FORT MYERS, FLORIDA BEST IN CLASS URBAN INFILL SHOPPING CENTER INVESTMENT SUMMARY JASON DONALD Managing Director +1 813 204 5329 jason.donald@cushwake.com PATRICK BERMAN Managing Director +1 813 204 5363 patrick.berman@cushwake.com TODD TOLBERT Associate +1 813 204 5350 todd.tolbert@cushwake.com STEVE AIKEN Senior Financial Analyst +1 813 204 5333 steve.aiken@cushwake.com cushmanwakefield.com
VIEW TO THE NORTHWEST McGragor McGregor Blvd Summerlin Road Road
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 20350 Summerlin Road, Fort Myers, Florida 33908 Site Area Parking 23.08 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
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
TENANCY SUMMARY TENANCY Major Tenants SF % of GLA LEASE EXP. Nike 13,425 6.75% 11-30-2020 Polo Ralph Lauren 10,815 5.44% 11-30-2021 Loft Outlet 9,500 4.78% 01-31-2022 GAP 8,500 4.27% 02-28-2021 Banana Republic 7,147 3.59% 09-30-2021 Tommy Hilfiger 6,540 3.29% 06-30-2021 Brooks Brothers 6,520 3.28% 04-30-2019 11.90% 4.20% 4.70% 10.50% 50.50% APPAREL 50.5% FOOTWEAR 18.2% SPECIALTY 10.5% SERVICES 4.7% Bass Shoes 6,511 3.27% 01-31-2019 Rack Room Shoes 5,667 2.85% 01-31-2019 18.20% RESTAURANTS 4.2% Swim Mart 5,621 2.83% 05-31-2022 Guess 5,480 2.76% 01-31-2022 AVAILABLE 11.9% Famous Footwear 5,480 2.76% 05-31-2021 Under Armour 5,297 2.66% 12-31-2018 Calvin Klein 5,114 2.57% 11-30-2020 11.90% Total Major Tenant GLA 101,617 51.10% - 11.60% 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%
VIEW TO THE SOUTHWEST Summerlin Road McGregor McGragor Blvd N
PROPERTY DESCRIPTION LEASE PLAN McGregor Boulevard Section B Shopper Services Section A Section C Summerlin Road
PROPERTY DESCRIPTION LEASE PLAN Section A Section B Section C # SUITE TENANT SF # SUITE TENANT SF # SUITE TENANT SF 1110 Cheeburger Cheeburger 3,000 1112 Vacant 3,000 1115 Golf 4 Less 2,281 1120 Hanesbrand 2,740 1128 Vacant 5,480 1135 Nike 13,425 1150 Famous Footwear 5,480 2110 Kitchen Collection 3,197 2115 Samsonite 2,283 2120 Guess 5,480 2127 Vitamin World 1,100 2130 Vacant 4,537 2140 Under Armour 5,297 2148 Banana Republic 7,147 2155 Coach 3,600 3110 Van Heusen 4,500 3115 Vacant 2,250 3120 Gymboree 3,000 3125 Bon Worth 2,550 3130 Butterfly Beach 2,740 3132 Book Warehouse 2,843 3135 Vacant 1,357 3140 Brooks Brothers 6,520 3155 Jockey 2,740 3160 $10 Jewelry Outlet 1,827 3162 Sunglass Hut 1,357 3165 Swim Mart 5,621 4110 Sanibel Shell Museum 2,344 4115 Maidenform 1,557 4120 Carter's 4,380 4125 SAS Shoes 2,383 4132 Gap 8,500 4137 Dream Nails 950 4140 Aveda Salon 1,465 4141 Hertz 1,940 5110 Bass Shoes 6,511 5120 Calvin Klein 5,114 5125 Rack Room Shoes 5,667 6110 Christopher & Banks 3,920 6120 Levi's 4,000 6125 Crocs 2,740 6135 Tommy Hilfiger 6,540 6140 Vacant 3,961 6142 Vacant 3,000 6145 Bath & Body Works 3,000 7110 Polo Ralph Lauren 10,815 7115 Island Java 1,928 8110 Loft Outlet 9,500 8115 Dantes Pizza - Coming soon 3,311
For more information, please contact: CUSHMAN & WAKEFIELD OF FLORIDA, LLC 201 N Franklin Street, Ste. 3300 Tampa, Florida 33602 PATRICK BERMAN Managing Director +1 813 204 5363 patrick.berman@cushwake.com JASON DONALD Managing Director +1 813 204 5329 jason.donald@cushwake.com TODD TOLBERT Associate +1 813 204 5350 todd.tolbert@cushwake.com STEVE AIKEN Senior Financial Analyst +1 813 204 5333 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.)