Representative Photo
Burger King
9810 W 133rd Ave, Cedar Lake, IN 46303
Offering Memorandum
™
R E T A I L
A D V I S O R S
C O NFIDEN T IAL I T Y & DI SCL AI MER STATEMENT
This Offering Memorandum contains select information pertaining to the business and affairs of Burger King located at 9810 W
133rd Ave, Cedar Lake, IN 46303 (“Property”). It has been prepared by Matthews Retail Advisors . This Offering Memorandum
may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in
this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the
Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller
or Matthews Retail Advisors . The material is based in part upon information supplied by the Seller and in part upon financial
information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation
or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no
legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections
and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.
By acknowledging your receipt of this Offering Memorandum for the Property, you agree:
1. The Offering Memorandum and its contents are confidential;
2. You will hold it and treat it in the strictest of confidence; and
3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents
in any fashion or manner detrimental to the interest of the Seller.
Owner and Matthews Retail Advisors expressly reserve the right, at their sole discretion, to reject any and all expressions
of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering
Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of
the Property has been fully executed and delivered.
If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such
negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information
provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed
Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims
against Seller or Matthews Retail Advisors or any of their affiliates or any of their res pective officers, Directors, shareholders,
owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the
marketing or sale of the Property.
This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that
there has been no change in the state of affairs of the Property since the date this Offering Memorandum.
Matthews Retail Advisors
Table of Contents
Pricing & Financial Analysis
Investment Highlights.................................................... 2
Executive Summary...................................................... 3
Company Overview .................................................... 4
Property Description
Physical Description...................................................... 7
Tenant Map................................................................. 8
Regional Map.............................................................. 9
Bird’s Eye.................................................................. 10
Demographics
City Overview | Cedar Lake, IN.................................. 12
Demographics Report................................................. 13
EXCLUSIVE LY LI ST ED BY:
Gary Chou
Director | Restaurant Practice Group
direct +1.310.919.5827
MOBILE +1.714.928.8016
gary.chou@matthews.com
License No. 01911222
Chris Hake
Thompson Thrift Development Inc
Broker of Record
License No. RB14047804
Matthews Retail Advisors
Representative Photo
Pricing & Financial Analysis
PRICING AND FINANCIAL ANALYSIS
PROPERTY DESCRIPTION
DEMOGRAPHICS
Investment Highlights
QUALITY NATIONAL TENANT AND OPERATIONS
• Strong National Brand – Burger King is the second largest hamburger chain in
the world with over 13,000 stores in operation
• Strong Franchisee Guarantee – Tri City Foods, Inc. is the second/third largest
Burger King franchisee based out of Downers Grove, IL
• Absolute NNN Lease – Zero landlord responsibilities
• Updated Burger King concept
STRONG RETAIL CORRIDOR
• This Burger King location is located across the street from the Lake County
Public Library and the local high school
• Large residential area within a mile radius of Burger King
• National tenants in the area include: Family Dollar, Subway, Dairy Queen,
McDonald’s, and Walgreens
RAPIDLY GROWING COMMUNITY
• 48.57% growth 2000-2010; 25.70% growth 2010-2015; projected 22.62%
growth 2015-2020 within a one mile radius
P. 2
Matthews Retail Advisors
OFFERING MEMORANDUM | Burger King
PRICING AND FINANCIAL ANALYSIS
PROPERTY DESCRIPTION
DEMOGRAPHICS
Executive Summary
Burger King
9810 W 133rd Ave
Cedar Lake, IN 46303
List Price...............................................................................................$629,000
CAP Rate - Current����������������������������������������������������������������������������������� 8.75%
Gross Leasable Area��������������������������������������������������������������������������3,460 SF
Lot Size ....................................................................... 1.28 Acres (55,583 SF)
Year Built/Renovated����������������������������������������������������������������������1986/2000
Annualized Operating Data
Current - 6/30/2017
Monthly Rent
Annual Rent
CAP Rate
$4,583.33
$55,000.00
8.75%
Tenant Summary
Tenant Trade Name
Type of Ownership
Lease Guarantor
Lease Type
Roof and Structure
Original Lease Term
Burger King | OFFERING MEMORANDUM
Fee Simple
Heartland Indiana LLC
NNN
Tenant Responsible
20 Years
Lease Commencement Date
5/18/1992
Rent Commencement Date
5/18/1992
Lease Expiration Date
6/30/2017
Term Remaining on Lease
Representative Photo
Burger King
Increases
Options
1.8 Years
None - Percentage Rent
None
Matthews Retail Advisors
P. 3
PRICING AND FINANCIAL ANALYSIS
PROPERTY DESCRIPTION
DEMOGRAPHICS
Company Overview
Property Name
Property Type
Parent Company Trade Name
Ownership
Credit Rating
Rating Agency
Revenue
Net Income
Stock Symbol
Burger King
Net Leased Quick Service Restaurant
Restaurant Brands International Inc.
Public
B+
Standard & Poor’s
$1.97 B
$117.7 M
QSR
NYSE
Board
No. of Locations
±13,000
No. of Employees
±34,000
Headquartered
Miami, FL
Web Site
Year Founded
P. 4
Matthews Retail Advisors
http://www.bk.com/
Burger King is a global chain of hamburger fast food restaurants
headquartered in Miami, Florida. The company began in 1953 as
Insta-Burger King, but after financial difficulties in 1954, two large
franchisees in Miami, purchased the company and renamed it Burger
King. In 2002, a third set of owners, a partnership of TPG Capital, Bain
Capital, and Goldman Sachs Capital Partners, took it public. Eight
years later, 3G Capital of Brazil acquired a majority stake in BK and
the new owners promptly initiated a restructuring of the company
to reverse its declining market share. 3G, along with partner
Berkshire Hathaway, merged the company with Canadian-based
doughnut chain Tim Hortons under a new Canadian-based parent
company, Restaurant Brands International which was founded on
August 25, 2014. The multinational giant currently serves customers
in US and Canada, Europe, Middle East and Africa, Latin America, the
Caribbean, and Asia Pacific.
1953
OFFERING MEMORANDUM | Burger King
Property Description
PRICING AND FINANCIAL ANALYSIS
PROPERTY DESCRIPTION
DEMOGRAPHICS
Representative Photo
P. 6
Matthews Retail Advisors
OFFERING MEMORANDUM | Burger King
PRICING AND FINANCIAL ANALYSIS
PROPERTY DESCRIPTION
DEMOGRAPHICS
Physical Description
THE OFFERING
Property Name..................................................................................... Burger King
Property Address.....................................................................9810 W 133rd Ave
Cedar Lake, IN 46303
Assessor’s Parcel Number.................................... 45-15-28-226-001.000-014
SITE DESCRIPTION
Number of Stories���������������������������������������������������������������������������������������������One
Year Built/Renovated���������������������������������������������������������������������������1986/2000
Gross Leasable Area (GLA)��������������������������������������������������������������������3,460 SF
Lot Size.............................................................................. 1.28 Acres (55,583 SF)
Type of Ownership................................................................................Fee Simple
Landscaping.........................................................................................Professional
Topography.................................................................................... Generally Level
CONSTRUCTION
Foundation........................................................................................Concrete Slab
Framing..............................................................................................................Wood
Exterior............................................................................................. Painted Stucco
Parking Surface.............................................................................................Asphalt
Roof.........................................................................................................................Flat
Burger King | OFFERING MEMORANDUM
Matthews Retail Advisors
P. 7
PRICING AND FINANCIAL ANALYSIS
PROPERTY DESCRIPTION
DEMOGRAPHICS
Tenant Map
P. 8
Matthews Retail Advisors
OFFERING MEMORANDUM | Burger King
PRICING AND FINANCIAL ANALYSIS
PROPERTY DESCRIPTION
DEMOGRAPHICS
Regional Map
Burger King | OFFERING MEMORANDUM
Matthews Retail Advisors
P. 9
PRICING AND FINANCIAL ANALYSIS
PROPERTY DESCRIPTION
DEMOGRAPHICS
Bird’s Eye
P. 10
Matthews Retail Advisors
OFFERING MEMORANDUM | Burger King
Demographics
PRICING AND FINANCIAL ANALYSIS
PROPERTY DESCRIPTION
DEMOGRAPHICS
City Overview | Cedar Lake, IN
Cedar Lake is a town located in Hanover and Center townships, just 45 minutes southeast of Chicago. The town gets its name from its lake, which is the largest
natural lake in Northwest Indiana and is roughly 800 acres. The city is approximately 10 square miles and is home to over 12,000 people.
Cedar Lake has long been known as a popular resort destination. In the 1880s, the Monon Railroad started bringing tourists from Chicago to vacation in the
area. At one point there were more than 50 hotels surrounding the lake. Although these hotels have since been replaced by homes and businesses, Cedar Lake
has remained a popular destination.
Cedar Lake provides residents and visitors with countless recreational activities. Numerous parks on the lakeshore offer picnic and viewing areas, public access,
a boat launch, beaches and a fishing pier. Boating and fishing are popular summer activities on the lake as well. The Cedar Lake Yacht Club hosts weekly
Sunday scow sailing and regattas. For those who don’t own their own watercraft, pontoon or wave runner, rentals are available for their enjoyment.
P. 12
Matthews Retail Advisors
OFFERING MEMORANDUM | Burger King
PRICING AND FINANCIAL ANALYSIS
DEMOGRAPHICS
PROPERTY DESCRIPTION
Demographics Report
Population
2020 Projection
2015 Estimate
2010 Census
2000 Census
Growth 2015-2020
Growth 2010-2015
Growth 2000-2010
1-Mile
4,172
3,929
3,655
2,460
6.17%
7.50%
48.57%
3-Mile
15,837
15,227
14,588
11,605
4.01%
4.38%
25.70%
5-Mile
36,428
35,165
33,921
27,663
3.59%
3.67%
22.62%
Households
2020 Projection
2015 Estimate
2010 Census
2000 Census
Growth 2015-2020
Growth 2010-2015
Growth 2000-2010
1,485
1,415
1,339
896
4.96%
5.65%
49.48%
5,671
5,481
5,287
4,150
3.47%
3.67%
27.38%
13,001
12,585
12,183
9,785
3.30%
3.30%
24.51%
5.89%
8.56%
7.92%
15.12%
25.45%
15.33%
9.78%
4.87%
5.02%
1.35%
0.64%
0.05%
$72,424
$62,284
5.89%
8.56%
7.92%
15.12%
25.45%
15.33%
9.78%
4.87%
5.02%
1.35%
0.64%
0.05%
$82,455
$68,612
Income
$0 - $15,000
$15,000 - $24,999
$25,000 - $34,999
$35,000 - $49,999
$50,000 - $74,999
$75,000 - $99,999
$100,000 - $124,999
$125,000 - $149,999
$150,000 - $199,999
$200,000 - $249,999
$250,000 - $499,999
$500,000+
2015 Est. Average Household Income
2015 Est. Median Household Income
Burger King | OFFERING MEMORANDUM
5.09%
8.41%
7.77%
15.83%
25.09%
15.55%
9.61%
4.59%
6.01%
1.48%
0.49%
0.00%
$73,062
$62,822
Matthews Retail Advisors
P. 13
Burger King
9810 W 133rd Ave
Cedar Lake, IN 46303
OFFERING MEMORANDUM
™
Gary Chou
Director | Restaurant Practice Group
direct +1.310.919.5827
MOBILE +1.714.928.8016
gary.chou@matthews.com
License No. 01911222
Chris Hake
Thompson Thrift Development Inc
Broker of Record
License No. RB14047804
Matthews Retail Advisors | 841 Apollo Street, Suite 150 | El Segundo, CA 90245 | www.Matthews.com
Representative Photo