LensCrafters - OFFERING MEMORANDUM - Matthews Real ...
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
OFFERING MEMORANDUM
LensCrafters
2 5 1 M a r y E s t h e r B l v d | M a r y E s t h e r, F L
™
L e n s C r a f t e r s , M a r y E s t h e r, F L | 1
Contents
03 Investment Highlights
04 Financial Overview
06 Tenant Overview
10 Area Overview
Exclusively Listed By
Steel e M c D onal d
Associate
Steele.Mc Do nald @matthews .c o m
DIR (214) 692-2265
MO B (615) 417-3631
L IC # 694333 (T X)
Br aden C r oc k ett
Associate VP & Director
Brad en.Cro c kett@matthews .c o m
DIR (214) 692-20 40
MO B (714) 345-620 6
L IC # 0 19460 71 (CA)
Kyle Matthews
Broker of Record
Lic # CQ1052263 (FL)
™
™
2 | Offering Memorandum
Investment Highlights
Recently Extended Absolute NNN Lease
• Over 4 years remaining on a recent 5-year extension
• Offered at an attractive 7.50% Cap Rate
• Long-term History of Occupancy - Site has been operating as LensCrafters since 1986
• Passive investment with Limited Landlord Responsibilities - Landlord only responsible for Roof and Structure
Largest Optical Chain in The US
• Founded in 1983, LensCrafters now has over 850 stores in the US, Canada, Puerto Rico and Hong Kong
• LensCrafters is a wholly owned subsidiary of Italy-based Luxottica, which is the largest eyewear company in the world
• Luxottica Group has a market cap of over $26 Billion
• Luxottica holds an A2 rating from Moody’s which is comparable to an “A” rating from S&P
Located in an Extremely Active Retail Corridor
• Out-parceled to Grocery Anchored Center and situated directly across from the Santa Rosa Mall
• Mary Esther Blvd sees around 26,000 ADT
• High demographics – over 70,000 people within a 5-mile radius
Mary Esther, FL
• Revitalization of Santa Rosa Mall – “The Renaissance at Santa Rosa Town Center” is a new proposed development in place of the
old Belk department
• $37 Million Dollar Re-Development of an old Belk Department Store into a 228-Unit Apartment Complex
• Project to be completed at the end of 2019 and will provide new housing for the very high demand
• Mary Esther FL is home to two large military bases providing for consistent employment
• Fort Walton Beach and Destin are both big vacation destinations with attractive beaches, casinos, and resorts
L e n s C r a f t e r s , M a r y E s t h e r, F L | 3
Fi n a nc i al O ve rview 4 | Offering Memorandum
Address
251 Mary Esther Blvd
Mary Esther, FL 32569
List Price
$1,733,333 Cap Rate
7.50%
Annualized Operating Data
Monthly Rent Annual Rent Rent/SF Increases
Current - 2/28/2022 $10,833.33 $130,000.00 $19.55 7.50% GLA
± 6,649 SF
Tenant Summary
Lot Size
± 0.72 Acres
Tenant Trade Name Luxottica
Type of Ownership Fee Simple
Lease Guarantor Corporate
Lease Type NN
Original Lease Term 5 Years
Year Built
1984
Rent Commencement Date 3/1/2017
Lease Expiration Date 2/28/2022
Term Remaining on Lease ± 4 Years
L e n s C r a f t e r s , M a r y E s t h e r, F L | 5
Ten a nt O v e rv i ew 6 | Offering Memorandum
No. Of Stores Revenue
± 850 ± 1.3B
Headquarters
Mason, OH
Parent Company Website
Trade Name lenscrafters.com
Luxottica
Tenant Overview
LensCrafters was founded in 1983 with one mission-to be the number one place to go for precision eye care and quality eyewear. Over
30 years later, they have changed the way people see vision care. The companies biggest breakthrough was making prescription
eyeglasses on site within an hour. No other company had come close to that kind of time restraint, which put LensCrafters on the map.
Today, the company works with top eyewear designers in prescription glasses and sunglasses.
Their main focus is the customers needs. The process starts off with a visit with a certified optometrist. They perform a Clarifye exam,
which is a state-of-the-art digital eye exam that gathers five times more information about the patients vision and eye health. The
patient is then free to shop for their one-of-a -kind frames that are custom-fit to them. The prescription lenses are fitted to the frames
within an hour and professionals mold the frames to fit the patient perfectly. It is LensCrafters personalized process that makes them
stand out as one of the top vision are and eyewear corporations.
L e n s C r a f t e r s , M a r y E s t h e r, F L | 7
Parcel Map
The Offering
0 ADT
APN
16-2S-24-0000-0007-0020
41,00
2
±31,79
Blvd
side
College Blvd ± 40,116
GLA
lvd ±
an
Oce
± 6,649 SF
ther B
Es
Lot Size
Mary
± 0.72 Acres
Year Built
1984
8 | Offering Memorandum
Surrounding Tenants
L e n s C r a f t e r s , M a r y E s t h e r, F L | 9A re a
Ove rview
Mar y E sther, F L
Mary Esther is located in Northwest Florida in Okaloosa County. The city is in between Fort Walton Beach and Navarre. There are two Air
Force Bases on either side of the city. The area is named after John Newton’s daughter and has experienced a steady population increase
since the mid-seventies. Once the Santa Rosa Mall was built in 1976, it sparked a commercial building boom along Mary Esther Blvd. The
2.5-mile city has an outstanding population of residents for its size.
Dem ographic s
POPULATION 1 Mile 3 Mile 5 Mile HOUSEHOLDS 1 Mile 3 Mile 5 Mile
2022 Projection 6,395 42,649 72,742 2022 Projection 2,853 18,528 31,879
2017 Estimate 6,149 40,108 68,289 2017 Estimate 2,712 17,267 29,656
2010 Census 5,895 36,609 62,172 Growth 2016 - 2021 5.20% 7.30% 7.50%
Growth 2017 - 2021 4.00% 6.33% 6.52% INCOME 1 Mile 3 Mile 5 Mile
2017 Est. Average
$63,685 $62,103 $65,374
Household Income
10 | Offering MemorandumH url bu r t Fi el d
Hurlburt Field is one of the Air Force bases to the
west of Mary Esther. It is part of the Eglin Air Force
Base reservation, and headquarters of Air Force
Special Operations Command, 1st Special Operations
Wing, USAF Special Operations Schools, Air Combat
Commands, and 505th Command and Control Wing.
The base covers over 6,700 acres and employs 8,000
military personnel.
Eglin Ai r For ce B a s e
Eglin Air Force Base is the larger base next to
Mary Esther. The 96th Test Wing is stationed here
and is the test and evaluation center for Air Force
air-delivered weapons, navigation, and guidance
systems, Command and control systems, and Air
Force Special Operations Command systems.
The base was established in 1935 and was originally
named the Valparaiso Bombing and Gunnery
Base. Today, it serves as the focal point for all Air
Force armaments. Its main responsibilities are in
development, acquisition, testing, deployment, and
sustainment of all air-delivered non-nuclear weapons.
L e n s C r a f t e r s , M a r y E s t h e r, F L | 1 1Panam a Cit y, F l o r i d a As the largest city in northern Florida between Tallahassee and Pensacola, Panama City is located along the Florida “panhandle” on St. Andrews Bay. St. Andrews Bay surrounds much of Panama City, providing a protected harbor for facilities at the growing Port of Panama City complex. 12 | Offering Memorandum
L oc al E conomy
More than ever, Panama City is booming with events and activities. As the county seat of Bay County, Panama City encourages new or
relocating industries and businesses to consider the area for there are many opportunities for growth and development. Panama City’s main
retail center is Pier Park on the beach and Panama City Mall across the Hathaway Bridge in town.
Home to Tyndall Air Force Base and the U.S. Navy’s Naval Support Activity Panama City, two military bases, Panama City has a large federal
government presence with it being the area’s single largest employer. Other major industrial employers include Eastern Shipbuilding Group,
Gulf Power, WestRock, Trane, L-3 Communications, ARINC, and JENSEN-GROUP. Continued economic growth and success can be attributed
to the Port of Panama City and the Panama City and St. Andrew’s Marinas.
Po r t P anam a C i t y
Protected by St. Andrews Bay, Port Panama City is a growing port that handles a wide variety of cargo ranging from standard shipping
containers to delicate cargo. Port Panama City is perfectly situated along Northwest Florida’s Emerald Coast, providing a Gulf Coast gateway
to shippers in Georgia, Alabama, Florida, Tennessee and the Carolinas.
It is the northernmost port in the Gulf of Mexico. Port Panama City’s Foreign-Trade Zone (FTZ) #65 is an integral part of its infrastructure of
services. Representing a major incentive for the establishment of a new industry in the area, FTZ has made Port Panama City the center for
national and international companies with manufacturing, large assembly, and product modification. Combined with the incentives available
through FTZ #65, rates at the port are among the most economical on the Gulf of Mexico and East Coast region; Port Panama City offers an
attractive alternative to industries seeking to expand or relocate to the Gulf Coast region.
L e n s C r a f t e r s , M a r y E s t h e r, F L | 1 3C O N F I D E N T I A L I T Y & D I S C L A I M E R S TAT E M E N T
This Of f e r ing Me m o r a n du m co n t a i n s s e l e ct i nform ati on pertai ni ng to the busi ness and affai rs of LensCrafters located at 251 Mary Esther Blvd, Mary Esther,
FL 32569 (“ P r o p ert y ” ) . It h a s be e n p r e p a r e d by Matthews Real E state Investm ent Servi c es. Thi s Offerin g M emoran d u m may n ot b e all-in clu s ive
o r co nt a in a ll o f t h e i n f o r m a t i o n a p r o s p e ct i ve purc haser m ay desi re. The i nform ati on c ontai ned in t h is Offerin g M emoran d u m is con fid en t ial an d
f urnished so le ly f o r t h e p u r p o s e o f a r e v i e w b y a prospec ti ve purc haser of the Property. It i s not to b e u s ed for an y ot h er pu rpos e or mad e availab le
to any o t he r p er so n w i t h o u t t h e w r i t t e n co n s ent of Sel l er or Matthews Real E state Investm ent Servi ces . Th e mat erial is b as ed in part u pon in format ion
su p p lie d b y t he S e l l e r a n d i n p a r t u p o n f i n a n ci al i nform ati on obtai ned from sourc es i t deem s rel i able. Own er, n or t h eir officers , employees , or agen t s
makes a ny r e p r es e n t a t i o n o r w a r r a n t y, e x p r ess or i m pl i ed, as to the ac c urac y or c om pl eteness of t h is Offerin g M emoran d u m or an y of it s con t en t s
and no leg a l lia b il i t y i s a s s u m e d o r s h a l l be im pl i ed wi th respec t thereto. Prospec ti ve purc hasers s h ou ld make t h eir own project ion s an d form t h eir
o wn c o nc lusio ns wi t h o u t r e l i a n ce u p o n t h e materi al c ontai ned herei n and c onduc t thei r own due diligen ce.
By a c kno w le d g ing y o u r r e ce i p t o f t h i s O f f e r ing Mem orandum for the Property, you agree:
1. T he Of f er in g M e m o r a n du m a n d i t s co ntents are c onfi denti al ;
2. Yo u w ill hol d i t a n d t r e a t i t i n t h e s t r i c test of c onfi denc e; and
3. Yo u w ill no t , di r e ct l y o r i n di r e ct l y, di sc l ose or perm i t anyone el se to di sc l ose thi s O fferi n g M emoran d u m or it s con t en t s in an y fas h ion or
ma nner d e t r i m e n t a l t o t h e i n t e r e s t o f the Sel l er.
Owne r a nd Ma t t h e w s Re a l Es t a t e In v e s t m e nt Servi c es expressl y reserve the ri ght, at thei r sol e d is cret ion , t o reject an y an d all expres s ion s of
inter est o r o f f e r s t o p u r ch a s e t h e P r o p e r t y a n d to term i nate di sc ussi ons wi th any person or enti ty reviewin g t h is Offerin g M emoran d u m or makin g an
o f f er t o p ur c ha s e t h e P r o p e r t y u n l e s s a n d u n ti l a wri tten agreem ent for the purc hase and sal e of the Propert y h as b een fu lly execu t ed an d d elivered .
If y ou w ish no t t o p u r s u e n e g o t i a t i o n s l e a di n g to the ac qui si ti on of the Property or i n the future you d is con t in u e s u ch n egot iat ion s , t h en you agree
to p ur g e a ll ma t e r i a l s r e l a t i n g t o t h i s P r o p e rty i nc l udi ng thi s O fferi ng Mem orandum .
A p r o s p ec t iv e p ur ch a s e r ’s s o l e a n d e xcl u s i v e ri ghts wi th respec t to thi s prospec ti ve transac ti on, th e Propert y, or in format ion provid ed h erein or in
con ne c t io n w it h th e s a l e o f t h e P r o p e r t y s h al l be l i m i ted to those expressl y provi ded i n an exec u t ed Pu rch as e Agreemen t an d s h all b e s u b ject t o
th e t e r ms t her e o f. In n o e v e n t s h a l l a p r o s p ec ti ve purc haser have any other c l ai m s agai nst Sel l er or M at t h ews Real Es t at e I n ves t men t Services or
any o f t heir a f f ilia t e s o r a n y o f t h e i r r e s p e ct ive offi c ers, Di rec tors, sharehol ders, owners, em pl oyee s , or agen t s for an y d amages , liab ilit y, or cau s es
o f act io n r ela t ing t o t h i s s o l i ci t a t i o n p r o ce s s or the m arketi ng or sal e of the Property.
This Of f e r ing Me m o r a n du m s h a l l n o t be de e m ed to represent the state of affai rs of the Property or con s t it u t e an in d icat ion t h at t h ere h as b een n o
ch ang e in t he s t a t e o f a f f a i r s o f t h e P r o p e r t y si nc e the date thi s O fferi ng Mem orandum .Excl us i vel y Li st e d B y
St ee l e McD o n a l d
Associate
Stee le.McDo nald@matthe ws.co m
DIR (214) 692-2265
MO B (615 ) 417-3631
LIC # 694333 (TX)
Brad e n C ro cke tt
Associate VP & Director
Brade n.Crocke tt@matthe ws.com
DIR (214) 692-2040
MO B (714) 345-6206
LIC # 01946071 (CA)
Kyle Matthews
Broker of Record
Lic # CQ1052263 (FL)
LensCrafters
2 5 1 M a r y E s t h e r B l v d | M a r y E s t h e r, F L
™
L e n s C r a f t e r s , M a r y E s t h e r, F L | 1 5You can also read
