ADVISORY AND TRANSACTIONAL SERVICES FOR SELLERS AND INVESTORS

Pollo Tropical – Coral Springs, FL – Ground Lease

5450 North University Drive
Sold

SALE PRICE: $2,975,000
CAP RATE: 4.20%

PROPERTY HIGHLIGHTS:

  • 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.
  • There are no features available

$2,975,000

3,515 SF

Price:

$2,975,000

Cap Rate:

4.20%

Building Size:

3,515 SF

SF Land Area:

1.23 acres

Current NOI:

$125,000

Lease Type:

Ground

Remaining Term:

Fifteen (15) Years

Status:

Closed

CONTACT BROKER

Michael Zimmerman

(919) 391-9901

Download Offering Memorandum
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