Asking Price: $4,631,220
Cap Rate: 5.00%
- Strategically positioned: New construction (commenced April 2017) located at a shopping center entrance near the signalized intersection of busy Pines Blvd. and Hiatus Road (75,000 combined ADT). Outparcel to Target, HomeGoods, and Pembroke Lakes Mall (more than one million square foot 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 one mile from the upcoming Pembroke Pines City Center development (350,000 square foot lifestyle center), and less than three miles from Interstate 75.
- Strong, recognized tenants: Starbucks has a prominent global presence with over 24,000 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 percent 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: Over 131,000 households and 390,000 people with an average household income in excess of $77,000 live within five miles of the property. As the 10th most populous city in Florida, the Pembroke Pines trade area benefits from nearly one million people with significant disposable income.
- Excellent market location: Pembroke Pines, located between Fort Lauderdale and Miami, is a principal city of the Miami MSA (population of over six million 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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