offering memorandum -...
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Capital Markets | Investment Properties
OFFERING MEMORANDUM
www.fountaincourtshoppingcenter.com
6355-6605 Manatee Avenue WestBradenton, FL 34209
FOUNTAINCOURT
EXECUTIVE SUMMARY
PROPERTY SUMMARY
THE OFFERINGCBRE is pleased to offer for sale Fountain Court, a 183,175 SF community shopping center located in Bradenton, Florida. Anchored
by a Bealls department store, a Dollar General discount store, and a Planet Fitness health club, Fountain Court is 95% leased to 15
tenants. The center is located at a signalized intersection on Manatee Avenue, on the northwest side of Bradenton, and near the
beach communities of Anna Maria, Holmes Beach, and Bradenton Beach. Fountain Court has an attractive, existing CMBS loan
for assumption and offers an investor stable, mostly national tenants and upside potential through lease-up of vacant space and
increasing rents.
LOCATION6355 – 6605 Manatee Avenue West, Bradenton, FL 34209
LAND AREA±17.54 acres
YEAR BUILT1987
SIZE183,175 SF
OCCUPANCY95%
ANCHORS
PRICE$14,500,000
EXISTING CMBS LOAN TO-BE-ASSUMED$8,900,000 loan; 5.02% interest; 30-year amortization starting July 2018; June 2026 maturity (8 years remaining)
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www.fountaincourtshoppingcenter.com
OFFERING HIGHLIGHTS
NATIONAL ANCHOR TENANTS Anchored by a Bealls junior department store, a Dollar General discount
store, and a Planet Fitness health club. Bealls and Dollar General recently
exercised 5-year options.
HIGHLY SUCCESSFUL BEALLS Bealls has been in the center since 1998 and recently exercised its 2nd
5-year option. Bealls has a history of strong store sales, with sales in excess
of $225 per square foot and enjoys a very favorable health ratio of 2.2%.
NATIONAL & REGIONAL TENANTSOther national and regional tenants include Bon Worth, Sally Beauty Supply,
Edible Arrangements, H&R Block, Suncoast Credit Union, and Richard’s
Foodporium. Including Bealls, Dollar General, and Planet Fitness, all the
national and regional tenants account for 74.8% of the leased space and 66.7%
of the gross income.
STABLE, LONG-TERM TENANTSEight (8) tenants have been at Fountain Court for between 15 to 30 years,
including Bealls, Sally Beauty, Suncoast Credit Union, Pizza Hut, and H&R
Block. Five (5) tenants have been at the center for between 5 to 14 years,
including Dollar General, Planet Fitness, and Richard’s Foodporium.
CONVENIENT LOCATION AT SIGNALIZED INTERSECTIONLocated at the southeast corner of Manatee Ave West and 67th Street West,
a signalized intersection.
IN-FILL LOCATION WITH STRONG DEMOGRAPHICS3-mile population of 59,906 with an average household income of $71,419.
ASSUMABLE CMBS FINANCING The property was refinanced in 2016 with an $8,900,000 (current balance)
CMBS loan, with a 5.02% interest rate and a 30-year amortization schedule
(starting July 2018; was interest only the first two years). The existing loan
must be assumed.
63rd St W
MANATEE
AVENUE
WES
T
1 MILE 3 MILES 5 MILES
2017 POPULATION 11,080 59,906 132,562
2022 PROJECTED POPULATION 11,836 64,745 144,036
POPULATION GROWTH 2017-2022 1.33% 1.57% 1.67%
2017 AVG HOUSEHOLD INCOME $67,333 $71,419 $60,470
AREA DEMOGRAPHICSVacant building -
Former Bank (not included)
Joey D’s Chicago Style Eatery
(not included)
SQUAREFEET
% OF GROSSLEASABLE
AREA
% OFEFFECTIVE
GROSSINCOME
LEASEEXPIRATION
BEALLS 87,385 47.7% 27.9% April 2023
DOLLAR GENERAL 10,275 5.6% 6.8% April 2021*
PLANET FITNESS 25,000 13.7% 13.4% June 2020
TOTAL ANCHOR TENANTS 122,660 67,0% 48.1%
NATIONAL TENANTS (SMALL SHOPS)** 8,600 4.7% 10.1%
REGIONAL TENANTS (SMALL SHOPS)*** 5,700 3.1% 8.5%
TOTAL ANCHOR, NATIONAL, AND REGIONAL TENANTS 136,960 74.8% 66.7%
BAYSIDE COMMUNITY CHURCH 32,480 17.7% 26.3% March 2028
LOCAL TENANTS 6,075 3.3% 7.0%
TOTAL LEASED 175,515 95.8% 100.0%
TOTAL VACANT 7,660 4.2%
TOTAL CENTER SIZE 183,175 100%
SUMMARY OF TENANCY
YEAR 1 YEAR 3 YEAR 5 YEAR 8
YEAR ENDING Jun-2019 Jun-2021 Jun-2023 Jun-2026
EFFECTIVE GROSS INCOME $1,494,322 $1,668,879 $1,757,211 $1,818,312
EXPENSES $377,214 $403,526 $427,567 $463,146
NET OPERATING INCOME $1,117,108 $1,265,353 $1,329,644 $1,355,166RESERVES, TI’S, AND LEASING COMMISSIONS
$35,021 $68,553 $30,961 $64,729
CASH FLOW BEFORE DEBT SERVICE $1,082,087 $1,196,800 $1,298,683 $1,290,437
DEBT SERVICE (LOAN ASSUMPTION) $574,632 $574,632 $574,632 $574,632
CASH FLOW AFTER DEBT SERVICE $507,455 $519,948 $724,051 $715,805
LEVERAGED CASH-ON-CASH RETURNS
PROJECTED CASH FLOW
**National tenants: BonWorth, Sally Beauty, Pizza Hut, Edible Arrangements, H&R Block*Pending Renewal
***Regional tenants: Suncoast Federal Credit Union, Richard’s Food Emporium
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Waterbury R
d
Rutland Rd
Lake Manatee
Rye R
d NE
Rye R
d NE
Rye R
d NE
Upper Manatee River Rd
Fort Hamer
Memphis
EllentonPalmetto
West Bradenton
Palma Sola
Anna Maria
Anna MariaIsland
Holmes Beach
BradentonBeach
9th Ave NW
59th St W
9th St W
9th St E
33rd St E
Lockwood R
idge Rd
37th St E
63rd Ave E
17th St12th St
Bahia Vista St
S B
eneva Rd
S B
eneva Rd
Bee Ridge Rd
Palmer Blvd
Lorraine Rd
Lorraine Rd
Bee Ridge Rd
Wilkinson Rd
10th St
17th St
University PkwyUniversity Pkwy
Desoto Rd
45th St E
57th St E
15th St E
26th Ave E
301 Blvd E
Oneco
Longboat Key
Longboat Key
Lido Key Beach
Mote MarineLaboratory & Aquarium
26th St W
51st St W
53rd Ave W 53rd Ave W
34th
St W
Sarasota Bay
SARASOTA
SouthgateSarasotaSprings
Fruitville
North SarasotaDesoto Lakes
LakewoodRanch
KensingtonPark
The Meadows
43rd St W
Gulf Dr
Manatee River
Snead Island
BRADENTON
44th Ave E
Whirtleld Ave
Ho n oreAve
Univ ersity
Pkwy
I ona
Rd
Manatee Avenue
LOCATION
TAMPA
BRADENTON MIAMI
ADDRESS6355-6605 Manatee Avenue WestBradenton, FL 34209
TRAFFIC COUNTSManatee Avenue West - 32,000 AADT
just east of 75th Street
Capital Markets | Investment Properties
OFFERING MEMORANDUM
MARK SHELLABARGERInvestment PropertiesSenior Vice President+1 813 273 [email protected]
SANDRA MICHAELSClient Services Specialist+1 813 273 [email protected]
FOUNTAINCOURT