FALL/WINTER 2020
NET LEASE TENANT REPORT
™
™
AUTO PARTS TENANT NAME
AGENT NAME
CONTACT INFO
ADVANCE AUTO PARTS
SIMON ASSAF
(949) 873-0275 | SIMON.ASSAF@MATTHEWS.COM
AUTOZONE
KEVIN MCKENNA
(214) 295-8749 | KEVIN.MCKENNA@MATTHEWS.COM
GOODYEAR
CHRIS LASKERO
(214) 692-2921 | CHRIS.LASKERO@MATTHEWS.COM
O’REILLY AUTO PARTS
KEVIN MCKENNA
(214) 295-8749 | KEVIN.MCKENNA@MATTHEWS.COM
™™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
69
AVG CAP RATE
6.96%
AVG LEASE TERM REMAINING
8 Years
AVG PRICE
$1,497,000
LOWEST CAP RATE
5.35%
HIGHEST CAP RATE
11.17%
CAP RATE CORRELATION 10.00%
KEY STATISTICS CREDIT RATING MARKET CAP
± $9.03B TOTAL LOCATIONS
± 4,280 HEADQUARTERS
CAP RATE
BBB8.00%
6.00%
Raleigh, NC 5.00%
CAP RATE COMPARISON
1
5
TRANSACTIONS
5.75% - 6.00% 6.25% - 6.75% 5 YEARS REMAINING
7.25% - 7.75%
15
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (10 - 15 YEARS) 10 YEARS REMAINING
10
2019
2020
TRANSACTIONS
42
40
AVG CAP RATE
7.52%
7.38%
AVG TERM REMAINING AVG SALE PRICE
7 years
7 years
$1,278,000
$1,448,000
RECENT SALES COMPARABLES
TYPICAL LEASE STRUCTURE CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
NN
Lakewood
CO
$2,035,000
5.80%
13 Years
2016
5/1/19
RENT INCREASES
Ocoee
FL
$2,250,000
6.14%
12 Years
2015
2/6/20
Hollywood
FL
$1,950,000
6.25%
10 Years
2007
7/5/19
Quakertown
PA
$2,750,000
6.54%
9 Years
2004
4/24/19
Royersford
PA
$1,400,000
6.79%
9 Years
1976
8/2/19
Indianapolis
IN
$1,066,000
7.31%
8 Years
2000
1/30/20
Taneytown
MD
$1,650,000
7.64%
6 Years
2005
10/25/19
Kenton
OH
$715,000
7.73%
5 Years
1997
7/19/19
Saginaw
MI
$635,000
8.50%
4 Years
2001
1/2/20
Cleveland
OH
$1,175,000
8.63%
4 Years
1982
5/17/19
LEASE TYPE
Custom LEASE TERM
15 Years AVERAGE SALES
$1,500,000 AVERAGE ANNUAL RENT
$84,000 TYPICAL SQUARE FEET
± 7,000 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
26
AVG CAP RATE
5.65%
AVG LEASE TERM REMAINING
8 Years
AVG PRICE
$1,933,720
LOWEST CAP RATE
4.00%
HIGHEST CAP RATE
9.10%
CAP RATE CORRELATION KEY STATISTICS
8.00%
CREDIT RATING
BBB ± $26.15B TOTAL LOCATIONS
± 6,411 HEADQUARTERS
Memphis, TN
CAP RATE COMPARISON
CAP RATE
MARKET CAP
7.00%
6.00%
5.00%
1
5
TRANSACTIONS
4.50 - 5.25% 10 YEARS REMAINING 5 YEARS REMAINING
6.75 - 7.50%
2018
2019
TRANSACTIONS
39
41
AVG CAP RATE
6.10%
5.63%
AVG TERM REMAINING AVG SALE PRICE
TYPICAL LEASE STRUCTURE LEASE TYPE
NNN or Ground Lease RENT INCREASES
15
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
5.75 - 6.25%
10
9 years
8 Years
$1,616,304
$1,723,211
RECENT SALES COMPARABLES CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Elkhart
IN
$1,638,315
5.70%
4 Years
2008
11/1/19
Tuba City
AZ
$1,575,000
6.10%
13 Years
2017
9/27/19
Rio Grande City
TX
$2,691,438
5.66%
14 Years
2001
9/24/19
LEASE TERM
Poughkeepsie
NY
$2,157,000
6.00%
6 Years
2005
12/2/19
15 Years
Lanoka Harbor
NJ
$2,725,000
5.98%
8 Years
2006
9/13/19
AVERAGE SALES
Rome
GA
$2,100,000
5.70%
9 Years
2014
1/10/20
Chicago
IL
$2,407,935
6.20%
10 Years
2006
10/23/19
Columbia
MO
$1,100,000
5.00%
15 Years
2019
8/15/19
Indianapolis
IN
$1,155,000
6.25%
7 Years
2005
4/18/19
Killeen
TX
$1,310,000
5.75%
9 Years
1955
1/23/19
Custom & Flat/Various on Ground Lease
$1,900,000 AVERAGE ANNUAL RENT
$85,000 TYPICAL SQUARE FEET
± 7,200 SF
™
CURRENT ON MARKET DATA KEY STATISTICS CREDIT RATING
BBMARKET CAP
± $2.26B
NUMBER OF PROPERTIES
10
AVG CAP RATE
6.20%
AVG LEASE TERM REMAINING
12 Years
AVG PRICE
$2,412,000
LOWEST CAP RATE
5.15%
HIGHEST CAP RATE
7.25%
TOTAL LOCATIONS
± 1,000
TRANSACTIONS
HEADQUARTERS
Akron, OH
2019
2020
6
6
TRANSACTIONS AVG CAP RATE
CAP RATE COMPARISON NEW CONSTRUCTION (15 - 20 YEARS)
AVG SALE PRICE
6.75% - 7.00% 5 YEARS REMAINING
7.75% - 8.00%
TYPICAL LEASE STRUCTURE LEASE TYPE
NN RENT INCREASES
5-10% Every 5 Years LEASE TERM
6.59% 10 Years
$1,405,000
$1,700,000
RECENT SALES COMPARABLES
10 YEARS REMAINING
7.05% 8 Years
AVG TERM REMAINING
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Spanish Fort
AL
$1,703,000
6.73%
10 Years
2000
10/9/19
Covington
GA
$1,332,500
6.39%
12 Years
2002
1/4/19
Akron
OH
$1,230,000
6.15%
10 Years
2005
5/24/18
McKinney
TX
$1,475,000
6.51%
8 Years
2001
5/4/18
Nashville
TN
$850,000
-
-
1994
4/13/18
Hamburg
NY
$1,011,050
8.06%
7 Years
2000
1/8/20
Orange Park
FL
$900,000
7.55%
5 Years
1999
9/30/20
Baton Rouge
LA
$2,470,000
6.85%
8 Years
2008
6/12/20
Gilbert
AZ
$1,700,000
6.91%
6 Years
1999
4/6/20
15 Years AVERAGE SALES
AVERAGE ANNUAL RENT
$105,000 TYPICAL SQUARE FEET
± 6,850 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
34
AVG CAP RATE
5.85%
AVG LEASE TERM REMAINING
11 Years
AVG PRICE
$1,651,265
LOWEST CAP RATE
4.56%
HIGHEST CAP RATE
6.85%
CAP RATE CORRELATION 10.00%
KEY STATISTICS CREDIT RATING
BBB ± $31.2B TOTAL LOCATIONS
± 5,219 HEADQUARTERS
CAP RATE
MARKET CAP
8.00%
6.00%
Springfield, MO
CAP RATE COMPARISON
4.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
TRANSACTIONS
5.25% - 5.75% 10 YEARS REMAINING
2019
2020
5.75% - 6.50%
TRANSACTIONS
93
49
5 YEARS REMAINING
AVG CAP RATE
5.88%
6.10%
6.75% - 7.50%
AVG TERM REMAINING AVG SALE PRICE
11 Years
9 Years
$1,675,000
$1,400,000
RECENT SALES COMPARABLES
TYPICAL LEASE STRUCTURE LEASE TYPE
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
NN or NNN
Clearwater
FL
$2,500,000
5.30%
20 Years
2020
1/31/20
RENT INCREASES
Fortworth
TX
$1,500,000
6.67%
5 Years
1980
2/26/20
Madison
MS
$2,100,000
5.65%
15 Years
2019
1/5/20
La Junta
CO
$904,000
8.04%
3 Years
1997
2/12/20
Camas
WA
$2,000,000
5.65%
8 Years
1999
1/28/20
Booneville
AR
$307,100
6.25%
6 Years
1972
1/21/20
Crestwood
KY
$1,900,000
5.77%
19 Years
2019
1/20/20
Bellevue
OH
$1,650,000
6.00%
15 Years
2019
1/18/20
Orem
UT
$1,900,000
5.61%
10 Years
2000
11/21/19
Paragould
AR
$1,700,000
5.75%
14 Years
2001
12/21/19
Custom LEASE TERM
15 Years AVERAGE SALES
$1,827,251 AVERAGE ANNUAL RENT
$110,000 TYPICAL SQUARE FEET
± 7,000 SF
™
AUTO SERVICE TENANT NAME
AGENT NAME
CONTACT INFO
CALIBER COLLISON/ABRA
MOHAMMAD SULTANI
(682) 238-0569 | MOHAMMAD.SULTANI@MATTHEWS.COM
FIRESTONE
CHRIS LASKERO
(214) 692-2921 | CHRIS.LASKERO@MATTHEWS.COM
JIFFY LUBE
AUSTIN WALSH
(214) 692-2298 | AUSTIN.WALSH@MATTHEWS.COM
TAKE 5 OIL CHANGE
ALEX DESOTO
(949) 662-2257 | ALEX.DESOTO@MATTHEWS.COM
VALVOLINE
ALEX DESOTO
(949) 662-2257 | ALEX.DESOTO@MATTHEWS.COM
â„¢
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
36
AVG CAP RATE
6.11%
AVG LEASE TERM REMAINING
11 Years
AVG PRICE
$3,838,303
LOWEST CAP RATE
4.34%
HIGHEST CAP RATE
7.50%
CAP RATE CORRELATION KEY STATISTICS
8.50%
CREDIT RATING
AA+ ± $3.5B TOTAL LOCATIONS
± 1,100 HEADQUARTERS
CAP RATE
MARKET CAP
7.00%
6.00%
Lewisville, TX
CAP RATE COMPARISON
5.00%
1
5
10
15
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
TRANSACTIONS
6.00% 10 YEARS REMAINING
2019
2020
6.50%
TRANSACTIONS
31
16
5 YEARS REMAINING
AVG CAP RATE
6.32%
6.26%
7.50%
AVG TERM REMAINING AVG SALE PRICE
TYPICAL LEASE STRUCTURE LEASE TYPE
NNN or NN RENT INCREASES
5 - 10% Every 5 Years LEASE TERM
15 Years AVERAGE SALES
AVERAGE ANNUAL RENT
$240,000 TYPICAL SQUARE FEET
± 15,000 SF
12 Years
12 Years
$4,089,474
$3,968,158
RECENT SALES COMPARABLES CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
San Antonio
TX
$5,700,000
6.00%
15 Years
2019
6/7/19
Boca Raton
FL
$7,167,193
5.70%
15 Years
2020
3/19/20
Monument
CO
$5,405,000
5.99%
15 Years
2019
12/12/19
Helotes
TX
$4,986,667
5.85%
15 Years
2019
11/5/19
Lexington
SC
$3,480,709
6.34%
10 Years
1973
9/9/19
Colorado Springs
CO
$3,620,300
6.50%
10 Years
2013
6/13/19
Warner Robins
GA
$6,620,000
6.25%
15 Years
2005
3/29/19
Colorado Springs
CO
$4,415,000
7.18%
5 Years
1977
3/13/20
Vancouver
WA
$2,929,350
6.00%
9 Years
2015
6/19/20
Conyers
GA
$3,950,000
7.79%
4 Years
1984
5/31/19
™
CURRENT ON MARKET DATA KEY STATISTICS CREDIT RATING
A
NUMBER OF PROPERTIES
8
AVG CAP RATE
5.29%
AVG LEASE TERM REMAINING
13 Years
AVG PRICE
$2,900,000
MARKET CAP
LOWEST CAP RATE
4.85%
± $32.9B
HIGHEST CAP RATE
6.50%
TOTAL LOCATIONS
± 2,200
TRANSACTIONS
HEADQUARTERS
Nashville, TN
CAP RATE COMPARISON
5 YEARS REMAINING
7.00%
TYPICAL LEASE STRUCTURE LEASE TYPE
NNN RENT INCREASES
5-10% Every 5 Years LEASE TERM
10
22
AVG CAP RATE
6.30%
5.69%
AVG TERM REMAINING
9 Years
11 Years
$3,000,000
$3,078,000
AVG SALE PRICE
RECENT SALES COMPARABLES
4.85-5.15% 6.00%
2020
TRANSACTIONS
NEW CONSTRUCTION (15 - 20 YEARS) 10 YEARS REMAINING
2019
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Oswego
IL
$3,800,000
6.73%
8 Years
2008
2/7/20
Skokie
IL
$3,700,000
6.42%
7 Years
2007
1/29/20
Orange
CA
$2,820,000
4.89%
10 Years
1990
1/15/20
Lorain
OH
$3,219,000
5.15%
15 Years
2019
12/20/19
Harrisburg
NC
$3,170,000
5.24%
15 Years
2019
11/8/19
Madison
AL
$3,140,000
5.25%
15 Years
2019
10/25/19
Brooksville
FL
$3,290,000
5.05%
15 Years
2019
9/9/19
Kingsport
TN
$3,310,000
5.34%
15 Years
2019
5/24/19
San Angelo
TX
$3,207,000
5.15%
15 Years
2020
2/28/20
15 Years AVERAGE SALES
AVERAGE ANNUAL RENT
$185,000 TYPICAL SQUARE FEET
± 6,500 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
31
AVG CAP RATE
5.98%
AVG LEASE TERM REMAINING
13 Years
AVG PRICE
$1,682,145
LOWEST CAP RATE
4.65%
HIGHEST CAP RATE
16.33%
CAP RATE CORRELATION 10.00%
KEY STATISTICS CREDIT RATING MARKET CAP
± $149.28B TOTAL LOCATIONS
± 2,200
CAP RATE
AA-
8.00%
6.00%
HEADQUARTERS
Houston, TX 4.00%
CAP RATE COMPARISON
1
5
10
TRANSACTIONS
5.50% 6.50% 5 YEARS REMAINING
7.25%
TYPICAL LEASE STRUCTURE LEASE TYPE
NNN or NN RENT INCREASES
10% Every 5 Years LEASE TERM
20 Years AVERAGE SALES
20
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS) 10 YEARS REMAINING
15
TRANSACTIONS
2019
2020
77
41
AVG CAP RATE
6.25%
6.40%
AVG TERM REMAINING
8 Years
8 Years
$1,596,494
$1,496,036
AVG SALE PRICE
RECENT SALES COMPARABLES CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Sparks
NV
$1,475,000
7.00%
5 Years
1994
12/28/19
Richmond
VA
$2,200,000
6.50%
6 Years
2001
11/26/19
Seminole
FL
$1,365,410
5.60%
10 Years
1982
10/3/19
Hinesville
GA
$1,035,500
6.89%
6 Years
2003
9/16/19
Independence MO
$1,153,000
6.50%
10 Years
2003
8/20/19
$725,000
Olive Branch
MS
$1,636,000
6.43%
10 Years
2003
7/9/19
AVERAGE ANNUAL RENT
North Las Vegas
NV
$896,000
6.00%
10 Years
1997
6/21/19
$70,000
Omaha
NE
$846,000
6.50%
10 Years
1993
5/20/19
TYPICAL SQUARE FEET
Mesa
AZ
$1,421,538
7.15%
3 Years
1988
5/16/19
Saint Cloud
FL
$2,759,564
5.50%
20 Years
2019
6/4/19
± 2,500 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
39
AVG CAP RATE
5.65%
AVG LEASE TERM REMAINING
11 Years
AVG PRICE
$1,258,612
LOWEST CAP RATE
5.25%
HIGHEST CAP RATE
6.05%
CAP RATE CORRELATION KEY STATISTICS
8.00%
CREDIT RATING
NR TOTAL LOCATIONS
± 480 HEADQUARTERS
CAP RATE
MARKET CAP
7.00%
6.00%
Metaire, LA
CAP RATE COMPARISON
5.00%
1
5
10
15
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
TRANSACTIONS
5.25% - 5.75% 10 YEARS REMAINING
2019
2020
5.25% - 6.00%
TRANSACTIONS
16
10
5 YEARS REMAINING
AVG CAP RATE
6.00%
6.00%
6.25% - 7.00%
AVG TERM REMAINING AVG SALE PRICE
TYPICAL LEASE STRUCTURE LEASE TYPE
NNN or Ground Lease RENT INCREASES
Custom LEASE TERM
10 Years AVERAGE SALES
AVERAGE ANNUAL RENT
$65,000 TYPICAL SQUARE FEET
± 1,800 SF
10 Years
11 Years
$1,073,373
$828,996
RECENT SALES COMPARABLES CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Largo
FL
$1,245,000
6.02%
9 Years
2019
3/8/19
Houston
TX
$1,300,000
6.00%
10 Years
2019
2/8/19
Pearland
TX
$1,398,000
5.90%
10 Years
2019
12/17/19
Temple
TX
$1,194,347
5.75%
10 Years
2017
3/12/19
Saginaw
TX
$720,000.00
5.75%
10 Years
2020
6/12/20
New Port Richey
FL
$1,005,000
5.77%
11 Years
2019
1/10/20
Spring Hill
FL
$1,350,000
5.56%
11 Years
2019
12/26/19
Auburndale
FL
$1,200,000
5.50%
15 Years
2019
11/1/19
Tampa
FL
$1,325,000
5.82%
10 Years
2018
10/29/18
Pasadena
FL
$974,000
5.65%
10 Years
2018
8/16/18
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
9
AVG CAP RATE
5.31%
AVG LEASE TERM REMAINING
12 Years
AVG PRICE
$1,554,464
LOWEST CAP RATE
4.50%
HIGHEST CAP RATE
7.90%
CAP RATE CORRELATION KEY STATISTICS
8.00%
CREDIT RATING
BB+ ± $3.536B TOTAL LOCATIONS
± 1,200 HEADQUARTERS
CAP RATE
MARKET CAP
7.00%
6.00%
Lexington, KY
CAP RATE COMPARISON
5.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
TRANSACTIONS
4.75% 10 YEARS REMAINING
2019
2020
5.00%
TRANSACTIONS
13
8
5 YEARS REMAINING
AVG CAP RATE
6.39%
5.21%
7.00%
AVG TERM REMAINING AVG SALE PRICE
12 Years
12 Years
$1,425,114
$1,726,285
RECENT SALES COMPARABLES
TYPICAL LEASE STRUCTURE LEASE TYPE
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
NNN or Ground Lease
Chester
VA
$1,700,000
5.29%
15 Years
2019
9/10/20
RENT INCREASES
Kokomo
IN
$1,450,000
5.17%
15 Years
2019
8/31/20
Downey
CA
$2,400,000
5.00%
12.5 Years
2017
3/20/20
Spokane Valley
WA
$1,424,000
5.74%
10 Years
2014
2/10/20
Riverview
FL
$1,350,000
5.20%
15 Years
2019
12/18/19
Front Royal
VA
$1,609,100
5.50%
15 Years
2019
6/7/19
Snellville
GA
$2,312,500
5.19%
15 Years
2019
12/12/19
Humble
TX
$1,625,000
5.54%
15 Years
2019
3/16/20
Louisville
KY
$555,000
7.50%
3 Years
2005
8/21/19
Oviedo
FL
$1,200,000
7.50%
4.5 Years
2000
6/28/19
Custom LEASE TERM
15 Years AVERAGE SALES
AVERAGE ANNUAL RENT
$85,441 TYPICAL SQUARE FEET
± 2,200 SF
™
BANKS TENANT NAME
AGENT NAME
CONTACT INFO
BANK OF AMERICA
NICK KAYE
(949) 662-2253 | NICK.KAYE@MATTHEWS.COM
CHASE BANK
TOM ARAGONE
(949) 662-2250 | TOM.ARAGONE@MATTHEWS.COM
WELLS FARGO
NICK KAYE
(949) 662-2253 | NICK.KAYE@MATTHEWS.COM
â„¢
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
17
AVG CAP RATE
5.50%
AVG LEASE TERM REMAINING
6 Years
AVG PRICE
$4,434,282
LOWEST CAP RATE
4.00%
HIGHEST CAP RATE
8.50%
CAP RATE CORRELATION KEY STATISTICS
9.00%
CREDIT RATING
A± $211.52B TOTAL LOCATIONS
± 4,600 HEADQUARTERS
CAP RATE
MARKET CAP
7.00%
5.00%
Charlotte, NC
CAP RATE COMPARISON
4.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
TRANSACTIONS
4.5% - 4.75% 10 YEARS REMAINING
2019
2020
5.25% - 5.75%
TRANSACTIONS
23
15
5 YEARS REMAINING
AVG CAP RATE
5.91%
5.60%
6.25% - 6.50%
AVG TERM REMAINING AVG SALE PRICE
TYPICAL LEASE STRUCTURE
7 Years
8 Years
$2,191,979
$3,978,522
RECENT SALES COMPARABLES CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Lithonia
GA
$1,700,000
6.90%
3 Years
2003
12/4/19
Southern Pines
NC
$1,278,000
6.75%
4 Years
1994
12/16/19
Carollton
TX
$2,250,000
6.44%
5 Years
1979
7/30/19
Greensboro
NC
$950,000
6.48%
5 Years
1969
2/28/19
Fredericksburg
VA
$5,300,000
5.82%
10 Years
2008
10/29/18
Storrs Manfield
CT
$1,000,000
5.50%
10 Years
1972
9/1/19
Alexandria
VA
$4,550,000
4.95%
15 Years
2009
11/5/19
$150,000
Greenwood
IN
$2,100,000
4.76%
15 Years
2020
9/16/20
TYPICAL SQUARE FEET
West Chester
OH
$3,680,000
4.45%
16 Years
2020
7/10/20
Centennial
CO
$5,080,000
4.61%
17 Years
2017
3/23/20
LEASE TYPE
NNN or Ground Lease RENT INCREASES
5 - 10% Every 5 Years LEASE TERM
15 - 20 Years AVERAGE SALES
AVERAGE ANNUAL RENT
± 3,500 SF
™
CURRENT ON MARKET DATA 30 ± 5.00% 10 Years $3,400,000 3.90% 7.03%
NUMBER OF PROPERTIES AVG CAP RATE AVG LEASE TERM REMAINING AVG PRICE LOWEST CAP RATE HIGHEST CAP RATE
CAP RATE CORRELATION KEY STATISTICS
8.00%
CREDIT RATING
A+ ± $290.47B TOTAL LOCATIONS
± 5,031 HEADQUARTERS
CAP RATE
MARKET CAP
6.00%
4.00%
Columbus, OH
CAP RATE COMPARISON
2.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
TRANSACTIONS
4.25% - 4.75% 10 YEARS REMAINING
2019
2020
5.00% - 5.75%
TRANSACTIONS
15
20
5 YEARS REMAINING
AVG CAP RATE
6.40%
5.13%
6.25% - 6.75%
AVG TERM REMAINING AVG SALE PRICE
13 Years
10 Years
$3,400,000
$3,844,993
RECENT SALES COMPARABLES
TYPICAL LEASE STRUCTURE LEASE TYPE
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
NNN or Ground Lease
Garden Grove
CA
$7,000,000
-
15 Years
2020
6/29/20
RENT INCREASES
Stone Mountain
GA
$2,183,908
4.35%
10 Years
2020
4/28/20
Delano
CA
$1,710,000
7.03%
4 Years
1996
3/25/20
Las Vegas
NV
$3,625,000
4.55%
15 Years
2020
3/6/20
Gilbert
AZ
$4,628,000
5.15%
9 Years
2008
3/2/20
Bonita Springs
FL
$4,093,023
4.30%
13 Years
2013
2/28/20
Pearland
TX
$4,410,000
4.80%
9 Years
2009
1/15/20
Hillside
IL
$3,275,000
5.75%
9 Years
2009
1/7/20
Long Beach
CA
$4,425,000
-
10 Years
2020
5/1/20
Columbus
OH
$3,100,000
5.07%
8 Years
2008
5/28/20
10% Every 5 Years LEASE TERM
20 Years AVERAGE SALES
AVERAGE ANNUAL RENT
$150,000 TYPICAL SQUARE FEET
± 3,000 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
10
AVG CAP RATE
5.70%
AVG LEASE TERM REMAINING
5 Years
AVG PRICE
$2,463,547
LOWEST CAP RATE
2.10%
HIGHEST CAP RATE
12.60%
CAP RATE CORRELATION 9.00%
KEY STATISTICS CREDIT RATING MARKET CAP
± $90.59B TOTAL LOCATIONS
± 5,400
CAP RATE
BBB+
7.00%
5.00%
HEADQUARTERS
San Francisco, CA 4.00%
1
5
10
TRANSACTIONS
NEW CONSTRUCTION (15 - 20 YEARS)
2019
2020
TRANSACTIONS
16
7
AVG CAP RATE
6.40%
6.10%
4.50% - 5.00% 5.00% - 5.50% 5 YEARS REMAINING
6.25% - 6.75%
20
YEARS REMAINING ON LEASE
CAP RATE COMPARISON
10 YEARS REMAINING
15
AVG TERM REMAINING AVG SALE PRICE
5 Years
6 Years
$2,665,024
$2,440,786
RECENT SALES COMPARABLES TYPICAL LEASE STRUCTURE
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Cape Carteret
NC
$1,395,000
7.55%
3 Years
2008
12/3/19
Houston
TX
$3,936,813
5.74%
7 Years
2006
7/9/19
Norcross
GA
$2,440,000
6.31%
5 Years
1968
5/15/20
Wilmington
CA
$4,600,000
6.68%
5 Years
2003
7/23/19
San Antonio
TX
$1,458,000
6.00%
8 Years
2018
5/27/20
Houston
TX
$2,563,000
5.90%
7 Years
2007
8/5/19
Mechanicsville
VA
$2,723,581
5.25%
9 Years
2009
10/13/20
Rome
GA
$2,000,000
7.56%
3 Years
1973
2/12/20
$150,000
Bayville
NJ
$4,750,000
5.20%
8 Years
2008
1/7/20
TYPICAL SQUARE FEET
Bakersfield
CA
$1,745,455
5.50%
4 Years
1957
1/2/20
LEASE TYPE
NNN or Ground Lease RENT INCREASES
5 - 10% Every 5 Years LEASE TERM
15 - 20 Years AVERAGE SALES
AVERAGE ANNUAL RENT
± 4,000 SF
™
CASUAL DINING TENANT NAME
AGENT NAME
CONTACT INFO
APPLEBEE’S
KEEGAN MULCAHY
(310) 955-1782 | KEEGAN.MULCAHY@MATTHEWS.COM
CHILI’S
KEEGAN MULCAHY
(310) 955-1782 | KEEGAN.MULCAHY@MATTHEWS.COM
DENNY’S
CHUCK EVANS
(310) 919-5841 | CHUCK.EVANS@MATTHEWS.COM
HOOTERS
MITCHELL GLASSON
(949) 432-4502 | MITCHELL.GLASSON@MATTHEWS.COM
IHOP
KEEGAN MULCAHY
(310) 955-1782 | KEEGAN.MULCAHY@MATTHEWS.COM
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
51
AVG CAP RATE
7.20%
AVG LEASE TERM REMAINING
11 Years
AVG PRICE
$2,800,000
LOWEST CAP RATE
5.25%
HIGHEST CAP RATE
13.25%
CAP RATE CORRELATION KEY STATISTICS
10.00%
CREDIT RATING
NR ± $1.38B TOTAL LOCATIONS
± 1,718 HEADQUARTERS
CAP RATE
MARKET CAP
8.00%
6.00%
Glendale, CA
CAP RATE COMPARISON
4.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
TRANSACTIONS
6.50% 10 YEARS REMAINING
2019
2020
6.75%
TRANSACTIONS
43
15
5 YEARS REMAINING
AVG CAP RATE
7.16%
7.00%
7.50%
AVG TERM REMAINING AVG SALE PRICE
11 Years
9 Years
$2,471,939
$2,400,000
RECENT SALES COMPARABLES
TYPICAL LEASE STRUCTURE LEASE TYPE
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
NNN
Wooster
OH
$3,450,000
9.70%
3 Years
2003
1/1/20
RENT INCREASES
Hot Springs National Park
AR
$2,200,000
7.95%
20 Years
1996
2/19/20
Duluth
GA
$2,599,000
7.68%
4.5 Years
1986
2/10/20
Moscow
ID
$2,373,000
7.50%
11.5 Years
1980
1/17/20
Big Rapids
MI
$2,925,000
7.47%
15 Years
2000
3/12/20
Mcallen
TX
$2,230,000
7.31%
10 Years
1994
3/13/20
Apple Valley
MN
$3,670,000
7.10%
7 Years
1999
3/1/20
Pensacola
FL
$2,715,700
6.90%
12 Years
1995
2/24/20
Mustang
OK
$2,225,000
6.74%
18 Years
2013
2/5/20
Moncks Corner
SC
$2,295,000
6.50%
20 Years
2000
2/28/20
10% Every 5 Years LEASE TERM
20 Years AVERAGE SALES
$2,400,000 AVERAGE ANNUAL RENT
$175,000 TYPICAL SQUARE FEET
± 4,500 - 5,500 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
17
AVG CAP RATE
6.00%
AVG LEASE TERM REMAINING
9 Years
AVG PRICE
$4,600,000
LOWEST CAP RATE
4.65%
HIGHEST CAP RATE
7.75%
CAP RATE CORRELATION KEY STATISTICS
8.00%
CREDIT RATING
BBB± $1.28B TOTAL LOCATIONS
± 1,841 HEADQUARTERS
CAP RATE
MARKET CAP
7.00%
6.00%
Dallas, TX
CAP RATE COMPARISON
5.00%
1
5
10
20
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
TRANSACTIONS
5.00% 10 YEARS REMAINING
5.50%
TRANSACTIONS
5 YEARS REMAINING
AVG CAP RATE
6.50%
15
AVG TERM REMAINING AVG SALE PRICE
TYPICAL LEASE STRUCTURE
2019
2020
35 6.01% 12 Years $2,409,780
5 6.20% 11 Years $2,000,000
RECENT SALES COMPARABLES CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Dekalb
IL
$2,460,000
5.65%
12 Years
2000
8/4/20
Las Vegas
NV
$1,850,000
5.14%
7 Years
1997
7/21/20
Garner
NC
$2,000,000
5.75%
10 Years
2003
7/9/20
Homer Glen
IL
$2,950,000
8.30%
8 Years
2007
2/14/20
Irving
TX
$1,850,000
4.63%
10 Years
1999
12/19/19
El Centro
CA
$1,780,000
5.60%
10 Years
2005
12/19/19
Plymouth
MN
$2,900,000
6.60%
6 Years
1992
12/9/19
$120,000
Lake City
FL
$2,380,000
5.25%
20 Years
1995
10/10/19
TYPICAL SQUARE FEET
Denham Springs
LA
$3,804,723
6.15%
15 Years
2004
10/4/19
± 4,500 - 5,500 SF
Fayetteville
AR
$3,043,209
6.00%
15 Years
1992
9/20/19
LEASE TYPE
NNN or Ground Lease RENT INCREASES
10% Every 5 Years LEASE TERM
20 Years AVERAGE SALES
$2,079,227 AVERAGE ANNUAL RENT
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
8
AVG CAP RATE
5.56%
AVG LEASE TERM REMAINING
12 Years
AVG PRICE
$2,027,575
LOWEST CAP RATE
3.86%
HIGHEST CAP RATE
6.75%
KEY STATISTICS
CAP RATE CORRELATION
CREDIT RATING
NR
9.00%
MARKET CAP
± $9.4M ± 1,700 HEADQUARTERS
Spartanburg, SC
CAP RATE
TOTAL LOCATIONS
7.00%
5.00%
CAP RATE COMPARISON NEW CONSTRUCTION (15 - 20 YEARS)
3.00%
5.45%
1
5
10
TRANSACTIONS
6.35% 5 YEARS REMAINING
AVG TERM REMAINING AVG SALE PRICE
LEASE TYPE
RENT INCREASES
LEASE TERM
20 Years AVERAGE SALES
$1,750,000 AVERAGE ANNUAL RENT
$125,000
2020
21
6
6.10%
5.49%
13 Years
12 Years
$1,833,600
$2,783,333
RECENT SALES COMPARABLES
NNN 10% Every 5 Years
2019 TRANSACTIONS AVG CAP RATE
TYPICAL LEASE STRUCTURE
20
YEARS REMAINING ON LEASE
10 YEARS REMAINING
7.25%
15
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Lakewood
CO
$2,185,000
5.40%
20 Years
1976
8/28/19
Saint Augustine
FL
$2,359,100
6.30%
9 Years
1992
8/9/19
San Luiz
AZ
$2,300,000
5.22%
20 Years
2016
6/7/19
Jacksonville
FL
$2,200,000
7.50%
12 Years
1994
5/31/19
Locust Grove
GA
$1,400,000
6.07%
15 Years
1994
5/31/19
Salem
VA
$1,500,000
6.10%
15 Years
1996
4/3/19
TYPICAL SQUARE FEET
± 4,500 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
13
AVG CAP RATE
6.58%
AVG LEASE TERM REMAINING
8 Years
AVG PRICE
$2,483,361
LOWEST CAP RATE
5.00%
HIGHEST CAP RATE
7.75%
CAP RATE CORRELATION KEY STATISTICS
8.00%
CREDIT RATING
Private Private TOTAL LOCATIONS
± 332 HEADQUARTERS Clearwater, FL & Atlanta, GA
CAP RATE COMPARISON
CAP RATE
MARKET CAP
7.00%
6.00%
5.00%
1
5
10
15
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
TRANSACTIONS
6.10% 10 YEARS REMAINING
2019
2020
6.60%
TRANSACTIONS
11
4
5 YEARS REMAINING
AVG CAP RATE
6.50%
6.04%
7.40%
AVG TERM REMAINING AVG SALE PRICE
TYPICAL LEASE STRUCTURE LEASE TYPE
14 Years
15 Years
$2,600,000
$3,301,333
RECENT SALES COMPARABLES CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Lawrenceville
GA
$2,612,500
6.60%
14 Years
2006
10/30/19
Ohama
NE
$3,200,000
6.56%
20 Years
2019
5/31/19
Richmond
KY
$2,065,000
6.84%
15 Years
2013
8/1/18
Orlando
FL
$3,683,076
6.50%
17 Years
2001
5/29/18
20 Years
Wichita Falls
TX
$3,137,500
6.20%
19 Years
2006
9/5/19
AVERAGE SALES
San Angelo
TX
$3,333,333
6.00%
20 Years
2000
4/26/19
Morrisville
NC
$3,065,000
6.10%
16 Years
2004
3/22/19
Oklahoma City
OK
$3,600,000
5.83%
17 Years
2003
5/6/20
Greenville
NC
$1,517,500
7.75%
5 Years
2003
10/21/19
Ocean City
MD
$1,600,000
7.06%
2 Years
2002
12/31/19
NNN RENT INCREASES
10% Every 5 Years & 7.5% Every 5 Years LEASE TERM
AVERAGE ANNUAL RENT
$178,000 TYPICAL SQUARE FEET
± 5,500 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
34
AVG CAP RATE
6.60%
AVG LEASE TERM REMAINING
12 Years
AVG PRICE
$3,300,000
LOWEST CAP RATE
5.50%
HIGHEST CAP RATE
7.79%
CAP RATE CORRELATION 8.00%
KEY STATISTICS CREDIT RATING
NR ± $1.38B TOTAL LOCATIONS
± 1,841 HEADQUARTERS
CAP RATE
MARKET CAP
7.00%
6.00%
Glendale, CA
CAP RATE COMPARISON
5.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
TRANSACTIONS
5.50% 10 YEARS REMAINING
2019
2020
6.00%
TRANSACTIONS
37
14
5 YEARS REMAINING
AVG CAP RATE
6.01%
6.20%
7.00%
AVG TERM REMAINING AVG SALE PRICE
12 Years
8 Years
$2,409,780
$2,800,000
RECENT SALES COMPARABLES
TYPICAL LEASE STRUCTURE LEASE TYPE
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
NNN
Memphis
TN
$3,035,000
7.00%
7.5 Years
1999
1/10/20
RENT INCREASES
Las Vegas
NV
$3,800,000
6.92%
3.5 Years
1999
2/6/20
Schereville
in
$3,048,000
5.38%
20 Years
2020
3/1/20
Euless
TX
$3,534,800
6.00%
8 Years
2008
1/29/20
Oakland Park
FL
$1,800,000
7.83%
2 Years
1972
2/21/20
Cocoa Beach
FL
$2,222,000
5.40%
15 Years
1974
1/17/20
Los Angeles
CA
$2,250,000
4.00%
10 Years
1961
7/19/20
$135,000
San Jose
CA
$5,250,000
4.58%
10 Years
1976
3/20/20
TYPICAL SQUARE FEET
Folsom
CA
$3,000,000
5.33%
8 Years
2008
3/6/20
± 4,500 - 5,500 SF
Antioch
TN
$1,900,000
9.85%
4.5 Years
1999
7/20/20
10% Every 5 Years LEASE TERM
20 Years AVERAGE SALES
$2,033,000 AVERAGE ANNUAL RENT
™
CONVENIENCE STORES TENANT NAME
AGENT NAME
CONTACT INFO
CIRCLE K
CHRIS SANDS
(925) 718-7524 | CHRIS.SANDS@MATTHEWS.COM
WAWA
JASON MANDELL
(512) 778-2266 | JASON.MANDELL@MATTHEWS.COM
â„¢
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
36
AVG CAP RATE
6.46%
AVG LEASE TERM REMAINING
7 Years
AVG PRICE
$1,969,617
LOWEST CAP RATE
4.00%
HIGHEST CAP RATE
8.00%
CAP RATE CORRELATION 8.00%
KEY STATISTICS CREDIT RATING
BBB ± $51.98B TOTAL LOCATIONS
± 14,000 HEADQUARTERS
CAP RATE
MARKET CAP
7.00%
6.00%
Laval, Quebec, Canada
CAP RATE COMPARISON
5.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
TRANSACTIONS
5.00% 10 YEARS REMAINING
2019
2020
5.76%
TRANSACTIONS
70
9
5 YEARS REMAINING
AVG CAP RATE
6.60%
6.32%
7.25%
AVG TERM REMAINING AVG SALE PRICE
8 Years
7 Years
$2,400,000
$2,225,707
RECENT SALES COMPARABLES
TYPICAL LEASE STRUCTURE LEASE TYPE
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
NNN
Temecula
CA
$3,300,000
5.09%
11 Years
1989
12/20/19
RENT INCREASES
Ooltewah
TN
$1,700,000
5.15%
17 Years
2018
1/10/20
Scottsdale
AZ
$3,020,000
7.00%
4 Years
1995
1/28/20
Covina
CA
$3,680,000
6.00%
8 Years
1966
3/6/20
Tustin
CA
$2,300,000
4.99%
4 Years
1966
4/22/20
Rome
GA
$1,136,360
7.00%
5 Years
1999
5/1/20
North Conway
NH
$5,330,000
5.60%
16 Years
2004
5/20/20
Jupiter
FL
$1,330,000
7.00%
4 Years
1974
8/5/20
Sharpsburg
PA
$925,000
7.13%
6 Years
1981
8/14/20
Crestwood
KY
$610,000
7.00%
3 Years
1998
9/13/20
Custom LEASE TERM
10 - 15 Years AVERAGE SALES
AVERAGE ANNUAL RENT
$115,000 TYPICAL SQUARE FEET
± 3,000 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
14
AVG CAP RATE
4.60%
AVG LEASE TERM REMAINING
19.5 Years
AVG PRICE
$5,800,000
LOWEST CAP RATE
4.50%
HIGHEST CAP RATE
4.75%
CAP RATE CORRELATION 7.00%
KEY STATISTICS CREDIT RATING MARKET CAP
N/A TOTAL LOCATIONS
± 800 HEADQUARTERS
CAP RATE
BBB 6.00%
5.00%
Wawa, PA
CAP RATE COMPARISON
4.00%
1
5
15
20
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
TRANSACTIONS
4.50% - 5.00% 10 YEARS REMAINING
10
2019
2020
5.00 - 5.50%
TRANSACTIONS
34
35
5 YEARS REMAINING
AVG CAP RATE
5.10%
4.80%
5.75 - 6.50%
AVG TERM REMAINING AVG SALE PRICE
18 Years
19 Years
$5,115,943
$7,250,000
RECENT SALES COMPARABLES
TYPICAL LEASE STRUCTURE CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Ground Lease
Tampa
FL
$6,062,500
4.80%
20 Years
2019
10/25/19
RENT INCREASES
Palm Bay
FL
$5,555,000
4.77%
20 Years
2018
1/7/19
Somerset
NJ
$5,970,000
4.75%
19 Years
2018
3/4/19
Quakertown
PA
$5,368,000
4.75%
20 Years
2008
6/14/19
Ashland
VA
$5,700,000
4.82%
20 Years
2018
11/13/19
Margate
FL
$6,590,000
4.93%
19 Years
2018
10/20/19
Delray Beach
FL
$6,840,000
4.53%
20 Years
2019
6/6/19
Coatesville
PA
$5,051,546
4.50%
20 Years
2018
4/1/19
Winter Park
FL
$2,777,778
4.49%
19 Years
2018
7/19/19
Punta Gorda
FL
$4,025,424
4.72%
20 Years
2019
6/22/19
LEASE TYPE
5 - 10% Every 5 Years LEASE TERM
20 Years AVERAGE SALES
AVERAGE ANNUAL RENT
$212,500 TYPICAL SQUARE FEET
± 4,600 - 6,000 SF
™
DOLLAR STORES TENANT NAME
AGENT NAME
CONTACT INFO
DOLLAR GENERAL
CLAY SMITH
(214) 692-2216 | CLAY.SMITH@MATTHEWS.COM
DOLLAR TREE
JOSH BISHOP
(214) 692-2289 | JOSH.BISHOP@MATTHEWS.COM
FAMILY DOLLAR
JOSH BISHOP
(214) 692-2289 | JOSH.BISHOP@MATTHEWS.COM
â„¢
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
310
AVG CAP RATE
7.17%
AVG LEASE TERM REMAINING
9 Years
AVG PRICE
$1,280,570
LOWEST CAP RATE
5.50%
HIGHEST CAP RATE
16.00%
CAP RATE CORRELATION 10.00%
KEY STATISTICS CREDIT RATING
BBB ± $40B TOTAL LOCATIONS
± 16,000 HEADQUARTERS
CAP RATE
MARKET CAP
8.00%
6.00%
Goodlettsville, TN
CAP RATE COMPARISON
4.00%
15
10
5
1
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
TRANSACTIONS
6.57% 10 YEARS REMAINING
2019
2020
6.82%
TRANSACTIONS
825
655
5 YEARS REMAINING
AVG CAP RATE
6.97%
6.67%
8.55%
AVG TERM REMAINING AVG SALE PRICE
10 Years
11 Years
$1,393,000
$1,455,000
RECENT SALES COMPARABLES
TYPICAL LEASE STRUCTURE LEASE TYPE
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
NNN
Havelock
NC
$1,100,000
6.90%
10 Years
2015
6/19/20
RENT INCREASES
Cross
SC
$1,056,000
7.64%
5 Years
2011
9/28/20
Ten Mile
TN
$1,368,000
6.47%
10 Years
2015
9/11/20
Goshen
OH
$1,300,000
6.90%
12 Years
2017
12/1/20
Adams
NY
$736,000
7.95%
5 Years
2004
1/30/20
Bethpage
TN
$970,000
7.80%
7 Years
2012
3/4/20
Franklinton
LA
$1,184,000
7.58%
8 Years
2014
9/11/20
Port St. Lucie
FL
$2,400,000
5.90%
15 Years
2020
1/12/20
Alapha
GA
$886,000
8.59%
5 Years
2009
2/3/20
Corning
AR
$1,525,476
6.50%
15 Years
2020
1/10/20
Custom LEASE TERM
15 Years AVERAGE SALES
$1,700,000 AVERAGE ANNUAL RENT
$97,000 TYPICAL SQUARE FEET
± 9,100 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
54
AVG CAP RATE
7.30%
AVG LEASE TERM REMAINING
9 Years
AVG PRICE
$1,600,000
LOWEST CAP RATE
4.70%
HIGHEST CAP RATE
9.51%
CAP RATE CORRELATION KEY STATISTICS
11.00%
CREDIT RATING
BBB± 20.5B TOTAL LOCATIONS
± 7,652 HEADQUARTERS
CAP RATE
MARKET CAP
9.00%
8.00%
Chesapeake, VA
CAP RATE COMPARISON
7.00%
1
5
10
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
TRANSACTIONS
7.30% 10 YEARS REMAINING
2019
2020
7.30%
TRANSACTIONS
66
34
5 YEARS REMAINING
AVG CAP RATE
7.40%
7.30%
8.25%
AVG TERM REMAINING AVG SALE PRICE
TYPICAL LEASE STRUCTURE LEASE TYPE
9 Years
9 Years
$1,700,000
$1,600,000
RECENT SALES COMPARABLES CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Pierre
SD
$1,300,000
7.44%
8 Years
2018
8/9/20
Columbia
SC
$1,792,000
7.90%
4 Years
1999
7/3/20
East Alton
IL
$1,585,000
7.19%
8 Years
2011
6/30/20
Wildwood
FL
$3,043,000
5.75%
9 Years
2019
6/24/20
10 Years
Chicago
IL
$1,050,000
7.45%
7 Years
1944 / R2019
5/21/20
AVERAGE SALES
Mobile
AL
$1,946,889
6.99%
10 Years
2019
2/19/20
Indianapolis
IN
$1,560,000
7.10%
10 Years
2020
2/13/20
Oshkosh
WI
$1,662,395
6.96%
8 Years
2008
12/27/19
Southbridge
MA
$2,075,000
6.93%
10 Years
1965 / R2019
12/23/19
Atlanta
TX
$1,495,000
7.20%
10 Years
2019
12/23/19
NN RENT INCREASES
Custom & $0.50/SF in Options LEASE TERM
$1,200,000 AVERAGE ANNUAL RENT
$98,000 TYPICAL SQUARE FEET
± 10,000 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
171
AVG CAP RATE
7.70%
AVG LEASE TERM REMAINING
8 Years
AVG PRICE
$1,100,000
LOWEST CAP RATE
5.00%
HIGHEST CAP RATE
14.00%
CAP RATE CORRELATION KEY STATISTICS
12.00%
CREDIT RATING
BBB± $20.5B TOTAL LOCATIONS
± 7,827 HEADQUARTERS
CAP RATE
MARKET CAP
10.00%
8.00%
Chesapeake, VA
CAP RATE COMPARISON
6.00%
1
5
10
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
TRANSACTIONS
7.00% - 7.50% 10 YEARS REMAINING
2019
2020
7.35%
TRANSACTIONS
97
134
5 YEARS REMAINING
AVG CAP RATE
7.50%
7.80%
8.50%
AVG TERM REMAINING AVG SALE PRICE
TYPICAL LEASE STRUCTURE
8 Years
8 Years
$1,500,000
$1,200,000
RECENT SALES COMPARABLES CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Rochester
NY
$3,067,812
6.40%
14 Years
2019
9/18/20
Cleveland
TX
$1,200,000
7.21%
10 Years
2019
1/20/20
Bossier City
LA
$1,268,965
7.25%
10 Years
2019
12/30/19
West Warwick
RI
$1,685,000
7.70%
8 Years
2018
12/27/19
10 Years
Pearland
TX
$1,375,000
7.08%
10 Years
2019
12/13/19
AVERAGE SALES
Midwest City
OK
$1,233,000
7.30%
9 Years
2018
10/31/19
Brownsville
TX
$1,433,616
7.08%
10 Years
2020
5/1/20
Pittsburgh
PA
$2,345,000
7.73%
8 Years
2018
2/20/20
Greenville
TX
$1,330,000
7.03%
10 Years
2019
1/15/20
Silsbee
TX
$1,200,000
7.29%
10 Years
2020
7/28/20
LEASE TYPE
NN RENT INCREASES
Custom and 5 - 10% at Each Option LEASE TERM
$1,500,000 AVERAGE ANNUAL RENT
$88,000 TYPICAL SQUARE FEET
± 8,320 SF
™
DRUGSTORES TENANT NAME
AGENT NAME
CONTACT INFO
CVS
BRANDON PEREZ
(949) 777-5984 | BRANDON.PEREZ@MATTHEWS.COM
RITE AID
BRANDON PEREZ
(949) 777-5984 | BRANDON.PEREZ@MATTHEWS.COM
WALGREENS
WOODS COOK
(310) 844-9368 | WOODS.COOK@MATTHEWS.COM
â„¢
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
102
AVG CAP RATE
5.80%
AVG LEASE TERM REMAINING
12 Years
AVG PRICE
$5,200,000
LOWEST CAP RATE
4.30%
HIGHEST CAP RATE
8.00%
CAP RATE CORRELATION KEY STATISTICS
8.00%
CREDIT RATING
BBB ± $83B TOTAL LOCATIONS
± 9,900 HEADQUARTERS
CAP RATE
MARKET CAP
7.00%
6.00%
Woonsocket, RI
CAP RATE COMPARISON
5.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
TRANSACTIONS
5.25% 10 YEARS REMAINING
2019
2020
6.00%
TRANSACTIONS
133
75
5 YEARS REMAINING
AVG CAP RATE
6.10%
6.20%
7.15%
AVG TERM REMAINING AVG SALE PRICE
13 Years
15 Years
$4,600,000
$5,000,000
RECENT SALES COMPARABLES
TYPICAL LEASE STRUCTURE LEASE TYPE
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
NNN
Gastonia
NC
$3,045,000
5.55%
20 Years
1998
9/21/20
RENT INCREASES
Rosharon
TX
$7,700,000
4.89%
20 Years
2020
9/17/20
Chicago
IL
$4,992,000
5.27%
10 Years
2008
9/1/20
Fort Myers
FL
$5,260,000
6.52%
6 Years
2000
8/27/20
Greenville
TX
$3,450,980
4.59%
20 Years
2000
8/20/20
Black Mountain
NC
$3,450,000
5.51%
20 Years
1999
8/19/20
Indianapolis
IN
$2,933,000
5.85%
13 Years
1995
8/19/20
$300,000
Gadsden
AL
$3,055,357
5.60%
20 Years
2000
8/7/20
TYPICAL SQUARE FEET
Paducah
KY
$4,000,000
5.58%
19 Years
1999
8/5/20
Cumming
GA
$5,700,000
5.60%
12 Years
2007
8/4/20
Custom & 5 - 10% in Options LEASE TERM
20 - 25 Years AVERAGE SALES
AVERAGE ANNUAL RENT
±11,000 - 14,000 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
141
AVG CAP RATE
7.70%
AVG LEASE TERM REMAINING
7 Years
AVG PRICE
$4,200,000
LOWEST CAP RATE
2.90%
HIGHEST CAP RATE
13.50%
CAP RATE CORRELATION 10.00%
KEY STATISTICS CREDIT RATING MARKET CAP
± $885M TOTAL LOCATIONS
± 2,526 HEADQUARTERS
CAP RATE
CCC+ 8.00%
6.00%
Camp Hill, PA
CAP RATE COMPARISON
4.00%
1
5
15
20
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
TRANSACTIONS
5.75% 10 YEARS REMAINING
10
2019
2020
7.00%
TRANSACTIONS
38
39
5 YEARS REMAINING
AVG CAP RATE
8.20%
7.60%
8.50%
AVG TERM REMAINING AVG SALE PRICE
9 Years
9 Years
$3,500,000
$3,800,000
RECENT SALES COMPARABLES
TYPICAL LEASE STRUCTURE CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
NN or NNN
Barnegat
NJ
$2,570,098
7.15%
9 Years
2005
10/1/20
RENT INCREASES
Valley Center
CA
$6,700,000
5.37%
20 Years
2020
9/3/20
Springfield
MA
$4,900,500
6.40%
8 Years
2000
9/3/20
Sylvania
OH
$6,000,050
7.30%
10 Years
2010
8/24/20
Desert Hot Springs
CA
$4,800,000
6.40%
10 Years
2012
8/18/20
Rumford
ME
$2,400,000
7.43%
8 Years
2013
8/5/20
Girard
OH
$2,360,000
6.55%
13 Years
1999
8/4/20
$250,000
Fresno
CA
$1,667,000
9.00%
5 Years
1998
7/21/20
TYPICAL SQUARE FEET
Philadelphia
PA
$5,225,000
6.93%
12 Years
2007
7/7/20
Philadelphia
PA
$4,200,000
8.74%
11 Years
1990
6/30/20
LEASE TYPE
Custom LEASE TERM
20 Years AVERAGE SALES
AVERAGE ANNUAL RENT
± 11,000 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
292
AVG CAP RATE
6.40%
AVG LEASE TERM REMAINING
-
AVG PRICE
$6,529,631
LOWEST CAP RATE
3.60%
HIGHEST CAP RATE
13.74%
KEY STATISTICS
CAP RATE CORRELATION
CREDIT RATING
BBB
8.00%
MARKET CAP
± $42.96B TOTAL LOCATIONS HEADQUARTERS
Deerfield, IL
7.00% CAP RATE
± 9,277
6.00%
CAP RATE COMPARISON NEW CONSTRUCTION (15 - 20 YEARS)
5.00%
1
5
5.75%
10
TRANSACTIONS
6.50% 5 YEARS REMAINING
TYPICAL LEASE STRUCTURE
20
YEARS REMAINING ON LEASE
10 YEARS REMAINING
7.25%
15
2019
2020
TRANSACTIONS
383
318
AVG CAP RATE
6.84%
6.66%
-
-
$5,065,766
$7,368,313
AVG TERM REMAINING AVG SALE PRICE
LEASE TYPE
RECENT SALES COMPARABLES
NNN RENT INCREASES
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Custom or Flat
Plano
TX
$6,850,000
6.20%
14 Years
2008
9/3/20
LEASE TERM
Midland
MI
$5,589,230
6.50%
11 Years
2005
2/11/20
Omaha
NE
$5,000,000
7.12%
6 Years
2002
6/1/20
Colorado Springs
CO
$5,325,000
6.50%
8 Years
2011
1/14/20
Greensboro
NC
$9,525,000
6.19%
15 Years
2009
6/10/20
Springfield
OR
$6,175,000
6.20%
13 Years
2008
3/30/20
20 - 25 Years AVERAGE SALES
AVERAGE ANNUAL RENT
$369,000 TYPICAL SQUARE FEET
± 14,820 SF
™
GOVERNMENT TENANT NAME
AGENT NAME
CONTACT INFO
U.S. POST OFFICE
MICHAEL CHISLOCK
(949) 777-5989 | MICHAEL.CHISLOCK@MATTHEWS.COM
UPS
KATE FERNANDEZ
(214) 295-4893 | KATE.FERNANDEZ@MATTHEWS.COM
â„¢
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
KEY STATISTICS CREDIT RATING
NR MARKET CAP
-
AVG CAP RATE
7.09%
AVG LEASE TERM REMAINING
$728,538
LOWEST CAP RATE
4.75%
HIGHEST CAP RATE
10.00%
TRANSACTIONS
-
2019
2020
57
60
AVG CAP RATE
8.62%
8.13%
AVG TERM REMAINING
4 Years
-
-
$636,285
HEADQUARTERS
CAP RATE COMPARISON
TRANSACTIONS
AVG SALE PRICE
NEW CONSTRUCTION (15 - 20 YEARS)
-
3 Years
AVG PRICE
TOTAL LOCATIONS
Washington D.C
26
RECENT SALES COMPARABLES CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
-
Clinton
MA
$2,000,000
7.00%
3 Years
1900
8/31/20
5 YEARS REMAINING
Elk River
MN
$966,379
7.84%
3 Years
1973
8/28/20
San Bernardino
CA
$775,000
6.73%
1 Years
1961
8/12/20
Newport
OR
$1,135,000
9.22%
5 Years
1970
4/27/20
Astoria
NY
$7,365,000
6.20%
3 Years
1931
4/13/20
Conley
GA
$883,800
6.88%
5 Years
2000
4/3/20
NN
Quitman
AR
$760,000
9.27%
3 Years
1998
3/18/20
RENT INCREASES
Birmingham
AL
$1,020,000
8.04%
2 Years
1996
1/16/20
Custom
Western Springs
IL
$1,250,000
7.00%
1 Years
-
1/9/20
LEASE TERM
Newcastle
CA
$850,000
7.93%
5 Years
1965
1/9/20
10 YEARS REMAINING
7.50%
TYPICAL LEASE STRUCTURE LEASE TYPE
5 Years AVERAGE SALES
AVERAGE ANNUAL RENT
TYPICAL SQUARE FEET
± 5,000 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
13
AVG CAP RATE
-
AVG LEASE TERM REMAINING
4 Years
AVG PRICE
$1,300,000
LOWEST CAP RATE
6.00%
HIGHEST CAP RATE
7.60%
KEY STATISTICS
CAP RATE CORRELATION
CREDIT RATING
8.00%
A MARKET CAP TOTAL LOCATIONS
± 960 HEADQUARTERS
Atlanta, GA
CAP RATE
± $119.14B 7.00%
6.00%
CAP RATE COMPARISON NEW CONSTRUCTION (15 - 20 YEARS)
5.00%
4
8 YEARS REMAINING ON LEASE
10 YEARS REMAINING
TRANSACTIONS
6.20% 5 YEARS REMAINING
7.25%
2019
2020
TRANSACTIONS
9
8
AVG CAP RATE
7.25%
7.15%
AVG TERM REMAINING
TYPICAL LEASE STRUCTURE
10
AVG SALE PRICE
LEASE TYPE
5 Years
5 Years
$1,700,000
$2,500,000
RECENT SALES COMPARABLES
NNN or NN CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
10% Every 5 Years & 2% Every 5 Years
Indianapolis
IN
$4,650,000
7.20%
8 Years
2006
1/23/20
Scottsdale
AZ
$3,015,000
6.90%
10 Years
2001
12/5/19
LEASE TERM
Mesa
AZ
$1,542,116
7.10%
8 Years
1999
9/18/19
Ramona
CA
$1,895,273
7.00%
4 Years
1995
6/18/19
Mcdonough
GA
$3,000,000
6.71%
9 Years
2018
4/16/19
Kelso
WA
$720,000
7.60%
5 Years
1972
10/14/19
Sioux City
IA
$3,400,000
7.45%
4 Years
2007
12/11/19
RENT INCREASES
10 Years AVERAGE SALES
AVERAGE ANNUAL RENT
TYPICAL SQUARE FEET
± 16,000 SF
™
GROCERY STORES TENANT NAME
AGENT NAME
CONTACT INFO
ALBERTSONS/SAFEWAY
GUY FRAZIER
(214) 295-8751 | GUY.FRAZIER@MATTHEWS.COM
ALDI
JONAH YULISH
(216) 503-3610 | JONAH.YULISH@MATTHEWS.COM
KROGER
GUY FRAZIER
(214) 295-8751 | GUY.FRAZIER@MATTHEWS.COM
SMART & FINAL
PETER SMELKO
(214) 692-2186 | PETER.SMELKO@MATTHEWS.COM
SPROUTS
BO SCHNEIDER
(214) 692-2102 | BO.SCHNEIDER@MATTHEWS.COM
WALMART NEIGHBORHOOD MARKET
JOSH BISHOP
(214) 692-2289 | JOSH.BISHOP@MATTHEWS.COM
â„¢
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
KEY STATISTICS CREDIT RATING
B MARKET CAP
± $6.828B
AVG CAP RATE
6.08%
AVG LEASE TERM REMAINING
$9,656,000
LOWEST CAP RATE
5.23%
HIGHEST CAP RATE
7.50%
TRANSACTIONS
± 2,252 HEADQUARTERS
2019
2020
12
6
TRANSACTIONS AVG CAP RATE
CAP RATE COMPARISON
9.55 Years
AVG PRICE
TOTAL LOCATIONS
Boise, ID
5
AVG TERM REMAINING AVG SALE PRICE
NEW CONSTRUCTION (15 - 20 YEARS)
5.68%
-
20 Years
-
$13,141,380
$18,228,000
RECENT SALES COMPARABLES
10 YEARS REMAINING
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
-
Lake Oswego
OR
$16,772,000
5.00%
14 Years
1965
8/27/20
Orange
CA
$16,432,500
4.50%
-
1963
8/21/20
Paso Robles
CA
$27,888,000
5.20%
20 Years
2003
4/2/20
Pahrump
NV
$7,450,000
6.94%
15 Years
11/5/19
Rancho Mirage
CA
$24,478,000
5.40%
20 Years
9/30/19
Corona
CA
$15,275,000
5.18%
20 Years
1998 / R2003 2003 / R2014 2000 / R2008
Mission Viejo
CA
$10,300,000
4.75%
20 Years
1990
7/12/19
Baton Rouge
LA
$12,250,000
6.98%
-
1985
6/12/19
Bakersfield
CA
$8,200,000
5.50%
22 Years
1997
4/12/19
Severna Park
MD
$17,458,812
5.50%
20 Years
1972
2/19/19
5 YEARS REMAINING
-
TYPICAL LEASE STRUCTURE LEASE TYPE
NNN RENT INCREASES
5 - 10% Every 5 Years LEASE TERM
20 - 25 Years AVERAGE SALES
$460 Per SF AVERAGE ANNUAL RENT
$653,000 TYPICAL SQUARE FEET
± 52,100 SF
™
8/5/19
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
KEY STATISTICS CREDIT RATING
Private MARKET CAP
Private
4
AVG CAP RATE
4.46%
AVG LEASE TERM REMAINING
10 Years
AVG PRICE
$4,582,500
LOWEST CAP RATE
4.04%
HIGHEST CAP RATE
5.25%
TOTAL LOCATIONS
TRANSACTIONS
± 1,900
2019
HEADQUARTERS
Batavia, IL
TRANSACTIONS
19
12
AVG CAP RATE
4.95%
4.76%
15 Years
18 Years
$2,616,386
$3,264,889
AVG TERM REMAINING
CAP RATE COMPARISON
AVG SALE PRICE
NEW CONSTRUCTION (15 - 20 YEARS)
4.50%
2020
RECENT SALES COMPARABLES CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
4.75%
Odessa
FL
$4,275,000
4.32%
19 Years
2020
9/22/20
5 YEARS REMAINING
Tomball
TX
-
-
16 Years
2016
9/9/20
Chaska
MN
$3,023,000
-
19 Years
2019
7/1/20
Sunrise
FL
$4,000,000
4.50%
19 Years
2020
6/11/20
Phenix City
AL
$3,401,000
4.85%
19 Years
2020
6/8/20
Calexico
CA
$2,640,000
5.00%
15 Years
2015
4/13/20
Ground Lease
Knoxville
TN
$2,125,000
4.85%
19 Years
2019
3/18/20
RENT INCREASES
Little Canada
MN
$3,425,000
5.35%
-
2003
1/21/20
Howell
NJ
$2,700,000
-
-
2005
1/19/20
Mishawaka
IN
$3,795,000
4.50%
20
2007
1/13/20
10 YEARS REMAINING
5.00%
TYPICAL LEASE STRUCTURE LEASE TYPE
5 - 10% Every 5 Years LEASE TERM
15 - 20 Years AVERAGE SALES
$8,840,052 AVERAGE ANNUAL RENT
$130,000 TYPICAL SQUARE FEET
± 19,000 - 22,000 SF
™
CURRENT ON MARKET DATA KEY STATISTICS CREDIT RATING
BBB MARKET CAP
± $27B
NUMBER OF PROPERTIES
4
AVG CAP RATE
-
AVG LEASE TERM REMAINING
-
AVG PRICE
$2,475,000
LOWEST CAP RATE
6.75%
HIGHEST CAP RATE
8.58%
TOTAL LOCATIONS
TRANSACTIONS
± 2,752 HEADQUARTERS
Cincinnati, OH
CAP RATE COMPARISON
2017
2018
TRANSACTIONS
14
3
AVG CAP RATE
-
-
AVG TERM REMAINING
-
-
AVG SALE PRICE
-
-
NEW CONSTRUCTION (15 - 20 YEARS)
RECENT SALES COMPARABLES
10 YEARS REMAINING
CITY
STATE
PRICE
CAP
-
Toledo
OH
$4,000,000
6.60%
8 Years
1998 9/26/19
Paris
TN
$1,350,000
11.60%
4 Years
1982
Russellville
AR
$3,525,000
7.91%
4 Years
Covington
KY
$2,550,000
7.50%
-
1981
6/22/18
Las Vegas
NV
$5,300,000
9.51%
4 Years
1993
8/3/17
Germantown
MD
$9,000,000
5.59%
-
2006 1/30/17
Lapeer
MI
$4,421,000
6.00%
10 Years
1991 10/25/16
Hamilton
OH
$10,254,000
6.15%
11 Years
2006 5/10/16
Appleton
WI
$10,149,000
7.35%
9 Years
2003
Louisville
KY
$3,200,000
6.78%
-
5 YEARS REMAINING
-
TYPICAL LEASE STRUCTURE LEASE TYPE
NNN RENT INCREASES
Custom LEASE TERM
10 - 20 years AVERAGE SALES
$41,700,000 AVERAGE ANNUAL RENT
$6 - $12/SF TYPICAL SQUARE FEET
± 35,000 - 100,000 SF
™
TERM LEFT BUILT SOLD
9/1/19
1994 / R2007 8/14/19
1/5/16
1985 12/23/15
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
KEY STATISTICS CREDIT RATING
BMARKET CAP
-
AVG CAP RATE
5.45%
AVG LEASE TERM REMAINING
$13,410,000
LOWEST CAP RATE
5.10%
HIGHEST CAP RATE
5.75%
TRANSACTIONS
± 256 HEADQUARTERS
CAP RATE COMPARISON
10 Years
AVG PRICE
TOTAL LOCATIONS
Los Angeles, CA
3
2019
2020
TRANSACTIONS
8
1
AVG CAP RATE
5.44%
7.15%
AVG TERM REMAINING AVG SALE PRICE
NEW CONSTRUCTION (15 - 20 YEARS)
17 Years
5 Years
$8,350,000
$7,720,000
RECENT SALES COMPARABLES
5.25% 10 YEARS REMAINING
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
5.50%
Yorba Linda
CA
$16,500,000
5.35%
20 Years
1989/ R2017
11/24/19
Diamond Bar
CA
$11,825,000
5.18%
21 Years
1970
9/18/19 5/21/19
5 YEARS REMAINING
5.75%
TYPICAL LEASE STRUCTURE LEASE TYPE
NNN RENT INCREASES
Custom or 2% Annually LEASE TERM
20 Years
El Centro
CA
$7,145,000
6.30%
14 Years
1975/ R2018
Porterville
CA
$7,978,000
5.50%
19 Years
2017
4/4/19
Azusa
CA
$10,400,000
5.10%
13 Years
2017
2/1/19
Delano
CA
$5,400,000
5.35%
16 Years
1986
1/31/19
Elk Grove
CA
$7,100,000
5.71%
12 Years
2015
10/15/18
Highland
CA
$9,475,000
5.40%
19 Years
2017
6/28/18
Whittier
CA
$6,720,000
5.50%
7 Years
1969/ R2014
6/30/17
Bakersfield
CA
$5,875,000
5.25%
10 Years
2001
3/30/17
AVERAGE SALES
AVERAGE ANNUAL RENT
$454,000 TYPICAL SQUARE FEET
± 33,100 SF
™
CURRENT ON MARKET DATA KEY STATISTICS CREDIT RATING
NR MARKET CAP
± $2.54B
NUMBER OF PROPERTIES
6
AVG CAP RATE
5.94%
AVG LEASE TERM REMAINING
11 Years
AVG PRICE
$14,796,958
LOWEST CAP RATE
5.00%
HIGHEST CAP RATE
6.08%
TOTAL LOCATIONS
± 300
CAP RATE CORRELATION
HEADQUARTERS
Phoenix, AZ
8.00%
NEW CONSTRUCTION (15 - 20 YEARS)
5.00% 10 YEARS REMAINING
CAP RATE
CAP RATE COMPARISON
7.00%
6.00%
6.59% 5 YEARS REMAINING
6.50%
5.00%
7
10 YEARS REMAINING ON LEASE
TYPICAL LEASE STRUCTURE
TRANSACTIONS
LEASE TYPE
NNN RENT INCREASES
LEASE TERM
14
2019
2020
TRANSACTIONS
18
10
AVG CAP RATE
5.90%
6.89%
10 Years
-
$9,529,344
$11,049,536
AVG TERM REMAINING AVG SALE PRICE
15 Years AVERAGE SALES
AVERAGE ANNUAL RENT
$563,292 TYPICAL SQUARE FEET
± 27,724 SF
™
CURRENT ON MARKET DATA KEY STATISTICS CREDIT RATING
AA MARKET CAP
± $388.40B TOTAL LOCATIONS
NUMBER OF PROPERTIES
7
AVG CAP RATE
4.90%
AVG LEASE TERM REMAINING
14 Years
AVG PRICE
$9,700,000
LOWEST CAP RATE
4.15%
HIGHEST CAP RATE
5.25%
± 686
TRANSACTIONS
HEADQUARTERS
Bentonville, AR
CAP RATE COMPARISON NEW CONSTRUCTION (15 - 20 YEARS) 4.15% - 5.25% GL/Fee Simple
2019
2020
TRANSACTIONS
1
2
AVG CAP RATE
5.40%
5.31%
AVG TERM REMAINING AVG SALE PRICE
5 YEARS REMAINING
-
TYPICAL LEASE STRUCTURE LEASE TYPE
NNN or Ground Lease RENT INCREASES
3% Every 5 Years & 5% at Each Option
12 Years $12,304,907
RECENT SALES COMPARABLES
10 YEARS REMAINING
-
11 Years $10,975,000
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Hinesville
GA
$10,975,000
5.40%
11 Years
2015
1/31/19 11/19/18
Palm Desert
CA
$13,500,000
5.07%
9 Years
1986 / R2018
Cayce
SC
$6,623,454
5.17%
16 Years
2015
5/10/18
Clemson
SC
$13,080,000
5.55%
18 Years
2015
4/20/18
Kansas City
MO
$12,617,500
5.75%
16 Years
2014
2/15/18
Greensboro
NC
$4,485,000
5.09%
18 Years
2016
1/3/18
Tuscaloosa
AL
$10,250,000
5.25%
11 Years
2015
7/14/20
Sumter
SC
$13,850,000
5.36%
13 Years
2018
2/21/20
LEASE TERM
15 - 20 Years AVERAGE SALES
AVERAGE ANNUAL RENT
$489,415 TYPICAL SQUARE FEET
± 41,900 SF
™
HEALTHCARE TENANTS TENANT NAME
AGENT NAME
CONTACT INFO
DAVITA DIALYSIS
ANDREW FAGUNDO
(310) 955-5834 | ANDREW.FAGUNDO@MATTHEWS.COM
FRESENIUS
ANDREW FAGUNDO
(310) 955-5834 | ANDREW.FAGUNDO@MATTHEWS.COM
â„¢
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
34
AVG CAP RATE
6.10%
AVG LEASE TERM REMAINING
7 Years
AVG PRICE
$2,900,000
LOWEST CAP RATE
4.93%
HIGHEST CAP RATE
9.47%
CAP RATE CORRELATION KEY STATISTICS
10.00%
CREDIT RATING
BB & Ba2 ± $10.24B TOTAL LOCATIONS
± 2,600 HEADQUARTERS
Denver, CO
CAP RATE COMPARISON
CAP RATE
MARKET CAP
8.00%
6.00%
4.00%
1
5
TRANSACTIONS
5.75% 10 YEARS REMAINING 5 YEARS REMAINING
7.75%
2019
2020
TRANSACTIONS
40
46
AVG CAP RATE
6.40%
6.80%
AVG TERM REMAINING AVG SALE PRICE
TYPICAL LEASE STRUCTURE LEASE TYPE
NN or NNN RENT INCREASES
15
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 YEARS)
6.50%
10
11 Years
-
$2,700,000
$3,100,000
RECENT SALES COMPARABLES CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Atlanta
GA
$3,900,000
6.60%
15 Years
1989
2/28/20
Perry
FL
$1,180,000
8.08%
5 Years
1947
2/18/20 1/31/20
10% Every 5 Years or 1-2% Annual
Houston
TX
$3,291,825
6.38%
9 Years
2004/ R2016
LEASE TERM
Hollywood
FL
$1,716,000
6.50%
10 Years
1962
1/27/20
Oregon
OH
$2,590,000
6.09%
11 Years
1994
1/8/20
Beaumont
TX
$3,688,000
6.80%
9 Years
2012
1/7/20
Daytona
FL
$3,324,102
5.12%
14 Years
2018
12/6/19
Willow Grove
PA
$3,085,000
7.00%
6 Years
1986
11/19/19
Stockton
CA
$7,492,000
5.15%
15 Years
2019
11/18/19
Murfreesboro
NC
$2,453,700
6.03%
14 Years
2018
9/30/19
15 Years AVERAGE SALES
AVERAGE ANNUAL RENT
$265,048 TYPICAL SQUARE FEET
± 6,000 - 12,500 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
35
AVG CAP RATE
6.90%
AVG LEASE TERM REMAINING
-
AVG PRICE
$3,000,000
LOWEST CAP RATE
5.00%
HIGHEST CAP RATE
9.00%
CAP RATE CORRELATION KEY STATISTICS
10.00%
CREDIT RATING
BBB/Baa3 ± $24.43B TOTAL LOCATIONS
± 2,400 HEADQUARTERS
Bad Homburg, Germany
CAP RATE COMPARISON
CAP RATE
MARKET CAP
8.00%
6.00%
4.00%
1
5
TRANSACTIONS
5.50% 10 YEARS REMAINING 5 YEARS REMAINING
7.75%
2019
2020
TRANSACTIONS
66
43
AVG CAP RATE
6.90%
7.00%
AVG TERM REMAINING AVG SALE PRICE
TYPICAL LEASE STRUCTURE LEASE TYPE
15
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
6.50%
10
10 Years
-
$2,900,000
$2,300,000
RECENT SALES COMPARABLES CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Brunswick
GA
$3,465,000
5.80%
13 Years
2018
6/25/20
Donora
PA
$1,708,000
9.35%
4 Years
1998
6/19/20
Catersville
GA
$2,036,000
7.37%
4 Years
2003
6/8/20
Pensacola
FL
$2,925,000
6.20%
13 Years
2017
5/20/20
15 Years
Stockton
CA
$2,409,500
6.86%
10 Years
1982
4/30/20
AVERAGE SALES
Kosciusko
MS
$1,280,000
6.71%
9.20 Years
1995
3/18/20
Galesburg
IL
$3,550,000
5.44%
13 Years
2018
3/16/20
Jackson
OH
$1,350,000
9.40%
3.75 Years
2008
3/3/20
Jackson
OH
$1,350,000
9.40%
4 Years
2008
2/28/20
Westvalley City
UT
$6,250,000
5.67%
12 Years
2017
1/7/20
NN or NNN RENT INCREASES
10% Every 5 Years & 1 - 2% Annually LEASE TERM
AVERAGE ANNUAL RENT
$204,676 TYPICAL SQUARE FEET
± 7,500 - 12,000 SF
™
INDUSTRIAL TENANTS TENANT NAME
AGENT NAME
CONTACT INFO
BEACON ROOFING SUPPLY
ISAAC WULFF
(424) 220-7245 | ISAAC.WULFF@MATTHEWS.COM
FEDEX EXPRESS
BRETT DAVIS
(424) 217-7709 | BRETT.DAVIS@MATTHEWS.COM
FEDEX GROUND
BRETT DAVIS
(424) 217-7709 | BRETT.DAVIS@MATTHEWS.COM
FERGUSON
ISAAC WULFF
(424) 220-7245 | ISAAC.WULFF@MATTHEWS.COM
RYDER
HARRISON AUERBACH
(404) 445-1092 | HARRISON.AUERBACH@MATTHEWS.COM
SUNBELT RENTALS
ISAAC WULFF
(424) 220-7245 | ISAAC.WULFF@MATTHEWS.COM
TRACTOR SUPPLY
JORDAN FLECKER
(512) 535-1477 | JORDAN.FLECKER@MATTHEWS.COM
â„¢
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
5
AVG CAP RATE
8.50%
AVG LEASE TERM REMAINING
4 Years
AVG PRICE
KEY STATISTICS CREDIT RATING
$2,000,000
LOWEST CAP RATE
7.20%
HIGHEST CAP RATE
9.60%
BB
CAP RATE CORRELATION
MARKET CAP
± $7.11B
10.00%
TOTAL LOCATIONS
± 500 HEADQUARTERS
CAP RATE COMPARISON
8.00% CAP RATE
Herndon, VA
6.00%
NEW CONSTRUCTION (15 - 20 YEARS)
6.00% 10 YEARS REMAINING
4.00%
6.80%
1
5
TRANSACTIONS
8.00%
LEASE TYPE
NN
15
YEARS REMAINING ON LEASE
5 YEARS REMAINING
TYPICAL LEASE STRUCTURE
10
2019
2020
TRANSACTIONS
8
4
AVG CAP RATE
7.40%
-
AVG TERM REMAINING AVG SALE PRICE
RENT INCREASES
-
-
$10,000,000
$7,000,000
RECENT SALES COMPARABLES
Custom or FMV LEASE TERM
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
7 Years
McKinney
TX
$5,000,000
7.00%
-
1985
12/31/19
AVERAGE SALES
Pennsauken
NJ
$1,515,685
-
-
1973
8/3/20
West Mifflin
PA
$8,935,666
-
-
1967
4/1/20
AVERAGE ANNUAL RENT
$100,000 - $150,000 TYPICAL SQUARE FEET
± 32,000 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
8
AVG CAP RATE
6.13%
AVG LEASE TERM REMAINING
6 Years
AVG PRICE
KEY STATISTICS
$3,939,831
LOWEST CAP RATE
5.50%
HIGHEST CAP RATE
6.78%
CREDIT RATING
CAP RATE CORRELATION
BBB MARKET CAP
10.00%
± $75.07B TOTAL LOCATIONS
± 1,950 Memphis, TN
CAP RATE COMPARISON
CAP RATE
HEADQUARTERS
8.00%
6.00%
NEW CONSTRUCTION (15 - 20 YEARS)
5.25%
4.00%
10 YEARS REMAINING
1
5
5 YEARS REMAINING
TRANSACTIONS
7.25%
2019
2020
TRANSACTIONS
13
9
AVG CAP RATE
6.07%
6.17%
AVG TERM REMAINING LEASE TYPE
NNN
AVG SALE PRICE
LEASE TERM
10 Years AVERAGE SALES
AVERAGE ANNUAL RENT
9.1 Years
8.38 Years
$9,206,835
$8,491,571
RECENT SALES COMPARABLES
RENT INCREASES
Custom
15
YEARS REMAINING ON LEASE
5.75%
TYPICAL LEASE STRUCTURE
10
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Elk Grove Village
IL
$4,045,000
5.75%
6 Years
1987
9/23/20
Petaluma
CA
$14,750,000
5.00%
9 Years
1999
1/16/20
Conover
CA
$3,293,441
5.93%
11 Years
1995
4/16/20
Brunswick
GA
$1,091,600
8.00%
5 Years
1989
6/26/20
$100,000 - $1,000,000 TYPICAL SQUARE FEET
± 20,000 - 200,000 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
2
AVG CAP RATE
9.33%
AVG LEASE TERM REMAINING
2 Years
AVG PRICE
KEY STATISTICS CREDIT RATING
$4,750,000
LOWEST CAP RATE
-
HIGHEST CAP RATE
9.33%
BBB
CAP RATE CORRELATION
MARKET CAP
± $75.07B
10.00%
TOTAL LOCATIONS
± 600 Memphis, TN
CAP RATE COMPARISON
CAP RATE
HEADQUARTERS
8.00%
7.00%
NEW CONSTRUCTION (15 - 20 YEARS)
5.75% 10 YEARS REMAINING
5.00%
6.25%
1
5
TRANSACTIONS
8.50%
LEASE TYPE
NNN
15
YEARS REMAINING ON LEASE
5 YEARS REMAINING
TYPICAL LEASE STRUCTURE
10
2019
2020
9
3
TRANSACTIONS AVG CAP RATE
6.02%
5.98%
AVG TERM REMAINING
6 Years
10 Years
$35,917,475
$28,398,333
AVG SALE PRICE
RENT INCREASES
RECENT SALES COMPARABLES
Custom & 5% Every 5 Years CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
10 Years
Riviera Beach
FL
$18,350,000
5.7
11 Years
1984
6/2/20
AVERAGE SALES
Whitsett
NC
$47,645,000
-
14 Years
2019
5/21/20
Lowell
AR
$19,200,000
6.25
7 Years
2017
2/21/20
LEASE TERM
AVERAGE ANNUAL RENT
$100,000 - $1,000,000 TYPICAL SQUARE FEET
± 20,000 - 200,000 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
14
AVG CAP RATE
8.10%
AVG LEASE TERM REMAINING
4 Years
AVG PRICE
KEY STATISTICS
$2,800,000
LOWEST CAP RATE
4.40%
HIGHEST CAP RATE
15.50%
CREDIT RATING
BBB
CAP RATE CORRELATION
MARKET CAP
10.00%
± $18.4B TOTAL LOCATIONS
± 1,400
CAP RATE COMPARISON
CAP RATE
HEADQUARTERS
Newport News, VA
8.00%
6.00%
NEW CONSTRUCTION (15 - 20 YEARS)
6.25% 10 YEARS REMAINING
4.00%
1
5
7.10%
TRANSACTIONS
8.00%
LEASE TYPE
NNN
2019
2020
TRANSACTIONS
50
20
AVG CAP RATE
8.30%
8.00%
AVG TERM REMAINING AVG SALE PRICE
RENT INCREASES
8 Years AVERAGE SALES
AVERAGE ANNUAL RENT
4 Years
5 Years
$5,700,000
$2,400,000
RECENT SALES COMPARABLES
Custom or 5% Every 5 Years LEASE TERM
15
YEARS REMAINING ON LEASE
5 YEARS REMAINING
TYPICAL LEASE STRUCTURE
10
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Newington
CT
$2,164,000
7.76%
-
1985
4/2/20
Miami
FL
$1,350,000
-
-
1967
9/16/20
Nashville
TN
$2,728,500
-
-
2003
2/21/20
Fort Myers
FL
$7,650,000
8.30%
-
2015
6/3/20
$80,000 - $200,000 TYPICAL SQUARE FEET
± 53,700 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
1
AVG CAP RATE
-
AVG LEASE TERM REMAINING
3 Years
AVG PRICE
KEY STATISTICS
$825,000
LOWEST CAP RATE
-
HIGHEST CAP RATE
-
CREDIT RATING
CAP RATE CORRELATION
BBB MARKET CAP
10.00%
± $1.961B TOTAL LOCATIONS HEADQUARTERS
Miami, FL
CAP RATE COMPARISON
CAP RATE
± 800 8.00%
6.00%
NEW CONSTRUCTION (15 - 20 YEARS)
6.25%
4.00%
10 YEARS REMAINING
1
5 YEARS REMAINING ON LEASE
6.50%
TRANSACTIONS
5 YEARS REMAINING
7.00%
TYPICAL LEASE STRUCTURE LEASE TYPE
10
2019
2020
TRANSACTIONS
-
1
AVG CAP RATE
-
-
AVG TERM REMAINING
-
-
AVG SALE PRICE
-
-
NNN or NN
RECENT SALES COMPARABLES
RENT INCREASES
5 - 10% Every 5 Years LEASE TERM
5 Years AVERAGE SALES
$2,840,000
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Sante Fe Springs
CA
$4,100,000
-
-
1966
4/4/16
Somerset
PA
$650,000
9.00%
-
1988
10/15/12
Atlanta
GA
$2,000,000
7.50%
3 Years
1975
2/13/20
Sterling
MA
$1,350,000
-
-
1972
3/27/20
AVERAGE ANNUAL RENT
$100,000 TYPICAL SQUARE FEET
± 20,000 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
3
AVG CAP RATE
5.50%
AVG LEASE TERM REMAINING
4.5 Years
AVG PRICE
KEY STATISTICS
$1,500,000
LOWEST CAP RATE
8.00%
HIGHEST CAP RATE
10.30%
CREDIT RATING
BB
CAP RATE CORRELATION
MARKET CAP
10.00%
± $17.125B TOTAL LOCATIONS
± 700 Stamford, CT
CAP RATE COMPARISON
CAP RATE
HEADQUARTERS
8.00%
6.00%
NEW CONSTRUCTION (15 - 20 YEARS)
7.10%
4.00%
10 YEARS REMAINING
1
5
7.11%
10
YEARS REMAINING ON LEASE
5 YEARS REMAINING
TRANSACTIONS
7.20%
2019
TYPICAL LEASE STRUCTURE LEASE TYPE
NNN
LEASE TERM
5 - 8 Years AVERAGE SALES
AVERAGE ANNUAL RENT
2020
TRANSACTIONS
33
13
AVG CAP RATE
7.00%
7.40%
AVG TERM REMAINING
4 Years
3 Years
$5,000,000
$2,300,000
AVG SALE PRICE
RENT INCREASES
Custom
15
RECENT SALES COMPARABLES CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
North Kansas City
MO
$2,177,500
-
-
2006
9/17/20
Theodore
AL
$3,534,000
7.44%
-
2005
3/5/20
Sarasota
FL
$1,650,000
-
-
1998
1/30/20
Fort Myers
FL
$2,500,000
-
7 Years
2000
4/8/20
$125,000 TYPICAL SQUARE FEET
± 32,700 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
27
AVG CAP RATE
6.04%
AVG LEASE TERM REMAINING
10 Years
AVG PRICE
$5,340,149
LOWEST CAP RATE
4.75%
HIGHEST CAP RATE
7.00%
CAP RATE CORRELATION 8.00%
KEY STATISTICS CREDIT RATING
NR ± $16.458B TOTAL LOCATIONS
± 1,870 HEADQUARTERS
CAP RATE
MARKET CAP
7.00%
6.00%
Brentwood, TN
CAP RATE COMPARISON
5.00%
3
5
10
15
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
TRANSACTIONS
6.12% 10 YEARS REMAINING
2019
2020
6.56%
TRANSACTIONS
69
43
5 YEARS REMAINING
AVG CAP RATE
6.54%
6.07%
7.47%
AVG TERM REMAINING AVG SALE PRICE
11 Years
10 Years
$4,001,137
$3,226,105
RECENT SALES COMPARABLES
TYPICAL LEASE STRUCTURE LEASE TYPE
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
NN or NNN
Napanoch
NY
$4,445,000
6.27%
13 Years
2018
5/6/20
RENT INCREASES
Henderson
TN
$3,000,000
6.00%
14 Years
2019
3/25/20
Stanley
ND
$4,300,000
6.74%
9 Years
2014
4/14/20
Perry
UT
$4,743,750
6.40%
9 Years
2014
4/10/20
Oldtown
ID
$2,600,000
6.13%
11 Years
2016
3/31/20
Pine Bush
NY
$4,050,000
7.00%
5 Years
2010
6/25/19
Odessa
TX
$5,229,000
6.15%
10 Years
2015
3/6/19
Santa Fe
TX
$5,300,000
6.14%
12 Years
2017
3/6/19
Pine Grove
PA
$3,756,952
6.39%
11 Years
2016
6/17/19
Oregon
OH
$4,176,000
6.25%
9 Years
2004
12/4/19
5 - 10% Every 5 Years LEASE TERM
15 Years AVERAGE SALES
$4,658,607 AVERAGE ANNUAL RENT
$287,481 TYPICAL SQUARE FEET
± 20,000 SF
™
QUICK SERVICE RESTAURANTS TENANT NAME
AGENT NAME
CONTACT INFO
ARBY’S
JOE NELSON
(424) 220-7244 | JOE.NELSON@MATTHEWS.COM
BOJANGLES
ALEX GOODMAN
(615) 667-0153 | ALEX.GOODMAN@MATTHEWS.COM
BURGER KING
MITCH GLASSON
(949) 432-4502 | MITCHELL.GLASSON@MATTHEWS.COM
CARL’S JR
ANDREW IVANKOVICH
(214) 692-2037 | ANDREW.IVANKOVICH@MATTHEWS.COM
CHICK-FIL-A
JOE NELSON
(424) 220-7244 | JOE.NELSON@MATTHEWS.COM
CHURCH’S CHICKEN
MITCHELL GLASSON
(949) 432-4502 | MITCHELL.GLASSON@MATTHEWS.COM
DEL TACO
MITCHELL GLASSON
(949) 432-4502 | MITCHELL.GLASSON@MATTHEWS.COM
DUNKIN’ DONUTS
FRANK COLONGA
(214) 295-4228 | FRANK.COLUNGA@MATTHEWS.COM
HARDEE’S
ANDREW IVANKOVICH
(214) 692-2037 | ANDREW.IVANKOVICH@MATTHEWS.COM
JACK IN THE BOX
ETHAN WALCHIRK
(925) 718-7523 | ETHAN.WALCHIRK@MATTHEWS.COM
KFC
CHUCK EVANS
(925) 319-4035 | CHUCK.EVANS@MATTHEWS.COM
POPEYES
CHUCK EVANS
(925) 319-4035 | CHUCK.EVANS@MATTHEWS.COM
TACO BELL
ANDREW IVANKOVICH
(214) 692-2037 | ANDREW.IVANKOVICH@MATTHEWS.COM
WENDY’S
WES CONNOLLY
(949) 432-4512 | WESLEY.CONNOLLY@MATTHEWS.COM
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
40
AVG CAP RATE
5.87%
AVG LEASE TERM REMAINING
14 Years
AVG PRICE
$1,760,532
LOWEST CAP RATE
4.12%
HIGHEST CAP RATE
10.00%
CAP RATE CORRELATION KEY STATISTICS
8.00%
CREDIT RATING
Private Private TOTAL LOCATIONS
± 3,472 HEADQUARTERS
Atlanta, GA
CAP RATE COMPARISON
CAP RATE
MARKET CAP
7.00%
6.00%
5.00%
1
5
10
TRANSACTIONS
5.25% 10 YEARS REMAINING 5 YEARS REMAINING
6.50%
2019
2020
TRANSACTIONS
59
21
AVG CAP RATE
6.00%
6.12%
AVG TERM REMAINING AVG SALE PRICE
TYPICAL LEASE STRUCTURE LEASE TYPE
20
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
5.75%
15
8 Years
11 Years
$1,676,082
$1,485,582
RECENT SALES COMPARABLES CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Pontiac
MI
$1,225,000
5.31%
13 Years
1991
2/19/19
Northwood
OH
$1,575,000
6.10%
9 Years
2003
9/23/19
Charlotte
NC
$2,891,753
4.85%
20 Years
2018
6/18/19
LEASE TERM
Commerce City
CO
$1,541,200
5.50%
9 Years
1998
12/27/19
15 or 20 Years
Cookeville
TN
$1,480,000
5.00%
15 Years
1983
6/21/19
AVERAGE SALES
Oswego
IL
$1,560,000
6.15%
10 Years
1990
6/21/19
Spring Hill
FL
$1,625,000
5.23%
20 Years
2019
12/17/19
Roebuck
SC
$2,186,949
5.67%
20 Years
2019
11/20/19
Cullman
AL
$1,930,000
6.10%
4 Years
2003
9/16/19
Owensboro
KY
$2,175,000
7.44%
8 Years
1986
7/11/19
NNN or Ground Lease RENT INCREASES
5-10% Every 5 Years or 1-2% Annual Increases
$1,150,000 AVERAGE ANNUAL RENT
$80,000 TYPICAL SQUARE FEET
± 2,800 - 3,200 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
26
AVG CAP RATE
5.80%
AVG LEASE TERM REMAINING
11.5 Years
AVG PRICE
$2,570,000
LOWEST CAP RATE
5.00%
HIGHEST CAP RATE
6.30%
CAP RATE CORRELATION KEY STATISTICS
8.00%
CREDIT RATING
Private TOTAL LOCATIONS
± 760 HEADQUARTERS
Charlotte, NC
CAP RATE COMPARISON
CAP RATE
MARKET CAP
7.00%
6.00%
5.00%
1
5
10
TRANSACTIONS
5.50% 10 YEARS REMAINING 5 YEARS REMAINING
7.50%
2019
2020
TRANSACTIONS
32
12
AVG CAP RATE
6.10%
6.50%
AVG TERM REMAINING AVG SALE PRICE
TYPICAL LEASE STRUCTURE LEASE TYPE
20
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
6.25%
15
11 Years
12 Years
$2,400,000
$2,000,000
RECENT SALES COMPARABLES CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Seneca
SC
$2,675,270
6.25%
12.5 Years
2011
8/19/20
Woodstock
GA
$2,860,000
5.95%
16 Years
2016
10/7/20
Piedmont
SC
$2,430,000
5.80%
10 Years
2015
6/1/20
Bowling Green
KY
$3,282,300
6.85%
11 Years
2016
4/24/20
Greensboro
NC
$2,225,000
6.40%
6.5 Years
2011
2/19/20
Rock Hill
SC
$1,995,000
5.75%
11 Years
2017
10/1/20
$1,900,000
Charlotte
NC
$1,550,000
5.61%
11 Years
2020
2/4/20
AVERAGE ANNUAL RENT
Winston-Salem
NC
$1,500,000
6.80%
5.5 Years
1983
1/29/20
Gainesville
GA
$1,445,000
5.54%
10 Years
2005
9/2/20
Murfreesboro
TN
$1,307,692
6.50%
5 Years
2012
6/8/20
NNN RENT INCREASES
Custom & 1 - 2% Annually or 5 - 10% Every 5 Years LEASE TERM
15 or 20 Years AVERAGE SALES
$135,000 TYPICAL SQUARE FEET
± 3,700 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
81
AVG CAP RATE
5.86%
AVG LEASE TERM REMAINING
17 Years
AVG PRICE
$2,177,483
LOWEST CAP RATE
4.26%
HIGHEST CAP RATE
9.36%
CAP RATE CORRELATION KEY STATISTICS
8.00%
CREDIT RATING
B+ ± $30.462B TOTAL LOCATIONS
± 17,239 HEADQUARTERS
Miami, FL
CAP RATE COMPARISON
CAP RATE
MARKET CAP
7.00%
6.00%
5.00%
1
5
NEW CONSTRUCTION (15 - 20 YEARS)
10
TRANSACTIONS
10 YEARS REMAINING 5 YEARS REMAINING
7.13%
2019
2020
TRANSACTIONS
141
88
AVG CAP RATE
5.68%
5.60%
AVG TERM REMAINING AVG SALE PRICE
TYPICAL LEASE STRUCTURE LEASE TYPE
NNN or Ground Lease RENT INCREASES
5 - 10% Every 5 Years & 1-2% Annually LEASE TERM
20 Years AVERAGE SALES
$1,400,000 AVERAGE ANNUAL RENT
$117,014 TYPICAL SQUARE FEET
20
YEARS REMAINING ON LEASE
5.66% 6.36%
15
15 Years
17 Years
$2,135,807
$1,920,387
RECENT SALES COMPARABLES CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Waynesboro
MS
$1,620,000
6.25%
20 Years
2019
2/28/20
Douglas
GA
$1,655,600
6.15%
20 Years
2019
6/12/20
Winnsboro Mills
SC
$1,620,000
6.07%
20 Years
2019
5/7/20
Victorville
CA
$1,100,000
5.45
2.5 Years
1987
08/19/19
Albion
NY
$1,650,000
6.50
20 Years
1968
06/10/19
Ocala
FL
$1,605,500
5.29
18 Years
2017
04/05/19
Nelsonville
OH
$2,596,300
6.15
15 Years
1998
03/12/19
Lima
OH
$1,942,800
5.33
14 Years
1993
07/29/19
Tonawanda
NY
$1,858,058
6.50
5 Years
2002
03/03/19
Napoleon
OH
$1,536,100
7.00
4 Years
2003
04/02/19
± 3,000 SF ™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
17
AVG CAP RATE
6.00%
AVG LEASE TERM REMAINING
11 Years
AVG PRICE
$1,800,000
LOWEST CAP RATE
4.43%
HIGHEST CAP RATE
6.50%
CAP RATE CORRELATION 8.00%
KEY STATISTICS CREDIT RATING MARKET CAP
Private TOTAL LOCATIONS
± 1,000 HEADQUARTERS
CAP RATE
Private 7.00%
6.00%
Franklin, TN 4.00%
CAP RATE COMPARISON
1
5
5 YEARS REMAINING
6.30%
20
TRANSACTIONS
4.75% 5.25%
15
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS) 10 YEARS REMAINING
10
2019
2020
TRANSACTIONS
29
9
AVG CAP RATE
6.17%
4.86%
AVG TERM REMAINING AVG SALE PRICE
16 Years
10 Years
$1,800,000
$1,750,000
RECENT SALES COMPARABLES
TYPICAL LEASE STRUCTURE CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
NNN
Inglewood
CA
$3,450,000
4.25%
5 Years
1989
2/11/20
RENT INCREASES
Sacramento
CA
$2,635,000
4.25%
20 Years
2018
12/10/19
Oklahoma City
OK
$1,452,000
5.00%
10 Years
1979
9/13/19
Albuquerque
NM
$2,280,000
6.25%
3 Years
2002
5/30/19
Las Vegas
NV
$3,500,000
6.35%
10 Years
2010
9/17/19
Logan
UT
$900,000
7.00%
5 Years
1997
6/9/10
Sulphur
OK
$995,000
7.10%
19 Years
2014
6/28/19
Fairbanks
AK
$4,269,436
7.10%
20 Years
2006
9/27/19
Perris
CA
$3,100,000
5.00%
20 Years
2018
6/21/18
Kingman
AZ
2,750,00
6.25%
14 Years
2012
11/2/18
LEASE TYPE
5-10% Every 5 Years LEASE TERM
20 Years AVERAGE SALES
$1,700,000 AVERAGE ANNUAL RENT
$135,000 TYPICAL SQUARE FEET
± 3,000 SF
™
KEY STATISTICS CREDIT RATING
Private MARKET CAP
TOTAL LOCATIONS
± 2,363
CURRENT ON MARKET DATA NUMBER OF PROPERTIES AVG CAP RATE
3.84%
AVG LEASE TERM REMAINING
$3,443,100
LOWEST CAP RATE
3.65%
HIGHEST CAP RATE
4.17%
TRANSACTIONS
Atlanta, GA
NEW CONSTRUCTION (15 - 20 YEARS)
12 Years
AVG PRICE
HEADQUARTERS
CAP RATE COMPARISON
11
2019
2020
TRANSACTIONS
21
25
AVG CAP RATE
4.31%
4.40%
AVG TERM REMAINING AVG SALE PRICE
14 Years
14 Years
$2,376,899
$3,303,276
4.15% 10 YEARS REMAINING
RECENT SALES COMPARABLES
4.35% CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Aurora
CO
$2,195,000
4.55%
10 Years
2002
8/27/19
Bensalem
PA
$2,380,000
4.32%
19 Years
2018
4/16/19
Bluffton
SC
$2,176,470
4.25%
14 Years
2002
11/4/19
Charlotte
NC
$4,000,000
4.12%
20 Years
1994
10/11/19
NNN or Ground Lease
Houston
TX
$3,055,555
4.50%
7 Years
2012
11/5/19
5 YEARS REMAINING
5.00%
TYPICAL LEASE STRUCTURE LEASE TYPE
RENT INCREASES
Lansing
MI
$2,085,000
4.74%
10 Years
2016
7/17/19
10% Every 5 Years
Mayfield Heights
OH
$3,395,580
4.05%
20 Years
2019
4/5/19
LEASE TERM
Plymouth
MA
$3,600,000
4.29%
15 Years
2019
10/18/19
Rialto
CA
$3,175,000
3.60%
14 Years
2018
10/22/19
Taylorsville
UT
$2,950,000
4.25%
15 Years
2014
9/9/19
15 - 20 Years AVERAGE SALES
$4,400,000 AVERAGE ANNUAL RENT
$128,000 TYPICAL SQUARE FEET
± 4,500 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
17
AVG CAP RATE
6.38%
AVG LEASE TERM REMAINING
12 Years
AVG PRICE
$1,051,849
LOWEST CAP RATE
5.45%
HIGHEST CAP RATE
7.50%
CAP RATE CORRELATION KEY STATISTICS
8.00%
CREDIT RATING
Private Private TOTAL LOCATIONS
± 1,391 HEADQUARTERS
CAP RATE
MARKET CAP
7.00%
6.00%
Atlanta, GA
CAP RATE COMPARISON
5.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
TRANSACTIONS
5.85% 10 YEARS REMAINING
2019
2020
6.55%
TRANSACTIONS
8
7
5 YEARS REMAINING
AVG CAP RATE
6.36%
7.22%
7.05%
AVG TERM REMAINING AVG SALE PRICE
TYPICAL LEASE STRUCTURE LEASE TYPE
NNN RENT INCREASES
10% Every 5 Years LEASE TERM
20 Years AVERAGE SALES
$750,000 AVERAGE ANNUAL RENT
$75,000 TYPICAL SQUARE FEET
± 2,050 SF
8 Years
9 Years
$1,140,114
$802,054.80
RECENT SALES COMPARABLES CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Bakersfield
CA
$1,200,000
5.00%
10 Years
2001
7/10/19
Tampa
FL
$833,000
6.75%
2 Years
1971
8/21/19
Clearwater
FL
$790,000
7.80%
5 Years
1972
5/8/19
Saint Petersburg
FL
$930,000
6.40%
5 Years
1971
2/15/19
Chicago
IL
$952,000
7.12%
7 Years
1966
11/19/19
Houston
TX
$974,717
5.85%
20 Years
1987
3/27/18
Slidell
LA
$1,400,000
5.80%
9 Years
1972
7/24/19
Harker Heights
TX
$1,880,000
5.62%
20 Years
2019
11/7/19
Raleigh
NC
$1,025,000
7.10%
8 Years
1973
9/27/18
Cleveland
TX
$1,286,907
6.50%
13 Years
1977
9/20/18
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
4
AVG CAP RATE
4.25%
AVG LEASE TERM REMAINING
-
AVG PRICE
$2,318,199
LOWEST CAP RATE
3.76%
HIGHEST CAP RATE
4.50%
CAP RATE CORRELATION KEY STATISTICS
7.00%
CREDIT RATING
NR
TOTAL LOCATIONS
± 565 HEADQUARTERS
CAP RATE
MARKET CAP
± $283.46M
6.00%
5.00%
Lake Forest, CA
CAP RATE COMPARISON
4.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
TRANSACTIONS
4.80% 10 YEARS REMAINING
2019
2020
5.55%
TRANSACTIONS
12
7
5 YEARS REMAINING
AVG CAP RATE
4.96%
4.95%
6.25%
AVG TERM REMAINING AVG SALE PRICE
16 Years
11 Years
$2,832,500
$1,579,343
RECENT SALES COMPARABLES
TYPICAL LEASE STRUCTURE LEASE TYPE
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
NNN
Clovis
CA
$2,600,000
4.90%
19 Years
2016
10/31/19
RENT INCREASES
Rocklin
CA
$3,235,000
4.38%
25 Years
2019
10/17/19
Northridge
CA
$2,990,000
4.40%
15 Years
1980
10/1/19
Chatsworth
CA
$3,020,000
4.70%
11 Years
1989
2/1/19
Castle Rock
CO
$2,800,000
4.50%
20 Years
2018
5/21/19
Douglasville
GA
$3,000,000
5.16%
19 Years
2018
7/29/19
Allen Park
MI
$1,867,000
6.00%
15 Years
2001
10/29/19
Las Vegas
NV
$3,150,000
5.16%
9 Years
1999
6/6/19
Tulsa
OK
$2,363,000
4.54%
20 Years
2019
12/18/19
Saratoga Springs
UT
$3,300,000
6.17%
11 Years
2010
9/6/19
10% Every 5 Years LEASE TERM
20 Years AVERAGE SALES
$1,508,000 AVERAGE ANNUAL RENT
$125,000 TYPICAL SQUARE FEET
± 2,600 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
18
AVG CAP RATE
5.81%
AVG LEASE TERM REMAINING
9 Years
AVG PRICE
$1,808,036
LOWEST CAP RATE
4.00%
HIGHEST CAP RATE
8.00%
CAP RATE CORRELATION
KEY STATISTICS 6.50%
CREDIT RATING
NR MARKET CAP TOTAL LOCATIONS
± 8,500 HEADQUARTERS
Canton, MA
CAP RATE COMPARISON
CAP RATE
± $6.52M
6.00%
5.50%
5.00%
NEW CONSTRUCTION (15 - 20 YEARS)
9
10
15
YEARS REMAINING ON LEASE
5.35%
TRANSACTIONS
10 YEARS REMAINING
5.65% 5 YEARS REMAINING
6.00%
2019
2020
25
14
TRANSACTIONS AVG CAP RATE AVG TERM REMAINING
TYPICAL LEASE STRUCTURE
20
AVG SALE PRICE
5.52%
5.92%
14 Years
9 Years
$1,805,408
$1,375,749
RECENT SALES COMPARABLES
LEASE TYPE
NNN
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
RENT INCREASES
Steubenville
OH
$970,000
5.00%
20 Years
1983
9/3/20
Enfield
CT
$1,700,000
6.07%
6 Years
2000
7/31/20
Prattville
AL
$1,100,000
5.00%
15 Years
2020
7/22/20
Birmingham
AL
$1,475,000
6.00%
10 Years
1997
7/14/20
Saint Petersburg
FL
$988,235
4.25%
10 Years
2020
5/15/20
Rockford
IL
$1,026,000
5.85%
11 Years
2016
5/5/20
$105,169
Phoenix
AZ
$1,907,409
3.90%
20 Years
2018
4/27/20
TYPICAL SQUARE FEET
Beaumont
TX
$1,175,000
5.62%
17 Years
1968
3/19/20
10% Every 5 Years LEASE TERM
15 - 20 Years AVERAGE SALES
$1,502,414 AVERAGE ANNUAL RENT
± 2,200 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
55
AVG CAP RATE
6.30%
AVG LEASE TERM REMAINING
14 Years
AVG PRICE
$1,315,354
LOWEST CAP RATE
5.00%
HIGHEST CAP RATE
10.74%
CAP RATE CORRELATION 9.00%
KEY STATISTICS CREDIT RATING
Private Private TOTAL LOCATIONS
± 1,900 HEADQUARTERS
CAP RATE
MARKET CAP
8.00%
7.00%
Franklin, TN
CAP RATE COMPARISON
5.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
TRANSACTIONS
5.50% 10 YEARS REMAINING
2019
2020
6.50%
TRANSACTIONS
29
29
5 YEARS REMAINING
AVG CAP RATE
6.17%
6.38%
7.50%
AVG TERM REMAINING AVG SALE PRICE
16 Years
12 Years
$1,800,000
$1,329,235
RECENT SALES COMPARABLES
TYPICAL LEASE STRUCTURE LEASE TYPE
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
NNN or Ground Lease
Fort Smith
AR
$840,000
6.00%
7 Years
1985
3/19/19
RENT INCREASES
Campbellsville
KY
$685,866
7.91%
1 Years
1986
8/1/19
Elizabethtown
KY
$2,392,809
5.91%
20 Years
2019
8/15/19
Burnsville
NC
$1,122,962
7.00%
20 Years
1978
5/26/19
Harlem
GA
$1,562,500
6.62%
20 Years
2019
9/26/19
Blytheville
AR
$1,833,333
6.30%
20 Years
2013
4/3/19
Hueytown
AL
$1,600,000
6.25%
20 Years
2019
11/20/19
Fountain Inn
SC
$1,873,000
6.25%
13 Years
2000
11/26/19
Pekin
IL
$1,550,000
5.81%
20 Years
1989
10/10/19
Jacksonville
FL
$2,030,000
5.25%
20 Years
1989
5/22/19
5-10% Every 5 Years LEASE TERM
20 Years AVERAGE SALES
$1,164,000 AVERAGE ANNUAL RENT
$110,000 TYPICAL SQUARE FEET
± 3,000 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
25
AVG CAP RATE
5.36%
AVG LEASE TERM REMAINING
7 Years
AVG PRICE
$2,628,000
LOWEST CAP RATE
3.42%
HIGHEST CAP RATE
10.00%
CAP RATE CORRELATION 7.00%
KEY STATISTICS CREDIT RATING
NR ± $1.91B TOTAL LOCATIONS
± 2,244 HEADQUARTERS
CAP RATE
MARKET CAP
6.00%
5.00%
San Diego, CA
CAP RATE COMPARISON
4.00%
1
5
10
15
20
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
TRANSACTIONS
4.75% 10 YEARS REMAINING
2019
2020
5.10%
TRANSACTIONS
49
38
5 YEARS REMAINING
AVG CAP RATE
5.14%
5.37%
5.60%
AVG TERM REMAINING AVG SALE PRICE
9 Years
8 Years
$2,198,000
$2,143,000
RECENT SALES COMPARABLES
TYPICAL LEASE STRUCTURE LEASE TYPE
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
NNN or Ground Lease
Glen Carbon
IL
$2,400,000
5.62%
7 Years
1999
12/31/19
RENT INCREASES
Springfield
OR
$1,800,000
6.40%
5 Years
2008
1/16/20
Baton Rouge
LA
$1,780,000
6.18%
8 Years
2000
3/27/20
Castaic
CA
$3,100,000
4.20%
9 Years
1990
2/26/20
Wood Village
OR
$2,680,000
5.05%
10 Years
2001
1/27/20
Montclair
CA
$1,630,000
4.56%
11 Years
2002
4/24/20
Fort Worth
TX
$1,820,000
5.72%
11 Years
1985
6/22/20
$129,911
Mesa
AZ
$1,600,000
5.00%
11 Years
2001
9/23/20
TYPICAL SQUARE FEET
Pasadena
TX
$1,630,000
5.76%
12 Years
1984
8/24/20
Stillwater
OK
$2,750,000
5.30%
13 Years
2012
8/29/20
10% Every 5 Years LEASE TERM
20 Years AVERAGE SALES
$1,560,000 AVERAGE ANNUAL RENT
± 2,700 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
66
AVG CAP RATE
5.71%
AVG LEASE TERM REMAINING
17 Years
AVG PRICE
$1,529,900
LOWEST CAP RATE
4.03%
HIGHEST CAP RATE
7.25%
CAP RATE CORRELATION KEY STATISTICS
6.50%
CREDIT RATING
BB ± $27.68B TOTAL LOCATIONS
± 4,009 HEADQUARTERS
CAP RATE
MARKET CAP
6.00%
5.50%
Louisville, KY
CAP RATE COMPARISON
5.00%
5
10
15
20
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
TRANSACTIONS
5.45% 10 YEARS REMAINING
2019
2020
5.85%
TRANSACTIONS
93
48
5 YEARS REMAINING
AVG CAP RATE
5.84%
5.61%
6.15%
AVG TERM REMAINING AVG SALE PRICE
16 Years
16 Years
$1,575,100
$1,745,150
RECENT SALES COMPARABLES
TYPICAL LEASE STRUCTURE LEASE TYPE
CITY
STATE
PRICE
CAP
NNN
Ripon
WI
$1,983,000
5.85
20 Years
1994 9/17/20
RENT INCREASES
Pendleton
OR
$1,217,391
5.75
15 Years
1982 9/16/20
Auburn
ME
$1,663,717
5.65
20 Years
1975 8/12/20
Hewitt
TX
$1,800,000
5.30
20 Years
2019
Youngstown
OH
$1,800,000
5.87
11 Years
1998 7/29/20
Greensboro
NC
$1,450,000
5.34
20 Years
2019 7/29/20
Lafayette
LA
$1,334,000
5.25
20 Years
2020 7/28/20
Midlothian
TX
$1,272,000
5.15
20 Years
2019 7/10/20
Acworth
GA
$1,100,000
6.00
12 Years
1988 7/10/20
Houston
TX
$1,944,444
5.40
20 Years
1997
10% Every 5 Years LEASE TERM
20 Years AVERAGE SALES
$1,100,000 AVERAGE ANNUAL RENT
$85,400 TYPICAL SQUARE FEET
± 2,500 SF
™
TERM LEFT BUILT SOLD
8/3/20
7/2/20
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
29
AVG CAP RATE
5.33%
AVG LEASE TERM REMAINING
15 Years
AVG PRICE
$2,122,602
LOWEST CAP RATE
3.58%
HIGHEST CAP RATE
6.50%
CAP RATE CORRELATION KEY STATISTICS
8.00%
CREDIT RATING
B+ N/A TOTAL LOCATIONS
± 3,100 HEADQUARTERS
Miami, FL
CAP RATE COMPARISON
CAP RATE
MARKET CAP
7.00%
6.00%
5.00%
1
5
10
TRANSACTIONS
5.61% 10 YEARS REMAINING 5 YEARS REMAINING
6.75%
2019
2020
TRANSACTIONS
76
42
AVG CAP RATE
5.84%
6.54%
AVG TERM REMAINING AVG SALE PRICE
TYPICAL LEASE STRUCTURE LEASE TYPE
20
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
6.25%
15
15 Years
15 Years
$2,067,611
$1,713,112
RECENT SALES COMPARABLES CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Gallatin
TN
$2,100,000
5.70%
20 Years
2012
9/15/20
Kansas City
MO
$1,100,000
7.48%
7 Years
2012
8/17/20
Blairsville
GA
$2,225,000
6.20%
15 Years
2019
7/16/20
Greenwood
SC
$1,875,000
6.22%
19 Years
2019
7/13/20
15 - 20 Years
Hazlehurst
GA
$1,968,000
6.25%
14 Years
2019
7/7/20
AVERAGE SALES
Ellenton
FL
$2,435,445
5.95%
15 Years
2019
7/12/19
Goose Creek
SC
$1,432,500
5.47%
10 Years
2018
7/2/19
Warner Robins
GA
$2,249,595
5.88%
15 Years
2019
6/28/19
Bremen
GA
$2,176,895
5.99%
15 Years
2019
6/28/19
Nashville
TN
$1,565,338
6.50%
6 Years
1972
6/18/19
NNN or Ground Lease RENT INCREASES
5-10% Every 5 Years & 1-2% Annual LEASE TERM
$1,500,000 AVERAGE ANNUAL RENT
$120,000 TYPICAL SQUARE FEET
2,000-3,000 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
86
AVG CAP RATE
5.25%
AVG LEASE TERM REMAINING
11.8 Years
AVG PRICE
$2,355,000
LOWEST CAP RATE
3.30%
HIGHEST CAP RATE
10.00%
CAP RATE CORRELATION KEY STATISTICS
9.00%
CREDIT RATING
Private TOTAL LOCATIONS
± 7,258 HEADQUARTERS
Irvine, CA
CAP RATE COMPARISON
CAP RATE
MARKET CAP
8.00%
7.00%
5.00%
1
5
10
TRANSACTIONS
5.00% 10 YEARS REMAINING 5 YEARS REMAINING
6.75%
2019
2020
TRANSACTIONS
212
110
AVG CAP RATE
5.65%
5.45%
AVG TERM REMAINING AVG SALE PRICE
TYPICAL LEASE STRUCTURE LEASE TYPE
20
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
5.50%
15
11 Years
13 Years
$1,900,000
$2,200,000
RECENT SALES COMPARABLES CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Jacksonville
FL
$2,590,000
5.00%
15 Years
2020
6/5/20
Louisville
KY
$2,435,000
5.54%
20 Years
2012
8/6/20
Quincy
IL
$3,027,000
5.65%
19 Years
2014
1/31/20
LEASE TERM
Smithville
MO
$2,492,300
5.30%
19.25 Years
2019
9/8/20
20 Years
Huntsville
AL
$1,700,000
6.09%
6.5 Years
2012
6/20/20
AVERAGE SALES
El Dorado
AR
$2,687,750
5.60%
15 Years
2004
1/28/20
Las Vegas
NV
$2,612,500
4.75%
15.5 Years
1998
4/6/20
Wesley Chapel
FL
$2,670,000
5.15%
16.5 Years
2006
1/13/20
Akron
OH
$2,693,000
6.50%
14 Years
2018
4/10/20
Garden Grove
CA
$2,730,000
3.57%
24 Years
2019
6/5/20
NNN RENT INCREASES
Custom & 1 - 2% Annually or 5 - 10% Every 5 Years
$1,640,000 AVERAGE ANNUAL RENT
$115,000 TYPICAL SQUARE FEET
± 2,600 SF
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
33
AVG CAP RATE
5.25%
AVG LEASE TERM REMAINING
14 Years
AVG PRICE
$2,450,000
LOWEST CAP RATE
4.50%
HIGHEST CAP RATE
10.06%
CAP RATE CORRELATION KEY STATISTICS
10.00%
CREDIT RATING
B ± $4.02B TOTAL LOCATIONS
± 6,200 HEADQUARTERS
Dublin, OH
CAP RATE COMPARISON
CAP RATE
MARKET CAP
8.00%
6.00%
4.00%
1
5
10
TRANSACTIONS
4.75% 10 YEARS REMAINING 5 YEARS REMAINING
6.75%
2019
2020
TRANSACTIONS
172
114
AVG CAP RATE
5.80%
5.40%
AVG TERM REMAINING AVG SALE PRICE
TYPICAL LEASE STRUCTURE LEASE TYPE
NNN or Ground Lease RENT INCREASES
20
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
6.00%
15
14 Years
15 years
$2,285,512
$2,468,000
RECENT SALES COMPARABLES CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Thorton
CO
$2,200,000
4.31%
5 Years
2015
3/12/20
10% Every 5 Years or Annual Increases
Yukon
OK
$2,428,571
5.25%
20 Years
2019
8/21/20
McAllen
TX
$2,050,000
5.97%
19 Years
2019
8/13/20
LEASE TERM
Knoxville
TN
$2,197,000
5.46%
20 Years
2020
7/22/20
20 Years
Santee
SC
$1,600,000
6.75%
1 Year
1981
5/15/20
AVERAGE SALES
Tampa
FL
$3,000,000
6.33%
5 Years
2001
3/15/20
East Brunswick
NJ
$3,300,000
7.47%
6 Years
1975
2/28/20
Longview
WA
$1,590,000
4.59%
13 Years
2014
9/21/20
Scottsdale
AZ
$3,352,000
4.25%
20 Years
1998
7/24/20
Wood River
IL
$1,180,000
6.15%
4 Years
2009
2/20/20
$1,600,000 AVERAGE ANNUAL RENT
$120,000 TYPICAL SQUARE FEET
± 3,200 SF
™
WIRELESS TENANT NAME
AGENT NAME
CONTACT INFO
AT&T
FRANK COLUNGA
(214) 295-4228 | FRANK.COLUNGA@MATTHEWS.COM
VERIZON WIRELESS
GRANT KORN
(310) 844-9168 | GRANT.KORN@MATTHEWS.COM
â„¢
CURRENT ON MARKET DATA
KEY STATISTICS CREDIT RATING
BBB
NUMBER OF PROPERTIES
14
AVG CAP RATE
6.80%
MARKET CAP
AVG LEASE TERM REMAINING
4 Years
± $204.42B
AVG PRICE
$1,969,453
TOTAL LOCATIONS
LOWEST CAP RATE
4.30%
± 5,300
HIGHEST CAP RATE
11.92%
HEADQUARTERS
Dallas, TX
TYPICAL LEASE STRUCTURE LEASE TYPE
NNN
TRANSACTIONS 2019
2020
5
-
AVG CAP RATE
6.40%
-
AVG TERM REMAINING
8 Years
-
$2,553,586
-
TRANSACTIONS
AVG SALE PRICE
RENT INCREASES
RECENT SALES COMPARABLES
5 - 10% Every 5 Years LEASE TERM
CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
10 Years
Selma
AL
$933,660
7.82%
5 Years
1998
7/14/20
AVERAGE SALES
Morgan City
LA
$2,369,512
8.00%
7.50 Years
2016
4/13/20
-
Maplewood
MN
$3,382,500
7.22%
9 Years
2017
12/11/19
AVERAGE ANNUAL RENT
San Antonio
TX
$3,007,519
6.65%
5 Years
1995
10/31/19
Tempe
AZ
$1,930,000
5.36%
10 Years
2018
6/28/19
Albuquerque
NM
$3,213,913
5.75%
9 Years
2017
5/14/19
Salina
KS
$1,234,000
7.00%
6.50 Years
2017
3/6/19
Republic
MO
-
-
5 Years
2016
11/28/18
TYPICAL SQUARE FEET
-
™
CURRENT ON MARKET DATA NUMBER OF PROPERTIES
36
AVG CAP RATE
6.94%
AVG LEASE TERM REMAINING
6.7 Years
AVG PRICE
$1,802,195
LOWEST CAP RATE
4.50%
HIGHEST CAP RATE
9.20%
CAP RATE CORRELATION KEY STATISTICS
8.00%
CREDIT RATING
BBB+ ± $226.77B TOTAL LOCATIONS
± 2,330 HEADQUARTERS
CAP RATE
MARKET CAP
7.00%
6.00%
New York, NY
CAP RATE COMPARISON
5.00%
1
5
10
YEARS REMAINING ON LEASE
NEW CONSTRUCTION (15 - 20 YEARS)
TRANSACTIONS
10 YEARS REMAINING
2019
2020
5.89%
TRANSACTIONS
48
20
5 YEARS REMAINING
AVG CAP RATE
6.61%
6.86%
6.64%
AVG TERM REMAINING AVG SALE PRICE
TYPICAL LEASE STRUCTURE LEASE TYPE
NN RENT INCREASES
10% Every 5 Years LEASE TERM
10 Years AVERAGE SALES
AVERAGE ANNUAL RENT
$153,854 TYPICAL SQUARE FEET
± 2,000 - 4,000 SF
6 Years
9 years
$1,813,621
$1,699,527
RECENT SALES COMPARABLES CITY
STATE
PRICE
CAP
TERM LEFT
BUILT
SOLD
Mcdonough
GA
$2,300,000
8.89%
2 Years
2005
12/30/19
Colorado Springs
CO
$2,125,982
5.65%
10 Years
2019
12/19/19
Waterford
CT
$2,025,000
6.50%
10 Years
2002
12/19/19
Sebring
FL
$1,445,000
6.56%
7 Years
2017
11/8/19
Tallahassee
FL
$1,950,000
8.10%
5 Years
2000
11/2/19
Bakersfield
CA
$2,604,176
5.45%
10 Years
1970
10/24/19
Cedar Rapids
IA
$2,230,667
6.75%
8 Years
2017
7/22/19
Yulee
FL
$2,334,696
6.36%
10 Years
2019
8/23/19
Fresno
CA
$2,715,000
5.66%
10 Years
2019
8/7/19
Thomasville
GA
$1,890,000
7.20%
6 Years
2006
8/2/19
™