Investment Opportunity Offering Memorandum For Sale Former Denny s at Countryside 26489 US HIGHWAY 19 NORTH, CLEARWATER, FLORIDA LOCATION HIGHLIGHTS Located just south of Countryside Mall Densely populated trade area 80,000± VPD on US Highway 19 Surrounded by multiple anchor tenants
Table of Contents CONTACTS CORE TEAM MARKETING & GIS RON SCHULTZ Director Florida NNN Retail Investments ron.schultz@colliers.com 727 298 5302 CHRIS FOREHAND Client Services Coordinator chris.forehand@colliers.com 813 221 1986 GEORGIA RYGIEL, CPMC Graphic Designer georgia.rygiel@colliers.com 813 871 8538 1 > EXECUTIVE SUMMARY Executive Summary...3 2 > PROPERTY INFORMATION Location Maps...4 Property Information...5 Property Aerial of Surrounding Retail...6 Property Aerial...7 Property Photographs...8 3 > MARKET OVERVIEW Market and Submarket Overview...9 Demographics... 10 MIKE GORDON, CPRC GIS Analyst Market Research mike.gordon@colliers.com 813 871 8503 DREW SMITH Chief Marketing Officer drew.smith@colliers.com 813 767 8122 LEADERSHIP LEE E. ARNOLD JR., CCIM, CRE Executive Chairman Florida CEO Tampa Bay Florida, Central Florida & Southwest Florida lee.arnold@colliers.com 727 442 7184 RYAN KRATZ President Florida ryan.kratz@colliers.com 813 221 2290 P. 2
EXECUTIVE SUMMARY Executive Summary Colliers International is pleased to offer for sale the Former Denny s at Countryside, a 6,405 square foot single-tenant building located within the Countryside shopping district. It is one of six outparcels of Countryside Centre. The other five outparcels are occupied by Chipotle, SunTrust Bank, Centennial Bank, PNC Bank and Usameribank. Countryside Centre s anchor tenants include Dick s Sporting Goods, T.J. Maxx, HomeGoods, Ross Dress for Less, Dollar Tree and Party City. The subject is located on US Highway 19 in Clearwater, Florida. US Highway 19 is a major north/south thoroughfare and runs 264 miles along Florida s west coast from an interchange with US Highway 41 in Memphis, Florida, south of Tampa, and continues to the Georgia border north of Monticello, Florida. There are 80,000 cars per day that pass the subject along this portion of the highway. Other retailers in the immediate area include Whole Foods, JCPenny, Macy s, Dillard s, Cobb Theatres, Nordstrom Rack, Lowe s, Office Depot, PetSmart, The Fresh Market, Burlington Coat Factory and Toys R Us. The offering represents a great opportunity to purchase a location with an extremely high daily traffic count, high population density, high barriers to entry in an established retail corridor. Investment Highlights Address: Land Size: Total Square Footage: Year Built/Renovated: 1976 Occupancy: 26489 US Highway 19 North Clearwater, FL 33761 0.81± Acres 6,405± SF Vacant Price: $1,700,000 Price Per SF: $265.42 Shadow-anchored by TJ Maxx, Ross Dress for Less, Dick s Sporting Goods and Home Goods. Benefits from Westfield Countryside Mall traffic. Traffic count of 80,000 cars per day on US Highway 19. Established retail corridor for Clearwater, Florida. P. 3
PROPERTY INFORMATION Location Maps SUBJECT Florida SUBJECT Pinellas County P. 4
PROPERTY INFORMATION Property Information SITE DESCRIPTION Land Size: Location: Tax District: County Land Use: Ingress/Egress: 0.81± Acres East side of US Highway 19 North, just south of Countryside Mall Unincorporated Restaurants/Cafe The property has two points of ingress/egress. One off Frontage Road and one back entrance from Countryside Centre. PHYSICAL IMPROVEMENTS The subject is improved with one building that contains 6,405 square feet of leasable area, situated on 0.81± acres of land. The building was constructed in 1976. BUILDING CONSTRUCTION COMPONENTS Slab on Grade: Exterior Walls: Roof: Electrical and Plumbing: Interior Finish: Restrooms: Poured in place concrete with load bearing footings. Masonry/Stucco Bar joist/rigid frame. Assumed to be installed and in compliance with County Code. Variety of interior finish and floor coverings. Assumed to be constructed and in compliance with County and State codes. P. 5
PROPERTY INFORMATION Property Aerial of Surrounding Retail N Countryside Blvd. US Highway 19 North 80,000 VPD! Subject Property For illustration purposes only. P. 6
PROPERTY INFORMATION Property Aerial P. 7
PROPERTY INFORMATION Property Photographs P. 8
MARKET OVERVIEW Market Overview MARKET AND SUBMARKET The Former Denny s at Countryside is located in the Tampa Bay MSA. The Tampa Bay MSA consists of five counties, Hillsborough, Pinellas, Pasco, Hernando and Manatee. Total population within these five counties is about 3.2 million, with Hillsborough having over 1.25 million and Pinellas having approximately 920,000. The Tampa Bay MSA is the third largest MSA in the Southeast US and 19th largest in the entire U.S. The Tampa Bay MSA is projected to grow by 6.5% over the next three years, or a little more than 2.0% per year. The Former Denny s at Countryside is in north Pinellas County within the unincorporated community of Clearwater but is still considered to be part of the Clearwater district. As indicated, Pinellas County has the second largest county population in the Tampa Bay MSA. Pinellas County is also the most densely populated county in the state. Pinellas is highly developed in terms of residential and commercial improvements, thus creating a shortage of land for new development, which also increases barriers to entry for new or competing projects. The northern half of the county (north of State Road 60) contains a younger and more affluent population. The northern half of Pinellas County also contains the newest housing and commercial improvements. Major incorporated cities within Pinellas County include St. Petersburg, Palm Harbor, Largo, Pinellas Park, Dunedin, Tarpon Springs, Oldsmar and Safety Harbor. However, over ½ of the county contains unincorporated communities like Clearwater. Clearwater is one of the largest communities in North Pinellas County. It is bounded by Curlew Road to the north, McMullen Booth/East Lake to the east, East Bay Drive to the south and the Gulf of Mexico to the west. Clearwater is roughly 20 minutes north of downtown St. Petersburg and 30 minutes northwest of downtown Tampa. It is a largely residential community with several concentrations of commerce. US Highway 19, a block west of the subject property, offers access to higher concentrations of retail and commercial properties, many of which contain an array of department stores, national retailers and national chain restaurants. Clearwater is recognized as being the most affluent community within north Pinellas County with average household incomes ranging from $76,000 to over $100,000 along the coastal areas. It is also densely populated with over 103,661 people within a 3-mile radius of the subject and 225,825 within a 5-mile radius, as well as a daytime population of over 49,722 and 104,370 within these same radii. Based on these characteristics strategic location, solid demographics and affluent residential communities, Former Denny s at Countryside is well-positioned within this submarket. P. 9
MARKET OVERVIEW Demographics 26489 US HIGHWAY 19 NORTH, CLEARWATER, FL 33761 1-Mile Radius 3-Mile Radius 5-Mile Radius POPULATION & GROWTH Total Population 11,722 103,661 225,825 Daytime Population 9,656 49,722 104,370 INCOME Average Household Income $55,278 $63,814 $64,483 Median Household Income $40,655 $45,783 $46,631 OTHER DEMOGRAPHICS Total Households 7,767 56,463 120,093 Households w/income $50k+ 2,605 22,675 48,428 Average Household Size 1.51 1.84 1.88 Median Age 56.9 51.2 48.5 Female Population % 55.3% 53.2% 52.6% Population Density 3,729.7 3,664.8 2,874.1 Business Establishments 864 5,031 10,495 RACE & ETHNICITY White Population % 89.7% 87.1% 84.7% Black Population % 3.1% 4.9% 6.8% Hispanic Population % 9.5% 10.6% 11.8% Asian Population % 2.9% 2.7% 2.6% HOUSING Housing Units 7,767 56,463 120,093 Owner Occupied Units % 57.3% 59.6% 54.7% P. 10
FOR ADDITIONAL INFORMATION, PLEASE CONTACT: Ron Schultz Director Retail Investment Services 727.298.5302 - Direct ron.schultz@colliers.com CONFIDENTIALITY & DISCLAIMER STATEMENT This Offering Memorandum contains select information pertaining to the business and affairs of the property at 26489 US Highway 19 North, Clearwater, FL. It has been prepared by Colliers International. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Colliers International. The material is based in part upon information supplied by the Seller and in part upon financial information obtained by Colliers International from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence. By acknowledging your receipt of this Offering Memorandum from Colliers International, you agree: 1. The Offering Memorandum and its contents are confidential; 2. You will hold it and treat it in the strictest of confidence; and 3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller. Owner and Colliers International expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered. If you wish not to pursue negotiations leading to the acquisition of the Former Denny s located at 26489 US Highway 19 North, Clearwater, FL or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum. A prospective purchaser s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Colliers International or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property. This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.