NNN Leased Investment Opportunity Petco - Plantation, Florida
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NNN Leased Investment Opportunity
Petco - Plantation, Florida
May Realty Advisors, 15206 Ventura Blvd #302, Sherman Oaks, CA 91403 | 818.528.3999 | CA DRE #00912472
Confidentiality & Conditions
This investment brochure was prepared by May Realty Advisors and has been reviewed by representatives of the Ownership. It contains select
information pertaining to Petco 8111 West Broward Blvd. Plantation, Florida 33325 and does not purport to be all inclusive or to contain all of the
information which prospective purchasers may desire. It should be noted that all financial projections are provided for general reference purposes,
only in that they are based upon assumptions relating to the general economy and other factors beyond the control of Owner, and therefore, are
subject to material variation. Additional information and an opportunity to inspect the property will be made available to interested and qualified
prospective purchasers. Neither the Owner nor May Realty Advisors nor any of their respective officers or agents make any representation or
warranty, expressed or implied, as to the accuracy or completeness of this investment brochure or any of its contents, and no legal commitments
or obligations shall arise by reason of this brochure or its contents.
Certain documents in this investment brochure are described in summary form. The summaries do not purport to be complete nor necessarily
accurate descriptions of the full agreements involved, nor do they purport to constitute a legal analysis of the provisions of the documents.
Interested parties are expected to independently review all such documents. The terms and conditions stated in this section will relate to all
sections of the brochure as if stated independently therein. Buyer shall complete their own investigation and not rely upon broker or owner.
It is essential that all parties to real estate transactions be aware of the health, liability and economic impact of environmental factors on real
estate. May Realty Advisors does not conduct investigations or analysis of environmental matters, and accordingly, urges its clients to retain
qualified environmental professionals to determine whether hazardous or toxic wastes or substances, or other undesirable materials or conditions
are present at the property, and if so, whether any health danger or other liability exists. Various federal, state and local laws and regulations have
been enacted dealing with the use, storage, handling, removal, transport and disposal of toxic or hazardous wastes and substances.
Consequently, legal counsel and technical experts should be consulted where these substances are or may be present.
The Owner expressly reserves the right, at their sole discretion, to reject any or all expressions of interest or offer to purchase the property and/or to
terminate discussions with any entity at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity
reviewing this investment brochure or making an offer to purchase the property, unless and until a written commitment to purchase the property
has been fully executed, delivered and approved by Owner and any conditions to Owner's obligations there under have been satisfied or waived.
By receipt of this investment brochure, you agree that its contents are of a confidential nature, that you hold and treat it in the strictest
confidence, and that you will not disclose this brochure or any of its contents to any other entity without the prior written authorization of May
Realty Advisors, nor will you use this brochure or any of its contents in any fashion or manner detrimental to the interest of the Owner. This brochure
shall not be deemed an indication of the state of affairs of the Owner nor constitute an indication that there has been a change in the business or
affairs of Owner since the date of preparation of this investment brochure. For additional information, please contact: Matthew May and/or Adam
Fisher with May Realty Advisors at (818) 528-3999. Outside Brokerage fees shall be paid by Buyer. Contact with the Tenant’s is expressly prohibited
without prior authorization from Owner or May Realty Advisors.
Petco - Plantation, FL
Table of Contents
SECTION I: EXECUTIVE SUMMARY
Offering Summary
Investment Highlights
SECTION II: PROPERTY OVERVIEW
Physical Description & Parcel Map
Tenant Profile
SECTION III: LOCATION HIGHLIGHTS
Location Photos
Area Photos
Trade Area Overview
Regional Map
Demographics
Petco - Plantation, FL
Offering Summary
Location: 8111 West Broward Boulevard
Plantation, Florida 33324
Price: $7,000,000
Capitalization Rate: 7.5%
Annual Rent: $526,388.84**
Annual Rent PSF: $23.72**
Building Price PSF: $318.00
Lease Expiration: October 31, 2018
Net Rentable Area: 22,000 Square Feet
Year Built/Renovated: 1994/2004
Lot Size: 2.78 acres
Financing: Cash to new loan or Assumable
Conduit Loan at 5.6%
New loan proposed @4.25%
by Capstone Financial
**Annual rent effective December 2014.
Section I: Executive Summary
Investment Highlights
Single-tenant lease with Toy’s R Us taking responsibility for management.
Dominant retailer for their industry.
Located in a high traffic area of tremendous commercial and residential growth.
Across from Westfield Broward Mall, a 1,000,000sf regional mall anchored by Macy’s, Sears, Dillard’s, JC Penney’s and
Regal Cinemas 12, with strong sales that well exceed industry average.
Adjacent to 321 NORTH, a $350M upscale hotel, retail, residential and office development project.
Includes a First Right of Refusal to acquire adjoining Toys “R” Us Fee Simple Interests.
Close proximity to the International Fort Lauderdale Airport.
Strong household income average of $80,403.
An estimated 49% of the adult population, age 25+, have a college degree (35% above the national average).
Upside potential based upon shortage of comparable properties for lease, strong growth of residential and mixed-
use projects adjacent to the site and within the Midtown Redevelopment area.
Midtown 24 (a 227 unit apartment building) is set to begin construction soon, bringing more traffic to the area.
Section I: Executive Summary
Physical Description & Parcel Map
Property Name: PETCO – Plantation, Florida
Address: 8111 West Broward Boulevard
Plantation, Florida 33324
County: Broward
Year Built: 1994
Year Remodel: 2004
Title: Fee Simple
Building Type: Freestanding Common Wall Retail Box
Building Class: Class A Leased Asset
Size (GLA): 22,000 Square Feet
Roof System: In 2010, Owner invested approximately $50,000 for renovation of the roof.
Owner was provided with 10 year warranty.
HVAC: Individual roof mounted central air-conditioning
Lease Summary: Type: NNN
Initial Term: 14 years
Commencement: 12/16/04
Annual Rent: $435,007 ($19.77 per SF)
Escalations: Approximately 3% per year
Renewal Options: Three 5‐year options at 110% of rent during last year of previous
term.
Section II: Property Overview
Physical Description & Parcel Map
The property is part of a two‐tenant 62,520sf retail building on a ±5.6‐acre site situated on the north side of West Broward Boulevard. The site
was developed in 1990 with the existing improvements. The 22,000sf property, formerly a Kids “R” Us, shares a common wall with Toys “R” Us,
it’s owner. Toys “R” Us and the original owner (TRI‐ DB Pets II, LLC) applied to the City of Plantation to subdivide the premises and the
common areas to create a separate parcel with fee simple interest, which comprises a 22,000sf one story retail box situated on ±2.477
acres of land. Pending the creation of a separate parcel for the property, Toys “R” U s and TRI‐DB Pets II, LLC entered into a ground lease
dated September 17, 2004 and a Reciprocal Easement Agreement (REA) simultaneously executed by the parties. The REA grants
reciprocal easements for pedestrian and vehicular ingress and egress over common curb cuts, roadways, walkways, utility lines and
parking spaces.
Section II: Property Overview
Tenant Profile
Petco is a leading pet-specialty retailer
Founded in 1965 in San Diego
1, 300+ stores serving all 50 United States, Puerto Rico and Mexico
100+ Unleashed by Petco stores
10 Pooch Hotel locations
More than 25,000 associate partners nationwide
More than 10,000 different pet-related products for dogs, cats, fish, reptiles,
amphibians, birds and small animals
Complete pet care and services, including:
Petco Park, San Diego, CA
Grooming
Dog training
In-store vaccination clinics
Daycare and luxury pet boarding services available through Pooch
Hotel
The Petco Foundation, an independent nonprofit organization, has raised
more than $125 million since it was created in 1999 to help promote and
improve the welfare of companion animals. In conjunction with the
Foundation, Petco works with and supports thousands of local animal-
welfare groups across the country and, through in-store adoption events,
help find homes for more than 400,000 animals every year.
Source: www.petco.com
Section II: Property Overview
Location Photos
Section III: Location Highlights
Area Photos
Section III: Location HighlightsArea Photos
Section III: Location HighlightsArea Photos
Section III: Location HighlightsTrade Area Overview
WESTFIELD BROWARD MALL
W. BROWARD (46,316 CPD)
SITE
S. PINE ISLA
SW 82
S.
321 NORTH DEVELOPMENT
N
U
D AVE
NI
ND RD (53,99
VE
RSIT
WESTSIDE REGIONAL
(7,321
Y
MEDICAL CENTER
DR
. (6
CPD)
2,0
CPD) 2
36
CP
D)
LEGEND
RESIDENTIAL N
COMMERCIAL
VERANDA CONDOMINIUMS
Section III: Location HighlightsTrade Area Overview
ONE PLANTATION PLACE
INTERSTATE 595 (18
$93M Residential Development 5,622 CPD) CROSSROADS RESIDENCES
321 Units **Proposed**
$52M Residential Development
ONE PLANTATION SHOPS
MIDTOWN 24, PHASE II
$48M Residential Development
227 Units
S. UNIVERSITY
THE FOUNTAINS JACARANDA GOLF CLUB
S.
PIN
EI
SL
AN
D
RD
DR. (62,036 CPD)
(53
,99
2C
PD
)
SITE
W. BROWARD (46,316 CPD)
WESTFIELD BROWARD MALL
SW 82N
D AVE (7
WESTSIDE REGIONAL
MEDICAL CENTER
,321 CP
321 NORTH DEVELOPMENT
$350M Mixed Use Redevelopment
D)
500,000 SF Retail/Restaurant/Entertainment
160,000 SF Office Use
600 Residential Units
264 Hotel Rooms
Anticipated Opening, Fall 2017
VERANDA CONDOMINIUMS
LEGEND
RESIDENTIAL THE MANOR AT PLANTATION
$39.5M Residential Development N
COMMERCIAL 197 Units
Section III: Location HighlightsTrade Area Overview
Petco is in good company. The Property is nestled between Westside Regional Medical Center, Westfield Broward Mall and a $350M
mixed-use redevelopment project, 321 North.
Westfield Broward Mall Westside Regional Medical Center
Westfield Broward Mall Westside Regional Medical Center
A single level 1,000,000sf regional shopping mall located The regional medical center is owned and operated by HCA
directly across the street from the Property. The mall is which is the largest operator of hospitals in Florida and one of the
anchored by Sears, JC Penney, Macy’s, Dillard’s and a new
largest in the US. Westside Regional Medical Center contributes
Regal Cinemas 12 in addition to over 120 retailers and
over $112M to the community and drives an estimated 200,000
restaurants. Westfield’s capital commitment and renovation of
the Mall in 2013 reflects their long-term commitment to the trips to the site, which benefits the Property by providing exposure
market and the retailer’s belief in the trade area. and attracting future business.
Section III: Location HighlightsTrade Area Overview
321 North
321 North is a $350,000,000 live, work, dine, shop, play and stay destination
that is unique to South Florida. The project integrates the existing hotel with
new, high-end dining and entertainment offerings, high-quality offices, and
residences.
Location: 321 North University Drive
Plantation, Florida 33324
Size: 500,000 SF of Retail, Restaurant &
Entertainment Space
160,000 SF of Office Space
Residential/Hotel: 600 Residential Units
264 Room Hotel
Parking: 5,000 Parking Spaces
Type: Mixed-Use
Anticipating Opening: Fall 2017
321 North will create a new destination for an upscale consumer in the
center of a retail void in one of Southern Florida’s most lucrative retail market.
Section III: Location HighlightsTrade Area Overview New Residential Developments
INTERSTAT
E 595 (185,62 CROSSROADS RESIDENCES
2 CPD)
Proposed $52M Residential Development
227 Units
S.
S. UNIVERSITY
PI
NE
IS
L AN JACARANDA COUNTRY CLUB
D HOMES
RD
(53
,99 128 Single Family Residences
DR. (62,036 CPD)
2C
PD
)
ONE PLANTATION PLACE
$93M Residential Development
321 Units SITE
W. BROWARD (46,316 CPD)
MIDTOWN 24, PHASE II
$48M Residential Development
227 Units
VERANDA CONDOMINIUMS
THE MANOR AT PLANTATION
$39.5M Residential Development N
197 Units
Section III: Location HighlightsTrade Area Overview
Plantation’s Midtown District
Plantation’s Midtown District has new construction on a mixed-use development with numerous
“green” features at the southern gateway to Plantation’s Midtown District – a positive step for
Broward’s real estate market.
Stile’s Construction will be in charge of the project and have expected completion of the
residential community by June 2013, and the approximate completion date for the retail center’s
redevelopment is early 2014.
“We foresee continuing, strong demand for amenity-rich rental residences just steps away from
shopping, dining, services and entertainment,” said Eagon. “A Stiles partnership acquired the site
several years ago, recognizing its potential as a cornerstone location in the City of Plantation’s
vision for Midtown. We’re pleased to partner with PREI on this venture.” The partnership has
obtained $40.6 million in construction financing from PNC Bank.
The residential component, “One Plantation,” will be a gated apartment community on a 5.5-acre
site, with two 12-story towers offering a total of 321 residences. Stiles Construction is building the
residential complex, which is one of Broward County’s first multifamily rental communities designed
to achieve Leadership in Energy and Environmental Design (LEED) certification from the U.S. Green
Building Council. There will be one-, two- and three-bedroom residences, as well as a 15,600-
square-foot clubhouse and a residential parking garage.
The mixed-use development’s commercial component will reconfigure and renovate the existing
University Shoppes retail and office center, to create a more appealing customer environment
with easier access and improved traffic flow. Stiles Architectural Group designed the 65,000sf
renovation on a 9.5-acre site just north of the new apartment community.
The popular commercial center will remain in operation throughout the phased renovation and
reconstruction period, according to Eagon. Tenants include McDonald’s, which will move to a
new building within the center, plus Goodyear, FedEx, and International House of Pancakes
(IHOP). Construction of the multi-phase retail renovation is expected to begin later this spring, and
Stiles Realty is targeting additional local, regional and national tenants.
Section III: Location HighlightsRegional Map
N
3 MILE
5 MILE
3 MILE
5 MILE
10 MILE
10 MILE
Section III: Location HighlightsDemographics
2014 DEMOGRAPHICS 3 MILES 5 MILES 10 MILES
POPULATION
2014 Population 137,281 381,392 1,250,606
2019 Projection 144,766 403,227 1,325,146
EST. MEDIAN AGE 40.4 38.5 39.7
EST. NO. OF HOUSEHOLDS
2014 Households 55,139 144,840 487,393
2019 Projection 58,059 153,016 516,006
EST. AVERAGE HOUSEHOLD INCOME $70,841 $62,828 $65,503
EST. HOUSEHOLDS WITH INCOME $75,000+ 18,205 41,165 144,423
DAYTIME POPULATION 51,406 129,941 520,314
STRONG HOUSEHOLD INCOME
Plantation has an average household income of $80,403.
13% above the national average
19% above Broward County
26% of the households earn $100,000+
HIGHLY EDUCATED POPULATION
An estimated 49% of the adult population, age 25+, have a college degree (35% above the national average)
Section III: Location HighlightsFOR MORE INFORMATION,
PLEASE CONTACT:
EXCLUSIVE LISTING
BROKER
Matthew M. May
President
matthew@mra.la
Richard Huelsman
Managing Director
richard@mra.la
MAY REALTY ADVISORS
15206 VENTURA BLVD, SUITE 302
SHERMAN OAKS, CA 91403
(888) 805-8188
LOCAL BROKER
Robert Salgado
FHR and M
184 State Road 312
St. Augustine, FL 32086
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