cortez shoppes - loopnet · cortez shoppes (3 tenants) brooksville, fl watch flyover video patrick...
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OFFERING MEMORANDUM
CORTEZ SHOPPES(3 Tenants)Brooksville, FL
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Patrick NuttManaging Partner954.302.7365 | patrick.nutt@calkain.com
Connor BartonInvestment Sales Associate954.514.9477 | cbarton@calkain.com
Asset SummaryNet Operating Income (NOI) $259,200
Rent/Month $21,600
Rentable SF 8,650+/- SF
Land Area 1.49+/- Acres
Tenants Mattress1One, First Watch, Tijuana Flats
Guarantors All Corporate
Ownership Type Fee Simple
Lease Type NN
Landlord Responsibilities Roof & Structure
Store Opened October 2017
Lease Term 10 Years
Investment Highlights
• Brand new construction
• 10-year corporate leases
• Excellent access & visibility
• Surrounded by newly constructed Cheddar’s, LongHorn Steakhouse, and Chase Bank
• High traffic counts (35,000 VPD on Cortez Blvd)
• Brooksville is a growing Tampa suburb conveniently connected by I-75 and the Suncoast Parkway
• Population of 80,000+ and average household income of $60,000 within 5 miles
• Florida is no state income tax
Asking Price$4,150,000
Cap Rate 6.25%
12320-12332 Cortez BlvdBrooksville, FL 34613
Calkain Companies | 2
Cortez Shoppes | Financial Summary
Lease Language• Lease Language (Additional Rent): “The Tenant shall pay to the Landlord the Tenant’s proportionate share (“Proportionate Share”)...as Additional Rent. The
Tenant’s Proportionate Share will be computed by multiplying the total Pass-Through Charges by a fraction having as its numerator Floor Area of the Premises and as its denominator the gross leasable floor area of the Shopping Center...All real estate taxes, including assessments, all insurance costs, and all costs to maintain, clean, inspect, repair and replace, provide utilities to, and police Common Area…,parking lots, sidewalks, driveways, common signage and lighting and directly and all other areas used in common by other tenants of the Shopping Center…Tenant must also pay amount equal to the prevailing sales tax rate of the taxing district of all amounts paid…””
• Included in CAM: “An administrative fee to the Landlord in an amount equal to no more than ten percent (10%) of total costs…”
• The property has a 15-year roof warranty
• Tenants are responsible for their own HVAC systems(s)
Rent Schedule
Building # Tenant Building SF
AnnualRent
Monthly Rent
Lease Term
Lease Commencement
Lease Expiration Options Increases
12320 Tijuana Flats 2,250 $72,000 $6,000.00 10 Yrs 10/9/2017 10/08/2027 Two (2), Five (5) Yr 10% Every 5 Yrs
12326 Matress1One 3,200 $92,800 $7,733.33 10 Yrs 4/28/2018 04/28/2028 Two (2), Five (5) Yr 10% Every 5 Yrs Inc. Options
12332 First Watch 3,200 $94,400 $7,866.67 10 Yrs 10/9/2017 10/31/2027 Three (3), Five (5) Yr 10% Every 5 Yrs
Total 8,650 $259,200 $21,600.00
Real Estate Taxes $25,600.56
Insurance $3,966.24
CAM $32,937.84
Sales Tax $20,872.20
Total Expense $83,376.84
Operating Cash Flow In-Place
Total Rental Revenue $259,200.00
Total Reimbursement Revenue $83,377.00
Effective Gross Income $342,577.00
Less Expenses $83,377.00
Net Operating Income $259,200.00
Operating Expenses In-Place
Calkain Companies | 3
Cortez Shoppes | Rent Roll
About Tijuana Flats Tijuana Flats is an American restaurant chain serving Tex-Mex cuisine. It has 135 locations throughout Florida, Georgia, South Carolina, North Carolina, Virginia, and Indiana. The company’s Tijuana Flats Hot Foods is a leading wholesale distributor of hot sauces in the US that makes its own brands of habanero and jalapeño sauces, including Crazy Jerry’s Mustard Gas and You Can’t Handle This Hot Sauce. Customers order at the front counter, and are served after sitting. The restaurants are fast-casual hybrids, being best known for outstanding service, quality and cleanliness. Tijuana Flats uses zero trans-fatty acids (TFA) cooking oils, 100 percent hormone free, white meat chicken, fresh produce and all of its menu items have been lard free. Flour or whole-wheat tortilla options are available for select items.
This restaurant features a “Power Lite” selection, offering low-fat cheese and fat-free sour cream in any menu item. The company had 18 locations before expanding out-of-state in 2004. Tijuana Flats started out as a franchise, but switched to a corporate-owned model for new stores in 2007.
About Mattress1OneMattress1One is amongst the most trusted names in mattress retailers throughout the southeast. With more than 300 locations in Florida, Georgia and Texas, residents continually trust them to help enhance their sleep with a new mattress of their choosing. With a wide selection of the top brands, as well as their other perks such as price match guarantee, 120 day in-home trial, financing options, and free fast delivery Mattress One is the place to be if you’re in the market for a new mattress.
Mattress1One is a quality mattress retailer that understands their customers and what they need for a good nights sleep. They carry all the major brands including Tempurpedic, Sealy, Serta, Stearns & Foster, and Simmons.
Tenant Snapshot# of Locations 135
Store Locations FL, GA, SC, NC, VA, IN
Founded 1995
Tenant Snapshot# of Locations 300
Store Locations FL, GA, TX
Sales $178 Million
About First WatchFirst Watch is a restaurant chain based in University Park, Florida. The name is a nautical reference to the first work shift aboard a ship as First Watch restaurants are only open 7:00am to 2:30pm. Their 6,000 employees are spread across more than 200 locations in 26 states. The first was opened in Pacific Grove, California in 1983 by Ken Pendery and John Sullivan. The co-owners founded it after leaving the Le Peep breakfast chain in Colorado. In 1986 they moved the headquarters to Bradenton, Florida.
First Watch offers menu items such as Avocado Toast, Smoked Salmon Eggs Benedict, Farm Stand Breakfast Tacos, Lemon Ricotta Pancakes, and a Fresh Juice Bar.
Tenant Snapshot# of Locations 200
Employees 6,000
Revenue $231 Million
Calkain Companies | 4
Tenant Overviews
Site Photos
Calkain Companies | 5
Surrounding Retail
Calkain Companies | 6
St. Petersburg
Lakeland
Spring Hill
Orlando
TampaClearwater
4
4
75
275
Spring Hill 6 miles
Clearwater 49 miles
Tampa 52 miles
Lakeland 62 miles
St. Petersburg 66 miles
Orlando 76 miles
Subject Site
Calkain Companies | 7
Location Overview
Distance To
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Cortez Blvd 35,000 VPD
Western Way
Subject Site
Coastal Landing
12326-12332 Cortez Blvd | Brooksville, FL
Coming Soon
Sold by Calkain
Cortez Blvd 35,000 VPD
Location Highlights
Brand New Construction
35,000 VPD Pass the Site
Population 81,300+ within 5 miles
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Subject Site
12326-12332 Cortez Blvd | Brooksville, FL
C
lick fo
r Street View
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Subject Site
Sold by Calkain
Cortez Blvd 35,000 VPDEvergreen Woods Trail
Future Office Development
Coming Soon
12326-12332 Cortez Blvd | Brooksville, FL
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Subject Site
Watch Flyover Video
12326-12332 Cortez Blvd | Brooksville, FL
Cortez Blvd 35,000 VPD
Unde
r Con
stru
ctio
n
Calkain Companies | 12
Site Plan
1 Mile 3 Miles 5 MilesPopulation2018 Population 3,836 35,541 81,284
2023 Population 4,031 37,766 86,463
2018 Median Age 65.9 50.3 49.0
Households2018 Total Households 1,858 14,249 32,545
2023 Total Households 1,946 15,018 34,406
Median Household Income2018 Median HH Income $32,606 $42,057 $45,179
2023 Median HH Income $35,916 $48,757 $52,411
Average Household Income2018 Average HH Income $45,706 $56,781 $59,959
2023 Average HH Income $51,519 $67,430 $71,532
Population 81,284
Median Age 49.0
Avg HH Income $59,959
Total Businesses 1,888
Total Employees 19,111
Net Worth $134,185
5 Mile Radius | Demographics
Location Overview, 1/3/5 Miles
Calkain Companies | 13
Brooksville, FLLocated in Hernando County, an hour north of Tampa along what local residents call Florida’s Nature Coast, Brooksville was settled in 1845. Rich with history and old-world charm, Brooksville is also a great place to visit for camping, fishing, kayaking and canoeing. The Withlacoochee State Forest also offers some of the best hiking and biking trails in the country. Whether a resident, business owner or visitor -- take full advantage of your time in Brooksville, explore some of the peaceful tree lined neighborhoods, tour hand painted city murals, visit and learn more at the museums, dine at sumptuous restaurants and browse the unique local shops. Into golf? Don’t miss the World Woods course. This vaunted 36-hole golf paradise in rural Brooksville offers visitors a chance to play the nationally-ranked Pine Barrens course.
TreeUmph! Adventure Course Brooksville
NJoy Spirits DistilleryBrooksville Quarry Golf Course
Median Home Value
$157,800up 9.2% since last year
Brooksville Population
8,000(2016)
Calkain Companies | 14
Market Overview
About UsCalkain Companies LLC is a boutique commercial real estate investment banking firm that provides consulting and brokerage services to both private and institutional clientele with a focus on single tenant net lease investments. We pride ourselves on being an innovative leader by providing our clients a full array of commercial real estate investment brokerage and asset management solutions, including advisory, research, debt and equity placement and wealth management.
Calkain has built solid, lasting relationships that have been the cornerstone of how we do business. Calkain approaches each assignment with an eye toward each client’s individual needs. Whether private or institutional investors, Calkain delivers real estate solutions that maximize value while building wealth for all of our clients.
At Calkain, our foresight and innovation are leading the net lease investment industry.
Building a solid foundation for your investment portfolio
calkain.com
Disclaimer: The information contained in this document is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Calkain and its subsidiaries, and should not be made available to any other person or entity without the written consent of Calkain. This document has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property(s). The information contained herein is not a substitute for a thorough due diligence investigation. Calkain and its subsidiaries have not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property(s), the future projected financial performance of the property, the size and square footage of the property(s) 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(s). The information contained in this document has been obtained from sources we believe to be reliable; however neither Calkain and its subsidiaries nor the Seller have verified, and will not verify, any of the information contained herein, nor has Calkain and its subsidiaries or the Seller conducted any investigation regarding these matters and make 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.
$12 Billion in Closed Transactions
$400 Million
in Active Listings
Washington, DC 12930 Worldgate Dr Ste 150 | Herndon, VA Tel: 703.787.4714
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