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Sprouts/Petsmart Center 3311-3315 Lithia Pinecrest Road, Valrico (Tampa), Florida

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Sprouts/Petsmart Center 3311-3315 Lithia Pinecrest Road, Valrico (Tampa), Florida SPROUTS/PETSMART CENTER 3311-3315 LITHIA PINECREST ROAD, VALRICO (TAMPA), FLORIDA OFFERING MEMORANDUM 60 75 MCDONALD’S BURGER SUBJECT KING Walgreens PROPERTY The information in this package has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus Millichap. ACT ID Z0070501 MARCUS & MILLICHAP 2 // Sprouts/PetSmart Center Rent Roll Lessee Information as of December 2020 3311-3315 Lithia Pinecrest Road, Valrico (Tampa), FL 33596 APPROX. PERCENT LEASE LEASE APPROX. BASE RENT ANNUAL LEASE RENTAL RENEWAL TENANT NAME TENANT RENTABLE SF OCCUPANCY COMMENCEMENT EXPIRATION RENT PSF PER MONTH RENT TERM INCREASES OPTIONS Sprouts Farmers $.50//PSF 4, 5 Year 30,000 55.9% 2/21/2018 2/28/2028 $16.00 $40,000.00 $480,000.00 SFM, LLC 10 Years Market Every 5 Years Options $.50/PSF 4, 5 Year PetSmart 20,108 37.5% 2/21/2018 2/28/2028 $18.50 $30,999.83 $371,998.00 PETSMART,INC. 10 Years Every 5 Years Options Orangetheory 10% Every 2, 5 Year 3,554 6.6% 2/21/2018 2/28/2025 $24.50 $7,256.08 $87,073.00 Franchisee 7 Years Fitness 5 Years Options Total SF 53,662 100% Monthly Income $78,256 Occupied SF 53,662 100% Annual Income $939,071 Available SF 0 0% Average Rent PSF $17.50 MARCUS & MILLICHAP 3 // Sprouts/PetSmart Center Income & Expense Summary Total Square Feet Per Leases 53,662 Lot Size 4.71 Acres Year Built 2007 Occupancy as of December 2020 100% INCOME Scheduled Base Rent $939,071 Estimated Total Potential Base Rent $939,071 Plus Expense Reimbursements $256,914 EFFECTIVE GROSS INCOME $1,195,985 ESTIMATED OPERATING EXPENSES PSF CAM Expense $100,931 $1.88 Insurance $48,550 $0.90 Property Taxes $99,000 $1.84 Management Fee $18,000 $0.34 TOTAL OPERATING EXPENSES $266,481 $4.97 NET OPERATING INCOME $929,504 OFFERING PRICE $15,475,000 CAPITALIZATION RATE 6.00% PRICE PER SF $288.84 MARCUS & MILLICHAP 4 // Sprouts/PetSmart Center 51,500 CPD Walgreens BLOOMINGDALE AVE BLOOMINGDALE SPORTS COMPLEX 6,100 CPD LITHIA PINECREST RD SUBJECT PROPERTY MARCUS & MILLICHAP 5 // Sprouts/PetSmart Center BLOOMINGDALE HIGH SCHOOL 2,300 Students 6,100 CPD 51,500 CPD LITHIA PINECREST RD BLOOMINGDALE AVE SUBJECT PROPERTY MARCUS & MILLICHAP 6 // Sprouts/PetSmart Center Property Description DEMOGRAPHICS 1-mile 3-miles 5-miles Population 2025 Projection 9,619 79,878 194,499 2020 Estimate 9,152 75,576 180,992 Growth 2020 – 2025 5.10% 5.69% 7.46% Households 2025 Projection 3,337 28,286 70,409 2020 Estimate 3,151 26,595 65,408 Growth 2020 – 2025 5.93% 6.36% 7.65% Income 2020 Est. Average $119,429 $118,553 $99,692 Household Income 2020 Est. Median INVESTMENT HIGHLIGHTS $93,423 $89,471 $75,292 Household Income » 100% Occupied to Sprouts Farmers Market, PetSmart, and Orangetheory Fitness 2020 Est. Per $41,114 $41,736 $36,076 Capita Income » 20 Year Roof Warranty » 180,992 Residents within a 5-Mile Radius - Growing Trade Area in the Tampa MSA » Located in Dense Retail Corridor - Publix Supermarket, Crunch Fitness, Walmart, Stein Mart, Chick-fil-A, Walgreens, and More » Over 57,600 Cars/Day at the Nearby Intersection of Lithia Pinecrest Road & Bloomingdale Avenue » Adjacent to the Newly Constructed, 115,000 SF BayCare HealthHub » Average Household Income Exceeds $119,000 in Immediate Area » Down the Road from Bloomingdale High School (2,300 Students) MARCUS & MILLICHAP 7 // Sprouts/PetSmart Center Tenant Overviews Sprouts Farmers Market NASDAQ: SFM Phoenix, Arizona 350+ www.sprouts.com Company Stock Symbol Headquarters Locations Website Sprouts Farmers Market, Inc. is a supermarket chain that focuses on natural Sprouts employs more than 35,000 employees and operates more than 350 and organic foods. Sprouts' offerings include fresh produce, bulk foods, vita- stores in 23 U.S. states. Fortune included Sprouts on its list of the World's mins and supplements, packaged groceries, meat and seafood, deli, baked Most Admired Companies in 2018 and 2019. The company's net sales in Q3 goods, dairy products, frozen foods, natural body care, and household items. of 2020 exceeded $1.6 billion. PetSmart Private Phoenix, Arizona 1,650+ www.petsmart.com Company Company Type Headquarters Locations Website PetSmart, Inc. is the largest specialty pet retailer of services and solutions for grooming, boarding, PetSmart Doggie Day Camp and in-store pet adoptions. the lifetime needs of pets. PetSmart employs approximately 56,000 associates Expert veterinarian care is available in many stores, where Banfield Pet Hos- and operates more than 1,650 pet stores in the United States, Canada, and pital operates full-service pet hospitals. These in-store pet hospitals operate Puerto Rico as well as more than 200 in-store PetSmart PetsHotel dog and cat independently of PetSmart and employ veterinarians who provide a full range boarding facilities. PetSmart provides a broad range of competitively priced of health care and emergency services. pet food and products and offers unique pet services including training, pet Orangetheory Fitness Private Boca Raton, Florida 1,300+ www.orangetheory.com Company Company Type Headquarters Locations Website Orangetheory Fitness is a heart-rate based HITT (high-intensity interval train- studios located across all 50 U.S. states and over 23 countries. As of 2020, ing) total-body group workout that combines science, coaching, and tech- Orangetheory was ranked #43 on Entrepreneur Magazine's Fortune 500 list. nology to guarantee maximum results from the inside out. As each studio is FRANCHISEE OVERVIEW: Franchisee Jim Potesta is the CEO of Afterburn Holdings, franchise owned and operated, membership prices vary. which owns 31 Orangetheory Fitness studios and manages 54 other studios. With over one million members, Orangetheory operates out of 1,300+ fitness MARCUS & MILLICHAP 8 // Sprouts/PetSmart Center Location Overview 6 Miles to Westfield Brandon Shopping Mall 15 Miles to Downtown Tampa SUBJECT PROPERTY 18 Miles to University of South Florida 24 Miles to Tampa International Airport Valrico is a suburb of Tampa and has an estimated population of 35,545 people. of South Florida (USF), which ranks as one of the top research universities in the The Greater Tampa Bay Area, also known as the Tampa-St. Petersburg-Clearwater nation and achieved preeminent status in 2018. More than 80,000 students are Metropolitan Statistical Area (MSA), is home to over 3 million residents. In 2017 enrolled at USF’s three regional campuses. alone, nearly 55,000 people moved the Tampa Bay area, making it the tenth In 2018, Tampa was named one of the nation’s top ten markets for real estate most populous city nationwide. Over the next five years, the Tampa Bay area’s investors in an annual survey led by PwC and the Urban Land Institute. There population is projected to grow to 3.3 million residents. are currently $13 billion in new projects underway that will transform the area Tampa is the population center of an eight-county region with a labor force of 1.97 over the next few years. These projects include a $3 billion mixed-use district million, growing by nearly 150 people every day. With nearly 80 local colleges right outside Tampa’s downtown business district; as well as a $500 million retail, and higher education institutions, the city is ranked the #1 Best State for Higher entertainment, office, and residential development between downtown Tampa Education (U.S. News & World Report, 2019). Tampa is home to the University and the Westshore Business District. MARCUS & MILLICHAP 9 // Sprouts/PetSmart Center [ exclusively listed by ] Mark J. Ruble Jamie A. Medress Chris N. Lind Ryan Nee Executive Managing Director Executive Managing Director Senior Vice President Broker of Record 602 687 6766 602 687 6778 602 687 6780 License #: BK3154667 [email protected] [email protected] [email protected] Offices Nationwide www.marcusmillichap.com NET LEASED DISCLAIMER CONFIDENTIALITY AGREEMENT Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows: The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be By accepting this Marketing Brochure, you agree to treat the information contained herein regarding the lease terms as reviewed only by the party receiving it from Marcus & Millichap Real Estate Investment Services of Florida, Inc. (“Marcus confidential and proprietary and to only use such information to evaluate a potential purchase of this net leased property. & Millichap”) and should not be made available to any other person or entity without the written consent of Marcus & Millichap. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any This offering memorandum has been prepared to provide summary, unverified financial and physical information investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever to prospective
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