SALE PRICE: $2,975,000
CAP RATE: 4.20%
- PROMINENT LOCATION — New 2016 construction outparcel to North Springs Plaza, anchored by Target & Ross. Great accessibility to center from University Dr. & Westview Dr. (43.8K combined ADT). Less than 1/4 mile from upcoming new $55M Cleveland Clinic (65K SF with ambulatory surgery center & up to 40 exam rooms).
- EXCELLENT MARKET — Coral Springs is part of the Miami–Fort Lauderdale–Pompano Beach MSA, the most populous in FL, 2nd largest in the SE U.S., and the 8th-most populous in the U.S.
- ESTABLISHED, RECOGNIZED TENANT — Pollo Tropical has nearly 200 restaurants and reported sales of $98.9 million for Q1 2016.
- QUALITY INVESTMENT — Ground lease with no landlord responsibilities & 10% rent increases every 5 years.
- AFFLUENT TRADE AREA — Standard & Poor’s noted that Coral Springs had a “vibrant regional economy with above-average wealth levels and consistently low unemployment”; over 280K people, with an average household income of nearly $90K, within 5 miles of the property.
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