offering memorandum allandale beach shops · the information contained in the following marketing...
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Hallandale Beach, FL
Offering Memorandum
HALLANDALE BEACH SHOPS
Located on Hallandale Beach Blvd With a Daily
Traffic Count of More Than 55,000 Vehicles
0.2 Mile from Interstate 95, Which has a Daily
Traffic Count of Approx 266,000 Vehicles
Population of More Than 440,000 Within a
5-Mile Radius of Subject Property
2 Miles from Gulfstream Park - One of the Most Important Venues for
Horse Racing in America
View Drone Video of Subject
Property
Hallandale Beach, FL
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 Investment Services of Florida, Inc. 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 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 YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
HALLANDALE BEACH SHOPS
Hallan
dale Bea
ch Blvd
Hallan
dale Bea
ch Blvd
55,000Daily
266,000Daily
AERIAL
View Drone Videos of Subject Property
Aerial Ground
Located Within Close Proximity to Interstate 95
Exit
SUBJECT PROPERTY
Hallandale Beach Boulevard | 55,000 Vehicles Per DayHallandale Beach Boulevard | 55,000 Vehicles Per Day
1011-1021 W. Hallandale Beach Blvd, Hallandale Beach, FL 33009
SUBJECT PROPERTY
1011-1021 W. Hallandale Beach Blvd, Hallandale Beach, FL 33009
SUBJECT PROPERTY
FINANCIAL OVERVIEW
Financial SummaryAnnual Rent | Occupied: $410,849Expense Reimbursements: $15,020Gross Potential Income: $425,869Vacancy: $20,542Effective Gross Income: $405,327Expenses: $143,794
Net Operating Income $261,533
Expenses PSF
Real Estate Taxes: $82,600 $6.03Insurance: $14,400 $1.05CAM
Electric: $1,380 $0.10Water: $20,400 $1.49Landscaping: $4,800 $0.35Repairs & Maintenance: $3,780 $0.28
Management Fee (4%): $16,434 $1.20
Total Expenses $143,794 $10.56
Investment Highlights• More Than 13,000 Square Feet of Retail Space, 100 Percent
Occupied• Located on Hallandale Beach Boulevard With a Daily Traffic
Count of More Than 55,000 Vehicles• Population of More Than 440,000 Within a 5-Mile Radius• 0.2 Mile from Interstate 95, Which has a Daily Traffic Count of
Approximately 266,000 Vehicles• Two Miles from Gulfstream Park, a County-Approved Casino
and Racetrack - One of the Most Important Venues for Horse Racing in America
• Three Miles from Aventura Mall• Surrounding National Retailers Include Walmart Supercenter,
Publix, Big Lots, Burlington, Ross, Target, Best Buy, Whole Foods, Winn Dixie, Petco, McDonald’s, Taco Bell, Panera Bread, KFC, Dunkin’ Donuts, Walgreens, CVS and Many More
• Hallandale Beach is Located in Broward County Between Fort Lauderdale and Miami
Hallandale Beach Shops
Hallandale Beach Shops1011-1021 W. Hallandale Beach Blvd, Hallandale Beach, FL 33009
Price: $4,900,000Cap Rate: 5.33%Rentable Square Feet: 13,332Total Square Feet: 13,687Net Operating Income: $261,533Price PSF: $357.79Land Area: 1.14 ACYear Built: 2015
RENT ROLL
Tenant Suite Square Feet % of GLA Annual
RentRentPSF
Lease Commence
Lease Expiration
Expense Reimburse. Options
Majestic Kitchens & Baths 1011-101 1,044 7.83% $32,616 $31.24 6/1/2019 5/31/2022 Yearly OptionOh La La Spa & Products 1011-102 1,044 7.83% $30,000 $28.74 11/1/2019 10/31/2022 1, 5-Year Florida Hospitality 1011-103 899 6.74% $27,000 $30.03 11/1/2019 10/31/2022 1, 3-YearHookah Up Cafe 1011-104 1,044 7.83% $27,368 $26.21 8/27/2018 8/31/2023 1, 5-Year Hallandale Smoke Shop 1011-105 880 6.60% $27,429 $31.17 4/13/2015 4/30/2023 1, 5-YearUniVista Insurance 1011-106 880 6.60% $28,470 $32.35 5/1/2019 4/30/2021 Yearly OptionWabby Hair & Wigs 1011-107 880 6.60% $24,480 $27.82 1/24/2019 1/31/2021 Yearly OptionMassage & Unwind 1011-108 1,044 7.83% $34,070 $32.63 3/30/2015 4/30/2022 NoneNstyles 1011-109 899 6.74% $24,516 $27.27 12/1/2019 1/31/2020 1, 1-YearSugar Nail Spa 1011-110 1,044 7.83% $35,587 $34.09 10/28/2015 2/28/2025 1, 3-YearT-Mobile 1011-111 1,000 7.50% $27,591 $27.59 9/9/2016 8/30/2021 $8,500 2, 5-YearStyles Beauty Lounge 1021-101 653 4.90% $19,951 $30.55 1/8/2019 1/31/2021 Yearly OptionGentleman’s Haircut Barber Shop 1021-102 627 4.70% $20,108 $32.07 3/16/2015 3/30/2023 NoneW Sebastiani Marble & Tile 1021-103 627 4.70% $22,763 $36.30 8/29/2018 8/31/2020 1, 2-Year Zaatar Shawarma Falafel Station 1021-104 767 5.75% $28,900 $37.68 3/16/2015 3/30/2020 $6,520 None
Totals 13,332 100% $410,849 $15,020
Hallandale Beach
Signalized IntersectionSignalized Intersection
Population of More Than
440,000 Within 5-Mile
Radius
AERIAL
0.2 Mile from Interstate 95 and 2 Miles
from Gulfstream Park Racing &
Casino
Federal Highway
Federal Highway
Hallandale Beach BlvdHallandale Beach Blvd
AERIAL
55,000Daily266,000
Daily
Walgreens
McDonald’sMcDonald’s
Hallandale Beach Shops
43,500Daily
LOCAL & REGIONAL MAPS
MARKET OVERVIEW
BROWARD COUNTYOVERVIEW
Broward County is located in South Florida and contains a population of 1.9 million people. The county is bordered to the north and south by Palm Beach and Miami-Dade counties, respectively. On the east is the Atlantic Ocean and Big Cypress National Reserve is to the west. The Everglades cover the western portion of the county, restricting development. As limited land is available for construction, any significant growth is upward rather than outward. Roughly 23 miles of shoreline and 300 miles of inland waterways provide a wide range of recreation and transport uses. Fort Lauderdale is the largest city in the county with 180,700 residents followed by Pembroke Pines with 167,000 people.
MARKET OVERVIEW
METRO HIGHLIGHTS
STRONG POPULATION GROWTH
Broward County’s population continues to grow at a
pace well above the U.S. rate. In-migration accounts
for a large share of new residents.
DESIRABLE CORPORATE LOCATIONCompanies are attracted to the metro for its proximity
to Latin American markets, large educated workforce
and desirable climate.
HOUSING AFFORDABILITYHome prices are more affordable in Broward County
than in many other coastal counties.
MARKET OVERVIEW
ECONOMY▪ Key economic drivers include tourism, healthcare, biotechnology and commerce.
▪ As a major point of access to both international trade and cruise tourism, Port Everglades generates roughly $30 billion of economic activity per year.
▪ The significant population of elderly residents results in healthcare playing a major role in the county’s economy.
▪ A diverse array of companies are headquartered in the area, including Citrix Systems, AutoNation and Heico.
SHARE OF 2018 TOTAL EMPLOYMENT
MAJOR AREA EMPLOYERS
Ultimate Software
Nova Southeastern University
American Express
Spirit Airlines
Kaplan Higher Education
Citrix Systems
DHL Express
JM Family Enterprises
AutoNation
Trividia Health* Forecast
MANUFACTURING3%
GOVERNMENT
HEALTH SERVICES
EDUCATION AND
+OTHER SERVICES
5%
LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES
22%
AND UTILITIES
TRADE, TRANSPORTATION CONSTRUCTION
PROFESSIONAL AND
BUSINESS SERVICES
2%INFORMATION
18%
6%
12% 11% 7%
13%
MARKET OVERVIEW
DEMOGRAPHICS
▪ Since 2000, the county’s population has increased by roughly 278,000 residents. During the next five years, the county will add approximately 72,000 residents.
▪ In the same time period, the number of households will rise by 35,000.
▪ An increase in education attainment provides a skilled labor pool and has helped boost income levels. Almost 31 percent of residents age 25 and older have at least a bachelor’s degree.
Broward County has one of the most desirable climates in the United States and has a wide variety of recreational opportunities and cultural amenities. The metro boasts 300 days of sunshine annually, and the average winter temperature is 78 degrees. Fort Lauderdale is known as the “Venice of America” for its inland canals. In addition, more than 145 marinas along Fort Lauderdale’s inland waterways cater to boating and fishing needs. Various professional sports are nearby in Miami. There are also more than 40 golf courses in the county. Other attractions include the NSU Art Museum Fort Lauderdale, the Broward Center for the Performing Arts, Flamingo Gardens, Museum of Discovery and Science, Symphony of the Americas and the International Swimming Hall of Fame.
QUALITY OF LIFE
ARTS & ENTERTAINMENT
2018 Population by Age
0-4 YEARS
6%5-19 YEARS
18%20-24 YEARS
6%25-44 YEARS
27%45-64 YEARS
28%65+ YEARS
16%
40.3
2018MEDIAN AGE:
U.S. Median:
38.0
$56,200
2018 MEDIAN HOUSEHOLD INCOME:
U.S. Median:
$58,800
1.9M
2018POPULATION:
Growth2018-2023*:
3.8%
748K
2018HOUSEHOLDS:
4.7%
Growth2018-2023*:
POPULATION 1 MILE 3 MILES 5 MILES
2010 Population 16,749 193,460 421,8882018 Population 18,053 210,427 458,7772023 Population 18,998 218,538 472,2562018 Male Population 8,849 100,329 219,1822018 Female Population 9,203 110,098 239,5952018 Median Age 38.9 42.7 41.4
RACE & ETHNICITY 1 MILE 3 MILES 5 MILES
American Indian, Eskimo 0.3% 0.3% 0.4%Asian 1.7% 1.9% 2.1%Black 39.6% 26.2% 32.9%Hawaiian/Pacific Islander 0.1% 0.1% 0.1%White 50.3% 64.5% 57.4%Other 4.3% 3.8% 3.9%Multi-Race 3.8% 3.2% 3.3%Hispanic Ethnicity 38.9% 36.9% 34.4%Not of Hispanic Ethnicity 61.1% 63.1% 65.6%
HOUSEHOLDS 1 MILE 3 MILES 5 MILES
2010 Households 6,350 84,116 170,0052018 Households 6,886 91,953 185,7152023 Households 7,305 96,377 194,189
HOUSEHOLD INCOME 1 MILE 3 MILES 5 MILES
2010 Avg Household Income $45,054 $63,429 $63,6392018 Avg Household Income $47,885 $69,181 $68,9092023 Avg Household Income $53,642 $79,582 $79,3062010 Med. Household Income $29,832 $40,966 $42,4602018 Med. Household Income $32,974 $45,585 $46,6822023 Med. Household Income $35,838 $52,236 $53,4172010 Per Capita Income $17,153 $27,669 $25,7272018 Per Capita Income $18,332 $30,316 $27,9732023 Per Capita Income $20,688 $35,178 $32,686
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DEMOGRAPHICS
The Wolfe Retail Group of Marcus & Millichap specializes in the sale of single-tenant properties and shopping centers and has successfully assisted clients in selling over 500
separate commercial properties with a market value exceeding $1.45 billion. Having closed sales in more than 40 states, our track record is evidence that we are one of the premier brokerage teams in the United States.
With our experience and background in various fields such as law and finance, we have proved to be invaluable to our clients, earning their trust and exceeding their expectations while best assisting them in their real estate transactions.
For more about the Wolfe Retail Group or to view all of our available listings, visit www.WolfeRetailGroup.com
The Wolfe Retail Group has sold over
500 properties in more than
40 states
About Marcus & MillichapWith nearly 2,000 investment professionals located throughout the U.S. and Canada, Marcus & Millichap (NYSE: MMI) is a leading specialist in commercial real estate investment sales, financing, research and advisory services. The firm closed more than 9,400 transactions in 2018 with a value of approximately $46.3 billion.
Marcus & Millichap has been a pioneer in the real estate investment industry and has established a reputation for maximizing value for its clients while fostering long-term relationships built on integrity, trust and service. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. Marcus & Millichap also offers clients access to the most competitive real estate financing through Marcus & Millichap Capital Corporation (MMCC), which maintains relationships with the industry’s leading national, regional and local lenders.
Barry M. WolfeSenior Managing Director Investments
License: SL [email protected]
(954) 245-3493
Alan LipskyFirst Vice President Investments
License: SL [email protected]
(954) 245-3595
Catie JacksonMarketing Coordinator
[email protected](954) 245-3592
Ashley BarrettTransaction Coordinator
[email protected](954) 245-3416
Evan WhelanAssociate
License: SL [email protected]
(954) 245-3487
Charles “Chas” MoodyAssociate
License: SL [email protected]
(954) 245-3464
Michael TalbertAssociate
License: SL [email protected]
(954) 245-3439