5206 73rd Lane east | Bradenton, FL · • Excellent access and exposure along East S.R. 70 with an...

5206 73rd Lane east | Bradenton, FL

Capital Markets | Net Lease PropertiesREPRESENTATIVE PHOTO oFFerInG MeMorandUM

TWELVE OAKS PLAZA

E STATE ROAD 70 | 61,000 AADT

E STATE ROAD 70 | 61,000 AADT

CREEKWOOD CROSSING

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EXCLUSIVELY MARKETED BY

MARK DRAZEKSenior Vice PresidentCapital Markets | Net Lease Properties

+1 407 496 [email protected]

CBRE, Inc. | Licensed Real Estate Broker

RAY ROMANOFirst Vice PresidentCapital Markets | Net Lease Properties


© 2020 CBRE, Inc. All Rights Reserved.

EAST S.R. 70 | 61,000 AADT

EAST S.R. 70 | 61,000 AADT

Manatee Technical College

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4INVESTMENT

SUMMARYPARCEL IMAGE

5AERIAL

6AERA OVERVIEW

7DEMOGRAPHICS

& MAPS

9TENANT

OVERVIEW

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Investment Highlights• Absolute NNN fee simple ground lease with no landlord obligations

• 12.5% rent increases every 5 years

• Chick-fil-A has the highest average store sales in the QSR industry

• Affluent and high growth area

• Excellent access and exposure along East S.R. 70 with an AADT of 61k vehicles

• Just 1/3 of a mile from the Interstate 75 interchange

• Florida has NO STATE INCOME TAX

The CBRE Net Lease Property Group is pleased to exclusively offer this freestanding Chick-fil-A ground lease situated on 1.45+ acres in the affluent and high growth Sarasota/Bradenton submarket just off of Interstate 75 and in close proximity to the master planned community of Lakewood

Ranch, one of the country’s fastest growing communities. This master-planned 31,000 acre community is located in Sarasota and Manatee counties and includes a collection of distinct villages and over 12,000 homes, from condos and townhomes to cottages and custom estates.

Chick-fil-A’s 20-year absolute NNN ground lease was extended for 10 years in 2016 and features 10.5 years of primary term remaining and four 5-year options to renew. The lease includes attractive 12.5% rent increases every 5 years during the initial term and at each renewal option period. The property is ideally situated in front of the Creekwood Crossing Shopping Center (397,197 square feet anchored by Lowe’s, Bealls and Big Lots) with excellent access and visibility along East State Road 70 (Avg. Daily Traffic of 61,000) and just 1/3 of a mile from the Interstate 75 interchange (Avg. Daily Traffic of 123,500). Other retailers in the immediate area include Publix, Walmart Supercenter, CVS, Starbucks, Regions Bank, Tire Kingdom, Bank of America and Texas Roadhouse to name a few.

The site also benefits from being in close proximity to several schools (Braden River High School, Braden River Middle School, Manatee Technical College and Lakewood Ranch High School) with a combined count of over 7,300 students.

Investment SummaryPRICE: $3,434,000

ANNUAL RENT: $137,360*

CAP RATE: 4.00%

TENANT: Chick-fil-A, Inc.

RENTAL INCREASES: 12.5% every 5 years including options

INITIAL LEASE TERM: 20 years, extended by 10 years in 2016

REMAINING LEASE TERM: 10 years, 8 months (through Jan 31, 2031)

OPTIONS: (4) 5-year renewal options

LANDLORD OBLIGATIONS: None, Absolute NNN

EXISTING FINANCING: None

BUILDING SIZE: 4,500 SF

LAND SIZE: 1.45 Acres

PARKING SPACES: 57 (12.67 per 1,000 SF)

YEAR BUILT: 2001

DRIVE-THRU LANES: 2

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Investment Summary

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UUNIVERSITY PARKWAY | 20,500 AADTNIVERSITY PARKWAY | 20,500 AADT

UUNIVERSITY PARKWAY | 50,500 AADTNIVERSITY PARKWAY | 50,500 AADT

The Mall at University Town

Center

EAST S.R. 70 | 61,000 AADT

EAST S.R. 70 | 61,000 AADT

Lakewood Ranch

Manatee Technical College

Braden River High School

Lakewood RanchHigh School

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AerialSITE

North Port | Sarasota | Bradenton MSA

The North Port-Sarasota-Bradenton metropolitan area is the 10th fastest-growing metropolitan area in the U.S., according to estimates released by the U.S. Census Bureau. The tri-city metro area was home to 788,457 people as of July 1, 2016. That’s an increase of 2.7 percent, or 20,444 people, from the prior July.

MANATEE COUNTY

Manatee County is located on Florida’s breathtaking Gulf Coast. It is bordered by Tampa Bay and St. Petersburg to the north, Hardee and DeSoto counties to the east and Sarasota to the south. The beautiful beaches of Anna Maria Island fade into the Gulf of Mexico to the west.

Manatee County – so named for the slow-moving sea cow known as the manatee – was founded in 1855 and included a vast expanse of more than 5,000 square miles. That huge area was eventually divided into seven different counties, leaving Manatee County at 741 square miles.

The County seat and the largest municipality in Manatee County is Bradenton. Manatee County has five other municipalities, including the City of Anna Maria, Bradenton Beach, Holmes Beach, the Town of Longboat Key and Palmetto. About 315,000 people call Manatee County home.

Manatee County’s top industries are tourism and agriculture. Tomatoes, strawberries and peppers are our highest-grossing crops. Bealls Department Store is headquartered in Bradenton. Tropicana is one of the top employers in the County. Commercial fishing is found, especially in the Village of Cortez.

BRADENTON

The nine communities of the Bradenton Area offer the dream combination of friendly, small-city living in a warm, sunny climate with sophisticated amenities. Perfectly situated just south of Tampa Bay and north of Sarasota, the Bradenton Area is easily accessible by major highways and three international airports.

With its miles of coastline along the Gulf of Mexico, Sarasota Bay, Tampa Bay and the Manatee River, this unique Southwest Florida region has abundant recreation for enthusiasts of sun, sea and sand. Certainly, the relaxed lifestyle is key to the region’s quality of life and a reason so many residents choose to make this place home. But the Bradenton Area also is rich in the quality of its educational offerings, housing, emerging arts and culture scene, and a sporting life that attracts active people with growing businesses who want and need big-city services and features.

distance to

145Jacksonville

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6.5Downtown

Orlando

miles 80Tampa

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61Daytona

Beach

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228Miami

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14Winter Park

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Area Overview

LAKEWOOD RANCH

Lakewood Ranch is part of the thriving Tampa Bay Region, forecasted to be the fastest growing region in the state over the next decade. The immediate surrounding area of Sarasota and Bradenton is also the 10th fastest-growing metro area in the country and home to sunny beaches, world-class shopping and dining and a wealth of cultural attractions. The region is home to five major industry clusters: Infotech; Life Sciences; Sports Performance; Aviation, Aerospace & Defense; Advanced Manufacturing.

As of July of 2018, Lakewood Ranch is the second fastest-selling residential community in the country according to a survey by RCLCO, a real estate consulting firm based in Maryland. This master-planned 31,000-acre community was started in 1994 and is located in Sarasota and Manatee counties. It has consistently been named as one of the fastest growing communities in the country over the last several years and it includes a collection of distinct villages and over 12,000 homes, from condos and townhomes to cottages and custom estates. It’s also home to 1,349 businesses. Find more details at www.lakewoodranch.com

The Green - a mixed 525,000 mixed-use development by Tavistock Development anchored by LA Fitness.

Core Campus - Lakewood Ranch’s planned 305-acre, health care and life-scienced themed business park. wwwcorelwr.com

Waterside - 5,100 hone development on 2,000 acres currently under development.www.lwrwaterside.com

Some recent major residential & commercial development within Lakewood Ranch include:

LAKEWOOD RANCH BY THE NUMBERS

30,555 Residents

12,125 Existing Homes

$117,229 Average Income

80,000 Projected Population

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Area Overview

HoUseHoLds 1 MILe 3 MILe 5 MILe

Households 2010 (Census) 1,928 13,343 38,563

Households 2019 (estimate) 2,231 15,947 50,574

Households 2024 (Projected) 2,484 17,745 56,968

Historical annual Growth

2010-2019 1.59% 1.95% 2.97%

Projected annual Growth

2019-2024 2.17% 2.16% 2.41%

HoUseHoLd InCoMe 1 MILe 3 MILe 5 MILe

2019 average $99,784 $100,759 $97,574

2019 Median $77,727 $77,485 $75,415

2019 aGe rePort 1 MILe 3 MILe 5 MILe

Median age 57.10 55.00 50.30

PoPULatIon 1 MILe 3 MILe 5 MILe

Population 2010 (Census) 4,034 30,235 91,571

Population 2019 (estimated) 4,625 35,871 120,200

Population 2024 (Projected) 5,156 39,923 135,652

Historical annual Growth

2010-2019 1.49% 1.87% 2.98%

Projected annual Growth

2019-2024 2.20% 2.16% 2.45%

2019 PoPULatIon BY raCe 1 MILe 3 MILe 5 MILe

White 4,212 32,011 102,280

Black 127 1,066 7,389

asian 132 1,397 4,138

american Indian & alaskan native 10 79 288

Pacific Islander 3 28 93

other race 64 709 3,376

two or More races 77 581 2,637

Hispanic & non-Hispanic

Hispanic 344 3,004 13,400

White non-Hispanic 3,967 29,920 93,213

1-3-5 Mile Radius

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Demographics

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Location Maps

Chick-fil-A, Inc. is an American fast food restaurant chain headquartered in the Atlanta suburb of College Park, Georgia. The company specializes in chicken dishes offering chicken entrees, sandwiches, and salads, as well as breakfast, desserts, and beverages among others. With 51 consecutive years of positive sales growth, Chick-fil-A has set itself apart by its innovative and unique marketing techniques and delicious products – including the ever-popular Chick-fil-A chicken sandwich. With its first restaurant opening in 1946, Chick-fil-A has steadily grown to become the largest quick-service chicken restaurant chain in the United States, based on domestic annual sales. The company has over 2,400 locations in 47 states and Washington, D.C. with annual sales exceeding $10 billion. Furthermore, Chick-fil-A leads the quick service restaurant industry in per-store gross sales at $5.7 million. With its story beginning in a shopping mall, Chick-fil-A is recognized as the pioneer in quick service mall food. Chick-fil-A still considers mall-based restaurants an integral part of its business with nearly 235 major shopping mall restaurants in operation today. However, in response to customer demand for convenience and accessibility, Chick-fil-A began opening stand-alone restaurants in high traffic locations starting in 1986. The chain now has over 1,539 stand-alone locations. As one of the most successful quick service restaurants, Chick-fil-A franchises are always in high demand with the company receiving 10,000 to 25,000 applications from potential franchise operators for the 75-80 stores they open each year.

www.chick-fil-a.com

REPRESENTATIVE PHOTO

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Tenant Description

AFFILIATED BUSINESS DISCLOSURECBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).

CONFIDENTIALITY AGREEMENTYour receipt of this Memorandum constitutes your acknowledgement that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.

DISCLAIMERThis Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained

from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.

The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.

© 2020 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. Any projections, opinions, or estimates are subject to uncertainty. The information may not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.

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Disclosures

MARK DRAZEKSenior Vice President Capital Markets | Net Lease Properties


CBRE, Inc. | Licensed Real Estate Broker

RAY ROMANOFirst Vice President Capital Markets | Net Lease Properties


PrePared BY

REPRESENTATIVE PHOTO

CBRE, Inc. | Licensed Real Estate Broker | © 2020 CBRE, Inc. All Rights Reserved

5206 73rd Lane east | Bradenton, FL · • Excellent access and exposure along East S.R. 70 with an...

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