BURGER KING · 2018-11-29 · Burger King’s latest image requirements and prototype standards....

BURGER KING

OFFERED AT $2,027,000 | 6% CAP

OREGON, WI (MADISON)

OFFERED AT: $1,350,000 | 5.50% CAP

INVESTMENT OPPORTUNITY

NEW EXTERIOR/INTERIOR REMODEL

Actual Property

EXECUTIVE SUMMARY PROPERTY INFORMATION AREA OVERVIEWTENANT OVERVIEW

BURGER KING | Oregon, WI (Madison MSA) | 2

TABLE OF CONTENTS

4 Executive Summary5 Investment Highlights6 Lease Summary & Rent Overview7 Lease Abstract

EXECUTIVE SUMMARY

9 Location Maps10 Site Plan11 Property Photos12 Neighboring Tenants13 Aerials

PROPERTY INFORMATION

22 Oregon Overview23 Madison Overview24 Demographics

Confidentiality Agreement & Disclosures

AREA OVERVIEW

Color Scheme

Fonts

GOTHAM/ BLACKGOTHAM/ MEDIUMGOTHAM/ LIGHT

CMYK C:0 / M:100 / Y:65 / K:47

RGB R:145 / G:0 / B:40

CMYK C:0 / M:0 / Y:0 / K65

RGB R:119 / G:120 / B:123

19 About Burger King20 About the Operator: Cave Enterprises Ops, LLC

TENANT OVERVIEW

BROKER OF RECORD: Lee & Associates of Madison, LLC

WI Brokers Lic# 701361-91

RYAN BARRPrincipal

[email protected]

RYAN BENNETTPrincipal

[email protected]

EXCLUSIVELY LISTED BY

Actual Property

TODD WALLERPrincipal

[email protected]

EXECUTIVE SUMMARY

BURGER KINGOregon (Madison MSA), WI


Actual Property



PROPERTY OVERVIEWAddress: 810 N Main Street

Oregon, WI 53575Property Size: Approx 3,880 Sq. Ft.

Land Size: Approx 1.377 Acres

Ownership: Fee Simple (Land, Building)

Year Built: 1993 / Ext-Int Remodel 2017

INVESTMENT HIGHLIGHTS

Offering Price: $1,350,000

Net Operating Income: $74,228

Cap Rate: 5.50%

Price/SF: $348

Lease Type: Absolute Triple-Net (NNN)

Lee & Associates is pleased to exclusively offer for sale the fee simple interest (land & building) in a Burger King property located in the town of Oregon, WI (the “Property”). Built in 1993, the building was completely remodeled in November 2017 to meet Burger King’s latest image requirements and prototype standards. The Property consists of a 3,880-square-foot retail building with a drive-thru lane that sits on an approximately 1.377-acre parcel.

The subject property is leased to Burger King, the second largest fast food hamburger chain in the world, and the fourth-largest fast food restaurant chain overall. The chain serves over 11 million visitors every year in 15,738 locations in 100 countries. Burger King posted 2017 revenues of $1.22 billion.

The operator, Cave Enterprises Operations, LLC, was founded in 1999 and is based out of Chicago, Illinois (see page 20). They currently operate 114 successful Burger King locations in Illinois, Indiana, Wisconsin, Minnesota, Michigan, and South Dakota. Cave Enterprises is a highly regarded franchisee in the Burger King system and have a proven track record of strong sales and performance metrics (company financials available upon execution of a confidentiality agreement)

The new absolute NNN lease has 19+ years remaining and features 1% annual rent increases in the Primary Term and the (2) 10-year Options, providing an investor with a safe and creditworthy passive investment with rent growth.

The subject property is located on the hard corner signalized intersection of N. Main Street and E. Richards Rd. This corridor is the main traffic corridor through Oregon, connecting commuters to/from WI State Route 14 for quick access to downtown Madison only 7 miles to the north. This location offers excellent visibility and signage to over 12,000 cars per day and provides for multiple access points in/out of the property.

The subject property is located along the main retail and business corridor for the Town of Oregon. Nearby retailers include McDonald’s, True Value, Cost Cutters, Old National Bank, Walgreens, Anytime Fitness, Kwik-Trip, NAPA Auto Parts, and BMO Harris Bank. The site is blocks from downtown Oregon city offices such as the Police Department and Public Library as well as the Oregon School District offices.

The subject property within the town of Oregon, WI, in Dane County. Oregon is conveniently located just minutes from all the amenities offered in Madison, Wisconsin’s second largest city and is part of the Madison Metropolitan Statistical Area. As a neighbor to and integral part of Wisconsin’s vibrant capital city, its close proximity to UW-Madison, the State Capitol and Dane County Regional Airport, Oregon’s family-friendly community has managed to maintain a hometown ambiance and small-town hospitality, giving Oregon the perfect balance of convenience and comfort. The town has been named by Money Magazine as one of the “Best Places to Live” (2011) and in 2015, was ranked by Niche.com as the #1 best town in Wisconsin to raise a family (Population under 100,000).

Dane County is home to the University of Wisconsin flagship campus, the world-class Overture Center for the Arts, and an abundance of parks, lakes, and unique neighborhoods. Home to the fastest growing population of any county in Wisconsin, Dane County boasts a highly educated workforce to power its diverse and innovative industries. With assets in information technology, life sciences, and agriculture, Dane County consistently ranks among the top areas for work and play.

-- OFFERING SUMMARY --

• Offering Summary • Investment Highlights Lease Summary & Rent Schedule Lease Abstract

Actual Property



-- INVESTMENT HIGHLIGHTS --

• Investment Highlights •Offering Summary Lease Summary & Rent Schedule Lease Abstract

GLOBAL BRAND RECOGNITION: BURGER KING • CHICAGO BASED 114-UNIT OPERATOR WITH LOCATIONS IN 6 STATES • STRONG COMPANY FINANCIALS

The subject property is leased to Burger King, the second largest fast food hamburger chain in the world, and the fourth-largest fast food restaurant chain overall. The chain serves over 11 million visitors every year in 15,738 locations in 100 countries. Burger King posted 2017 revenues of $1.22 billion.

The operator, Cave Enterprises Operations, LLC, was founded in 1999 and is based out of Chicago, Illinois (see page 20). They currently operate 114 successful Burger King locations in Illinois, Indiana, Wisconsin, Minnesota, Michigan, and South Dakota. Cave Enterprises is a highly regarded franchisee in the Burger King system and have a proven track record of strong sales and performance metrics (company financials available upon execution of a confidentiality agreement).

RECENTLY COMPLETED FULL INTERIOR/EXTERIOR REMODEL (NOV 2017) • NEW 20-YEAR ABSOLUTE NNN LEASE • 1% ANNUAL RENT INCREASES • UPWARD TRENDING SALESBuilt in 1993, the building was completely remodeled in November 2017 to meet Burger King’s latest corporate building prototype standards, at which time the tenant executed a new 20-year lease. The Absolute NNN lease has 19+ years remaining and features 1% annual rent increases in the Primary Term and the (2) 10-year Options, providing an investor with a safe and creditworthy passive investment with ideal rent growth. Due to the full building remodel and the lease assignment to proven operator Cave Enterprises Operations, LLC the unit level sales have been trending upward the past 12 months (sales available upon request).

JUST MINUTES (7 MILES) TO DOWNTOWN MADISON • HARD CORNER SIGNALIZED LOCATION • EXCELLENT ACCESS & VISIBILITY (12,000+ CPD) • 1 MILE FROM WISCONSIN SR-14The subject property is located on the hard corner signalized intersection of N. Main Street and E. Richards Road. North Main Street is the main traffic corridor through Oregon, connecting commuters to/from WI State Route 14 for quick access to downtown Madison only 7 miles to the north. This location offers excellent visibility and signage to over 12,000 cars per day and provides for multiple access points in/out of the property.

PROPERTY RESIDES IN THE MAIN RETAIL/BUSINESS CORRIDOR • EXCELLENT RETAIL SYNERGYThe subject property is located along the main retail and business corridor for the Town of Oregon. Nearby retailers include McDonald’s, True Value, Cost Cutters, Old National Bank, Walgreens, Anytime Fitness, Kwik-Trip, NAPA Auto Parts, and BMO Harris Bank. The site is blocks from downtown Oregon city offices such as the Police Department, Public Library and the Oregon School District offices.

LOCATED IN THE HIGHLY DESIRABLE MADISON MARKET (MSA) • HOME OF THE UNIVERSITY OF WISCONSIN • STATE CAPITAL CITY OF WISCONSIN

The subject property is ideally located within the Madison MSA. Madison is home to The University of Wisconsin, is the capital city of Wisconsin, home to the world-class Overture Center for the Arts, and provides residents with an abundance of parks, lakes, and unique neighborhoods. Home to the fastest growing population of any county in Wisconsin, Dane County boasts a highly educated workforce to power its diverse and innovative industries. With assets in information technology, life sciences, and agriculture, Dane County consistently ranks among the top areas for work and play.



-- LEASE SUMMARY --

LEASE INFORMATION

TENANT: Cave Enterprises Operations, LLC dba Burger King *

OPERATOR HEADQUARTERS: Chicago, IL

LOCATIONS OPERATED: 114 in 6 States

BUILDING SIZE: 3,880 Sq. Ft.

LOT SIZE: 1.377 Acres

RENT COMMENCEMENT: June 1, 2017

LEASE EXPIRATION: May 31, 2037

BASE TERM: 20 Years

REMAINING LEASE TERM: 19+ Years

OPTIONS TO RENEW: (2) 10-Year Options

RENT INCREASES: 1% Annual Increases in Primary Term & Option Periods

LEASE TYPE: Absolute Triple-Net (NNN)

LANDLORD RESPONSIBILITIES: None

ANNUAL RENT: $74,228

SALES REPORTING: Yes (see Lease Abstract on Pg 7)

-- RENT SCHEDULE --

LEASE TERM

TERM START DATE END DATE NOI/YR NOI/MO NOI/SF/YR

Year 1 6/1/2017 5/31/2018 $73,493.40 $6,124.45 $18.94

Year 2 6/1/2018 5/31/2019 $74,228.33 $6,185.69 $19.13

Year 3 6/1/2019 5/31/2020 $74,970.62 $6,247.55 $19.32

Year 4 6/1/2020 5/31/2021 $75,720.32 $6,310.03 $19.52

Year 5 6/1/2021 5/31/2022 $76,477.53 $6,373.13 $19.71

Year 6 6/1/2022 5/31/2023 $77,242.30 $6,436.86 $19.91

Year 7 6/1/2023 5/31/2024 $78,014.73 $6,501.23 $20.11

Year 8 6/1/2024 5/31/2025 $78,794.87 $6,566.24 $20.31

Year 9 6/1/2025 5/31/2026 $79,582.82 $6,631.90 $20.51

Year 10 6/1/2026 5/31/2027 $80,378.65 $6,698.22 $20.72

Year 11 6/1/2027 5/31/2028 $81,182.44 $6,765.20 $20.92

Year 12 6/1/2028 5/31/2029 $81,994.26 $6,832.86 $21.13

Year 13 6/1/2029 5/31/2030 $82,814.20 $6,901.18 $21.34

Year 14 6/1/2030 5/31/2031 $83,642.34 $6,970.20 $21.56

Year 15 6/1/2031 5/31/2032 $84,478.77 $7,039.90 $21.77

Year 16 6/1/2032 5/31/2033 $85,323.56 $7,110.30 $21.99

Year 17 6/1/2033 5/31/2034 $86,176.79 $7,181.40 $22.21

Year 18 6/1/2034 5/31/2035 $87,038.56 $7,253.21 $22.43

Year 19 6/1/2035 5/31/2036 $87,908.94 $7,325.75 $22.66

Year 20 6/1/2036 5/31/2037 $88,788.03 $7,399.00 $22.88

OPTION PERIODS - (2) 10-YEAR OPTIONS

Option 1 6/1/2037 5/31/2047 1% Annual Increases

Option 2 6/1/2047 5/31/2057 1% Annual Increases

Investment HighlightsOffering Summary • Lease Summary & Rent Schedule • Lease Abstract

* Please reference Pg 20 for more information on the Operator.



-- LEASE ABSTRACT --

Real Estate Taxes: 3.1(b)(i) Lessee shall also pay, when due, all real estate taxes assessed against the Leased Property.

Insurance, Utilties, Operating Expenses, and Maintenance:

3.1(b)(ii) Lessee shall be responsible for prompt payment when due of all insurance coverages, utilties, operating expenses, and other services rendered or used on or about the Leased Property during the term of the Lease.

Financial Reporting: 4.3 Lessee shall provide to Lessor, within fifteen (15) days of the end of each month, monthly sales reports from its operations at the Leased Property. These reports shall be the same reports provided to Lessee’s franchisor and Lessee shall not be required to produce a separate or different report than those provided to its franchisor.

Maintenance:

6.1 Lessee will keep the Leased Property in good order and condition (except for ordinary wear and tear or damage caused by casualty or a taking) and will make all repairs and take such other actions as may be necessary or appropriate to keep and maintain the Leased Property in such order and condition. As used in this Section 6, the term “repairs” shall include replacements and other improvements including the foundation, roof and structural portions of the walls of the Building in good condition and repair as are necessary to maintain the Leased Property in good order and condition. If Lessor is required to make exterior or structural repairs by reason of Lessee’s acts or omissions, Lessor shall have the right, but shall not be obligated, to make such repairs or replacements on behalf of and for the account of Lessee. In such event, such work shall be paid for in full by Lessee as Additional Rent in accordance with Section 3.1 (b).

Liability Insurance:

8.1 Liability Insurance. Lessee shall, at its own expense, at all times during the term of this Lease, maintain in force a policy or policies of insurance, written by one or more responsible insurance carriers, which will insure Lessor against liability for injury to or death of persons or loss of or damage to property occurring in or about the Leased Property. The liability under such insurance shall be a minimum of $1,000,000 combined single limit for bodily injury and property damage per occurrence. The amount shall be reviewed every five ( 5) years to be sure the amounts are adequate.

Fire Insurance on Leased Property: 8.3 Fire Insurance on Leased Property. Lessee shall maintain in force, at all times during the term of this Lease, a policy or policies of all risk insurance to the extent of at least one hundred percent (100%) of the replacement value of the Leased Property.

Estoppel Certificate & Financials Related to Sale or Refinance:

17.11(a) Lessee shall at any time, within ten (10) days after the giving of written notice by Lessor, execute, acknowledge and deliver to Lessor or to such person designated by Lessor, a statement in writing certifying all of the terms of the Lease.

17.11(b) If Lessor desires to sell or finance or refinance the Building, or any part thereof, Lessee shall · deliver to any purchaser and/or lender designated by Lessor such financial information concerning Lessee as may be reasonably required by such purchaser and/or lender. Such statements shall include, but shall not be limited to, the past three (3) years’ financial statements of Lessee. All such financial information shall be received by Lessor in confidence and shall be used only for the purposes herein set forth.

Investment HighlightsOffering Summary Lease Summary & Rent Schedule • Lease Abstract •

PROPERTY INFORMATION





-- LOCATION MAPS --

• Location Maps • Property Photos AerialsNeighboring TenantsSite Plan

MADISON

Pacific Ocean ROCKFORD

DAVENPORT

RACINE

CHICAGO

JANESVILLE

MILWAUKEE

DUBUQUE

PEORIA

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Wisconsin State Capitol

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University ofWisconsin-Madison

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89 Miles

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-- SITE PLAN --

Location Maps Property Photos AerialsNeighboring Tenants• Site Plan •

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-- PROPERTY PHOTOS --

Entering Property from E Richards Rd

Front of Burger King Entrance into Burger King Drive Thru Lane

Location Maps • Property Photos • AerialsNeighboring TenantsSite Plan



-- NEIGHBORING TENANTS --

Location Maps Property Photos Aerials• Neighboring Tenants •Site Plan

Kwik Trip Station Across E Richards Rd

Oregon Community Bank Across Main St

Walgreens South of Burger King Old National Bank Across Main St from Burger King

True Value Kitty Corner from Burger King



-- OVERHEAD VIEW --

DRIVE THRU LANE

N. MAIN ST (12,000 CPD)

E. RICHARDS RD

145

ACCESS

ACCESS

Location Maps Property Photos • Aerials •Neighboring TenantsSite Plan



MADISON

Lake Waunesa

VILLAGEAPARTMENTS

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Location Maps Property Photos Neighboring TenantsSite Plan

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THYSSE DESIGN AGENCY

HOLY MOTHER OF CONSOLATION

CATHOLIC CHURCH

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VILLAGE ANIMAL CLINIC

EVERGREENMULTI STORAGE

MADISON 56ERSSOCCER CLUB

A LEAP ABOVE DANCE

JAMES ENYARTOPTOMETRISTS

MOONSTAR CHINESE RESTAURANT

DREAM KITCHENSWAREHOUSE

• OREGON LAUNDRY• SIMPLY GLAMOROUS

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WISCOINDUSTRIES INC


CATHOLIC CHURCH


BOETTECHERSTOWING

A LEAP ABOVE DANCE JAMES ENYART

OPTOMETRISTS

VILLAGEAPARTMENTS MOONSTAR

CHINESE RESTAURANT

MERRI-HILLCOMMUNITY



OREGONHIGH SCHOOL

ST JOHN’SLUTHERAN

CHURCH

KOPKE’SGREENHOUSE


MADISON 56ERSSOCCER CLUB MID-CENTRAL

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• OREGON CHAMBER OF COMMERCE• OREGON FIRE DEPT• OREGON PUBLIC LIBRARY


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A LEAP ABOVE DANCE



CATHOLIC CHURCH

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FORSTER ELECTRICENGINEERING

ALL COLOR POWDER COATING

BURR OAK STORAGESWINEHART PLUMBING

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AUTOMOTIVE CTR

OREGONPOLICE DEPT

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OREGONSCHOOL DISTRICT

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EXPRESS AUTOMOTIVE LLC

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THE LEGEND AT BERGAMOTGOLF CLUB

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A LEAP ABOVE DANCE



CATHOLIC CHURCH

DREAM KITCHENSWAREHOUSE• OREGON LAUNDRY

• SIMPLY GLAMOROUSMID-CENTRAL

ELECTRIC

WISCOINDUSTRIES INC MADISON 56ERS

SOCCER CLUB

TRACHTE

EVERGREENMULTI STORAGETHYSSE DESIGN

AGENCY


EXPRESS AUTOMOTIVE LLC

BOETTECHERSTOWING

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TENANT OVERVIEW





• About Burger King •

-- ABOUT BURGER KING --

Founded in 1954, the BURGER KING® brand is the second largest fast food hamburger chain in the world, with more than 11 million guests visiting their restaurants around the world. As of December 30, 2017, Burger King reported it owned or franchised 16,767 outlets in more than 100 countries and U.S. territories. Of these, 47.5% are in the United States. It is the fourth largest fast food restaurant chain overall after Yum! Brands (parent of KFC, Taco Bell, and Pizza Hut totaling 37,000 locations), McDonald’s, and Subway (32,000 locations) and posted 2017 Revenues of $121.92 million.

In October 2010, Burger King Corporation was acquired by the Brazilian private equity firm, 3G Capital Partners. Burger King Corporation then acquired Tim Hortons Inc. in December 2014 and they combined to form Restaurant Brands International (“RBI”). As part of 3G’s restructuring plan, the company decided to divest itself of

its corporate owned locations by re-franchising them to private owners to become a 100% franchised operation.

RBI is focused on expanding its Burger King chain and is entering into several franchisee agreements to fulfill this goal. Recently the company announced a financial agreement with private equity giant Bridgepoint to expand in the U.K. This agreement was followed by a master franchise agreement with Nexus Point in Taiwan and another master franchise agreement to expand its presence in the Netherlands. In Q1, the company grew its restaurant count by roughly 6.9% year-on-year, which reflects continued growth from its partners all around the world (Source: Forbes.com)

Burger King has historically used several variations of franchising to expand its operations. The manner in which the company licenses its franchisees varies depending on the region, with some regional franchises, known as master franchises, responsible for selling franchise sub-licenses on the company’s behalf. Burger King’s relationship with its franchises has not always been harmonious. Occasional spats between the two have caused numerous issues, and in several instances, the company’s and its licensees’ relations have degenerated into precedent-setting court cases. Burger King’s Australian franchise Hungry Jack’s is the only franchise to operate under a different name, due to a trademark dispute and a series of legal cases between the two.

When the predecessor of Burger King first opened in Jacksonville in 1953, its menu consisted predominantly of basic hamburgers, French fries, soft drinks, milkshakes, and desserts. With the creatiion of the Whopper in 1957, the popularity of the chain took off. Today, the Whopper is synonymous with Burger King and has become the focus of much of its advertising. They have expanded their menu options to include chicken tenders, a new salad line, smoothies, frappes, its BK Joe brand of coffee, breakfast sandwiches, and onion rings.

Restaurant Brands International Inc. (“RBI”) is one of the world’s largest quick service restaurant companies with more than $30 billion in system-wide sales and over 25,000 restaurants in more than 100 countries and U.S. territories.

RBI owns three of the world’s most prominent and iconic quick service restaurant brands – TIM HORTONS®, BURGER KING®, and POPEYES®. These independently operated brands have been serving their respective guests, franchisees and communities for over 40 years.

-- RESTAURANT BRANDS INTERNATIONAL --

100 +Countries of Operation

16,767Restaurants Worldwide

450,000+Employees Worldwide

About the Operator

https://www.forbes.com/sites/greatspeculations/2018/07/31/burger-king-expected-to-drive-growth-for-restaurant-brands-international-in-the-second-quarter/#66d902ea1a6b



-- ABOUT THE OPERATOR --

About Burger King • About the Operator •

Founded in 1999, Cave Enterprises is a growing 114-unit Burger King Franchisee successfully operating restaurants in IL, IN, WI, MN, Ml, and SD.

Beginning in 2006, Cave Enterprises (then an 8-unit restaurant operator with exceptional operations records) was given the opportunity to embark on significant expansion through the acquisition of distressed restaurants, typically locations experiencing sales declines, poor operations, and diminishing returns. Cave Enterprises completed several large acquisitions of this nature, and has a proven track record of reinvigorating sales and performance metrics in these markets through operational and staff improvements, increased community involvement, capital investments in technology, and top-to-bottom remodels.

Recognizing Cave’s aptitude for success in turnaround situations, BKC began to engage Cave Enterprises in discussions centered on Cave’s internal team and the preparations necessary to take on new opportunities and add additional units soon to be available in Cave’s region. BKC recommended hiring additional executive staff to help lead and grow the operations and procedural areas of the business. Additions to the Cave Enterprises staff have included Gary Hubert as COO, John Kayser as VP of Development, and Ken Conway, Michael Johnson, Mike Leslie, and Ryan McAnulty as Regional Directors of Operations. Cave Enterprises has also added administrative staff in the form of technology, facility maintenance, accounting, and HR professionals. Many of these hires have significant experience in Burger King Franchise Development and Management and are poised to help Cave Enterprises pursue its goal of continued growth in operational excellence and overall unit numbers.

CAVE ENTERPRISES OPERATIONS, LLC

STEVENS POINT BURGER KING TO OPEN THIS WEEKStevens Point Journal | Sept 11, 2018The new Burger King restaurant at 5431 U.S. 10 E., will open by 10:30 a.m. Wednesday, said John Kayser, vice president of development for Cave Enterprises LLC, which operates the restaurant.

View Press Release Here

CAVE ENTERPRISES IN THE NEWS

BURGER KING APPROVED FOR FORTUNE CHINESE LOCATION ON HIGHWAY 100 IN HALES CORNERSJournal Sentinel | March 21, 2018The way is virtually clear for the building that once was a Burger King but has been home to a Chinese restaurant for 15 years to return to being a Burger King at 5512 S. 108th St.Cave Enterprises Operations LLC is asking the village’s permission to open the Burger King that would have a drive-through after extensively remodeling the 2,890-square-foot building.


CHICAGO FRANCHISEE BUYS 26 BURKER KING LOCATIONSChicago Business Journal | Nov 11, 2016The family that owns 26 Burger King locations in South Dakota and Minnesota will sell the portfolio next week to Chicago-based Cave Enterprises.The Argus Leader of Sioux Falls, S.D., (where 11 of the restaurants are located) reports on the deal by Tom Walsh Sr., who opened the city’s first Burger King in 1975.His operation, Dakota King, once controlled 60 locations from Nebraska to Wisconsin.The family has been paring down its holdings for a while; it sold five Duluth Burger King sites to Cave earlier this year..


EXECUTIVE MANAGEMENT TEAMTEAM MEMBER ROLE

Adam VelardeSole owner and CEO of Cave Enterprises Operations, LLC. His primary responsibilities include executive team management, financial oversight of the business at hand, identification of growth opportunities, real estate portfolio management, and weekly restaurant visits.

Gary Hubert COO. Operations and future acquisition opportunities. Maintains relationships with executives at many franchisee groups in the Midwest region, as well as at BKC.

John Kayser VP of Development and Facilities. Manages real estate asses of all company locations (currently 114). Oversees remodels, acquisitions, created long-term strategic plan for the continued renovation, development, and property control.

Ken Conway Operations Management & IT. Company reporting and management oversight of the business.

Michael Johnson Regional Director of Operations. Customer and employee experience, operations and restaurant procedures.

Mike Leslie Regional Director of Operations. Recognized by Burger King Corp as part of the leadership team that won Burger King Franchisee of the Year in 2013. Team coaching/training, operational procedures/systems.

Ryan McAnulty Regional Director of Operations. Track, improve, manage operations across franchise groups.

https://www.stevenspointjournal.com/story/money/2018/09/11/stevens-point-burger-king-open-week/1263936002/

https://www.jsonline.com/story/communities/southwest/news/hales-corners/2018/03/21/burger-king-approved-fortune-chinese-location-highway-100-hales-corners/443796002/

https://www.bizjournals.com/chicago/news/2016/11/11/cave-enterprises-buys-26-burger-king-locations.html

AREA OVERVIEW





-- OREGON OVERVIEW --

• Oregon Overview • Demographics

Oregon is a town in Dane County, Wisconsin. Oregon is conveniently located just minutes from all the amenities offered in Madison, Wisconsin’s second largest city and is part of the Madison Metropolitan Statistical Area. As a neighbor to and integral part of Wisconsin’s vibrant capital city, its close proximity to UW-Madison, the State Capitol and Dane County Regional Airport, Oregon’s family-friendly community has managed to maintain a hometown ambiance and small town hospitality, giving Oregon the perfect

balance of convenience and comfort. The town has been amed by Money Magazine as one of the “Best Places to Live” (2011) and in 2015, was ranked by Niche.com as the #1 best town in Wisconsin to raise a family (Population under 100,000).Cycling is a major form of transportation in the region. Currently there are more than 5 miles of paved bike trails in the Village of Oregon. They are open to bicyclists, joggers and walkers. A new 3-mile stretch of scenic trail sponsored by the Oregon Rotary Club connects the Village to Fish Hatchery Rd., offering commuters a safe bike ride into Madison.

Madison Overview

STRONG SCHOOL DISTRICT • RANKS IN TOP 3 IN DANE COUNTYThe Oregon School District serves over 4,000 students from the surrounding communities and is one of the strongest in Dane County. Overall, the District received the third-highest ranking of all districts in the County, receiving a rating of “Exceeds Expections” or “Significantly Exceeds Expectations”.The success of the District is the result of a deep commitment and support from students and families, educators, the Board of Education and the surrounding community. In creating these partnerships, the District has undergone several important initiatives to insure a strong educational foudation for their students, such as:

• Completing a $54.6 million reinvestment in school facilities that capped a multi-year planning process

• Hosting a Visioning Conference, where more than 140 community members convened to discuss community growth and the future of the overall student experience

• Approving a new educator compensation plan to ensure they can retain, recruit and develop the best educators in every classroom throughout the Oregon School District.



-- MADISON OVERVIEW --

Oregon Overview Demographics• Madison Overview •

Madison is the capital of the State of Wisconsin and the county seat of Dane County. As the urban center of the region, Dane County is home to the state’s capital in the City of Madison, the University of Wisconsin flagship campus, the world-class Overture Center for the Arts, and an abundance of parks, lakes, and unique neighborhoods. Home to the fastest growing population of any county in Wisconsin, Dane County boasts a highly educated workforce to power its diverse and innovative industries. With assets in information technology, life sciences, and agriculture, Madison and Dane County consistently rank among the top communities for work and play. Madison is the second largest city in Wisconsin, after Milwaukee, and the 83rd largest in the United States.

TOURISM A BILLION-DOLLAR INDUSTRY • 14 MILLION VISITORS ANNUALLY Madison offers visitors a vibrant city that enjoys outdoor activities, diverse cultural events, tasty eats, and spirited sports enthusiasts. Its been ranked as a “Best Place to Live” by Livability.com and a top “U.S. City Perfect for a Weekend Getaway” by BuzzFeed. The Wall Street Journal named it a prominent city for “Good Eats”, and Yahoo.com voted Madison the “Best City on Earth for Biking” for its 200 miles of biking trails and bike share program.An estimated 14 million people visit Greater Madison on an annual basis for events such as the Rhythm and Booms celebration, the largest fireworks display in the Midwest as well as the Great Taste of the Midwest craft beer festival, the second longest running such event in North America.In 2014, visitors contributed $1.9 billion dollars in total business spending, which supported more than 20,405 full-time equivalent jobs in Dane County.In addition, the Greater Madison Convention & Visitors Bureau (GMCVB) has booked nearly 200 conventions, conferences and sporting events that will take place in future years, which will result in more than $54.9 million in future spending in Dane County..

DIVERSE ECONOMY: GOVERNMENT, HI-TECH, HEALTH/BIOTECH BIGGEST ECONOMIC DRIVERSThe largest employer in Madison is the Wisconsin state government, excluding employees of the University of Wisconsin–Madison, and University of Wisconsin Hospital and Clinics employees, although both groups of workers are state employees. However, Madison’s economy today is evolving from a government-based economy to a consumer services and hi-tech base, particularly in the health, biotech, and advertising sectors. The University of Wisconsin Hospital and Clinics is an important regional teaching hospital and regional trauma center, with strengths in transplant medicine, oncology, digestive disorders, and endocrinology. Other Madison hospitals include St. Mary’s Hospital, Meriter Hospital, and the VA Medical Center.Madison is home to companies such as Spectrum Brands (formerly Rayovac), Alliant Energy, the Credit Union National Association (CUNA), MGE Energy, Aprilaire, and Sub-Zero & Wolf Appliance. Insurance companies based in Madison include American Family Insurance, CUNA Mutual Group, and National Guardian Life.Technology companies in Madison include Google, Microsoft, Broadjam, a regional office of CDW, Full Compass Systems, Raven Software, and TDS Telecom. Biotech firms include Panvera (now part of Invitrogen). The contract research organization Covance is a major employer in the city. Madison’s community hackerspaces/makerspaces are Sector67, which serves inventors and entrepreneurs, and The Bodgery, which serves hobbyists, artists, and tinkerers. Epic Systems was based in Madison from 1979 to 2005, when it moved to a larger campus in nearby Verona. Other firms include Nordic, Forward Health, and Forte Research Systems.

INTERNATIONALLY RECOGNIZED UNIVERSITY RESEARCH PARK • HOME OF MGE INNOVATION CENTERUniversity Research Park, a University of Wisconsin-Madison affiliate, is an internationally recognized research and technology park that supports early-stage, and growth-oriented businesses in a range of sectors, including engineering, computational and life sciences. Located within the University Research Park, the MGE Innovation Center consists of 113,000 square feet, of which 50,000 square feet has been designated for 27 office and 34 laboratory suites designed for early stage start-up companies. The MGE Innovation Center has helped more than 70 early stage companies grow since 1989. The MGE Innovation Center enables companies to focus on business development essentials: Product development, UW-Madison collaborative research, employee recruitment and capital investment.



Demographic Source: Applied Geographic Solutions 10/2018, TIGER Geography page 1 of 1©2018, Sites USA, Chandler, Arizona, 480-491-1112

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SUMMARY PROFILE2000-2010 Census, 2018 Estimates with 2023 ProjectionsCalculated using Weighted Block Centroid from Block Groups

Lat/Lon: 42.9384/-89.3830RS1

810 N Main St3 mi radius 5 mi radius 7 mi radius

Oregon, WI 53575

PO

PU

LATI

ON

2018 Estimated Population 13,717 24,763 61,714

2023 Projected Population 14,467 26,091 65,276

2010 Census Population 12,530 21,422 54,710


Projected Annual Growth 2018 to 2023 1.1% 1.1% 1.2%

Historical Annual Growth 2000 to 2018 1.6% 2.0% 1.5%

2018 Median Age 38 38.6 36.9

HO

US

EH

OLD

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2018 Estimated Households 5,087 9,704 25,199

2023 Projected Households 5,418 10,320 26,866

2010 Census Households 4,577 8,170 21,923




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AN

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ICIT

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2018 Estimated White 92.3% 90.0% 79.0%

2018 Estimated Black or African American 3.2% 3.3% 7.5%

2018 Estimated Asian or Pacific Islander 1.5% 2.7% 4.5%

2018 Estimated American Indian or Native Alaskan 0.2% 0.2% 0.4%

2018 Estimated Other Races 2.8% 3.8% 8.6%

2018 Estimated Hispanic 2.8% 4.3% 11.6%

INC

OM

E 2018 Estimated Average Household Income $112,032 $113,934 $104,706

2018 Estimated Median Household Income $88,335 $88,707 $78,839

2018 Estimated Per Capita Income $42,595 $45,231 $42,989

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2018 Estimated Elementary (Grade Level 0 to 8) 0.6% 1.2% 2.0%

2018 Estimated Some High School (Grade Level 9 to 11) 2.3% 2.1% 3.2%

2018 Estimated High School Graduate 21.9% 19.6% 18.6%

2018 Estimated Some College 19.2% 18.2% 18.3%

2018 Estimated Associates Degree Only 12.5% 12.4% 11.2%

2018 Estimated Bachelors Degree Only 26.5% 28.5% 28.3%

2018 Estimated Graduate Degree 17.1% 18.0% 18.4%

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S 2018 Estimated Total Businesses 434 781 2,834

2018 Estimated Total Employees 4,459 8,179 37,572

2018 Estimated Employee Population per Business 10.3 10.5 13.3

2018 Estimated Residential Population per Business 31.6 31.7 21.8BU

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Demographic Source: Applied Geographic Solutions 10/2018, TIGER Geography page 1 of 1©2018, Sites USA, Chandler, Arizona, 480-491-1112

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SUMMARY PROFILE2000-2010 Census, 2018 Estimates with 2023 ProjectionsCalculated using Weighted Block Centroid from Block Groups

Lat/Lon: 42.9384/-89.3830RS1

810 N Main St3 mi radius 5 mi radius 7 mi radius

Oregon, WI 53575

PO

PU

LATI

ON

2018 Estimated Population 13,717 24,763 61,714

2023 Projected Population 14,467 26,091 65,276





2018 Median Age 38 38.6 36.9

HO

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EH

OLD

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2018 Estimated Households 5,087 9,704 25,199

2023 Projected Households 5,418 10,320 26,866





RA

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AN

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ICIT

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2018 Estimated White 92.3% 90.0% 79.0%

2018 Estimated Black or African American 3.2% 3.3% 7.5%

2018 Estimated Asian or Pacific Islander 1.5% 2.7% 4.5%

2018 Estimated American Indian or Native Alaskan 0.2% 0.2% 0.4%

2018 Estimated Other Races 2.8% 3.8% 8.6%

2018 Estimated Hispanic 2.8% 4.3% 11.6%

INC

OM

E 2018 Estimated Average Household Income $112,032 $113,934 $104,706

2018 Estimated Median Household Income $88,335 $88,707 $78,839

2018 Estimated Per Capita Income $42,595 $45,231 $42,989

ED

UC

ATI

ON

(AG

E 2

5+)

2018 Estimated Elementary (Grade Level 0 to 8) 0.6% 1.2% 2.0%

2018 Estimated Some High School (Grade Level 9 to 11) 2.3% 2.1% 3.2%

2018 Estimated High School Graduate 21.9% 19.6% 18.6%

2018 Estimated Some College 19.2% 18.2% 18.3%

2018 Estimated Associates Degree Only 12.5% 12.4% 11.2%

2018 Estimated Bachelors Degree Only 26.5% 28.5% 28.3%

2018 Estimated Graduate Degree 17.1% 18.0% 18.4%

BU

SIN

ES

S 2018 Estimated Total Businesses 434 781 2,834

2018 Estimated Total Employees 4,459 8,179 37,572

2018 Estimated Employee Population per Business 10.3 10.5 13.3

2018 Estimated Residential Population per Business 31.6 31.7 21.8

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-- DEMOGRAPHICS --

Oregon Overview • Demographics •Madison Overview

• Oregon’s population is growing at a rate of 1.2% per year, ranking it #647 out of 1877 municipalities in Wisconsin.

• Oregon residents, with a median population age of 38 is above the median population of the County but slightly younger than the state average of 39.1.

• Dane County was responsible for 56% of Wisconsin’s job growth between 2001 and 2015 and boasts one of the ten lowest regional unemployment rates in the nation.

• Dane County is one of America’s top five locations for information tech jobs, with IT employment growth of 31% from 2010-2015 and robust annual growth of 5.1% in gross regional product from 2010-2016.

• Oregon’s median household income is $106,250, which is 95% higher than the state average.

• The median price of a home in Oregon is $303,100 - significantly above the Wisconsin median of $168,500.

Lee & Associates hereby advises all prospective purchasers of Net-Leased Invesment property as follows:

The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Lee & Associates has not and will not verify any of this information, nor has Lee & Associates conducted any investigation regarding these matters. Lee & Associates makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.

As the Buyer of an investment 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. Lee & Associates 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 an investment 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 investment 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 Lee & Associates and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this investment property.

EXCLUSIVELY LISTED BY

No warranty or representation is made as to the accuracy of the foregoing information. Terms of sale, lease, and availability are subject to change or withdrawal without notice.

BARR&BENNETTNETLEASEDINVESTMENTS

A Lee & Associates Team

RYAN BARRPrincipal

[email protected]

RYAN BENNETTPrincipal

[email protected]

BROKER OF RECORD: Lee & Associates of Madison, LLC

WI Brokers Lic# 701361-91


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