Coral Springs (Ft. Lauderdale), FL Absolute NNN Corporate Lease w/bumps Established Location New 10yr Lease Extension Actual Building
PROPERTY OVERVIEW Price $6,178,000 CAP Rate 6.0% NOI $370,676 Lease Term 8+ Years Rent Increases 4.4% in 2021 Year Built 2005 Rent Per SF $19.40 Absolute NNN Single Tenant Corporate PetSmart located in Coral Springs (Ft. Lauderdale/Miami), FL with Zero Landlord Obligations - The Tenant is responsible for all property taxes, insurance, and maintenance/repairs. Established Location - PetSmart has occupied this location since 2005 and showing its commitment to the location, recently exercised a 5-year extension early (8+ years left on Lease). There is a 4.4% rent increase in February 2021 and 2 x 5 year options to renew with rent increases. High Traffic Counts 47,000 VPD on Sample Road; 47,000 VPD on SR7; and 15,000 VPD on Turtle Creek Dr. Dense/Affluent Location - Total population within 1-mile is 12,000+ with an Avg HH Income of almost $90,000. This PetSmart is located near Target, WalMart, Home Depot, Lowe's, Seminole Coconut Creek Casino, Best Buy, Mercedes Benz of Cocunut Creek, and much more.
INVESTMENT SUMMARY 4151 Turtle Creek Drive, Coral Springs, FL 33067 Rent Commencement: October 3, 2005 Lease Expiration: January 31, 2026 Lease Term Remaining: Option Periods Building Size Lot Size Tenant Lease Guarantor Lease Type Roof & Structure Parking Construction Roof 8+ Years 2 x 5 year with Bumps 19,107± SF 2.09± AC PetSmart, Inc. Corporate Fee Simple Absolute NNN Tenant Responsible 95± Spaces Reinforced concrete tiebeams and tie-columns Metal corrugated deck with concrete INVESTMENT HIGHTLIGHTS Corporate Lease Guarantee PetSmart is the Largest Specialty Pet Retailer in the US with over 1,500 Locations Absolute NNN Lease - ZERO Landlord Responsibilities Strong Commitment to Site Recent 5-Year Early Renewal Rent Increases Every 5-Years Affluent Location Avg HH Income $90,000+ within 1-Mile Located near Target, WalMart, Home Depot, Lowe's, Seminole Coconut Creek Casino, Mercedes Benz, and much more Sale Includes BOTH Building & Land (depreciable asset) Dense Location - Total Population of 15,530 within 1- Mile and almost 375,000 within 5-miles No Debt to Assume FL has No State Income Tax Training, Grooming, & Banfield Hospital Available on Site High Traffic Counts - 47,000 VPD on Sample Rd; 47,000 VPD on SR7; and 15,000 VPD on Turtle Creek Dr. RENT ROLL NOI INCREASES CAP Year 1 5 $370,676 6.00% Year 6 10 $386,917 6.26% Options Year 11-15 $410,801 6.65% Year 16-20 $429,908 6.96%
AERIAL
AERIAL
TENANT PROFILE Website - www.petsmart.com Number of Locations: 1,500 PetSmart, Inc. is the largest specialty pet retailer of services and solutions for the lifetime needs of pets. At PetSmart, we love pets, and we believe pets make us better people. We employ 53,000± associates, operate 1,500 pet stores in the United States, Canada and Puerto Rico and approximately 203 in-store PetSmart PetsHotel dog and cat boarding facilities. PetSmart provides a broad range of competitively priced pet food and pet products and offers dog training, pet grooming, pet boarding, PetSmart Doggie Day Camp day care services and pet adoption services in-store. Our portfolio of digital resources for pet parents including PetSmart.com, PetFoodDirect.com, Pet360.com, OnlyNaturalPet.com and petmd.com offers the most comprehensive online pet supplies and pet care information in the U.S. Additionally, expert veterinarian care is available in more than 60% of its stores, where Banfield Pet Hospital operates full-service pet hospitals. These in-store veterinary clinics operate independently of PetSmart and employ more than 1,000 veterinarians who provide a full range of health care and emergency services. Through its unique relationship with Banfield, PetSmart is allowed to sell unique therapeutic pet foods at its stores with Banfield Hospitals. This offers a competitive advantage that cannot be easily duplicated. PetSmart holds a 20.5% equity interest in Medical Management International, Inc. (MMI), the operator of Banfield Pet Hospital. PetSmart hits major milestone: 1,500th store in its expanding chain across North America: PetSmart reached a milestone by opening its 1,500th store in its expanding chain across North America. The new location is one of 80± new stores the pet specialty retailer is opening in 2016 in new markets as well as in convenient locations in current markets. Website - www.bcpartners.com In 2015 PetSmart was acquired by BC Partners and taken private through an $8.7 billion buyout. The company had Total Revenue of $1.9 billion and Net Income of $132 million prior in FYE 2015. Since the buyout, top executives have been completely changed over, and EBITDA growth has exceeded 16% in the new team s first 9 months of operations. BC Partners is a private equity firm specializing in buyouts and acquisitions financing in Europe and the United States. The firm invests across all industries. BC Partners was founded in 1986 and is based in London with additional offices in Paris; New York City; Milan and Hamburg. Tenant: DBA: Business Type: Ownership: Credit Rating: Tenant Profile PetSmart, Inc. PetSmart Pet Supplies Private B+/Stable Founded: 1986 Headquarters: Website: Phoenix, AZ www.petsmart.com
ABOUT THE LOCATION Miami - Fort Lauderdale - Pompano Beach MSA Coral Springs is a city in Broward County, Florida approximately 20 miles northwest of Fort Lauderdale. As of 2010, the United States Census, the city had a population of 121,096. The city is part of the Miami - Fort Lauderdale - Pompano beach metropolitan statistical area, which was home to 5,564,635 people as of 2010. The city, officially chartered on July 10, 1963, was master planned and primarily developed by WCI communities, then known as Coral Ridge Properties, a division of Westinghouse. During the 1970 s, 1980 s and 1990 s the young city grew rapidly, adding over 35,000 residents each decade. Coral Springs has notably strict building codes, which are designed to maintain the city s distinctive aesthetic appeal. The city government s effective fiscal management has maintained high bond ratings and the city has won accolades for it s overall livability, it s low crime rate and its family friendly orientation. Coral Springs was ranked as the 27th best city in the United States in which to live by Money Magazine in 2006 was named the 10th safest city in the US by Morgan Quitno in 2007 and was a multiple recipient of America's Promise "100 Best Cities for Young People" award, identified by the group as a three-time winner in 2008
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PROPERTY PHOTOS
DEMOGRAPHICS
DEMOGRAPHICS
NET LEASE DISCLAIMER Solid Investments of Berger Realty Group hereby advises all prospective purchasers of Net Leased property as follows: The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Solid Investments of Berger Realty Group has not and will not verify any of this information, nor has Solid Investments of Berger Realty Group conducted any investigation regarding these matters. Solid Investments of Berger Realty Group makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided. As the Buyer of a net leased property, it is the Buyer s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Solid Investments of Berger Realty Group expressly denies any obligation to conduct a due diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the property for your needs. Like all real estate investments, this investment carries significant risks. Buyer and Buyer s legal and financial advisors must request and carefully review all Legal and financial documents related to the property and tenant. While the tenant s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer s legal ability to make alternate use of the property. By accepting this Marketing Brochure you agree to release Solid Investments of Berger Realty Group Real and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.
Exclusively Marketed By SOLID INVESTMENTS DERRICK SCHROEDER Net Leased Specialist C: 954-296-6955 F: 954-944-1830 Dschroe@SolidInvestmentsFL.com www.solidinvestmentsfl.com Berger Realty Group