PROMENADE SHOPPES Shadow Anchored to a Walmart Supercenter

Transcription

1 PROMENADE SHOPPES Shadow Anchored to a Walmart Supercenter 2018 Construction 39,650 RSF 7910 West Mcnab Road North Lauderdale, FL Offering Memorandum New Listings Posted Daily at FranklinSt.com

2 Visit Us at FranklinSt.com EXCLUSIVELY LISTED BY GREG MATUS SR. VICE PRESIDENT, INVESTMENT SALES MATT BALLARD ASSOCIATE X512 NICK LEBRAO ASSOCIATE X525

3 AERIAL PROPERTY PHOTOS SUBJECT SITE PROMENADE SHOPPES NORTH LAUDERDALE, FL OFFERING MEMORANDUM 3

4 AERIAL W MCNAB RD 46,000 VPD SUBJECT SITE PROMENADE SHOPPES NORTH LAUDERDALE, FL OFFERING MEMORANDUM 4

5 OFFERING HIGHLIGHTS 7910 West Mcnab Road, North Lauderdale, FL PRICE: $13,250,000 PRO FORMA CAP RATE: 6.32% PRO FORMA NOI: $837, RENTABLE AREA (SF): 39,650 LAND AREA: 4.2 ACRES YEAR BUILT: 2018 PARKING SPACES: 200 ZONING: B-3 PARCEL NUMBER: LEASE TYPE: NNN NUMBER OF SPACES: 19 OCCUPANCY: 85.24% TENANCY: MULTIPLE DRIVE TIME DEMOGRAPHICS: 136,393+ RESIDENTS (5 MINS) 46,000 VPD Travel daily along W McNab Rd 507,076+ RESIDENTS The area has 507,076+ residents within five miles of the property PROMENADE SHOPPES NORTH LAUDERDALE, FL OFFERING MEMORANDUM 5

6 INVESTMENT HIGHLIGHTS Shadow Anchored Walmart Supercenter Strip Center Mix of National & Regional Tenants: T-Mobile, Cricket Wireless, Sarku Japan, and Mr. & Mrs. Crab Triple Net (NNN) Lease Structures With Numerous 10yr Leases In Place High Trafficked Road - West McNab Road 46,000 VPD 507,076+ Residents Within Five Miles Ample Dedicated Parking 66 Spaces INVESTMENT SUMMARY Franklin Street s retail investment team is pleased to offer for sale Promenade Shoppes, a brand-new 2018 development with 39,650 square feet of retail space. Located in central Broward County on West McNab Road, Promenade Shoppes is shadow anchored to a Walmart Supercenter that was completed in The surrounding out parcels are new construction which include AutoZone, Burger King, Mattress Firm and soon to be delivered sites such as La Brasa, Peter Piper Pizza, and Spin Car Wash. West McNab Road is an up and coming main artery with 46,000 VPD and is undergoing at least five proposed sites within a four-mile radius of the subject property. Similarly, neighboring Promenade Shoppes lies Arena Shoppes with national tenants such as Ross Dress For Less, Rainbow, Dollar Tree, and Fallas, among others. Surrounded by neighborhoods and South Florida golf courses, the City of North Lauderdale presents itself as a great location to invest in. With expected growth per proposed projects, Promenade Shoppes is the only newly constructed neighborhood strip center available in today s current market on West McNab Road, providing a pride of ownership opportunity for the investor. PROMENADE SHOPPES NORTH LAUDERDALE, FL OFFERING MEMORANDUM 6

7 ADDITIONAL PHOTOS PROMENADE SHOPPES NORTH LAUDERDALE, FL OFFERING MEMORANDUM 7

8 REGIONAL MAP PROMENADE SHOPPES NORTH LAUDERDALE, FL OFFERING MEMORANDUM 8

9 LOCAL MAP PROMENADE SHOPPES NORTH LAUDERDALE, FL OFFERING MEMORANDUM 9

10 MARKET OVERVIEW SOUTH-EAST FLORIDA OVERVIEW AN AFFLUENT AND THRIVING COMMUNITY The Miami Fort Lauderdale Miami Beach Metropolitan Statistical Area (SE Florida MSA) consists of Broward, Miami-Dade and Palm Beach Counties and is situated on the southeastern coast of Florida. The SE Florida MSA contains over 5,775 square miles. SE Florida has over 5.56 million residents and it s the most populous MSA in Florida and home to 30% of the state s population. The SE Florida MSA s growth and development has resulted from the concentratioon of primary employment centers, its highly developed infrastructure and high quality of life. The combination of relatively new housing, excellent weather and an efficient transportation network make the MSA among the most desirable locations for upper middle income families moving to or within Florida. PROMENADE SHOPPES NORTH LAUDERDALE, FL OFFERING MEMORANDUM 10

11 MARKET OVERVIEW The SE Florida MSA s location at the southeastern point of the United States is enhanced by three major international passenger and cargo airports, two modern deep water ports, extensive rail service and a large trucking network. The MSA is home to headquarters and major facilities for the following large companies: Burger King, American Airlines, Norwegian Cruise Lines, Carnival Cruise Lines, Ryder, Andrx Corporation, American Express, AutoNation, Citrix Systems, Lucent Technologies, Motorola, Sportsline.com, and Sports Authority. The SE Florida MSA is healthy and diverse without dependence on a single industry or employer. In addition, over 20 million tourists per year visit the SE Florida MSA, including 6 million foreigners. SE Florida residents enjoy a high quality of life, low cost of living and low local taxes. The area features numerous museums and cultural institutions and benefits from the presence of five major universities as well as professional sports franchises. SE Florida is also home to the spring training sites of three major league baseball teams, which bring additional tourism to the area in the spring. SE Florida s primary employment centers, growing population, highly developed transportation infrastructure and strong and diverse economy make it Florida s dominant MSA. With projections for continued population growth and a limited supply of suitable shopping center development sites, existinng properties in SE Florida should benefit from high occupancy rates in the foreseeable future. BROWARD COUNTY Broward County is located within the Southeast Florida mega-region, which represents over one third of Florida s overall population and is the third most densely populated area in the US. At 1,320 square miles, the county is considered the second largest in the state of Florida in terms of area. It is also the second most populated county in the State with 1.8 million people as of the 2010 census. With an inviting business environment and an exceptional quality of life, Greater Fort Lauderdale/Broward County is attracting small businesses, regional companies and Fortune 500 multinationals. In fact, CNN Money and Fortune Small Business (FSB) Report recently named Fort Lauderdale one of the top 100 U.S. cities in which to Live and Launch a Business. South Florida (Miami-Dade, Broward and Palm Beach Counties) has been designated a megaregion of the future and a driver of U.S. economic growth in Richard Florida s new book, Who s Your City? The region s strengths include its capabilities in arts and entertainment technology, an up-and-coming biotech and marine biology research center, and its status as a gateway for Latin American banking and investments. South Florida is the 7th largest metropolitan statistical area (MSA) in the nation with roughly one-third of Florida s total population. Approximately 60 percent of the population is in their prime working ages. Within the region, Broward is the state s second largest county, home to 1.8 million people. More than one-quarter of residents are now foreignborn, with 70 percent of those from Latin America, and approximately 21 percent are African- Americans, including immigrants from the Caribbean. In addition to its permanent population, nearly 90,000 part-time residents live in Broward County during the winter season, and more than 10.4 million tourists visit the county annually. PROMENADE SHOPPES NORTH LAUDERDALE, FL OFFERING MEMORANDUM 11

12 MARKET OVERVIEW Broward County offers an exceptional transportation infrastructure and quality of life. Regional access is provided via three primary north/south highways--interstate-95, Interstate-75 and the Florida Turnpike as well as the Sawgrass Expressway and Interstate-595 which connects to points east and west in the county. Ft. Lauderdale-Hollywood International Airport handles over 21 million passengers and 175,000 tons of cargo per year. Port Everglades is a thriving seaport spanning 2,190 acres across the cities of Hollywood, Dania Beach and Ft. Lauderdale. The cost of living is relatively low for a large metropolitan area, about even with the United State s average. The median household income in Broward County was $52,670 compared to $47,804 for the State of Florida and $48,000 for the United States. The primary economic forces (other than population) in Broward County are employment and income. Broward County vacancy rates are flat through the first half of the year, still near 8.75%. In fact, vacancy is nearly unchanged since Q when rates fell from 11% over the summer of After the delivery of some small neighborhood shopping center product, there is little left in the construction pipeline. While single tenant activity remains strong, speculative retail development across the county has dried up, at least for the time being. The largest retail lease of the quarter was signed by BJ s Wholesale Club which moved into 86,500 square feet at the Plaza at Coral Springs II along Riverside Drive and W Atlantic Boulevard. Duke Realty sold their holding of The Shops at Pembroke Gardens, a 367,000-square-foot retail center in Pembroke Pines. The $188 million purchase amounts to $480 per square foot for Jeffrey R. Anderson Real Estate, Inc. PROMENADE SHOPPES NORTH LAUDERDALE, FL OFFERING MEMORANDUM 12

13 MARKET OVERVIEW METROPICA DEVELOPMENT Metropica the new development located in West Broward is master planned on a 65-acre site. The project is funded for approximately $1.5 billion and will be a mixed-use development. It will be located in the core of Sunrise s western corridor. As one of the nation s largest projects in progress, the community will be a destination as well as a complete experience. It will feature 2,250 residential units, its own park, and approximately 650,000 square feet of office space. With it s first tower completed, the development is now boasting a 28-story tower with one-bedroom units starting at $460,000, two-bedroom units at $480,000, and three-bedroom units $580,000. The penthouses range from $1.1 million and up for 1,900 square feet of luxury living. Metropica will be adding a new upscale retail and entertainment atmosphere that totals approximately 485,000 square feet. Although the development will be across the street from Sawgrass Mills Mall, Metropica will add to the area s already desirable destination. Between the shopping experience and the BB&T Center, west Broward will be a hot spot for locals and tourists alike. Metropica is expected to be finished in Source: Miami.Curbed.com PROMENADE SHOPPES NORTH LAUDERDALE, FL OFFERING MEMORANDUM 13

14 MARKET OVERVIEW TOP EMPLOYERS PROMENADE SHOPPES NORTH LAUDERDALE, FL OFFERING MEMORANDUM 14

15 AREA DEMOGRAPHICS 1 MILE 3 MILES 5 MILES POPULATION Total population 30, , ,076 Median age Median age (Male) Median age (Female) HOUSEHOLDS & INCOME Total households 10,179 72, ,356 # of persons per HH Average HH income $52,841 $60,196 $63,122 Average house value $183,112 $203,294 $212,920 * Demographic data derived from 2010 US Census & Regis PROMENADE SHOPPES NORTH LAUDERDALE, FL OFFERING MEMORANDUM 15

16 DRIVE TIME DEMOGRAPHICS 1 MIN 3 MIN 5 MIN POPULATION Estimated Population (2018) 10,051 60, ,393 Projected Population (2023) 10,600 64, ,984 Census Population (2010) 9,217 55, ,143 HOUSEHOLDS Estimated Households (2018) 3,715 21,135 50,222 Projected Households (2023) 3,825 21,844 51,834 Census Households (2010) 3,536 19,930 47,624 HOUSEHOLD INCOMES Estimated Average Household Income (2018) $50,902 $59,700 $62,151 Estimated Median Household Income (2018) $43,610 $50,902 $53,309 Average Household Net Worth (2018) $264,042 $318,454 $337,932 PROMENADE SHOPPES NORTH LAUDERDALE, FL OFFERING MEMORANDUM 16

17 SURROUNDING RETAILER MAP W MCNAB RD 46,000 VPD PINEWOOD ELEMENTARY SCHOOL SUBJECT SITE ROCK ISLAND RD: 37,500 AADT PROMENADE SHOPPES NORTH LAUDERDALE, FL OFFERING MEMORANDUM 17

18 PRO FORMA INCOME & EXPENSES PROMENADE SHOPPES 7910 West Mcnab Road North Lauderdale, FL PRICE: $13,250,000 PRO FORMA CAP RATE: 6.32% PRO FORMA NOI: $837, PRICE PER SF: $ TENANCY: MULTIPLE RENTABLE AREA (SF): 39,650 LAND AREA: 4.2 ACRES YEAR BUILT: 2018 OCCUPANCY: 85.24% PRO FORMA PRO FORMA PRO FORMA INCOME TOTAL PER SF PERCENT Base Rent $863,265 $ % Reimbursements $402,981 $ % GROSS POTENTIAL INCOME $1,266,246 $31.94 Vacancy Cost (-) $26,121 $0.66 2% EFFECTIVE GROSS INCOME $1,240,124 $31.28 EXPENSES TOTAL PER SF PERCENT Property tax $254,851 $ % Insurance $40,290 $ % CAM $107,840 $ % TOTAL EXPENSES $402,981 $10.16 NET OPERATING INCOME (NOI) $837,143 $21.11 Comments: Vacancy cost represents 3% of all tenant's base rent plus reimburesements except for T-Mobile, Cricket Wireless, LaundroMart, & Compassionate Urgent Care. PROMENADE SHOPPES NORTH LAUDERDALE, FL OFFERING MEMORANDUM 18

19 ABOUT FRANKLIN STREET FRANKLINST.COM Franklin Street is prepared to support and surpass your financial and real estate objectives with our Capital Advisory, Investment Sales, Insurance Services, Landlord Representation, Tenant Representation, Project Management & our Property and Facilities Management teams. Nationwide, our southeast based firm is maximizing client success through our collaborative platform an industry leader, creating tailored solutions for your Commercial Real Estate needs. CAPITAL ADVISORS LANDLORD REPRESENTATION INVESTMENT SALES TAILORED TO OUR CLIENT NEEDS INSURANCE SERVICES TENANT REPRESENTATION COLLABORATION INTEGRITY HARD WORK ACCOUNTABILITY PROPERTY MANAGEMENT PROJECT MANAGEMENT FACILITIES MANAGEMENT PROMENADE SHOPPES NORTH LAUDERDALE, FL OFFERING MEMORANDUM 19

20 CLIENT SERVICES FRANKLINST.COM CAPITAL ADVISORS INVESTMENT SALES INSURANCE SERVICES ACHIEVING RESULTS THROUGH COLLABORATION Whether seeking to purchase an investment property or considering a potential refinance, Franklin Street Capital Advisors works with clients to ensure that they secure the most suitable debt product on the market for their business needs coming up with a plan that enables them to achieve more, retain more and profit more. From the process of buying to selling property, our investment sales team offers customized solutions based on each client s unique needs ensuring optimal results that increase property value and deliver maximum benefits to the client. Franklin Street Insurance Services offers commercial property and casualty insurance programs tailored to fit the needs of our clients and protect their businesses in the case of an unfortunate event or situation. LANDLORD REPRESENTATION Leasing a commercial real estate property requires expertise, research and planning. Our team creates and implements a unique strategy to find prospective tenants that provide the best, long-term use of the asset. TENANT REPRESENTATION Experienced in working with both tenants and landlords nationwide, we understand the industry and will work alongside our clients during every step of the deal process, ensuring that they secure the ideal space and best lease terms for their business needs. PROPERTY & FACILITIES MANAGEMENT Business sites require ongoing maintenance. We offer integrated property and facilities management for both investors and occupiers of mixed-use, office, industrial, retail and multifamily product types maximizing property value and ensuring a safe and reliable environment for its users. PROJECT MANAGEMENT Our project management team is ready to manage every aspect of a commercial real estate project, whether it requires an exterior facelift, interior remodel or a tenant build-out. We have expertise to deliver results, while ensuring that projects are completed on time and within budget. PROMENADE SHOPPES NORTH LAUDERDALE, FL OFFERING MEMORANDUM 20

21 RETAIL INVESTMENT SALES TEAM Greg Matus Sr. Vice President, Investment Sales Bryan Belk Senior Director John Tennant Senior Director James Rea Senior Director Ryan Derriman Director Todd Mitchell Senior Associate Justin Spiller Associate Director Anthony Suarez Associate Stephen Timmes Associate Christopher Carey Associate COLLABORATION INTEGRITY HARD WORK ACCOUNTABILITY Matt Ballard Associate Nick Lebrao Associate Chris Adams Associate CAPITAL ADVISORS INVESTMENT SALES INSURANCE SERVICES WE COLLABORATE. TO FIND OUT MORE VISIT US AT FRANKLINST.COM LANDLORD REPRESENTATION TAILORED TO OUR CLIENT NEEDS TENANT REPRESENTATION New Listings Posted Daily at FranklinSt.com PROPERTY MANAGEMENT PROJECT MANAGEMENT FACILITIES MANAGEMENT