19,536 SF Deerfield Beach Owner/User Opportunity 3401 Deer Creek Country Club Blvd
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OFFERING MEMORANDUM 19,536 SF Deerfield Beach Owner/User Opportunity 3401 Deer Creek Country Club Blvd. | Deerfield Beach, FL 33442 ACTUAL PROPERTY PHOTO CONFIDENTIALITY AND DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Tiktin Real Estate Investment Services ("TREIS") and should not be made available to any other person or entity without the written consent of TREIS. This Pricing Analysis has been prepared to provide summary, unverified information to the current ownership, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. TREIS has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, 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. The information contained in this Pricing Analysis has been obtained from sources we believe to be reliable; however, TREIS has not verified, and will not verify, any of the information contained herein, nor has TREIS conducted any investigation regarding these matters and makes 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. NON-ENDORSEMENT NOTICE: Tiktin Real Estate Investment Services, Inc. (“TREIS”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this Pricing Analysis. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of TREIS, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of TREIS, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. 2 TABLE OF CONTENTS 19,536 SF Deerfield Beach Owner/User | Deerfield Beach, FL FINANCIAL ANALYSIS Pricing Analysis . 5 EXECUTIVE SUMMARY Investment Overview . .7 PROPERTY DESCRIPTION Property Details. .8 Property Photos. .9 Aerial Photo . 10 Property Survey With Easements . 11 Local Retailer Map . 12 Local Map . 13 Regional Map . 14 MARKET OVERVIEW Market Overview . 16 - 19 COMPETITIVE PROPERTY SET Rent Comparables Map . .22 Rent Comparables . 23 - 25 Sale Comparables Map . .27 Sale Comparables . 28 - 30 DEMOGRAPHIC Demographic Summary . 32 - 33 3 FINANCIAL ANALYSIS PRICING ANALYSIS 19,536 SF Deerfield Beach Owner/User | Deerfield Beach, FL Offering Summary Purchase Price: $4,500,000 Down Payment: 100%/$4,500,000 Gross Leaseable Area (GLA): 19,536 SF Price/Rentable SF: $230.34 Lot Size (SF): 167,603 SF Price/SF Land: $26.84 Lot Size (Acres): 3.85 Acres Price/Acre: $1,169,549 Type of Ownership: Fee Simple Site Description 3401 Deer Creek Country Club Blvd., Deerfield Beach, FL 33442 Assessor's Parcel Number: 48-42-03-07-0010 Zoning: B-1 5 EXECUTIVE SUMMARY HIGHLIGHTS 19,536 SF Deerfield Beach Owner/User | Deerfield Beach, FL WHY BUY THE 19,536 SF DEERFIELD BEACH OWNER/USER OPPORTUNITY: Tiktin Real Estate Investment Services is pleased to present the • Shadow Anchored By Super Target, Petco, and a Hobby Lobby 19,536 SF Deerfield Beach Owner/User opportunity located in • Zoned B-1 - Business, Community Deerfield Beach, Florida. The property consists of 3.85 acres of land • Allowable Uses Include a Variety of Retail, Office, Medical, Health & with a 19,536 square foot building, which was built in 1987. The Fitness, Pharmacy, School/Tutoring, Child & Adult Day-Care, Res- property is an outparcel to a Super Target anchored center along taurant/Bar/Nightclub, Among Others Hillsboro Boulevard. Currently, the property is vacant. • Neighboring Outparcels Include a PDQ, TD Bank, Starbucks, and Bank of America The subject property is zoned B-1 (business, community), which • Exposure to Over 43,000 Vehicles Per Day allows for a variety of uses including retail, office, medical, health • Average Household Income Is In Excess of $85,000 Within A 5-Mile & fitness, pharmacy, school/tutoring, child & adult day-care, Radius restaurant/bar/nightclub, among others. • Over 330,000 Residents Within A 5-Mile Radius Deerfield Beach is located just south of the Palm Beach County • Additional Nearby National Tenants Include Ross Dress For Less, First line and has seen a major economic expansion in the past few Watch, Chick-fil-A, Five Below, Panera Bread, and T.J. Maxx, Amongst Others. years, capitalizing on the economic prosperity and ever-increasing migration of individuals to the South Florida region. The once quiet beachfront city has seen a rapid expansion with over 11,000 building permits that total nearly a billion dollars in new construction, new residential developments under construction from top developers, and ongoing construction of a new 12,000 square-foot community center to revitalize the old Tigner Community Center. The area surrounding the subject property has strong demographics. There are over 330,000 people living within a 5-mile radius from the property with an average household income exceeding $85,000 per year. Neighboring tenants in this center and the surrounding centers include Hobby Lobby, Petco, TD Bank, Bank of America, PDQ, Starbucks, Publix, Ross Dress For Less, Marshalls, Walgreens, CVS, Wells Fargo, and Aldi, amongst others. 7 PROPERTY DETAILS 19,536 SF Deerfield Beach Owner/User | Deerfield Beach, FL GROSS BUILDING AREA 19,536 SF LOT SIZE 167,603 SF (3.85 ACRES) OWNERSHIP FEE SIMPLE YEAR BUILT 1987 NUMBER OF STORIES 1 Story PARKING 102 Spaces PARKING RATIO 5.22/1,000 SF FOLIO 48-42-03-07-0010 FOUNDATION Concrete FRAMING Concrete EXTERIOR Concrete PARKING SURFACE Asphalt ROOF Flat HVAC Central Air FIRE PROTECTION Fully Sprinkled & Monitored ZONING B-1 ACCESS POINTS Deercreek Country Club Blvd., Hillsboro Blvd. and Powerline Rd. 8 PROPERTY PHOTOS PROPERTY PHOTOS OF ADJACENT POWER CENTER 9 PROPERTY DESCRIPTION AERIAL PHOTO Note: The Single-Tenant Medical Building (With no rights to parking on Subject Property) Highlighted inside in yellow is not included in the opportunity. 10 PROPERTY DESCRIPTION PROPERTY SURVEY WITH EASEMENTS 11 PROPERTY DESCRIPTION LOCAL RETAILER MAP 12 PROPERTY DESCRIPTION LOCAL MAP SUBJECT PROPERTY 13 PROPERTY DESCRIPTION REGIONAL MAP SUBJECT PROPERTY 14 MARKET OVERVIEW MARKET OVERVIEW Deerfield Beach | Overview Deerfield Beach is a city in Broward County, Florida that is just south of the Palm Beach County line. The city has a population of 81,915 people making it the 32nd largest city in Florida. The city spans over an area of 16.3 square miles, of which 15.1 square miles is land and 1.2 square miles is water. Deerfield Beach was originally settled in 1890, when a small settlement named Hillsborough was developed along the Hillsboro River. As the population grew to about 20 by 1898, the settlement and town was named Deerfield for the deer that grazed along the river. By the early 20th century, the town's population continued to grow and the Florida East Coast Railroad constructed tracks en route to Miami bisecting Deerfield. The city remained a largely agricultural community, but in 1939 the town's name changed to Deerfield Beach as tourists began to swarm the beach. By 1952, the original Deerfield Beach pier was constructed from wood, which was reconstructed in 1963 to the 976-foot pier that remains to this day. Deerfield Beach is know for its exceptional water quality with their award winning "Blue Wave" beach earned from the Clean Beach Council, which is based on Deerfield Beach's excellent water quality, beach conditions, safety services, public information and habitat conservation policies. The city is also home to attractive shopping and dining opportunities, the Quiet Waters Park, which features campgrounds, fishing, a skate park, wakeboarding, surfing, water skiing, and the longest "cable sky" courses in the nation. There are five public schools administered by Broward County Public Schools as well as numerous private institutions within the city of Deerfield Beach. Surrounding schools within Coconut Creek and Pompano Beach service residents within Deerfield Beach as per certain zoning districts. Additionally, there are two library locations of the Broward County Library system. Transportation includes the Deerfield Beach station served by the Amtrak and Tri-Rail as part of the Broward County Transit authority. The economy within Deerfield Beach has seen major growth within the last two years, capitalizing on the economic prosperity and ever-increasing migration of individuals to the South Florida region. There have been over 11,000 building permits that total nearly a billion dollars in new construction, new residential developments under construction from top developers, and ongoing construction of a new 12,000 square-foot community center to revitalize the old Tigner Community Center. The city of Deerfield Beach continues to advance programs and infrastructure to continue the focus on sustaining the economic growth for companies and a strong workforce in the foreseeable future. 16 MARKET OVERVIEW Broward County | Overview MARKET HIGHLIGHTS Strong Population Growth z Broward County’s population continues to grow, with in- migration accounting for a large share of new residents. Excellent Corporate location z Access to Latin American markets Housing z Home prices are more affordable in Broward County than in other coastal counties Tourism z Destination for both national and international tourists, with annual vistors increasing per year GEOGRAPHY Broward County has little room for expansion.