FORT MYERS, FLORIDA BEST IN CLASS URBAN INFILL SHOPPING CENTER INVESTMENT SUMMARY

Transcription

1 FORT MYERS, FLORIDA BEST IN CLASS URBAN INFILL SHOPPING CENTER INVESTMENT SUMMARY JASON DONALD Managing Director PATRICK BERMAN Managing Director TODD TOLBERT Associate STEVE AIKEN Senior Financial Analyst cushmanwakefield.com

2 VIEW TO THE NORTHWEST McGragor McGregor Blvd Summerlin Road Road

3 OFFERING HIGHLIGHTS INVESTMENT SUMMARY Sanibel Outlets (the Property or the Center ) is a 198,878 square foot community shopping center located in Fort Myers, Florida. The Property is well-positioned in a hightraffic, densely populated, suburban infill trade area. The Center s internet resistant tenancy combines apparel, home décor, footwear, restaurants and service uses. Sanibel Outlets is 76% leased; to nationally-recognized tenants including: Nike, Famous Footwear, Hanes, Samsonite, Guess?, Under Armour, Banana Republic, Coach, Van Heusen, Brooks Brothers, Sunglass Hut, SAS Shoes, Gap, Hertz, Bass Shoes, Polo Ralph Lauren, Calvin Klein, Levis and Bath & Body Works. The Property has access and frontage on two major arteries: Summerlin Road (21,000 VPD) and McGregor Blvd. (15,800 VPD). The Property is located in close proximity to the popular tourist destinations of Sanibel Island & Captiva Island; a Publix-anchored shopping center is located contiguous-south and the Center is surrounded by densely-populated residential communities. Sanibel Outlets is located 12 miles west of Interstate 75, twelve miles southwest of Southwest Florida International Airport and 13 miles northwest of Florida Gulf Coast University. This is a rare opportunity to acquire a best in class retail center that provides a secure income stream, with upside potential, in an irreplaceable location. PROPERTY SUMMARY INVESTMENT HIGHLIGHTS Strong operating history, with substantial upside potential Internet resistant tenancy Irreplaceable location on two of the region s primary commercial corridors Seventy Six Percent (76%) of the GLA is leased to National and Regional tenants Affluent trade area: Median HH Income: $80,814; Average HH Income: $80,828 Dynamic trade area, with minimal competition, supported by strong tourism Combined traffic count of 36,800 cars per day Well-positioned on the sole access point to Sanibel Island and Captiva Island Excellent access, frontage and visibility Address Summerlin Road, Fort Myers, Florida Site Area Parking acres 951 Spaces (4.78 / 1,000 SF) Year Built 1993 (Renovated 2018) GLA 198,878 sf Major Tenants Occupancy 88.1% Nike, Gap, Brooks Brothers, Tommy Hilfiger, Loft Outlet, Bass Shoes, Calvin Klein, Rack Room Shoes, Coach, Polo Ralph Lauren and Banana Republic Fort Myers was ranked the number one fastest growing city among 515 cities in the United States; based on population growth, job growth, median household income growth increases in the number of new businesses and unemployment rate decrease. *Source WalletHub CLICK HERE FOR DRONE VIDEO CUSHMAN & WAKEFIELD

4 LOCATION SUMMARY LOCATION HIGHLIGHTS PRIME LOCATION Sanibel Outlets is well-positioned at the confluence of two major arteries: Summerlin Road (21,000 VPD) and McGregor Blvd. (15,800 VPD). The Property is situated seven miles west of U.S. Highway 41; eleven miles west of Gulf Coast Town Center (1.2 MSF); twelve miles southwest of Interstate 75 and Southwest Florida International Airport. Abutting uses include multifamily apartments, a Publix-anchored shopping center, hotels, professional / medical offices and single-family homes. McGragor McGregor Blvd Summerlin Road EXCEPTIONAL DEMOS Average HH income in excess of $80,000 per annum and $585 million in retail sales generated within a 3-mile radius. DOMINANT MARKET POSITION Sanibel Outlets is the largest shopping center within a 5-mile radius, the Property has nominal direct competition and has excellent frontage and visibility on McGregor Blvd., which is the only access road to Sanibel Island and Captiva Island. MAJOR EMPLOYMENT CENTERS INCLUDE: Florida Southwestern State College Southwest Florida International Airport Florida Gulf Coast University Lee Memorial Health System

5 TENANCY SUMMARY TENANCY Major Tenants SF % of GLA LEASE EXP. Nike 13, % Polo Ralph Lauren 10, % Loft Outlet 9, % GAP 8, % Banana Republic 7, % Tommy Hilfiger 6, % Brooks Brothers 6, % % 4.20% 4.70% 10.50% 50.50% APPAREL 50.5% FOOTWEAR 18.2% SPECIALTY 10.5% SERVICES 4.7% Bass Shoes 6, % Rack Room Shoes 5, % % RESTAURANTS 4.2% Swim Mart 5, % Guess 5, % AVAILABLE 11.9% Famous Footwear 5, % Under Armour 5, % Calvin Klein 5, % % Total Major Tenant GLA 101, % % NATIONAL 70.2% TENANCY HIGHLIGHTS Internet insulated tenant mix, focused on home décor, apparel, footwear and restaurants Pending NNN lease will add $130,000+ to annual NOI Long term leases, with escalations, provides stable cash flow, with income growth 6.30% 70.20% REGIONAL 6.3% LOCAL 11.6% AVAILABLE 11.9%

6 VIEW TO THE SOUTHWEST Summerlin Road McGregor McGragor Blvd N

7 PROPERTY DESCRIPTION LEASE PLAN McGregor Boulevard Section B Shopper Services Section A Section C Summerlin Road

8 PROPERTY DESCRIPTION LEASE PLAN Section A Section B Section C # SUITE TENANT SF # SUITE TENANT SF # SUITE TENANT SF 1110 Cheeburger Cheeburger 3, Vacant 3, Golf 4 Less 2, Hanesbrand 2, Vacant 5, Nike 13, Famous Footwear 5, Kitchen Collection 3, Samsonite 2, Guess 5, Vitamin World 1, Vacant 4, Under Armour 5, Banana Republic 7, Coach 3, Van Heusen 4, Vacant 2, Gymboree 3, Bon Worth 2, Butterfly Beach 2, Book Warehouse 2, Vacant 1, Brooks Brothers 6, Jockey 2, $10 Jewelry Outlet 1, Sunglass Hut 1, Swim Mart 5, Sanibel Shell Museum 2, Maidenform 1, Carter's 4, SAS Shoes 2, Gap 8, Dream Nails Aveda Salon 1, Hertz 1, Bass Shoes 6, Calvin Klein 5, Rack Room Shoes 5, Christopher & Banks 3, Levi's 4, Crocs 2, Tommy Hilfiger 6, Vacant 3, Vacant 3, Bath & Body Works 3, Polo Ralph Lauren 10, Island Java 1, Loft Outlet 9, Dantes Pizza - Coming soon 3,311

9 For more information, please contact: CUSHMAN & WAKEFIELD OF FLORIDA, LLC 201 N Franklin Street, Ste Tampa, Florida PATRICK BERMAN Managing Director patrick.berman@cushwake.com JASON DONALD Managing Director jason.donald@cushwake.com TODD TOLBERT Associate todd.tolbert@cushwake.com STEVE AIKEN Senior Financial Analyst steve.aiken@cushwake.com 2018 Cushman & Wakefield The depiction in the included photograph of any person, entity, sign, logo or property, other than Cushman & Wakefield s client and the property offered by Cushman & Wakefield, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and Cushman & Wakefield or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of Cushman & Wakefield s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)