Sold Price: $6,230,000
Cap Rate: 4.65%
- Prominent location: New construction at the signalized intersection of state Route 7/U.S. Highway 441, a major north-south artery in South Florida, and Loxahatchee Road (66,900 combined ADT). Located near major retailers including Publix, BJ’s Wholesale Club, and Walmart. Future residential development located directly behind the site.
- Affluent trade area: Parkland is an affluent city in Broward County. Over 288,000 people with an average household income of nearly $90,000 live within five miles of the site.
- Low tax burden: No state income tax in Florida provides a low tax burden for the investor.
- Absolute NNN lease: Corporate-guaranteed lease with zero landlord responsibilities and structured rent increases throughout the base term and options.
- Strong barriers to entry: Parkland zoning laws are designed to protect the “park-like” character of the city. While Parkland’s features are predominantly residential, small portions are zoned for commercial and industrial development.
- Successful tenant: Wawa owns and runs more than 730 Wawa Food Markets in Delaware, Maryland, New Jersey, Pennsylvania, Virginia, and Central Florida. The company recently announced an approximately $150 million investment to begin its expansion into North Florida with up to five stores by the end of 2017 and intentions of adding an additional 30–40 locations. Additionally, the company has recently expanded into South Florida with hopes to have over 50 locations there in the next five years.
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