WALMART SHADOW CENTER - matthews.com...4 Walmart Shadow Center EXECUTIVE OVERVIEW LIST PRICE:...

1O FF E R I N G M E M O R A N D U M

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WALMART SHADOW CENTER

LISTED BY:

ANDREW GROSSSenior Associate

D: (214) 295-4511 M: (435) 659-1404

E: [email protected] No. 01987860 (CA)

BROKER OF RECORDKyle Matthews

License No. CQ1052263 (FL)

LONG BEACH, CA 3

Property Description

TABLE OF CONTENTS

Executive Overview

Property Overview

Financial Overview

Tenant Overviews

Area Overview

0405060812



Walmart Shadow Center4

E X E C U T I V E O V E R V I E W

OCCUPANCY: 100%GLA: ±8,540 SFYEAR 1 NOI: $138,705LIST PRICE: $1,990,000 CAP RATE: 7.00%

LOCATION HIGHLIGHTS:

» Incredible Retail synergy, shadow-anchored to Walmart shopping center and directly across the street from Publix anchored shopping center

» Traffic Counts – phenomenal traffic counts on Providence Rd w. 17,800 VPD and directly adjacent to Bloomingdale Ave with over 50,000 VPD

» Outstanding Demographics – over 60,000 residents in the 3-mile radius and the area has experienced 32.52% population growth since 2010!

» Incredible location – nearby national tenants including Walmart, Publix, Chase Bank, Five Guys, Regions Bank, Starbucks, Taco Bell, McDonald’s, Walgreens, Wendy’s, CVS, Home Depot, Target and more.

» One of the top MSA’s in the country – Tampa MSA

» This property is perfectly situated just 21 miles from Tampa International Airport

» Florida is an income-tax-free state providing additional value to investors

LEASE HIGHLIGHTS:

» Brand new 5-year lease w/ Anytime fitness franchisee

» Attractive lease structure – leases include reimbursement for management, taxes, admin, insurance, CAM, etc

» Perfect for out of state investors w/ minimal landlord responsibilities

» Ideal 1031 exchange opportunity

» Experienced Operators w/ decades of successful business

Riverview, FL 5

P R O P E R T Y O V E R V I E W

Name Walmart Shadow Anchored Strip Center

Address 10875 W Providence Rd

City, State Riverview, FL

Land Area +/-1.0 acres

Property Type Multi-tenant Pad

Net Rentable Area +/-8,540

Total Tenants 2

Current Occupancy 100.0%

Average Remaining Term 4.2 Years

ASSET OVERVIEW


F I N A N C I A L O V E R V I E W

YEAR 1TOTAL $/SF

Income

Rental Income $137,805 $16.52

Admin & Mgmt Fee Income $7,740 $0.93

CAM $19,682 $2.36

Insurance $6,589 $0.79

Tax Reimbursement $26,938 $3.23

Effective Gross Income $198,754 $23.83

Expenses

Real Estate Taxes $27,018 $3.24

Insurance $6,621 $0.79

CAM (Mgmt Operating Expenses & Utilites/Electric) $16,642 $2.00

Management Fee (3%) $4,134 $0.50

Capital Expenditure (CapEx) Reserves $1,500 $0.18

Admin Fee (3%) $4,134 $0.50

Total Operating Expense $60,049 $7.20

Net Operating Income $138,705 $16.63

INCOME AND EXPENSES

SUITE TENANT LEASESTART

LEASEEND

SQUAREFEET % OF GLA

CONTRACT RENTAL RATE RENT $ PSFYEAR MONTH $ PSF/YR $ PSF/MO

1 Brandon Fitness LLC Mar-11 Feb-24 6,300 75.5% $92,925 $7,744 $14.75 $1.23

2 Pink & White Nails Apr-16 Mar-21 2,040 24.5% $44,880 $3,740 $22.00 $1.83

Totals 8,340 100.0% $137,805 $11,484 $16.52 $1.38

RENT ROLL

Riverview, FL 7

ANYTIME FITNESSAt Anytime Fitness, the mission is to help people thrive through a fit and active lifestyle. Smart businesses share a similar mission for their employees, one where workers are encouraged to improve their health and fitness levels, increase their energy and productivity, and lower their healthcare spending. The Anytime Fitness Employee Wellness Program makes it possible for companies of all sizes to encourage wellness at work. As the largest, and fastest growing, 24-hour, co-ed fitness franchise in the world, Anytime Fitness can help address the wellness needs of employees and clients alike. The company offers the ultimate in convenience to the workforce, complete with state-of-the-art equipment.

YEAR FOUNDED2002

NO. OF LOCATIONS±4,000

T E N A N T O V E R V I E W


S U B J E C TP RO P E R T Y

S P O T OH I G H S C H O O L

B L O O M I N G D A L E A V E± 5 0 , 0 0 0 V P D


P R O V I D E N C E R D± 1 7 , 8 0 0 V P D


Riverview, FL 9


S P O T OH I G H S C H O O L



P R O V I D E N C E R D± 1 7 , 8 0 0 V P D



RIVERVIEW, FLRiverview is located southeast of the center of Hillsborough County and is a nearby suburb of the larger city of Tampa. This metropolitan area includes Tampa, St. Petersburg, and Clearwater, all of which surround Tampa Bay. The area is varied and cosmopolitan with a pleasant climate and balance local economy. Among other new economy pursuits, the area has become a favorite as a secondary location for information processing for the financial industry. Residents of Riverview are able to enjoy the many amusement parks, outdoor activities, beaches, major-league professional sports, and more.

POPULATION 1 MILE 3 MILE 5 MILE2025 Projection 4,467 65,653 203,1412020 Estimate 4,126 60,455 186,6512010 Census 3,503 46,338 140,849Growth 2020-2025 8.27% 8.60% 8.84%Growth 2010-2020 17.79% 30.46% 32.52%

HOUSEHOLDS 1 MILE 3 MILE 5 MILE2025 Projection 1,455 21,928 70,2172020 Estimate 1,351 20,280 64,8132010 Census 1,166 15,854 49,988Growth 2020-2025 7.70% 8.13% 8.34%Growth 2010-2020 15.87% 27.92% 29.66%

INCOME 1 MILE 3 MILE 5 MILEAverage Household Income $96,729 $98,313 $99,005Median Household Income $76,445 $78,362 $77,958

DEMOGRAPHICS

A R E A O V E R V I E W

Riverview, FL 11

A R E A O V E R V I E W

TAMPA, FLThe City of Tampa is the largest city in Hillsborough County, is the county seat and is the third-most populous city in Florida. It is located on the west coast of Florida, approximately 200 miles northwest of Miami, 180 southwest of Jacksonville, and 20 miles northeast of St. Petersburg. The population of the city represents approximately one-third of the total population of Hillsborough County. Tampa’s economy is founded on a diverse base that includes tourism, agriculture, construction, finance, healthcare, government, technology, and the port of Tampa.

Tampa is part of the metropolitan area most commonly referred to as the “Tampa Bay Area”. Tampa is part of the Tampa-St. Petersburg-Clearwater, Florida Metropolitan Statistical Area. The four-county area is composed of roughly 2.9 million residents, making it the second-largest metropolitan statistical area in the state, and the fourth largest in the Southeastern United States, behind Miami, Washington, D.C., and Atlanta. The Greater Tampa Bay area has over 4 million residents and generally includes the Tampa and Sarasota metro areas.

In the next F I V E Y E A R S , Hillsborough County’s

population is projected to grow S I G N I F I C A N T LYF A S T E R than the state of Florida.

By 2 0 2 2 , Hillsborough County’s population will

be 1. 5 M I L L I O N


EDUCATIONThe Tampa MSA is a magnet for young, educated people. Hillsborough County’s

millennial population is growing 13 percent faster than the nation as a whole,

according to the U.S. Census data. Three public universities located within a short

drive of Tampa Bay – University of South Florida, University of Central Florida, and

the University of Florida – is home to more than 150,000 STUDENTS, over 60

percent of whom will stay in Florida upon graduation. Tampa Bay has more than 80

colleges, universities, and technical schools producing thousands of graduates for

area employers each year. Approximately 92,000 VETERANS are in the active labor

force as well, offering employers an invaluable source of uniquely trained personnel.

The University of South Florida Muma College of Business boasts one of the nation’s

best accounting schools, a top-ranked entrepreneurship center, a nationally-ranked

MBA program, and a world-class research faculty. MORE THAN 2,200 STUDENTS ARE ENROLLED in the Sykes College of Business at the University of Tampa,

recognized by The Princeton Review as one of the top 300 business schools in the

world for nine consecutive years. University of Tampa’s Sykes College of Business

has also been ranked the 7TH BEST FOR VALUE FOR THE PRICE, beating out

University of Notre Dame, Harvard University, and Duke University. Additionally,

Hillsborough County Public Schools and Hillsborough Community College provides a

variety of training programs for area employers, developing customized curriculum to

meet specific business needs.

Riverview, FL 13

TOURISMThe city of Tampa operates over 165 parks and beaches covering

2,286 acres within city limits; 42 more in surrounding suburbs

covering 70,000 acres are maintained by Hillsborough County.

These areas include Hillsborough River State Park, just northeast

of the city. Tampa is home to a number of attractions and theme

parks, including Busch Gardens Tampa, Adventure Island, the

Lowry Park Zoo, and the Florida Aquarium.

The Lowry Park Zoo features over 2,000 animals, interactive

exhibits, rides, educational shows and more. The zoo serves as

an economic, cultural, environmental and educational anchor in

Tampa. Well-known shopping areas include International Plaza

and Bay Street, Westshore Plaza, the SoHo district, and Hyde Park

Village. Palma Ceia is home to the Palma Ceia Design District.

The Tampa Port Authority currently operates three cruise ship

terminals in Tampa’s Channel District. The Port of Tampa is the

year-round home port for Carnival Cruise Lines’ MS Carnival

Inspiration and MS Carnival Legend.

This Offering Memorandum contains select information pertaining to the business and affairs of Walmart Shadow Center located at 10875 W Providence Road, Riverview, FL 33569 (“Property”). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.

By acknowledging your receipt of this Offering Memorandum for the Property, you agree:

1. The Offering Memorandum and its contents are confidential;2. You will hold it and treat it in the strictest of confidence; and3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental

to the interest of the Seller.

Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.

If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.

A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.

This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.

CONFIDENTIALITY AGREEMENT & DISCLAIMER

Riverview, FL 15

O FF E R I N G M E M O R A N D U M

LISTED BY:

ANDREW GROSSSenior Associate

D: (214) 295-4511 M: (435) 659-1404

E: [email protected] No. 01987860 (CA)

BROKER OF RECORDKyle Matthews

License No. CQ1052263 (FL)



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