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P ARK LAND, FLORIDA
Parkland Strip Center
Asking Price: $5,932,500Cap Rate: 6.00%
BOSTON, MA | CHAPEL HILL, NC | CHARLOTTE, NC | JUPITER, FL | LOS ANGELES, CA | PITTSBURGH, PA | ATLANTICRETAIL.COM
Michael Zimmerman919.391.9901 [email protected]
ATLANT ICRETAIL .COM | 1PARKLAN D ST R IP CENTER
AFFLUENT TRADE AREAParkland is an affluent city in Broward County, Florida located approximately 37 miles north of the major tourist destination of Miami. The city benefits from its inclusion in the Fort Lauderdale-Pompano Beach-Deerfield Beach MSA, which was home to more than 1.7 million people as of 2010. Over 288,000 people with an average household income of nearly $90,000 live within five miles of the Property.
PROMINENT LOCATIONThe Property is a new shopping center construction outparcel near the signalized intersection of State Route 7/U.S. 441—a main north-south artery in South Florida—and Loxahatchee Road (66,900 VPD combined). The site is located near major national retailers including Publix, BJ’s Wholesale Club and Walmart.
QUALITY INVESTMENTThe Property is 100 percent occupied to tenants on new, 10-year leases with built-in rent increases and options with minimal landlord responsibilities. No state income tax in Florida provides a low tax burden for the investor.
STRONG BARRIERS TO ENTRYParkland’s zoning laws are designed to protect the “park-like” character of the city. While Parkland’s features are predominantly residential, small portions of the city are zoned specifically for commercial and industrial development.
$90,408AVG HH INCOME IN 5-MILE RADIUS
57,500VPD ON SR 7/U.S.
HIGHWAY 441
297,904EST POPULATION IN 5-MILE RADIUS
$7.77 BAVG HH SPENDING IN 5-MILE RADIUS
ATLANT ICRETAIL .COM | 2PARKLAN D ST R IP CENTER
Lease Summary
ADDRESS 7595-7599 N SR-7Parkland, FL 33073
TENANTS Mattress FirmTide Dry CleanersNoire The Nail Bar
ASKING PRICE $5,932,500
CAP RATE 6.00%
BUILDING +/- 8,400 SF
LAND SIZE +/- 1.10 acres
YEAR BUILT 2017
ANNUAL RENT $355,950
OCCUPANCY 100%
LEASE TYPE NN+
EXPENSES Roof, Structure, Parking Lot
Tenants pay pro-rata shares (based on the building’s actual GLA) of CAM, RE Taxes and Insurance.
ATLANT ICRETAIL .COM | 3PARKLAN D ST R IP CENTER
Mattress Firm—through its brands including Mattress Firm, Sleepy’s, and Sleep Train—offers a broad selection of traditional mattresses and bedding accessories through over 3,500 company-operated and franchisee-owned stores in 48 states. In February 2016, the Company completed the purchase of all the outstanding equity interests in the holding company of Sleepy’s, which totaled approximately $795.5 million. In August 2016, the Company was purchased by Steinhoff International and now operates as a subsidiary of Steinhoff.
With the largest geographic footprint in the country among multi-brand specialty mattress retailers, Mattress Firm not only provides superior sleep solutions, but opportunities in hundreds of communities nationwide. The Company’s success and proven track record allows them to offer solid guarantees to further ensure customer satisfaction.
Today, Mattress Firm has become the top specialty mattress retailer in the country, with fiscal 2016 sales of more than $3.8 billion. Thanks to the Company’s extensive distribution network, Mattress Firm offers a distinct competitive advantage in an evolving omni-channel world.
Mattress Firm
ATLANT ICRETAIL .COM | 4PARKLAN D ST R IP CENTER
Lease Summary
TENANT Mattress Firm, Inc.
GUARANTOR Corporate
BUILDING +/- 3,500 SF (41.7% GLA)
COMMENCEMENT 2017
EXPIRATION June 2027
LEASE TERM 10 Years
ANNUAL RENT $148,750 ($42.50/SF)
INCREASES 10% Every 5 Years
OPTIONS 2 x 5-Year Options
OPTION INCREASES 10% Within Each Option
LEASE TYPE NN+
LANDLORD Roof, Structure, Parking Lot
ADDITIONAL RENT Pro Rata share of CAM, Insurance and Taxes
YEARS ANNUAL RENT INCREASE
1–5 (Base Term) $148,750 ($42.50/SF) N/A
6–10 (Base Term) $163,625 ($46.75/SF) 10%
11–15 (Option 1) $180,005 ($51.43/SF) 10%
16–20 (Option 2) $197,995 ($56..57/SF) 10%
Rent Schedule
PRO RATA SHARE ADDITIONAL RENT PRICE/SF
CAM/Insurance $10,500 $3.00/SF
Real Estate Taxes $14,000 $4.00/SF
Insurance $5,250 $1.50/SF
The tenant shall pay its pro rata share (based upon the actual GLA of the building) of Operating Expenses (including CAM), RE Taxes, Insurance and Administrative Fees (not to exceed 10 percent). In no event shall the controllable CAM charges increase by more than 5 percent each lease year.
ATLANT ICRETAIL .COM | 5PARKLAN D ST R IP CENTER
Tide Dry Cleaners is the latest innovation to care for clothing created by the same Tide at-home laundry care company that consumers have trusted for more than 65 years. Tide is America’s number one detergent, and it’s parent company (Procter & Gamble) ranks at No. 34 on the Fortune 500 list, and saw net sales in excess of $65 billion in 2016.
Tide has been a leader in laundry care innovation since it’s inception more than six decades ago. With new technologies like Tide With Bleach, Tide For Coldwater and, most recently, Tide Pods, Tide continues to bring its dedicated customers the best products to remove tough stains, preserve colors and keep clothing looking clean and smelling fresh.
Now, Tide is expanding beyond at-home laundry care to provide a professional dry cleaning service that cannot be packaged in a box or a bottle. Tide Dry Cleaners offers the ultimate in convenience, quality and customer service. With locations in 17 states, Tide Dry Cleaners provide drive-thru valet and 24-hour services to customers while also offering innovative, proprietary services like Tide ColorGuard™, Tide SpotLift™, Tide FreshScent™, Tide Back-to-Black™ and Tide Restore™.
Tide Dry Cleaners does more than just clean garments: the company aims to preserve and prolong the lifespan of customers’ most-cherished garments by consistently providing superior cleaning services without the chemical odor that typical dry cleaning services leave behind.
Tide Dry Cleaners
ATLANT ICRETAIL .COM | 6PARKLAN D ST R IP CENTER
Lease Summary
TENANT CCI-Parkland, LCCDBA Tide Dry Cleaners
GUARANTOR Letter of Credit
BUILDING +/- 3,500 SF (41.7% GLA)
COMMENCEMENT 2017
EXPIRATION 2027
LEASE TERM 10 Years
ANNUAL RENT $147,000 ($42.00/SF)
INCREASES 10% Every 5 Years
OPTIONS 2 x 5-Year Options
LEASE TYPE NN+
LANDLORD Roof, Structure, Parking Lot
ADDITIONAL RENT Pro Rata share of CAM, Insurance and Taxes
YEARS ANNUAL RENT INCREASE
1–5 (Base Term) $147,000 ($42.00/SF) N/A
6–10 (Base Term) $161,700 ($46.20/SF) 10%
11–15 (Option 1) $177,870 ($50.82/SF) 10%
16–20 (Option 2) $195,657 ($55.90/SF) 10%
Rent ScheduleThe tenant shall pay its pro rata share (based upon the actual GLA of the building) of Operating Expenses (including CAM), RE Taxes, Insurance and Administrative Fees (not to exceed 10 percent). In no event shall the controllable CAM charges increase by more than 5 percent each lease year.
Common Area Maintenance, Real Estate Taxes and Insurance: $31,500 ($9.00/SF)
ATLANT ICRETAIL .COM | 7PARKLAN D ST R IP CENTER
Noire The Nail Bar is a premiere boutique salon specializing in nail and spa services, including manicures, pedicures, eyelash extensions, facial and body waxing, and massage treatments. The salon opened its original store in Knoxville, and has since expanded to include multiple locations in Florida and Indiana. New locations are currently open in Florida, North Carolina, Georgia and Tennessee.
Noire The Nail Bar salons offer a large selection of over 300 colors, finishes and techniques for manicure and pedicure services, and each staff member is trained using a specialized curriculum to ensure every salon location is utilizing the most modern, up-to-date techniques and products.
In addition to traditional nail service products, Noire The Nail Bar also provides a variety of premier, luxury organic products to its customers along with a complete line of nail accessories so clients can maintain nails at home in-between services. Each salon’s finishing touches include a wine bar and a gorgeous, in-house grand piano.
Noire The Nail Bar
ATLANT ICRETAIL .COM | 8PARKLAN D ST R IP CENTER
Lease Summary
TENANT Kheim Lee DBA Noire The Nail Bar
BUILDING +/- 1,400 SF (16.6% GLA)
COMMENCEMENT 2017
EXPIRATION 2027
LEASE TERM 10 Years
ANNUAL RENT $60,200 ($43.00/SF)
INCREASES 10% After 5 Years
OPTIONS 2 x 5-Year Options
LEASE TYPE NN+
LANDLORD Roof, Structure, Parking Lot
ADDITIONAL RENT Pro Rata share of CAM, Insurance and Taxes
YEARS ANNUAL RENT INCREASE
1–5 (Base Term) $60,200 ($43.00/SF) N/A
6–10 (Base Term) $66,200 ($47.30/SF) 10%
11–15 (Option 1) $72,842 ($52.03/SF) 10%
16–20 (Option 2) $80,122 ($57.23/SF) 10%
Rent ScheduleThe tenant shall pay its pro rata share (based upon the actual GLA of the building) of Operating Expenses (including CAM), RE Taxes, Insurance and Administrative Fees (not to exceed 10 percent). In no event shall the controllable CAM charges increase by more than 5 percent each lease year.
Common Area Maintenance, Real Estate Taxes and Insurance: $12,600 ($9.00/SF)
ATLANT ICRETAIL .COM | 9PARKLAN D ST R IP CENTER
RR
3,500 SFR
ETAIL
F.F.E. = 15.70' NA
VD
3,500 SFR
ETAIL
F.F.E. = 15.70' NA
VD
R
1,400 SFR
ETAIL
F.F.E. = 15.70' NA
VD
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15'
5'
20'
24'
5'
10'
20'
10'
12'
5'
12' 10'
20'
10
9
310
124.67'
40'
12'
5.00'
STATE ROAD NO. 7U.S. HIGHWAY 441
R/W WIDTH VARIES
12'
24'
COV
ERED
VA
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PRO
P. WA
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PRO
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S)
20.00'4.32'
30.33'
6'
20.00'
15.33'
15.33'
80.00'
PRO
P. AW
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5.64'
13.76'
15.32'
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TE CUR
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10.33'
5.67'
PRO
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SITE PLAN
C-102
2040
0
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BUILD
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Side (South)
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1 / 200 SF Retail = 42
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VA
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IL
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MU
NITY
BUSIN
ESS DISTR
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474136050012
X
TOTA
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Building Footprint
Vehicular U
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Sidewalk
ACR
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LATIO
NS
1.10047,896
0.33514,608
0.76533,288
0.1938,400
0.49021,350
0.0823,538
LICENSED PROFESSIONAL
FL LICENSE NUMBER
58216
ERIK J. WILCZEK
BYDATEREVISIONSNo.
SCALE AS NOTED
DESIGNED BY TZ
DRAWN BY TZ
CHECKED BY EW
DATE
PROJECT #000-13
03-24-2016
BROWARD COUNTY, FLCITY OF PARKLAND7280 W PALMETTO PARK RD., SUITE 302, BOCA RATON, FL 33433
PHONE: 561-325-6700 CA#31195
SHEET N
UM
BER
WATERWAYS SHOPPESOUTPARCEL 2Engineering Inc.
This document, together with the concepts and designs presented herein, as an instrument of service, is intended only for the specific purpose and client for which it was prepared. Reuse of and improper reliance on this document without written authorization and adaptation by Keen Engineering, Inc. shall be without liability to Keen Engineering, Inc.
20'
20'
30'
40' (Per Master Plan)
10' to building (Outparcel)
10' to building (Outparcel)
10' to building (Outparcel)
45' Max.
35% M
ax.
30% M
in.
124.67'
20.00'
80.00'
15.33'
40'
20'
80'
15.33'
29'-8"
18%
31%412
31%
69%
18%
LEGEN
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PRO
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ITEMS M
AR
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AN
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IRE A
VA
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ATLANT ICRETAIL .COM | 10PARKLAN D ST R IP CENTER
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ATLANT ICRETAIL .COM | 1 1PARKLAN D ST R IP CENTER
SR-7/U.S. 44157,500 VPD
LOXAHATCHEE ROAD9,400 VPD
COMING SOONFuture site of assisted living facility with 175 beds
ATLANT ICRETAIL .COM | 12PARKLAN D ST R IP CENTER
FUTURE ASSISTED LIVING FACILITY
Built in 2014, the Casa Palma Luxury Apartments community features 350 upscale 1-, 2- and 3-bedroom apartment homes with a 24-hour fitness center and two resort-style pools. Rents range from $1,300 to $4,000 monthly.
LOXAHATCHEE ROAD9,400 VPD SW 18TH STREET
15,000 VPD
LYONS ROAD42,000 VPD
SR 7/U.S. 44157,500 VPD
W HILLSBORO BLVD.33,000 VPD
SUGARGRASS EXPY.81,000 VPD
BOCA RATON
ATLANT ICRETAIL .COM | 13PARKLAN D ST R IP CENTER
Sawgrass Mills is the largest outlet and retail shopping destination in the U.S. with more than 350 stores that include national, outlet and luxury retailers. The Colonnade Outlets feature 70 exclusive outlets found nowhere else in South Florida, including Burberry, GUCCI, Prada, Tory Burch and Versace. This luxury shopping destination covers over 2.3 million square feet of retail space and is the eleventh largest mall in the country.
DEERFIELD BEACH
POMPANO BEACH
Fort Lauderdale is a popular tourist destination, drawing in over 12 million visitors annually to its world-famous beaches, picturesque riverwalks, museums and bustling downtown area. Embraced by the Atlantic Ocean, New River and a myriad of scenic inland waterways, this southeastern Florida city is known to many as the “Venice of America.” Fort Lauderdale is the eighth largest city in Florida and is part of the larger Miami MSA (with a population of over six million people).
The Florida Turnpike is one of the busiest highways in the U.S. and the nation’s third most heavily traveled toll road.
ATLANT ICRETAIL .COM | 14PARKLAN D ST R IP CENTER
AFFLUENT MARKET AREAParkland is an affluent city in Broward County, the second most populous county in Florida. The city of Parkland is located approximately 37 miles of the major tourist destination of Miami, making it part of the larger Fort Lauderdale-Miami MSA, which was home to an estimated 6,012,331 people as of 2015.
ATLANT ICRETAIL .COM | 15PARKLAN D ST R IP CENTER
PROXIMITY TO FLORIDA TURNPIKEThe area is served by major roads including State Route 7/U.S. 441, Florida’s Turnpike and Sawgrass Expressway, which provide nearby access to Interstate 95, a primary north-south thoroughfare through Florida and the entire U.S. East Coast. The Fort Lauderdale-Hollywood International Airport is a major intercontinental gateway and “major hub” facility that serves approximately 26.9 million passengers annually.
PLENTIFUL AREA ATTRACTIONSParkland’s green, upscale community plan caters to the active lifestyles of residents, providing first-class leisure and cultural amenities like 8.5 miles of multipurpose trails, bike paths and sidewalks; a 7.5-acre equestrian center; the 20-acre Doris Davis Forman Wilderness Preserve; and numerous parks. Other nearby attractions include the BB&T Center (home of the NHL’s Florida Panthers); Miami International Airport; and Sawgrass Mills, the largest outlet and retail shopping destination in the United States.
ATLANT ICRETAIL .COM | 16PARKLAN D ST R IP CENTER
2017 DEMOGRAPHICS 1 MILE 3 MILES 5 MILES
Estimated Population 15,635 108,953 297,904
2022 Projected Population 16,534 116,895 320,750
2010 Census Population 13,060 99,286 269,667
2000 Census Population 12,106 87,202 251,476
Projected Annual Growth (2017–2022) 1.5% 1.5% 1.5%
Historical Annual Growth (2000–2017) 1.6% 1.5% 1.1%
Estimated Households 5,550 40,180 119,365
2022 Projected Households 5,748 41,500 123,949
2010 Census Households 4,802 37,229 110,804
2000 Census Households 4,648 33,610 106,444
Projected Annual Growth (2017–2022) 0.7% 0.7% 0.8%
Historical Annual Growth (2000–2017) 1.1% 1.1% 0.7%
Est. HH Income $200,000+ 10.0% 8.5% 8.5%
Est. HH Income $150,000-$199,999 8.7% 8.5% 7.2%
Est. HH Income $100,000–$149,999 18.2% 18.2% 14.9%
Est. HH Income $75,000-$99,999 14.8% 13.9% 12.6%
Est. HH Income $50,000–$74,999 14.3% 17.6% 17.8%
Est. HH Income $35,000–$49,999 11.8% 12.5% 12.5%
Est. HH Income $25,000–$34,999 7.0% 7.8% 9.6%
Est. HH Income $15,000–$24,999 8.4% 6.8% 8.6%
Est. HH Income Under $15,000 6.6% 6.2% 8.3%
Est. Average Household Income $96,305 $94,689 $90,408
Est. Median Household Income $82,240 $78,255 $72,265
PO
PU
LATI
ON
RA
CE
2017 DEMOGRAPHICS 1 MILE 3 MILES 5 MILES
Est. White 75.0% 76.4% 74.9%
Est. Black 12.0% 12.0% 14.2%
Est. Asian or Pacific Islander
6.1% 5.2% 4.7%
Est. American Indian or Alaska Native
0.1% 0.1% 0.2%
Est. Other Races 6.8% 6.3% 6.1%
Est. HispanicPopulation
3,394 24,139 63,993
Est. HispanicPopulation
22.1% 22.2% 21.5%
2022 ProjectedHispanic Population
23.8% 24.1% 23.4%
2010 HispanicPopulation
18.4% 18.6% 17.8%
2017 Demographics
ATLANT ICRETAIL .COM | 17PARKLAN D ST R IP CENTER
INC
OM
E
ATLANT ICRETAIL .COM | 18PARKLAN D ST R IP CENTER
Confidentiality & DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Atlantic Retail Investment Services and should not be made available to any other person or entity without the written consent of Atlantic Retail Investment Services. This Marketing Brochure 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. Atlantic Retail Investment Services has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Atlantic Retail Investment Services has not verified, and will not verify, any of the information contained herein, nor has Atlantic Retail Investment Services 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.
P ARK LAND, FLORIDA
Parkland Strip Center
Asking Price: $5,932,500Cap Rate: 6.00%
BOSTON, MA | CHAPEL HILL, NC | CHARLOTTE, NC | JUPITER, FL | LOS ANGELES, CA | PITTSBURGH, PA | ATLANTICRETAIL.COM
Michael Zimmerman919.391.9901 [email protected]