Plantation (Ft. Lauderdale), FL - LoopNet...Fort Lauderdale, FL Fort Lauderdale is a city in the...

Pollo Tropical | Plantation (Ft. Lauderdale), FLOffering Memorandum

PATRICK NUTT MANAGING PARTNER

(954) 302-7365 [email protected]

EXCLUSIVE LISTINGOffering Memorandum

Upgraded Architectural Prototype

1

C A L K A I N .C O MC A L K A I N .C O M

Pollo Tropical (Ground Lease) | Plantation (Ft. Lauderdale), FL

Under Construction


50 N University Drive | Plantation, FL 33324

Asking Price $3,550,000 | Cap Rate 4.50%

Net Operating Income (NOI) $160,000

Rent/Month $13,333

Rentable Square Feet 3,560+/- SF

Land Area 1.13+/- Acres

Tenant Name Pollo Tropical

Website www.pollotropical.com

GuarantorCorporate

(Fiesta Brands Nasdaq: FRGI)

Lease Type Ground Lease

Landlord Responsibilities None

Store Openinng May 2018

Lease Term Remaining 20 Years

Rent Commencement October 1, 2017

Lease Expiration September 30, 2037

Increases $10,000 Every 5 Years

Options Four (4), Five (5) Year

Rent Schedule

Term Increases Annual Rent Monthly RentYears 1-5 - $160,000 $13,333

Years 6-10 $10,000 $170,000 $14,167

Years 11-15 $10,000 $180,000 $15,000

Years 16-20 $10,000 $190,000 $15,833

Years 21-25 (Option 1) $10,000 $200,000 $16,667

Years 26-30 (Option 2) $10,000 $210,000 $17,500

Years 31-35 (Option 3) $10,000 $220,000 $18,333

Years 36-40 (Option 4) $10,000 $230,000 $19,167

Investment Highlights • Brand new 20-year ground lease

• Corporate guaranty from publicly traded entity Fiesta Brands (Nasdaq: FRGI)

• Strong and established tenant (180+ locations)

• Excellent location in densely populated area of Plantation with over 142,647 people within 3 miles

• Dominant retail corridor in Broward County - Surrounded by 3M+ SF of retail space

• Located across from Plantation Walk - 700 apartment units and 360,000 SF of commercial space

• Average HH income of $81,427 within 1 mile

• Florida has no state income tax

2

Financial Summary


About Pollo TropicalMiami-based Pollo Tropical® is famous for its high-quality food delivered at an unparalleled value – notably its signature citrus-marinated chicken grilled over an open flame. The brand is further differentiated through its fresh-grilled, Caribbean-inspired menu featuring roast pork, ribs, wraps, salads, sweet plantains, and a wide array of made-from-scratch signature sauces. Pollo Tropical offers modified table service with a laid-back, fun and family-friendly vibe, and serves healthy fresh-grilled food you can feel good about. We are a high-volume, fast casual concept offering drive-thru convenience. There are currently more than 180 Pollo Tropical restaurants and we expect to open 20 new locations per year.

Pollo Tropical restaurants are profitable. Average unit volumes exceed $2.5 million. They serve 5,000 customers per week, per restaurant. Because of their high volume, they are a valued-tenant. Their customers have higher incomes, are better educated, and work in predominantly white-collar professions. They attract both individuals and families alike, resulting in busy lunches and dinners, 7 days a week.

Pollo Tropical Site Criteria

• One acre corner property or prime out-parcel

• Free-standing building with 110 seats and 8-car drive through lane

• We build a state-of-the-art, 3,800 sq. ft. facility that includes a full kitchen for our made-from-scratch cooking, as well as a comfortable, relaxing Caribbean style din-ing area for our customers

• Parking for 40 cars, excellent access, sig-nage and visibility

Tenant Snapshot# of Locations

180+

2016 Revenue$402M

Market Cap$514.2M

Stock SymbolNasdaq: FRGI

Parent CompanyFIESTA RESTAURANT

GROUP, INC.

3

Tenant Overview

Distance To:Fort Lauderdale 7 miles

Hollywood 13 miles

Boca Raton 23 miles

Miami Beach 30 miles

Miami 32 miles

Hollywood

Plantation Fort Lauderdale

Miami

Miami Beach

Boca Raton

95

9575


Location Overview

Subject Site

4

50 N University Dr | Plantation, FL 33324


N Pi

ne Is

land R

d 4

3,50

0 VP

D

W Broward Blvd 46,500 VPD

Plantation Preserve Golf Course & Club

S University Dr 55,539 VPDPlantation Marketplace

Westfield Broward Mall

Chick-fil-A

Subject Site

$300 Million Redevelopment 700 luxury apartment units,

160,000 SF of offices & 200,000 SF of retail

47,000 VPD A $20 million+ redevelopment is planned for Sears at the Broward

Mall, including adding new restaurants and retailers.

BROWARD MALL 1M SF shopping mall

125 retail & service shops, 4 department stores

Regal Cinemas

5

50 N University Dr | Plantation, FL 33324


W Broward Blvd 46,500 VPD

Subject Site

S University Dr 55,539 VPD

NW 76th Ave

Plantation Community Plaza

$300 Million Redevelopment 700 luxury apartment units,

160,000 SF of offices & 200,000 SF of retail

Seritage Growth Properties plans a $20 million+

redevelopment for its Sears store, including adding new

restaurants and retailers.

BROWARD MALL 1,000,000 SF shopping mall 125 retail & service shops,

4 department stores Regal Cinemas

6

Market Overview


In the heart of Plantation, this impeccably designed, 27-acre development with 200,000 square feet of retail, a full-service hotel, Class A office, and luxury rental homes infuses resort-level hospitality throughout a walkable, seamlessly connected community of shopping, dining, entertainment, living and working. It’s more than just another place to go, it’s a place to be—a hub of local art and activity that delivers the luxury of modern South Florida.

A walkable community with a California flair. Plantation Walk is designed by Callison/RTKL, an award winning architecture firm based in Los Angeles, California.

Located in the heart of Plantation, Florida, Plantation Walk is just I0 miles from Downtown Fort Lauderdale and 30 miles from Downtown Miami with easy access to Florida’s Turnpike, Interstate 595 and the Fort Lauderdale Airport.

7


In The News

Sears at Broward Mall in Plantation to be redeveloped

Plan is to turn half the 180k sf store into as-yet-unnamed development with six restaurants and five retail spacesBy Hortense Leon | The Real Deal | October 12, 2017

Seritage Growth Properties plans a $20 million-plus redevelopment for its Sears store at the Broward Mall in Plantation, including adding new restaurants and retailers.

The plan, unveiled Wednesday night [Oct 11] at a city council meeting, is to turn 90,000 square feet of the existing 180,000-square-foot store into a development with six restaurants and five retail spaces. Sears will continue to operate in a smaller space.

Seritage Growth Properties owns a 14-acre parcel at Broward Mall. It has letters of intent and expects to sign leases with Connors Steak and Seafood restaurant and GameTime, a video game and sports bar, by the end of the month, said Paul D’Arelli, senior vice president of development at Seritage. He added that his company is also in negotiations with other prospective tenants. “We are over-subscribed with tenant interest right now,” he said.

Seritage purchased 235 Sears and Kmart stores from Sears Holdings Corp. earlier this year. Under the terms of the sale, Seritage can recapture some properties which allows the real estate investment trust to redevelop the sites. It has 224 properties leased to Sears Holdings operating under the Sears or Kmart brand.

The overall plan at the Broward Mall for the as-yet-unnamed development is to seek out “high quality restaurants and some fast casual,” said D’Arelli. There will be a plaza aimed as a gathering spot with fire pits similar to “a sophisticated hotel patio,” he said.

Seritage has redeveloped other Sears stores in the area. At Aventura Mall, for example, it is taking back the entire store. In its place, it will build Esplanade at Aventura, with 215,000 square feet of retail, restaurant and entertainment space.

Rendering of the Sears store redevelopment (Credit: Seritage Growth Properties)

View full story at: https://therealdeal.com/miami/2017/10/12/sears-at-broward-mall-in-plantation-to-be-redeveloped

8

https://therealdeal.com/miami/2017/10/12/sears-at-broward-mall-in-plantation-to-be-redeveloped


9

Site Plan


Front Elevation

Left Side Elevation

Right Side Elevation

Rear Elevation

10

Site Plan


Radius 1 Mile 3 Miles 5 MilesPopulation2017 Population 16,276 142,647 399,303

2022 Population 17,365 149,263 423,238

2010-2017 Annual Rate 1.47% 0.80% 1.03%

2017-2022 Annual Rate 1.30% 0.91% 1.17%

2017 Male Population 46.9% 47.1% 47.4%

2017 Female Population 53.1% 52.9% 52.6%

2017 Median Age 39.6 40.8 39.2

Households2017 Total Households 7,156 56,644 150,252

2022 Total Households 7,596 59,027 158,708

2010-2017 Annual Rate 1.39% 0.66% 0.88%

2017-2022 Annual Rate 1.20% 0.83% 1.10%

2017 Average Household Size 2.26 2.50 2.64

Median Household Income2017 Median Household Income $61,766 $55,074 $50,495

2022 Median Household Income $70,945 $61,515 $55,428

2017-2022 Annual Rate 2.81% 2.24% 1.88%

Average Household Income2017 Average Household Income $81,427 $78,182 $70,896

2022 Average Household Income $92,301 $87,993 $79,790

2017-2022 Annual Rate 2.54% 2.39% 2.39%

Per Capita Income2017 Per Capita Income $35,803 $31,214 $27,031

2022 Per Capita Income $40,302 $34,926 $30,217

2017-2022 Annual Rate 2.40% 2.27% 2.25%

11

Demographics

Demographics | 5 Mile Radius


12


Plantation, FLPlantation is is a city in Broward County, Florida. As of the 2013 United States Census the population was 90,268. It is part of the Miami–Fort Lauderdale–Pompano Beach Metropolitan Statistical Area.

Plantation has a natural environment that is unsurpassed by other South Florida cities. Situated among thousands of trees are safe, friendly neighborhoods, world-class recreation facilities and a stable business community. It is geographically centered in Broward County, and is home to a number of large national firms. The City of Plantation was incorporated in April of 1953, and has expanded into a growing, vibrant municipality, with a residential population exceeding 85,000.

The City of Plantation is rich in amenities, a competitive business environment and beautifully landscaped streets. You will find an urban environment intermixed with a “hometown” lifestyle, achieved through thoughtful comprehensive planning and the vision and support of our City Council, staff and volunteer organizations.

Fort Lauderdale, FLFort Lauderdale is a city in the U.S. state of Florida, 28 miles north of Miami. It is the county seat of Broward County. As of the 2014 census, the city had a population of 176,013. It is a principal city of the Miami metropolitan area, which was home to an estimated 6,012,331 people at the 2015 census.

The city is a popular tourist destination, with an average year-round temperature of 75.5 °F, and 3,000 hours of sunshine per year. More than 16 million people visited Broward in 2015 and spent $11.4 billion in the destination’s hotels, attractions, retail shops and restaurants, as well as other goods and services. Broward’s tourism industry employed 168,000 people in 2014, and generated a record $53 million in tourist tax revenues. The district has 561 hotels and motels comprising nearly 35,000 rooms. Forty six cruise ships sailed from Port Everglades in 2012. Greater Fort Lauderdale has over 4,000 restaurants, 63 golf courses, 12 shopping malls, 16 museums, 132 nightclubs, 278 parkland campsites, and 100 marinas housing 45,000 resident yachts.

13

Market Overview


PATRICK NUTT MANAGING PARTNER

(954) 302-7365 [email protected]

Who Are We? Calkain Companies LLC is a national commercial real estate firm that provides consulting and brokerage services to both private and institutional clientele with an expertise on triple net lease investments. We pride ourselves on being a world class leader by providing our clients a full array of commercial real estate investment brokerage and asset management solutions, including advisory, research, estate planning and wealth management.

We have built solid relationships throughout our decades of experience and innovation, implementing long-term allocation within the context of each client’s particular risk tolerance and identifying how best to acquire and dispose of income producing properties for each entities’ specific set of investment criterion. At Calkain, our foresight and past performance are leading the net lease investment industry.

Our HistoryLike most success stories, Calkain was formulated from humble beginnings. Jonathan W. Hipp, President and CEO, took the initiative to build upon his decades of experience and performance and left a large international brokerage firm to become an independent and innovative leader within the triple net lease investment community. Armed with a sole employee and a single office, the firm has grown exponentially since its infancy in 2005.

With the growth in staff, seasoned professionals have been attracted to Calkain’s model of innovation, entrepreneurship and the fostering of long-lasting and meaningful relationships. Industry experts have joined Calkain in the hopes of implementing the skills they have honed in complementary aspects of real estate investment.

Through a tremendous endeavor, tireless hours have been committed to continually prove that Calkain is America’s Net Lease Company®. Its countless accolades received from the world’s leading business publications, including Forbes™, Fortune™ and the New York Times™ have confirmed that Calkain is a true leader in triple net lease investing services.

Client Testimonial

“USRA has worked with Calkain on numerous occasions. They have always been meticulous in their work ethic, providing superior service and extremely prompt attention to our needs. I highly recommend them.

- Jack Genende, Partner | U.S. Realty Advisors, LLC. (USRA)

$11.5 Billion in Closed Transactions

$350 Million

in Active Listings

14

C A L K A I N .C O MC A L K A I N .C O M

About Calkain

DISCLAIMER: The information contained in this document is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Calkain and its subsidiaries, and should not be made available to any other person or entity without the written consent of Calkain. This document has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property(s). The information contained herein is not a substitute for a thorough due diligence investigation. Calkain and its subsidiaries have not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property(s), the future projected financial performance of the property, the size and square footage of the property(s) and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regula-tions, 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(s). The information contained in this document has been obtained from sources we believe to be reliable; however neither Calkain and its subsidiaries nor the Seller have verified, and will not verify, any of the information contained herein, nor has Calkain and its subsidiaries or the Seller conducted any investigation regarding these matters and make 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.

Corporate Headquarters Washington, DC12930 Worldgate Drive | Suite 150 Herndon, VA 20170 T: (703) 787-4714 • F: (703) 787-4783

Fort Lauderdale200 SW 1st Avenue | Suite 880 Fort Lauderdale, FL 33301 T: (813) 282-6000

Atlanta111 Village Parkway, Building 2 | Suite 202 Marietta, GA 30067 T: (404) 900-5629

Boston101 Federal Street | Suite 1900 Boston, MA 02110 T: (617) 261-8584

CALKAIN.COM

Contact Us

Plantation (Ft. Lauderdale), FL - LoopNet...Fort Lauderdale, FL Fort Lauderdale is a city in the...

Documents

Transcript of Plantation (Ft. Lauderdale), FL - LoopNet...Fort Lauderdale, FL Fort Lauderdale is a city in the...