Asking Price: $4,631,220
CAP Rate: 5.0%
- Strategically positioned: New construction (commencing April 2017) located at a shopping center entrance near the signalized intersection of busy Pines Blvd. and Hiatus Rd. (75K combined ADT). Outparcel to Target, HomeGoods, and Pembroke Lakes Mall (1M+ SF GLA super-regional mall with 125 national retailers and restaurants). The property is adjacent to Home Depot-anchored Pembroke Lakes Square and is less than 1 mile from the upcoming Pembroke Pines City Center development (350K SF lifestyle center), and less than 3 miles from I-75.
- Strong, recognized tenants: Starbucks has a prominent global presence with 24K+ retail stores in 70 countries. Pie Five Pizza Co. has 98 locations in 24 states (and 400 more under contract), and has been named a “2015 Best Franchise Deal” by QSR Magazine. Experienced franchisee with multiple McDonald’s locations.
- Quality investment: 100% occupied to tenants on new, 10-year leases with built-in rent increases and options. Minimal landlord responsibilities. No state income tax
in Florida provides a low tax burden for the investor.
- Large, affluent trade area: 131K+ households and 390K people with an average household income of $77K+ live within 5 miles of the property. As the 10th most populous city in Florida, the Pembroke Pines trade area benefits from nearly 1M people with significant disposable income.
- Excellent market location: Pembroke Pines, located between Fort Lauderdale and Miami, is a principal city of the Miami MSA (6M+ people as of 2015 and Florida’s largest MSA). Its convenient location offers easy accessibility to primary highways and interstates, key employment centers, retail/commercial destinations, and more.
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