investment highlights€¦ · investment opportunity offering memorandum for sale 9601 colonial...

Investment OpportunityOffering MemorandumFor Sale 9601 COLONIAL DRIVE

MIAMI, FLORIDA

INVESTMENT HIGHLIGHTS• 2% Annual Increases• 20 Years Remaining on Lease Term• No Landlord Responsibilities (NNN)• 70± Locations Throughout Florida• Newly Renovated Building

Representative Photo

P. 2FARM STORES | OFFERING MEMORANDUM

Table of Contents

1 > EXECUTIVE SUMMARYExecutive Summary .............................................................................................3

2 > PROPERTY INFORMATIONLocation Maps ......................................................................................................4Property Information ...........................................................................................5Aerial of Local Retail ...........................................................................................6Property Aerial ....................................................................................................7Property Photographs .........................................................................................8

3 > MARKET OVERVIEWMarket and Submarket Overview .......................................................................9Demographics .................................................................................................... 10

CONTACTS

RON SCHULTZManaging DirectorFlorida NNN Retail Investments

[email protected] 298 5302

CHRIS FOREHANDClient Services Specialist


MARKETING & GIS

CORE TEAM

MIKE GORDON, CPRCGIS AnalystMarket Research


DREW SMITHChief Marketing Officer


LEADERSHIPLEE E. ARNOLD JR., CCIM, CREExecutive Chairman | FloridaCEO | Tampa Bay Florida, Central Florida & Southwest Florida


RYAN KRATZPresident


GEORGIA RYGIEL, CPMCGraphic Designer


JACKSON WELLSAssociateFlorida NNN Retail Investments



EXECUTIVE SUMMARY

Executive Summary

Ron Schultz, managing director at Colliers International, is pleased to offer for sale Farm Stores on Colonial (SW 160th Street) in Miami, Florida. The tenant is secured by a brand new 20 year, triple-net lease with two percent annual increases.

Farm Stores have been around for nearly 60 years and is a combination of grocery store, bakery and restaurant. They provide a quick and easy way to pickup items that you need every day. There are approximating 70 stores operating throughout Florida.

Farms Stores has been the tenant of this property since 1966, serving as a very strong indication of the tenant’s success and Farm Stores’ long-term commitment to this location for the past 52 years.The property is strategically located and well-positioned on Colonial Drive, just west of U.S. Highway 1 in Miami, Florida. US-1 is a major north–south U.S. Highway that serves the east coast of the United States. It runs 2,369 miles, from Fort Kent, Maine, at the Canada–US border, south to Key West, Florida, making it the longest north–south road in the United States.

Investment Highlights• 2% Annual Increases

• 20 Years Remaining on Lease Term

• No Landlord Responsibilities (NNN)

• 70± Locations Throughout Florida

• Newly Renovated Building

Address: 9601 Colonial DriveMiami, FL 33157

Total Square Footage: 788± SF

Year Built/Renovated: 1966/2018

Lease Type: Triple-Net

Initial Lease Term: 21 Years

Lease Commencement Date: November 1, 2017

Expiration Date: October 31, 2038

Remaining Term on Lease: 20± Years

Increases: 2% annually

Options: One (1) - Five (5) year options

Annual Base Rent: $40,000

Price: $727,000

Cap Rate: 5.5%



PROPERTY INFORMATION

Location Maps

Miami

Florida

SUBJECT

SUBJECT



SITE DESCRIPTIONLand Size: 0.24± Acres (10,650 SF)

Location: Northwest corner of Colonial Drive and SW 96th Avenue.

Tax District: Unincorporated Dade County

County Land Use: 1111 Store: Retail Outlet

Zoning Code: 6400 Commercial - Central

Ingress/Egress: The property has three points of ingress/egress. Two off of Colonial Drive and a back entrance that can be accessed from SW 96th Avenue.

Signage: The property has one highly visible pylon sign prominently located along Colonial Drive (SW 160th Street).

PHYSICAL IMPROVEMENTSThe subject is improved with one building that contains 788 square feet of leasable area with unique architecture, situated on 0.24± acres of land. The building was constructed in 1966 and updated when Farm Stores renewed on Febuary 1, 2018.

BUILDING CONSTRUCTION COMPONENTSSlab on Grade: Poured in place concrete with load bearing footings.

Exterior Walls: Concrete Block/Stucco

Roof: Built Up/Composition

Electrical and Plumbing: Assumed to be installed and in compliance with County Code.

Interior Finish: Plaster Ed Direct

Property Information





Aerial of Local Retail

N

For illustration purposes only.

Colon

ial D

rive (

SW 16

0th S

treet) SW 95th Avenue

U.S. Highway 1

SUBJECT

SW 97th Avenue



Property Aerial

For illustration purpose only.

NColonial Drive



Representative Photographs of Farm Stores


MARKET OVERVIEW

FLORIDA

Florida is now the nation’s second-fastest growing state behind Texas, according to U.S. census figures, with some 1,000 new Floridians per day arriving and an estimated population of around 20 million. The state’s population is predicted to rise to 26 million by 2030, according to the Bureau of Economic and Business Research at the University of Florida.

Because Florida has no state income tax, it is seen as an extremely attractive place for businesses and individuals to move to and protect their capital. International trade is a big part of Florida commerce, with 40% of all U.S. exports to Latin and South America passing through Florida. With 87.3 million visitors in 2011, Florida is the top travel destination in the world. The tourism industry has an economic impact of $67 billion on Florida’s economy.

MIAMI

Miami is a major port city on the Atlantic coast of south Florida. As the seat of Miami-Dade County, the municipality is the principal, central, and the most populous city of the Miami metropolitan area and part of the second-most populous metropolis in the southeastern United States. According to the U.S. Census Bureau, Miami’s metro area is the eighth-most populous and fourth-largest urban area in the U.S., with a population of around 5.5 million.

Miami is a major center, and a leader in finance, commerce, culture, media, entertainment, the arts, and international trade. In 2012, Miami was classified as an Alpha−World City in the World Cities Study Group’s inventory. In 2010, Miami ranked seventh in the United States and 33rd among global cities in terms of business activity, human capital, information exchange, cultural experience, and political engagement. In 2008, Forbes magazine ranked Miami “America’s Cleanest City”, for its year-round good air quality, vast green spaces, clean drinking water, clean streets, and citywide recycling programs. According to a 2009 UBS study of 73 world cities, Miami was ranked as the richest city in the United States, and the world’s seventh-richest city in terms of purchasing power. Miami is nicknamed the “Capital of Latin America” and is the largest city with a Cuban-American plurality.

Miami has the third tallest skyline in the U.S. with over 300 high-rises. Downtown Miami is home to the largest concentration of international banks in the United States, and many large national and international companies. The Civic Center is a major center for hospitals, research institutes, medical centers, and biotechnology industries. For more than two decades, the Port of Miami, known as the “Cruise Capital of the World”, has been the number one cruise passenger port in the world. It accommodates some of the world’s largest cruise ships and operations, and is the busiest port in both passenger traffic and cruise lines. Metropolitan Miami is a major tourism hub in the American South for international visitors, ranking number two in the U.S. after New York City.

Source: https://en.wikipedia.org/wiki/Miami

Market Overview


MARKET OVERVIEW

Demographics

9601 COLONIAL DRIVE, MIAMI, FL 33157

1-Mile Radius 3-Mile Radius 5-Mile RadiusPOPULATION & GROWTHTotal Population 15,272 108,432 232,632

Daytime Population 16,735 100,567 257,113INCOMEAverage Household Income $57,578 $64,748 $59,557Median Household Income $44,080 $44,324 $42,327

OTHER DEMOGRAPHICSTotal Households 6,974 48,975 104,029Households w/Income $50k+ 3,107 22,239 45,022Average Household Size 2.18 2.19 2.19Median Age 45.2 44.8 42.9Female Population % 52% 51% 51%Population Density 4,859.3 3,833.5 2,960.8RACE & ETHNICITYWhite Population % 85.3% 82.1% 74.9%Black Population % 5.0% 6.8% 13.9%Hispanic Population % 8.1% 9.1% 9.8%Asian Population % 4.8% 5.7% 5.5%HOUSINGHousing Units 8,371 57,492 122,422Owner Occupied Units % 57.6% 51.8% 47.3%

CONFIDENTIALITY & DISCLAIMER STATEMENTThis Offering Memorandum contains select information pertaining to the business and affairs of the property at 9601 Colonial Drive, Miami, FL. It has been prepared by Colliers International. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Colliers International. The material is based in part upon information supplied by the Seller and in part upon financial information obtained by Colliers International from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with re-spect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.

By acknowledging your receipt of this Offering Memorandum from Colliers International, you agree:

1. The Offering Memorandum and its contents are confidential;

2. You will hold it and treat it in the strictest of confidence; and

3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.

Owner and Colliers International expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Prop-erty unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.

If you wish not to pursue negotiations leading to the acquisition of Farm Stores, 9601 Colonial Drive, Miami, FL or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.

A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Colliers International or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this so-licitation process or the marketing or sale of the Property.

This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.

FOR ADDITIONAL INFORMATION, PLEASE CONTACT:

Ron SchultzManaging DirectorRetail Investment Services727.298.5302 - [email protected]

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