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3550 S. Washington Ave

Titusville, Florida 32780

FOR SALE $10.5 M

APPRAISED $11.4 M – 8.6 % CAP

22 ACRES – 70% OCC

Appraised “As Is” $11.4 M –“Stabilized $13.9 M

2 Signed LOI

(Planet Fitness & Rebounderz Trampoline)

260,000 Sq ft – 22 Acres

Perfect shopping mall for an Absentee Owner –

Turn key operation!

Only 1 vacancy in the Main Mall & 2 in Sears Bldg

($11/ FT Land – $40.0 / FT Building - $477K / ac)

Parcels: 2220808, 2220809, 2220810, 2220811, 2220812,

2220813, 2220814, 2220815, 2220816 and 2222473

Highlights

260,000 sq. ft. Enclosed shopping Mall

22 Acres , On U S 1, 1200 Parking Spaces

Consisting of 30 businesses

Includes Auto Center business

Includes an Event Center business, Cinema

and Stage 12 for live performances

For More Information, Contact:

Jesse Wright Jesse.Wright@CaliforniaRetailProperties.com Tel: (877) 337-6869

3550 S. Washington Ave

Titusville, Florida 32780

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3550 S. Washington Ave

Titusville, Florida 32780

HIGHLIGHTS:

The property has independently been appraised for $11.4 M and stabilized value of $13.9 M .

The new purchaser has the following options:

1) To place Planet Fitness (lease in place - 20,000 Sq ft) as they only need a shell and they will do their own tenant improvement.

The T I in this case will be under $300K

2) To place Planet Fitness and Rebounderz Trampoline park (LOI in place - 60,000 Sq ft) simultaneously.

The T I in this case will be under $500K

3) To divide the 70,000 Sq ft differently for other prospective tenants.

The new purchaser can continue running the operation for a) Auto Center; b) Event Center and c) cinema (4 screens) and stage 12 “Live shows” or sell the

businesses. In addition to the mall general manager, each business has a general manager running the operation.

a) Auto Center is 18,000 Sq ft and the reincarnation of Sears auto center with a GM that is currently running the operation since February

2019.

b) The event center is 10,000 Sq ft and has a capacity of 350 people and seating capacity of 200 people. It has five sets of bathroom and

kitchen area. It caters to weddings, functions, parties, church activities, conferences and exhibitions.

c) The Cinema is 27,000 Sq ft and it has it’s own mall entrance. It has ten screens of which four is being utilized with brand new Barco digital

projectors that recently were purchased from Belgium. One of the theaters has been converted to arcade room. Two of the theaters were

converted to live show stages with a capacity of four hundred people. Three of the theaters are not being utilized.

The appraisal does not include the value of the businesses. Auto Center ($250K); Cinema ($250K) and Event Center ($150K)

EXECUTIVE SUMMARY

Titusville Mall covers 260,000 Sq ft with 170,000 Sq. ft. of the main mall in addition to 90,000 Sq ft of old Sears. Formerly Sears Town Mall. There are thirty (30) spaces in the entire mall with various sizes. The following businesses such as Titusville Mall Cinema, auto Center and event center are operated by the mall and each business has a general manager responsible to operate the business. Upcoming tenants are Planet Fitness (20,000 Sq ft), trampoline park (40,000 Sq ft) and 11,000 Sq ft vacancy. The spaces within the mall except a few have both entrances and exits separate from the mall three entrances. The old Sears space of 90,000 Sq ft has been divided into five (5) spaces of which, Auto Center takes up 19,000 Sq ft, Future Planet Fitness takes up 20,000 Sq ft, future Rebounderz Trampoline Park takes up 40,000 Sq ft and a new 11,000 Sq ft will be on the north east corner. There are two Letters of Intent that has been signed covering Planet Fitness and Rebounderz. Mall occupancy without the planet fitness and Rebounderz is 70% Mall occupancy with planet fitness and Rebounderz will be 93% The new purchaser can move forward with the two LOI or without. Phase 2 of the project after the purchase Assuming that the purchaser likes to take this route, the cost of placing them is estimated to be an approximate amount of $2.2 M. From that amount, the equipment cost of Rebounderz will be $1.0 M, $350K is for their interior equipment’s, branding and marketing and $800K will be for tenant improvements of both tenants based on their T I section of their LOI.

Number of parcels: 2220808, 2220809, 2220810, 2220811, 2220812, 2220813, 2220814,

2220815, 2220816 and 222247

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3550 S. Washington Ave

Titusville, Florida 32780

Rebounderz LOI : It covers an approximate 40,000 square ft of which 20,000 Sq ft of it faces the mall entrance and the rest would be in the back south portion of the space where used to be the old Sers loading Zone Area Term: Ten years with two five years extension Base Rent: starts five (5) months after the opening. $12,500/ mo first 12 months; $23,000/ mo 13 – 36 months; $27,000 / mo 37-60 month. Planet Fitness LOI: Planet Fitness has done a feasibility of the area just like Rebounderz has. Term: P F would like to sign a lease of ten years plus four five years options. Base Rent: 12 months after occupancy at $6 / ft for the first five years and $6.60 years sixth through ten. $1/ft per each five years thereafter. In addition to the rent, they would pay $2.0 / ft for TICAM

ECONOMIC ANALYSIS: Brevard County is located in eastern Florida approximately 30 miles east of Orlando. It is 1,016 square miles in size and has a population density of 583 persons per square mile. Brevard County has an estimated 2018 population of 592,373, which represents an average annual 1.1% increase over the 2010 census of 543,376. Brevard County added an average of 6,125 residents per year over the 2010‐2018 period. Total employment in Brevard County is currently estimated at 201,644 jobs. Brevard County has a slightly higher level of household income than Florida. Median household income for Brevard County is $53,589, which is 0.9% greater than the corresponding figure for Florida. Residents of Brevard County have a similar level of educational attainment to those of Florida. An estimated 28% of Brevard County residents are college graduates with four‐year degrees, which is the same percentage as Florida residents. People in Brevard County are older than their Florida counterparts. The median age for Brevard County is 48 years, while the median age for Florida is 42 years.

Web sites are www.TitusvilleMall.Com ; www.TitusvilleMallautocenter.com ; www.TitusvilleMalleventcenter.com www.TitusvillemallCinema.com; www.Stage12.net

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3550 S. Washington Ave

Titusville, Florida 32780

Surrounding Area, Location & Traffic Counts

The subject is located in the northern‐central portion of Brevard County, within the city of Titusville. More specifically, the property is bounded by Country Club Drive to the north, S. Washington Avenue to the east, Narvaez Drive to the south, and Hopkins Avenue to the west. For purposes of this report, the market area boundaries are best described as follows: North State Road 406 (Garden Street) South State Road 50 (Cheney Highway) East Indian River West Interstate 95 Another demand generator for retail properties the market exposure along the roadways in which it fronts. The annual average daily traffic counts (AADT) for the subject’s immediate area are shown in the following table.

Roadway County Year Traffic Volume Type S. Washington Ave 2018 26,000 AADT S. Hopkins Ave 2018 11,000 AADT

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3550 S. Washington Ave

Titusville, Florida 32780

TENANT’S SUMMARY

1) Wildwood Antique Mall with seven locations in Lakeland, Melbourne, Vero Beach, Eustis, Fort Myers, Wildwood and Titusville. occupying 21,000 Sq ft – Mall Exterior

2) Café & Tea Room occupying 2,000 Sq ft – Best and healthiest sandwiches in town. – Mall Exterior

3) Onnix Printing occupying 1,800 Sq ft – Mall Exterior

4) Christian Book Store occupying 1,200 Sq ft

5) ECCI – Educational for adults with special needs occupying 10,000 Sq ft

6) Titusville Ballet – occupying 12,000 Sq ft and has been in the mall for over two decades.

7) United National Travel occupying 1,250 Sq ft and has been in the mall for over seven years.

8) Quilt Studios occupying 3,000 Sq ft and has classes

9) Alteration shop occupying 1,000 Sq ft

10) Styles Unlimited Occupying 1,000 Sq ft – Hair style, jewelries and Avon products

11) Double portion occupying 1,400 Sq ft and covers hygiene products.

12) Little treasures thrift store occupying 3,000 Sq ft

13) Beall’s Outlet occupying 40,000 Sq ft and has been in the mall for over fifteen years with sales of averaging

14) Valentino restaurant occupying 3,000 Sq ft and has been in the mall for over twenty years

15) Diverse fashion is occupying 4,200 Sq ft and has been in the mall for over twenty years

16) Avis / Budget is occupying 1,200 Sq ft and was relocated from Sears in 2018 – Mall Exterior entrance

17) Escape room is a virtual reality business with 4,500 Sq ft that is in the process of opening right across the Cinema, Stage 12 and the event center

18) Titusville Event Center is under mall management and occupies 10,000 Sq ft and it was built for weddings and functions and meetings. Seating

capacity of 200 people with Oak dance floor and three sets of bathrooms.

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3550 S. Washington Ave

Titusville, Florida 32780

The new purchaser has two options in regards to the Event Center. Option 1 is to continue running the event center for weddings, functions, meetings and seminars to bring additional traffic into the mall or spin it off and sell the business with a lease of approximately $90,000 / year. Presently there is a general manager in charge of booking the event center.

19) Titusville Mall Cinema occupying 27,000 Sq ft with four screens (#3, #4, #5, #6) showing sub run movies at $5 / movie with concession stand and beer and wine license. Additional three VIP rooms (#8, #9,#10) that are not operating at this time. VIP room #8 has been converted to an arcade room for additional revenue.Two large theatres that have been converted for live shows (#1 and #2) with the name of “Stage 12” for performances such as magic and fashion shows and musical. The theatres can be rented to churches and it can be used for dinner theatre and plays. It is under mall management with a G M that runs the Cinema and it is open seven days a week.

The new purchaser has two options in regards to the Cinema and Stage 12. Option 1 is to continue running the four screen Cinema at $5 / ticket (2nd run / sub run) with the present G M and switch to 1st run at a higher ticket prices. Option two is to spin off and sell the business with a lease of approximately $120,000 / year.

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3550 S. Washington Ave

Titusville, Florida 32780

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3550 S. Washington Ave

Titusville, Florida 32780

20) Titusville Mall “Stage 12” for live performances. Effective June 2019, both stages # 1 and #2 will present to the public musical of 40’s, 50’s and 60’s, Magic and comedy shows.

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3550 S. Washington Ave

Titusville, Florida 32780

21) Titusville Mall Auto Center occupying 10,000 Sq ft that is facing US 1 which is also under mall management with a G M that runs the auto center and open six days a week. All mechanical work, transmission, oil change, tire rotations and many more services.

The new purchaser has two options in regards to the auto center since it has it’s own LLC. Option 1 is to continue running the auto center with present G M that used to own his own shop or spin off and sell the business with a lease of approximately $150,000 / year. There are over $185,000 worth of equipment and tools in the auto center.

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3550 S. Washington Ave

Titusville, Florida 32780

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22) Male image occupies 3,600 Sq ft and has been in the mall over twenty years.

23) Nail First, is a newly expanded business taking two spaces and occupies 2,000 Sq ft

Titusville Mall is owned by an absentee owner and it would be a dream for another absentee owner to take it to the next level! It is a turnkey operation with

onsite management, maintenance, janitorial and security staff already in place.

SUMMARY FIANCING

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3550 S. Washington Ave

Titusville, Florida 32780

Price: 10,500,000

Down Payment: 28.50% $3,000,000 break even

Loan Amount:

$7,500,000 new – USDA

Number of Units: 30 Interest Rate:

6.0% Adj

Current CAP Rate: 9% based on the appraisal Annual Payment:

$ 720,000

Pro forma CAP Rate: 13.4% Payments

Gross Leasable Area: 260,000 Year Built: 1966

Cost Per Gross RSF: $2 Approx. Lot Area (Acre):

22

Cost per sq ft of Building & land $40.00 / ft & $11 / ft

Parking Sp: 1,200

OPERATING DATA

CURRRENT PRO FORMA / Stabilized

Scheduled Gross Income: $1,283,374

$ 1,866,694

$ -

Gross Operating Income: $ 1,283,374 $ 1,866,694

Less Expenses: $ 380,000 28% $ 513,776 30%

Net Operating Income: $903,374 $ 1,520,625

Less Loan Payments: $720,000 $ 720,000

Pre-Tax Cash Flow: $100,000 $ 837,000

OPERATING DATA EXPENSES

Taxes: $ 99,000.00 Insurance: $ 55,000.00 No. of Units Other: $ 118,646.00

28 Occupied 3 Vacant

2 LOI

Payroll: $ 108,000.00

Total

Expenses: $ 380,000

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3550 S. Washington Ave

Titusville, Florida 32780

Space Coast is the fastest growing area in US Titusville Mall is in the center of Space X and Space Force on Space Coast.

As of 2018, 21 firms have signed deals to bring up to 3,000 high-paying jobs to the area, according to Space Florida. In exchange, the state has offered

subsidies to build up infrastructure and make Florida the place for space. “Before, everything was built and designed elsewhere and then came here for

launch,” said Dale Ketchum, Space Florida’s vice president of governmental and external affairs. “We’re no longer reliant on the federal government as the

only customer.” The space industry shifted as well. Space no longer revolves around government programs. It is now a commercial industry and new

technology, like reusable rockets and small satellites, are driving a large part of that.

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3550 S. Washington Ave

Titusville, Florida 32780

Boeing is moving its Space and Launch

headquarters to Florida’s Space Coast

“Titusville”

| ORLANDO SENTINEL |

JUN 19, 2019 | 11:04 AM

Boeing technicians work August 9, 2018 on the Starliner spacecraft inside Boeing's production facility at the Kennedy

Space Center. (Red Huber/Staff Photographer ) (Red Huber / Orlando Sentinel)

The Space Coast has been working for years to become a one-stop-shop for space-related operations — not just

launches — and Boeing has taken notice.

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3550 S. Washington Ave

Titusville, Florida 32780

The aerospace company announced Wednesday that it will move its Space and Launch headquarters from Arlington,

Virginia, to Titusville by the end of the year, bringing with it Jim Chilton, senior vice president of the division, and

the members of his executive leadership team and support staff.

The move will begin later this summer into an existing Boeing facility in Titusville, at 100 Boeing Way, said

spokesman Dan Beck. Boeing would not give an exact number for how many employees were moving to Titusville but

said it will consist of a “small” executive team. The division is spread out throughout the United States with space

operations in California, Texas, Alabama, Colorado and Louisiana, and those workers will not be affected by the

move.

“Boeing has been a dominant presence on the Space Coast for six decades, and this move represents a continuation of

that legacy and future commitment," Chilton said in a statement.

For the region, Boeing’s decision furthers the efforts by entities like the Space Coast’s Economic Development

Commission to diversify the local space industry by attracting a headquarters move like Boeing’s. The Cape has

recently added among its tenants Amazon founder Jeff Bezos’ Blue Origin rocket factory and satellite manufacturer

OneWeb’s production facility.

“Boeing’s Space and Launch headquarters will be another turning point for our community," said Lynda

Weatherman, president and CEO of the EDC in a statement, "as it represents a new set of activities for Boeing on the

Space Coast.”

Gov. Ron DeSantis tweeted about the move Wednesday, saying the “announcement affirms our state’s position as a

national leader in innovation and job growth and will bring increased investment to the Space Coast.”

Ron DeSantis

✔@GovRonDeSantis

Today @BoeingSpace announced they are moving their Space and Launch Headquarters from Arlington, Virginia to Titusville. This great announcement affirms our state's position as a national leader in innovation and job growth and will bring increased investment to the Space Coast. https://twitter.com/BoeingSpace/status/1141339149171118085 …

Boeing Space

✔@BoeingSpace

.

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3550 S. Washington Ave

Titusville, Florida 32780

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3550 S. Washington Ave

Titusville, Florida 32780

600 people are talking about this

Space Coast has been working for years to become a one-stop-shop for space-related operations — not just launches

— and Boeing has taken notice.

The change in headquarters comes at a time when Boeing has numerous operations taking place on the Space Coast.

[Popular on OrlandoSentinel.com] Poll: Tracking asteroids a favored focus for space program »

At the company’s Kennedy Space Center facilities, Boeing is building the CST-100 Starliner astronaut capsule as part

of NASA’s Commercial Crew Program, a venture to restore full capability to the United States for astronaut launches

from American soil to the International Space Station. The Starliner has two test flights planned for later this year —

one with crew aboard and one without.

Meanwhile, Boeing also is anticipating increased payload processing and launch activity from the Cape. With the

move, it’s looking to strengthen its relationship with the Air Force at Cape Canaveral Air Force Station and the 45th

Space Wing.

Boeing also is closely involved in NASA’s largest initiative: The Artemis program that plans to return astronauts to

the lunar surface as soon as 2024. The company is the prime contractor on the massive Space Launch System rocket,

which is being built for the lunar mission.

Moving to Florida will base the Boeing Space and Launch division to the site of integration and launch for SLS, a

program that has suffered from delays and budget overruns so significant that a government watchdog

report released Wednesday found that costs have grown by $1.8 billion. A first launch may not happen until June

2021 — four years later than originally expected.

[Popular on OrlandoSentinel.com] SpaceX Falcon Heavy goes vertical ahead of planned Monday launch: report »

“If you look at the key programs that we support for NASA as well as Air Force space and our commercial customers,

a lot of that work ... the center of gravity for those, is moving more toward Florida,” Beck said. “So it puts our leaders

close to the people that are leading those programs with our customers.”

The headquarters announcement also builds on Boeing’s current investment in Florida. The company employs 2,500

people across five sites in the state, including in Fort Walton Beach, Jacksonville, Titusville and two locations in

Miami. Expenditures among its 520 suppliers and vendors in Florida came in at $894 million in 2018, Boeing said,

with $69 million spent in Brevard County alone.

Boeing also recently created a $3 million endowment at Embry-Riddle Aeronautical University in Daytona Beach

focused on providing scholarships in the aviation industry to women, underrepresented minorities and military

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Titusville, Florida 32780

veterans and their dependents. Beck said the company plans to continue its support of education in the science,

technology, engineering and math fields locally.

“I’m ecstatic that an industry leader like Boeing — and the jobs that are certain to follow — are relocating to Florida,"

said U.S. Rep. Michael Waltz, R-St. Augustine, who sits on the House Committee on Science, Space and Technology,

in a statment. "Boeing understands the value of innovation — and this move by the largest aerospace company in the

world sends a strong signal that Central Florida is ground zero for the future of space resurgence.”

NASA ACCURATELY CALCULATES MILKY WAY'S WEIGHT

Today, deep-pocketed investors have built up dozens of private launch companies along Cape Canaveral, the area on Florida's coastline east of Orlando

that includes Kennedy Space Center and Cape Canaveral Air Force Station. Texas-based Firefly Aerospace was the latest company to announce a move, one

of nine companies selected by NASA last year to vie for a chunk of $2.6 billion to develop lunar exploration robots with a $52 million development project

that will include more than 200 jobs.

Twenty launches took off from the area last year, and companies are aiming to launch more than two dozen more by 2020. In comparison, the shuttle

program launched 135 missions in its 30-year history.

“Florida is geographically blessed with its location and its coastline and that is a perfect trajectory to fly to space from,” he said.

The Sunshine State is also the only state in the nation capable of human launch activity and Watt said its available workforce, preexisting infrastructure,

facilities and a competitive financial package from the state made the choice a no-brainer.

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Titusville, Florida 32780

Central Florida’s colleges and universities also feed the Space Coast’s appetite for a specialized workforce.

“The University of Central Florida provides more engineering students to the aerospace industry than any other university in the country,” said Ketchum.

As the industry continues undergoing drastic changes, experts say Florida is in a better position now than ever to become a world leader in the space race.

“There are things that NASA does very well, but there are things that they do as a federal government that the private sector can do faster, cheaper and

better," Ketchum said. "Florida is in a pretty good position to be driving this train, at least for this country, if not for the world.”

In 2018, President Trump proposed a Space Force to be the sixth branch of the military, which Florida’s Republican Gov. Ron DeSantis asked to headquarter

in the Sunshine State. That could be another potential boost to the space industry.

But it will be up to Congress to approve the initiative.

SpaceX is looking to build several new facilities at NASA's historic Kennedy Space Center in Florida, including a state of the art launch control center and a

massive processing facility for its rockets, according to environmental impact documents filed to NASA in April.

The documents reveal Elon Musk's space company is proposing a 133,000 square foot rocket processing and storage facility, a control center up to 300 feet

tall for launches and landings, a "rocket garden" to show off the company's "historic space vehicles," a new security office and a 280,000 square foot

utilities yard. The proposed buildings and associated parking would all be on a piece of land nearly one mile long by a half mile wide.

"As SpaceX's launch cadence and manifest for missions from Florida continues to grow, we are seeking to expand our capabilities and streamline operations

to launch, land and re-fly our Falcon family of rockets," SpaceX spokesman James Gleeson said in a statement.

The company is fresh off the debut of an enhanced version of its Falcon 9 rocket, called Block 5. SpaceX launched and landed its first Falcon 9 Block 5 on

May 11, with Musk announcing plans for this new rocket to achieve a host of new milestones for SpaceX, including launching and landing the same rocket

twice in 24 hours – as early as next year.

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3550 S. Washington Ave

Titusville, Florida 32780