coral springs (ft. lauderdale), fl - loopnetimages2.loopnet.com/d2/apc_rwrofytnjhafv4jm8n2ma... ·...

Actual Building

Absolute NNN Corporate Lease w/Bumps

Established Location – New 10yr Lease Extension

Coral Springs (Ft. Lauderdale), FL

No warranty expressed or implied has been made as to the accuracy of the information provided herein, no liability assumed for error or omissions

Price $6,178,000

CAP Rate 6.0%

NOI $370,676

Lease Term 8+ Years

Rent Increases 4.4% in 2021

Year Built 2005

Rent Per SF $19.40

PROPERTY OVERVIEW

Absolute NNN Single Tenant Corporate PetSmart locatedin Coral Springs (Ft. Lauderdale/Miami), FL with ZeroLandlord Obligations - The Tenant is responsible for allproperty taxes, insurance, and maintenance/repairs.

Established Location - PetSmart has occupied thislocation since 2005 and showing its commitment to thelocation, recently exercised a 5-year extension early (8+years left on Lease). There is a 4.4% rent increase inFebruary 2021 and 2 x 5 year options to renew with rentincreases. High Traffic Counts – 47,000 VPD on SampleRoad; 47,000 VPD on SR7; and 15,000 VPD on TurtleCreek Dr.

Dense/Affluent Location - Total population within 1-mileis 12,000+ with an Avg HH Income of almost $90,000.This PetSmart is located near Target, WalMart, HomeDepot, Lowe's, Seminole Coconut Creek Casino, Best Buy,Mercedes Benz of Cocunut Creek, and much more.

▪ Corporate Lease Guarantee – PetSmart is the Largest Specialty Pet Retailer in the US with over 1,500 Locations

▪ Absolute NNN Lease - ZERO Landlord Responsibilities

▪ Strong Commitment to Site – Recent 5-Year Early Renewal

▪ Rent Increases Every 5-Years

▪ Affluent Location – Avg HH Income $90,000+ within 1-Mile

▪ Located near Target, WalMart, Home Depot, Lowe's, Seminole Coconut Creek Casino, Mercedes Benz, and much more

▪ Sale Includes BOTH Building & Land (depreciable asset)

▪ Dense Location - Total Population of 15,530 within 1- Mile and almost 375,000 within 5-miles

▪ No Debt to Assume| FL has No State Income Tax

▪ Training, Grooming, & Banfield Hospital Available on Site

▪ High Traffic Counts - 47,000 VPD on Sample Rd; 47,000 VPD on SR7; and 15,000 VPD on Turtle Creek Dr.

INVESTMENT HIGHTLIGHTSINVESTMENT SUMMARY 4151 Turtle Creek Drive, Coral Springs, FL 33067

Rent Commencement: October 3, 2005

Lease Expiration: January 31, 2026

Lease Term Remaining: 8+ Years

Option Periods 2 x 5 year with Bumps

Building Size 19,107± SF

Lot Size 2.09± AC

Tenant PetSmart, Inc.

Lease Guarantor Corporate

Lease Type Fee Simple – Absolute NNN

Roof & Structure Tenant Responsible

Parking 95± Spaces

Construction Reinforced concrete tiebeamsand tie-columns

Roof Metal corrugated deck with concrete

NOI INCREASES CAP

Year 1 – 5 $370,676 6.00%

Year 6 – 10 $386,917 6.26%

Options

Year 11-15 $410,801 6.65%

Year 16-20 $429,908 6.96%

RENT ROLL


Derrick Schroeder | Single Tenant Net Leased Specialist | Solid Investments of Berger Realty Group

C: 954-296-6955 • F: 954-944-1830 • O: 941-209-1669 • [email protected] • www.SolidInvestmentsFL.com


AERIAL

AERIAL







TENANT PROFILE

Website - www.petsmart.com

Number of Locations: 1,500

PetSmart, Inc. is the largest specialty pet retailer of services and solutions

for the lifetime needs of pets. At PetSmart, we love pets, and we believe pets

make us better people. We employ 53,000± associates, operate 1,500 pet

stores in the United States, Canada and Puerto Rico and approximately

203 in-store PetSmart® PetsHotel® dog and cat boarding facilities.

PetSmart provides a broad range of competitively priced pet food and pet

products and offers dog training, pet grooming, pet boarding, PetSmart

Doggie Day Camp day care services and pet adoption services in-store. Our

portfolio of digital resources for pet parents – including PetSmart.com,

PetFoodDirect.com, Pet360.com, OnlyNaturalPet.com and petMD.com –

offers the most comprehensive online pet supplies and pet care information

in the U.S.

Additionally, expert veterinarian care is available in more than 60% of its

stores, where Banfield Pet Hospital operates full-service pet hospitals.

These in-store veterinary clinics operate independently of PetSmart and

employ more than 1,000 veterinarians who provide a full range of health care

and emergency services. Through its unique relationship with Banfield,

PetSmart is allowed to sell unique therapeutic pet foods at its stores with

Banfield Hospitals. This offers a competitive advantage that cannot be easily

duplicated. PetSmart holds a 20.5% equity interest in Medical Management

International, Inc. (MMI), the operator of Banfield Pet Hospital.

PetSmart® hits major milestone: 1,500th store in its expanding chain

across North America: PetSmart reached a milestone by opening its

1,500th store in its expanding chain across North America. The new location

is one of 80± new stores the pet specialty retailer is opening in 2016 in new

markets as well as in convenient locations in current markets.

Website - www.bcpartners.com

In 2015 PetSmart was acquired by BC Partners and taken private

through an $8.7 billion buyout. The company had Total Revenue of

$1.9 billion and Net Income of $132 million prior in FYE 2015. Since

the buyout, top executives have been completely changed over,

and EBITDA growth has exceeded 16% in the new team’s first 9

months of operations.

BC Partners is a private equity firm specializing in buyouts and

acquisitions financing in Europe and the United States. The firm

invests across all industries. BC Partners was founded in 1986 and

is based in London with additional offices in Paris; New York City;

Milan and Hamburg.

Tenant Profile

Tenant: PetSmart, Inc.

DBA: PetSmart

Business Type: Pet Supplies

Ownership: Private

Credit Rating: B+/Stable

Founded: 1986

Headquarters: Phoenix, AZ

Website: www.petsmart.com

http://www.petsmart.com/

http://www.bcpartners.com/

Miami - Fort Lauderdale - Pompano Beach – MSA

Coral Springs is a city in Broward County, Florida approximately

20 miles northwest of Fort Lauderdale. As of 2010, the United

States Census, the city had a population of 121,096. The city is

part of the Miami - Fort Lauderdale - Pompano beach

metropolitan statistical area, which was home to 5,564,635

people as of 2010.

The city, officially chartered on July 10, 1963, was master

planned and primarily developed by WCI communities, then

known as Coral Ridge Properties, a division of Westinghouse.

During the 1970’s, 1980’s and 1990’s the young city grew rapidly,

adding over 35,000 residents each decade. Coral Springs has

notably strict building codes, which are designed to maintain the

city’s distinctive aesthetic appeal. The city government’s effective

fiscal management has maintained high bond ratings and the city

has won accolades for it’s overall livability, it’s low crime rate and

its family friendly orientation.

Coral Springs was ranked as the 27th best city in the United

States in which to live by Money Magazine in 2006 was named

the 10th safest city in the US by Morgan Quitno in 2007 and was

a multiple recipient of America's Promise "100 Best Cities for

Young People" award, identified by the group as a three-time

winner in 2008




ABOUT THE LOCATION

PROPERTY PHOTOS







DEMOGRAPHICS

Solid Investments of Berger Realty Group hereby advises all prospective purchasers of Net Leased property as follows:

The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Solid Investmentsof Berger Realty Group has not and will not verify any of this information, nor has Solid Investments of Berger Realty Group conducted anyinvestigation regarding these matters. Solid Investments of Berger Realty Group makes no guarantee, warranty or representation whatsoeverabout the accuracy or completeness of any information provided.

As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all materialinformation before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of thisinvestment opportunity. Solid Investments of Berger Realty Group expressly denies any obligation to conduct a due diligence examination ofthis Property for Buyer.

Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the currentor future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you andyour tax, financial and legal advisors.

Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leasedproperty to determine to your satisfaction with the suitability of the property for your needs.

Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request andcarefully review all Legal and financial documents related to the property and tenant. While the tenant’s past performance at this or otherlocations is an important consideration, it is not a guarantee of future success.

Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on atenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; thetenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cashflow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history andlease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property andthe value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon theproperty, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of theproperty, and Buyer’s legal ability to make alternate use of the property.

By accepting this Marketing Brochure you agree to release Solid Investments of Berger Realty Group Real and hold it harmless from any kindof claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.




NET LEASE DISCLAIMER

Exclusively Marketed By

SOLID INVESTMENTS

DERRICK SCHROEDERNet Leased Specialist

C: 954-296-6955F: 954-944-1830

[email protected]

Berger Realty Group

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