Fountains of Miramar. Offering Summary. Miramar, Broward County, Florida BEST-IN-CLASS COMMUNITY SHOPPING CENTER

Transcription

1 Offering Summary Fountains of Miramar Miramar, Broward County, Florida BEST-IN-CLASS COMMUNITY SHOPPING CENTER PRIME LOCATION IN WEST BROWARD AT I-75 INTERCHANGE IDEAL ANCHOR LINE-UP OF DISCOUNT RETAILERS STRONG TENANT SALES ATTRACTIVE CAGR

2 Fountains of Miramar Miramar, Florida Cushman & Wakefield s Retail Investment Advisors is pleased to offer for sale Fountains of Miramar, a 139,329 sf highquality community shopping center located in Miramar, FL. Completed in 2005, the center is 93% leased and anchored by a best-in-class line-up led by Ross Dress for Less, Marshalls, a brand new HomeGoods, Pet Supermarket and shadow-anchored by a high-volume Home Depot. This offering represents the unique opportunity to acquire a dominant, institutional-quality community shopping center featuring an ideal discount anchor line-up and enjoying an irreplaceable location at an I-75 interchange within one of West Broward s strongest trade areas. PROPERTY SUMMARY Location Year Built 2005 Site Area GLA Occupancy 93% Anchors SW 160th Ave, Miramar, FL Acres 139,329 SF (Shadow) Best-in-Class Retail Offering Prime Location Situated at I-75 Interchange High Traffic Intersection -- 91,500 VPD Demographics of Choice Highly desirable West Broward Trade Area Miramar / Pembroke Pines 121,826 residents in a 3-mile radius Projected population growth of 13.2% over next five years Average Household Income of $96,524 in a 3-mile radius Significant Daytime Employment in immediate vicinity -- 46,984 Offering Highlights Strong Leasing Momentum Brand new HomeGoods replaces Office Depot, enhancing tenant-mix Ross, Marshalls and Pet Supermarket recently executed 5-year renewals Heavily Trafficked Center Ross and Marshalls are top performers for their chains Shadow anchor Home Depot draws from extended trade area Outparcels add to customer draw Chipotle, Chick-Fil-A, Texas Roadhouse and Benihana Attractive Income Stream Credit tenants represent 74% of revenue Ross and Marshalls have significantly below market rents Seasoned tenant roster with 65% of GLA occupied by tenants with +10 years of tenure CAGR of 3.47% over 10 years Upside through lease-up of vacant space (7% of GLA)

3 NEIGHBORHOOD DEMOGRAPHICS 1-MILE RADIUS 3-MILE RADIUS 5-MILE RADIUS 2016 Population 13, , ,156 Projected 2021 Population 16, , ,596 Projected Population Growth 23.0% 13.2% 10.8% 2016 Households 3,988 39,943 93,805 Average HH Income $108,884 $96,524 $87,312 % Owner Occupied Housing Units 81.3% 83.4% 73.5% Median Age Daytime Employee Count 7,821 46,984 94,912 LOCATION HIGHLIGHTS %Hispanic 49.8% 53.3% 58.8% Prime Location In western Broward County Highly Desirable trade area -- Miramar / Pembroke Pines 91,500 VPD at the signalized intersection of Miramar Parkway and Dykes Road Situated directly adjacent to I-75 interchange Exceptional Demographics $96,524 Average Household Income (3-mile radius) +121,000 Residents with projected growth of 13% by 2021 Surrounded by affluent master planned gated communities and office / industrial parks CUSHMAN & WAKEFIELD Daytime employment of nearly 8K in 1-mile radius

4 Fountains of Miramar Miramar, Florida TENANCY MAJOR TENANTS SF % OF GLA TENANCY HIGHLIGHTS 30, % 30, % 20, % 10, % Total Major Tenants 90, % Dynamic anchor line-up combining discount apparel and home furnishings Anchored by industry leading retailers Ross, Marshalls and HomeGoods Strong leasing momentum with recent addition of HomeGoods and Ross, Marshalls and Pet Supermarket recently executing 5-year renewals NATIONAL VS. LOCAL TENANCY BASED ON GLA SHOP TENANTS National / Regional tenants comprise 82.8% of GLA National Tenants* (10) 24, % Local (7) 14, % NATIONAL 82.8% LOCAL 10.4% AVAILABLE 6.8% Available (3) 9, % Total Shop Tenants 48, % Total GLA 139, % * National shop tenants include 5th Avenue Pizza, Anthony s Pizza, Cold Stone Creamery, GNC, Great Expressions Dental, Jersey Mikes, Panera Bread, Sprint, Supercuts, and Uni K Wax National Tenants FINANCIAL HIGHLIGHTS Credit Tenants account for 74% of Revenue Seasoned Tenant Roster with 65% of GLA covered by tenants with +10 years of tenure Ross and Marshalls have significantly below market rents Upside through lease-up of vacant space (7% of GLA) 3.47% CAGR 4

5 Fountains of Miramar

6 Investment Contacts MARK GILBERT Executive Vice President Miami FL ADAM FEINSTEIN Executive Director Miami FL MITCHELL HALPERN Director Miami, FL AZAM MALIK SPENCER KINSELLA SCOTT QUICK KHAMBREL ROACH Financial Analyst Miami FL Financial Analyst Miami FL Financial Analyst Miami, FL Financial Analyst Miami, FL GABY ROKAW KRISTEN VARGAS VILA Senior Marketing Specialist Miami FL Marketing Specialist Miami FL RETAIL INVESTMENT ADVISORS San Francisco CA Phoenix AZ Dallas TX Chicago IL Atlanta GA Miami FL East Rutherford NJ Manhattan NY 333 SE 2ND AVE SUITE 3900 MIAMI FL CWRETAILINVESTMENTADVISORS.COM