**Sale leaseback: SLB
Checkers – Part of Rare Portfolio of 9 [ABS SLB (15)]
Address: 3150 East Bay Drive | Clearwater, FL 33771
Purchase Price: USD 868,400
Fixed Annual Income: 4.50%
Clearwater, FL is a year round vacation destination, with a strong population of over 110,000 within a 3-mile radius of the subject property. The property is on a desirable hard corner along a dense retail corridor with close proximity to Publix, LA Fitness, Winn-Dixie, Wal-Mart, PTEC Clearwater campus, Southeast College, and The Belcher Soccer Complex. The St. Petersburg-Clearwater International Airport is +/- 4.3 miles away.
Portfolio Locations: AL, FL, GA, and MI.
Clearwater, Florida Hard Corner Location | Vacation Destination – Clearwater is a year-round vacation destination, with a strong population of over 110,000 within a 3-mile radius of the subject property. The property is on a desirable hard corner along a dense retail corridor with close proximity to Publix, LA Fitness, Winn-Dixie, Wal-Mart, PTEC Clearwater campus, Southeast College, and The Belcher Soccer Complex. The St. Petersburg-Clearwater International Airport is +/- 4.3 miles away.
Part of Rare Portfolio of 9 Assets with Geographic Diversity – The subject property is part of a portfolio of Checkers’ last corporate-owned stores, offering investors immediate geographic diversity across four states in the portfolio at a discounted total portfolio price. All stores have been in operation for over twenty years and a majority of the stores have been upgraded recently.
Corporate Sale-Leaseback | 15-Year Term – Long-term sale-leaseback opportunity backed by a highly secure restaurant chain. Each lease will include two (2), five (5) year renewal options.
Absolute NNN Lease – No landlord responsibilities.
Strong Rent Escalation – The Checkers leases include 10% rental increases every 5 years, providing a hedge against inflation.
Low Rent-to-Sales Ratio – All locations have a low 6% store rent-to-sales ratio, allowing sufficient operating cushion for each restaurant.
Growing QSR Chain – Checkers opened 35 new locations in 2014 and has plans to continue to grow in 2015 with 80 locations approved.
Established Chain with High Average Sales – Checkers is the nation’s largest chain of double drive-thru restaurants with over 800 locations. In Nation’s Restaurant News’ Top 100 census, the company is ranked No. 89 in U.S. sales. The average corporate Checkers reported +/- $1 million in net sales.
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