Net lease firm The Boulder Group is pleased to exclusively market a single tenant corporately guaranteed net lease Qdoba property for sale

1. Qdoba (Corporate)
3225 Alpine Avenue NW, Grand Rapids, MI 49544
NET LEASE INVESTMENT OFFERING

2. TABLE OF CONTENTS
I. Executive Profile
Executive Summary
Investment Highlights
Property Overview
II. Location Overview
Photographs
Aerial
Site Plan
Maps
III. Market & Tenant Overview
Demographic Report
Market Overview
Tenant Overview
TABLE OF CONTENTS
NET LEASE INVESTMENT OFFERING

3. The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended
to be reviewed only by the party receiving it from The Boulder Group and should not be made available to any other
person or entity without the written consent of The Boulder Group.
This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers,
and to establish only a preliminary level of interest in the subject property. The information contained herein is not a
substitute for a thorough due diligence investigation. The Boulder Group has not made any investigation, and makes
no warranty or representation.
The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable;
however, The Boulder Group has not verified, and will not verify, any of the information contained herein, nor has
The Boulder Group conducted any investigation regarding these matters and makes no warranty or representation
whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take
appropriate measures to verify all of the information set forth herein.
DISCLAIMER
STATEMENT:
DISCLAIMER STATEMENT
NET LEASE INVESTMENT OFFERING

4. NET LEASE INVESTMENT OFFERING
EXECUTIVE
SUMMARY:
The Boulder Group is pleased to exclusively market for sale a single tenant corporately guaranteed Qdoba property located
within the Grand Rapids MSA. The Qdoba is strategically positioned in a vibrant retail destination along a heavily trafficked
street. This is a proven Qdoba location as evidenced by the tenant’s recent decision to exercise their first renewal option.
There are over five years remaining on the corporately guaranteed Qdoba lease which expires September 30, 2021. The
absolute triple net lease features no landlord responsibilities and one five-year renewal option with a 15% rental escalation.
Qdoba is a fast casual Fresh Mex restaurant chain in the United States and Canada serving Mexican-style cuisine with over
600 total locations. Qdoba is a wholly owned subsidiary of Jack in the Box. Jack in the Box is a publicly traded company
(NASDAQ: JACK) with a market capitalization in excess of $2 billion.
The Qdoba property is strategically positioned alongAlpineAvenue which is the trade area’s primary north-south thoroughfare.
Alpine Avenue experiences traffic volumes in excess of 50,000 vehicles per day. The Qdoba is benefitted by its proximity
to Interstate 96 which is located immediately to the south of the property. Interstate 96 experiences traffic counts in excess
of 64,000 vehicles per day. The property is centrally located within a regional retail destination that features many national
tenants. The Qdoba is located directly across the street from Green Ridge Square which a 406,597 square foot power
center that is anchored by Target, Best Buy, TJ Maxx, Bed Bath & Beyond and Michael’s. Additional retailers located in the
immediate trade area include Walmart, Sam’s Club, Home Depot, Menards, Meijer, Hobby Lobby, Kohl’s and Burlington
Coat Factory.
Qdoba recently exercised their first renewal option extending their lease until September 30, 2021. The lease features no
landlord responsibilities and a 15% rental escalation in the next renewal option period. Qdoba is a fast-casual Tex-Mex chain
with over 600 locations and is a wholly owned subsidiary of Jack in the Box.
EXECUTIVE SUMMARY

5. NET LEASE INVESTMENT OFFERING
INVESTMENT
HIGHLIGHTS:
• Located within the Grand Rapids MSA
• Rare corporately guaranteed single tenant Qdoba property
• Proven and successful location as evidenced by the tenants decision to exercise a renewal option
• Absolute triple net lease with no landlord responsibilities
• 15% rental escalation in the renewal option period
• Strategically positioned within a primary retail destination that features Walmart, Sam’s Club, Menards, Target,
Home Depot, Meijer, Kohl’s, Best Buy, TJ Maxx and many other national retailers
• Located long Alpine Avenue which is the trade area’s primary north-south thoroughfare and experiences traffic
counts in excess of 50,000 vehicles per day
• Immediate proximity to Interstate 96 which experiences traffic volumes in excess of 64,000 vehicles per day
• Wholly owned subsidiary of Jack in the Box (NASDAQ: JACK) which has a market capitalization in excess of
$2.75 billion
INVESTMENT HIGHLIGHTS

6. NET LEASE INVESTMENT OFFERING
PROPERTY
OVERVIEW:
PROPERTY OVERVIEW
Price: $1,117,605
Cap Rate: 7.10%
Rent Schedule: NOI Escalation Date:
$79,350
$91,252 10/1/2021 (Option 2)
Renewal Options: One 5-Year
Rent Expiration Date: September 30, 2021
Tenant: Qdoba
Credit Rating: Corporate
Year Built: 2006
Lease Type: Absolute Triple Net – No Landlord Responsibilities
Building Size: 2,265 SF
Land Size: 14,800 SF

7. NET LEASE INVESTMENT OFFERING
PHOTOGRAPHS

8. NET LEASE INVESTMENT OFFERING
AERIAL
A L P I N E AV E N U E ( 5 0 , 0 0 0 V P D )
(64,000VPD)

9. NET LEASE INVESTMENT OFFERING
SITE PLAN
APLINEAVENUE(55,000VPD)

10. NET LEASE INVESTMENT OFFERING
MAPS

11. NET LEASE INVESTMENT OFFERING
MAPS

12. NET LEASE INVESTMENT OFFERING
Population 1-Mile 3-Mile 5-Mile
Total Population 6,274 56,671 149,288
Total Households 2,765 22,682 61,143
Income 1-Mile 3-Mile 5-Mile
Average Household Income $47,177 $54,689 $55,137
DEMOGRAPHIC
REPORT:
DEMOGRAPHIC REPORT

13. NET LEASE INVESTMENT OFFERING
DEMOGRAPHIC REPORT
Grand Rapids is located in Kent County, Michigan. At the time of the 2010 US Census, Grand Rapid’s
population was 188,040. The Grand Rapids metropolitan area had a population of 774,160 in 2010. Grand
Rapids is the second largest city in Michigan and the largest city in Western Michigan. Grand Rapids is home
to five of the world’s leading office furniture companies and is nicknamed the “Furniture City”. The city and
surrounding communities are economically diverse, and contribute heavily to the health care, information
technology, automotive, aviation, and consumer goods manufacturing industries, among others. The largest
employers in Grand Rapids include Spectrum Health (16,000), Meijer (9,785), Steelcase (5,400) and Johnson
Controls (5,000).
Spectrum Health is headquartered in Grand Rapids and is the largest employer in West Michigan with 16,000
staff and 1,500 physicians. Spectrum Health’s Meijer Heart Center, Lemmen-Holton Cancer Pavilion, and Butterworth Hospital are
located on the Grand Rapids Medical Mile which has world-class facilities focusing on the health sciences.
MARKET
OVERVIEW:

14. NET LEASE INVESTMENT OFFERING
Qdoba Mexican Grill is a chain of fast casual Fresh Mex restaurants in the United States and Canada serving Mexican-style
cuisine. The company is a wholly owned subsidiary of Jack in the Box since its purchase from ACI Capital, Western Growth
Capital, and other private investors in 2003. Qdoba was founded in 1995 and is head-quartered in Lakewood, Colorado. Qdoba
now operates over 600 fast casual restaurant locations throughout the United States.
Website: www.qdoba.com
Locations: 600+
Year Founded: 1995
Headquarters: Lakewood, CO
Parent Company: Jack in the Box
Jack in the Box is an American fast-food restaurant founded in February 21, 1951 by Robert O. Peterson in San Diego,
California, where it is headquartered. In total, the chain has 2,200 locations, primarily serving the West Coast of the United States.
Food items include a variety of hamburger and cheeseburger sandwiches along with selections of internationally themed foods
such as tacos and eggrolls. The company also operates the Qdoba Mexican Grill chain.
Jack in the Box is publicly traded on the NASDAQ (JACK) with a market capitalization in excess of $2 billion.
Website: www.jackinthebox.com
Locations: 2,200+
Stock Symbol: NASDAQ: JACK
Market Capitalization: $2 Billion
Year Founded: 1951
TENANT OVERVIEW
TENANT
OVERVIEW:

15. 666 Dundee Road, Suite 1801
Northbrook, IL 60062
www.bouldergroup.com
Randy Blankstein
President
847.562.0003
randy@bouldergroup.com
Jimmy Goodman
Partner
847.562.8500
jimmy@bouldergroup.com