Post on 04-Jul-2020
SINGLE-TENANT NET LEASE INVESTMENTEDDIE V’S AT TRIPOINTE PLAZA
4400 W. BOY SCOUT BLVD., WESTSHORE, TAMPA, FL.
2 Cushman & Wakefield
The Capital Markets group of Cushman & Wakefield has been
retained by the Owner as the exclusive agent and advisor
for the sale of an Eddie V’s Prime Seafood & Steaks (“Eddie
V’s”) absolute NNN ground Lease at TriPointe Plaza, located
in Tampa, Florida (the “Property”). TriPointe Plaza is part of a
premier mixed-use development consisting of office and retail
space located on Boy Scout Boulevard, directly across the
street from the International Plaza Mall and in close proximity
to Tampa International Airport. TriPointe Plaza is comprised of
a four-story class A suburban office building and a structured
parking garage with in-line retail space on the ground floor.
Eddie V’s is a freestanding 10,845 square-foot restaurant on a
long-term ground lease to Eddie V’s Holdings, LLC a wholly-
owned subsidiary of Darden Restaurants, Inc. (“Darden”).
Eddie V’s leases a separately platted pad site; a 40,552 square-
foot parcel.
Built in 2013, Eddie V’s is extending their lease term by
exercising their first extension option through April 30, 2028.
Eddie V’s has three 5-year extension options remaining. As part
of their early extension, Eddie V’s is expanding their building
footprint by constructing a new 845 square-foot area to
accommodate additional dining.
TriPointe Plaza may be acquired as a complete portfolio including the Class A office building, the retail/parking garage and the Eddie V’s long term ground lease; or as a stand-alone, long term ground lease investment only.
INV
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INVESTMENT HIGHLIGHTS STRONG FINANCIAL INVESTMENT
Absolute NNN ground lease with term through April 30, 202830
2018 sales in excess of $10,000,000 per annum and a very low gross rent to sales ratio of 3.9%
Lease guaranteed by Darden Restaurants, Inc., the #1 casual-dining operator in the United States
Darden operates more than 1,700 restaurants in the U.S. and Canada with 2018 gross annual revenue of $8.08 Billion and net income of $596.0 Million
DYNAMIC RETAIL TRADE-AREA• Retail rents along Boy Scout Boulevard are some of the highest in Tampa Bay at $40 PSF
NNN. Recent restaurant lease rates along this corridor have been negotiated in excess of $50 PSF NNN
• Average rental rates increased by 8.1% between Q4 2017 and Q4 2018
• Westshore has the lowest retail vacancy rate in Tampa Bay (1.50%).
• Bromley Company is developing MidTown on the last large commercial site in Westshore. Whole Foods (48,000 SF) will anchor the mixed-use development which will feature 240,000 SF of retail space, 750,000 SF of office space, a 225-room hotel and 400 apartments
• Washington Prime Group is redeveloping the former Sears at Westshore Plaza into a mixed-use of apartments (up to 1,126 units), hotel (240 rooms) and office space (up to 320,000 SF)
Cushman & Wakefield 3
10,845 SF
0.93
2013
100%
$394,733
$8,310,168
April 30, 2028
Building Size
Acreage
Year Built
Occupied
Year 1 NOI (05-01-2019)
Purchase Price
Expiration Date
4400 W. Boy Scout Blvd., Tampa, FL 33607
4.75%Cap Rate
OFFERING SUMMARY
$1,000+ PSFSales
4 Cushman & Wakefield
CLASS “A” AMENITIES NEAR TRIPOINTE PLAZA
SELECT RESTAURANTS
1 Shula's
2 Seasons 52
3 Charley's Steak House
4 Ruth's Chris Steak House
5 Olive Garden
6 LongHorn Steakhouse
7 Ocean Prime
8 Roy's
9 Flemings
10 Kona Grill
11 Texas de Brazil
12 Cooper's Hawk
13 Starbucks
14 Pei Wei
SELECT HOTELS
1 Hyatt Place
2 Hampton Inn & Suites
3 Renaissance Tampa
4 Ramada
5 Springhill Suites
6 Holiday Inn
7 Marriott
8 Embassy Suites
9 The Westshore Grand
10 Crowne Plaza
11 DoubleTree
12 Four Points
13 Hilton
14 Residence Inn
SELECT RETAIL
1 International Plaza
2 Westshore Plaza
3 Crate & Barrel
4 Container Store
SELECT APARTMENTS
1 Visconti
2 Millennium
3 Society
4 Valera
5 Grady Square
6 Landtower
7 Novus
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IRREPLACEABLE LOCATION • Prominent visibility, signage, and frontage on Boy Scout Blvd. (42,500 VPD)
• Situated across the street from International Plaza, Tampa Bay’s premier regional mall (1.26 MSF): Anchored by Nordstrom’s, Neiman Marcus, and Dillard’s; featuring restaurants such as The Capital Grille (Darden), Ocean Prime and The Cheesecake Factory
• Nearby retailers include: The Container Store, Urban Outfitters, The Apple Store, Whole Foods Market, Louis Vuitton, Sephora, Crate & Barrel and Tiffany & Co
• Nearby restaurants include: Ruth’s Chris Steak House, Charley’s Steak House, LongHorn Steakhouse (Darden), Olive Garden (Darden), Roy’s Restaurant, Fleming’s Prime Steakhouse, Kona Grill, Del Frisco’s Grille, Cooper’s Hawk Winery & Restaurant and Texas de Brazil
• Located at the “Main and Main” of Westshore, just east of the Boy Scout Boulevard and Westshore Boulevard intersection: 2.4 million people live within a 45-minute commute
• Westshore has benefitted from an incredible boom in multi-family development with approximately 3,000 units delivered from 2014 to year-end 2018. Apartment rentals have skyrocketed with newer projects reaching $2.30 per square foot/month
TAMPAINTERNATIONAL
AIRPORT
5 MIN
SOUTHTAMPA
5 MIN
RAYMONDJAMES
STADIUM
5 MIN
TAMPACBD
10 MIN
OUTSTANDING DEMOGRAPHIC PROFILE• Westshore submarket (“Westshore”): 97,000 daytime employees, over 7,000 hotel
rooms, densely populated residential communities and the lowest vacancy rates and the highest rental rates in the Tampa Bay area
• Westshore is an urban infill market, with formidable barriers to entry. There are no vacant retail sites available for development within the submarket
• Westshore generates the highest retail sales per square foot in the Tampa Bay area
• Demographics (5-mile radius): 241,140 residents; daytime employment: 261,311; retail sales: $4.48 billion dollars
6 Cushman & Wakefield
Tampa International Airport
Midtown Tampa
WESTSHORE
1.5%RETAIL
VACANCY
FLORIDA
241,140EST 2018
POPULATIONGROWTH
WESTSHORE
27%CLASS “A”
RENT GROWTH LAST 5 YRS
TAMPA
+26KNEW JOBSLAST 12 MO
MICRO-MARKET
4.7%VACANCY
SUPERIOR WESTSHORE LOCATION AND AMENITY BASEThe Property is located in close proximity to the area’s premier regional malls, International Plaza and Westshore Plaza, and is adjacent to the highly acclaimed Tampa International Airport. Additionally, a multitude of restaurants and over 7,000 hotel rooms within Westshore provides a vast, unrivaled amenity base, making it Tampa Bay’s foremost office and retail district.
SUBURBAN TO URBAN CHANGEThe Westshore submarket has changed dramatically over the last few years, transforming from a suburban landscape to an urban core. There have been nearly 3,000 high-end residential units added with an additional 1,000+ units proposed. Millenials desiring a live/work/play environment are drawn to this area. As a testament to the area and its popularity, residential rents range from $1.85 to $2.30 PSF/month, which are among the highest in Tampa Bay.
Society WestshoreWhole Foods Market
W E S T S H O R E | T A M P A
STRONG MARKET FUNDAMENTALS POPULATION AND JOB GROWTH The Tampa Bay MSA is the 2nd fastest growing MSA in Florida and has led the state in job growth for four of the past six years.
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GANDY BRIDGE
HOWARD
FRANKLAND
BRIDGE
TENANT OVERVIEW
Eddie V’s Prime Seafood (“Eddie V’s”) is a fine dining restaurant with
locations in major metropolitan cities in the United States, with a sophisticated
and contemporary ambiance. Eddie V’s opened its first restaurant in 2000 and
Darden acquired Eddie V’s in November 2011. As of February 2019, there are a
total of 20 Eddie V’s locations generating $133.7M in total sales, a 17% increase
from fiscal 2017, averaging $7.1M in total sales per location. Eddie V’s enjoyed same-restaurant sales growth of 4.1% during fiscal 2018.
Eddie V’s Holdings, LLC is a wholly-owned subsidiary of Darden Restaurants,
Inc. (“Darden”). Darden is a premier full-service restaurant company featuring
a portfolio of category-leading brands that include Eddie V’s, Olive Garden,
LongHorn Steakhouse, Bahama Breeze, Seasons 52, The Capital Grille, and Yard
House. Each of its brands enjoys industry-leading average unit volumes that
together generate approximately $8 Billion in annual sales.
Website: www.darden.com
Financials: 2018 Annual Report
Locations: 1,700+
Headquarters: Orlando, FL
Employees: 180,000+
NYSE Symbol: DRI
Moody’s Investors Service: Baa2
Standard & Poor’s: BBB
Fitch: BBB
8 Cushman & Wakefield
201 North Franklin StreetSuite 3300Tampa, Florida 33602-5813USA
©2019 Cushman & Wakefield no warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Patrick Berman Managing Director +1 813 204 5363 patrick.berman@cushwake.com
Jason DonaldManaging Director +1 813 204 5329 jason.donald@cushwake.com
Todd TolbertAssociate +1 813 204 5350 todd.tolbert@cushwake.com
For a complete Offering Memorandum, please visit the website below to download the Confidentiality Agreement.
www.TRIPOINTEPLAZA2019.com