offering memorandum - tiktin real estate

ACTUAL PROPERTY PHOTO

Drive - Thru NNN Development Opportunity 3900 W. Hallandale Beach Blvd. | Pembroke Park, FL

OFFERING MEMORANDUM

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CONFIDENTIALITY AND DISCLAIMERThe 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.

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TABLE OF CONTENTSDrive - Thru NNN Development Opportunity | Pembroke Park, FL

FINANCIAL ANALYSIS Pricing Analysis . . . . . . . . . . . . . . . . . . . . . 5

EXECUTIVE SUMMARY Investment Overview . . . . . . . . . . . . . . . . . 7PROPERTY DESCRIPTION Property Details . . . . . . . . . . . . . . . . . . . . . 8 Zoning Analysis . . . . . . . . . . . . . . . . . . . . . 9 Property Survey . . . . . . . . . . . . . . . . . 10 - 11 Aerial Photo . . . . . . . . . . . . . . . . . . . . . . 12 Local Map . . . . . . . . . . . . . . . . . . . . . . . 13 Regional Map . . . . . . . . . . . . . . . . . . . . . 14MARKET OVERVIEW Market Overview . . . . . . . . . . . . . . . . 16 - 19

COMPETITIVE PROPERTY SET

Rent Comparables Map - Single-Tenant Retail. .22 Rent Comparables - Single-Tenant Retail... 23 - 25 Sale Comparables Map - Land . . . . . . . . . . 27 Sale Comparables - Land . . . . . . . . . . . 28 - 30

DEMOGRAPHIC Demographic Summary . . . . . . . . . . . 32 - 33

FINANCIAL ANALYSIS

5 5

PRICING ANALYSIS

3900 W. Hallandale Beach Blvd., Pembroke Park, FL 33023

Assessor's Parcel Number:

5142-30-09-0140, 5142-30-09-0160, 5142-30-09-0170, 5142-30-09-0180, 5142-30-09-0190, 5142-30-09-0191, 5142-30-09-0200, 5142-30-09-0201, 5142-30-09-0210, 5142-30-09-0220

Zoning: B-1

Purchase Price: $3,000,000

Down Payment: 100%/$3,000,000

Lot Size (SF): 81,535 SF

Price/SF: $36.79

Lot Size (Acres): 1.87 Acres

Price/Acre: $1,604,278

Type of Ownership: Fee Simple

Offering Summary

Drive - Thru NNN Development Opportunity | Pembroke Park, FL

Site Description

EXECUTIVE SUMMARY

7 7

HIGHLIGHTS

Tiktin Real Estate Investment Services is pleased to present the West Hallandale Land Oppurtunity, which is comprised of 81,535 SF (1.87 Acres) of land within the Business District of Pembroke Park, FL. The Town of Pembroke Park is uniquely positioned between the City of Hallandale Beach and the City of Miramar. Hallandale Beach Boulevard serves as a main east-west thoroughway connecting these sites and the town to I-95. Located in Broward County, Pembroke Park is a suburb of Fort Lauderdale. The West Hallandale Land Oppurtunity is positioned in the heart of Pembroke Park along West Hallandale Beach Boulevard. This redevelopment oppurtunity offers approximately 655 feet of frontage.Pembroke Park encompasses approximately 5 million square feet of industrial parks. Daytime employment population exceeds 219,000 employees within a 5-mile radius of the subject property. In addition, Seneca Industrial Park recently expanded their footprint to the immediate north of the Subject Property, adding an additional 222,000 SF to its existing park.

WHY BUY DRIVE - THRU NNN DEVELOPMENT OPPORTUNITY:

• 81,535 SF (1.87 Acres) of Land in Broward County• For an Additional $250,000, Buyer Can Purchase Aspen Nursery's

Inventory Currently Located on Subject Property• Allowable Uses Include Mixed - Use, Retail, Office, Medical, and Hotels• Ideally Situated along Hallandale Beach Boulevard with 655 Feet of

Frontage - 655 Feet x 125 Feet• Traffic Counts are 44,000 Vehicles Per Day Along West Hallandale

Beach Boulevard• Adjacent to 5 Million Square Feet of Industrial Park Class A

Distribution and Warehouse Facilities• Strong Demographics - Population Exceeds 516,000 within 5-Mile

Radius• Approximately 5 Miles from Aventura Mall and Gulfstream Park Casino

and Retail Mall


8 8

PROPERTY DETAILS

PROPERTY NAME Drive - Thru NNN Development Oppurtunity

PROPERTY 3900 W. Hallandale Beach Blvd., Pembroke Park, FL

OWNERSHIP FEE SIMPLE

LOT SIZE 81,535 SF (1.87 Acres)

NUMBER OF PARCELS 10

FOLIO 5142-30-09-0140, 5142-30-09-0160,

5142-30-09-0170, 5142-30-09-0180,

5142-30-09-0190, 5142-30-09-0191,

5142-30-09-0200, 5142-30-09-0201,

5142-30-09-0210, 5142-30-09-0220

ZONING Boulevard Business (B-1)

ACCESS POINTS W. Hallandale Beach Blvd. & S.W. 30th St.


9 9

PROPERTY DETAILS

PROPERTY NAME Drive - Thru NNN Development Opportunity

PROPERTY 3900 W Hallandale Beach Blvd., Pembroke Park, FL

PROPERTY TYPE Development Opportunity

NUMBER OF PARCELS 10

ZONING CODE B-1

USES Mixed - Use, Retail, Medical, Office and Hotel

Permitted Uses Drive-Thru Restaurants, Drive-In Restaurants, Banks, Convenience Stores, Auto Repair Shop,

Medical Clinics, And Much More

LOT SIZE 81,535 SF (1.87 Acres)

LOT DEPTH 125 Feet

LOT WIDTH MINIMUM N/A

MINIMUM SETBACK FRONT 10 Feet

MINIMUM SETBACK REAR 10 Feet

MINIMUM STREET SIDE YARD SETBACK 10 Feet

MAXIMUM HEIGHT 100 Feet


ZONING ANALYSIS

10

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PROPERTY DESCRIPTION

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12

AERIAL PHOTO


SUBJECT PROPERTY

13

LOCAL MAP


SUBJECT PROPERTY

14

REGIONAL MAP


SUBJECT PROPERTY

MARKET OVERVIEW

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MARKET OVERVIEWPembroke Park Overview

Pembroke Park is a small town located in Broward County, Florida. It is situated on the southeast border of the county touching Miami-Dade County. The location of the town puts it in a pristine location to have easy access to both Fort Lauderdale and downtown Miami. It is approximately 8 miles south of Fort Lauderdale, and 13 miles to the direct north of downtown Miami.

The town was given its name based on the commonly driven Pembroke Road which extends from the end of Pembroke Pines touching the Everglades National Park to Hollywood, Florida, a few miles off the coast of the Atlantic Ocean.

Despite the size of Pembroke Park, there are a vast amount of established and start-up businesses located in the town. The citizens have gone by the phrase “The Small Town that Means Big Business”, which has become the town's main motto.

The town of Pembroke Park is one of the quainter towns in the tri-county area of South Florida. Being of an area of only 1.67 square miles, the small municipality has more opportunity to focus on their residents and all the businesses that can fit within their small radius.

Despite the town being relatively small in acreage, the number of citizens that call Pembroke Park home is vast. The average number of people per square mile of the municipality is 4,890 people/ square mile, with a total of 6,749 people taken from the 2019 estimate. The townspeople of Pembroke Park are zoned to attend Broward County Public Schools, which include Lake Forest Elementary School, McNichol Middle School, and Hallandale High School.

The areas surrounding Pembroke Park have seen a recent boom in the past few years along with the rest of South Florida. It is bordered by growing towns such as Hollywood to the north, Hallandale Beach to the northeast, Miami Gardens (situated in Miami-Dade County) to the south, and West Park to the west.

Being in the middle of Fort Lauderdale and Miami shows very promising perspectives for the growth of the currently small town. As of the 2010 census, 5,564,635 people were living within the South Florida Metropolitan area, which has been estimated to be over 6 million people today.

17 17

MARKET OVERVIEWBroward County | Overview

MARKET HIGHLIGHTSStrong Population Growth z Broward County’s population continues to grow, with in-

migration accounting for a large share of new residents.

Excellent Corporate locationz Access to Latin American markets

Housingz Home prices are more affordable in Broward County than

in other coastal countiesTourismz Destination for both national and international tourists,

with annual vistors increasing per year

GEOGRAPHY

Broward County has little room for expansion. The metro is bordered to the north and south by the Palm Beach and a Miami-Dade counties, respectively, and the Atlantic Ocean to the east. The Everglades to the west are protected and un-available for development. The 23 miles of shoreline and 300 miles of inland waterways in the county provide the means for recreation and transport.

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LABORBroward County employment growth will out-pace the national average over the next five years as the local economy gains traction. Almost all employment sectors will expand during this time, with the most significant growth anticipated in education and health services. Currently, trade, transportation and utilities are the largest employment sectors in Broward County, followed by the professional and business services segments.

The growing number of corporations placing headquarters in the metro area has generated an influx of higher paying business services employment. Though such jobs tend to be mobile in the Internet age, Broward County is positioned for expansion in this sector, with plenty of Class A office space available to meet tenants’ requirements. Additionally, the area’s above - average pay for corporate workers and the county’s current housing prices well below their pre-recession peak are factors likely to attract more corporate relocations.

After slowing during the recession, leisure and hospitality activity has begun to pick up. This sector will add employees at an annual rate of 3.0 percent over the next five years, aided by an increase in cruise ships using Port Everglades and rising hotel occupancy. The education and health services sector also expanded in recent years. As the population in the metro areas continue to grow, residents will drive the need for more workers in healthcare. At the same time, educators will likely be needed to a greater degree due to continuing migration to the county.

DEMOGRAPHICSThe county had tremendous population growth since 1990, increasing more than 45 percent to over 1.8 million residents. With little land left for development and aging citizenry, annual population growth will taper off to 0.8 percent over the next five years. Broward County will continue to become wealthier, as the median household income, currently around $52,000 annually, will rise by about 19 percent over the next five years. Part of this up-tick is due to an expansion in higher paying professional jobs that will exceed the addition of lower-paying service jobs catering to the tourism industry. An increase in education attainment has helped boost income levels. In Broward County, nearly 30 percent of residents age 25 and older have a bachelor’s degree, slightly above the U.S. level of 28 percent. This is partially attributable to the high percentage of educated residents from outside of the United States who are attracted to job opportunities in the region.

19 19


Broward County contains 31 municipalities and spans 1,197 square miles, with two - thirds of the area covered by the Everglades. Fort Lauderdale is the largest city in the county with 175,800 residents followed by Pembroke Pines. Limited land is available for development, pushing any significant growth upward rather than outward.

InfrastructureBroward County is accessible to motorists, with major north-south thoroughfares including Interstate 75 and Florida’s Turnpike. Interstate 595 and the Sawgrass Expressway serve as the primary east-west corridors. Fort Lauderdale/Hollywood International Airport provides nonstop services to cities in the United States, Canada and the Caribbean. The airport is located less than 4 miles from Port Everglades, one of the busiest cruise ports in the world. In addition, the port is an active cargo and container facility.

EconomyBroward County has a diverse economy not dominated by a single industry. Key drivers of the local economy include tourism, healthcare, biotechnology and international commerce. Tourism is a major component of the Broward County economy, and both air traffic and hotel occupancy have rebounded from the recession. As major point of access to both international commerce and cruise tourism, Port Everglades generates roughly $26 billion of economic activity per year. More than 3.6 million cruise passengers use the port each year, and currently, some of the largest cruise-liners in the world dock at Port Everglades. Healthcare is another major part of the county’s economy. The metro has a significant population of elderly residents and will likely be disproportionately affected by the aging baby boomer generation. Biotechnology research has emerged as a growth industry in the area, and efforts are underway to attract these companies to the county. Numerous corporations have made Broward County their headquarters or regional operations center. The mild climate, reasonable cost of living, and proximity to Miami and Latin America attract diverse companies, including Citrix Systems, AutoNation and Heico.

Largest Cities in Metro By Population

Fort Lauderdale 182,595

Pembroke Pines 172,374

Hollywood 154,823

Miramar 140,823

Coral Springs 133,507

Pompano Beach 111,954

Sources: US Census Bureau

COMPETITIVE PROPERTY SET

RENT COMPARABLES - SINGLE - TENANT RETAIL

22

COMPETITIVE PROPERTY SETRENT COMPARABLES MAP - SINGLE - TENANT RETAIL

3

Wendy'sRecent Sales

1

2

3

4

1

Subject Property

Miami Grill

Wendy's

Quickie's Burgers & Wings

4

2

Checkers - Pembroke Park

SUBJECT PROPERTY

5 Captain Seafood & Chicken

5

23

COMPETITIVE PROPERTY SETRENT COMPARABLES AVERAGES - SINGLE - TENANT RETAIL

Average 100%

Average $62.60/SF

Rent/SF

Occupancy

0%10%20%30%40%50%60%70%80%90%

100%

Checkers -Pembroke

Park

Miami Grill Wendy's Quickie'sBurgers &

Wings

CaptainSeafood &

Chicken

$-

$20.00

$40.00

$60.00

$80.00

$100.00

$120.00

$140.00

Checkers -Pembroke

Park

Miami Grill Wendy's Quickie'sBurgers &

Wings

CaptainSeafood &

Chicken

24

COMPETITIVE PROPERTY SETRENT COMPARABLES - SINGLE - TENANT RETAIL

2

Subject Property 3900 W. Hallandale Beach Boulevard, Pembroke Park, FL 33023

Date Surveyed: 1/18/2021

Occupancy: 100%

Rent/SF: $46.98

Gross Leasable Area: 2,554 SF

Year Built: 1993

Lease Type: Net

Miami Grill 1505 S. Federal Highway, Dania Beach, FL 33004

COMMENTS: This Miami Grill has five and a half years remaining on its original 10-Year lease.

1 Checkers - Pembroke Park 4000 W. Hallandale Beach Boulevard, Pembroke Park, FL 33023


Occupancy: 100%

Rent/SF: $131.15

Gross Leasable Area: 976 SF

Year Built: 2018

Lease Type: NNN

COMMENTS: This Checkers has 11 years remaining on its original 15-Year lease.

Lot Size SF: 81,535 SF

Lot Size Acres: 1.87 Acres

Zoning: B-1

25

COMPETITIVE PROPERTY SETRENT COMPARABLES - RETAIL

4


Occupancy: 100%

Rent/SF: $40.00


Year Built: 1986

Lease Type: Net

COMMENTS: This Quickie's Burgers & Wings has four years remaining on a 5-Year triple-net lease.

Quickie's Burgers & Wings 141 S. Federal Highway, Dania Beach, FL 33004

3 Wendy's 4600 S. State Road 7, Hollywood, FL 33314


Occupancy: 100%

Rent/SF: $58.55


Year Built: 2019

Lease Type: NNN

COMMENTS: This Wendy's was newly constructed and sold in a sale-leaseback transaction. There was a new 20-Year absolute triple-net lease with 7.5% increases every 5-years.


Occupancy: 100%

Rent/SF: $36.34


Year Built: 1978

Lease Type: Net

COMMENTS: This Captain Seafood & Chicken currently has 9 years remaining on a triple-net lease.

S SCaptain Seafood & Chicken 4775 N.W. 183rd Street, Miami Gardens, FL 330565

SALES COMPARABLES - LAND

27

COMPETITIVE PROPERTY SETSALES COMPARABLES MAP - LAND

3

Recent Sales

1

2

3

4

2

Subject Property

Hallandale Beach Land

Miramar Pkwy. & Red Rd. Land

Florida Fine Cars

SUBJECT PROPERTY

1

4181 W. Hallandale Beach Blvd.

4

28

COMPETITIVE PROPERTY SETSALES COMPARABLES AVERAGES - LAND

Average $40.04/SF

Average $1,738,627

Price/SF

Price/Acre

$- $5.00

$10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00 $50.00

SubjectProperty

4181 W.HallandaleBeach Blvd.

HallandaleBeach Land

MiramarPkwy. & Red

Rd. Land

Florida FineCars

$-

$500,000.00

$1,000,000.00

$1,500,000.00

$2,000,000.00

$2,500,000.00

SubjectProperty

4181 W.HallandaleBeach Blvd.

HallandaleBeach Land

MiramarPkwy. & Red

Rd. Land

Florida FineCars

29

COMPETITIVE PROPERTY SETSALES COMPARABLES - LAND

2

Subject Property 3900 W. Hallandale Beach Boulevard, Pembroke Park, FL 33023

Hallandale Beach Land 3301 W. Hallandale Beach Boulevard, Pembroke Park, FL 33023

Close of Escrow: UNDER CONTRACT

Sales Price: $1,810,000

Price/Land SF: $35.21


Lot Size: 51,401 SF (1.18 Acres)

Zoning: B-1

COMMENTS: This 1.18 acre parcel of land is situated in the Hallandale submarket is zoned B-1 for Boulevard Business use. There are approved site plans for a 28,000 SF office/professional medical building.

Sale Price: $3,000,000

Lot Size SF: 81,535 SF


Lot Size Acres: 1.87 Acres


Zoning: B-1

1

Close of Escrow: 3/5/2020

Sales Price: $727,500




Zoning: B-3

COMMENTS: This property was sold for the value of the land as a future redevelopment oppurtunity.

4181 W. Hallandale Beach Blvd. 4181 W. Hallandale Beach Boulevard, West Park, FL 33023

30

COMPETITIVE PROPERTY SETSALES COMPARABLES - LAND

4






Zoning: C-4

Florida Fine Cars 1015-1027 S. State Road 7, Hollywood, FL 33023

COMMENTS: This was the sale of a former Florida Fine Cars dealership. The property was vacant at closing and purchased for the value of the land

3 Miramar Pkwy. & Red Rd. Land Miramar Pky. & Red Rd., Miramar, FL 33025






Zoning: B-2

COMMENTS: This property was a two parcel property purchased by a investment management company that plans to develop retail.

DEMOGRAPHICS

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DEMOGRAPHICS

POPULATION 1-MILE 3-MILES 5-MILES

2010 Population 16,098 182,328 477,353

2020 Population 18,348 198,247 532,715

2025 Population Projection 19,235 205,916 555,221

HOUSEHOLDS 1-MILE 3-MILES 5-MILES

2010 Households 5,632 69,462 186,2652020 Households 6,450 74,777 206,1672025 Household Projection 6,756 77,439 214,345Annual Growth 2010-2020 0.4% 0.2% 0.1%Annual Growth 2020-2025 0.9% 0.7% 0.8%Owner Occupied 4,060 45,251 127,590Renter Occupied 2,389 29,526 78,5782020 Avg Household Income $52,101 $62,034 $70,9672020 Median Household Income $41,602 $46,143 $51,022

INCOME 1-MILE 3-MILES 5-MILES

< $25,000 1,838 19,338 47,937

$25,000 - 50,000 1,941 20,776 53,269

$50,000 - 75,000 1,262 15,129 39,769

$75,000 - 100,000 686 8,046 23,307

$100,000 - 125,000 311 4,485 15,270

$125,000 - 150,000 165 2,316 7,895

$150,000 - 200,000 242 2,358 8,353

$200,000+ 6 2,330 10,368

Source: CoStar

SUBJECT PROPERTY


33 33

DEMOGRAPHICS

2020 POPULATION BY RACE 1-MILE 3-MILES 5-MILES

7,350 106,639 310,053 237,946Black 10,220 81,072 195,064American Indian/Alaskan Native 94 842 2,627Asian 275 4,688 12,978Hawaiian & Pacific Islander 13 269 630Hispanic Origin 5,666 73,732 186,528

DAYTIME EMPLOYEES 1-MILE 3-MILES 5-MILES

Trade Transportation & Utilities 1,031 20,126 42,296

Information 300 2,447 6,273

Financial Activities 260 9,397 23,158

Professional & Business Services 1,158 12,227 26,091

Education & Health Services 1,559 24,297 48,625

Leisure & Hospitality 436 12,663 36,065

Public Administration 178 2,297 6,574

Natural Resources & Mining 2 359 436

Construction 308 4,059 8,144

Manufacturing 740 4,547 8,740

HOUSING PRICES 1-MILE 3-MILES 5-MILES

Median Home Value $162,779 $224,565 $263,563

Median Year Built 1971 1970 1973

Avg Household Size 2.8 2.6 2.5

<$100,000 1,074 8,146 12,672

$100,000 - $200,000 1,522 11,750 28,631

$200,000 - $300,000 819 11,109 35,385

$300,000 - $400,000 448 6,615 21,324

$400,000 - $500,000 117 2,790 9,766

$500,000 - $1,000,000 0 3,342 14,263

$1,000,000+ 79 1,498 5,549

CONSUMER SPENDING TOTALS 1-MILE 3-MILES 5-MILES

Apparel $8,905,946 $102,135,963 $288,886,366

Entertainment & Hobbies $19,638,749 $233,340,171 $695,241,403

Food & Alcohol $36,688,558 $441,351,304 $1,279,326,949

Household Items & Expenses $17,268,448 $220,905,945 $672,407,003

Transportation & Maintenance $31,354,775 $372,889,449 $1,067,230,111

Health Care $6,651,367 $83,109,029 $252,611,634

Education & Day Care $6,515,650 $88,840,656 $280,695,784

Source: CoStar

BUSINESSES BY INDUSTRY 1-MILE 3-MILES 5-MILES

Trade Transportation & Utilities 178 2,455 5,150Information 15 249 561Financial Activities 71 1,776 4,100Professional & Business Services 86 2,283 5,127Education & Health Services 64 3,004 5,841Leisure & Hospitality 44 955 2,286Public Administration 11 105 224Natural Resources & Mining 1 17 40

Construction 55 808 1,729

Manufacturing 27 308 679


EXCLUSIVELY LISTED BY:TIKTIN REAL ESTATE INVESTMENT SERVICESTEL: (305) 363-4750TEL: (844) 4-TIKTINFAX: (305) 675-0774WWW.TIKTINREALESTATE.COM

offering memorandum - tiktin real estate

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