Investment Properties

 

The Partnership currently owns the following Investment Properties:

 

Property Name Address Lessee Annualized Operating Base Rent Lease Expiration Date

Applebee's

2770 Brice Rd
Columbus, OH

Thomas & King, Inc.

$150,651

10-31-2018

Kentucky Fried Chicken

1014 S St Francis Dr
Santa Fe, NM

Palo Alto, Inc,

$60,000

6-30-2018

Wendy's

1721 Sam Rittenburg Blvd
Charleston, SC

Wendcharles II, LLC

$76,920

11-6-2021

Wendy's

343 Foley Rd
Charleston, SC

Wendcharles I, LLC

$70,200

11-6-2021

Wendy's

361 Hwy 17 Bypass
Mount Pleasant, SC

Wendcharles I, LLC

$77,280

11-6-2026

Wendy's

3013 Peach Orchard Rd
Augusta, GA

Wendgusta, LLC

$86,160

11-6-2021

Wendy's

1901 Whiskey Rd
Aiken, SC

Wendgusta, LLC

$96,780

11-6-2021

Wendy's

1730 Walton Way
Augusta, GA

Wendgusta, LLC

$96,780

11-6-2021

Wendy's

1004 Richland Ave
Aiken, SC

Wendgusta, LLC

$90,480

11-6-2021

Wendy's

517 Martintown Rd
N Augusta, SC

Wendgusta, LLC

$87,780

11-6-2021

Vacant

3869 Washington Rd
Martinez, GA

N/A

N/A

N/A

 

Properties Held for Sale


On December 15, 2016, the Partnership signed a listing agreement with a broker, Meybohm Commercial Properties, LLC., (the “Broker”) to sell the property during the term of the listing, which ends June 14, 2017. The sale asking price is $950,000. In the event of a sale, a 6% commission on the sale price will be due to the Broker as outlined in the listing agreement. The net book value of this property on the balance sheet is $319,442 as of September 30, 2016.

 

 


Summary of Properties


As of November 1, 2016, the Partnership owned property leased to the operators of ten fully constructed fast-food restaurants and owns one vacant property in Martinez, GA (formerly operated as a Wendy’s). The ten tenants are comprised of, and operate, the following: eight Wendy's restaurants, an Applebee's restaurant, and a KFC restaurant. The properties are located in a total of four states.

 


Eight Properties Leased to Wendy's Franchisees


Eight of the eleven Properties are operated as Wendy's fast food restaurants and are franchises of the international Wendy's Company. An additional Property was operated as a Wendy's restaurant until its lease expired on November 6, 2016, and as of December 15, 2016, this Property is held for sale. Operating base rents from these nine leases comprised approximately 85% of the total 2016 operating base rents included in operating rental income of the Partnership. During the year ended December 31, 2016, additional percentage rents totaled $581,324, all of which were unbilled and were accrued in relation to the Properties operated as Wendy's restaurants. Therefore, during 2016, the Partnership generated approximately 87% of its total operating revenues from those nine Properties. As of March 31, 2017, the eight Properties operated as Wendy's restaurants Properties exceeded 72% of the Partnership's total Properties, both by asset value and number.

 

 

 

 

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The Provo Group, Inc. ("TPG")