parkland strip center offering - loopnet...sale price $5,932,500 cap rate 6.0% noi $355,950...

7595-7599 N State Route 7 Parkland, FL 33073

PARKLAND STRIP CENTER OFFERING

Asking Price: $5,932,500 • Cap Rate: 6.00%


MICHAEL ZIMMERMAN, PARTNERAtlantic Retail Investment Services

600 Market St., Suite 300Chapel Hill, NC 27516

[email protected]

investmentservices.atlanticretail.com

CONTACT US

Representative Photo

3

The 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.

CONFIDENTIALITY + DISCLAIMER

04 Parkland Strip Center Property Overview

06 Tenant Overviews

12 Parkland Strip Center Aerial

16 Parkland Strip Center Area Map

18 Site Plan + Renderings

20 Parkland Market Overview

21 Demographics

TABLE OF CONTENTS

BRETT SHELDON, BROKERAtlantic Retail Investment Services

600 Market St., Suite 300Chapel Hill, NC 27516

[email protected]

investmentservices.atlanticretail.com

2

COMING SOONFuture Assisted Living facility with 175 beds.

SITE

4

AFFLUENT TRADE AREA Parkland 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 LOCATIONNew 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 combined ADT). Located near major national retailers including Publix, BJ’s Wholesale Club, and Walmart.

QUALITY INVESTMENT100 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 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.

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PARKLAND STRIP CENTER PROPERTY OVERVIEWADDRESS 7595-7599 N State Route 7 Parkland, FL 33073 MARKET Broward CountySALE PRICE $5,932,500CAP RATE 6.0%NOI $355,950OCCUPANCY 100%TENANTS Mattress Firm Tide Dry Cleaners Noire The Nail BarBUILDING SIZE 8,400 ft2 +/-LAND SIZE 1.10 acres +/- YEAR BUILT 2017LEASE 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.

TENANT FT2 SHARE FT2 COMMENCEMENT LEASE TERM NOI INCREASES OPTIONSMattress Firm, Inc.DBA Mattress Firm 3,500 ft2 41.7% 2017 10 Years $148,750

$42.50/ft2 10% Every 5 Years Two 5-Year Options

CCI-Parkland, LLCDBA Tide Dry Cleaners 3,500 ft2 41.7% 2017 10 Years $147,000


Kheim LeDBA Noire The Nail Bar 1,400 ft2 16.6% 2017 10 Years $60,200


RENT SCHEDULE

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Mattress Firm is known as one of the nation’s premier specialty bedding retailers because of its focus on providing a unique shopping experience to its dedicated customer base. From Serta and Simmons to Hampton & Rhodes, Mattress Firm offers a broad selection of traditional and specialty mattresses, bedding accessories, and other related products from leading manufacturers, guaranteeing quality and comfort with every purchase. What began in Houston, Texas in 1986 has grown to become one of the largest and most successful specialty bedding companies in the world. With more than 3,500 company-operated and franchised stores in 49 states, Mattress Firm has the largest geographic footprint in the nation among leading multi-brand mattress retailers. The company had over $3.5 billion in pro forma sales in 2015 and, in February 2016,

Mattress Firm completed its acquisition of Sleepy’s, the second largest mattress retailer in the U.S. In September 2016, Mattress Firm was acquired by Steinhoff International for $3.8 billion, and now operates as a subsidiary of Steinhoff. Steinhoff has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the Johannesburg Stock Exchange. Steinhoff reported revenue and operating profits for the 12 months ending in June 2016 of $14.5 billion and $1.6 billion, respectively. In March 2017, Mattress Firm announced a strategic five-year partnership with Serta Simmons Bedding, LLC, the largest bedding manufacturer in the U.S. To mark the start of this new venture, the two companies are set to launch new and exclusive products with an unprecedented incremental $100 million marketing investment over the next 18 months in an effort to drive consumer awareness.

MATTRESS FIRM TENANT PROFILE

MATTRESS FIRMNAME Mattress FirmTENANT Mattress Firm, Inc.GUARANTOR Corporate WEBSITE www.mattressfirm.comBUILDING SIZE 3,500 ft2 +/- 41.7% of Building YEAR BUILT 2017LEASE TYPE NN+

COMMENCEMENT: 2017 EXPIRATION: June 2027 LEASE TERM: 10 Years OPTIONS: Two 5-Year Options INCREASES: 10% Every 5 Years

LEASE INFORMATION

RENT INCREASES

Tenant shall pay its pro rata share (based upon the actual gross leasable area 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 $10,500 ($3.00/ft2)MAINTENANCE

REAL ESTATE $14,000 ($4.00/ft2)TAXES

INSURANCE $5,250 ($1.50/ft2)

ADDITIONAL RENT

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BASE TERM (YRS. 1–5) $148,750 ($42.50/ft2)

BASE TERM (YRS. 6–10) $163,625 ($46.75/ft2)

OPTION 1 (YRS. 11–15) $180,005 ($51.43/ft2)

OPTION 2 (YRS. 16–20) $197,995 ($56.57/ft2)

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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. Each Tide Dry Cleaners location harnesses GreenEarth® Cleaning technology that cleans clothing without the use of petroleum-based chemical with liquid silicone solvents. GreenEarth® Cleaning is gentle on fabrics and other garment embellishments, yet it cleans thoroughly without the chemical odor that typical dry cleaning services leave behind.

TIDE DRY CLEANERS TENANT PROFILE

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TIDE DRY CLEANERSNAME Tide Dry CleanersTENANT CCI-Parkland, LLCGUARANTOR Letter of Credit WEBSITE www.tidedrycleaners.comBUILDING SIZE 3,500 ft2 +/- 41.7% of Building YEAR BUILT 2017LEASE TYPE NN+

COMMENCEMENT: 2017 EXPIRATION: 2027 LEASE TERM: 10 Years OPTIONS: Two 5-Year Options INCREASES: 10% Every 5 Years

LEASE INFORMATION

RENT INCREASES

Tenant shall pay its pro rata share (based upon the actual gross leasable area 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, + INSURANCE: $31,500 ($9.00/ft2)

ADDITIONAL RENT

BASE TERM (YRS. 1–5) $147,000 ($42.00/ft2)

BASE TERM (YRS. 6–10) $161,700 ($46.20/ft2)

OPTION 1 (YRS. 11–15) $177,870 ($50.82/ft2)

OPTION 2 (YRS. 16–20) $195,657 ($55.90/ft2)

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, TN, 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 TENANT PROFILE

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NOIRE THE NAIL BARNAME Noire The Nail BarTENANT Kheim LeGUARANTOR Personal WEBSITE www.noirethenailbar.comBUILDING SIZE 1,400 ft2 +/- 16.6% of Building YEAR BUILT 2017LEASE TYPE NN+

COMMENCEMENT: 2017 EXPIRATION: 2027 LEASE TERM: 10 Years OPTIONS: Two 5-Year Options INCREASES: 10% Every 5 Years

LEASE INFORMATION

RENT INCREASES

Tenant shall pay its pro rata share (based upon the actual gross leasable area of the Building) of Operating Expenses (including CAM), RE Taxes, and Insurance.

COMMON AREA MAINTENANCE, REAL ESTATE TAXES, + INSURANCE: $12,600 ($9.00/ft2)

ADDITIONAL RENT

BASE TERM (YRS. 1–5) $60,200 ($43.00/ft2)

BASE TERM (YRS. 6–10) $66,200 ($47.30/ft2)

OPTION 1 (YRS. 11–15) $72,842 ($52.03/ft2)

OPTION 2 (YRS. 16–20) $80,122 ($57.23/ft2)

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CASA PALMA LUXURY APARTMENTSBuilt 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–$4,000 monthly.

CASA PALMA LUXURY

APARTMENTS

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PARKLAND STRIP CENTER AERIAL

W HILLSBORO BLVD.33,000 ADT

SR 7/U.S. 44157,500 ADT

SW 18TH ST.15,000 ADT

LYONS ROAD42,000 ADT

FL’S TURNPIKE100,000 ADT

SUGARGRASS EXPY.81,000 ADT


LOXAHATCHEE ROAD9,400 ADT

14 15


PARKLAND STRIP CENTER AERIAL

LOXAHATCHEE ROAD9,400 ADT

SR 7/U.S. 44157,500 ADT

SITE

PARKLAND STRIP CENTER AREA MAP

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AREA ATTRACTIONS

NAME MILESFlorida Atlantic University 10.3BB&T Center (FL Panthers) 18.3Sawgrass Mills Outlet Mall 18.7Fort Lauderdale 21.8Fort Lauderdale Airport 27.1Miami, FL 42.4Miami International Airport 43.6

POMPANO BEACH

BOCA RATON

DEERFIELD BEACH

FORT LAUDERDALE, FLThe city of Fort Lauderdale is a popular tourist destination, drawing in over 12 million visitors annually to its world-famous beaches, picturesque riverwalks, museum, and a bustling downtown area that rich right in culture and history. Embraced by the Atlantic Ocean, New Rive, 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).

SAWGRASS MILLSSawgrass Mills is the largest outlet and retail shopping destination in the U.S. with more than 350 stores that include both national, outlet, and luxury retailers. The Colonnade Outlets feature 70 exclusive outlets found nowhere else in South Florida, including Burberry, GUCCI, Prada, Tory Burch, Versace, and more. This luxury shopping destination covers over 2.3 million square feet of retail space and is the eleventh largest mall in the country.

Florida’s Turnpike is one of the busiest highways in the country and the nation’s third most heavily-traveled toll road.

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3,500 SFRETAIL

F.F.E. = 15.70' NAVD

3,500 SFRETAIL

F.F.E. = 15.70' NAVD

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1,400 SFRETAIL

F.F.E. = 15.70' NAVD

PROP. RIGHT-IN RIGHT-OUTACCESS DRIVEWAY

PROP. FIREHYDRANT

PROP. FULLACCESS

DRIVEWAY

15'

5'

20'

24'

5'

10'

20'

10'

12'

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12'10'

20'

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PROP. WATERMETER (TYP OF 3)

PROP. DRAINAGEINLET (TYP.)

12'

PROP. DUMPSTERENCLOSURE

(SEE ARCH. PLANS FORDETAILS) 9

PROP. FIREHYDRANT

PROP. LOADINGAREA

20.32'

10 FT. SIGHTVISIBILITY TRIANGLE

PROP. BIKERACK

CONNECT TOEX. SIDEWALK

12'

PROP. LOADINGZONE SIGN

PROP. "SERVICEENTRANCE"SIGN (TYP. ON REARDOORS)

20.00'4.32'

30.33'

6'

20.00'

15.33'

15.33'

80.00'

PROP. AWNINGPROJECTION (TYP.)

5.64'

13.76'

15.32'

TERMINATE CURBOVER 3 FT.

FLUSH PAVEMENT(TYP. IN VALETDROP OFF AREA)

TERMINATE CURBAT THE BUILDING

PROP. BOLLARD TYP.

24.81'

5'

10.33'

5.67'

PROP. WHEELSTOP (TYP.)

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LAND USE DATA

GROSS AREA

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PROPOSED USE

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PARCEL ID #

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CODE COMPLIANCE

BUILDING SETBACK

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Side (South)

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LANDSCAPE BUFFER

Front

Side (North)

Side (South)

Rear

BUILDING HEIGHT

BUILDING COVERAGE

OPEN SPACE

TOTAL VEHICLE PARKING*

HANDICAP PARKING

REQUIRED PROVIDED

100'

1 / 200 SF Retail = 42

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1.10± AC. / 47,896 S.F.

VACANT

8,400 SF RETAIL

B-2 COMMUNITY BUSINESS DISTRICT

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PERVIOUS

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Building Footprint

Vehicular Use

Sidewalk

ACRES SQ. FEET

LOT COVERAGE CALCULATIONS

1.100 47,896

0.335 14,608

0.765 33,288

0.193 8,400

0.490 21,350

0.082 3,538

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45' Max.

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124.67'

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PROPOSED CONCRETE SIDEWALK

PROPOSED HEAVY DUTY CONCRETE PAVEMENT

PROPOSED ASPHALT PAVEMENT

PROPOSED LANDSCAPE/OPEN AREA

PROPOSED STAMPED CONCRETE SIDEWALK

NET AREA 1.10± AC. / 47,896 S.F.

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PARKLAND STRIP CENTER MARKET OVERVIEW

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Parkland 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 metropolitan area, which was home to an estimated 6,012,331 people as of 2015. The 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 United States East Coast. The Fort Lauderdale-Hollywood International Airport is an intercontinental gateway and “major hub” facility that serves approximately 26.9 million passengers annually.

While Parkland’s features are predominantly residential, small portions are zoned for commercial and industrial development. City leaders are using a conservative approach to growth in order to maintain a small town, park-like atmosphere. Parkland’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.

DEMOGRAPHICS 1 MILE 3 MILES 5 MILES2017 Estimated Population 15,635 108,953 297,904

2022 Projected Population 16,534 116,895 320,750

2010 Census Population 13,060 99,286 251,476

2000 Census Population 12,106 87,202 37,955

Projected Annual Growth (2017–2022) 1.5% 1.5% 1.5%

Historical Annual Growth (2000–2017) 1.6% 1.5% 1.1%

2017 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%

2017 Est. HH Income $200,000+ 10.0% 8.5% 8.5%

2017 Est. HH Income $150,000–$199,999 8.7% 8.5% 7.2%

2017 Est. HH Income $100,000–$149,999 18.2% 18.2% 14.9%

2017 Est. HH Income $75,000–$99,999 14.8% 13.9% 12.6%

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2017 Est. HH Income $50,000–$74,999 14.3% 17.6% 17.8%

2017 Est. HH Income $35,000–$49,999 11.8% 12.5% 12.5%

2017 Est. HH Income $25,000–$34,999 7.0% 7.8% 9.6%

2017 Est. HH Income $15,000–$24,999 8.4% 6.8% 8.6%

2017 Est. HH Income Under $15,000 6.6% 6.2% 8.3%

2017 Est. Average Household Income $96,305 $94,689 $90,408

2017 Est. Median Household Income $82,240 $78,255 $72,265

2017 Est. White 75.0% 76.4% 74.9%

2017 Est. Black 12.0% 12.0% 14.2%

2017 Est. Asian or Pacific Islander 6.1% 5.2% 4.7%

2017 Est. American Indian or Alaska Native 0.1% 0.1% 0.2%

2017 Est. Other Races 6.8% 6.3% 6.1%

2017 Est. Hispanic Population 3,394 24,139 63,993

2017 Est. Hispanic Population 22.1% 22.2% 21.5%

2022 Proj. Hispanic Population 23.8% 24.1% 23.4%

2010 Hispanic Population 18.4% 18.6% 17.8%

INC

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MICHAEL ZIMMERMAN919.391.9901

[email protected] [email protected]

BRETT [email protected] [email protected]


parkland strip center offering - loopnet...sale price $5,932,500 cap rate 6.0% noi $355,950...

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