Offering Memorandum Plant City, Florida (Lakeland …...Dunkin’ Donuts is the world’s leading baked goods and coffee chain, serving more than 3 million customers each and every

Offering Memorandum

Plant City, Florida(Lakeland MSA)

Representative Photo

10-Year, Triple Net Lease with Over Nine Years Remaining

Four, Five-Year Renewal Options with 10 Percent Increases Every Five Years

Franchisee is Southern Star Restaurant Management Which Owns

and Operates 65 Dunkin’ Donuts Locations

Surrounding National Retailers Include Walmart Supercenter, Publix, Lowes, Staples, Marshalls, Michael’s, PetSmart, Papa John’s, Panera Bread

and Many More

CONFIDENTIALITY AND DISCLAIMER

NON-ENDORSEMENT NOTICE

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 Real Estate Investment Services of Florida, Inc. (“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 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.

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 corpora-tion’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.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

NET LEASED DISCLAIMER

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services© 2017. All rights reserved.

Investment Highlights• 10-Year, Triple Net (NNN) LeaseThe Dunkin’ Donuts located at 2307 James L. Redman Parkway 54 in Plant City, has a 10-year, triple net lease with over nine years remaining.• Renewal Options and Rent IncreasesThere are four, five-year renewal options with 10 percent rental increases every five years throughout the base term and option periods.• Busy Retail CorridorSurrounding retailers include Walmart Supercenter, Publix, Lowes, Staples, Marshalls, Michael’s, Ross, PetSmart, Tractor Supply Company, Big Lots, Planet Fitness, AutoZone, Bank of America, Papa John’s, Panera Bread, Taco Bell, Subway, KFC, Wendy’s, Pizza Hut and many more.

Overview2307 James L. Redman Parkway, Plant City, FL 33563

Price: $1,700,000Cap Rate: 5.00%Rentable Square Feet: 2,636Annual Rent: $85,000Rent/Square Foot: $32.25Land Area: 0.7 AcresYear Built: 1984

Lease SummaryTenant: Dunkin’ DonutsWebsite: www.DunkinDonuts.comLease Guarantor: Personal GuaranteeFranchisee: Southern Star Restaurant ManagementLease Type: NNNLease Term: 10 YearsOption Periods: 4, 5-Year OptionsRental Increases: 10% Every 5 YearsRoof & Structure: TenantCommencement Date: 10/1/2017Lease Expiration: 9/30/2027

Base Term Annual Rent PSF Cap Rate

Lease Years 1-5: $85,000 $32.25 5.00%Lease Years 6-10: $93,500 $35.47 5.50%

Option Periods Annual Rent PSF Cap Rate

Option 1, Years 11-15: $102,850 $39.02 6.05%Option 2, Years 16-20: $113,135 $42.92 6.66%Option 3, Years 21-25: $124,449 $47.21 7.32%Option 4, Years 25-30: $136,893 $51.93 8.05%

FINANCIAL OVERVIEW

http://www.DunkinDonuts.com

TENANT SUMMARY


Headquartered in Canton, Massachuetts, Dunkin’ Brands Group is an international operator and franchisor of quick-service restaurants. Dunkin’ Donuts is the world’s leading baked goods and coffee chain, serving more than 3 million customers each and every day. The company offers more than 50 varieties of donuts, as well as dozens of premium beverages, bagels, breakfast sandwiches and other baked goods.

The company operates the Dunkin’ Donuts brand and the Baskin-Robbins brand, the world’s largest chain of ice cream specialty shops. Dunkin’ Brands has more than 19,000 points of distribution throughout the United States as well as in more than 60 countries worldwide; nearly 100 percent of the stores are franchised.

Since 2005 the company has been operating under the ownership of private-equity consortium Bain Capital Partners, the Carlyle Group and Thomas H. Lee Partners. In addition to its standalone shops, Dunkin’ Donuts operates locations in gas stations, supermarkets, malls and airport food courts.

NYSE:DNKN

STOCK SYMBOL19,000+

LOCATIONS

HEADQUARTERED INCanton, MA

Southern Star Restaurant Management

Dunkin’ Donuts is the World’s Leading Baked Goods and Coffee Chain, Serving More Than 3

Million Customers Everyday

The Company Also Operates the Baskin-Robbins Brand, the World’s Largest Chain of Ice Cream

Specialty Shops

More Than 19,000 Points of Distribution in Nearly 60 Countries Worldwide

Dunkin’ Brands Group, Inc. is One of the World’s Leading Franchisors of Quick Service Restaurants

The Dunkin’ Donuts in Plant City is operated by Southern Star Restaurant Management, headed by Tim Cloe. Southern Star Restaurant Management owns and operates more than 100 quick service restaurants throughout the United States, 65 of which are Dunkin’ Donuts.

James L Redm

an Pkwy

AERIAL


27,000Daily

Walgreens

Burger King

LOCAL & REGIONAL MAPS


The City of Plant City is geographically located in the middle of the west coast of Florida, approximately 25 miles east of Tampa, immediately west of Lakeland, and 70 miles west of Orlando. Plant City is located in northeast Hillsborough County, which is the fourth largest county in Florida.

The City has adopted the theme of “Embracing the Future, While Preserving the Past” as it captures the residents desire to adapt and plan for expected growth, while protecting the enduring assets and hometown charm of Plant City.

Plant City is known as the winter strawberry capital of the world and hosts the annual Florida Strawberry Festival in the late winter, which is attended by people from all over the United States as well as many people from around the world. Wishnatzki Farms, the largest strawberry producer in Florida, has a large presence in Plant City.

LOCATION OVERVIEW


Plant City, Florida | Hillsborough County

Lakeland, Florida

Florida Strawberry Festival

MARKET OVERVIEW

OVERVIEW

LAKELAND

DEMOGRAPHICS

ECONOMY

METRO HIGHLIGHTS

* Forecast

Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau

The Lakeland economy, once dominated by agriculture and mining,

continues to diversify. Large companies such as Publix and Walmart

employ thousands of workers across the county while tourism becomes

a greater contributor to jobs. Located roughly 35 miles from Tampa and

55 miles from Orlando, the Lakeland metro, which encompasses all of

Polk county, is uniquely situated to grow as a transportation hub,

especially along the Interstate 4 corridor.

CITRUS INDUSTRY

Citrus plays a large part in the local economy and was previously one of the

largest industries in the county. Florida’s Natural is headquartered here.

STRATEGIC LOCATION

Its location between Tampa and Orlando with Interstate 4 traversing the county is

expanding the logistics sector. Amazon and FedEx have facilities in the metro.

TOURISM

The tourism industry continues to expand as visitors flock to the area every

year to experience the Detroit Tigers’ spring training games, LEGOLAND

Florida, and many other activities.

▪Although the median income in the county falls well below the U.S. median, a relatively lower cost

of living allows for a strong homeownership rate of 69 percent, placing it above the national rate.

▪One of the largest tourism draws is LEGOLAND Florida Resort in Winter Haven. The facility

employs roughly 1,500 workers and draws hundreds of thousands of visitors annually.

▪Regional grocery chain Publix is headquartered in Lakeland and employs roughly 10,000 workers

locally, including corporate and warehouse employees.

▪Population growth nearly twice the national rate provides local employers with an expanding pool

of workers. More than 50,000 additional residents are expected through 2022.

655K

2017POPULATION:

245K

2017HOUSEHOLDS:

40.4

2017MEDIAN AGE:

$43,900

2017 MEDIAN HOUSEHOLD INCOME:

U.S. Median:

37.8U.S. Median:

$56,3009.9%

Growth2017-2022*:

7.8%

Growth2017-2022*:


Or in Google Street View

Click to View in Google Maps

DEMOGRAPHICS

POPULATION 1 MILE 3 MILES 5 MILES2010 Population 5,452 36,337 61,8372017 Population 6,436 41,245 70,1182022 Population 6,975 42,667 72,8722017 Male Population 3,060 20,069 34,6172017 Female Population 3,375 21,176 35,5012017 Median Age 31.4 34.3 35.5

RACE & ETHNICITY 1 MILE 3 MILES 5 MILESAmerican Indian, Eskimo 0.5% 0.6% 0.6%Asian 1.4% 1.5% 1.4%Black 18.4% 14.8% 11.0%Hawaiian/Pacific Islander 0.0% 0.0% 0.0%White 65.6% 68.1% 72.1%Other 11.4% 12.5% 12.3%Multi-Race 2.7% 2.6% 2.5%Hispanic Ethnicity 32.5% 33.2% 33.3%Not of Hispanic Ethnicity 67.5% 66.8% 66.7%

HOUSEHOLDS 1 MILE 3 MILES 5 MILES2010 Households 1,984 12,445 21,1782017 Households 2,330 13,921 23,6322022 Households 2,565 14,714 25,026

HOUSEHOLD INCOME 1 MILE 3 MILES 5 MILES2010 Avg Household Income $50,729 $50,200 $49,0602017 Avg Household Income $65,325 $64,432 $64,8612022 Avg Household Income $75,699 $75,185 $76,0802010 Med. Household Income $41,599 $37,839 $37,9712017 Med. Household Income $51,194 $47,663 $47,9072022 Med. Household Income $59,480 $55,617 $56,3552010 Per Capita Income $19,372 $17,719 $17,2902017 Per Capita Income $23,837 $21,894 $22,0392022 Per Capita Income $28,010 $26,071 $26,301

https://www.google.com/maps/place/2307+James+L+Redman+Pkwy,+Plant+City,+FL+33563/@27.9903166,-82.1216908,3a,75y,264.96h,90t/data=!3m6!1e1!3m4!1sLNXgi7SDRjG2vuK-7GCrdQ!2e0!7i13312!8i6656!4m5!3m4!1s0x88dd36af36119d0f:0x45d62c0922454465!8m2!3d27.9902777!4d-82.1219953

https://www.google.com/maps/place/2307+James+L+Redman+Pkwy,+Plant+City,+FL+33563/@27.9863782,-82.1252698,2111m/data=!3m1!1e3!4m5!3m4!1s0x88dd36af36119d0f:0x45d62c0922454465!8m2!3d27.9902777!4d-82.1219953

The Wolfe Retail Group of Marcus & Millichap specializes in the sale of single-tenant properties and shopping centers and has successfully assisted clients in selling over 450 separate commercial properties with a market value exceeding $1.25 billion. Having closed sales in more than 40 states, our track record is evidence that we are one of the premier brokerage teams in the United States.

With our experience and background in various fields such as law and finance, we have proved to be invaluable to our clients, earning their trust and exceeding their expectations while best assisting them in their real estate transactions.

For more about the Wolfe Retail Group, or to view all of our available listings, visit www.WolfeRetailGroup.com

Marcus & Millichap (NYSE: MMI) has established itself as a leading and expanding investment real estate company with nearly 1,500 brokers in 78 markets throughout the United States and Canada. The foundation of our investment sales is the depth of our local market knowledge. Our 44-year history of maintaining investor relationships in local markets enables us to be the best information source and transaction service provider in North America.

About Marcus & Millichap

The Wolfe Retail Group has sold over

450 properties in more than

40 states

http://www.WolfeRetailGroup.com

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Barry M. WolfeSenior Managing Director Investments

[email protected](954) 245-3493

Alan LipskyVice President Investments


Evan WhelanAssociate


Catie JacksonMarketing Coordinator


Angelica LinaresTransaction Coordinator


mailto:Evan.Whelan%40marcusmillichap.com?subject=

mailto:Angelica.Linares%40marcusmillichap.com?subject=

Offering Memorandum Plant City, Florida (Lakeland …...Dunkin’ Donuts is the world’s leading baked goods and coffee chain, serving more than 3 million customers each and every

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