B B
380 W B
J, N C
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B B | J, NC
O S
Executive Summary ................................................................... 1
Investment Highlights ............................................................. 2
Property Overview ...................................................................... 3
L O
Photographs ...................................................................................4
Location Aerial .............................................................................. 5
Site Plan .............................................................................................6
Map ....................................................................................................... 7
M O
Market Overview ..........................................................................8
Demographics ..............................................................................9
T S
Tenant Profiles ............................................................................10
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TABLE OF CONTENTS
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Boot Barn | Jacksonville, NC
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EXECUTIVE SUMMARY
The Boulder Group is pleased to exclusively market for sale a single tenant net lease Boot Barn property located in Jacksonville, North
Carolina. The property was renovated for Boot Barn in 2020. The new 10-year lease is absolute triple net and features zero landlord
responsibilities. There are 10% rental escalations every five years and in each of the renewal options.
The 11,200 square foot property is ideally positioned at the hard corner of a signalized intersection along Western Boulevard (46,000
VPD), which is a primary north-south thoroughfare. Additionally, the Boot Barn property is located just off US Hwy 17 (12,000 VPD) and
sits as an outparcel to Jacksonville Mall. Other retailers in the dominant retail corridor include Walmart Supercenter, Target, Sam’s
Club, Walgreens, CVS, Home Depot and Lowe’s. The property also benefits from its close proximity to Onslow Memorial Hospital
(162 Beds) and Coastal Community College (4,030 students) which drives continual traffic to the corridor. Jacksonville is home of the
United States Marine Corps’ Camp Lejeune and New River Air Station.
Boot Barn is the nation’s leading lifestyle retailer of western and work-related footwear, apparel and accessories for men, women and
children. The Company offers its loyal customer base a wide selection of work and lifestyle brands. Boot Barn operates more than 200
stores in 33 states, in addition to an e-commerce channel, including both www.bootbarn.com and www.sheplers.com. Boot Barn is a
publicly traded company on the New York Stock Exchange (Symbol: BOOT) with a market capitalization in excess of $1.25 billion. The
company was founded in 1978 and is headquartered in Irvine, California. Boot Barn is the largest and fastest-growing lifestyle retail
chain devoted to western and work-related footwear, apparel and accessories in the United States.
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Boot Barn | Jacksonville, NC
INVESTMENT HIGHLIGHTS
■ New 10 year lease
■ Absolute NNN
■ Renovation for Boot Barn in 2020
■ 10% rental escalations every five years
■ Ideally positioned at the hard corner of a signalized intersection along Western Boulevard (46,000 VPD), which is a
primary north-south thoroughfare
■ Located just off US Hwy 17 (12,000 VPD) and sits as an outparcel to Jacksonville Mall (Belk, Sears, JCPenney, AMC)
■ Retailers in the dominant retail corridor include Walmart Supercenter, Target, Sam’s Club, Walgreens, CVS, Home Depot
and Lowe’s
■ Benefits from its close proximity to Onslow Memorial Hospital (162 Beds) and Coastal Community College (4,030 students)
which drives continual traffic to the corridor
■ Demographically, Jacksonville is the youngest city in the United States, with an average age of 22.8 years old, which can
be attributed to the large military presence (United States Marine Corps’ Camp Lejeune and New River Air Station)
■ Boot Barn is a publicly traded company on the New York Stock Exchange (Symbol: BOOT) with a market capitalization in
excess of $1.25 billion
■ BOOT is rated a buy by 8 of 13 equity analysts
I H
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Boot Barn | Jacksonville, NC
PROPERTY OVERVIEW
Price: $2,640,000
Cap Rate: 7.00%
Net Operating Income: $184,800
Rent Commencement Date: June 2020 (Est.)
Lease Term: 10 Years
Renewal Options: Four 5-Year
Rental Escalations: 10% every five years
Tenant: Boot Barn, Inc.
Year Built/Renovated: 1999/2020
Lease Type: Absolute NNN
Building Size: 11,200 SF
Land Size: 1.35 Acres
P O
* If Tenant’s gross sales do not exceed $2,200,000 between 49th month and 60th
month, tenant shall have the right to terminate the lease. If tenant terminates
lease, tenant shall reimburse landlord for the unamortized cost of the improvement
allowance provided to tenant and any leasing commission amortized on straight
line basis over a 120 month period.
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Boot Barn | Jacksonville, NC
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Boot Barn | Jacksonville, NC
L A
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Boot Barn | Jacksonville, NC
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Boot Barn | Jacksonville, NC
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Boot Barn | Jacksonville, NC
1-Mile 3-Mile 5-Mile
Total Population: 5,304 50,230 86,135
Total Households: 1,994 18,154 30,354
1-Mile 3-Mile 5-Mile
Average Household Income: $63,292 $60,378 $60,967
Median Household Income: $52,091 $45,607 $47,082
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DEMOGRAPHICS
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Boot Barn | Jacksonville, NC
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J, N C
Jacksonville is a city in Onslow County, North Carolina, United States. As of the 2010 United States census, the population was 70,145,
which makes Jacksonville the 14th-largest city in North Carolina. Jacksonville is the principal city of Onslow County and is included in the
Jacksonville, North Carolina metropolitan area. In 2014, Forbes magazine ranked Jacksonville as the fifth-fastest growing small city in the
United States. Demographically, Jacksonville is the youngest city in the United States, with an average age of 22.8 years old, which can
be attributed to the large military presence. The low age may also be in part due to the population drastically going up over the past 80
years, from 783 in the 1930 census to 70,145 in the 2010 census.
It is the county seat of Onslow County, and the home of the United States Marine Corps’ Camp Lejeune and New River Air Station.
Jacksonville is located adjacent to North Carolina’s Crystal Coast area.
In 2008, Jacksonville had 2.8 million visitors who stayed overnight, spending nearly $1 billion. A study by Research Data Services of
Tampa quantified the importance of tourism. The total economic impact was $1.6 billion and supported nearly 43,000 jobs, 10% of the
local workforce.
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Boot Barn | Jacksonville, NC
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Boot Barn is the nation’s leading lifestyle retailer of western
and work-related footwear, apparel and accessories for men,
women and children. The Company offers its loyal customer
base a wide selection of work and lifestyle brands. Boot Barn
operates more than 200 stores in 33 states, in addition to an
e-commerce channel, including both www.bootbarn.com and
www.sheplers.com. Boot Barn is a publicly traded company on
the New York Stock Exchange (Symbol: BOOT) with a market
capitalization in excess of $1.25 billion. Currently, BOOT is rated
a buy by 8 of 13 equity analysts and there are no sell ratings.
The stock is up 86% on a TTM basis. Additionally, the total debt
outstanding is $196 million (versus the 1.2 billion market cap).
The company was founded in 1978 and is headquartered in
Irvine, California. Boot Barn is the largest and fastest-growing
lifestyle retail chain devoted to western and work-related
footwear, apparel and accessories in the United States.
Website: www.bootbarn.com
Locations: 200+
Year Founded: 1978
Headquarters: Irvine, California
Stock Symbol: BOOT (New York Stock Exchange)
Market Capitalization: $1.25 B
T O
J F
Senior Vice President
847-562-9280
john@bouldergroup.com
EXLUSIVELY LISTED BY:
R B
President
847-562-0003
randy@bouldergroup.com
The Boulder Group
3520 Lake Avenue, Suite 203
Wilmette, Illinois 60091
www.bouldergroup.com
CONFIDENTIALITY
DISCLAIMER
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/or Lee & Associates and
should not be made available to any other person or entity
without the written consent of The Boulder Group and/or Lee &
Associates.
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 and Lee
& Associates 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 and Lee & Associates have not verified, and will not
verify, any of the information contained herein, nor has The Boulder Group or Lee & Associates 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.
D B
Principal
314-400-4004
dbarnes@lee-associates.com
Lee & Associates
1 McBride & Son Center Drive, Suite 140
St. Louis, MO 63005
www.lee-associates.com
