Asking Price: $4,209,275
Cap Rate: 4.85%
- Strategically positioned: Corner location at the signalized intersection of Clint Moore Road and North Military Trail (approximately 62,500 ADT). Adjacent to Walgreens and across from CVS/pharmacy and Polo Clubs Shoppes (more than 128,000 square feet; anchored by Publix and Pet Supermarket). Less than a quarter mile from The Polo Club of Boca Raton, a 1,100 acre private residential community with two premier championship golf courses, a nationally recognized tennis facility, a 35,000 square foot world-class spa and fitness center, social and dining activities, and more.
- Strong, recognizable tenants: Starbucks has a prominent global presence with more than 24,000 retail stores in 70 countries, as well as a range of products that customers enjoy in stores, at home, and on the go. Tide Dry Cleaners is the latest innovation to care for clothing, created by the same Tide at-home laundry care that customers have trusted for more than 70 years. Tide is America’s No. 1 detergent, and its parent company, Procter & Gamble, ranks at No. 34 on the Fortune 500 list.
- Quality investment: New 2016 construction with minimal landlord responsibilities. No state income tax in Florida provides a low tax burden for the investor.
- New leases: 100 percent occupied to tenants on new, 10-year leases with built-in rent increases and options. No kick-out clauses allowing for early termination rights in either lease.
- Affluent, expansive trade area: Over 234,000 people with an average household income greater than $93,000 live within 5 miles of the site. Boca Raton is one of the wealthiest communities in the U.S., and is a principal city of the Miami metropolitan area (over 6 million people), with easy access from Interstate 95 via four interchanges serving the city. As a business center, the city also experiences significant daytime population increases. The city is home to Office Depot’s global headquarters, along with Florida Atlantic University (29,000 students).
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