, FL OFFERING MEMORANDUM EXECUTIVE SUMMARY
Holliday Fenoglio Fowler, L.P. ( HFF ) is pleased to exclusively present Plaza, a 129,700 square foot community center anchored by Winn-Dixie located along the major east-west thoroughfare, Bee Ridge Road. Plaza offers investors a rare opportunity to acquire a grocery-anchored shopping center in dense, infill Sarasota with value-add potential. Property Summary Property: Plaza 4230 Bee Ridge Road Sarasota, FL 34233 Size: 129,700 SF Occupancy: 81% Anchors: Winn-Dixie, Pet Supermarket, Aaron s Year Built: 1965/2000 Pricing: Property is being offered with no Asking Price Year 1 NOI: $1,281,000 Demographics 1 Mile 3 Mile 5 Mile Population 2017 Estimate 12,417 83,561 175,173 2022 Estimate 12,931 86,608 183,170 Average Household Income 2017 Estimate $74,600 $72,650 $80,223 LOCATED IN INFILL, ULTRA-DENSE MSA Dense, infill location where the 3-mile population exceeds 83,000. Families and retirees swarm to the coastal, amenity-rich city. Sarasota is world-renowned for white-sand beaches and luxury hotels like the Ritz-Carlton Sarasota, The Resort at Longboat Key Club, and the Hyatt Regency Sarasota. Driven by density, retailers are opening prototype stores or adding additional locations including Lucky s Market, LA Fitness, and Whole Foods. The Gulf of Mexico and I-75 present barriers to entry and developable land is limited. Downtown Sarasota is experiencing the Billion-Dollar Boom where construction is completed, underway, or planned on projects that will add more than 4,200 new apartments, condominiums, and hotel rooms. RARE WINN-DIXIE GROUND LEASE Winn-Dixie s store is on a ground lease with extremely rare contractual rent increases, fixed CAM that grows every 5 years, full pro rata share payment for real estate taxes and property insurance, and responsibility for roof and structure, providing an owner with solid growth during their hold period. Winn-Dixie s footprint includes a liquor store and Winn-Dixie replaced their roof and a substantial portion of their refrigeration units in the past year, signaling a strong commitment to this location. Ideal Winn-Dixie store spacing with established locations between 2.5-3.5 miles to the northeast, northwest, and southwest. NATIONAL, ESTABLISHED TENANCY WITH STRONG UPSIDE National tenants including Winn-Dixie, Pet Supermarket, Aaron s Rent, Burger King, and others, account for 83% of the occupied GLA and 75% of the total revenue at the Property, providing for tremendous stability and crossshopping. High tenant retention with 15 of the 19 tenants having renewed at least once at the Property, average tenure exceeding 13 years, and 7 tenants in occupancy for more than 20 years. 2 Immediate upside in the lease-up of 24,834 SF and 12 of 19 tenants have no remaining renewal options, including the Burger King outparcel.
COMMONS TOWN & COUNTRY DOWNTOWN INVESTMENT HIGHLIGHTS Lorem ipsum FRUITVILLE RD TOWN CENTER CROSSING The Ritz-Carlton BAHIA VISTA ST VILLAGE WESTFIELD SIESTA KEY CATTLEMEN RD MIDTOWN PALM Interstate 75 BEE RIDGE SQUARE BEE RIDGE RD SHOPS AT SIESTA ROW CENTERGATE PAVILION ST IC K Y NE PO IN T HONORE AVE THE LANDINGS MCINTOSH RD MERCHANTS POINTE BENEVA RD SOUTH TAMIAMI TRL TUTTLE BEE CLARK RD RD BENEVA VILLAGE SHOPPES NORTHRIDGE 3-MILE RADIUS 3
TENANT ROSTER SUITE TENANT SF 1 Sarasota Wash & Fold 1,800 2 Jade Garden 840 3 AAA DIscount Beer 900 5 Available 1,934 1 6 Basil s 2,196 MCINTOSH RD (13,100 VPD) 2 3 5 6 7 9 10 19 20 25 12 14 15 16 17 18 27 30 STRATHMORE BLVD 7 Available 2,100 9 Available 900 10 Aaron s 10,000 12 Peach s Restaurant 2,900 14 Dino s Pizza 2,400 15 Available 900 16 Available 1,200 17 Leslie s Pool Mart 3,512 18 Sherwin Williams 3,657 19 Greenberg Dental & 4,349 Orthodontics 20 Pet Supermarket 10,000 25 Available 15,000 Car Wash 45 31 34 35 37 38 40 27 Available 2,800 30 Winn-Dixie 46,295 31 A.J. Nails 2,439 34 H&R Block 3,500 35 Cricket Wireless 1,375 37 Zoom Tan 1,350 BEE RIDGE RD (34,500 VPD) 38 First Choice Haircutters 1,240 40 Amscot Financial Services 2,763 45 Burger King 3,350 Available TOTAL 129,700 Not Owned 4
INVESTMENT ADVISORS BRAD PETERSION Sr. Managing Director 407.745.3910 bpeterson@hfflp.com WHITAKER LEONHARDT Director 407.745.3916 wleonhardt@hfflp.com MICHAEL BREWSTER Associate 407.745.3911 mbrewster@hfflp.com THOMAS ISOLA Analyst 407.745.3936 tisola@hfflp.com hfflp.com ORLANDO OFFICE 300 S. Orange Avenue Suite 1250 t: 407.745.3900 f: 407.745.3935 Holliday Fenoglio Fowler, L.P. ( HFF ) a Florida licensed real estate broker. 2017 HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF. HFF has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF and we make no representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all references to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a buyer. Buyers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.