Capital Markets | Investment Properties

OFFERING MEMORANDUM

www.fountaincourtshoppingcenter.com

6355-6605 Manatee Avenue WestBradenton, FL 34209

FOUNTAINCOURT

EXECUTIVE SUMMARY

PROPERTY SUMMARY

THE OFFERINGCBRE is pleased to offer for sale Fountain Court, a 183,175 SF community shopping center located in Bradenton, Florida. Anchored

by a Bealls department store, a Dollar General discount store, and a Planet Fitness health club, Fountain Court is 95% leased to 15

tenants. The center is located at a signalized intersection on Manatee Avenue, on the northwest side of Bradenton, and near the

beach communities of Anna Maria, Holmes Beach, and Bradenton Beach. Fountain Court has an attractive, existing CMBS loan

for assumption and offers an investor stable, mostly national tenants and upside potential through lease-up of vacant space and

increasing rents.

LOCATION6355 – 6605 Manatee Avenue West, Bradenton, FL 34209

LAND AREA±17.54 acres

YEAR BUILT1987

SIZE183,175 SF

OCCUPANCY95%

ANCHORS

PRICE$14,500,000

EXISTING CMBS LOAN TO-BE-ASSUMED$8,900,000 loan; 5.02% interest; 30-year amortization starting July 2018; June 2026 maturity (8 years remaining)

87

www.fountaincourtshoppingcenter.com

OFFERING HIGHLIGHTS

NATIONAL ANCHOR TENANTS Anchored by a Bealls junior department store, a Dollar General discount

store, and a Planet Fitness health club. Bealls and Dollar General recently

exercised 5-year options.

HIGHLY SUCCESSFUL BEALLS Bealls has been in the center since 1998 and recently exercised its 2nd

5-year option. Bealls has a history of strong store sales, with sales in excess

of $225 per square foot and enjoys a very favorable health ratio of 2.2%.

NATIONAL & REGIONAL TENANTSOther national and regional tenants include Bon Worth, Sally Beauty Supply,

Edible Arrangements, H&R Block, Suncoast Credit Union, and Richard’s

Foodporium. Including Bealls, Dollar General, and Planet Fitness, all the

national and regional tenants account for 74.8% of the leased space and 66.7%

of the gross income.

STABLE, LONG-TERM TENANTSEight (8) tenants have been at Fountain Court for between 15 to 30 years,

including Bealls, Sally Beauty, Suncoast Credit Union, Pizza Hut, and H&R

Block. Five (5) tenants have been at the center for between 5 to 14 years,

including Dollar General, Planet Fitness, and Richard’s Foodporium.

CONVENIENT LOCATION AT SIGNALIZED INTERSECTIONLocated at the southeast corner of Manatee Ave West and 67th Street West,

a signalized intersection.

IN-FILL LOCATION WITH STRONG DEMOGRAPHICS3-mile population of 59,906 with an average household income of $71,419.

ASSUMABLE CMBS FINANCING The property was refinanced in 2016 with an $8,900,000 (current balance)

CMBS loan, with a 5.02% interest rate and a 30-year amortization schedule

(starting July 2018; was interest only the first two years). The existing loan

must be assumed.

63rd St W

MANATEE

AVENUE

WES

T

1 MILE 3 MILES 5 MILES

2017 POPULATION 11,080 59,906 132,562

2022 PROJECTED POPULATION 11,836 64,745 144,036

POPULATION GROWTH 2017-2022 1.33% 1.57% 1.67%

2017 AVG HOUSEHOLD INCOME $67,333 $71,419 $60,470

AREA DEMOGRAPHICSVacant building -

Former Bank (not included)

Joey D’s Chicago Style Eatery

(not included)

SQUAREFEET

% OF GROSSLEASABLE

AREA

% OFEFFECTIVE

GROSSINCOME

LEASEEXPIRATION

BEALLS 87,385 47.7% 27.9% April 2023

DOLLAR GENERAL 10,275 5.6% 6.8% April 2021*

PLANET FITNESS 25,000 13.7% 13.4% June 2020

TOTAL ANCHOR TENANTS 122,660 67,0% 48.1%

NATIONAL TENANTS (SMALL SHOPS)** 8,600 4.7% 10.1%

REGIONAL TENANTS (SMALL SHOPS)*** 5,700 3.1% 8.5%

TOTAL ANCHOR, NATIONAL, AND REGIONAL TENANTS 136,960 74.8% 66.7%

BAYSIDE COMMUNITY CHURCH 32,480 17.7% 26.3% March 2028

LOCAL TENANTS 6,075 3.3% 7.0%

TOTAL LEASED 175,515 95.8% 100.0%

TOTAL VACANT 7,660 4.2%

TOTAL CENTER SIZE 183,175 100%

SUMMARY OF TENANCY

YEAR 1 YEAR 3 YEAR 5 YEAR 8

YEAR ENDING Jun-2019 Jun-2021 Jun-2023 Jun-2026

EFFECTIVE GROSS INCOME $1,494,322 $1,668,879 $1,757,211 $1,818,312

EXPENSES $377,214 $403,526 $427,567 $463,146

NET OPERATING INCOME $1,117,108 $1,265,353 $1,329,644 $1,355,166RESERVES, TI’S, AND LEASING COMMISSIONS

$35,021 $68,553 $30,961 $64,729

CASH FLOW BEFORE DEBT SERVICE $1,082,087 $1,196,800 $1,298,683 $1,290,437

DEBT SERVICE (LOAN ASSUMPTION) $574,632 $574,632 $574,632 $574,632

CASH FLOW AFTER DEBT SERVICE $507,455 $519,948 $724,051 $715,805

LEVERAGED CASH-ON-CASH RETURNS

PROJECTED CASH FLOW

**National tenants: BonWorth, Sally Beauty, Pizza Hut, Edible Arrangements, H&R Block*Pending Renewal

***Regional tenants: Suncoast Federal Credit Union, Richard’s Food Emporium

75

75

75

93

93

93

64

646464

684

789

789

789

789

780

684

64

64

70

70

7070

675

301

301

301

301

301

301

41

41

41

Waterbury R

d

Rutland Rd

Lake Manatee

Rye R

d NE

Rye R

d NE

Rye R

d NE

Upper Manatee River Rd

Fort Hamer

Memphis

EllentonPalmetto

West Bradenton

Palma Sola

Anna Maria

Anna MariaIsland

Holmes Beach

BradentonBeach

9th Ave NW

59th St W

9th St W

9th St E

33rd St E

Lockwood R

idge Rd

37th St E

63rd Ave E

17th St12th St

Bahia Vista St

S B

eneva Rd

S B

eneva Rd

Bee Ridge Rd

Palmer Blvd

Lorraine Rd

Lorraine Rd

Bee Ridge Rd

Wilkinson Rd

10th St

17th St

University PkwyUniversity Pkwy

Desoto Rd

45th St E

57th St E

15th St E

26th Ave E

301 Blvd E

Oneco

Longboat Key

Longboat Key

Lido Key Beach

Mote MarineLaboratory & Aquarium

26th St W

51st St W

53rd Ave W 53rd Ave W

34th

St W

Sarasota Bay

SARASOTA

SouthgateSarasotaSprings

Fruitville

North SarasotaDesoto Lakes

LakewoodRanch

KensingtonPark

The Meadows

43rd St W

Gulf Dr

Manatee River

Snead Island

BRADENTON

44th Ave E

Whirtleld Ave

Ho n oreAve

Univ ersity

Pkwy

I ona

Rd

Manatee Avenue

LOCATION

TAMPA

BRADENTON MIAMI

ADDRESS6355-6605 Manatee Avenue WestBradenton, FL 34209

TRAFFIC COUNTSManatee Avenue West - 32,000 AADT

just east of 75th Street

Capital Markets | Investment Properties

OFFERING MEMORANDUM

MARK SHELLABARGERInvestment PropertiesSenior Vice President+1 813 273 8439mark.shellabarger@cbre.com

SANDRA MICHAELSClient Services Specialist+1 813 273 8472sandra.michaels@cbre.com

FOUNTAINCOURT