Shops at Celebration Kissimmee, Florida $3,102,214 + 6.55% - Michael Zimmerman, Principal - LoopNet
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Shops at Celebration
Kissimmee, Florida
$3,102,214 + 6.55%
Michael Zimmerman, Principal
919.391.9901 + michael@groundandspacepartners.com
+ Prime Location
This multi-tenant location
has direct access to I-4 and
Florida’s Turnpike, and is
minutes away from Walt
Disney World’s many tourist
attractions, hotels and resorts.
+ Strategic Site
The site is across from Disney’s
Celebration Town Center
area and the Publix-anchored
Water Tower Shoppes. The
property is anchored by a top-
performing Nike Factory store.
+ Dense Population
Kissimmee has a metro
population of more than 2.1
million, and the many theme
parks in the area bring high
pedestrian and vehicle traffic
counts to the site.
Shops at Celebration + Investment Highlights groundandspacepartners.com + 1
Upcoming Rental Increases
The multi-tenant site’s upcoming rental
increases will yield a 6.83 percent cap
rate by October 2019. Shops at Celebration
The property is a multi-tenant site
at an irreplaceable location across
from Florida Hospital Celebration
Health and Disney’s Celebration
Town Center area. Two tenants have
leases with corporate guarantees,
and each lease features scheduled
rental increases and multiple
options to renew. In addition, the
tenants reimburse the landlord
for expenses relating to roof and
parking lot maintenance.
Shops at Celebration + Investment Overview groundandspacepartners.com + 2
Investment Summary
Tenants Tijuana Flats, T-Mobile +
Island Fin Poké Co.
Address 6113 W Irlo Bronson
Memorial Hwy.
Kissimmee, FL 34747
Asking Price $3,102,214
Cap Rate 6.55%
Guarantors Corporate + Franchisee
Building Size ± 5,222 SF
Land Size ± 0.28 AC
Year Built 1998/Renovated 2015
Parking Shared Parking
Annual Rent $203,195 ($38.91/SF)*
Additional Rent CAM, Real Estate Taxes,
Insurance + HOA
Lease Types NNN
Options Varied 5-Year Options
With Increases
Landlord Roof, Structure +
Parking Lot
Tenant Reimbursement: Tenants reimburse Landlord for Roof and
Parking Lot maintenance and repairs.
*Reflects T-Mobile’s scheduled rental increase on April 1, 2019.
Shops at Celebration + Investment Summary groundandspacepartners.com + 3
SITE
Rent Roll
Lease Term Rental Rates Additional Rent
Suite Tenant SF % GLA Start End Options Begin Annual Rent PSF CAM Utilities Admin/Assoc RE Taxes Insurance
101 Tijuana Flats 2,610 50.0% 12/8/2016 4/7/2027 2 x 5 Years 12/8/2016 $109,620 $42.00 $2,470 $10,212 $5,521 $8,874 $1,566
12/8/2022 $120,582 $46.20 $0.95/SF $3.91/SF $2.12/SF $3.40/SF $0.60/SF
Option 1 4/8/2027 $132,640 $50.82 Includes Trash
Option 2 4/8/2032 $145,904 $55.90 Removal
102 Island Fin 1,400 26.8% 6/01/2017 9/30/2022 2 x 5 Years 12/1/2017 $50,400 $36.00 $1,324 $805 $2,959 $4,760 $840
Poké Co. 10/1/2018 $51,912 $37.08 $0.95/SF $0.57/SF $2.11/SF $3.40/SF $0.60/SF
10/1/2019 $53,469 $38.19
10/1/2020 $55,076 $39.34
10/1/2021 $56,728 $40.52
Option 1 10/1/2022 3% Annual Increases
Option 2 10/1/2027 3% Annual Increases
103 T-Mobile 1,212 23.2% 2/20/2017 2/19/2024 3 x 5 Years 2/20/2018 $41,511 $34.25 $1,151 $697 $2,562 $4,121 $727
4/1/2019 $41,663 $34.38 $0.95/SF $0.57/SF $2.11/SF $3.40/SF $0.60/SF
4/1/2020 $41,829 $34.51
4/1/2021 $42,012 $34.66
4/1/2022 $44,796 $36.96
4/1/2024 $44,796 $36.96
Option 1 4/1/2027 $50,171 $41.40
4/1/2029 $50,171 $41.40
Option 2 4/1/2032 $56,192 $46.36
4/1/2034 $56,192 $46.36
Option 3 4/1/2037 $62,934 $51.93
$203,195* $38.91 $4,945 $11,714 $11,042 $17,755 $3,129
*Reflects T-Mobile’s scheduled rental increase on April 1, 2019.
Shops at Celebration + Rent Roll groundandspacepartners.com + 4
Cash Flow
Rental Income Current Recoverable Operating Expenses 2019
Annual Rents $203,195* Common Area Maintenance $4,940
Expense Reimbursements 2019 Utilities $11,712
CAM Recovery Administrative $11,042
Exterior Maintenance + Repair $1,000 Real Estate Taxes $17,756
Fire Alarm/Sprinkler Contract $900 Property Insurance $3,129
Fire Alarm/Sprinkler Repair $500 Total Recoverable Operating Expenses $48,579
Fire Alarm Monitoring Fees $940 Total Expenses $48,579
Landscape (Others) $0 Net Operating Income $203,195*
Maintenance Supplies + Tools $100
Parking Lot Repairs, $0
Paving + Re-Striping
Roof Repairs $1,500
Utilities
Electricity $600
Trash Removal (T-Mobile + $1,200
Island Fin Poké Co.)
Trash Removal (Tijuana Flats) $9,912
Administrative
Management Fees $9,000
Administrative Fees $300 SITE
Association Fees (Parking HOA) $1,742
Real Estate Taxes Recovery $17,756
Property Insurance Recovery $3,129
Total Recoveries $48,579
Total Income $251,774
*Reflects T-Mobile’s scheduled rental
increase on April 1, 2019.
Shops at Celebration + Cash Flow groundandspacepartners.com + 5
Prominent Signage
Prominent signage placement for the subject property
along U.S. Highway 192/West Irlo Bronson Memorial
Highway with 56,000 vehicles passing daily.
Shops at Celebration + Aerial groundandspacepartners.com + 6
Tijuana Flats
Shops at Celebration
Kissimmee, Florida
Shops at Celebration + Tijuana Flats groundandspacepartners.com + 7
Investment Summary
Tenant Tijuana Flats #251, LLC
DBA Tijuana Flats
Guarantor Corporate
Building Size ± 2,610 SF + Patio
50.0% Total GLA
Lease Type NNN
Annual Rent $109,620 ($42.00/SF)
Commenced December 8, 2016
Expiration April 7, 2027
Lease Term 10 Years
Options 2 x 5-Year Options
Increases 10% Every 5 Years Within
Base Term + Options
Additional Rent CAM, Real Estate Taxes,
Insurance, HOA +
Trash Removal
Landlord Roof, Structure +
Parking Lot
Tenant Reimbursement: Tenants reimburse Landlord for Roof and
Parking Lot maintenance and repairs.
Shops at Celebration + Tijuana Flats Investment Summary groundandspacepartners.com + 8
Rent Schedule
Years Annual Rent Increase
1–5 (Base Term) $109,620 ($42.00/SF) N/A
6–10 (Base Term) $120,582 ($46.20/SF) 10.0%
11–15 (Option 1) $132,640 ($50.82/SF) 10.0%
16–20 (Option 2) $145,904 ($55.90/SF) 10.0%
Additional Rent
Common Area Maintenance $2,470 ($0.95/SF)
Utilities (Includes Trash Removal) $10,212 ($3.91/SF)
Administration/Association $5,521 ($2.12/SF)
Real Estate Taxes $8,874 ($3.40/SF)
Insurance $1,566 ($0.60/SF)
Shops at Celebration + Tijuana Flats Rent Schedule groundandspacepartners.com + 9Tijuana Flats
Tijuana Flats is an American restaurant
chain serving classic Tex-Mex cuisine at
its 135 locations throughout Florida,
Georgia, the Carolinas, Virginia and
Indiana. The restaurants are fast-casual
hybrids that feature fresh food, hot sauce
bars, art murals and off-beat culture.
Headquartered in Maitland, Florida, Tijuana
Flats currently employs 3,000 people and
has raised over $3.5 million and donated
countless hours to help those in need.
Shops at Celebration + Tijuana Flats Tenant Profile groundandspacepartners.com + 10T-Mobile
Shops at Celebration
Kissimmee, Florida
Shops at Celebration + T-Mobile groundandspacepartners.com + 11Investment Summary
Tenant S7 of Celebration, LLC
DBA T-Mobile
Guarantor Franchisee
Building Size ± 1,212 SF
23.2% Total GLA
Lease Type NNN
Annual Rent $41,663 ($34.38/SF)*
Commenced February 20, 2017
Expiration February 19, 2024
Lease Term 7 Years
Options 3 x 5-Year Options
Increases Varied Annual Increases in
Years 2–6 of Base Term +
12% Increases in Years 11,
16 + 21 of Options
Additional Rent CAM, Real Estate Taxes,
Insurance + HOA
Landlord Roof, Structure +
Parking Lot
Tenant Reimbursement: Tenants reimburse Landlord for Roof and
Parking Lot maintenance and repairs.
*Reflects T-Mobile’s scheduled rental increase on April 1, 2019.
Shops at Celebration + T-Mobile Investment Summary groundandspacepartners.com + 12Rent Schedule
Base Term Annual Rent Increase
Year 1 $33,936 ($28.00/SF) N/A
Year 2 $41,511 ($34.25/SF) 22.4%
Year 3 $41,663 ($34.38/SF) 3.6%
Year 4 $41,829 ($34.51/SF) 4.0%
Year 5 $42,012 ($34.66/SF) 4.4%
Year 6 $44,796 ($36.96/SF) 6.6%
Year 7 $44,796 ($36.96/SF) N/A
Option 1
Years 8–10 $44,796 ($36.96/SF) N/A
Years 11–12 $50,171 ($41.40/SF) 12.0%
Option 2
Years 13–15 $50,171 ($41.40/SF) N/A
Years 16–17 $56,192 ($46.36/SF) 12.0%
Option 3
Years 18–20 $56,192 ($46.36/SF) N/A
Years 21–22 $62,934 ($51.93/SF) 12.0%
Additional Rent
Common Area Maintenance $1,151 ($0.95/SF)
Utilities $697 ($0.57/SF)
Administration/Association $2,562 ($2.11/SF)
Real Estate Taxes $4,121 ($3.40/SF)
Insurance $727 ($0.60/SF)
Common Area Expenses: Tenant’s Proportionate Share of Common Area
Expenses shall not increase more than five percent per annum during the initial
term of the lease.
Shops at Celebration + T-Mobile Rent Schedule groundandspacepartners.com + 13T-Mobile
T-Mobile is the third largest wireless carrier
in the country with 74 million customers as of S7 of Celebration,
Q1 2018. T-Mobile has more than doubled its LLC—a licensed
LTE coverage since 2015, and now covers T-Mobile franchisee—
nearly everyone in the U.S. The company is owned by parent
provides wireless voice and data services in the company S7 Wireless,
U.S., Puerto Rico and the U.S. Virgin Islands Inc., which operates
over 80 locations
under the T-Mobile and MetroPCS brands—
throughout Florida,
which it acquired in 2013, resulting in the
California, New York,
company going public on the NASDAQ stock Georgia, New Jersey
exchange. The company has annual revenues and Virginia.
of over $40 billion and, in 2017, T-Mobile was
ranked No. 1 in Customer Service Satisfaction
by Nielsen.
Shops at Celebration + T-Mobile Tenant Profile groundandspacepartners.com + 14Island Fin Poké Co.
Shops at Celebration
Kissimmee, Florida
Shops at Celebration + Island Fin Poké Co. groundandspacepartners.com + 15Investment Summary
Tenant MRS Bowls 2 LLC
DBA Island Fin Poké Co.
Guarantor Corporate
Building Size ± 1,400 SF
26.8% Total GLA
Lease Type NNN
Annual Rent $50,400 ($36.00/SF)
Commenced June 1, 2017
Expiration September 30, 2022
Lease Term 5 Years
Options 2 x 5-Year Options
Increases 3% Annual Increases in
Base Term + Options
Additional Rent CAM, Real Estate Taxes,
Insurance + HOA
Landlord Roof, Structure +
Parking Lot
Tenant Reimbursement: Tenants reimburse Landlord for Roof and
Parking Lot maintenance and repairs.
Common Area Expenses: Tenant’s Proportionate Share of Common
Area Expenses shall not increase more than five percent per annum
during the initial term of the lease.
Shops at Celebration + Island Fin Poké Co. Investment Summary groundandspacepartners.com + 16Rent Schedule
Base Term Annual Rent Increase
6/1/17–9/30/17 Free Rent (3 Months) N/A
10/1/17–11/30/17 Free Rent (2 Months) N/A
12/1/17–9/30/18 $50,400 ($36.00/SF) 3.0%
10/1/18–9/30/19 $51,912 ($37.08/SF) 3.0%
10/1/19–9/30/20 $53,469 ($38.19/SF) 3.0%
10/1/20–9/30/21 $55,073 ($39.34/SF) 3.0%
10/1/21–9/30/22 $56,726 ($40.52/SF) 3.0%
Option 1
10/1/22–9/30/23 $58,427 ($41.73/SF) 3.0%
10/1/23–9/30/24 $60,180 ($42.99/SF) 3.0%
10/1/24–9/30/25 $61,986 ($44.28/SF) 3.0%
10/1/25–9/30/26 $63,845 ($45.60/SF) 3.0%
10/1/26–9/30/27 $65,761 ($46.97/SF) 3.0%
Option 2
10/1/27–9/30/28 $67,733 ($48.38/SF) 3.0%
10/1/28–9/30/29 $69,762 ($49.83/SF) 3.0%
10/1/29–9/30/30 $71,858 ($51.33/SF) 3.0%
10/1/30–9/30/31 $74,014 ($52.87/SF) 3.0%
10/1/31–9/30/32 $76,235 ($54.45/SF) 3.0%
Additional Rent
Common Area Maintenance $1,324 ($0.95/SF)
Utilities $805 ($0.57/SF)
Administration/Association $2,959 ($2.11/SF)
Real Estate Taxes $4,760 ($3.40/SF)
Insurance $840 ($0.60/SF)
Shops at Celebration + Island Fin Poké Co. Rent Schedule groundandspacepartners.com + 17Island Fin Poké Co.
Founded by friends Mark and Paul, the Island
Fin Poké Co. relationship with food is rooted in
the Hawaiian culture of ohana (“the family”).
Menu items are presented in the unique
Hawaiian and Caribbean style using only the
freshest fish, produce and seasonal ingredients.
There are currently two locations—one under
the Big Kahuna’s Island Style bowls name—
serving customers in Winter Springs and
Kissimmee, but franchising opportunities are
currently available as the fast-casual dining
concept continues to grow. The company is in
the process of opening another location in
Lake Nona.
Shops at Celebration + Island Fin Poké Co. Tenant Profile groundandspacepartners.com + 18Shops at Celebration
Tourism Overview
Kissimmee, Florida
Shops at Celebration + Tourism Overview groundandspacepartners.com + 19T
AD
0
75,00
00
0,
17
0 AD
T
Future Exit Ramps
Interstate 4 is currently undergoing a
$23 billion improvement project that will
transform the 21 miles from Kirkman
Road to State Road 434. Changes will
Gaylord Palms Resort + include four new Express Lanes, widened
Convention Center and rebuilt bridges, reconstructed
1,400 Rooms + 400K SF interchanges and an overall new design
of Meeting Space (estimated completion March 2021).
2nd Most of Any FL Hotel
28,500 ADT
Vacation Village at Parkside
34,500 ADT
3,100 Timeshares
67,500 ADT W Irlo Bronson Memorial Hwy. 56,000 ADT
T
AD
0
,00
8
12
34,200 ADT
Interstate 4
Considered to be the “backbone”
of transportation in Central Community of Celebration
Florida, Interstate 4 sees over Celebration is a master-planned
1.5 passenger trips daily. community originally developed by
the Walt Disney Company. The town is
directly connected to the Walt Disney
World resorts via World Drive, and
features a downtown area (Celebration
Town Center) which contains shops,
restaurants and residences.
Shops at Celebration + Area Tourist Attractions groundandspacepartners.com + 20New Hotel Construction
Nearby Tourist Attractions
Clockwise from top left: Pandora—the world of Avatar at Disney’s Animal
Kingdom; ESPN Wide World of Sports; New Star Wars fireworks show at
Disney’s Hollywood Studios; Toy Story Land at Disney’s Hollywood Studios;
Disney’s Magic Kingdom; Epcot at the Wald Disney World Resort.
Shops at Celebration + Nearby Tourist Attractions groundandspacepartners.com + 21Nearby Tourist Attractions
Clockwise from top left: Universal Studios Orlando; Universal CityWalk;
Universal Studios Volcano Bay; Universal Studios Wizarding World of Harry
Potter; Walt Disney World; LEGOLAND; SeaWorld Orlando.
Shops at Celebration + Nearby Tourist Attractions groundandspacepartners.com + 22Shops at Celebration
Retail and Economic Overview
Kissimmee, Florida
Shops at Celebration + Retail and Economic Overview groundandspacepartners.com + 23Gaylord Palms International Drive
Blossom Park Villas Convention Center Central area for world-class shopping,
15,7
288 Condos attractions, dining and entertainment.
T
AD
00 A
00
8,0
DT
12
Vacation Village at Parkside
3,100 Timeshares
Parkway Resort
144 Timeshares
W Irlo Bronson Memorial Hwy. 56,000 ADT
No. 3 Nike Outlet
$30M+ in Sales
T
AD
00
,4
32
Walt Disney World
Corporate Offices
)
Road
a y ( Toll
eeneW
a Gr
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Cen
Shops at Celebration + Retail Market Aerial groundandspacepartners.com + 24Nearby Retailers
Clockwise from top left: Orlando Vineland Premium Outlets; Lake
Buena Vista Factory Stores; Orlando Outlet Marketplace; Mall at Millenia;
Disney Springs; IKEA Orlando; Celebration Town Center.
Shops at Celebration + Nearby Retailers groundandspacepartners.com + 25Lake Buena Vista Factory Stores
4.1 Miles from Shops at Celebration
Located just two miles from Walt Disney World,
Lake Buena Vista Factory Stores is known as one
of Central Florida’s “best-kept secrets for outlet
deals,” featuring retailers like Calvin Klein, Fossil,
Gap, Old Navy and more. Shoppers can purchase
factory-direct premium merchandise at savings of
up to 75 percent.
Shops at Celebration + Lake Buena Vista Factory Stores groundandspacepartners.com + 26Disney Springs
6.9 Miles from Shops at Celebration
Originally opened in 1975, Disney Springs
completed a major renovation and extension in
2016 and is now home to four distinct districts.
The majority of the retail shops can be found in
the Town Center, which will continue to expand as
more tenants join Anthropologie, Sephora, ZARA,
Pandora, UGG and Kate Spade, among others.
Shops at Celebration + Disney Springs groundandspacepartners.com + 27+ Top Job Market
Tourism accounts for 110,700
area jobs, with Walt Disney
being one of the largest
employers. From 2011-2016,
job growth in the tourism
sector grew by four percent.
+ Tourism Center
Orlando has the largest
cluster of theme parks in the
country, which draw in over 59
million visitors annually. The
redevelopment of U.S. 192
promotes regional tourism.
+ Tech Expansion
Life sciences and healthcare
sectors have seen 17 percent
job growth, and Orlando is
home to a fast-growing tech
sector that features a $200
million Center for Neovation.
Shops at Celebration + Economic Overview groundandspacepartners.com + 28Tourism-Based Economy
The presence of Walt Disney World, Universal
Studios, SeaWorld and other regional attractions
bring about 59 million visitors to the Orlando
region annually. Greater Osceola has the largest
concentration of theme parks in the country,
and the tourism industry is the region’s largest
economic engine.
Shops at Celebration + Tourism-Based Economy groundandspacepartners.com + 29Major Metro Area
In a state that is both right-to-work and has
no personal income tax, Orlando offers a
business-friendly environment complete
with incentives and unique opportunities.
Additionally, Orlando hosts more than 10
million business visitors annually. The city is
No. 1 in the nation for meetings and events,
which on average have a total economic
impact of $2.4 billion.
Shops at Celebration + Major Metro Area groundandspacepartners.com + 30Area Healthcare
Serving the residents of Osceola, Orange, Polk
and Lake counties—as well as patients from
across the globe—Florida Hospital Celebration
Health is a 227-bed state-of-the-art hospital
that is a showcase of innovation and excellence
in healthcare. Established in 1997, the hospital
was designed as a resort-style facility that
would serve as a cornerstone of health in the
Disney-planned community of Celebration.
Shops at Celebration + Area Healthcare groundandspacepartners.com + 31Demographics
Demographics 1 Mile 3 Miles 5 Miles
Estimated Population 1,934 19,631 46,683
2022 Projected Population 2,265 22,543 53,314
2010 Census Population 1,494 15,983 38,946
2000 Census Population 935 7,887 17,114
Population
Projected Annual Growth (2017–2022) 3.2% 2.8% 2.7%
Estimated Households 761 6,918 14,503
2022 Projected Households 886 8,030 16,771
2010 Census Households 598 5,561 12,031
2000 Census Households 423 3,225 6,461
Projected Annual Growth (2017–2022) 3.1% 3.0% 2.9%
Est. HH Income $200,000+ 11.3% 8.5% 6.0%
Est. HH Income $150,000-$199,999 5.7% 5.1% 4.2%
Est. HH Income $100,000–$149,999 17.0% 14.3% 11.7%
Est. HH Income $75,000-$99,999 13.1% 13.8% 13.0%
Household Income
Est. HH Income $50,000–$74,999 17.9% 19.6% 20.6%
Est. HH Income $35,000–$49,999 9.6% 10.8% 14.4%
Est. HH Income $25,000–$34,999 9.6% 12.3% 12.3%
Est. HH Income $15,000–$24,999 8.1% 9.6% 10.8%
Est. HH Income Under $15,000 7.8% 6.1% 7.1%
Est. Average Household Income $104,409 $93,087 $80,162
Est. Median Household Income $69,459 $61,905 $54,718
Est. White 80.4% 76.3% 70.1%
Race/Ethnicity Est. Black 3.9% 4.4% 6.1%
Est. Asian or Pacific Islander 5.4% 9.5% 11.2%
Est. American Indian or Alaska Native 0.3% 0.5% 0.5%
Est. Other or Multiple Races 10.1% 9.4% 12.1%
Est. Hispanic Population 28.9% 28.3% 35.6%
Shops at Celebration + Demographics groundandspacepartners.com + 32Contact 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.
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