Shoppes at Solaris Clearwater, Florida $4,600,767 + 6.00% - Michael Zimmerman, Principal - Ground + Space
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Shoppes at Solaris
Clearwater, Florida
$4,600,767 + 6.00%
Michael Zimmerman, Principal
919.391.9901 + michael@groundandspacepartners.com
+ Prime Location
This multi-tenant site is
adjacent to Clearwater Mall
and many national retailers,
and has access to more than
three million Tampa Bay
area residents.
+ New Leases
The site is new construction
along busy Gulf to Bay
Boulevard (55,500 ADT) with
leases that feature scheduled
rent increases and multiple
renewal options.
+ Tourist Area
Tampa Bay is the most popular
tourist destination along the
U.S. Gulf Coast, and more than
one million tourists visit the
famous Clearwater beaches
each year.
Shoppes at Solaris + Investment Highlights groundandspacepartners.com + 1
Investment Summary
Tenants Caribou Coffee & Einstein
Bros. Bagels, Tijuana Flats +
Curry Leaves Express
Guarantors Corporate + Personal
Address 2849 Gulf to Bay Blvd.
Clearwater, FL 33759
Asking Price $4,600,767
Cap Rate 6.00%
Annual Rent $276,046 ($43.27/SF)
Building Size ± 6,380 SF
Lot Size ± 1.14 AC
Year Built 2018
Lease Types NN
Lease Terms Varied
Options Varied
Additional Rent Pro Rata Share of CAM, Taxes,
Insurance, Administrative Fees
+ Trash Removal (Tijuana Flats)
Landlord Roof, Structure, Utility Lines
+ Parking Lot*
Parking 51 Spaces**
* Parking lot expenses are subject to reimbursement as part of Common
Area Maintenance (CAM).
**Parking includes three handicapped spaces, two designated curbside
pick-up spaces for Tijuana Flats and two pull-ahead spaces for Caribou
Coffee & Einstein Bros. Bagels.
Shoppes at Solaris + Investment Summary groundandspacepartners.com + 2
Rent Roll
Lease Term Rental Rates Additional Rent (Est.)
Tenant SF % GLA Start End Options Begin Annual Rent PSF CAM Admin Fees RE Taxes Insurance
Caribou Coffee & 2,500 39.18% 5/19/2018 5/31/2028 3 x 5 Years 5/19/2018 $128,750 $51.50 $3.50/SF Cost Not to $3.00/SF $1.25/SF
Einstein Bros. Bagels 6/1/2023 $141,625 $56.65 Includes Exceed 10%
Option 1 6/1/2028 $155,800 $62.32 Admin Fee of CAM
Option 2 6/1/2033 $171,375 $68.55
Option 3 6/1/2038 $188,500 $75.40
Curry Leaves Express 1,473 23.09% TBD 2019 TBD 2029 2 x 5 Years TBD 2019 $48,609 $33.00 $5.00/SF N/A $1.50/SF $1.00/SF
TBD 2024 $53,470 $36.30
TBD 2029 $58,817 $39.93
TBD 2034 $64,699 $43.92
Tijuana Flats 2,407 37.73% 3/16/2018 3/30/2028 2 x 5 Years 3/16/2018 $98,687 $41.00 $3.25/SF Cost Not to $4.00/SF $1.00/SF
4/1/2023 $108,556 $45.10 Exceed 10% of
4/1/2028 $119,411 $49.61 CAM, Taxes +
4/1/2033 $131,350 $54.57 Insurance
PROPERTY 6,380 100.0% $276,046 $43.27
TOTALS
Tenants pay an additional pro rata share of the Trash Removal fee for the Common Areas and all tenants of the shopping center.
Shoppes at Solaris + Rent Roll groundandspacepartners.com + 3
Curry Leaves Express
Shoppes at Solaris
Outparcel to Solaris
Key Apartments
Built in 2015
426 Units + 4 Stories
Shoppes at Solaris + Site Plan groundandspacepartners.com + 4
Tijuana Flats
Shoppes at Solaris
Clearwater, Florida
Shoppes at Solaris + Tijuana Flats groundandspacepartners.com + 5
Investment Summary
Tenant Tijuana Flats
Guarantor TJF USA, LLC
Building Size ± 2,407 SF
37.73% Total GLA
Lease Type NN
Annual Rent $98,687 ($41.00/SF)
Commenced March 16, 2018
Expiration March 30, 2028
Lease Term 10 Years
Options 2 x 5-Year Options
Increases 10% Every 5 Years
Additional Rent Pro Rata Share of CAM (105%
Cap from Previous Year), Taxes,
Insurance + Trash Removal
Landlord Roof, Structure, Utility Lines
+ Parking Lot*
*Parking lot expenses are subject to reimbursement as part of
Common Area Maintenance (CAM).
Shoppes at Solaris + Tijuana Flats Investment Summary groundandspacepartners.com + 6
Rent Schedule
Years Annual Rent Increase
1–5 (Base Term) $98,687 ($41.00/SF) N/A
6–10 (Base Term) $108,556 ($45.10/SF) 10.0%
11–15 (Option 1) $119,411 ($49.61/SF) 10.0%
16–20 (Option 2) $131,350 ($54.67/SF) 10.0%
Additional Rent PSF
Common Area Maintenance $3.25/SF
Real Estate Taxes $4.00/SF
Insurance $1.00/SF
Administrative Fees Not to Exceed 10%
CAM, Taxes + Insurance
Shoppes at Solaris + Tijuana Flats Rent Schedule groundandspacepartners.com + 7
Tijuana Flats
Founded in 1995, Tijuana Flats is an
American restaurant chain serving
classic Tex-Mex cuisine at its 130
locations throughout Florida, Georgia,
the Carolinas, Virginia and Indiana. The
restaurants themselves are fast-casual
hybrids that feature fresh food, hot sauce
bars and art murals. Starting in 2007,
Tijuana Flats shifted from a franchise
model to corporate-owned stores. That
same year, the company created the Just in
Queso Foundation, which has raised more
than $3.5 million to help those in need.
Shoppes at Solaris + Tijuana Flats Tenant Profile groundandspacepartners.com + 8
Caribou Coffee &
Einstein Bros. Bagels
Shoppes at Solaris
Clearwater, Florida
Shoppes at Solaris + Caribou Coffee & Einstein Bros. Bagels groundandspacepartners.com + 9Investment Summary
Tenant Caribou Coffee & Einstein
Bros. Bagels
Guarantor Caribou Coffee, Inc.
Building Size ± 2,500 SF
39.18% Total GLA
Lease Type NN
Annual Rent $128,750 ($51.50/SF)
Commenced May 19, 2018
Expiration May 31, 2028
Lease Term 10 Years
Options 3 x 5-Year Options
Increases 10% Every 5 Years
Additional Rent Pro Rata Share of CAM
(Includes Admin Fees; 105%
Cap from Previous Year),
Taxes + Insurance
Landlord Roof, Structure, Utility Lines
+ Parking Lot
*Parking lot expenses are subject to reimbursement as part of
Common Area Maintenance (CAM).
Shoppes at Solaris + Caribou Coffee & Einstein Bros. Bagels Investment Summary groundandspacepartners.com + 10Rent Schedule
Years Annual Rent Increase
1–5 (Base Term) $128,750 ($51.50/SF) N/A
6–10 (Base Term) $141,625 ($56.65/SF) 10.0%
11–15 (Option 1) $155,800 ($62.32/SF) 10.0%
16–20 (Option 2) $171,375 ($68.55/SF) 10.0%
21–25 (Option 3) $188,500 ($75.40/SF) 10.0%
Additional Rent PSF
CAM/Administrative Fees $3.50/SF
Real Estate Taxes $3.00/SF
Insurance $1.25/SF
T Shoppes
Grand atASolaris
E X A S National
RO U+SCaribou
OLongHorn
D H+ E | H
A
R RCoffee
LSteakhouse
I NIEV L
EISR
A
SBT
V
LOM E&
I ERWNEinstein
O TOLease
U GH
VHIEGR
CHV
OBros.
LIU
E
I GN
WHTBagels
Abstract TYS D E VRent
E L OSchedule
PMENT groundandspacepartners.com + 10
11Caribou Coffee &
Einstein Bros. Bagels
In 2015, Caribou Coffee and Einstein
Bros. Bagels joined forces to launch a new JAB Holding Company
concept that gives consumers access to JAB is a privately-
Caribou’s specialty coffee and Einstein’s held German
fresh-baked bagels under one roof. The conglomerate that
mash-up was born of the brands’ shared includes investments of
companies operating in
ownership. Colorado-based Einstein Noah
the arenas of consumer
Restaurant Group was acquired by JAB
goods, forestry, coffee,
Holding Company in 2014, which Caribou luxury fashion and fast
Coffee was acquired the year previously. food, among others.
The concept’s popularity has resulted in
more than 40 locations opening in eight
states in less than two years.
Shoppes at Solaris + Caribou Coffee & Einstein Bros. Bagels Tenant Profile groundandspacepartners.com + 12Curry Leaves Express
Shoppes at Solaris
Clearwater, Florida
Shoppes at Solaris + Curry Leaves Express groundandspacepartners.com + 13Investment Summary
Tenant Curry Leaves Express
Guarantor Personal
Building Size ± 1,473 SF
23.09% Total GLA
Lease Type NN
Annual Rent $48,609 ($33.00/SF)
Commences TBD 2020
Expiration TBD 2030
Lease Term 10 Years
Options 2 x 5-Year Options
Increases 10% Every 5 Years
Additional Rent Pro Rata Share of CAM,
Taxes + Insurance
Landlord Roof, Structure, Utility Lines
+ Parking Lot
*Parking lot expenses are subject to reimbursement as part of
Common Area Maintenance (CAM).
Shoppes at Solaris + Curry Leaves Express Investment Summary groundandspacepartners.com + 14Rent Schedule
Years Annual Rent Increase
1–5 (Base Term) $48,609 ($33.00/SF) N/A
6–10 (Base Term) $53,470 ($36.30/SF) 10.0%
11–15 (Option 1) $58,817 ($39.93/SF) 10.0%
16–20 (Option 2) $64,699 ($43.92/SF) 10.0%
Additional Rent Annual Fee
CAM/Administrative Fees $7,365 ($5.00/SF)
Real Estate Taxes $2,210 ($1.50/SF)
Insurance $1,473 ($1.00/SF)
T Shoppes
Grand ROatASolaris
E X A S National U+SCurry
OLongHorn
D H+ E | H Leaves
I NIE
A
R RL
EISR
A
SBT
V
LOIExpress
LSteakhouse
V MER
EWO
NU GHRent
TOLease
VHIEGR
CHV
OLISchedule
Abstract
UE
I GN
WHTTYS D E V E L O P M E N T groundandspacepartners.com + 10
15Curry Leaves Express
The guarantor of Curry Leaves Express currently owns and operates
two successful Tampa-based restaurants under the Bay Leaves Indian
Cuisine and Curry Leaves Indian Cuisine brands. Bay Leaves is a
culinary venture that seeks to bring the mouthwatering taste of
authentic Indian cuisine to the Tampa Bay area. Talented chefs create
traditional Indian dishes at affordable prices. Curry Leaves aims to
set a benchmark in the restaurant history of Tampa by serving up
the most delicious, high-quality Indian cuisine at wallet-friendly
prices. In addition to these two restaurants, the guarantor plans to
open a combined DRNK coffee + tea/QWENCH juice bar concept.
The coffee shop and juice bar will offer customers both food and
beverages in one space.
Shoppes at Solaris + Curry Leaves Express Guarantor Profile groundandspacepartners.com + 16Shoppes at Solaris
Retail Market Overview
Clearwater Florida
Shoppes at Solaris + Retail Market Overview groundandspacepartners.com + 1729,500 ADT Drew Street 32,500 ADT
Clearwater Campus
109,500 ADT
55,500 ADT 51,000 ADT
Gulf to Bay Boulevard
SITE
U.S. Highway 19
Gulf to Bay Center + Aerial groundandspacepartners.com + 18Luxury Apartment Outparcel
Site is an Outparcel to Solaris Key Apartments
Solaris Key Apartments offer a variety of
luxurious apartment homes that feature
modern finishes, open concept living, a lavish
community clubhouse and more. Solaris Key
sets a new standard in Florida living with its
unmatched amenities and convenient access
to everything that Clearwater has to offer.
Shoppes at Solaris + Luxury Apartment Outparcel groundandspacepartners.com + 19Area Shopping Centers
+ Westfield Countryside
Situated near the coastline on the Gulf Coast in Clearwater,
Westfield Countryside is home to five anchor stores—
Dillard’s, JCPenney, Macy’s, Whole Foods and Nordstrom
Rack—and a 12-screen Cobb Theatres, along with
numerous restaurants and a full-size ice skating rink. The
popular shopping destination underwent a $12 million
renovation project in 2009, and now serves over nine
million customers annually.
+ Clearwater Mall
A short walk from Shoppes at Solaris, Clearwater Mall
features major tenants including Ross Dress For Less,
Dollar Tree, Pier 1 Imports and Skechers Outlet, along with
many restaurants and specialty stores like Starbucks, Moe’s
Southwest Grill and Five Guys Burgers & Fries.
+ SUNDIAL St. Pete
Now considered downtown St. Petersburg’s premier
shopping and dining destination, SUNDIAL St. Pete is an
oasis in the heart of the city’s bustling downtown center.
Located less than 20 miles from Shoppes at Solaris,
SUNDIAL St. Pete features a 20-screen AMC Theatre and a
special collection of shops, restaurants and spa experiences
unique to the Tampa Bay area. Prominent retailers include
Jackie Z Style Co. and Ruth’s Chris Steak House.
+ Tyrone Square Mall
A short 25-minute drive brings visitors and residents to
Tyrone Square Mall, an indoor shopping center four miles
from the beautiful Gulf Beaches. Shoppers can explore
more than 130 specialty shops located throughout the mall,
including Macy’s, Dillard’s, JCPenney, H&M, DSW, Dick’s
Sporting Goods and Old Navy. The mall’s Dining District
features a plethora of dining options, from Bonefish Grill
and Ruby Tuesday to LongHorn Steakhouse and Rubio’s
Coastal Grill.
T Shoppes
Grand ROatASolaris
E X A S National
D H+ U+SArea
OLongHorn I Shopping
E | H
A
R LSteakhouse
NIEVRL
EISR
A
SBT
V
LOM Centers
I ER
EWO
NUTOLease
GH
VHIEGR Abstract
CHV
OLIU
E
I GN
WHTTYS D E V E L O P M E N T groundandspacepartners.com + 20
10Shoppes at Solaris
Economic and Tourism Overview
Clearwater Florida
Shoppes at Solaris + Economic and Tourism Overview groundandspacepartners.com + 2113.4 Miles From Site
17M+ Annual Passengers
SITE
4.9 Miles From Site
1M+ Annual Passengers
DT
00A
7,5
17
Attractive Tourist Area
St. Petersburg and its surrounding beaches
are the most visited destination on the U.S.
Gulf Coast, drawing more than 15 million
visitors each year. Tourists can enjoy more
than 35 miles of some of the best beaches in
the country, close proximity to the world’s
best theme parks and a year-round outdoor
climate with 361 days of sunshine.
Shoppes at Solaris + Regional Overview groundandspacepartners.com + 22
Clearwater Plaza + Regional Overview groundandspacepartners.com + 18Tampa Bay Area
Clearwater and St. Pete are the Jewels of Tampa Bay
With two international airports, a dynamic
and diverse local economy, a subtropical
climate and an enviable Gulf Coast location
just 90 miles from Orlando’s many theme
parks, the Tampa Bay region is becoming an
international contender. Millions of visitors
arrive each year, a growing number of them
adding to the area’s three million residents
that place Tampa Bay among the Top 20
metro areas in the country.
Shoppes at Solaris + Tampa Bay Overview groundandspacepartners.com + 23Clearwater Beach
7.5 Miles from Shoppes at Solaris Site
With its wide sugar-sand beaches and clear
surf; a vast array of lodgings, restaurants and
bars; and kid-friendly water sports, fun-loving
Clearwater Beach was voted the No. 1 beach in
America in 2016 and the No. 20 beach in the
world in 2016 by TripAdvisor. This popular
city-beach caters to everyone, from millennials
and couples to families.
Shoppes at Solaris + Tampa Bay Overview groundandspacepartners.com + 24St. Petersburg Beach
16.2 Miles from Shoppes at Solaris Site
With miles of beaches, surf shops and
boutiques, along with a vast array of lodging,
dining and water sports for all ages, St. Pete
Beach was voted TripAdvisor’s No. 3 beach in
the U.S. in 2017. From the five-star luxury
of the historic 1920s Pink Palace to the
family-friendly TradeWinds Island Resorts,
there’s a place for all tastes and budgets.
Shoppes at Solaris + Tampa Bay Overview groundandspacepartners.com + 25Clearwater Overview
Friendly City With Award-Winning Beaches
Clearwater is a well-thought out resort town
where visitors can enjoy some of the most
spectacular beachfront views in the state.
From USA Today and Time Magazine to
Condé Nast and TripAdvisor, Clearwater
Beach is routinely placed on “Best Of”
lists the world over.
Shoppes at Solaris + Clearwater Overview groundandspacepartners.com + 26St. Petersburg Overview
The Cultural Heart of the Tampa Bay Area
Downtown St. Petersburg is the area’s cultural
heart, with iconic museums, gorgeous public parks
and many historic neighborhoods. The city that holds
the Guinness record for the most consecutive sunny
days (768) is also home to the highest concentration
of nightlife and dining establishments in the entire
region. It’s for these reasons and more that The New
York Times placed the Sunshine City on its list of “52
Places to Go in the World.”
Shoppes at Solaris + St. Petersburg Overview groundandspacepartners.com + 27+ + + +
Tourism Economy Workforce Center Award-Winning City Low Tax Burden
Tourism is a major economic driver for Clearwater serves as an Forbes ranked Clearwater as one of Florida residents pay no personal
Clearwater, with more than one million employment center within Tampa America’s “Best Cities for Young state income tax and pay no state
annual visitors that enjoy the city’s Bay, generating more daily inbound Professionals,” attracting more personal capital gains tax; the
beaches and its many attractions. traffic than outbound. millennial workers to the area. maximum rate is 5.5 percent.
Shoppes at Solaris + Economic Overview groundandspacepartners.com + 28Fast-Growing Consumer Market
The Tampa Bay Metro Area is Florida’s Central Hub
The Tampa Bay/Orlando Interstate 4 Corridor super
region is home to over eight million people and
welcomes more than 60 million tourists annually,
making it a huge consumer market. The area has
the largest concentration of distribution centers in
Florida, and is the fastest-growing part of the state.
Tampa Bay’s close proximity to Latin America makes
it a perfectly situated platform to serve export
markets throughout the hemisphere.
Shoppes at Solaris + Economic Overview groundandspacepartners.com + 29Tampa Bay Major
Industries Overview
+ Defense and Security
Tampa Bay has one of the largest veteran workforces in the
nation, and is home to MacDill Air Force Base and two, four-
star Combatant Commands. Locally, a $14 billion military
industry has developed around areas like cybersecurity and
IT, intelligence and analysis, training, simulation, advanced
manufacturing and defense-related education.
+ Life Sciences
The area has emerged as a driving force behind the state’s fast-
growing life sciences industry, with the presence of industry
leaders like Amgen, Bristol-Myers Squibb and Johnson &
Johnson. In recent years, globally-renowned corporations have
chosen Tampa as the site for major North American operations.
+ Manufacturing
Tampa Bay has the second-largest base of manufacturing
employment in Florida, with more than 2,800 firms employing
more than 63,00 people. Tampa Bay’s manufacturing sector
plays a key role in attracting overseas investments. Close to 500
foreign-owned companies representing more than 40 nations
have established successful operations in the area.
+ Financial and Professional Services
As the fastest-growing industry sector in the Tampa Bay area,
the financial and professional services businesses have year-
over-year employment gains of seven percent and a workforce
of more than 248,000. For more than 40 years, Hillsborough
County has offered a competitive alternative to the traditional
financial centers of New York, Chicago and Boston.
+ Information Technology
Between 2011 and 2016, the IT sector in Tampa Bay grew
6.9 percent. Tampa has become a hub for IT companies of all
sizes, and the area’s talent pipeline is fueled by major Florida
universities. The region is also home to the Florida Center for
Cyber Security, a first-of-its-kind, shared resource for Florida’s
stakeholders in higher education, defense, industry and more.
Shoppes at Solaris + Tampa Bay Major Industries Overviews groundandspacepartners.com + 30Demographics
Demographics 1 Mile 3 Miles 5 Miles
Estimated Population 10,933 73,117 223,646
2022 Projected Population 11,679 76,379 233,717
2010 Census Population 9,632 67,972 210,483
2000 Census Population 11,321 69,507 207,660
Population
Projected Annual Growth (2018–2023) 1.3% 0.9% 0.9%
Estimated Households 5,211 33,088 98,730
2023 Projected Households 5,565 34,403 102,876
2010 Census Households 4,591 31,296 94,548
2000 Census Households 5,005 31,672 92,776
Projected Annual Growth (2018–2023) 1.3% 0.8% 0.8%
Est. HH Income $200,000+ 2.2% 3.9% 3.1%
Est. HH Income $150,000-$199,999 2.0% 3.3% 2.8%
Est. HH Income $100,000–$149,999 6.3% 10.4% 9.4%
Est. HH Income $75,000-$99,999 12.6% 12.0% 11.2%
Household Income
Est. HH Income $50,000–$74,999 20.0% 19.1% 19.0%
Est. HH Income $35,000–$49,999 17.9% 16.3% 16.6%
Est. HH Income $25,000–$34,999 12.3% 11.7% 12.1%
Est. HH Income $15,000–$24,999 15.2% 12.5% 13.3%
Est. HH Income Under $15,000 11.5% 10.8% 12.4%
Est. Average Household Income $57,457 $68,079 $63,262
Est. Median Household Income $42,951 $48,450 $44,995
Est. White 77.0% 81.8% 79.5%
Race/Ethnicity Est. Black 9.6% 6.7% 9.2%
Est. Asian or Pacific Islander 2.5% 3.1% 3.1%
Est. American Indian or Alaska Native 0.7% 0.4% 0.4%
Est. Other Races 10.2% 8.1% 7.7%
Est. Hispanic Population 23.1% 16.4% 15.4%
Shoppes at Solaris + Demographics groundandspacepartners.com + 31Contact Us Michael Zimmerman P: 919.391.9901 groundandspacepartners.com michael@groundandspacepartners.com The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Ground + Space and should not be made available to any other person or entity without the written consent of Ground + Space. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Ground + Space has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Ground + Space has not verified, and will not verify, any of the information contained herein, nor has Ground + Space conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
You can also read
