15-year nnn leased newly constructed caliber collision · 2018-11-16 · collision repair centers...
TRANSCRIPT
O F F E R I N G M E M O R A N D U M
15-Year NNN Leased Newly Constructed Caliber Collision
H O L L Y W O O D , F L O R I D A
CONFIDENTIALITY AND DISCLAIMERThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
NON-ENDORSEMENT NOTICEMarcus & Millichap Real Estate Investment Services, Inc. (“M&M”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of M&M, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOURMARCUS & MILLICHAP AGENT FOR MORE DETAILS.
Boca Raton
Boynton Beach
Bradenton
Brandon
Cape Coral
Carol City
Coral Springs
Deerfield Beach
Delray Beach
Dunedin
Fort Myers
Fort Pierce
Hallandale
Kendale Lakes
Lake Worth
Lakeland
Lauderdale LakesLauderhill
Margate
Melbourne
Merritt Island
Miramar
North Miami
North Miami Beach
Ocala
Pembroke Pines
Pine Hills
Pinellas Park
Plantation
Port Charlotte
Riviera Beach
Sarasota
SunriseTamarac
Titusville
Town N Country
West Little River
Westchester
Altamonte Springs
Bartow
Bayonet Point
Bayshore Gardens
Bellair
Belle Glade
Casselberry
Century Village
Cocoa
Cocoa Beach
Conway
Cooper City
Cutler Ridge
DaniaDavie
De Land
Deltona
East Naples
Egypt Lake
Elfers
Englewood
Fairview Shores
Gladeview
Golden Glades
Goldenrod
Gulfport
Haines City
Holden Heights
Holiday
Homestead
Immokalee
Jacksonville Beach
Jasmine Estates
Key West
Kissimmee
Lake CarrollLake Magdalene
Lakeland Highlands
Lakeside
Lealman
Leesburg
Leisure City
Lighthouse Point
Lindgren Acres
Lockhart
Longwood
Naples
Naranja
New Port Richey
New Smyrna Beach
Norland
North Fort Myers
North Lauderdale
North Palm Beach
Oak Ridge
Oakland Park
Ormond Beach
Palatka
Palm Bay
Palm Beach Gardens
Palm River
Palmetto EstatesPerrine
Pinewood
Plant City
Port Orange
Port St. Lucie
Rockledge
Sanford
Sarasota Springs
South Bradenton
South Daytona
South Miami
South Miami Heights
St. Augustine
Tamiami
Tarpon Springs
Temple TerraceUniversity
Venice
Vero Beach
Vero Beach South
Wekiva Springs
Westwood Lakes
Winter Haven
Winter Park
Winter Springs
Fort Lauderdale
Hialeah
Hollywood
Orlando
Clearwater
Daytona Beach
Gainesville
Kendall
Largo
Miami Beach
Pompano Beach
West Palm Beach
Jacksonville
Miami
St. Petersburg
Tampa
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Investment Summary .........................................1
Investment Highlights.........................................2
Aerial Map .........................................................3
Site Plan ............................................................5
Tenant Summary ................................................7
Location Highlights ...........................................10
Demographics/Area Map .................................12
TABLE OF CONTENTS
O V E R V I E W
Price $5,999,999
Gross Leasable Area (GLA) 22,900 SF
Lot Size (approx) 1.37 Acres
Net Operating Income $353,843
CAP Rate 5.90%
Year Built 2018
L E A S E A B S T R A C T
Lease Type NNN
Lease Term 15 Years
Lease Start September 2018*
Renewal Options 2 Five-Year Options
Increases 10% Every 5-yrs inc’d option periods
Roof & Structure Tenant Responsible
* New construction so delivery date is TBD
A n n u a l i z e d O p e r a t i n g D a t a
Lease Term Annual Rent
Years 1-5 $353,843
Years 6-10 $389,227
Years 11-15 $428,150
Option 1 $470,965
Option 2 $518,061
5900 WASHINGTON ST, HOLLYWOOD, FLORIDA 33023
PRICE: $5,999,999 CAP: 5.90% RENT: $353,843
INVESTMENT SUMMARY
1
INVESTMENT HIGHLIGHTS• $5,999,999
• 15YearNNNLeasedeliverableinSeptember2018
• TenPercent(10%)RentBumpsEvery5Years,IncludingOptionPeriods
• New2018Construction
• PopulationDensityExceeds480,720withina5-mileradius
• InHeartofRetailDestinationHubFortheRegion
• LocatedAcrossfromBurlingtonCoatFactoryAnchoredCenter
• ParentCompanyOMERhasaStandard&Poor’sAA+rating,CalibersubsidiaryhasaStandard&Poor’sBrating
41,500 VPD10,700 VPD
480,720 TOTAL POPULATION WITHIN 5-MILE RADIUS
$60,747AVERAGE HOUSEHOLD INCOME
- SOUTH STATE ROAD 7
- WASHINGTON STREET
2
SOUTH
STATE ROAD
7 - 41,500 VPD
FLORID
A TURN
PIKE
(TO
LL R
OAD
)
(0.5Miles)
WASHINGTON STREET - 10,700 VPD
DEWEY STREET
WASHINGTON STREET
3
DEWEY STREET
WASHINGTON STREET
Gar
age
Doo
r
Gar
age
Doo
rG
arag
e D
oor
Parking
Loading Dock
SITE PLAN
5
PHOTO WAS ACCURATE THRU JULY 2018
MIAMI BEACH
6
CALIBER COLLISION PARENT COMPANY:OMERShasbeentheparentcompanyforCaliberCollisionsince2013.
OMERS Private Equity (Toronto, Canada & Lewisville, Texas): AWorldwide company. OMERS Private Equity has been makingprivateequity investmentssince1987onbehalfofOMERS,oneofCanada’s largest pension plans with in excess of $60.8 billion ofassets.Theymanageover$6.5billionofinvestmentsglobally.Beingpart of a pension fund has its advantages. It affords the ability tofocusoninvestinginbusinessesforlong-termvaluecreationratherthannear-termearnings.Capital is readily available eliminating theneed to fundraiser. It alsoprovides theopportunity to leverage therelationshipsoftheotherinvestmententitiesandresourcesofOMERS.OMERSboughtCaliberCollisionrepairservicesinNovember2013.Caliber isoneof the largest independentproviderof autocollisionrepairservices in theUnitedStateswithanetworkof157collisioncenterslocatedinCalifornia,Texas,Arizona,Nevada,Oklahoma,andColorado. The Company has approximately 3,700 employees andrepairsmorethan285,000vehiclesannually.
OMERsAdministrativeCorp–Standard&Poor’sAA+Rated
Moody’sRatedB2
TENANT SUMMARY
LEWISVILLE, TXHEADQUARTERS
OWNERSHIP INDUSTRY
LOCATIONSFOUNDED
AUTOMOTIVE
600+/-1997
PRIVATE
CEO
STEVE GRIMSHAW
PRESIDENT/COO
MARK SANDERS
CALIBER COLLISION
7
CALIBER COLLISION CENTERSCaliberCollisionCenters is the largest collision repair company inAmericawithmorethan500I-CARGoldClassProfessionalcertifiedcollision repair centers across 18 states. Caliber is consistentlyranked among the highest in customer satisfaction in the industryandbacksall repairworkwithawritten, lifetimewarrantyavailableat any of its 600+ repair centers. The company repairsmore than450,000 vehicles annually. Caliber Collision has undergone rapidrecentgrowthbyaggressivelyacquiringvariouslocalautobodyrepairshops. Caliber Collision has developed strategic partnershipswith57cardealerships throughout theU.S. inaddition to34 insurancecarriers,whichincludeAAA,GEICO,Farmers,LibertyMutual,Allstate,andUSAA.
• Caliber has strategic partnerships with 57 car dealerships throughout the US
• Caliber has contracted with 34 insurance carriers
AMERICA’S LARGEST COLLISION REPAIR COMPANYOWNERSHIP BREAKDOWN
SubsidiariesCaliberBodyworksofArizona,Inc.CaliberBodyworksofColorado,Inc.
CaliberBodyworksofDC,Inc.CaliberBodyworksofDelaware,Inc.CaliberBodyworksofFlorida,Inc.CaliberBodyworksofGeorgia,Inc.CaliberBodyworksofMaryland,Inc.CaliberBodyworksofNevada,Inc.
CaliberBodyworksofNewJersey,Inc.CaliberBodyworksofNewMexico,Inc.CaliberBodyworksofNorthCarolina,Inc.CaliberBodyworksofOklahoma,Inc.
CaliberBodyworksofPennsylvania,Inc.CaliberBodyworksofSouthCarolina,Inc.
CaliberBodyworksofTexas,Inc.CaliberBodyworksofVirginia,Inc.
CaliberBodyworksofWestVirginia,Inc.
CreditRating(Moody's)"B2"
CreditRating(S&P)"AA+"
OMERSPrivateEquityDivision$85BillioninNetAssets
MajorityOwners
CaliberCollisionManagement
CreditRating(S&P)"B"
CHHoldingCorpGuarantorofLease
600+/-LOCATIONS
$1.65 Billion2016 REVENUE
450,000+VEHICLES REPAIRED ANNUALLY
9
Boca Raton
Boynton Beach
Bradenton
Brandon
Cape Coral
Carol City
Coral Springs
Deerfield Beach
Delray Beach
Dunedin
Fort Myers
Fort Pierce
Hallandale
Kendale Lakes
Lake Worth
Lakeland
Lauderdale LakesLauderhill
Margate
Melbourne
Merritt Island
Miramar
North Miami
North Miami Beach
Ocala
Pembroke Pines
Pine Hills
Pinellas Park
Plantation
Port Charlotte
Riviera Beach
Sarasota
SunriseTamarac
Titusville
Town N Country
West Little River
Westchester
Altamonte Springs
Bartow
Bayonet Point
Bayshore Gardens
Bellair
Belle Glade
Casselberry
Century Village
Cocoa
Cocoa Beach
Conway
Cooper City
Cutler Ridge
DaniaDavie
De Land
Deltona
East Naples
Egypt Lake
Elfers
Englewood
Fairview Shores
Gladeview
Golden Glades
Goldenrod
Gulfport
Haines City
Holden Heights
Holiday
Homestead
Immokalee
Jacksonville Beach
Jasmine Estates
Key West
Kissimmee
Lake CarrollLake Magdalene
Lakeland Highlands
Lakeside
Lealman
Leesburg
Leisure City
Lighthouse Point
Lindgren Acres
Lockhart
Longwood
Naples
Naranja
New Port Richey
New Smyrna Beach
Norland
North Fort Myers
North Lauderdale
North Palm Beach
Oak Ridge
Oakland Park
Ormond Beach
Palatka
Palm Bay
Palm Beach Gardens
Palm River
Palmetto EstatesPerrine
Pinewood
Plant City
Port Orange
Port St. Lucie
Rockledge
Sanford
Sarasota Springs
South Bradenton
South Daytona
South Miami
South Miami Heights
St. Augustine
Tamiami
Tarpon Springs
Temple TerraceUniversity
Venice
Vero Beach
Vero Beach South
Wekiva Springs
Westwood Lakes
Winter Haven
Winter Park
Winter Springs
Fort Lauderdale
Hialeah
Hollywood
Orlando
Clearwater
Daytona Beach
Gainesville
Kendall
Largo
Miami Beach
Pompano Beach
West Palm Beach
Jacksonville
Miami
St. Petersburg
Tampa
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LOCATION HIGHLIGHTS
The Hollywood Bond project has invested more than $72(mil)
into the region’s infrastructure and $63+(mil) in public
safety projects
The city has embarked on a Complete
Streets community redevelopment project, designed to enhance
all of Hollywood’s thoroughfares
South State Road - 41,500 Vehicles
Per Day
Hollywood sits as a crossroads for
international trade with easy access to
transportation
HOLLYWOOD, FLORIDABOWARD COUNTY AND PART OF MIAMI MSA
M A J O R E M P L O Y E R S : 2 0 1 6H O L L Y W O O D , F L O R I D A
Memorial Healthcare System 4,018
Westin Diplomat Resort & Spa 1,200
City of Hollywood 1,181
Publix Supermarkets 1,126
Memorial Regional Hospital South 775
Great HealthWorks, Inc. 385
Brandsmart U.S.A. 346
HEICO Corporation 297
FirstServices Residential 275
Sheridan Technical Center 251
8 Miles to Miami
7.8 Miles to Ft. Lauderdale
10
Hollywood, Florida is located in Broward County, Florida nestledbetween Fort Lauderdale andMiami and is included in theMiamiMSA.Hollywood is the twelfth largest city in theState.Hollywoodattracts visitors and residents alike, being that it offers temperateclimates, 60 parks, seven golf courses and sandy beaches thatrun for as longas the eyecan see. The famousHollywoodBeachisknownfor itsgreatboardwalkwhichextends2.5milesalongtheAtlanticOcean.Theboardwalk ispepperedwith charming trolleys,countless restaurants, cafés, hotels and playgrounds for children.Icecreamparlors,andsouvenirshopsandaweeklyfarmer’smarketdrawpeoplefromnearandfartoenjoytheoceanandtheboardwalk.Additionally, there isYoungCircle. It isanexcitingandvibrantareasurrounding the region. It isdensely infusedwithdozensofshops,bars,cafes,anda famousgatheringofFoodTruckseveryMondaynight which regularly brings hundreds of people to the immediatearea to enjoy the gourmet delights of these everchanging gastriclandscapes. The region offers tastes, sights and sounds of a richanddynamicsetofcultures,withflavorsfromCuba,Venezuela,theMediterranean,Mexico,JamaicaandPeru.TherearealsoclassicallyfamiliarAmericanarepresentationsaswell, includingBBQ,Burgers,GrilledCheeseanddesserttrucks.Thehungrymassesexperienceaneveningofdelectablefoods,smells,tastesandsounds.
When it comes to life styles and regions, it’s all about locationandHollywoodhas it. Located in the heart of South Florida it sitsas a crossroads for international trade with easy access to keytransportationroutes.
HOLLYWOOD,FLORIDA
A1A
869
814
869
A1A
7
7
27
27
1
1
95
75
595
595
95
95
Florid
a’s Tu
rnpike
Florida’s Turnpike
Boca Raton
PompanoBeach
CoralSprings
Deer�eld Beach
LauderdaleBy-The-Sea
DaniaBeach
Plantation
Tamarac
Davie
Weston
Margate
Parkland
Sunrise
HollywoodPembroke
Pines
Ft. Lauderdale
3 - M I L E R A D I U S
480,720Total Population Within 5-Mile Radius
$60,747Average Household Income
Within 5-Mile Radius
$45,563Median Household Income
Within 5-Mile Radius
176,1 2 0Total Households Within
5-Mile Radius
13.48% From 2000
DEMOGRAPHICS / HOLLYWOOD, FLBoca Raton
Boynton Beach
Bradenton
Brandon
Cape Coral
Carol City
Coral Springs
Deerfield Beach
Delray Beach
Dunedin
Fort Myers
Fort Pierce
Hallandale
Kendale Lakes
Lake Worth
Lakeland
Lauderdale LakesLauderhill
Margate
Melbourne
Merritt Island
Miramar
North Miami
North Miami Beach
Ocala
Pembroke Pines
Pine Hills
Pinellas Park
Plantation
Port Charlotte
Riviera Beach
Sarasota
SunriseTamarac
Titusville
Town N Country
West Little River
Westchester
Altamonte Springs
Bartow
Bayonet Point
Bayshore Gardens
Bellair
Belle Glade
Casselberry
Century Village
Cocoa
Cocoa Beach
Conway
Cooper City
Cutler Ridge
DaniaDavie
De Land
Deltona
East Naples
Egypt Lake
Elfers
Englewood
Fairview Shores
Gladeview
Golden Glades
Goldenrod
Gulfport
Haines City
Holden Heights
Holiday
Homestead
Immokalee
Jacksonville Beach
Jasmine Estates
Key West
Kissimmee
Lake CarrollLake Magdalene
Lakeland Highlands
Lakeside
Lealman
Leesburg
Leisure City
Lighthouse Point
Lindgren Acres
Lockhart
Longwood
Naples
Naranja
New Port Richey
New Smyrna Beach
Norland
North Fort Myers
North Lauderdale
North Palm Beach
Oak Ridge
Oakland Park
Ormond Beach
Palatka
Palm Bay
Palm Beach Gardens
Palm River
Palmetto EstatesPerrine
Pinewood
Plant City
Port Orange
Port St. Lucie
Rockledge
Sanford
Sarasota Springs
South Bradenton
South Daytona
South Miami
South Miami Heights
St. Augustine
Tamiami
Tarpon Springs
Temple TerraceUniversity
Venice
Vero Beach
Vero Beach South
Wekiva Springs
Westwood Lakes
Winter Haven
Winter Park
Winter Springs
Fort Lauderdale
Hialeah
Hollywood
Orlando
Clearwater
Daytona Beach
Gainesville
Kendall
Largo
Miami Beach
Pompano Beach
West Palm Beach
Jacksonville
Miami
St. Petersburg
Tampa
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13.48% From 2000
POPULATION 1 MILE 3 MILES 5 MILES2022Projection TotalPopulation 22,866 193,342 492,013
2017Estimate TotalPopulation 23,357 190,987 480,720
2010Census
TotalPopulation 21,553 175,421 439,902
2000Census TotalPopulation 20,749 166,832 410,376
CurrentDaytimePopulation 2017Estimate 17,493 161,271 412,500
HOUSEHOLDS 1 MILE 3 MILES 5 MILES2022Projection TotalHouseholds 8,293 70,065 184,118
2017Estimate
TotalHouseholds 8,344 67,565 176,120
Average(Mean)HouseholdSize 2.75 2.76 2.672010Census TotalHouseholds 7,781 62,558 162,263
2000Census TotalHouseholds 7,040 61,992 155,195
OccupiedUnits 2022Projection 8,293 70,065 184,1182017Estimate 8,777 70,973 188,372
HOUSEHOLDS BY INCOME 1 MILE 3 MILES 5 MILES2017Estimate
$150,000orMore 2.98% 4.18% 4.84%
$100,000-$149,000 8.20% 10.17% 9.71%$75,000-$99,999 8.89% 11.63% 11.13%$50,000-$74,999 19.79% 21.11% 19.81%$35,000-$49,999 17.33% 15.17% 15.55%Under$35,000 42.79% 37.75% 38.98%
AverageHouseholdIncome $53,596 $60,077 $60,747
MedianHouseholdIncome $41,010 $47,141 $45,563
PerCapitaIncome $19,176 $21,343 $22,339
HOUSEHOLDS BYEXPENDITURE 1 MILE 3 MILES 5 MILESTotalAverageHouseholdRetailExpenditure $53,300 $57,965 $57,046ConsumerExpenditureTop10CategoriesHousing $14,346 $15,399 $15,183Shelter $10,215 $11,516 $11,473Transportation $8,388 $8,981 $8,844Food $5,521 $5,964 $5,885PersonalInsuranceandPensions $4,099 $4,669 $4,556HealthCare $3,364 $3,708 $3,657Utilities $3,152 $3,357 $3,311Entertainment $2,732 $3,017 $2,983Apparel $1,499 $1,678 $1,644HouseholdFurnishingsandEquipment $1,300 $1,430 $1,418
POPULATION PROFILE 1 MILE 3 MILES 5 MILESPopulationByAge 2017EstimateTotalPopulation 23,357 190,987 480,720Under20 25.28% 25.58% 24.79%20to34Years 21.22% 20.70% 20.90%35to39Years 6.71% 6.85% 6.76%40to49Years 13.94% 13.97% 13.70%50to64Years 19.92% 19.37% 20.02%Age65+ 12.93% 13.54% 13.85%MedianAge 37.60 37.71 38.19
Population25+byEducationLevel2017EstimatePopulationAge25+ 15,928 129,553 330,273Elementary(0-8) 6.09% 5.32% 4.61%SomeHighSchool(9-11) 10.03% 8.72% 8.35%HighSchoolGraduate(12) 36.13% 32.90% 32.23%SomeCollege(13-15) 21.83% 20.81% 20.41%AssociateDegreeOnly 8.03% 9.29% 9.67%BachelorsDegreeOnly 11.33% 13.77% 14.71%GraduateDegree 4.77% 7.17% 8.15%
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H O L L Y W O O D , F L O R I D A
LIOR REGENSTREIFSENIOR MANAGING DIRECTOR INVESTMENTS
SENIOR DIRECTOR, NET LEASED PROPERTIES GROUPENCINO OFFICE
Tel: (818) 212-2730Fax: (818) 212-2710
[email protected]: CA 01267761