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Offering Memorandum OFFERING MEMORANDUM Walgreens Boots Alliance Miami Beach , Florida Offering Summary 2 The 19,000 square foot retail property is situated on the ground floor of the Ritz-Carlton Hotel in Miami Beach, Florida. This is a leasehold interest with 111 years remaining on the ground lease. The ground rent is $1.00 per year and was paid in its entirety. The Subject Property is located at the intersection of Collins Avenue and Lincoln Road at the gateway to the Lincoln Road Mall, one of the world’s premiere retail destinations. The Tenant, Walgreens Boots Alliance, is committed to an ABSOLUTE NNN long-term lease with over 23 years remaining on the initial term. The lease features rare 10% rent increases every 10 years. The lease also features a below-market rental rate of $189 / SF. Greater Miami received a record 15.5 million overnight visitors in 2015. Spending totaled $24.4 billion in 2015. Port Miami is the world’s busiest port-of-call for cruise ships, processing nearly 4.9 million multi-day passengers in 2015, and Miami International Airport ranks second the country for international arrivals, with nearly 11 million Collins Avenue passengers arriving from abroad last year. Growth in retail sales has translated into extremely strong demand for retail space. The Miami market boasts the lowest availability rate in the country, as well as one of the fastest rates of rent growth during the past five years. The high-street retail segment, in particular, has seen massive rent growth in recent years as more institutional owners enter the scene, purchasing buildings from historically local owners. This has pushed rental rates into the +/- Lincoln Road $325 / SF range on Lincoln Road. 3 TABLE OF CONTENTS Investment Summary 6 Aerial View 7-9 Market Overview 10-11 DISCLAIMER 4 This Offering Memorandum (“Memorandum”) is intended solely for the use of prospective investors in determining whether or not to pursue the possible acquisition of the Retail Property (“the Property”) at One Lincoln Road, Miami Beach, Florida. This Memorandum is of a proprietary and confidential nature. Prospective investors and/or their advisors are expressly forbidden from sharing this information with any individuals or organizations that are not directly connected with the analysis of this investment opportunity. STREAM Capital Partners, LLC (“SCP”) has been retained as the exclusive advisor for this investment opportunity. Any and all inquiries are to be directed to SCP. By accepting this Memorandum, the recipient agrees that it will cause its directors, officers, employees and representatives to use the Memorandum and all of the information contained therein only to evaluate this specific investment opportunity and for no other purpose and shall return this Memorandum together with any copies to SCP upon request. This Memorandum contains confidential material which is non-public information. Receipt of this Memorandum constitutes your acknowledgment that you will maintain the information contained herein in strict confidence. All information contained herein has been provided by the Organization, its affiliates or other sources that SCP deems reliable; however, SCP has not independently verified any of the information, including the financial estimates and projections and selected real estate information, contained herein. This Memorandum includes information about the Organization, including selected financial information, estimates and projections that reflect various assumptions concerning anticipated results, which may or may not prove to be correct and selected real estate information which may or may not prove to be correct. Such projections and estimates may or may not be indicative of future performance, which may be significantly more or less favorable than that as reflected herein. In furnishing this Memorandum, none of the Organization, its affiliates or SCP undertakes any obligation to provide additional information or to correct or update any of the information set forth in the Memorandum. None of the Organization, its affiliates or SCP makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained herein in this Memorandum, or made available in connection with any further investigation of the Organization, and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The recipient should rely solely on the representations and warranties made to it by the Organization or its affiliates in any executed definitive agreement. Under no circumstances should the Organization, its affiliates or any of their management, directors, shareholders, employees, customers or vendors be contacted directly. THE OFFERING 5 INVESTMENT SUMMARY 6 Purchase Price $78,888,889 Investment Highlights • Below market rents for Lincoln Road Mall Annual Rent $3,550,000 • Walgreens Flagship Store | Top Performing Store in the Southeast • Rare 10% Increases in the Lease Cap Rate 4.50% Property Summary Property Address One Lincoln Road | Miami Beach, Florida Interest Offered Leasehold Estate Building Size 19,000 SF commercial condominium unit in the 375 room Ritz Carlton South Beach Hotel Year Built | Renovated 1953 | 2003 & 2015 Ground Lease Term & Rent 129 years expiring September 9, 2128 (+/- 111 years remain) Rent is $1.00/year and has been paid in advance Lease Summary Sub-Tenant Walgreens Boots Alliance (NASDAQ: WBA) - S&P Credit Rating: BBB- Lease Type Absolute NNN Responsibilities None Rent Commencement October 9, 2013 Lease Expiration May 31, 2040 Remaining Term 23+ Years Annual Rent PSF $189.84 psf (Market rents along Lincoln Road are +/- $300 psf) Rent Increases 10% every ten years, including options Next Increase June 1, 2025 Options Ten, 5-year options Click Here to see a 360 View of the Immediate Area 7 AERIAL VIEW | Lincoln Road Mall (Store directory) Block 1100 Investment Highlights Alchemist Doraku Sushi Serendipity AVERAGE RETAIL ASKING RATES ARE +/-$300 PSF FOR LINCOLN ROAD MALL • Below market rents for Lincoln Road Mall Anthropologie Mac Shake Shack • Walgreens Flagship Store | Top Performing Store in the Southeast Baires Steakhouse Nespresso Stella McCartney • Rare 10% Increases in the Lease Banana Republic Osklen Taschen Coltorti Regal Cinemas Ted Baker Custo Barcelona Rosa Mexicano Y-3 Block 1000 7 For All Mankind Express Nike Block 1100 Apple Athleta Gap Segefredo Café Balans John Varvatos Yard House Bebe Lacoste Camper Shoes Mayor’s Jewelry Block 900 All Saints Lucky Strike Penguin Diesel Guess Victoria’s Secret Lucky Brand Jeans Meat Market Block 800 American Eagle F ossil Steve Madden CB2 K iehl’s Sunglass Hut Dylan’s Candy Bar Koto Aspen Urban Outfitters Energie Lululemon Block 700 American Apparel J. Crew Skechers Armani Jeans Macy’s Starbucks BCBG Madewell Swarovski Lincoln Road Mall Block 200 Forever 21 Nexxt Cafe Pizza Rustica Block 600 Brilliance New York Journey’s Ricky’s NYC Desigual Kilwin’s Chocolate Source Paris French Connection L’Occitane Starbucks Oakley Lush Superdry Block 500 Crocs/Lids H&M Tesla G-Star Kiehl’s Block 200-400 7-11 Scotch & Soda CVS Napkin Burger Starbucks TD Bank Bank of America Sunglass Hut Ulta McDonald’s Zara Wings Surf Shop 8 AERIAL VIEW | Hotel Directory (North View) 14.2 MILLION OVERNIGHT VISITORS TO MIAMI-DADE COUNTY IN 2014 The Lorraine W Hotel Shelbourne The Setai South Beach Shore Club Dorchester Hotel Miami The Raleigh Pestana 18 Miami The Richmond South Seas The Redburry Marseilles Kimpton South Beach Surfcomber Delano South Beach Catalina Beach Club Ritz Carlton Collins Avenue Gale South Beach 9 AERIAL VIEW | Hotel Directory (South View) Marriott Vacation Club Betsy Hilton South Beach Grand Vacations The President The Odyssey Royal Palm The South Beach Miami The Geneva Loews Miami The Parisian Hyatt Center Collins Avenue Lincoln Road MARKET OVERVIEW 10 Miami Beach | South Beach The Greater Miami Area is currently the eighth largest metropolitan area in the United States with over 6 million people. Miami was the 14th fastest-growing city in the United States between 2015 and 2016. Florida was the second-fastest growing state in the United States from 2015 to 2016 with a growth rate of 367,525 people. Florida recently surpassed New York as the third most populous state in the United States with over 20.6 million residents. Growth in population, jobs, income and tourism drove a 34% increase in Miami- Dade County retail sales from 2010 and 2015, and additional growth of 23% is expected by the end of 2020. Miami-Dade County’s population increased by 157,000 residents between 2010 and 2015, and is expected to increase by another 178,000 residents by 2020. Total employment in Miami-Dade County increased 14% between 2010 and 2015, and total personal income increased 21%. Miami and the Beaches are one of the United States’ premier international destinations with over 15.7 million visitors in 2016 (8.1 million domestic and 7.6 million international). From January - December 2016, consumer spending in Miami and the Beaches totaled an estimated $25.5 billion, with 62% of the spending coming from international visitors. In 2016, 84.8% of visitors to Miami and the Beaches came for vacation or leisure. Miami Beach is the prime vacation destination for travelers coming to the Miami Area, comprising 55% of all lodging stays in the Miami Area. The next largest number of lodging stays was in Downtown Miami with 15.0% of lodging stays. Demographics 1 mile 3 mile 5 mile 2017 Population Estimate 28,996 59,485 212,373 2022 Projected Population 30,497 62,957 228,896 2017 Est. Avg. Household Income $75,643 $92,663 $83,243 MARKET OVERVIEW 11 Lincoln Road Mall Lincoln Road Mall is a mile long, open-air, pedestrian-only promenade that boasts a happening street scene with throngs of local and out-of-town visitors, excellent shopping, and terrific dining options. It is considered to be South Beach’s premier shopping area.
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