OFFERING MEMORANDUM Capital Markets | Net Lease Properties · 2018-10-23 · 9 WAWA | BRADENTON,, L...

10807 SR 64 E, BRADENTON, FL 34212

OFFERING MEMORANDUM Capital Markets | Net Lease Properties

REPRESENTATIVE PHOTO

SR 64 (39,500 AADT) SR 64 (29,500 AADT)

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Lake

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64

64

Lakewood Ranch Plaza

Imagine School at Lakewood

Ranch

GATEWAY CORPORATE

CENTER

FREEDOM ELEMENTARY

SCHOOL

CARLOS E HAILE MIDDLE SCHOOL

(118,000 AA

DT)

MARK DRAZEKSenior Vice President Capital Markets | Net Lease Properties

+1 407 839 [email protected]

© 2018 CBRE, Inc. All Rights Reserved.

RAY ROMANOFirst Vice President Capital Markets | Net Lease Properties


CBRE, Inc. Licensed Real Estate Broker

EXCLUSIVELY MARKETED BY:

CLICK FRAME TO SEE PROPERTY VIDEO

https://bcove.video/2wuAqKP

mailto:[email protected]


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WAWA | BRADENTON,, FL

SR 64 (29,500 AADT)

INVESTMENT SUMMARY

investment highlights• Brand new 20 year absolute NNN WAWA ground lease located in the

second fastest-selling residential community in the country

• Investment grade credit – Fitch rating: BBB

• Fixed rental increases throughout entire lease term and options

• No landlord management obligations

• High income location with average HHI of over $100K

• High traffic hard corner signalized intersection with 49,500 carsdaily

• Large efficient parcel with excellent access and exposure

• No debt to assume – Able to pay all cash

• Florida has NO STATE INCOME TAX

investment summaryPRICE: $3,623,000

ANNUAL RENT: $168,455

CAP RATE: 4.65%

TENANT: Wawa Florida, LLC

GUARANTOR: Wawa, Inc.

RENTAL INCREASES: 8% every 5 years starting at year 11 and including options

LEASE TERM: 20 years

OPTIONS: (6) 5-year options

EST. RENT COMMENCEMENT: November 2018

LANDLORD OBLIGATIONS: None – Absolute NNN ground lease

EXISTING FINANCING: No debt to assume

BUILDING SIZE: ± 6,119 SF

LAND SIZE: 1.80± acres

PARKING SPACES: 48 spaces (7.8/1,000 SF)

YEAR BUILT: 2018

CBRE is pleased to present this new 20-year absolute NNN Wawa ground lease located in one of America’s fastest growing communities. As of July of 2018, Lakewood Ranch is the second fastest-selling

residential community in the country according to a survey by RCLCO, a real estate consulting firm based in Maryland. This master-planned 31,000 acre community is located in Sarasota and Manatee counties and includes a collection of distinct villages and over 12,000 homes, from condos and townhomes to cottages and custom estates. This store is scheduled to open in November of 2018 and consists of an 6,119+ SF building on 1.8 acres at the NW hard corner signalized intersection of State Road 64 & Lakewood Ranch Blvd. This property sits directly across the street from a Walgreens, CVS and the Lakewood Ranch Publix shopping center. With tremendous visibility and access along with average household incomes of over $100K and traffic counts of 49,500 cars daily, this is a prime SW Florida location. The lease is absolute NNN with no landlord management obligations and offers fixed rental increases every five years throughout the initial term and renewal options.


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WAWA | BRADENTON, FL

PROPERTY DESCRIPTION

property descriptionLOCATION

10807 SR 64 E Bradenton, Florida 34212

BUILDING AREA

The subject consists of one (1) retail building totaling approximately 6,119 SF of net rentable area.

2017 FDOT TRAFFIC COUNTS

SR 64 39,500 AADT

Lakewood Ranch Blvd. 17,114 AADT

SITE

The subject is located at the signalized intersection of State Road 64 and Lakewood Ranch Boulevard in Bradenton, Florida.

LAND AREA

The Property consists of one (1) parcel totaling approximately 1.80 acres of land area.

PARKING

The Property provides 48 parking stalls which equates to 7.8/1,000 SF parking ratio.


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VIEW SOUTHEAST

SR 64 (39,500 AADT)

Upper Manatee River Rd (10,005 AADT)

Lakewood Ranch Blvd (17,114 AADT)


SR 64 (29,500 AADT)

GATEWAY CORPORATE

CENTER

4


VIEW EAST

Upper Manatee River Rd (10,005 AADT)

SR 64 (39,500 AADT)

SR 64 (29,500 AADT)


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VIEW NORTH

Upper Manatee River Rd (10,005 A

ADT)

SR 64 (39,500 AADT)

6


VIEW NORTHWEST

Upper Manatee River Rd (1

0,005 AADT)

SR 64 (39,500 AADT)

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5' WIDEROCK BED

FUEL PRICING SIGNMAX. 60 SQ. FT.MAX HEIGHT 8'

4'x4' AIRPUMP PAD

E-STOP

TRANSFORMERPAD AND CTCABINET

30' 20'

10' 10'

27'

20'

28'

30'

30'

5' 12' 10'

20'

62.5'

14'34'

55'

130'

12.5'

30'

42.5'

PROPOSEDLOT LINE

5'11

'

DUMPSTERENCLOSURE LOCATION

ICE BOX

BIKE RACK(IF REQ.)

RAISED LANDSCAPEPLANTER (TYP.)

30'

25'

50'

8'x6' VENTSTACK PAD

34'

29.6'

163.8'

20'

20.2'

22.6'

S88°26'21"W 195.51'

S44°4

6'10"W

56.11

'

S00

°41'

44"W

2

94.9

5'

S89°20'15"E 234.77'

N00

°37'

51"E

3

42.8

2'

OFFSITE SIGN

CONSTRUCTIONNOT APPROVED FOR

3820 NORTHDALE BLVD., SUITE 300BTAMPA, FLORIDA 33624

Phone: (813) 812-4100Fax: (813) 812-4101

FLORIDA BUSINESS CERT. OF AUTH. No. 30780

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REVISIONS

REV DATE COMMENT BY

LOCATION OF SITE

FOR

PROJECT No.:DRAWN BY:CHECKED BY:DATE:SCALE:CAD I.D.:

SHEET NUMBER:

SHEET TITLE:

PROJECT:

G:\2015\FLT150197-SHAGBARK-SR 64 & UPPER MANATEE\DRAWINGS\EXHIBITS\64&LWRANCH-LEASE EXHIBITS-2015-11-25.DWG PRINTED BY: AZIONS 12.

CTWGRR

8/3/2015AS NOTEDCONCEPT

GOVERNANCEPLAN

WAWA

NWC S.R. 64 &UPPER MANATEE RIVER RD

SKETCHPLAN

B

It's fast. It's free. It's the law.

www.callsunshine.com

VICINITY MAPN.T.S.

1"= 30'

0 307.51530

SITE DATA TABLEJURISDICTION MANATEE COUNTY

SITE AREA 1.80± ACRES

BUILDING AREA 6,119 SF

CURRENT ZONING GC (GENERAL COMMERCIAL)

PROPOSED ZONING GC (GENERAL COMMERCIAL)ADMINISTRATIVE PERMIT FOR GAS SALES

FRONT SETBACK (ROW) 25 FEET

SIDE SETBACK 10 FEET

REAR SETBACK 15 FEET

FRONT YARD BUFFER (ROW) 20 FEET

SIDE / REAR YARD BUFFER 10 FEET

MINIMUM OPEN SPACE 15%

MAXIMUM F.A.R. 0.25

REQUIRED PARKING 29 SPACES (1 SPACE / 200 SF)

PARKING PROVIDED (TOTAL) 48 SPACES (INCLUDING 3 ADA)

ZONE A 24 SPACES (INCLUDING 3 ADA)

ZONE B 20 SPACES

ZONE C 4 SPACES

BUILDING TYPE F85 F/B

CANOPY CONFIGURATION STACKED

CANOPY TYPE SLOPED

#MPD'S 8

NOTES:1. THE CONCEPT REPRESENTED HEREIN IDENTIFIES A DESIGN CONCEPT RESULTING FROMLAYOUT PREFERENCES IDENTIFIED BY OWNER COUPLED WITH A PRELIMINARY REVIEW OFZONING AND LAND DEVELOPMENT REQUIREMENTS AND ISSUES. THE FEASIBILITY WITHRESPECT TO OBTAINING LOCAL, COUNTY, STATE, AND OTHER APPLICABLE APPROVALS ISNOT WARRANTED AND CAN ONLY BE ASSESSED AFTER FURTHER EXAMINATION ANDVERIFICATION OF SAME REQUIREMENTS AND PROCUREMENT OF JURISDICTIONALAPPROVALS.

2. THE CONCEPTUAL PLAN IS PREPARED FOR CONCEPTUAL PRESENTATION PURPOSESONLY AND IS NOT INTENDED FOR UTILIZATION AS A ZONING AND/OR CONSTRUCTIONDOCUMENT. THE EXISTING CONDITIONS SHOWN HEREON ARE BASED UPON INFORMATIONTHAT WAS SUPPLIED TO BOHLER ENGINEERING AT THE TIME OF PLAN PREPARATION ANDMAY BE SUBJECT TO CHANGE UPON AVAILABILITY OF ADDITIONAL INFORMATION.

SITE

ACCESS TOCOMMON DRIVE

COMMON DRIVEWAY

SITE PLAN

N

8


distance to

13Downtown

Sarasota

miles37 St. Petersburg

miles 58Tampa

miles

123Orlando

miles

168West Palm

miles

232Miami

miles

AREA OVERVIEW

North Port - Sarasota - Bradenton MSA

The North Port-Sarasota-Bradenton metropolitan area is the 10th fastest-growing metropolitan area in the U.S., according to estimates released by the U.S. Census Bureau.

The tri-city metro area was home to 788,457 people as of July 1, 2016. That’s an increase of 2.7 percent, or 20,444 people, from the prior July.

MANATEE COUNTY

Manatee County is located on Florida’s breathtaking Gulf Coast. It is bordered by Tampa Bay and St. Petersburg to the north, Hardee and DeSoto counties to the east and Sarasota to the south. The beautiful beaches of Anna Maria Island fade into the Gulf of Mexico to the west.

Manatee County – so named for the slow-moving sea cow known as the manatee – was founded in 1855 and included a vast expanse of more than 5,000 square miles. That huge area was eventually divided into seven different counties, leaving Manatee County at 741 square miles.

The County seat and the largest municipality in Manatee County is Bradenton. Manatee County has five other municipalities, including the City of Anna Maria, Bradenton Beach, Holmes Beach, the Town of Longboat Key and Palmetto. About 315,000 people call Manatee County home.

Manatee County’s top industries are tourism and agriculture. Tomatoes, strawberries and peppers are our highest-grossing crops. Bealls Department Store is headquartered in Bradenton. Tropicana is one of the top employers in the County. Commercial fishing is found, especially in the Village of Cortez.

BRADENTON

The nine communities of the Bradenton Area offer the dream combination of friendly, small-city living in a warm, sunny climate with sophisticated amenities. Perfectly situated just south of Tampa Bay and north of Sarasota, the Bradenton Area is easily accessible by major highways and three international airports.

With its miles of coastline along the Gulf of Mexico, Sarasota Bay, Tampa Bay and the Manatee River, this unique Southwest Florida region has abundant recreation for enthusiasts of sun, sea and sand. Certainly, the relaxed lifestyle is key to the region’s quality of life and a reason so many residents choose to make this place home. But the Bradenton Area also is rich in the quality of its educational offerings, housing, emerging arts and culture scene, and a sporting life that attracts active people with growing businesses who want and need big-city services and features.

LAKEWOOD RANCH

Lakewood Ranch is part of the thriving Tampa Bay Region, forecasted to be the fastest growing region in the state over the next decade. The immediate surrounding area of Sarasota and Bradenton is also the 10th fastest-growing metro area in the country and home to sunny beaches, world-class shopping and dining and a wealth of cultural attractions.

The region is home to five major industry clusters: Infotech; Life Sciences; Sports Performance; Aviation, Aerospace & Defense; Advanced Manufacturing.

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AREA OVERVIEW

Lakewood Ranch

As of July of 2018, Lakewood Ranch is the second fastest-selling residential community in the country according to a survey by RCLCO, a real estate consulting firm based in Maryland. This master-planned 31,000-acre community was started in 1994 and is located in Sarasota and Manatee counties. It has consistently been named as one of the fastest growing communities in the country over the last several years and it includes a collection of distinct villages and over 12,000 homes, from condos and townhomes to cottages and custom estates. It’s also home to 1,349 businesses. Find more details at www.lakewoodranch.com.

Some recent major residential & commercial developments within Lakewood Ranch include:

The Green – a 525,000 mixed-use development by Tavistock Development anchored by Earth Fare & LA Fitness.

Core Campus – Lakewood Ranch’s planned 305-acre, health care and life-sciences themed business park. www.corelwr.com

Waterside – 5,100 home development on 2,000 acres currently under development. www.lwrwaterside.com

LAKEWOOD RANCH BY THE NUMBERS

30,555 Residents

12,125 Existing Homes

$117,229 Average Income

80,000 Projected Population

http://www.lakewoodranch.com

http://www.corelwr.com

http://www.lwrwaterside.com

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DEMOGRAPHIC BRIEF

10807 SR-64 E 1 MILE 3 MILES 5 MILES

2018 Population - Current Year Estimate 2,162 29,460 81,580

2023 Population - Five Year Projection 2,561 36,147 95,895

2010 Population - Census 2,067 15,938 55,268

2000 Population - Census 713 7,572 31,276

2010-2018 Annual Population Growth Rate 0.55% 7.73% 4.83%

2018-2023 Annual Population Growth Rate 3.45% 4.18% 3.29%

2018 Households - Current Year Estimate 881 11,655 32,262

2023 Households - Five Year Projection 1,046 14,360 37,844

2010 Households - Census 868 6,018 21,946

2000 Households - Census 303 2,665 12,351

2010-2018 Annual Household Growth Rate 0.18% 8.34% 4.78%

2018-2023 Annual Household Growth Rate 3.49% 4.26% 3.24%

2018 Average Household Size 2.45 2.53 2.53

2018 Average Household Income $95,750 $111,400 $102,272

2023 Average Household Income $112,291 $130,362 $120,631

2018 Median Household Income $73,088 $85,337 $77,837

2023 Median Household Income $79,836 $94,892 $87,305

2018 Per Capita Income $38,919 $44,613 $40,685

2023 Per Capita Income $45,789 $52,471 $47,896

2018 Housing Units 1 ,032 13 ,376 37 ,448

2018 Vacant Housing Units 151 14.6% 1,721 12.9% 5,186 13.8%

2018 Occupied Housing Units 881 85.4% 11,655 87.1% 32,261 86.1%

2018 Owner Occupied Housing Units 579 56.1% 8,959 67.0% 25,697 68.6%

2018 Renter Occupied Housing Units 302 29.3% 2,696 20.2% 6,564 17.5%

2018 Population 25 and Over 1 ,580 22 ,408 60 ,411

HS and Associates Degrees 737 46.6% 11,443 51.1% 32,982 54.6%

Bachelor's Degree or Higher 764 48.4% 9,532 42.5% 23,666 39.2%

2018 Businesses 32 643 1,818

2018 Employees 236 5,580 16,315

©2018 CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are forexample only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the propertyfor your needs. Source: Esri Page 1 ProjectID:361298

POPULAT ION

HOUSEHOLDS

HOUSEHOLD INCOME

HOUS ING UN ITS

EDUCAT ION

PLACE OF WORK

DEMOGRAPHIC BRIEF

10807 SR-64 E

NAME LATITUDE LONGITUDE

10807 SR-64 E 27.485793 -82.434672

©2018 CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are forexample only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the propertyfor your needs. Source: Esri ProjectID:361298

AREA OVERVIEW

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AREA OVERVIEW

12


AREA OVERVIEW

13


Founded in 1803 by the Wood family and incorporated in 1865, Wawa, Inc. (the “Company” or “Wawa”) has roots in the manufacturing and textile businesses. The first Wawa Food Market opened on April 16, 1964. Today, the Company operates approximately 750 convenience stores, approximately 270 of which include a fuel offering, in Pennsylvania, New Jersey, Delaware, Maryland and Virginia. Wawa is a privately held company, with a majority of the Company stock still owned by the Wood family. Company associates who participate in the Employee Stock Ownership Plan have a nearly 30% ownership stake.

Wawa offers a large fresh foodservice selection, including freshly brewed coffee, a wide selection of delicatessen and dairy products, fresh produce, hot foods, built-to-order sandwiches and Wawa brands such as juices, teas, water and bakery products. The Company’s revenue principally consists of fuel and merchandise sales. The Company operates a dairy manufacturing facility, producing Wawa branded beverages and dairy products for distribution to, and sale in, its stores and to wholesale customers. The Company has a committed fuel storage terminal for the purpose of both storing fuel for distribution to, and sale in, its stores and for holding and selling fuel in wholesale markets.

Wawa has differentiated itself from its competitors by focusing on several key strategic areas:• Delivering fast and friendly customer service in a safe and clean shopping

environment;• Promoting and developing Wawa-branded food, beverage and fresh food items;• Maintaining world-class facilities by systematically opening new stores, closing

marginal stores and remodeling older stores; and• Maximizing operating efficiency by making significant investments in operations

programs and technology.

Wawa exceeds industry norms in virtually every measurable category (Source: NACS State of the Industry Report of 2009 Data – most recent industry data available)• Wawa merchandise sales per store averaged $4.9 million for the year ended 2009

versus an industry average of $1.5 million for 2009• Gasoline sales totaled 1.4 billion gallons for the year 2009, an average of 101,000

gallons per fuel store week or just under four times the industry average of approximately 28,000 gallons per fuel store week in 2009

• Incorporated in 1865• #34 in Forbes Ranking of America’s Largest Private

Companies• Shadow Rated: BBB• 750 locations in the United States – All Company Owned

and Operated• Exceeds industry norms in virtually every measurable

category


WAWA, INC.www.wawa.com

TENANT DESCRIPTION

http://www.wawa.com

14


AFFILIATED BUSINESS DISCLOSURECBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).

CONFIDENTIALITY AGREEMENTYour receipt of this Memorandum constitutes your acknowledgement that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.

DISCLAIMERThis Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of

the Property. The information contained in this Memorandumhas been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.

The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.

© 2018 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. Any projections, opinions, or estimates are subject to uncertainty. The information may not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.


MARK DRAZEKSenior Vice President Capital Markets | Net Lease Properties


CBRE, Inc. | Licensed Real Estate Broker



EXCLUSIVELY MARKETED BY

© 2018 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk.

CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners.



16


8/21/2018 Google Maps

https://www.google.com/maps/@27.4686054,-82.4291499,6757m/data=!3m1!1e3 1/1

Imagery ©2018 DigitalGlobe, Landsat / Copernicus, U.S. Geological Survey, Map data ©2018 Google 2000 ft

SR 64 (39,500 AADT)SR 64 (29,500 AADT)

Upp

er M

anat

ee

Rive

r Rd

(10,

005

AA

DT)

64


Imagine School at Lakewood

Ranch

FREEDOM ELEMENTARY

SCHOOL

CARLOS E HAILE MIDDLE SCHOOL

(118,000 AA

DT)La

kew

ood R

anch

Blv

d (1

7,11

4 A

ADT

)MARK DRAZEKSenior Vice President Capital Markets | Net Lease Properties


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OFFERING MEMORANDUM Capital Markets | Net Lease Properties · 2018-10-23 · 9 WAWA | BRADENTON,, L...

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Transcript of OFFERING MEMORANDUM Capital Markets | Net Lease Properties · 2018-10-23 · 9 WAWA | BRADENTON,, L...