VISIONWORKSfiles.constantcontact.com/4301d47c001/dbdbaf58-5f59-4811... · 2017-10-24 ·...

OFFERING MEMORANDUMFranklinSt.com

VISIONWORKS9480 ARLINGTON EXPRESSWAY, JACKSONVILLE, FL 32225

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VISIONWORKS I JACKSONVILLE, FL VISIONWORKS I JACKSONVILLE, FL

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CONTENTSProperty Information

Investment Highlights 4

Property/Area Overview Aerial

Local/Regional MapsDemographics

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Financial AnalysisPricing 5

About Franklin Street 10

CONFIDENTIALITY AGREEMENTThis is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest into the acquisition of the Subject Property.

This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner or the Property, to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition, and other factors beyond the control of the Owner or Franklin Street Real Estate Services, LLC. Therefore, all projections, assumptions, and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to all interested and qualified prospective purchasers. Neither the Owner or Franklin Street Real Estate Services, LLC. , nor any of their respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating a possible purchase of the real property.

The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered, and approved by the Owner and any obligations therein have been satisfied or waived.

By receipt of the Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or the Franklin Street Real Estate Services, LLC. Furthermore, you agree not to use this Memorandum or any of its contents in a manner detrimental to the interest of the Owner or Franklin Street Real Estate Services, LLC.

In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are so advised and expected to review all such summaries and other documents of whatever nature independently and not to rely on the contents of this Memorandum in any manner.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR FRANKLIN STREET REAL ESTATE SERVICES, LLC AGENT FOR MORE DETAILS.

PRESENTED BY:

Bryan BelkSenior [email protected]

John TennantSenior [email protected]

Oliver [email protected]

mailto:Oliver.Oldacre%40FranklinSt.com%20?subject=

6,750 Square Feet

9480 Arlington ExpresswayJacksonville, FL 32225

Franklin Street is pleased to present to you this 6,750 SF Visionworks in the Jacksonville area (Duval County). Visionworks has signed a new 10-Year double net lease which commenced in February 2017.

VISIONWORKS

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6 INVESTMENT OVERVIEW | AREA OVERVIEW | FINANCIAL ANALYSIS | COMPARABLES | ABOUT FRANKLIN STREET INVESTMENT OVERVIEW | AREA OVERVIEW | FINANCIAL ANALYSIS | COMPARABLES | ABOUT FRANKLIN STREET

PROPERTY DESCRIPTION

Visionworks has signed a new 10-year NN lease that commenced in February 2017. The building is currently scheduled to be renovated at Visionworks own cost with an investment of up to $250,000. Hedging against inflation, this lease offers 10% rent increases every 5 years including each option. The lease is very landlord friendly as the tenant reimburses 100% for CAM, taxes, and insurance. The property sits as an outparcel next to Oliver Garden of Regency Pointe Shopping Center and across the street from the Regency Place Mall (1,390,000 SF). Visionworks has been a long standing tenant for the building and their investment into the property bodes well for their long term commitment to the site. Their rent at $14.82 PSF is well below market for other similar outparcel buildings in the area, which should lead to future rent growth for an investor.

Jacksonville is the largest city in the state of Florida. It is estimated to be the 12th most populous city in the United States and is the largest city by area in the contiguous United States. Jacksonville is the cultural, commercial and financial center of North Florida. A major military and civilian deepwater port, the city is the site of two U.S. Navy bases, Naval Station Mayport and Naval Air Station Jacksonville, and the Port of Jacksonville, Florida’s third largest seaport. Jacksonville is also the 12th fastest growing city in the nation, according to a new U.S. Census Bureau report.

KEY PROPERTY HIGHLIGHTS

• New 10-Year NN Lease

• Visionworks is the leading provider of eye care with 700+

locations nationwide

• Highly visible to over 80,500+ VPD combined at intersection

• Visionworks remodeling the store in 2017 with $250K in

upgrades

• Well below market rent PSF for outparcel building

• Across the street from Regency Place Mall

PROPERTY DESCRIPTION & KEY HIGHLIGHTS

SITE DETAIL

AREA

VISIONWORKS9480 Arlington Expressway

Jacksonville, FL 32225

Year Built: 1989

Rentable Sq Feet: 6,750

Lot Size (Acres): N/A

Occupancy: 100%

PARCEL ID: 123030-0010

PROPERTY INFORMATION

80,500 VPDCOMBINED TRAVEL DAILY ALONG

ARLINGTON EXWY & ATLANITC BLVD

+205,567JACKSONVILLE HAS OVER 205,567

PEOPLE WITHIN 5 MILES OF THE SUBJECT

2017NEW 10-YR LEASE SIGNED

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GuarantorCorporate

Demised Premises6,750 SF

Lease Term10-Year NN Lease which commenced 2/3/2017

Remaining Renewal Option(s)One, 5-year renewals

Increases10% increase every 5 years

Annual Base Rent2/3/2017 to 1/31/2022 $14.82 $100,035

2/1/2022 to 1/31/2027 $16.30 $110,025

Option Rent2/1/2027 to 1/31/2032 $17.93 $121,028

Visionworks (formerly Eye Care Centers of America, Inc.) is a leading provider of eye care services with more than 700 optical retail stores in 42 states and the District of Columbia. Visionworks is a wholly owned subsidiary of HVHC, Inc., which itself is a subsidiary of health insurer Highmark Inc. Visionworks was incorporated in 1988 and is based in downtown San Antonio, Texas. Its former parent company, ECCA Holdings Corp., merged with Pittsburgh-based HVHC in 2006, resulting in Eye Care Centers of America Inc. becoming a wholly owned Highmark subsidiary. ECCA had 385 stores, in 36 states, at that time. Its largest chains are EyeMasters, with about 160 stores, and Visionworks, with 140 stores. All stores sell designer and exclusive brand frames, lenses, sunglasses and accessories. Comprehensive service offerings include contact lens dispensing, in-store labs, which provide one-hour service on many prescriptions at nearly all locations and doctors of optometry at or next to every store. Visionworks also sells contact lenses online.

Company Structure: PrivateParent: Highmark, Inc. (Highmark Health)Headquarters: San Antonio, TXEmployees: 5,600Locations: 700+Website: www.visionworks.com

INVESTMENT OVERVIEW | AREA OVERVIEW | FINANCIAL ANALYSIS | COMPARABLES | ABOUT FRANKLIN STREET INVESTMENT OVERVIEW | AREA OVERVIEW | FINANCIAL ANALYSIS | COMPARABLES | ABOUT FRANKLIN STREET

TENANT OVERVIEW & LEASE ABSTRACT

PROPERTY DESCRIPTION

Property Name: Visionworks

Street Address: 9480 Arlington Expressway

City, State, Zip: Jacksonville, FL 32225

County: Duval

Parcel ID: 123030-0010

Year Built: 1989

Lot Size (Acres): N/A

Rentable Square Feet: 6,750

Current Occupancy: 100%

Lease Type: NN

Type of Ownership: Fee Simple

Traffic Counts:31,500 Arlington Expresway

49,000 Atlantic Boulevard

PRICING

Price $1,667,250

Price Per Sq Foot $247.00Cap Rate 6.00%

PRICING SUMMARY

http://www.visionworks.com

PROPERTY/AREAOVERVIEW

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VISIONWORKS I JACKSONVILLE, FL

INVESTMENT OVERVIEW | AREA OVERVIEW | FINANCIAL ANALYSIS | COMPARABLES | ABOUT FRANKLIN STREET

REGIONAL MAP

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VISIONWORKS I JACKSONVILLE, FL

INVESTMENT OVERVIEW | AREA OVERVIEW | FINANCIAL ANALYSIS | COMPARABLES | ABOUT FRANKLIN STREET

LOCAL MAPREGENCY SQUARE MALL

ARLINGTON EXPRESSWAY 31,500 VPD

ATLANTIC

BLVD 49,000 VPD

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1 MILE 3 MILES 5 MILES

POPULATION2010 Census 6,311 79,461 195,469

2017 Population 7,386 83,335 205,567

2022 Projection 8,001 89,086 218,828

Growth 2000 to 2010 -0.6% 0.4% 1.3%

Growth 2010 to 2017 2.4% 0.7% 0.7%

Growth 2017 to 2022 1.7% 1.4% 1.3%

HOUSEHOLD INCOME2017 Average $47,559 $57,024 $63,333

2017 Median $37,887 $47,990 $61,688

>$100,000 9.2% 14.0% 17.9%

HOUSEHOLDS2017 Households 3,145 33,829 83,462

2017 Average HH Size 2.3 2.4 2.4

2022 Total Households 3,342 35,539 87,380

2000 to 2017 Annual Rate 1.4% 1.6% 1.6%

2017 to 2022 Annual Rate 3.6% 4.4% 4.7%

2017 Average Household Net Worth $230,928 $310,632 $382,298

HOUSING VALUEMedian Housing Value $106,877 $125,033 $145,083

>$150,000 35.1% 37.8% 47.0%

DEMOGRAPHICS

1 MILE 3 MILES 5 MILES

POPULATION2017 Population 7,386 83,335 205,567

2022 Population 8,001 89,086 218,828

2000 to 2010 Annual Rate -0.6% 0.4% 1.3%

2010 to 2017 Annual Rate 2.4% 0.7% 0.7%

2017 to 2022 Annual Rate 1.7% 1.4% 1.3%

2017 Male Population 48.3% 48.4% 48.4%

2017 Female Population 51.7% 51.6% 51.6%

2017 Median Age 32.7 34.8 34.8

RACE AND ETHINICITY2017 White Alone 56.7% 58.8% 61.5%

2017 Black Alone 30.7% 21.7 23.8%

2017 American Indian/Alaska Native 0.5% 0.4% 0.4%

2017 Asian Alone 3.7% 4.9% 6.3%

2017 Pacific Islander Alone 0.2% 0.1% 0.1%

2017 Other Race 4.0% 3.8% 3.6%

2017 Two or More Races 3.9% 4.0% 3.8%

2017 Hispanic Origin (Any race) 13.3% 14.6% 14.3%

DRIVETIME DEMOGRAPHICS5 MINS 10 MINS 15 MINS

DRIVETIMES2017 Estimated Total Population 88,900 309,360 565,700

Population Growth 2000 to 2010 0.4% 1.1% 0.6%

Population Growth 2010 to 2017 0.7% 1.0% 0.9%

Projected Population 2022 95,057 332,427 610,862

2017 Households 36,781 128,211 238,334

Growth 2000 to 2017 0.7% 1.4% 1.1%Source: REGis Pro 2017

TRAFFIC COUNTS

31,500ARLINGTON EXPRWY

ATLANTIC BOULEVARD

HIGHWAY 115

49,000

54,000

5 MIN RADIUS

10 MIN RADIUS

15 MIN RADIUS

ABOUT FRANKLIN STREET

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COLLABORATIVE REAL ESTATE PLATFORMFranklin Street is family of full-service real estate companies focused on delivering value-added solutions to meet the evolving needs of our clients.

STRATEGIC PLANNING AND ADVISORY SERVICESBeginning with an understanding of your business goals and objectives, Franklin Street Real Estate Services formulates and delivers focused and customized solutions designed specifically for you. Our process is straightforward: validating your need, formulating solutions, and providing a program for implementation.Acquisitions and Dispositions

Franklin Street will work with you throughout your property acquisition and disposition periods ensuring that optimal financial results are achieved. By incorporating financial analysis with the latest and most accurate valuation methods, our research team will provide you with data that is essential to your investment decisions. Our success is based on in-depth market knowledge, creative marketing strategies, an extensive client database, and current technology applications that simplify the process and increase speed to market.

TRANSACTION MANAGEMENTEffective transactions reduce acquisition and operating expenses, establish a competitive advantage, and provide necessary flexibility. Our methodology includes a comprehensive examination of the transaction at hand followed by a detailed analysis; providing our clients with up-front strategies that will yield the greatest financial and operational results with the fewest hassles.

INVESTMENT SALES ACQUISITION

LEASING LANDLORDREPRESENTATION

INSURANCE PLACEMENT

TECHNICAL DUE DILIGENCE

INVESTMENT SALESDISPOSITION

APPRAISAL / DEBT & EQUITY PLACEMENT

RESEARCH / OPPORTUNITYIDENTIFICATION

PROPERTY MANAGEMENT TENANTPROPERTY MANAGEMENT LANDLORD

PROJECT MANAGEMENT LANDLORD

PROJECT MANAGEMENT TENANT

LEASING TENANT REPRESENTATION

INVESTOR / OCCUPIER

CLIENT

ABOUT USAchieving Results Through Collaboration

2011 2012 2013 2014 2015 2016

YEAR

TRANSACTION VOLUME

TRANSACTION VOLUME

E

ATLANTA

MIAMI

FT.LAUDERDAL

JACKSONVILLE

TAMPA

ORLANDO

Caribbean

FTE

Closed Transactions: Investment Sales, Insurance

Franklin Street Offices

Clients Represented: Tenant, Landlord, Management, and Valuation

MultifamilyRetailIndustrialOffice

MARKET EXPERTISE

30 MILLION SFOF COMMERCIAL PROPERTY

REPRESENTATION OF70 RETAILERS IN 9 STATES

LOCAL, REGIONAL, AND NATIONAL CLIENTS

MORE THAN $500 MILLIONIN LOAN ORIGINATIONS

2016 TENANT TRANSACTIONS TOTALING $42+ MILLION OFFICE AND INDUSTRIAL


PROPERTY MANAGEMENT 7.8 MILLION SQUARE FEET

ALL ASSET TYPES THROUGHOUT THE U.S.

$10+ BILLION IN VALUATIONS6,500 ASSIGNMENTS COMPLETED

LANDLORD REPRESENTATION13 MILLION SQUARE FEET


$507,084,512

E

ATLANTA

MIAMI

FT.LAUDERDAL

JACKSONVILLE

TAMPA

ORLANDO

Caribbean

FTE

FAST FACTS

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22 INVESTMENT OVERVIEW | AREA OVERVIEW | FINANCIAL ANALYSIS | COMPARABLES | ABOUT FRANKLIN STREET

JACKSONVILLE7751 Belfort ParkwaySuite 110Jacksonville, FL 32256

Phone: 904.271.4120Fax: 904.899.5890

TAMPA600 N Westshore Blvd. Suite 600Tampa, FL 33609Phone: 813.839.7300Fax: 813.839.7330

FT. LAUDERDALE900 S Pine Island RoadSuite 310Plantation, FL 33324 Phone: 954.640.1100Fax: 954.640.1101

MIAMI6205 Blue Lagoon DriveSuite 280Miami, FL 33126

Phone: 786.292.3188Fax: 786.269.2318

ORLANDO390 N Orange AvenueSuite 2300Orlando FL, 32801

Phone: 407.458.5400Fax: 407.264.8160

[email protected]

Phone: 404.832.1250Fax: 404.842.1755

ATLANTA 3384 Peachtree Road NE Suite 650

Atlanta, GA 30326

OUR LOCATIONS

ACHIEVING RESULTS THROUGH

COLLABORATION

OUR SERVICES

LANDLORD REPRESENTATION

We increase value for investor clients by first creating a strategic leasing plan that matches the investment strategy for the asset, then proactively implementing it by engaging the market and actively sourcing tenants.

INSURANCE SERVICES

Our insurance division supports clients with an in-depth knowledge of the property and casualty challenges and opportunities faced by property owners today.

MANAGEMENT SERVICES

We maximize asset value through comprehensive management and accounting operations for office, industrial, retail and multifamily product types. By integrating this platform at the local market level, we also deliver seamless one-stop services for mixed-use projects.

INVESTMENT SALES

Through expert knowledge of specific real estate and capital markets, our investment sales division is able to generate effective results impacting income-producing assets, all designed to increase value and deliver maximum results for the owner.

VALUATION ADVISORY

We provide valuation, consultation, litigation and expert witness services for all property types, specializing in commercial real estate. Our clients value our extensive market knowledge, long-term relationships with key market participants and superior analytics.

TENANT REPRESENTATION

Our group partners closely with clients to create, implement, and deliver a strategic plan for space development and optimal market positioning.

CAPITAL ADVISORY

Our capital division specializes in debt and equity placement through established partnerships with Banks, CMBS, Life Companies, Agency, Bridge, Mezzanine, and JV Equity Investors.

FranklinSt.com

Joseph W. [email protected]

Matthew [email protected]

Todd MitchellAssociate404.832.1250 Ext. [email protected]

RETAIL INVESTMENT SALES TEAM

Bryan BelkSenior Director404.832.1250 Ext: 400 [email protected]

Justin SpillerAssociate Director904.899.0317 Ext: [email protected]

Robert J GrandaDirector, Investment [email protected]

Chad AtwoodDirector904.271.4120 Ext: [email protected]

John TennantSenior Director404.832.1250 Ext: 409 [email protected]

Jordan WeanDirector407.458.5400 Ext: [email protected]

Oliver OldacreAssociate404.832.1250 Ext: 437 [email protected]

Greg MatusSr. Vice President, Investment [email protected]

https://franklinst.com/our-services/business-lines/investment-sales/our-team

VISIONWORKSfiles.constantcontact.com/4301d47c001/dbdbaf58-5f59-4811... · 2017-10-24 ·...

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