015050
2020
2929
5050
11
197197
5050
1
2
3
4
5
6
7
This map was produced using data from private and government sources deemed rel iable. The information herein is provided without representat ion or warranty. Copyright © 2014 Baum Realty Group, LLC. Al l r ights reserved.
Baum Realty Group1030 W. Chicago Ave.Chicago, IL 60642 312.666.3000www.baumrealty.com
N
LEGEND
3 Mile Ring
Site Selection Area
1. Glen Burnie: Route 2 & Ordinance Rd.
2. Pasadena: Route 2 & Route 100
3. Pasadena/Quarterfield: I-97 & Donaldson Ave.
4. Severna Park: Benfield Rd. & Route 2
5. Annapolis: Route 2 & West St.
6. Waugh Chapel: Route 3 & Waugh Chapel Rd.
7. Hanover/Arundel Mill: 7000 Arundel Mills Cir.
Competitor 1
Competitor 2
Competitor 3
Competitor 4
Anne Arundel County, MD
Competitors
Retailer 1
Retailer 2
Synergistic Retailers
Generator 1
Generator 2
Demand Generators
Target Trade Area
Potential Site LogTerritory: Anne Arundel County, MD
Site #
Location, Intersection, or Street Address City Name of Center SF
AvailableBase
Rent PSF
Net Charges
PSF
Monthly Rent
Availability Date Co-Tenants Comments Rank
1 Rt 3 & Waugh Chapel Rd Gambrills Waugh Chapel 7,500 $25.00 $6.00 $19,375 Immediate
Pier 1, Applebees, Homegoods/Marshalls,
Safeway
Center located off highway. Lots of parking. Easy access and great visibility.
Large area for patio.A
2 2002 Annapolis Mall Annapolis Annapolis Mall 7,325 $25.00 $9.00 $20,754 Immediate Chick Fil-A, and other national retailers
Potential Backup, very busy parking lot due to mall location, great accessibility but
not great co-tenancy in immediate areaA
3 Forest Dr & Riva Rd Annapolis Fesitval at Riva 8,500 $31.00 $6.90 $26,846 12/15/2013 TJMaxx, Panera, Chili's, Buffalo Wild Wings
Co-tenancy strong, visible, accessibility challenging into center B
4 7000 Arundel Mills Cir Hanover Arundel Mills Mall 5,800 $29.00 $11.00 $19,333 1/1/2014 Target, Chick Fil-A, local retailers
Small; average co-tenacy and average visibility, signage and access. B
5 I-97 & Aviation Blvd Glen Burnie Anne Arundel Corporate Park 6,788 $29.00 $7.20 $20,477 Immediate Dunkin Donuts, other non
national retailersPoor Visibility and difficult access; no
signage available C
Aerial View
SITE
FORT MEADE
WAUGH CHAPEL
ODENTON SHOPPING CENTER
CROFTON SHOPPING CENTER
CROFTON CENTRE
VILLAGE SOUTH AT WAUGH CHAPEL
FUTURE
BOWIE MARKETPLACE
PRIEST RIDGE SHOPPING CENTER
HOPKINS PLACESHOPPING CENTER
FREE STATE MALL
MAIN STREET AT WAUGH CHAPEL
5 Miles 3 Miles
The Village at Waugh Chapel has excellent visibility along MD Route 3 South. It is next to the future development Village South at Waugh Chapel. Anchored by Wegmans, Regal Cinemas, Target and Dick’s Sporting Goods, Village South will present major opportunities within this growing market of Anne Arundel County.
www.streetsense.com
CORRIDOR AERIAL
MAIN STREET AT WAUGH CHAPEL
SHOPPING CENTER KEY
Grocery AnchoredPower Center/Mass MerchantRegional MallGoods & ServicesLifestyle Center
LOCATOR MAP
Lee Engle . [email protected]
Nick Page . [email protected]
WASHINGTON D.C.
BALT IMORE
COLUMBIA
ANNAPOLIS
CLOSE IN AERIAL
www.streetsense.com
VILLAGE AT WAUGH CHAPEL
VILLAGE SOUTH ATWAUGH CHAPEL
3
97
WAUG
H CHAPEL RD
CRAIN
HW
Y MAIN STREET AT WAUGH CHAPEL
Lee Engle . [email protected]
Nick Page . [email protected]
n Ideally positioned at the intersection of MD3/301 and Waugh Chapel Road, minutes from I-97 in Anne Arundel County
n A15 minute drive from Annapolis, 25 minutes from Baltimore and 30 minutes from Washington, D.C.
n A 71 acre mixed-use project that combines 425,000 sq. ft. of retail space, 400 market- rate senior living units, fast food ouparcels, an office building and a restaurant park
n The Village’s backdrop includes exemplary architecture, lush landscaping, town squares, two lakes with fountains and a waterfall, parks and promenades
n 95,000 people within a 5 mile radius with a $105,000 approximate average household income
n More than 65,000 vehicles drive Rt. 3/301, 19,000 on Waugh Chapel Road
For leasing information:www.ggcommercial.com/projectsor call 410-559-2500
The Village at Waugh ChapelGambrills, MD
Site Plan
aerial view
Lake
Lake
Demographic Source: Applied Geographic Solutions 11/2013, TIGER Geography page 1 of 3©2014, Sites USA, Chandler, Arizona, 480-491-1112
Th
is r
ep
ort
wa
s p
rod
uce
d u
sin
g d
ata
fro
m p
riva
te a
nd
go
vern
me
nt
sou
rce
s d
ee
me
d t
o b
e r
elia
ble
. T
he
info
rma
tio
n h
ere
in is
pro
vid
ed
with
ou
t re
pre
sen
tatio
n o
r w
arr
an
ty.
FULL PROFILE2000-2010 Census, 2013 Estimates with 2018 Projections
Calculated using Proportional Block Groups
Lat/Lon: 39.0392/-76.6752RF1
Rt 3 & Waugh Chapel Rd1 mi radius 3 mi radius 5 mi radius
Crofton, MD
PO
PU
LA
TIO
N
2013 Estimated Population 8,665 49,001 89,892
2018 Projected Population 9,206 52,046 95,122
2010 Census Population 8,378 47,388 87,203
2000 Census Population 4,822 38,552 71,638
Projected Annual Growth 2013 to 2018 1.2% 1.2% 1.2%
Historical Annual Growth 2000 to 2013 6.1% 2.1% 2.0%
HO
US
EH
OL
DS
2013 Estimated Households 3,312 18,707 33,826
2018 Projected Households 3,537 19,978 36,044
2010 Census Households 3,181 17,970 32,532
2000 Census Households 1,769 14,079 25,652
Projected Annual Growth 2013 to 2018 1.4% 1.4% 1.3%
Historical Annual Growth 2000 to 2013 6.7% 2.5% 2.5%
AG
E
2013 Est. Population Under 10 Years 15.5% 14.2% 13.4%
2013 Est. Population 10 to 19 Years 12.4% 13.0% 13.0%
2013 Est. Population 20 to 29 Years 13.6% 11.6% 12.1%
2013 Est. Population 30 to 44 Years 26.7% 23.5% 22.3%
2013 Est. Population 45 to 59 Years 19.8% 21.0% 21.7%
2013 Est. Population 60 to 74 Years 9.4% 12.5% 13.2%
2013 Est. Population 75 Years or Over 2.7% 4.2% 4.4%
2013 Est. Median Age 34.1 36.7 37.6
MA
RIT
AL
ST
AT
US
&
GE
ND
ER
2013 Est. Male Population 48.4% 48.2% 48.5%
2013 Est. Female Population 51.6% 51.8% 51.5%
2013 Est. Never Married 31.4% 28.0% 28.2%
2013 Est. Now Married 51.6% 54.2% 54.5%
2013 Est. Separated or Divorced 14.0% 14.1% 13.4%
2013 Est. Widowed 2.9% 3.7% 3.8%
INC
OM
E
2013 Est. HH Income $200,000 or More 11.6% 13.8% 15.0%
2013 Est. HH Income $150,000 to $199,999 16.4% 16.1% 15.9%
2013 Est. HH Income $100,000 to $149,999 20.8% 23.4% 23.4%
2013 Est. HH Income $75,000 to $99,999 13.4% 13.5% 13.6%
2013 Est. HH Income $50,000 to $74,999 22.9% 15.3% 14.6%
2013 Est. HH Income $35,000 to $49,999 10.5% 9.2% 8.7%
2013 Est. HH Income $25,000 to $34,999 1.4% 2.6% 3.3%
2013 Est. HH Income $15,000 to $24,999 1.4% 3.9% 3.2%
2013 Est. HH Income Under $15,000 1.6% 2.2% 2.3%
2013 Est. Average Household Income $108,835 $112,900 $117,017
2013 Est. Median Household Income $100,792 $109,676 $111,115
2013 Est. Per Capita Income $41,602 $43,127 $44,237
2013 Est. Total Businesses 108 1,180 2,828
2013 Est. Total Employees 1,301 12,302 27,550
Demographic Source: Applied Geographic Solutions 11/2013, TIGER Geography page 2 of 3©2014, Sites USA, Chandler, Arizona, 480-491-1112
Th
is r
ep
ort
wa
s p
rod
uce
d u
sin
g d
ata
fro
m p
riva
te a
nd
go
vern
me
nt
sou
rce
s d
ee
me
d t
o b
e r
elia
ble
. T
he
info
rma
tio
n h
ere
in is
pro
vid
ed
with
ou
t re
pre
sen
tatio
n o
r w
arr
an
ty.
FULL PROFILE2000-2010 Census, 2013 Estimates with 2018 Projections
Calculated using Proportional Block Groups
Lat/Lon: 39.0392/-76.6752RF1
Rt 3 & Waugh Chapel Rd1 mi radius 3 mi radius 5 mi radius
Crofton, MD
RA
CE
2013 Est. White 70.4% 77.8% 74.3%
2013 Est. Black 14.9% 12.2% 16.0%
2013 Est. Asian or Pacific Islander 7.5% 5.0% 4.6%
2013 Est. American Indian or Alaska Native 0.2% 0.3% 0.3%
2013 Est. Other Races 7.0% 4.7% 4.8%
HIS
PA
NIC
2013 Est. Hispanic Population 643 2,577 4,882
2013 Est. Hispanic Population 7.4% 5.3% 5.4%
2018 Proj. Hispanic Population 7.9% 5.6% 5.8%
2010 Hispanic Population 6.8% 4.8% 5.0%
ED
UC
AT
ION
(Ad
ults
25
or
Old
er)
2013 Est. Adult Population (25 Years or Over) 5,779 32,978 60,530
2013 Est. Elementary (Grade Level 0 to 8) 3.2% 1.4% 1.6%
2013 Est. Some High School (Grade Level 9 to 11) 2.5% 3.4% 3.9%
2013 Est. High School Graduate 15.7% 20.2% 20.4%
2013 Est. Some College 23.4% 22.3% 21.2%
2013 Est. Associate Degree Only 9.0% 7.6% 7.4%
2013 Est. Bachelor Degree Only 27.5% 26.9% 26.8%
2013 Est. Graduate Degree 18.6% 18.2% 18.8%
HO
US
ING
2013 Est. Total Housing Units 3,388 19,080 34,585
2013 Est. Owner-Occupied 75.8% 76.7% 77.3%
2013 Est. Renter-Occupied 22.0% 21.3% 20.5%
2013 Est. Vacant Housing 2.2% 2.0% 2.2%
HO
ME
S B
UIL
T B
Y Y
EA
R 2010 Homes Built 2005 or later 9.6% 6.6% 6.9%
2010 Homes Built 2000 to 2004 23.6% 12.4% 12.8%
2010 Homes Built 1990 to 1999 22.2% 25.1% 24.2%
2010 Homes Built 1980 to 1989 13.4% 11.4% 12.5%
2010 Homes Built 1970 to 1979 15.7% 21.5% 17.5%
2010 Homes Built 1960 to 1969 6.0% 10.4% 12.8%
2010 Homes Built 1950 to 1959 4.1% 6.0% 6.3%
2010 Homes Built Before 1949 5.5% 6.6% 7.1%
HO
ME
VA
LU
ES
2010 Home Value $1,000,000 or More 2.0% 2.1% 2.3%
2010 Home Value $500,000 to $999,999 16.2% 20.4% 21.1%
2010 Home Value $400,000 to $499,999 12.5% 13.6% 13.1%
2010 Home Value $300,000 to $399,999 29.2% 26.1% 26.4%
2010 Home Value $200,000 to $299,999 31.1% 27.2% 25.6%
2010 Home Value $150,000 to $199,999 4.5% 5.5% 5.5%
2010 Home Value $100,000 to $149,999 2.0% 2.2% 2.3%
2010 Home Value $50,000 to $99,999 1.3% 1.3% 1.5%
2010 Home Value $25,000 to $49,999 0.5% 0.7% 1.0%
2010 Home Value Under $25,000 0.6% 1.0% 1.2%
2010 Median Home Value $336,998 $360,971 $365,263
2010 Median Rent $1,375 $1,331 $1,323
Demographic Source: Applied Geographic Solutions 11/2013, TIGER Geography page 3 of 3©2014, Sites USA, Chandler, Arizona, 480-491-1112
Th
is r
ep
ort
wa
s p
rod
uce
d u
sin
g d
ata
fro
m p
riva
te a
nd
go
vern
me
nt
sou
rce
s d
ee
me
d t
o b
e r
elia
ble
. T
he
info
rma
tio
n h
ere
in is
pro
vid
ed
with
ou
t re
pre
sen
tatio
n o
r w
arr
an
ty.
FULL PROFILE2000-2010 Census, 2013 Estimates with 2018 Projections
Calculated using Proportional Block Groups
Lat/Lon: 39.0392/-76.6752RF1
Rt 3 & Waugh Chapel Rd1 mi radius 3 mi radius 5 mi radius
Crofton, MD
LA
BO
R F
OR
CE
2013 Est. Labor Population Age 16 Years or Over 6,615 37,593 69,137
2013 Est. Civilian Employed 73.7% 67.6% 66.5%
2013 Est. Civilian Unemployed 2.1% 3.1% 3.1%
2013 Est. in Armed Forces 3.3% 3.2% 3.2%
2013 Est. not in Labor Force 21.0% 26.0% 27.3%
2013 Labor Force Males 47.8% 47.8% 47.9%
2013 Labor Force Females 52.2% 52.2% 52.1%
OC
CU
PA
TIO
N
2010 Occupation: Population Age 16 Years or Over 4,843 25,225 46,350
2010 Mgmt, Business, & Financial Operations 21.2% 22.2% 23.1%
2010 Professional, Related 26.4% 29.0% 29.0%
2010 Service 15.7% 12.6% 12.9%
2010 Sales, Office 25.2% 25.6% 24.0%
2010 Farming, Fishing, Forestry - 0.1% 0.1%
2010 Construction, Extraction, Maintenance 6.8% 6.2% 6.4%
2010 Production, Transport, Material Moving 4.5% 4.3% 4.5%
2010 White Collar Workers 72.9% 76.7% 76.2%
2010 Blue Collar Workers 27.1% 23.3% 23.8%
TR
AN
SP
OR
TA
TIO
N
TO
WO
RK
2010 Drive to Work Alone 78.0% 80.3% 78.4%
2010 Drive to Work in Carpool 11.7% 8.4% 8.7%
2010 Travel to Work by Public Transportation 3.6% 5.0% 6.2%
2010 Drive to Work on Motorcycle - 0.1% 0.2%
2010 Walk or Bicycle to Work 2.8% 1.4% 1.4%
2010 Other Means - 0.1% 0.1%
2010 Work at Home 4.0% 4.8% 4.9%
TR
AV
EL
TIM
E 2010 Travel to Work in 14 Minutes or Less 11.1% 13.4% 15.4%
2010 Travel to Work in 15 to 29 Minutes 39.5% 37.2% 35.8%
2010 Travel to Work in 30 to 59 Minutes 36.4% 35.0% 34.4%
2010 Travel to Work in 60 Minutes or More 13.0% 14.4% 14.4%
2010 Average Travel Time to Work 28.5 28.6 28.0
CO
NS
UM
ER
EX
PE
ND
ITU
RE
2013 Est. Total Household Expenditure $249 M $1.44 B $2.67 B
2013 Est. Apparel $12.1 M $70.0 M $130 M
2013 Est. Contributions, Gifts $18.9 M $111 M $207 M
2013 Est. Education, Reading $8.05 M $47.5 M $88.4 M
2013 Est. Entertainment $14.2 M $82.0 M $152 M
2013 Est. Food, Beverages, Tobacco $37.4 M $215 M $398 M
2013 Est. Furnishings, Equipment $11.5 M $67.0 M $124 M
2013 Est. Health Care, Insurance $16.6 M $96.0 M $178 M
2013 Est. Household Operations, Shelter, Utilities $74.6 M $432 M $802 M
2013 Est. Miscellaneous Expenses $3.92 M $22.6 M $41.8 M
2013 Est. Personal Care $3.54 M $20.4 M $37.8 M
2013 Est. Transportation $47.9 M $274 M $507 M
October 30, 2013 John Smith Brian Properties 1234 Main Street Arlington Heights, IL 60001 RE: Lease Proposal Waugh Chapel – Crofton, MD Dear John: On behalf of our client, George Washington, Baum Realty Group, LLC is pleased to present the following proposal, which establishes the basic terms and conditions for a lease at the above referenced location. The basic terms and conditions are as follows: Premises: Approximately 7,500 rentable square feet of ground floor retail space at Waugh
Chapel in Gambrills, MD. The dimensions of the Premises are shown on the attached floor plan provided by the Landlord. Tenant shall have the right to re-measure the premises and should it be less than 7,500 square feet then the size of the premises in the lease shall be reduced appropriately.
Landlord may not alter the Common Areas (including the parking lot) in a manner that interferes with Tenant’s use, visibility of the premises, or the access of Tenant’s customers to the Premises.
Landlord: Please Provide Tenant: George Washington
(Herein after “Tenant”) Use: Tenant shall be permitted to use the Premises for the operation of a full service
restaurant and bar which shall offer a wide range of food and alcohol for both on-site and off-premise consumption.
Term: One (1) ten (10) year term Options: Two (2) five (5) year options, subject to 120 days notice Net Base Rent: $__________ per square foot per year one (1), being $_______ per month. Rent Escalations: The net rent shall increase by ten percent (10%) every five (5) years, including the
option periods if exercised. Real Estate Taxes, CAM and Insurance: Tenant will pay its pro rata share of the Real Estate Taxes, Common Area
Maintenance, and Insurance (“Net Charges”). Tenant’s pro rata share shall be calculated by dividing the square footage of Tenant’s Premises by the total gross rentable square footage of the (Pick one:) shopping center / property. All taxes
and expenses shall not exceed $_____ per square foot in the first year of the lease term. Tenant will pay the estimates and there will be a year-end adjustment based on the actual costs. Net Charges (exclusive of real estate taxes and insurance) will not increase by more than four (4%) non-cumulative per year.
Utilities: Landlord shall provide to the Leased Premises in sufficient capacity all utilities
including electric, gas, water and sewer. Such utilities shall be separately metered at Landlord’s expense. Landlord to provide all meter numbers to Tenant and unrestricted access to all meter locations upon request of Tenant. Tenant shall be responsible for the direct payment of their actual utility consumption throughout the Lease term.
Merchant Association Or Marketing Funds: Landlord agrees to waive any dues or fees payable to a Merchant Association.
Participation and membership would be at the option of the Tenant. Possession Date: Tenant shall take possession of Premises the later of 1) completion of Landlord’s
work or 2) Tenant’s receipt of all necessary permits. Landlord to provide 30 days written notice to Tenant prior to completion of Landlord Work.
Rent Commencement: Tenant’s obligation to pay Base Rent, CAM, Taxes and insurance shall commence
180 days following Tenant’s Possession of Premises. Security Deposit: None Landlord Delays: All dates herein shall be subject to and adjusted accordingly as a result of any
Landlord Delays, which shall include (i) Landlord providing Tenant with incomplete base building plans and specifications (ii) Landlord’s late completion of the Landlord’s Work, (iii) Landlord providing Tenant with late consent where Landlord’s consent is required, and (iv) any other acts or omissions of Landlord or its agents, contractors or employees which delay Tenant’s construction of any improvements in the Premises and/or Tenant’s opening for business from the Premises
Permits: Tenant will apply for and diligently pursue each permit at its expense. Landlord
shall cooperate with Tenant in attempting to obtain such permits and shall execute any necessary applications.
Parking & Cross Easement: Tenant shall be given a right for cross easement for ingress/egress and parking
over the entire shopping center property. Landlord may not place or allow to be placed any temporary or permanent structures the would reduce the amount of parking within the Primary Parking Field and Landlord may not designate any of the parking spaces within the Primary Parking Field to any other tenant without Tenant’s written authorization. In all future leases executed with tenants in the building in which Tenant is located, Landlord will require that all employees of future tenants park outside of the Primary Parking Field.
At no extra cost, the Tenant shall be provided five (5) dedicated parking spaces
directly in front of the premises for grab and go customers and Tenant may install signage designating the spaces as such.
Patio Seating Area: At no extra cost, the Tenant shall be permitted exclusive use of the outside area in
front of the Premises for a patio seating area, exact dimensions to be agreed upon prior to Lease execution.
Tenant Improvement Allowance: Landlord will provide to the Tenant a construction allowance of $______ per
square foot of leased space to be paid within 30 days of the completion of construction and the receipt of lien waivers.
Landlord’s Work: Space shall be delivered in “Vanilla Box” condition as described in the attached
work letter at Landlord’s cost and per Tenant specifications. Electronic Plans: Prior to lease execution, Landlord shall provide Tenant with to-scale, electronic
architectural drawings of the demised premises preferably in AutoCAD format. Municipal & Impact Fees: Landlord shall be solely responsible at its cost to pay for all
federal/state/county/city impact fees including, sewer connection fees, traffic mitigation fee, highway fee, parking fee. Tenant will only pay for his/her own Building, Plan Check, and Health Department Fees to construct its applicable Tenant improvements.
Condition of Premises And Property: The structural integrity elements, roof, fire prevention and alarm systems,
electrical, plumbing, HVAC and all other building systems of the Premises shall be in sound condition, and meet all applicable federal, state, and local codes including but not limited to ADA compliance requirements during the initial lease term and option periods if exercised. Landlord shall disclose any known conditions that would adversely affect store design, construction and use as contemplated by this letter.
Hazardous Materials: Landlord is responsible for the removal of any and all hazardous materials and
substances, including but not limited to asbestos and asbestos containing materials prior to Tenant’s Possession.
Repairs And Maintenance: Landlord shall perform the repairs or make any necessary replacements to the roof
and structural portions of the Premises, and to repair, maintain, service, and light the common areas.
Landlord shall perform all maintenance and repairs to building systems and improvements made by Landlord to the interior of Leased Premises.
HVAC: Tenant shall be responsible for contracting with a licensed HVAC contractor to
perform annual preventative maintenance. Landlord shall be responsible for the repair and/or replacement if the HVAC if needed.
Continuing Co-tenancy: If ________ or ________ceases to conduct it’s typical business in the shopping
center, Tenant’s only obligation with respect to rent shall be the payment of one half of the rent (including net charges) until such vacancy is filled with a tenant of equal quality and size. In the event such vacancy is not filled within (12) months Tenant shall have the right to terminate the Lease.
Exclusive: Landlord shall not sell space, lease space, or allow the sublease of space within the
shopping center or on its property to any person or entity for a retail food business that is any type of sports bar, excluding present tenants or their assignees so long as to the extent that the Landlord has the right to approve a change of use for an existing tenant or its assignees that Landlord will not approve a change to a use that will violate the exclusive language above.
Prohibited Uses: Landlord shall not lease or allow use of any premises in the Shopping Center for
any immoral, illegal, unethical or noxious uses (to be further defined in the Lease), specifically including, without limitation, any use which emits odors or noises which may disturb Tenant’s use or operation of the Premises including but not
limited to nail salons, tenants that house live animals, or tenants that manufacture animal food or treats on premise.
Signage: Tenant, at its cost, shall be permitted to install or place signs (including window
posters) in or about the premises. Tenant will be allocated signage space within pylon or monument signage for the shopping center. Tenant shall be responsible to ensure all signage complies with municipal codes. Landlord shall at its sole cost and expense, prepare and/or paint the exterior of the Building and Premises in preparation for Tenant’s signage (including without limitation patching and repairing of holes left by any prior tenant’s signage). Landlord hereby approves the use of Tenant’s standard interior and exterior signage package, awnings, and logo subject to the approval of any government authority. Landlord further agrees to permit the Tenant to use promotional banners on the exterior of the premises provided Tenant agrees to obtain any permits and complies with the rules and regulations as set by the Landlord for the use of promotional banners.
Assignment And Sublease: Tenant has the right to assign and sublease with the consent of the Landlord, such
consent not to be unreasonably or arbitrarily withheld. To be later defined in the Lease.
Hours of Operation: Tenant shall have the right to determine its hours of operation. Tenant shall be permitted to remain open and operate its business during the maximum hours permitted by law seven (7) days a week.
Relocation: Landlord shall have no right to relocate Tenant. Radius Restriction: None Garbage & Recycling: Landlord to provide adequate space within the development for tenant to place
garbage and recycling dumpsters as required by code or to meet the needs of its operations
. SNDA: If there is currently a ground lease, mortgage or deed of trust on the Development,
Tenant will require a Subordination Non Disturbance Agreement (“SNDA”) from the ground lessor or lender. Tenant’s obligations to subordinate to any future lien holder should be conditional upon Tenant’s receipt of a commercially reasonable SNDA from such future lien holder, Landlord shall deliver a fully executed SNDA on or before the Rental Commencement Date, or such date shall be postponed on a per diem basis until obtained.
Contingencies: The lease shall be contingent upon Tenant obtaining necessary permits for the
construction of a Tenant store and operation of its business. Tenant will apply for and diligently pursue each permit at its expense. Landlord shall cooperate with Tenant in attempting to obtain such permits and shall execute any necessary applications.
Lease Form: Landlord’s Lease form will be used. Franchisor Lease Rider: Upon execution of this proposal, the Franchisor Lease Rider will be provided to
Landlord for review. The lease rider shall be incorporated as an exhibit to the lease.
Agency Disclosure: Landlord acknowledges that Baum Realty Group is acting on behalf of the Tenant of the real estate and that any information given to Baum Realty Group by Landlord will be disclosed to the Tenant.
Commission: Landlord agrees to pay Baum Realty Group a brokerage commission per a separate
commission agreement. This Proposal shall not be binding upon the parties, and is being offered for consideration for ten business days from the date of this letter. A binding agreement shall not exist until a lease has been executed and delivered by both parties. Neither party may claim any legal rights against the other by reason of activities taken in reliance upon this non-binding Proposal, including, without limitation, any partial performance of the transactions contemplated herein. Neither party owes the other party any duty to negotiate a formal agreement, and either party may cease discussion at any time. We appreciate your time and consideration in this matter. Sincerely, BAUM REALTY GROUP, LLC Phil Baugh Attachments: Exhibit A – Site Plan & Primary Parking Field Exhibit B – Signage & Logo Examples Exhibit C – Franchisor Lease Addendum AGREED & ACCEPTED for TENANT: AGREED & ACCEPTED for LANDLORD: By: _____________________ By: _____________________ Its: _____________________ Its: _____________________ Date: ___________________ Date: ____________________
