OFFERING MEMORANDUM Capital Markets | Net Lease Properties · 2018-10-23 · 9 WAWA | BRADENTON,, L...
Transcript of OFFERING MEMORANDUM Capital Markets | Net Lease Properties · 2018-10-23 · 9 WAWA | BRADENTON,, L...
10807 SR 64 E, BRADENTON, FL 34212
OFFERING MEMORANDUM Capital Markets | Net Lease Properties
REPRESENTATIVE PHOTO
SR 64 (39,500 AADT) SR 64 (29,500 AADT)
Upp
er M
anat
ee R
iver
Rd
(10,
005
AA
DT)
Lake
woo
d Ra
nch
Blvd
(17
,114
AA
DT)
64
64
Lakewood Ranch Plaza
Imagine School at Lakewood
Ranch
GATEWAY CORPORATE
CENTER
FREEDOM ELEMENTARY
SCHOOL
CARLOS E HAILE MIDDLE SCHOOL
(118,000 AA
DT)
MARK DRAZEKSenior Vice President Capital Markets | Net Lease Properties
+1 407 839 [email protected]
© 2018 CBRE, Inc. All Rights Reserved.
RAY ROMANOFirst Vice President Capital Markets | Net Lease Properties
+1 407 404 [email protected]
CBRE, Inc. Licensed Real Estate Broker
EXCLUSIVELY MARKETED BY:
CLICK FRAME TO SEE PROPERTY VIDEO
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WAWA | BRADENTON,, FL
SR 64 (29,500 AADT)
INVESTMENT SUMMARY
investment highlights• Brand new 20 year absolute NNN WAWA ground lease located in the
second fastest-selling residential community in the country
• Investment grade credit – Fitch rating: BBB
• Fixed rental increases throughout entire lease term and options
• No landlord management obligations
• High income location with average HHI of over $100K
• High traffic hard corner signalized intersection with 49,500 carsdaily
• Large efficient parcel with excellent access and exposure
• No debt to assume – Able to pay all cash
• Florida has NO STATE INCOME TAX
investment summaryPRICE: $3,623,000
ANNUAL RENT: $168,455
CAP RATE: 4.65%
TENANT: Wawa Florida, LLC
GUARANTOR: Wawa, Inc.
RENTAL INCREASES: 8% every 5 years starting at year 11 and including options
LEASE TERM: 20 years
OPTIONS: (6) 5-year options
EST. RENT COMMENCEMENT: November 2018
LANDLORD OBLIGATIONS: None – Absolute NNN ground lease
EXISTING FINANCING: No debt to assume
BUILDING SIZE: ± 6,119 SF
LAND SIZE: 1.80± acres
PARKING SPACES: 48 spaces (7.8/1,000 SF)
YEAR BUILT: 2018
CBRE is pleased to present this new 20-year absolute NNN Wawa ground lease located in one of America’s fastest growing communities. 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 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. This store is scheduled to open in November of 2018 and consists of an 6,119+ SF building on 1.8 acres at the NW hard corner signalized intersection of State Road 64 & Lakewood Ranch Blvd. This property sits directly across the street from a Walgreens, CVS and the Lakewood Ranch Publix shopping center. With tremendous visibility and access along with average household incomes of over $100K and traffic counts of 49,500 cars daily, this is a prime SW Florida location. The lease is absolute NNN with no landlord management obligations and offers fixed rental increases every five years throughout the initial term and renewal options.
REPRESENTATIVE PHOTO
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WAWA | BRADENTON, FL
PROPERTY DESCRIPTION
property descriptionLOCATION
10807 SR 64 E Bradenton, Florida 34212
BUILDING AREA
The subject consists of one (1) retail building totaling approximately 6,119 SF of net rentable area.
2017 FDOT TRAFFIC COUNTS
SR 64 39,500 AADT
Lakewood Ranch Blvd. 17,114 AADT
SITE
The subject is located at the signalized intersection of State Road 64 and Lakewood Ranch Boulevard in Bradenton, Florida.
LAND AREA
The Property consists of one (1) parcel totaling approximately 1.80 acres of land area.
PARKING
The Property provides 48 parking stalls which equates to 7.8/1,000 SF parking ratio.
REPRESENTATIVE PHOTO
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WAWA | BRADENTON,, FL
VIEW SOUTHEAST
SR 64 (39,500 AADT)
Upper Manatee River Rd (10,005 AADT)
Lakewood Ranch Blvd (17,114 AADT)
Lakewood Ranch Plaza
SR 64 (29,500 AADT)
GATEWAY CORPORATE
CENTER
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VIEW EAST
Upper Manatee River Rd (10,005 AADT)
SR 64 (39,500 AADT)
SR 64 (29,500 AADT)
Lakewood Ranch Plaza
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WAWA | BRADENTON,, FL
VIEW NORTH
Upper Manatee River Rd (10,005 A
ADT)
SR 64 (39,500 AADT)
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VIEW NORTHWEST
Upper Manatee River Rd (1
0,005 AADT)
SR 64 (39,500 AADT)
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5' WIDEROCK BED
FUEL PRICING SIGNMAX. 60 SQ. FT.MAX HEIGHT 8'
4'x4' AIRPUMP PAD
E-STOP
TRANSFORMERPAD AND CTCABINET
30' 20'
10' 10'
27'
20'
28'
30'
30'
5' 12' 10'
20'
62.5'
14'34'
55'
130'
12.5'
30'
42.5'
PROPOSEDLOT LINE
5'11
'
DUMPSTERENCLOSURE LOCATION
ICE BOX
BIKE RACK(IF REQ.)
RAISED LANDSCAPEPLANTER (TYP.)
30'
25'
50'
8'x6' VENTSTACK PAD
34'
29.6'
163.8'
20'
20.2'
22.6'
S88°26'21"W 195.51'
S44°4
6'10"W
56.11
'
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°41'
44"W
2
94.9
5'
S89°20'15"E 234.77'
N00
°37'
51"E
3
42.8
2'
OFFSITE SIGN
CONSTRUCTIONNOT APPROVED FOR
3820 NORTHDALE BLVD., SUITE 300BTAMPA, FLORIDA 33624
Phone: (813) 812-4100Fax: (813) 812-4101
FLORIDA BUSINESS CERT. OF AUTH. No. 30780
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REVISIONS
REV DATE COMMENT BY
LOCATION OF SITE
FOR
PROJECT No.:DRAWN BY:CHECKED BY:DATE:SCALE:CAD I.D.:
SHEET NUMBER:
SHEET TITLE:
PROJECT:
G:\2015\FLT150197-SHAGBARK-SR 64 & UPPER MANATEE\DRAWINGS\EXHIBITS\64&LWRANCH-LEASE EXHIBITS-2015-11-25.DWG PRINTED BY: AZIONS 12.
CTWGRR
8/3/2015AS NOTEDCONCEPT
GOVERNANCEPLAN
WAWA
NWC S.R. 64 &UPPER MANATEE RIVER RD
SKETCHPLAN
B
It's fast. It's free. It's the law.
www.callsunshine.com
VICINITY MAPN.T.S.
1"= 30'
0 307.51530
SITE DATA TABLEJURISDICTION MANATEE COUNTY
SITE AREA 1.80± ACRES
BUILDING AREA 6,119 SF
CURRENT ZONING GC (GENERAL COMMERCIAL)
PROPOSED ZONING GC (GENERAL COMMERCIAL)ADMINISTRATIVE PERMIT FOR GAS SALES
FRONT SETBACK (ROW) 25 FEET
SIDE SETBACK 10 FEET
REAR SETBACK 15 FEET
FRONT YARD BUFFER (ROW) 20 FEET
SIDE / REAR YARD BUFFER 10 FEET
MINIMUM OPEN SPACE 15%
MAXIMUM F.A.R. 0.25
REQUIRED PARKING 29 SPACES (1 SPACE / 200 SF)
PARKING PROVIDED (TOTAL) 48 SPACES (INCLUDING 3 ADA)
ZONE A 24 SPACES (INCLUDING 3 ADA)
ZONE B 20 SPACES
ZONE C 4 SPACES
BUILDING TYPE F85 F/B
CANOPY CONFIGURATION STACKED
CANOPY TYPE SLOPED
#MPD'S 8
NOTES:1. THE CONCEPT REPRESENTED HEREIN IDENTIFIES A DESIGN CONCEPT RESULTING FROMLAYOUT PREFERENCES IDENTIFIED BY OWNER COUPLED WITH A PRELIMINARY REVIEW OFZONING AND LAND DEVELOPMENT REQUIREMENTS AND ISSUES. THE FEASIBILITY WITHRESPECT TO OBTAINING LOCAL, COUNTY, STATE, AND OTHER APPLICABLE APPROVALS ISNOT WARRANTED AND CAN ONLY BE ASSESSED AFTER FURTHER EXAMINATION ANDVERIFICATION OF SAME REQUIREMENTS AND PROCUREMENT OF JURISDICTIONALAPPROVALS.
2. THE CONCEPTUAL PLAN IS PREPARED FOR CONCEPTUAL PRESENTATION PURPOSESONLY AND IS NOT INTENDED FOR UTILIZATION AS A ZONING AND/OR CONSTRUCTIONDOCUMENT. THE EXISTING CONDITIONS SHOWN HEREON ARE BASED UPON INFORMATIONTHAT WAS SUPPLIED TO BOHLER ENGINEERING AT THE TIME OF PLAN PREPARATION ANDMAY BE SUBJECT TO CHANGE UPON AVAILABILITY OF ADDITIONAL INFORMATION.
SITE
ACCESS TOCOMMON DRIVE
COMMON DRIVEWAY
SITE PLAN
N
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WAWA | BRADENTON, FL
distance to
13Downtown
Sarasota
miles37 St. Petersburg
miles 58Tampa
miles
123Orlando
miles
168West Palm
miles
232Miami
miles
AREA OVERVIEW
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.
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.
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WAWA | BRADENTON,, FL
AREA OVERVIEW
Lakewood Ranch
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.
Some recent major residential & commercial developments within Lakewood Ranch include:
The Green – a 525,000 mixed-use development by Tavistock Development anchored by Earth Fare & LA Fitness.
Core Campus – Lakewood Ranch’s planned 305-acre, health care and life-sciences themed business park. www.corelwr.com
Waterside – 5,100 home development on 2,000 acres currently under development. www.lwrwaterside.com
LAKEWOOD RANCH BY THE NUMBERS
30,555 Residents
12,125 Existing Homes
$117,229 Average Income
80,000 Projected Population
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DEMOGRAPHIC BRIEF
10807 SR-64 E 1 MILE 3 MILES 5 MILES
2018 Population - Current Year Estimate 2,162 29,460 81,580
2023 Population - Five Year Projection 2,561 36,147 95,895
2010 Population - Census 2,067 15,938 55,268
2000 Population - Census 713 7,572 31,276
2010-2018 Annual Population Growth Rate 0.55% 7.73% 4.83%
2018-2023 Annual Population Growth Rate 3.45% 4.18% 3.29%
2018 Households - Current Year Estimate 881 11,655 32,262
2023 Households - Five Year Projection 1,046 14,360 37,844
2010 Households - Census 868 6,018 21,946
2000 Households - Census 303 2,665 12,351
2010-2018 Annual Household Growth Rate 0.18% 8.34% 4.78%
2018-2023 Annual Household Growth Rate 3.49% 4.26% 3.24%
2018 Average Household Size 2.45 2.53 2.53
2018 Average Household Income $95,750 $111,400 $102,272
2023 Average Household Income $112,291 $130,362 $120,631
2018 Median Household Income $73,088 $85,337 $77,837
2023 Median Household Income $79,836 $94,892 $87,305
2018 Per Capita Income $38,919 $44,613 $40,685
2023 Per Capita Income $45,789 $52,471 $47,896
2018 Housing Units 1 ,032 13 ,376 37 ,448
2018 Vacant Housing Units 151 14.6% 1,721 12.9% 5,186 13.8%
2018 Occupied Housing Units 881 85.4% 11,655 87.1% 32,261 86.1%
2018 Owner Occupied Housing Units 579 56.1% 8,959 67.0% 25,697 68.6%
2018 Renter Occupied Housing Units 302 29.3% 2,696 20.2% 6,564 17.5%
2018 Population 25 and Over 1 ,580 22 ,408 60 ,411
HS and Associates Degrees 737 46.6% 11,443 51.1% 32,982 54.6%
Bachelor's Degree or Higher 764 48.4% 9,532 42.5% 23,666 39.2%
2018 Businesses 32 643 1,818
2018 Employees 236 5,580 16,315
©2018 CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are forexample only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the propertyfor your needs. Source: Esri Page 1 ProjectID:361298
POPULAT ION
HOUSEHOLDS
HOUSEHOLD INCOME
HOUS ING UN ITS
EDUCAT ION
PLACE OF WORK
DEMOGRAPHIC BRIEF
10807 SR-64 E
NAME LATITUDE LONGITUDE
10807 SR-64 E 27.485793 -82.434672
©2018 CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are forexample only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the propertyfor your needs. Source: Esri ProjectID:361298
AREA OVERVIEW
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WAWA | BRADENTON,, FL
AREA OVERVIEW
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WAWA | BRADENTON, FL
AREA OVERVIEW
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WAWA | BRADENTON,, FL
Founded in 1803 by the Wood family and incorporated in 1865, Wawa, Inc. (the “Company” or “Wawa”) has roots in the manufacturing and textile businesses. The first Wawa Food Market opened on April 16, 1964. Today, the Company operates approximately 750 convenience stores, approximately 270 of which include a fuel offering, in Pennsylvania, New Jersey, Delaware, Maryland and Virginia. Wawa is a privately held company, with a majority of the Company stock still owned by the Wood family. Company associates who participate in the Employee Stock Ownership Plan have a nearly 30% ownership stake.
Wawa offers a large fresh foodservice selection, including freshly brewed coffee, a wide selection of delicatessen and dairy products, fresh produce, hot foods, built-to-order sandwiches and Wawa brands such as juices, teas, water and bakery products. The Company’s revenue principally consists of fuel and merchandise sales. The Company operates a dairy manufacturing facility, producing Wawa branded beverages and dairy products for distribution to, and sale in, its stores and to wholesale customers. The Company has a committed fuel storage terminal for the purpose of both storing fuel for distribution to, and sale in, its stores and for holding and selling fuel in wholesale markets.
Wawa has differentiated itself from its competitors by focusing on several key strategic areas:• Delivering fast and friendly customer service in a safe and clean shopping
environment;• Promoting and developing Wawa-branded food, beverage and fresh food items;• Maintaining world-class facilities by systematically opening new stores, closing
marginal stores and remodeling older stores; and• Maximizing operating efficiency by making significant investments in operations
programs and technology.
Wawa exceeds industry norms in virtually every measurable category (Source: NACS State of the Industry Report of 2009 Data – most recent industry data available)• Wawa merchandise sales per store averaged $4.9 million for the year ended 2009
versus an industry average of $1.5 million for 2009• Gasoline sales totaled 1.4 billion gallons for the year 2009, an average of 101,000
gallons per fuel store week or just under four times the industry average of approximately 28,000 gallons per fuel store week in 2009
• Incorporated in 1865• #34 in Forbes Ranking of America’s Largest Private
Companies• Shadow Rated: BBB• 750 locations in the United States – All Company Owned
and Operated• Exceeds industry norms in virtually every measurable
category
REPRESENTATIVE PHOTO
WAWA, INC.www.wawa.com
TENANT DESCRIPTION
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WAWA | BRADENTON, FL
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 Memorandumhas 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.
© 2018 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.
REPRESENTATIVE PHOTO
MARK DRAZEKSenior Vice President Capital Markets | Net Lease Properties
+1 407 839 [email protected]
CBRE, Inc. | Licensed Real Estate Broker
RAY ROMANOFirst Vice President Capital Markets | Net Lease Properties
+1 407 404 [email protected]
EXCLUSIVELY MARKETED BY
© 2018 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You 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. All other marks displayed on this document are the property of their respective owners.
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WAWA | BRADENTON, FL
8/21/2018 Google Maps
https://www.google.com/maps/@27.4686054,-82.4291499,6757m/data=!3m1!1e3 1/1
Imagery ©2018 DigitalGlobe, Landsat / Copernicus, U.S. Geological Survey, Map data ©2018 Google 2000 ft
SR 64 (39,500 AADT)SR 64 (29,500 AADT)
Upp
er M
anat
ee
Rive
r Rd
(10,
005
AA
DT)
64
Lakewood Ranch Plaza
Imagine School at Lakewood
Ranch
FREEDOM ELEMENTARY
SCHOOL
CARLOS E HAILE MIDDLE SCHOOL
(118,000 AA
DT)La
kew
ood R
anch
Blv
d (1
7,11
4 A
ADT
)MARK DRAZEKSenior Vice President Capital Markets | Net Lease Properties
+1 407 839 [email protected]
© 2018 CBRE, Inc. All Rights Reserved.
RAY ROMANOFirst Vice President Capital Markets | Net Lease Properties
+1 407 404 [email protected]
CBRE, Inc. Licensed Real Estate Broker
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