ruby tuesday fee simple ground lease | manassas, va ... tuesday - manassas, va.pdfruby tuesday inc....

SVN The Kase Group

Jacob Abusharkh

Managing Director415.269.2474

[email protected]#01385529

www.TheKaseGroup.com

Ruby Tuesday Fee Simple Ground Lease | Manassas, VA (Washington, D.C.)

$2,885,120 | 5.00% CAP

Offering Highlights

20 Year Absolute NNN Ground Lease

with over 10 Years Remaining

100% Fee Simple Interest

Zero Landlord Obligations

Scheduled 12% Increases in Rent

Trophy Washington, D.C. Location

Actual Site Photo

Ruby Tuesday Fee Simple Ground Lease


All Sperry Van Ness® Offices Independently Owned & OperatedThe information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for correctness.



SVN The Kase Group

The material contained in this Investment Offering Brochure is furnished solely for the purpose of considering the purchase of the property within and is not to be used for any other purpose. This information should not, under any circumstances, be photo-copied or disclosed to any third party without the written consent of Sperry Van Ness or Owner, or used for any purpose whatsoever other than to evaluate the possible purchase of the Property.

The only party authorized to represent the Property Owner (“Owner”) in connection with the sale of the Property is the Sper-ry Van Ness Advisor listed in this proposal, and no other person is authorized by the Owner to provide any information or to make any representations other than contained in this Investment Of-fering Brochure. If the person receiving these materials does not choose to pursue a purchase of the Property, this Offering Bro-chure must be returned to Sperry Van Ness.

Neither the Sperry Van Ness Advisor nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, and noth-ing contained herein is or shall be relied upon as a promise or representation as to the future performance of the Property. This Offering Brochure may include certain statements and estimates by Sperry Van Ness with respect to the projected future perfor-mance of the Property. These Assumptions may or may not be proven to be correct, and there can be no assurance that such estimates will be achieved. Further, the Sperry Van Ness Advisor and the Owner disclaim any and all liability for representations or warranties, expressed or implied, contained in or omitted from this Investment Offering Brochure, or any other written or oral communication transmitted or made available to the recipient. The recipient shall be entitled to rely solely on those repre-sentations and warranties that may be made to it in any final,

fully executed and delivered Real Estate Purchase Agreement between it and Owner.

The information contained herein is subject to change without notice and the recipient of these materials shall not look to Owner or the Sperry Van Ness Advisor, nor any of their officers, employees, representatives, independent contractors or af-filiates, for the accuracy or completeness thereof. Recipients of this Investment Offering Brochure are advised and encouraged to conduct their own comprehensive review and analysis of the Property.

This Investment Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, at its sole discretion, to reject any or all expres-sions of interest to purchase the Property and expressly reserves the right, at its sole discretion, to terminate negotiations with any entity, for any reason, at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the Investment Offering Brochure or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate Purchase Agreement on terms ac-ceptable to Owner, in Owner’s sole discretion. By submitting an offer, a prospective purchaser will be deemed to have acknowl-edged the foregoing and agreed to release the Owner and the Sperry Van Ness Advisor from any liability with respect thereto.

To the extent Owner or any agent of Owner corresponds with any prospective purchaser, any prospective purchaser should not rely on any such correspondence or statements as binding Owner. Only a fully executed Real Estate Purchase Agreement shall bind the property and each prospective purchaser proceeds at its own risk.

Disclaimer | Confidentiality

Ruby Tuesday Fee Simple Ground LeaseSVN The Kase Group



CONTENTS

PROPERTY OVERVIEW

Offering Highlights

Executive Summary

Tenant Summary

FINANCIAL OVERVIEW

Financial Summary

LOCATION OVERVIEW

Location Maps

Aerial Photo

Exterior Photos

DEMOGRAPHICS

Demographics Report

Demographics Map




PROPERTY OVERVIEW

Offering Highlights

Executive Summary

Tenant Summary

20 Year Absolute NNN Ground Lease with over 10 Years Remaining

100% Fee Simple Interest

Zero Landlord Obligations

Scheduled 12% Increases in Rent

Trophy Washington, D.C. Location

Offering Highlights




Investment OverviewSale Price: $2,885,120

CAP Rate: 5.00%

Net Operating Income: $144,256

Lot Size: 1.0 Acres

Year Built: 2005

Market: Washington, D.C.

PropertyThis is an extremely rare D.C. retail ground lease opportunity unlike anything else available in the market. The offering is the 100% fee simple interest in a 20 year corporate guaranteed ground lease with 10 years remaining and scheduled 12% increases every 5 years in both the initial term and at each of the four 5 year renewal options.

LocationManassas is an independent city in the Commonwealth of Virginia. As of the 2010, the population was 37,821. The city is surrounded by Prince William County and the independent city of Manassas Park. The Bureau of Economic Analysis combines the city of Manassas (along with Manassas Park) with Prince William County for statistical purposes.

9504 Liberia Ave | Manassas, VA 20110

Executive Summary




Tenant OverviewRuby Tuesday Inc. (NYSE: RT) is an American multinational foodservice retailer that owns, operates, and franchises Ruby Tuesday restaurants. The concept was started in 1972 by Samuel E. (Sandy) Beall, III.

The corporation was formed in 1996 as a reincorporation of Morrison Restaurants Inc. They are headquartered in Maryville, Tennessee, and operate 755 locations worldwide between their various concepts.

Their flagship brand is an American cuisine casual dining restaurant chain that is primarily located along the eastern coast of the United States. The company also owns Lime Fresh Mexican Grill. The company has closed all locations of Wok Hay and Marlin and Ray’s. Additionally, they hold development rights to Truffles Grill.

The restaurant’s name was taken directly from The Rolling Stones song, “Ruby Tuesday”, which was popular during the time of the first restaurant’s inception. The name was suggested to founder Sandy Beall by Bob Hope.

Ruby Tuesday was born out of a $10,000 endowment Sandy Beall had received from a friend and operator of several Pizza Huts to open his own restaurant. With that money, and another $10,000 put together with four of his University of Tennessee fraternity brothers, the first Ruby Tuesday restaurant was opened in 1972.The location was adjacent to the University’s Knoxville campus, and although the building still stands, the restaurant has since closed.

Over the subsequent decade, Ruby Tuesday extended their footprint with a new location opening about every nine months. In April 1982, Sandy sold the expanded 16-unit Ruby Tuesday chain to Morrison Inc. for $15 million in cash and stock. The sale provided the rapidly growing restaurant chain with additional financial support. It also saw Sandy become president of a newly formed Specialty Restaurant Division spearheaded by Ruby Tuesday. By 1985, the chain had grown to operate 35 locations, and was a major contributor to the renewed success of Morrison’s.

Morrison Inc. was renamed Morrison Restaurants Inc. in 1992 to reflect the importance of their lucrative restaurant investments. Additionally, the company realigned their dining division with a new name, the Ruby Tuesday Group. That same year, Sandy was named CEO of Morrison Restaurants Inc. On March 9, 1996, the shareholders of Morrison’s approved a distribution and dissolved Morrison Restaurants Inc. into three separate companies; Ruby Tuesday Inc., Morrison Health Care Inc., and Morrison’s Fresh Cooking Inc.

Ruby Tuesday Inc. became the legal successor to Morrison Restaurants Inc. and was incorporated in Mobile, Alabama.[9] At the time of the distribution, Ruby Tuesday Inc. operated many other restaurant brands in addition to their flagship Ruby Tuesday brand, including: L&N Seafood Grill, Mozzarella’s Café, Silver Spoon Café, and Tia’s Tex-Mex.In November 2000, Ruby Tuesday Inc. completed the sale of all restaurant brands (with the exception of Ruby Tuesday) to Specialty Restaurant Group, LLC. This divestiture allowed Ruby Tuesday to concentrate exclusively on the growth and development of its namesake brand.[10] On April 12, 2007, Ruby Tuesday Inc. changed its NYSE ticker symbol from RI to RT.

Corporate InformationTraded As: NYSE: RT

Headquarters: Maryville, TN

Founded: 1972

Revenue: $1,265.16 milliom (2011)

Website: www.rubytuesday.com

Tenant HighlightsOver 775 Locations Nationwide

Approximately $1.265 million in Revenue (2011)

Tenant Summary







FINANCIAL OVERVIEW

Financial Summary

9504 Liberia Ave | Manassas, VA 20110 $2,885,120 | 5.00% CAP

CAP Rate: 5.00%

Lot Size: 1.0 Acres

Year Built: 2005

Type of Ownership: Fee Simple

Tenant Name GLA Lease Begin Lease End Annual Rent Increases Options

Ruby Tuesday 1.0 AC 10/19/2005 1/31/2026 $144,256 Rent Increases Tenant has

12% every four 5

5 years and year options

at each option to renew

Operating Summary 2016 2021

Net Operating Income $144,256 $161,567

CAP Rate 5.00% 5.60%

Option 1 Option 2 Option 3 Option 4

Net Operating Income $180,955 $202,669 $226,990 $254,228

CAP Rate 6.27% 7.02% 7.87% 8.81%

Financial Summary







LOCATION OVERVIEW

Location Maps

Aerial Photo

Exterior Photos

2. LOCATION OVERVIEW

RUBY TUESDAY Location Maps

All Sperry Van Ness® Offices Independently Owned & Operated.

The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

www.TheKaseGroup.com9

Location Maps




Aerial Photo




Exterior Photos







DEMOGRAPHICS

Demographics Analysis

Demographics Map

Total Population

Total Number of Households

Total Number of Persons per Household

Average House Value

Average Household Income

Median Age

Median Age - Male

Median Age - Female

Total Population - White

Total Percent - White

Total Population - Black

Total Percent - Black

Total Population - Asian

Total Percent - Asian

Total Population - Hawaiian

Total Percent - Hawaiian

Total Population - Indian

Total Percent - Indian

Total Population - Other

Total Percent - Other

Total Population - Hispanic

Total Percent - Hispanic

50 225 6070.7% 0.3% 0.4%

695 9,901 15,6339.5% 13.6% 11.1%

9504 Liberia Ave | Manassas, VA 20110 For Sale | $2,885,120

* Demographic information provided by BuildOut, Inc.

2,817 23,185 45,320

2.6 3.1 3.1

$408,861 $448,078

$85,672 $88,589 $101,078

35.6 32.7 33.831.7 32.4 33.3

38.9 33.1 34.4

365 3,949 10,1215.0% 5.4% 7.2%

1,207 8,804 15,44916.4% 12.1% 11.0%

0 102 2040.0% 0.1% 0.1%

4,897 46,493 93,49066.7% 64.0% 66.3%

7,338 72,627 140,921

1,712 22,399 38,22423.3% 30.8% 27.1%

1 Mile 3 Miles 5 Miles

4. DEMOGRAPHICS

RUBY TUESDAY Demographics Report




Demographics Analysis




4. DEMOGRAPHICS

RUBY TUESDAY Demographics Map




* Demographic information provided by BuildOut, LLC

9504 Liberia Ave | Manassas, VA 20110 Radius Map

1 Mile 3 Miles 5 Miles

Total Population 7,338 72,627 140,921

Total Number of Households 2,817 23,185 45,320

Average Household Income $85,672 $88,589 $101,078

Median Age 35.6 32.7 33.8

Demographics Map




ruby tuesday fee simple ground lease | manassas, va ... tuesday - manassas, va.pdfruby tuesday inc....

Documents