Dunkin’ Donuts 15-Year NNN Clearwater msa

STORE REMODEL

DUNKIN’ DONUTS 15-YEAR NNN CLEARWATER MSA 7030 Ulmerton Rd, Largo (CLEARWATER MSA), Florida, 33771

OFFERING MEMORANDUM

Ben-Moshe Brothers

REPRESENTATIVE PHOTO

TAX FREE STATE

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DUNKIN’ DONUTS 15-YEAR NNN CLEARWATER MSA OFFERING MEMORANDUM

ROEE BEN-MOSHE Miami Office (786) 522-7083 [email protected]

LEEOR BEN-MOSHE Miami Office (786) 522-7059 [email protected]

Ben-Moshe Brothers OF MARCUS & MILLICHAP www.CapRates.com

EXCLUSIVELY L ISTED BY:

Ben-Moshe Brothers

http://www.caprates.com/

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows: The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided. As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the property for your needs. Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property. By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.

CONFIDENTIALITY & DISCLAIMER STATEMENT


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TABLE OF CONTENTS

PRICING & FINANCIAL ANALYSIS

Investment Highlights 6

Executive Summary 7

Company Overview 9

PROPERTY DESCRIPTION

Physical Description 11

Aerial Map 14

Regional Map 15

DEMOGRAPHIC ANALYSIS

City Overview 18

Executive Summary 20

Ben-Moshe Brothers

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the

information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions,

assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real

Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap Activity ID Y0390161

Ben-Moshe Brothers

TAX FREE STATE

ACTUAL STORE PHOTO





Ben-Moshe Brothers

PROFESSIONAL FOOTBALL PLAYER DREW BREES PARTNERS WITH

EXISTING FRANCHISEE TO BUILD NEW STORES

BRAND NEW 15-YEAR LEASE

52+ UNIT OPERATOR BACKING 15-YEAR GUARANTY

PROPERTY IN LARGO FLORIDA - CLEARWATER MSA

ABSOLUTE TRIPLE-NET

ZERO LANDLORD RESPONSIBILITIES

EXPERIENCED FRANCHISEE WITH IN FL, AL, LA

10% RENT ESCALATIONS EVERY 5 YEARS

COMPLETE REMODEL SCHEDULED TO NEWEST DUNKIN’ PROTOTYPE

DENSE RESIDENTIAL AND INDUSTRIAL AREA

49,300 VEHICLES PER DAY ON ULMERTON RD

POPULATION WITHIN 5 MILES IS 238,239/ 106,000 HOUSEHOLDS

149,756 DAYTIME EMPLOYEES

FLORIDA TAX FREE STATE

Marcus & Millichap is pleased to offer this Dunkin’ Donuts property with an

absolute net 15-Year lease with zero landlord responsibilities.

Dunkin' Donuts is an American global donut company and coffeehouse based in

Canton, MA, in Greater Boston. It was founded in 1950 by William Rosenberg in

Quincy, MA. The company is one of the largest coffee and baked goods chains in

the world, with more than 12,000 restaurants in 36 countries. The chain's products

include donuts, bagels, other baked goods, and a wide variety of hot and iced

beverages.





Ben-Moshe Brothers

REPRESENTATIVE PHOTO

PRICE CAP RATE INCREASES LEASE TERM OPTIONS LOT SIZE BUILDING SIZE YEAR BUILT TYPE OF OWNERSHIP GUARANTY

$1,861,472 5.50%

10% Every 5 Years

15 Years Four 5-Year Options

39,204 SF (0.9 ACRES)

2,124 SF 2008

Fee Simple 52+ Unit Franchisee

DUNKIN’ DONUTS 15-YEAR NNN

CLEARWATER MSA 7030 Ulmerton Rd, Largo (CLEARWATER

MSA), Florida, 33771





NET OPERATING INCOME $102,381

ANNUAL RENT

$102,381

$112,619

$123,881

$136,269

$149,896

$164,886

$181,374

MONTHLY RENT

$8,531

$9,384

$10,323

$11,356

$12,491

$13,740

$15,115

RENT SCHEDULE

YEARS 1 - 5

YEARS 6 - 10

YEARS 11 - 15

OPTION 16 - 20

OPTION 21 - 25

OPTION 26 - 30

OPTION 31 - 35

Ben-Moshe Brothers

This Dunkin' Donuts' Franchisee presently operates over 50 stores and will remodel this store in 2018. The Franchisees’ growth plan is to operate approximately 80 units by 2019, strengthening the asset further and providing long-term stability for an investor.

Location Status SF Info

Concept City State Guarantee

Size Yrs

Rem. NOI

(Rent) Listed Price

CAP Rate Sold Price Date Sold

Building (SF) $/SF Rent/SF

1 Dunkin' Donuts

St. Petersburg FL

52+ Unit Franchisee 15 $116,822 $2,225,000 5.25% On Market

On Market

2,050 $1,085 $56.99

2 Dunkin' Donuts

St. Petersburg FL

12 Unit Franchisee 10 $66,500 $1,330,000 5.00% $1,330,000 Apr-17

1,850 $719 $35.95

3 Dunkin' Donuts

St. Petersburg FL

40+ Unit Franchisee 20 $75,000 $1,500,000 5.36% $1,400,000 Aug-16

2,513 $557 $29.84

4 Dunkin' Donuts Palm Bay FL

40+ Unit Franchisee 20 $75,000 $1,500,000 5.36% $1,400,000 Aug-16

1,305 $1,073 $57.47

5 Dunkin' Donuts Jacsonville FL

13+ Unit Franchisee 20 $98,000 $1,865,000 5.40% $1,815,000 Oct-15

2,000 $908 $49.00

5.27% 1,944 $868 $46

AVG AVG AVG AVG

Subject Dunkin' Donuts Largo FL

52+ Unit Franchisee 15 $102,381 $1,861,472 5.50% On Market

On Market

2,124 $876.40 $48.20





Ben-Moshe Brothers

CANTON, MA (January 3, 2017) – Dunkin’ Donuts, America’s all-day, everyday

stop for coffee and baked goods, announced today that New Orleans Saints Quarterback

Drew Brees, in partnership with existing franchisee Vik Patel, has signed an agreement

to develop up to 69 new Dunkin’ Donuts restaurants in New Orleans, Baton Rouge,

Shreveport, Monroe and Alexandria, Louisiana over the coming years. The first

location under the new partnership is planned to open in 2017, and the group will also

co-own five existing Dunkin’ Donuts restaurants in Louisiana.

Bourbon Street Donuts, LLC is led by Vik Patel, the CEO of Tampa-based Purple

Square Management Co. Patel has been a Dunkin’ Donuts franchisee for 10 years and

currently operates 46 restaurants in Alabama, Florida and Louisiana. Purple Square also

has plans to open additional units in 2017. New Orleans Saints Super Bowl champion

and MVP Drew Brees and former New York Giants offensive lineman and current FOX

Sports broadcaster David Diehl are also partners at Bourbon Street Donuts, LLC.

“As Dunkin’ Donuts franchisees we are committed to growing the brand in Louisiana

and playing an important role in the daily lives of people who live, work and visit here,"

said Vik Patel, CEO at Bourbon Street Donuts, LLC. “Drew has proven his

commitment to New Orleans – both on and off the field – and we couldn’t ask for a

better partner to help expand Dunkin’ Donuts’ presence in Louisiana.

We’re excited to open our first few restaurants under this partnership next

year, and developing even more restaurants over the long-term.”

As part of this growth, Dunkin’ Donuts is recruiting franchisees in Arkansas,

eastern Texas and Mississippi. To help fuel growth, special development

incentives are available, which include reduced royalty fees for three years

and up to $5,000 in local store marketing support for timely openings.* In

an effort to keep the brand fresh and competitive, Dunkin' Donuts offers

flexible concepts for any real estate format including free-standing

restaurants, end caps, in-line sites, gas and convenience, travel plazas,

universities, as well as other retail environments.

“Dunkin’ Donuts’ growth in the Southeast would not be possible without

our existing franchisees like Vik Patel who continue to demonstrate their

high confidence in our business model, our world-class support team, and

the unit economics of the business,” said Grant Benson, CFE, vice president

of global franchising and business development, Dunkin’ Brands.

“Additionally, we are excited to welcome NFL great Drew Brees to our

system, and we look forward to working with Bourbon Street Donuts to

bring great products and exceptional guest service to our loyal guests

throughout Louisiana.”

Dunkin' Donuts offerings include hot coffee, iced coffee, cold brew coffee,

flavored coffees, lattes, macchiato, espresso, cappuccino, Dunkin’ Donuts




Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap Activity ID X0390975

Ben-Moshe Brothers

Dunkin' Donuts is an American global donut company and coffeehouse based in Canton,

Massachusetts, in Greater Boston. It was founded in 1950 by William Rosenberg in Quincy,

Massachusetts. Since its founding, the company has grown to become one of the largest

coffee and baked goods chains in the world, with more than 12,000 restaurants in 36

countries. The chain's products include donuts, bagels, other baked goods, and a wide

variety of hot and iced beverages.

Before 1990, Dunkin' Donuts' primary competitor was Mister Donut, but in February of that

year Mister Donut was acquired by Dunkin' Donuts' owner Allied-Lyons. After the acquisition

of Mister Donut by Allied-Lyons, all Mister Donut stores in North America were offered the

chance to change their name to Dunkin' Donuts. As of 2014, Dunkin' Donuts is owned by

Dunkin' Brands Inc., which also owns Baskin-Robbins and previously owned the Togo's chain.

Ben-Moshe Brothers

OWNERSHIP TENANT NASDAQ SYMBOL SALES VOLUME NUMBER OF LOCATIONS HEADQUARTERED WEBSITE CEO

PUBLIC DUNKIN' DONUTS

NYSE: DNKN $828.89+ MILLION

11,000+ (2016) CANTON, MASSACHUSETTS

WWW.DUNKINDONUTS.COM NIGEL TRAVIS






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REPRESENTATIVE

PHOTOS


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Clearwater has frequently been ranked one of the best beaches in the United States. Its Sandpearl resort was named one of the best beach resorts in the U.S. In 2009 an episode of Brooke Knows Best was shot on the beach. In January 2013, Clearwater Beach was awarded the designation of Florida's Best Beach Town by a USA Today reader poll ranking 10 Florida beach destinations. Clearwater Beach includes a resort area and a residential area on the Gulf of Mexico in Pinellas County on the west central coast of Florida. Located just west over the Intracoastal Waterway by way of the Clearwater Memorial Causeway from the city of Clearwater, Florida, of which it is part, Clearwater Beach. Clearwater Beach is characterized by white sand beaches stretching for 2.5 miles (4 km) along the Gulf and sits on a barrier island. It has a full marina on the Intracoastal Waterway side and is linked on the south by a short bridge to another barrier island called Sand Key. The area offers shopping, restaurants, and activities such as parasailing, jet ski rentals, boat tours (with a common sighting of dolphins in the Gulf waters), miniature golf, fishing charters, and "pirate ship" cruises. Pier 60, named for State Road 60 which terminates in Clearwater Beach, is a central spot for beachgoers and has a playground, a snack bar with attached souvenir shop, and a long fishing pier. There are professional entertainers who perform on the pier every day, along with children's acts. Numerous restaurants and shops can be found adjacent to the beach, whose attractiveness was greatly improved in recent years with a beautification project called Beach Walk. The Beach Walk is located just south of Pier 60.

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the

accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.

Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of

the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus

& Millichap Activity ID Y0390161

Ben-Moshe Brothers

POPULATION INCORPORATED COUNTY TIME ZONE AREA CODES WEBSITE MAYOR

83,065 1905

PINELLAS EST (UTC-5)

727 WWW.LARGO.COM

WOODY BROWN

Largo is the third largest city in Pinellas County, Florida, United States, and is part of the Tampa Bay Area. As of the 2014 Census estimate, the city had a population of 84,500, up from 69,371 in 2000. Largo was first incorporated in 1905. In 1913, it became the first municipality in Pinellas County to adopt a council-manager government. It switched back and forth from "town" to "city" a few times, and became a city again in 1974. It was an exporter of agricultural products until the 1960s when the influx of people began to transform it into a bedroom community. Largo began as a rural farming community and became the third largest city in Florida's most densely populated county. As of the census of 2010, there were 77, 648 people, 38,022 households, and 19,573 families residing in the city. The population density was 4,945.7 inhabitants per square mile (1,912.5/km²). There were 46,859 housing units at an average density of 2,984.6 per square mile (1,154.2/km²). The estimated population for 2016 was 83,065 The vast majority of jobs in Largo are in services and in retail sales. The health care industry continues to grow to meet the needs of an aging population. Hospitals are among the area's strongest employers






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http://www.largo.com/

# Top Ten Employers # of

Employees

1 Tech Data

2,500

2 Special Data Processing 1,800

3 Largo Medical Center 1,600

4 The Hospice of the Florida Suncoast

900

5 City of Largo

899

6 Pinellas County Schools

800

7 Diagnostic Clinic

800

8 Publix

730

9 Suntasia Marketing (defunct) 600

10 SCC Soft Computer

501






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Tech Data Corporation- Largest Employer

Tech Data Corporation (commonly referred to as Tech Data) is an American

multinational distribution company specializing in IT products and services.

Tech Data provides a broad range of product lines, logistics capabilities and

value-added services that enable technology manufacturers and resellers,

such as Apple, Cisco, HP, IBM, Lenovo, Microsoft, Sony, Symantec and

VMware, to deploy IT solutions.

Tech Data is now one of the world’s largest distributors of IT products and

services, generating $27.7 billion in net sales for the fiscal year ended

January 31, 2015. The company is ranked No. 108 on the Fortune 500 and

one of Fortune’s “World’s Most Admired Companies.”

1 Mile 3 Miles 5 Miles

2000 Population 12,635 83,887 230,213 2010 Population 14,117 89,089 234,416

2014 Population 14,363 90,732 238,240

2019 Population 14,564 93,179 241,627

2000 Households 5,656 36,129 102,745

2010 Households 6,434 39,060 104,917

2014 Households 6,562 39,917 106,979

2019 Households 6,711 41,438 109,311

2014 Average Household Size 2.16 2.16 2.17

2014 Daytime Population 13,012 78,300 149,757

2000 Owner Occupied Housing Units 54.90% 61.51% 63.08% 2000 Renter Occupied Housing Units 28.22% 24.36% 24.69%



$ 0 - $14,999 14.9% 13.7% 14.0% $ 15,000 - $24,999 15.0% 14.2% 14.6% $ 25,000 - $34,999 14.8% 14.1% 13.6%

$ 35,000 - $49,999 18.8% 17.9% 17.6%

$ 50,000 - $74,999 17.9% 18.2% 18.8% $ 75,000 - $99,999 10.6% 10.1% 9.9%

$100,000 - $124,999 3.6% 5.3% 5.4%

$125,000 - $149,999 2.2% 2.6% 2.2%

$150,000 - $199,999 1.4% 1.7% 1.9%

$200,000 - $249,999 0.3% 0.9% 0.7%

$250,000 + 0.5% 1.3% 1.2%

2014 Median Household Income $38,655 $41,367 $41,080 2014 Per Capita Income $22,858 $25,763 $25,635

2014 Average Household Income $49,989 $57,075 $56,233






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Geography: 5 miles Population

In 2014, the population in your selected geography is 238,239. The population has changed by 3.48% since 2000. It is estimated that the population in your area will be 241,626 five years from now, which represents a change of 1.42% from the current year. The current population is 48.39% male and 51.60% female. The median age of the population in your area is 46.0, compare this to the Entire US average which is 37.3. The population density in your area is 3,036.76 people per square mile.

Households There are currently 106,979 households in your selected geography. The number of households has changed by 4.12% since 2000. It is estimated that the number of households in your area will be 109,311 five years from now, which represents a change of 2.17% from the current year. The average household size in your area is 2.16 persons. Income In 2014, the median household income for your selected geography is $41,080, compare this to the Entire US average which is currently $51,972. The median household income for your area has changed by 16.52% since 2000. It is estimated that the median household income in your area will be $45,863 five years from now, which represents a change of 11.64% from the current year. Race & Ethnicity

The current year racial makeup of your selected area is as follows: 61.03% White, 25.38% Black, 0.54% Native American and 2.47% Asian/Pacific Islander. Compare these to Entire US averages which are: 71.60% White, 12.70% Black, 0.18% Native American and 5.02% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin make up 12.26% of the current year population in your selected area. Compare this to the Entire US average of 17.13%.

Housing

In 2000, there were 73,842 owner occupied housing units in your area and there were 28,902 renter occupied housing units in your area. The median rent at the time was $544. In 2000, there were 12,260 owner occupied housing units in your area and there were 10,170 renter occupied housing units in your area. The median rent at the time was $464.

Employment In 2014, there are 149,756 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that

62.14% of employees are employed in white-collar occupations in this geography, and 37.72% are employed in blue-collar occupations. In

2014, unemployment in this area is 7.11%. In 2000, the average time traveled to work was 22.6 minutes.






Ben-Moshe Brothers


Ben-Moshe Brothers OF MARCUS & MILLICHAP www.CapRates.com

Ben-Moshe Brothers

ROEE BEN-MOSHE Miami Office (786) 522-7083 [email protected]

LEEOR BEN-MOSHE Miami Office (786) 522-7059 [email protected]

http://www.caprates.com/

Dunkin’ Donuts 15-Year NNN Clearwater msa

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