Description du portfolio
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale the Dairy Queen Portfolio (the "Portfolio" or "Properties"), a 3-asset collection of single-tenant DQ Grill & Chill® restaurants located in Anchorage, Alaska MSA totaling 9,942 square feet across 1.94 acres.
Institutionally owned by Berkshire Hathaway since 1998, the Dairy Queen® brand contains over 7,000 locations in 20+ countries. The Company announced its DQ Grill & Chill® flagship restaurant concept in 2002 and has expanded its Grill & Chill® footprint to 2,000+ restaurants.
The Portfolio features a four-unit franchisee that represents the totality of the Offering. The Tenant contains over 15.5 years of remaining lease term and operating on an absolute triple net master lease with 1.50% rent escalations annually, zero landlord responsibilities and four, five-year renewal options.
The Tenant executed a long-term sale-leaseback of the Portfolio in 2017 and has a proven commitment to the sites with over 22 years of operating history upon lease expiry. The Properties benefit from infill locations in commercial corridors, averaging nearly $1.4M in store sales annually (as of FY 2022).
The Properties are strategically positioned in growth corridors throughout Anchorage MSA, with ease of access along primary thoroughfares with high traffic counts of 32,000+ VDP on average. In addition, the Portfolio accesses an affluent resident-base with $115,000 in average household income (five-mile radius). Each retail corridor is among the top performing in the respective areas, boasting 10%+ rent growth on average since 2019 with outstanding occupancy levels of 99%.
This unique opportunity allows investors the ability to acquire one of the world’s largest restaurant banners that benefits from excellent brand name recognition. Notably, the Portfolio offers a truly passive and growing long-term cash flow with attractive residual value located in a fundamentally strong Anchorage MSA market.
Caractéristiques de l'actif
Points clés d'investissement
- ABSOLUTE NNN MASTER LEASE WITH ZERO LANDLORD RESPONSIBILITIES AND 15.5 YEARS OF LEASE TERM REMAINING
- PRIMARY COMMERCIAL CORRIDORS AVERAGING 32,000+ VPD AND 1.0% RETAIL VACANCY RATE IN THE RESPECTIVE SUBMARKETS
- AFFLUENT AREAS WITH $109,000+ AVERAGE HOUSEHOLD INCOME (5-MILE RADIUS)
- OUTLOT TO MAJOR NATIONAL RETAILERS HOME DEPOT, LOWE'S, & FRED MEYER
- DQ, A GLOBAL QSR, INSTITUTIONALLY OWNED BY BERKSHIRE HATHAWAY SINCE 1998