TEMPLE TERRACE PLAZA TAMPABAYMSA,FLORIDA - East Coast Acquisitions
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TEMPLE TERRACE PLAZA TAMPA BAY MSA, FLORIDA
CONFIDENTIAL OFFERING MEMORANDUM
EXCLUSIVE LISTING AGENT .
TEMPLE TERRACE PLAZA TAMPA BAY MSA, FLORIDA
Jim Michalak Keith Nurre
Managing Partner Senior Analyst
(813) 837 1300 x1 (813) 837 1300 x2
jim.michalak@plazadvisors.com keith.nurre@plazadvisors.com
EXECUTIVE SUMMARY
6 Offering Summary
6 Demographic Snapshot
7 Deal Drivers
PROPERTY INFORMATION
10 Location Maps
11 Site Plan
12 Property Information
MARKET ANALYSIS
15 MSA Overview
16 Trade Area Overview
17 Competitive Grocery Anchored Retail Survey
18 Competitive Grocery Anchored Retail Map
RENT ROLL & TENANT INFORMATION
21 Leasing Plan
22 Rent Roll
24 Lease Expiration Schedule
25 Encumbrance Schedule
28 Winn-Dixie Lease Abstract
FINANCIAL INFORMATION
33 Cash Flow Forecast
34 Modeling Assumptions
Fronts Bullard Pkwy
EXECUTIVE SUMMARY Page|444
View to the Southwest Downtown Tampa
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N5 Hill
6th
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Pending Retail
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200 unit
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Temple Terrace , 5
23
Country Club Monument Sign
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EXECUTI VE SUMM AR Y
OFFERING SUMMARY DEMOGRAPHIC SNAPSHOT
5 Minute 10 Minute 15 Minute
Property Type: Grocery Anchored Community Center Category Drive Time Drive Time Drive Time
Property Address: 8837 N 56th St 2018 Estimated Population 42,539 136,748 297,883
Temple Terrace, Hillsborough County, FL 33617 Projected Population Growth (2018-2023) 5.6% 5.9% 6.6%
Tampa-St. Petersburg-Clearwater MSA
2018 Estimated Households 17,495 51,498 115,411
Gross Leasable Area: 90,328 SF
Projected Household Growth (2018-2023) 5.0% 5.5% 6.2%
Year Built: 1969 / 2011 Renovated
2018 Estimated Family Households 9,764 28,930 63,801
Occupancy: 94.8% (4,676 Vacant SF)
2018 Total Employment 13,294 102,782 206,983
Total Land Area: 8.06 acres
Unemployment Rate 7.4% 7.9% 7.3%
Major Tenants: Winn-Dixie 45,798 SF Expires 2/2027
USPS 13,000 SF Expires 9/2020 2018 Median Age 33 31 33
Notable Tenants: Greenberg Dental, Sally Beauty, Rainbow, 2018 Average Household Income $53,379 $51,719 $53,891
Mariner Finance, Sprint, Burger King
Projected AHHI Growth (2018-2023) 18.1% 17.8% 18.4%
1
Outparcels : Burger King Exp 11/2023 (included) % Owner Occupied Housing Units 37.8% 38.1% 39.3%
Traffic Counts: N 56th Street Median Owner Occupied Home Value $161,025 $141,411 $150,156
44,500 AADT (south of Busch Boulevard)
Parking Count: 410 spaces (4.5/1,000 sf)
Terms: All cash. Not encumbered with debt.
2
In-Place NOI : $866,521
(1) Burger King is on a ground lease.
(2) For the fiscal year ending 5/2020
Page|6
EXECUTI VE SUMM AR Y
DEAL DRIVERS
Excellent location within market Positive anchor outlook
Strong visibility on major thoroughfare: N 56th Street is the primary Delhaize America guarantee: Winn-Dixie lease features a Delhaize
north/south thoroughfare servicing Temple Terrace and is heavily traf- America guarantee
ficked with an estimated 44,500 AADT
Above market growing sales: In 2018, Winn-Dixie posted sales of
Close proximity to regional attractions: Temple Terrace Plaza is locat- $19,075,525 ($417/SF), which is well above the chain average and
ed 1.5 miles from both Busch Gardens Theme Park (4 million annual represents a 47% increase since 2014. The store also boasts a healthy
visitors) and Adventure Island Water Park, 2 miles from the University occupancy cost of 2.46%.
of South Florida (50,000 students enrolled), 2.25 miles from Yuengling
Grocery anchored: Grocery anchored centers continue to be the
Brewing Company, and 3 miles from University Mall (1.3 million SF of
preferred product type across Florida
retail)
Well-fitting customer profile: Average household income within a 10
Downtown Temple Terrace redevelopment: Property is adjacent to
minute drive time is $51,719, which aligns well with Winn-Dixie
and included as a part of the Downtown Temple Terrace redevelop-
ment which will feature 200 residential units (Q4 ‘19 construction start USPS commitment: USPS signed on for their current location prior to
date), retail buildings on the SE quadrant of N 56th Street and Busch the redevelopment of the center in 2011 and in doing so merged
Boulevard that will feature a Chase Bank and Starbucks, and an in- their two prior locations (one at the Center and on adjacent to the
line retail/restaurant development on the parcel to the south of the south) into this single location
Property Ideal tenant in undesirable location: USPS has an exclusive parking
Dense customer base: With a population of 136,748 and 102,782 day- lot for their trucks adjacent to their suite in the rear of the building
time employees within a 10 minute drive time, the Center serves Significant value-add opportunity
nearly 240,000 people
Below market ground lease: Burger King ground lease rent is well be-
Good access: Center benefits from access points on both N 56th low market at $72,000/YR (market rent of $100K+/YR)
Street and E Busch Boulevard/Bullard Parkway, with monument sign-
age at each Below market anchor: Winn-Dixie is significantly below market at
$6.87/SF (market rent of $10/SF)
National tenant lineup and NOI growth
Outparcel spinoff: There is the potential to spin off the Burger King
Steady income growth: Cumulative NOI growth of 25.9% over a 10 outparcel at a lower cap rate reducing the basis for potential buyers
year hold, driven by contractual annual rent increases, roll to market
rents, and leaseup of the vacant 4,676 SF. Impressive NOI growth
achieved without roll of Winn-Dixie or Burger King. Projected CAGR of 2.33%
National tenant roster: 90.8% of occupied square footage and 84.2%
of the Potential Gross Income is derived from national tenants
Page|7
PROPERTY INFORMATION Page|888
View to the South
Seminole Hard
Rock Casino &
Florida State
Fairgrounds Downtown Tampa
Hills
boro
u
N 56t
gh
Riv
er
h St (
44,50
0 AA
DT)
200 unit
residential
development
Temple Terrace Q4 ‘19 Pending Retail
Country Club Development
Monument Sign
PROPERTY I NFORM ATI O N
LOCATION MAPS
Bruce B Downs Blvd
E Fletcher Ave
E Fowler Ave
3 01
US
E Busch Blvd Bullard Pkwy
Temple Terrace
N 56th St
Plaza
E Sligh Ave
N 40th St
E Hillsborough Ave
Three Mile Radius
Page|10SITE PLAN
PROPERTY I NFORM ATI O N
Up
an co
m
De d R in
ve esi g R
lo de et
pm n ai
en tial l
ts
USPS Exclusive Parking
Page|11PROPERTY I NFORM ATI O N
PROPERTY INFORMATION
Property Type: Grocery Anchored Community Center Flood Zone: Zone X (areas outside the 500 year floodplain)
Property Address: 8837 N 56th St FIRM Map 12057C0219H dated 8/28/2008
Temple Terrace, FL 33617 CCR, REA & OEA: The Property is subject to easements that
Property Location: Mid-block N 56th Street generally provide for cross access between the
adjoining parcels.
Hillsborough County
Tampa-St. Petersburg-Clearwater MSA Zoning: Commercial General
Gross Leasable Area: 90,328 SF Roof: The entire roof is under warranty through
February 2026. Burger King is responsible for its
Year Built: 1969 / 2011 Renovated
roof.
Occupancy: 94.8% (4,676 Vacant SF)
Parcel Summary:
Total Land Area: 8.06 acres Parcel Assessed Real Estate
Major Tenants: Winn-Dixie 45,798 SF Expires 2/2027 Parcel Number Acreage Value 2018 Taxes 20181
USPS 13,000 SF Expires 9/2020 22-28S-19E 8.06 $10,395,800 $200,894
Notable Tenants: Greenberg Dental, Sally Beauty, Rainbow, Overall Total 8.06 10,395,800 200,894
Mariner Finance, Sprint, Burger King (1) Real Estate Taxes shown include 4.0% early pay discount.
Outparcels: Burger King Exp 11/2023 (included)
Vacant Bays: Suite 7 4,676 SF
Traffic Counts: N 56th Street
44,500 AADT (south of Busch Boulevard)
Parking Count: 410 spaces (4.5/1,000 sf)
Ingress/Egress: N 56th Street
One Full Access
One Right In / Right Out
Chicago Avenue
Three Full Access
Monument Signage: Temple Terrace Plaza has two monument signs:
one fronting N 56th Street and one fronting
Bullard Parkway .
Page|12MARKET ANALYSIS Page|131313
View to the North
Yuengling Center
University of
South Florida
Monument Sign
E Busch Blvd (40,500 AADT) Bullard Pkwy (23,500 AADT)
Pending Retail
Development
200 unit Temple Terrace
residential
Country Club
development
Q4 ‘19
T)
0 AA D
44,50
h St (
N 56tM ARKET AN AL YSI S
MSA OVERVIEW
TAMPA-ST. PETERSBURG-CLEARWATER MSA
Temple Terrace Plaza is located within Hillsborough County which is a The area is served by an extensive highway network. The primary thor-
part of the Tampa-St. Petersburg-Clearwater Metropolitan Statistical oughfares in the area are I-75, a federal interstate connecting Miami to
Area (“MSA”). The MSA includes four counties: Hillsborough, Pinellas, Canada, I-275, a federal circular interstate connecting East Tampa/
Pasco, and Hernando. The area is located on the central west coast of Brandon to St. Petersburg and North Bradenton, and I-4, a federal inter-
the state, ±70 miles southwest of Orlando, ±170 miles southwest of Jack- state connecting Tampa to Orlando and Daytona Beach. Significant
sonville, and ±200 miles northwest of Miami. This central location allows east-west roads in the MSA include US 60 (Brandon Boulevard), Gandy
for easy access to these and other major cultural and economic cen- Boulevard, and the Selmon Expressway (SR 618). Significant north-south
ters in Central and South Florida. roads in the MSA include Dale Mabry Highway, US 19, Alternate 19, and
Tampa-St. Petersburg-Clearwater MSA is the 2nd largest MSA in Florida the Veterans Expressway ( Toll 589). The MSA is served by two interna-
and the 18th largest in the United States with roughly 3.1 million resi- tional airports, Tampa International and St. Petersburg-Clearwater Inter-
dents. The MSA’s population has increased by 29% since 2000. The national. Tampa Bay is also home to Port of Tampa, which delivers
largest cities in the MSA by population are Tampa (385,430 residents), roughly $15 billion in annual economic impact to the region.
St. Petersburg (263,255 residents), Clearwater (115,513 residents), and
Brandon (103,483 residents). The combination of year round favorable
climate, a stable economy (unemployment rate of 2.9% as of October
2018), redevelopment of Downtown/Channelside Tampa, and a strong
education system are expected to continue to drive population growth
in the area for the foreseeable future.
Roughly a quarter of information services and business firms within the
state reside in Tampa Bay. The largest employers in the MSA include
BayCare Health Systems, Home Shopping Network, University of South
Florida (USF), Tech Data, WellCare, Tampa General Hospital, Verizon,
JPMorgan, Citi Bank, and Raymond James. The MSA is also home of
MacDill Air Force Base. The area contains several universities and col-
leges including University of South Florida, University of Tampa, St. Pe-
tersburg College, and Stetson University College of Law. Downtown
Tampa is undergoing massive growth and renovation. Jeff Vinik, owner
of the Tampa Bay Lightning, and Bill Gates’ investment fund are lead-
Downtown Tampa
ing the Channelside/Waterfront Tampa redevelopment, which is set to
create nearly 7,000 jobs and include over 3 million square foot of com-
mercial space.
Page|15M ARKET AN AL YSI S
TRADE AREA OVERVIEW
Tampa and St. Petersburg contain 15 submarkets with a combined 64
MSF of retail GLA, average occupancy rate of 93.0%, and asking rate
of $14.16/SF. Temple Terrace Plaza is located in the Northeast Tampa
submarket, which totals 13.1 MSF in retail GLA, with an occupancy rate
of 93.9% and asking rate of $14.90/SF. Net absorption for the submarket
was a positive 0.2% from 2017 to 2018. The asking rate increased signifi-
cantly over the same time period.
Temple Terrace Plaza is situated in the suburb community of Temple
Terrace, which is just northeast of Downtown Tampa. Due to its con-
venient access to the major attractions/destinations and primary thor-
oughfares in the market, Temple Terrace serves as one of the premier
suburbs supporting Tampa. It is positioned only 1.5 miles east of both
Busch Gardens Theme Park and Adventure Island Water Park, 2.0 miles Tampa International Airport
southeast of the University of South Florida, 3 miles northwest of both the
Florida State Fairgrounds and Seminole Hard Rock Casino, 5 miles east
of Lowry Park Zoo, 6.5 miles northeast of Downtown Tampa, and 9 miles
northeast of Tampa International Airport. The suburb is served by all
three major highways in the Tampa Bay region: I-275, I-75, and I-4, all of
which are located within 4 miles of the Property and provide commut-
ers with easy access to Downtown, South Tampa, and St. Petersburg.
The Property, situated on the going home side of N 56th Street/E Busch
Boulevard, is located in the heart of Downtown Temple Terrace and will
feature as part of its redevelopment. The redevelopment will include a
200 unit residential units adjacent to the north of the Center
(construction to commence Q4 ‘19), retail buildings on the corner of N
56th Street and E Busch Boulevard/ Bullard Parkway (includes Starbucks
and Chase Bank), and inline retail/restaurants on the parcel adjacent
to the south of Temple Terrace Plaza.
University of South Florida
Page|16M ARKET AN AL YSI S
COMPETITIVE GROCERY ANCHORED RETAIL SURVEY
Anchor/
In-line Junior Current
Major Space Space Market NNN
Map Total GLA Year Built/ Tenant Vacancy Vacancy Percent Rental Rate Expenses
Property Name & Location ID# Distance from the Property (SF) Renovated Major Tenant(s) (SF) (SF) (SF) Leased (PSF) (PSF) Comments
Temple Terrace Plaza N/A 90,328 1969 Winn-Dixie 45,798 4,676 0 95% $18.31 $4.30 Subject property
8837 N 56th St 2011 USPS 13,000
Temple Terrace, FL 33617
Grocery Anchored Competitive Centers
Point Plaza Shopping Center 1 2.25 miles to the east 97,087 1988 Winn-Dixie 42,873 5,000 0 95% $16.00-$21.00 $3.31 Notable tenants include Family
8775 Temple Terrace Hwy CSL Plasma 14,654 Dollar and Rent King. Family Dollar
Temple Terrace, FL 33637 is currently in 6,600 SF and is
expanding to 7,965 SF.
Publix at Temple Terrace 2 0.36 miles to the northwest 48,769 1999 Publix 44,265 0 0 100% $22.00-$32.00 $7.50 The only three inline tenants are
5450 E Busch Blvd UPS, H&R Block, and Domino's
Temple Terrace, FL 33617 Pizza. None of the outparcels are
included.
Jack's Square 3 0.63 miles to the northwest 41,691 1991 Save-A-Lot 20,000 6,490 11,000 58% $16.00-$25.00 $4.00 No notable inline tenants. Amscot
5014 E Busch Blvd outparcel not included.
Temple Terrace, FL 33617
Publix at Terrace Ridge Plaza 4 1.70 miles to the northwest 66,527 1987 Publix 55,000 100% $34.00-$38.00 $5.55 Only notable tenant is Smoothie
11502 N 53rd St King. Publix faces 53rd St while the
Temple Terrace, FL 33617 inline strip faces Fowler Ave. Publix
is an extremely high volume store
($40 Million) due to proximity to
USF.
University Collections 5 2.85 miles to the northwest 147,085 1984 Winn-Dixie 40,143 5,580 0 96% $28.00-$38.00 $7.80 Adjacent to University Mall and
2770 E Fowler Ave Dollar Tree 10,696 very close to USF. Notable tenants
Tampa, FL 33612 include Five Guys, Jason's Deli,
Firehouse, Edible Arrangements,
First Watch, State Farm, Pet
Supermarket, H&R Block, So Fresh,
Cold Stone, Wing Stop, Supercuts,
PakMail, Tijuana Flats, and FedEx.
Chili's and Zoes Kitchen outparcels
included.
Grand Total 401,159 17,070 11,000 93% $27.00 $5.63
Page|17M ARKET AN AL YSI S
COMPETITIVE GROCERY ANCHORED RETAIL MAP
Bruce B Downs
E Fletcher Ave
University of
N Florida Ave
South Florida
5
E Fowler Ave
4
University Mall
3 01
US
Florida College
Busch
Yuengling Brewing
Gardens
3 2
E Busch Blvd Bullard Pkwy
1
Temple Terrace
N 56th St
Plaza
Tampa
N Nebraska Ave
Tampa Executive
Zoo Airport
E Sligh Ave
N 40th St
E Hillsborough Ave
Rooms To Go
Corporate HQ
Florida State
Three Mile Radius
Pepin Distribution Fairgrounds
Page|18RENT ROLL & TENANT INFORMATION Page|191919
View to the East
Tampa
Executive
Airport
T)
AD
A
Temple Terrace
00
Country Club
,5
(23
200 unit
y
kw
residential
P
development
rd
Monument Sign
ll a
Q4 ‘19
Bu
r
R ive
ugh
s b oro
Hill
N 56th St (44,500 AADT)
Pending Retail
DevelopmentRENT ROLL & TENANT I NFORM ATI O N
LEASING PLAN
Suite Tenant SF
1 Greenberg Dental 3,660
en tial l
ai
2 Sally Beauty 1,745
lo de et
ve esi g R
3 Winn-Dixie 45,798
pm n
ts
De d R in
4 Rainbow 5,928
m
5 Mariner Finance 2,257
an co
1 6 Sprint 2,203
Up
7 Vacant 4,676
2
8 Shear Utopia Unisex Salon 1,745
9 Le Nails 1,626
10 Singha Thai Restaurant 2,602
4
11 Bruners Insurance Agency 1,399
12 Downtown Barbershop 525
13 USPS 13,000
14 Burger King 3,164
Total 90,328
3
USPS Exclusive Parking
5
6
7
8
9
14
10 11 12 13
Page|21RENT ROLL & TENANT I NFORM ATI O N
RENT ROLL
Remaining
Lease Term Renewal Current Base Rent as Rental Escalation(s) Estimated YE Estimated YE 5/2020 Expense Recoveries
Suite SF Est Start Date Option(s) of 6/2019 Changes Changes to Changes to 5/2020
# Tenant Name PRS End Date (# / Yrs.) Annual PSF on (annual) (psf) Gross Income1 Method Total PSF
1 Greenberg Dental Associates, LLC 3,660 8/2013 One 5YR $75,762 $20.70 None None None $94,741 CAM: PRS+15% $5,813 $1.59
d/b/a Greenberg Dental 4.05% 7/2023 Option 1 $78,031 $21.32 INS: PRS+15% $3,212 $0.88
In 10 year initial term 3% annual increases during RET: PRS+15% $8,162 $2.23
option term MGMT: PRS+15% $1,792 $0.49
2 Sally Beauty Supply LLC 1,745 8/2011 None $27,606 $15.82 None None None $35,947 CAM: PRS+15% $2,772 $1.59
d/b/a Sally Beauty 1.93% 7/2021 INS: PRS $1,332 $0.76
In 5 year option term RET: PRS $3,384 $1.94
MGMT: PRS+15% $855 $0.49
3 Samson Merger Sub, LLC 45,798 5/2010 Six 5YR $314,632 $6.87 None None None $469,273 CAM: PRS2 $43,890 $0.96
d/b/a Winn-Dixie 50.70% 2/2027 Options 1-6 $314,632 $6.87 INS: PRS3 $26,378 $0.58
In 16 year renewal term RET: PRS $84,373 $1.84
MGMT: None $0 $0.00
4 Rainbow USA, Inc. 5,928 5/1999 One 5YR $71,136 $12.00 None None None $97,277 CAM: PRS+15% $7,915 $1.34
d/b/a Rainbow 6.56% 1/2020 Option 1 $78,250 $13.20 INS: PRS+15% $4,208 $0.71
In 5 year renewal term RET: PRS $9,299 $1.57
MGMT: PRS+15% $2,348 $0.40
5 Mariner Finance Florida, Inc. 2,257 11/2015 One 5YR $45,524 $20.17 1/2020 $46,434 $20.57 $56,692 CAM: PRS+15%4 $3,583 $1.59
d/b/a Mariner Finance 2.50% 12/2020 Option 1 $49,654 $22.00 INS: PRS $1,722 $0.76
In 5 year initial term 2% annual increases during RET: PRS $4,377 $1.94
option term MGMT: PRS+15%4 $1,107 $0.49
6 SprintCom, Inc. 2,203 2/2011 Two 5YR $44,060 $20.00 None None None $52,230 CAM: PRS+10%5 $2,228 $1.01
d/b/a Sprint 2.44% 4/2021 Option 1 $49,568 $22.50 INS: PRS $1,670 $0.76
In 5 year option term Option 2 $56,177 $25.50 RET: PRS $4,272 $1.94
MGMT: None $0 $0.00
7 Speculative Lease 4,676 6/2020 None $0 $0.00 6/2020 $77,060 $16.48 $0 CAM: PRS+15% $0 $0.00
In projected initial 5 year term 5.18% 5/2025 3% annual increases during INS: PRS+15% $0 $0.00
projected initial term RET: PRS+15% $0 $0.00
MGMT: PRS+15% $0 $0.00
8 Shear Utopia Unisex Salon LLC 1,745 4/2019 None $26,175 $15.00 4/2020 $27,222 $15.60 $37,641 CAM: PRS & Fixed6 $4,830 $2.77
d/b/a Shear Utopia Unisex Salon 1.93% 3/2024 4% annual increases during INS: PRS $1,332 $0.76
In 5 year initial term initial term RET: PRS $3,384 $1.94
MGMT: PRS & Fixed6 $1,746 $1.00
9 Le Nails, Inc. 1,626 9/2011 None $34,227 $21.05 1/2020 $35,254 $21.68 $43,087 CAM: PRS+15% $2,583 $1.59
d/b/a Le Nails 1.80% 12/2021 1/2021 $36,312 $22.33 INS: PRS+15% $1,427 $0.88
In 7 year renewal term RET: PRS+15% $3,626 $2.23
MGMT: PRS+15% $796 $0.49
10 Singha Thai Restaurant, LLC 2,602 4/2017 One 5YR $55,214 $21.22 6/2020 $56,871 $21.86 $72,211 CAM: PRS & Fixed7 $7,196 $2.77
d/b/a Singha Thai Restaurant 2.88% 5/2022 6/2021 $58,577 $22.51 INS: PRS $1,986 $0.76
In 5 year initial term Option 1 $65,050 $25.00 RET: PRS $5,046 $1.94
3% annual increases during option term MGMT: PRS & Fixed7 $2,769 $1.06
11 Bruners Insurance Agency of East Lake, Inc. 1,399 8/2012 None $26,021 $18.60 None None None $33,276 CAM: PRS+15% $2,222 $1.59
d/b/a Bruners Insurance Agency 1.55% 8/2022 INS: PRS+15% $1,228 $0.88
In 5 year option term RET: PRS+15% $3,120 $2.23
MGMT: PRS+15% $685 $0.49
Page|22RENT ROLL & TENANT I NFORM ATI O N
RENT ROLL (continued)
Remaining
Lease Term Renewal Current Base Rent as Rental Escalation(s) Estimated YE Estimated YE 5/2020 Expense Recoveries
Suite SF Est Start Date Option(s) of 6/2019 Changes Changes to Changes to 5/2020
# Tenant Name PRS End Date (# / Yrs.) Annual PSF on (annual) (psf) Gross Income1 Method Total PSF
12 Ricardo E Seija 525 2/2012 None $10,637 $20.26 None None None $13,359 CAM: PRS+15% $834 $1.59
d/b/a Downtown Barbershop 0.58% 5/2020 INS: PRS+15% $461 $0.88
In projected 1 year renewal term RET: PRS+15% $1,171 $2.23
MGMT: PRS+15% $257 $0.49
13 United States Postal Service 13,000 10/2010 One 5YR $123,500 $9.50 None None None $172,377 CAM: PRS8 $13,748 $1.06
d/b/a USPS 14.39% 9/2020 Option 1 Market Market INS: PRS $9,920 $0.76
In 10 year initial term RET: PRS $25,209 $1.94
MGMT: None $0 $0.00
14 BravoTampa, LLC 3,164 12/2013 Six 5YR $72,013 $22.76 None None None $81,035 CAM: PRS+10%9 $2,435 $0.77
d/b/a Burger King 3.50% 11/2023 10% increase per option period INS: PRS9 $452 $0.14
In 10 year initial term RET: PRS $6,135 $1.94
MGMT: None $0 $0.00
General Rent Roll Notes:
Common Area Maintenance (CAM): Reimbursable CAM expenses generally include repairs and maintenance and utilities for the common areas.
Insurance (INS): Reimbursable INS expenses include property and liability insurance premiums.
Real Estate Taxes (RET): Reimbursable RET expenses include both ad valorem and non-ad valorem taxes after 4% early pay discount.
Management Fees (MGMT): Reimbursable MGMT expenses are 3% of EGR.
Gross Leasable Area (GLA): The GLA of the Property is 90,328 SF.
Pro Rata Share (PRS): PRS for CAM, MGMT, and INS is based on a denominator of either 90,328 SF, which is the GLA of the Property, or 87,164 SF, which is the GLA of the Property less Burger King. PRS for Fire/Safety
Repairs is based on a denominator of 28,366 SF, which is the GLA of the Property less Winn-Dixie, USPS, and Burger King. PRS for RET is based on a denominator of 90,328 SF, which is the GLA of the Property. PRS for
Winn-Dixie is based on a specialized denominator of 95,076 SF. PRS for Rainbow is based on a specialized denominator of 107,755 SF.
Lease Specific Rent Roll Notes:
Le Nails (Suite 9) lease expires 12/2021. Tenant was assumed to renew for 5 years flat at $22.33/SF.
Bruners Insurance Agency (Suite 11) lease expires 8/2022. Tenant was assumed to renew for 5 years at $19.00/SF with no annual increases.
Downtown Barber Shop (Suite 12) is month-to-month. Tenant was assumed to renew for one year to normalize year one income.
USPS (Suite 13) has one 5YR option remaining. This option is at market. The option was assumed to be taken with flat rent of $10.00/SF.
Footnotes:
(1) Estimated YE 5/2020 Gross Income includes current base rent (with consideration for any rent steps that may occur) plus Estimated YE 5/2020 Expense Recoveries.
(2) Annual increase in Tenant's share of Controllable CAM capped at $0.05/SF (cumulative, $1.40/sf for 2019). Tenant does not contribute towards R&M Contract, HVAC Contract, Rire/Safety Repairs, Roof Repairs, or
General Building Repairs.
(3) Tenant does not contribute towards Umbrella Insurance, General Liability Insurance on building, or Rent Loss Insurance.
(4) Annual increase in tenant's share of Controllable CAM and MGMT capped at 5% (cumulative).
(5) Annual increase in tenant's share of Controllable CAM capped at 5% (cumulative). 10% admin fees do not apply towards Non-Controllable CAM.
(6) Tenant contributes a fixed amount/SF towards Controllable CAM and MGMT. This amount increases 3% annually. Tenant contributes PRS towards Uncontrollable CAM.
(7) Tenant contributes a fixed amount/SF towards Controllable CAM and MGMT. This amount increases 5% annually. Tenant contributes PRS towards Uncontrollable CAM.
(8) Tenant does not contribute towards Fire/Safety Repairs, Roof Repairs, or General Building Repairs.
(9) Annual increase in tenant's share of CAM and General Liability INS is capped at 5% (non-cumulative). Tenant does not contribute towards Property Insurance, Cleaning Contract, Cleaning Specialized, HVAC
Repairs, Fire/Safety Repairs, Roof Repairs, or General Building Repairs.
Page|23RENT ROLL & TENANT I NFORM ATI O N
LEASE EXPIRATION SCHEDULE
Expiration Square % of
Tenant Suite Date Feet Total
Rainbow 4 Jan-20 5,928 6.56%
Downtown Barbershop 12 May-20 525 0.58%
Total for Year Ending 5/2020 6,453 7.14%
USPS 13 Sep-20 13,000 14.39%
Mariner Finance 5 Dec-20 2,257 2.50%
Sprint 6 Apr-21 2,203 2.44%
Total for Year Ending 5/2021 17,460 19.33%
Sally Beauty 2 Jul-21 1,745 1.93%
Le Nails 9 Dec-21 1,626 1.80%
Singha Thai Restaurant 10 May-22 2,602 2.88%
Total for Year Ending 5/2022 5,973 6.61%
Bruners Insurance Agency 11 Aug-22 1,399 1.55%
Total for Year Ending 5/2023 1,399 1.55%
Greenberg Dental 1 Jul-23 3,660 4.05%
Burger King 14 Nov-23 3,164 3.50%
Shear Utopia Unisex Salon 8 Mar-24 1,745 1.93%
Fronts N 56th Street
Total for Year Ending 5/2024 8,569 9.49%
Vacant 7 May-25 4,676 5.18%
Winn-Dixie 3 Feb-27 45,798 50.70%
Total after 6/2024 50,474 55.88%
Total GLA 90,328 100.0%
Page|24RENT ROLL & TENANT I NFORM ATI O N
ENCUMBRANCE SCHEDULE
Percentage Rent/
Sales Reporting
Suite Tenant Name Requirement Permitted Use Exclusive Use Co-Tenancy Clause Lease Termination Rights Other Pertinent Clauses
1 Greenberg Dental Associates, LLC Not required Operation of a Dental, orthodontic services, and None None Guarantor(s): None
d/b/a Greenberg Dental multispecialty other related items (not applicable for Continuous Operation: Required
dental center tenants greater than 12,000 SF) Estoppel Requirement: 7 days
including Relocation: Not allowed
orthodontics
2 Sally Beauty Supply LLC Not required Sale of beauty Sale of beauty supplies and human or IF Sweetbay ceases to None Guarantor(s): None
d/b/a Sally Beauty supplies and related synthetic hair, wigs and or hair operate and doesn't re- Continuous Operation: Required
items extensions (not applicable for tenants open within 365 days or is Estoppel Requirement: 20 days
greater than 10,000 SF) not replaced with a Relocation: Not allowed
comparable retail tenant
within such time, Tenant
has the right to terminate
upon 90 days written
notice (to be given prior
to expiration of the 365
days). While Sweetbay is
not operating or has not
been backfilled, Tenant
to pay 5% gross receipts
in lieu of Base Rent.
Tenant to resume full
payment of Base Rent if
they do not terminate
within the 365 day
period.
3 Samson Merger Sub, LLC See Lease Abstract (page 28 )
d/b/a Winn-Dixie
4 Rainbow USA, Inc. Reports annually, Sale of infants, None If Kash N Karry closes for None Guarantor(s): None
d/b/a Rainbow 4% by which gross children's, ladies, more than 60 days, Continuous Operation: Not required, 30 day recapture
receipts exceed women's, teen, and Tenant had the one-time Estoppel Requirement: 15 days
$1,778,400 female clothing, right to terminate this Relocation: Can relocate at Landlord's expense
including but not lease on 30 days written
limited to shoes, notice to Landlord. Right
sneakers, and can only be exercised
footwear of every within 6 months after the
kind; and all expiration of said 60 day
accessories and period.
furnishings to any of
the foregoing
(including but not
limited to
handbags, hosiery,
jewelry and
cosmetics)
Page|25RENT ROLL & TENANT I NFORM ATI O N
ENCUMBRANCE SCHEDULE (continued)
Percentage Rent/
Sales Reporting
Suite Tenant Name Requirement Permitted Use Exclusive Use Co-Tenancy Clause Lease Termination Rights Other Pertinent Clauses
5 Mariner Finance Florida, Inc. Not required Financial services Business which derives greater that 30% None Tenant can terminate if Guarantor(s): MF Raven Holdings, Inc.
d/b/a Mariner Finance center, providing of its annual gross revenues by a Florida law is Continuous Operation: Not required, can recapture
consumer loans, providing consumer loan services (not changed or goes into Estoppel Requirement: 15 business days
personal loans, sale applicable to outlots, tenants greater effect that prohibits Relocation: Can relocate at Landlord's expense
of insurance, than 10,000 SF, business of mortgage Tenant from providing
mortgage lending, loans or mortgage brokerage services, consumer and personal
and other services banks/credit unions, check cashing loans.
typically offered by services business, or tax-prep services
a lending institution business)
or offered in a
majority of Tenant's
other locations in
Florida
6 SprintCom, Inc. Reports annually Display and sale of Retail sale or display of electronic If Winn-Dixie discontinues If tenant sales for 2017, Guarantor(s): None
d/b/a Sprint merchandise and equipment or components, including, operations and a similar 2022, or 2027 are less Continuous Operation: Not required, 30 day recapture
services commonly but not limited to, all types of telecom tenant does not replace than $800,000, Tenant Estoppel Requirement: 30 days
sold in RadioShacks and transmitting equipment, related it (taking at lease 80% of shall have the right to Relocation: Not allowed
or their affiliates accessories, and services, computers, the space) and open for terminate this lease.
and related accessories, and business within 6 months,
audio/video equipment and Tenant shall have the
accessories (applicable only to right to terminate this
buildings B-D, which is USPS, Winn-Dixie, lease upon 60 days prior
and the building north of Winn-Dixie); written notice or pay
does not apply to one additional alternate rent equal to
cellular retail tenant provided they do lesser of Fixed Minimum
not sell AT&T, Sprint, or T-Mobile Rent (no additional rent)
products or services, any tenant or 3% Gross Sales (right to
deriving less than 10% of gross sales pay the alternate rent to
from the exclusive use (except wireless expire after 24 months)
phones or services), or any tenant
greater than 10,000 SF
7 Speculative Lease
In projected initial 5 year term
8 Shear Utopia Unisex Salon LLC Reports quarterly Full service unisex None None None Guarantor(s): Jashley Green
d/b/a Shear Utopia Unisex Salon 6% percentage hair salon offering Continuous Operation: Required to operate
rent by which haircutting, hair Estoppel Requirement: 10 days
gross sales coloring and other Relocation: Can relocate at Landlord's expense
exceed base hair services
sales (year one
$250/SF with 4%
annual increases)
9 Le Nails, Inc. Reports monthly Full service nail None None None Guarantor(s): Tuan Anh Nguyen, Chieu and Diem Phan
d/b/a Le Nails 5% percentage salon and spa Continuous Operation: Required to operate
rent over natural offering manicures, Estoppel Requirement: 7 days
breakpoint acrylics, pedicures, Relocation: Can relocate at Landlord's expense
waxing and facial
services and the
retail sale of related
products
Page|26RENT ROLL & TENANT I NFORM ATI O N
ENCUMBRANCE SCHEDULE (continued)
Percentage Rent/
Sales Reporting
Suite Tenant Name Requirement Permitted Use Exclusive Use Co-Tenancy Clause Lease Termination Rights Other Pertinent Clauses
10 Singha Thai Restaurant, LLC Reports quarterly Full service Thai and None None None Guarantor(s): Dung Tran Nguyen & Tony Huy Tran
d/b/a Singha Thai Restaurant 6% percentage Vietnamese themed Continuous Operation: Required to operate
rent over $850,000 restaurant Estoppel Requirement: 10 days
Relocation: Can relocate at Landlord's expense
11 Bruners Insurance Agency of East Lake, Inc. Not required Insurance office None None None Guarantor(s): Janette D Foley
d/b/a Bruners Insurance Agency Continuous Operation: Required to operate
Estoppel Requirement: 7 days
Relocation: Can relocate at Landlord's expense
12 Ricardo E Seija Reports monthly Barbershop None None None Guarantor(s): None
d/b/a Downtown Barbershop Continuous Operation: Required to operate
Estoppel Requirement: 7 days
Relocation: Can relocate at Landlord's expense
13 United States Postal Service Not required Operation of a None None None Guarantor(s): None
d/b/a USPS United States Postal Continuous Operation: Not required
Service facility Estoppel Requirement: 30 days
Relocation: Not allowed
Exclusive Parking: Tenant has the exclusive use of 44
vehicle secured parking area to east/rear and 10
designated customer spaces to south/front of demised
premises
14 BravoTampa, LLC Not required Quick service Quick service restaurant with drive-thru None None Guarantor(s): None
d/b/a Burger King restaurant or any service, limit of one gourmet burger Continuous Operation: Not required, 6 month recapture
use that doesn't restaurant without drive-thru in the Estoppel Requirement: 15 business days
violate exclusives Center Relocation: Not allowed
and restrictions Right to Purchase: Tenant has the right to purchase the
premises at the expiration of the 5th (First Option) and
10th (Second Option) lease years. The price at the first
option shall be $825,000. The price at the second option
shall be $925,000.
Parking: Minimum 4/1,000 SF of GLA within the Center
Alteration: No alterations to the site or location shall be
made to the Critical Access Drives (two drive aisles to the
west of Tenant connecting Chicago Ave to the primary
entrance from N 56th St), and no alterations shall be
made to the Protected Area (all parking around the
Tenant including the parking field to the west).
Page|27EXECUTI VE SUMM AR Y
WINN-DIXIE LEASE ABSTRACT
TENANT NAME INSURANCE REIMBURSEMENTS
Samson Merger Sub, LLC d/b/a Winn-Dixie Tenant pays pro-rata share of insurance. Tenant does not contribute to-
SUITE NUMBER wards rent loss, business interruption, equipment breakdown, umbrella or
excess property coverage, or terrorism coverage.
3
MAINTENANCE AND REPAIRS - TENANT
LEASE TERM
Tenant shall maintain and keep all non-structural portions of the Premises
In 16 year renewal term (original rent commencement of 10/7/1994) in a good condition and state of repair, including all equipment, facilities
and fixtures therein.
DEMISED PREMISES
45,798 SF
MAINTENANCE AND REPAIRS - LANDLORD
Landlord shall keep all structural elements of the Premises in good order,
ANNUAL BASE RENT
repair and condition throughout the Lease Term.
Term Amount PSF
ASSIGNMENT & SUBLETTING
5/1/2010-2/28/2027 $314,632.26 $6.87
Tenant may at any time during the Lease Term assign this Lease or sub-
Options 1-6 $314,632.26 $6.87 lease the Demised Premises in whole or in part; provided that Tenant
shall remain liable for the payment of Base Rent and other charges as set
REMAINING RENEWAL OPTIONS
forth in this Lease.
Six five-year options
PERMITTED USE
RENEWAL OPTION NOTICE
The Demised Premises may be used as a supermarket or combination
Tenant shall give written notice to Landlord not later than 180 days prior supermarket, pharmacy and liquor store (hereinafter a "combination
to the expiration of the then expiring term. store"), including the sale or rental of any goods and the provision of any
services customarily sold, rented or provided at any time in any of the
PERCENTAGE RENT/SALES REPORTING other supermarkets or combination stores operated by Tenant or any of
Tenant shall pay 1% of the amount by which Gross Sales exceed the nat- its Affiliates, and/or for any other lawful uses or purposes which are not
ural break point. Tenant shall report sales on an annual basis. prohibited.
CAM REIMBURSEMENTS PARKING REQUIREMENTS
Tenant pays pro-rata share of common area expenses. Increase in ten- The parking requirement shall be a minimum ratio of 4 spaces per 1,000
ant’s contributions towards Controllable CAM (excluding utilities and se- SF of floor area in the Shopping Center, except that there shall be 10
curity) shall be capped at $0.05/SF annually on a cumulative basis. spaces per 1,000 SF of floor area of any premises over 4,000 SF used for
take-out (or combination of take-out and sit down) restaurant purposes
REAL ESTATE TAX REIMBURSEMENTS and 15 spaces per 1,000 SF of floor area of any premises over 4,000 SF
Tenant pays pro-rata share of ad valorem and non-ad valorem taxes. used primarily for sit down restaurant purposes; provided in any event the
number of parking spaces in the Shopping Center shall not be less
Page|28EXECUTI VE SUMM AR Y
WINN-DIXIE LEASE ABSTRACT (continued)
than 400 spaces, and the “Protected Area” (parking spaces across the Requirement, and that the parking areas, drive aisles, and the entrances
drive aisle from Winn-Dixie to the west in between the two entry points from and exits to the public streets adjacent to or contained within the
from N 56th St) shall not be less than 185 spaces. Shopping Center shall not otherwise be changed or modified, without
the prior written consent of Tenant.
CO-TENANCY
None
EXCLUSIVE USE
Landlord shall not lease any stores or structures within the Shopping Cen-
ALTERATIONS TO PROPERTY ter and the Temple Terrace Redevelopment Area (the Center’s parcel
The arrangement and location of all buildings and Common Area im- and the land north of the center up to Bullard Pkwy) or within 1-mile of
provements (including the location and size of parking spaces) within the the Shopping Center for any of the following purposes, either as a sepa-
Shopping Center shall not be changed without the prior written consent rate store or structure or within a larger store or structure: 1. For the oper-
of Tenant which consent shall not be unreasonably withheld or delayed. ation of a supermarket, grocery store, natural or health foods store,
Tenant shall have the right to approve the finish grade exterior elevation warehouse food store, combination store or convenience food store; For
of all stores and Common Area (including parking areas) within the the operation of a bakery, delicatessen, meat market or specialty foods
Shopping Center. Additionally, Tenant shall have the right, but not the store (other than in connection with a restaurants such as Panera Bread,
obligation, to approve the finish grade elevation of all stores and Com- Atlanta Bread, Jason's Deli, etc. which offer on-site dining); 3. For the sale
mon Area (including parking areas) within any outparcels of the Shop- of package liquors for off-premises consumption (other than a wine spe-
ping Center. Tenant agrees that it shall not withhold its consent to any cialty store such as The Grape or Cork & Olive); 4. For the operation of a
exterior elevation in the Shopping Center to the extent that such eleva- drugstore or pharmacy (for the purposes hereof, a "pharmacy" shall
tion is architecturally compatible with the Demised Premises. Any build- mean any store, or department or counter within a store, which sells pre-
ing placed on an Outparcel shall be one story, and shall be no more scription medicines or drugs or any items requiring the presence of a reg-
than twenty-eight feet (28') high, excluding architectural features istered pharmacist); 5. For the operation of a so-called "dollar store" or
(measured from the current existing grades of the Shopping Center). store primarily engaged in the sale of merchandise that is promoted for
Tenant shall have the right to reasonably approve the finished grade ele- sale and priced at one dollar or at fixed amounts, including, without limi-
vation and design of all stores and improvements (including parking and tation, Family Dollar, Dollar General, Dollar Tree stores; or 6. For any com-
service areas) within the Outparcel, which consent shall not be unrea- bination of the foregoing. The following shall be permitted: 1. One ice
sonably withheld, conditioned or delayed; provided, however, that Ten- cream or yogurt store, one candy store, and one bagel shop, provided
ant may not disapprove the finish grade elevation if such finish grade that no such store shall exceed 1,200 square feet of gross floor area. 2.
elevation is no more than 6 inches above the current existing grade of Restaurants meeting the requirements Prohibited Uses (below), including
the Shopping Center and the design of any building located on the Out- "take-out" restaurants selling food ready and intended for immediate
parcel if the same complies with the then-current standards of a national consumption (such as a hamburger restaurant, deli-style sub and sand-
or regional tenant or owner which will occupy such Outparcel. No build- wich shop, pizza shop, coffee & donut shop, and so forth); provided that
ing or structure erected in the Building K Area (vacant land west of the no such restaurant shall sell so-called prepared meals or other food items
drive aisle cutting through to Bullard Pkwy, just north of the Center’s park- which are not ready or intended for immediate consumption (for exam-
ing field) shall exceed one store in height, or exceed 28 feet above cur- ple, meals or entrees intended to be taken home and heated or further
rently existing ground level for the parapet excluding architectural fea- prepared prior to consumption).
tures. Landlord covenants and agrees that no buildings, structures or oth-
er obstructions shall be built or maintained within the parking areas, that
the number of parking spaces shall equal or exceed the Parking
Page|29EXECUTI VE SUMM AR Y
WINN-DIXIE LEASE ABSTRACT (continued)
CONTINUOUS OPERATION entity. Therefore, except as may be expressly approved in writing by Ten-
ant, Landlord agrees that no building located within five hundred (500)
Tenant is not required to operate. If Tenant ceases to operate its business linear feet from the front entrance of the Demised Premises or within the
in a normal matter typical of Tenant's operations in the Demised Premises Building K Area shall be occupied by any full service restaurant except as
for a period of twelve (12) consecutive months or desires to change the set forth below, general office facility that exceeds 2,000 square feet, en-
use of the Demised Premises from a supermarket operation, Landlord tertainment or recreational facility, or training or educational facility. Ten-
shall have the right to terminate this lease by giving written notice to Ten- ant hereby agrees that the operation of a United States Postal facility in
ant within sixty (60) days from the end of said twelve (12) consecutive the Shopping Center shall be an expressly permitted use. As used herein,
months. "entertainment or recreational facility" includes, but is not limited to, a
PROHIBITED USES - SHOPPING CENTER bowling alley, skating rink, theater, banquet hall, auditorium, billiard room,
health spa, fitness club, gymnasium, bingo parlor, amusement arcade,
Landlord expressly agrees not to operate or lease any building or other carnival, circus or other place of public amusement; and "training or edu-
area in the Shopping Center (including the Outparcel) or the Temple cational facility" includes, but is not limited to, a beauty school, barber
Terrace Redevelopment Area (as applicable) for any of the following college, reading room, place of instruction, or any other operation cater-
uses: 1. Any use which involves the keeping of any animals or poultry ing primarily to students or trainees rather than to customers. Notwith-
(other than in connection with a pet supply store or a veterinarian office standing anything contained above to the contrary, there shall be no
outside the Shopping Center area). 2. Any industrial uses, including, with- restrictions on one (1) full service restaurant of up to 4,500 square feet that
out limitation, any manufacturing, mining, smelting, rendering, brewing, is located in the western endcap (i.e. the end closest to 56th Street) of
refining, or chemical processing. 3. Any bar or establishment that sells any building to be constructed in the Building K Area. The parties
alcoholic beverages for on-premises consumption, other than by a res- acknowledge that office users commonly found in similar shopping cen-
taurant as expressly provided herein (only affects the Shopping Center ters (e.g. medical offices, real estate and mortgage offices, tax prepara-
and the Building K Area). 4. Any facility for the sale or lease of motor ve- tion services, etc.) shall not be restricted hereunder. Without limitation,
hicles, trailers or mobile homes. 5. Any flea market. 6. Any use which may Landlord agrees that the parking areas shall not be used for circuses, car-
require water and sewer services in excess of the capacities allocated to nivals, shows, tent sales or for the display or sale of merchandise; provid-
the Shopping Center by any governmental authority (only affects the ed, however, that Tenant shall have the right upon advance notice to
Shopping Center and the Building K Area). 7. Any noxious or unreasona- Landlord to conduct such events in the Protected Area.
bly offensive activity or any activity which is detrimental to the operation
of a fresh food store because of the emission of noise, smoke, odors or
LEASE TERMINATION RIGHTS
dust (only affects the Shopping Center and the Building K Area). 8. Any None
church, temple, synagogue, mosque or other religious use (only affects
the Shopping Center and the Building K Area). 9. Any facility for the sale ESTOPPEL CERTIFICATE REQUIREMENT
of paraphernalia for use with illicit drugs. 10. Any facility for the sale or 21 days
display of x-rated, lewd or pornographic material (excepting materials
typically displayed in family video stores, bookstores, news stands and RIGHT OF FIRST REFUSAL
supermarkets). 11. Any massage parlor, funeral home, or gambling or off-
None
track betting parlor (provided, day spas and other establishments offer-
ing massages shall not be prohibits so long as such users are commonly GUARANTOR
found in other first class projects) 12. Any use which violates any applica-
ble statute, rule, regulation, ordinance or other law of any governmental Delhaize America, Inc.
Page|30FINANCIAL INFORMATION Page|313131
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T)FINANCIAL I NFORM ATI ON
CASH FLOW FORECAST
In-Place
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11
For the Years Ending May-20 May-21 May-22 May-23 May-24 May-25 May-26 May-27 May-28 May-29 May-30
Potential Gross Revenue
Base Rental Revenue $1,004,676 $1,021,175 $1,047,590 $1,062,305 $1,076,677 $1,103,057 $1,137,749 $1,162,234 $1,161,396 $1,194,137 $1,218,110
Absorption & Turnover Vacancy ($74,816) ($1,622) ($6,788) $0 ($5,892) ($17,180) ($26,651) ($13,868) ($14,319) ($17,510) ($26,952)
Scheduled Base Rental Revenue $929,860 $1,019,553 $1,040,802 $1,062,305 $1,070,785 $1,085,876 $1,111,098 $1,148,366 $1,147,077 $1,176,627 $1,191,158
Expense Reimbursement Revenue
CAM $100,049 $110,593 $113,764 $117,905 $120,787 $121,978 $126,563 $131,913 $130,629 $134,723 $137,395
Insurance $55,325 $61,132 $62,954 $65,158 $66,862 $68,736 $71,451 $74,515 $77,011 $79,386 $80,979
Real Estate Taxes $161,555 $176,941 $182,217 $188,485 $193,505 $199,513 $208,267 $216,854 $224,022 $230,908 $235,831
Management Fees $12,356 $15,689 $16,045 $16,606 $16,633 $15,938 $16,829 $17,889 $15,515 $15,921 $15,791
Total Reimbursement Revenue $329,285 $364,356 $374,980 $388,152 $397,787 $406,166 $423,110 $441,171 $447,177 $460,938 $469,997
Total Potential Gross Revenue $1,259,145 $1,383,909 $1,415,782 $1,450,457 $1,468,571 $1,492,042 $1,534,208 $1,589,537 $1,594,254 $1,637,565 $1,661,155
General Vacancy & Collection Loss $0 ($30,985) ($28,404) ($35,078) ($29,859) ($30,844) ($24,340) ($27,879) ($29,439) ($35,309) ($29,174)
Economic Vacancy % 5.6% 2.4% 2.5% 2.4% 2.4% 3.2% 3.3% 2.6% 2.7% 3.2% 3.3%
Effective Gross Revenue $1,259,145 $1,352,924 $1,387,378 $1,415,379 $1,438,713 $1,461,198 $1,509,868 $1,561,658 $1,564,815 $1,602,256 $1,631,980
Operating Expenses
CAM $108,680 $111,940 $115,299 $118,758 $122,320 $125,990 $129,770 $133,663 $137,673 $141,803 $146,057
Insurance $66,513 $68,508 $70,564 $72,681 $74,861 $77,107 $79,420 $81,803 $84,257 $86,784 $89,388
Real Estate Taxes $175,157 $180,412 $185,824 $191,399 $197,141 $203,055 $209,147 $215,421 $221,884 $228,540 $235,396
Management Fees $37,774 $40,588 $41,621 $42,461 $43,161 $43,836 $45,296 $46,850 $46,944 $48,068 $48,959
Non-Reimbursable Expenses $4,500 $4,635 $4,774 $4,917 $5,065 $5,217 $5,373 $5,534 $5,700 $5,871 $6,048
Total Operating Expenses $392,624 $406,083 $418,082 $430,215 $442,548 $455,204 $469,005 $483,270 $496,458 $511,066 $525,848
Net Operating Income $866,521 $946,841 $969,296 $985,163 $996,165 $1,005,994 $1,040,862 $1,078,388 $1,068,357 $1,091,190 $1,106,132
NOI/SF $9.59 $10.48 $10.73 $10.91 $11.03 $11.14 $11.52 $11.94 $11.83 $12.08 $12.25
Annual NOI Growth Rate 9.27% 2.37% 1.64% 1.12% 0.99% 3.47% 3.61% -0.93% 2.14% 1.37%
Cumulative NOI Growth Rate 9.27% 11.86% 13.69% 14.96% 16.10% 20.12% 24.45% 23.29% 25.93% 27.65%
Leasing & Capital Costs
Tenant Improvements $0 $72,033 $6,479 $0 $0 $31,133 $31,168 $14,511 $17,739 $16,714 $8,208
Leasing Commissions $0 $26,304 $10,983 $2,658 $0 $25,180 $42,515 $15,020 $15,508 $18,965 $7,620
Capital Reserves $13,549 $13,956 $14,374 $14,806 $15,250 $15,707 $16,178 $16,664 $17,164 $17,679 $18,209
Total Leasing & Capital Costs $13,549 $112,293 $31,836 $17,464 $15,250 $72,021 $89,862 $46,195 $50,411 $53,357 $34,037
Net Cash Flow before Debt Service and Taxes $852,971 $834,548 $937,460 $967,700 $980,915 $933,973 $951,000 $1,032,193 $1,017,946 $1,037,832 $1,072,096
Page|33FINANCIAL I NFORM ATI ON
MODELING ASSUMPTIONS
General Assumptions Special Assumptions
Le Nails (Suite 9) lease expires 12/2021. Tenant was assumed to renew for 5 years flat at $22.33/SF.
Gross Leasable Area (GLA) 90,328 SF Bruners Insurance Agency (Suite 11) lease expires 8/2022. Tenant was assumed to renew for 5 years
Analysis Start Date June 1, 2019 at $19.00/SF with no annual increases.
Downtown Barber Shop (Suite 12) is month-to-month. Tenant was assumed to renew for one year to
Occupancy at Start Date 94.8% normalize year one income.
USPS (Suite 13) has one 5YR option remaining. This option is at market. The option was assumed to
General Inflation 3.0%
be taken with flat rent of $10.00/SF.
General Vacancy1 5.0% Leasing Assumptions
General Vacancy SF Equivalent 1
1,418 SF Lease Up of Vacant Space(s)
Recovery Base Rent at
Reimbursable Expenses for Year Ending 5/2020 Suite/Leaseup Date SF Term Method TI / LC Leaseup Rent Bumps
Common Area Maintenance Expenses (CAM)2 Annual PSF 7 / Jun-20 4,676 5 Years PRS+15% $15.00 / 6% $16.48 /SF 3% Annual
Cleaning Contract $20,103 $0.22 Total Lease Up 4,676
Cleaning Specialized $10,889 $0.12
Repairs Contracted $661 $0.01 Market Leasing Assumptions
HVAC Repairs $429 $0.00 Reimbursement
Electric Lighting Repairs $3,875 $0.04 Market Lease Type Units Included Lease Term Rent Bumps Method
Fire/Safety Repairs $6,504 $0.07 $10 Anchor 3 10 Years 10% / 5YR PRS Anchor*
Roof Repairs $6,898 $0.08 $4 Jr Anchor 13 10 Years 10% / 5YR PRS
General Building Repairs $664 $0.01 $15 Inline 4, 11 5 Years 3% Annual PRS+15%
Pest Control $1,541 $0.02 $16 Inline 7 5 Years 3% Annual PRS+15%
Landscaping & Parking Lot $46,296 $0.51 $18 Inline 8-10, 12 5 Years 3% Annual PRS+15%
Utilities $10,820 $0.12 $22 Inline 1-2, 5-6 5 Years 3% Annual PRS+15%
Total Common Area Maintenance Expenses $108,680 $1.20 $32 Outparcel 14 10 Years 10% / 5YR PRS
Insurance Expense (INS)3 $66,513 $0.74
PRS Anchor does not contribute towards Management Fees.
Real Estate Taxes (RET)4 $175,157 $1.94
Management Fee (MGMT) - 3% of EGR $37,774 $0.42
Total Reimbursable Expenses $388,124 $4.30
Non-Reimbursable Expenses for Year Ending 5/2020
Non-Reimbursable Expenses 2: Annual PSF
Non-Reimbursable Expenses $4,500 $0.05
Total Non-Reimbursable Expenses $4,500 $0.05
Capital Reserves $13,549 $0.15
Notes:
(1) Winn-Dixie, USPS, and Burger King have been excluded from the general vacancy and
collection loss factor.
(2) CAM and Non-Reimbursable expenses in year one based on 2016-2018 actual and 2019 budget
expenses.
(3) Insurance expenses in year one based on 2019 budget expenses.
(4) Real Estate Taxes expenses in year one assume reassessment due to sale. Amount shown reflects
4% early pay discount.
Page|34FINANCIAL I NFORM ATI ON
MODELING ASSUMPTIONS (continued)
Tenant Improvements (Inline Spaces)
New Tenant $10.00 /SF
Renewal Tenant $0.00 /SF
Weighted Average TI Costs ($10.00/SF x 35%) + ($0.00/SF x 65%) = $3.50 /SF
Tenant Improvements (Jr Anchor Spaces & Outparcels)
New Tenant $15.00 /SF
Renewal Tenant $0.00 /SF
Weighted Average TI Costs ($15.00/SF x 35%) + ($0.00/SF x 65%) = $5.25 /SF
Tenant Improvements (Anchor Spaces)
New Tenant $20.00 /SF
Renewal Tenant $0.00 /SF
Weighted Average TI Costs ($20.00/SF x 35%) + ($0.00/SF x 65%) = $7.00 /SF
Leasing Commissions (Inline and Jr Anchor Spaces & Outparcels)
New Tenant 6.0%
Renewal Tenant 2.0%
Weighted Average LC Costs (6.0%/SF x 35%) + (2.0%/SF x 65%) = 3.4%
Leasing Commissions (Anchor Spaces)
New Tenant $3.00 /SF
Renewal Tenant $1.50 /SF
Weighted Average LC Costs ($3.00/SF x 35%) + ($1.50/SF x 65%) = $2.03 /SF
Downtime at Lease Expiration
Inline Spaces (6 Months x 35%) + (0 Months x 65%) = 2.1 Months
Outparcels (9 Months x 35%) + (0 Months x 65%) = 3.2 Months
Anchor Spaces (12 Months x 35%) + (0 Months x 65%) = 4.2 Months
Renewal Options
Tenants are assumed to roll to market, renew or exercise option at the expiration of their current
term (or renewal term as indicated in the Special Assumptions section above) as noted below:
Rolls to Market Renews Exercises Option(s)
Sally Beauty Le Nails Greenberg Dental
Shear Utopia Unisex Salon Bruners Insurance Agency Winn-Dixie
Downtown Barber Shop Rainbow
Mariner Finance
Sprint
Singha Thai Restaurant
USPS
Burger King
Page|35View to the Northwest
Yuengling Brewing University of
South Florida
Busch
Gardens
Adventure
Island Yuengling Center
EB
usc
hB
lvd
(40
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AA
DT)
Pending Retail
Development Monument Sign
Bul
lard
Pkw
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00 AA
44,5
St ( 200 unit
6th
N5 residential
development
Q4 ‘19
Temple Terrace
Country ClubCONFIDENTIAL OFFERING MEMORANDUM
TEMPLE TERRACE PLAZA TAMPA BAY MSA, FLORIDA
Jim Michalak Keith Nurre
No warranty or representation, expressed or implied, is made as to the Managing Partner Senior Analyst
accuracy of the information contained herein, and some is submitted
subject to errors, omissions, change of price, rental or other conditions, (813) 837 1300 x1 (813) 837 1300 x2
withdrawal without notice, and to any special listing conditions imposed
jim.michalak@plazadvisors.com keith.nurre@plazadvisors.comYou can also read
