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Commercial Blvd (50,500 vpd)
NW 57th St
University Dr (55,000 vpd)
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RARE INFILL VALUE-ADD RETAIL OPPORTUNITY IN THE HEART OF DENSELY POPULATED SOUTH FLORIDA
offering summary
TAMARAC (FORT LAUDERDALE), BROWARD COUNTY, FLORIDA
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PROPERTY SUMMARYAddress: 7401-7515 NW 57th Street
Tamarac, Broward County, FL 33321GLA: ±85,500 SFSite Size: ±9.0 acresYear Built/Renovated: 1976-1981 / R-2015-2018Occupancy: 84%Key Tenants: Tenant GLA
Planet FitnessLa Colonia Medical CenterMetro DinerWing StopMetroPCSMenchie’s
19,13917,7494,2161,5001,5001,320
Traffic Counts: University DriveCommercial Boulevard
55,000 VPD50,500 VPD
THE OPPORTUNITY Holliday Fenoglio Fowler L.P. (“HFF”), a Florida licensed real estate broker, is pleased to exclusively offer prospective investors the opportunity to acquire The Shoppes of University (the “Property”), an 85,448-square-foot community shopping center located in Tamarac, Broward County, Florida.
The Shoppes of University is anchored by a high volume Planet Fitness, La Colonia Medical Center, and features a diverse roster of restaurant, medical and service uses. The Property was substantially renovated between 2015 and 2018 (including the addition of Planet Fitness and La Colonia Medical Center) with over $3.5 million in capital improvements, including a new facade, the installation of a new roof, a seal and striping of the parking lot, new monument signage, upgrades to the landscaping, HVAC upgrades and new property lighting.
The Property is situated at the heavily trafficked intersection of Commercial Boulevard and University Drive, with an impressive combined traffic count of over 105,000 vehicles per day. The Shoppes at University serves a uber dense and growing trade area with nearly 200,000 residents within a 3-mile radius of the Property and projected population growth in excess of 5% over the next five years.
The Shoppes on University represents a rare and highly attractive opportunity to acquire an infill South Florida retail center with the optimal investment profile of income security and substantial revenue growth potential at pricing substantially below replacement cost. The Property offers tremendous value enhancement potential through the lease-up of available space (13,549 square feet or 28% of the shop GLA) and mark-to-market of substantially below market in-place rents.
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B O CA R ATO N
D E E R F I E L D B E A C H
P O M PA N O B E A C H
F O RT L AU D E R DA L E
C O R A L S P R I N G S
W E S TO N
L AU D E R DA L E L A K E S
TA M A R A C
S U N R I S E
P L A N TAT I O N
DAV I E
DA N I A B E A C H
H O L LY WO O D
FORT LAUDERDALEEXECUTIVE AIRPORT
POMPANO BEACHAIRPARK
FORT LAUDERDALE/HOLLYWOODINTERNATIONAL AIRPORT
WATER CONSERVATIONAREA
ATLANTIC OCEAN
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INVESTMENT HIGHLIGHTSOutstanding value enhancement potential through the lease-up of 13,549 square feet or 28% of the shop GLA
Over 8 years of weighted average anchor lease term remaining + highly favorable lease rollover schedule with less than 28% of the GLA expiring over the next 6 years!
High traffic anchors — Planet Fitness and the recently added La Colonia Medical Center
Compelling leasing momentum with nearly 32,000 square feet of leasing activity over the past 12 months
Attractive price per pound acquisition basis significantly below replacement cost with extremely low average in-place net rents of just ±$15.00 per square foot.
Tremendous mark-to-market potential with average in-place rents 25%–50% below surrounding properties
Attractive NOI growth profile with +30% and +50% projected growth over the next 5 and 10 years, respectively
Diverse revenue stream with no single tenant accounting for more than 21% of the total revenue
Substantial recent capital improvements — ±$3.5 million over the past 3 years
Offered free and clear of existing financing
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Commercial Blvd (50,500 vpd)
NW 57th St
University Dr (55,000 vpd)
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Highly productive Planet Fitness with over 1,000 check-ins per day and minimal full service gym competition within a 3-mile radius
La Colonia Medical Center provides a high traffic anchor that generates daily customer visits and anchors the center’s medical tenancy, further leveraging off of the center’s close proximity to University Hospital and Medical Center
Ideal tenant mix comprised of fitness, restaurant, medical, and service uses
Prime, heavily trafficked location with over 105,000 vehicles per day at the Property’s intersection
Dominant, regional retail intersection with strong national co-tenancy
Densely populated and growing trade area with ±200,000 residents within a three mile radius with projected population growth of 5.4% over the next five years
Commercial Blvd (50,500 vpd)
NW 57th St
University Dr (55,000 vpd)
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INVESTMENT HIGHLIGHTS
DEMOGRAPHIC OVERVIEW1 Mile 3 Mile 5 Mile
20178 Estimate 22,521 195,525 460,991Growth 2018 – 2023 6.23% 5.43% 5.36%Average Age 40.3 39.6 39.42018 Est. Households 9,306 77,847 180,5592018 Average HHI $56,964 $58,154 $63,887 Daytime Employment 7,085 49,706 145,418
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±85,500 ±9.0 ±50.0% 195,525 5.4%84.1%SQUARE FEET ACRES 10-YEAR NOI GROWTH RESIDENTS*
*3-MILE RADIUS
Projected 5-Year Pop. GrowthOCCUPIED
7513
NIC
7556
7457 7447
7445
7439
7431
7429
7423
7421
7425-7427
7417-7419
7407-7011
7403
7415
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NW 57TH STREETNW 57TH STREET
55
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DT
55
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0 A
DT
QSR Leasein Negotiation
QSR Leasein Negotiation
8
5.4%Projected 5-Year
Pop. Growth
PRESENTED BY
INVESTMENT SALES
DEBT PLACEMENT
DANNY FINKLESenior Managing [email protected]
LUIS CASTILLOManaging [email protected]
NAT SCARMAZZISenior [email protected]
ERIC WILLIAMSDirector [email protected]
mason [email protected]
Holliday Fenoglio Fowler, L.P. (“HFF”) a Florida licensed real estate broker.
HFF has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser, and HFF, its partners, officers, employees and agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.
©2018 Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
