Asking Price: $2,473,120
Cap Rate: 4.65%
- Highly visible retail site: Located at the corner of the signalized intersection of Southwest 172nd Ave. and busy Miramar Parkway (63,000 VPD combined), the Property is less than one (1) mile off a major Interstate 75 interchange in the heart of Miramar, Florida. The Property is located between two (2) shopping centers which feature national tenants such as Super Target, Winn Dixie, Snap Fitness, and Subway. Miramar Regional Park and the Fountains of Miramar—a 251,000 square foot shopping and lifestyle center anchored by Home Depot and Marshalls—are within easy driving distance of the Property.
- Accessible, centralized location: Miramar’s strategic location between Broward County and Miami-Dade County provides excellent accessibility to the region’s major transportation corridors, international airports, and seaports. The four (4) major traffic corridors that traverse the city include the Florida Turnpike, Interstate 75, U.S. Route 44/State Road 7, and U.S. Highway 27. Interstate 95, Interstate 595, and State Road 826 are also within close proximity of Miramar, providing residents of the city with a short, 20-minute commute to both the Miami and Fort Lauderdale-Hollywood International airports and their respective downtown areas and seaports.
- Established tenant with global footprint: Pollo Tropical is a member of the Fiesta Restaurant Group, Inc. (the “Company”) and has won numerous awards and accolades over its 29-year history, including the prestigious Good to Great Award® in 2011. As of January 2017, the Company has 177 company-owned Pollo Tropical restaurants in multiple countries, including the United States, Puerto Rico, the Bahamas, Guatemala, Honduras, Trinidad and Tobago, Panama, and Venezuela, with an additional 35 franchised Pollo Tropical locations. Pollo Tropical reported sales in excess of $98 million during the first quarter of 2016, matching a record comparable restaurant sales level from the year previous. A 2017 “Renewal Plan” will see the Company focusing on growth and momentum in its core Florida market.
- Long-term investment opportunity: This 15-year fee simple base lease features five (5) additional five-year options to extend with a 10 percent increase every five (5) years. There are no landlord expenses on this corporate-guaranteed Ground lease, and there is no state income tax in Florida, which provides a low tax burden for the investor.
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