SALE PRICE: $5,000,000
CAP RATE: 4.38%
- EXCELLENT RETAIL LOCATION — Corner location at a signalized intersection across from the entrance to Coconut Point, a 500-acre master-planned community with 1.2M SF retail space, office condos & residential housing. The world-class shopping serves as a popular tourism destination for both domestic & international shoppers. Located 2 miles from I-75 (91.5K ADT) along US-41 (49.5K ADT), the main north-south commercial corridor along the western coast of FL.
- AFFLUENT TRADE AREA — Over 73K people, with an average household income of $93K+, within 5 miles of the property. Estero is an affluent village within the growing SW Florida market with numerous top golf courses, upscale country club communities & near the Gulf of Mexico’s beautiful beaches.
- STRONG CREDIT TENANT — SunTrust Banks, Inc., with total assets of $191B as of Dec. 31, 2015, is one of the nation’s largest & strongest financial holding companies. The company operates approximately 1,400 retail branches & 2,160 ATMs throughout the Southeast U.S. & enjoys leading market positions in some of the highest growth markets in the U.S.
- QUALITY INVESTMENT — Corporate ground lease with zero landlord responsibilities & fixed 10% increases every 5 years. FL has no state income tax.
- GROWING MARKET — Hertz World Headquarters opened at a newly built, $75 million building in the Coconut Point master-planned community in late 2015, projecting the addition of 1,200 jobs to the local economy by 2018. Estero is also home to fast-growing Florida Gulf Coast University (15K students).
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