pembroke pines, florida starbucks & pie five pizza...

ATLANT ICRETAIL .COM | 1STARBUCKS & P IE F IV E P IZZA | INVESTMENT H IGHL IGHTS

$82,414AVG HH INCOME IN 5-MILE RADIUS

75,000ADT ON NEARBY HEALD HIGHWAY

407,153EST POPULATION IN 5-MILE RADIUS

$8.25 BAVG HH SPENDING IN 5-MILE RADIUS

STRATEGICALLY POSITIONEDThe Property is new construction (commenced April 2017) located at a shopping center entrance near the signalized intersection of busy Pines Boulevard and Hiatus Road (75,000 ADT combined). The site is an outparcel to Target, HomeGoods and Pembroke Lakes Mall—with more than one million square feet of GLA, this super-regional mall features 125 national retailers and restaurants. The Property is adjacent to Home Depot-anchored Pembroke Lakes Square and is less than one mile from the upcoming Pembroke Pines City Center lifestyle center development, and less than three miles from Interstate 75.

EXCELLENT MARKET LOCATIONPembroke Pines, located between Fort Lauderdale and Miami, is a principal city of the Miami MSA (population of more than six million as of 2015). Its convenient location offers easy accessibility to primary highways and interstates, key employment centers, retail/commercial destinations and more.

QUALITY INVESTMENTThe Property is 100 percent occupied to tenants on new, 10-year leases that feature built-in rent increases, several options to extend and minimal landlord responsibilities. No state income tax in Florida provides a low tax burden for the investor.

STRONG, RECOGNIZED TENANTSStarbucks has a prominent global presence with more than 24,000 retail stores in 70 countries. Pie Five Pizza has 98 locations in 24 states (and 400 more under contract), ande was named a “2015 Best Franchise Deal” by QSR Magazine. This is an experienced franchisee with multiple McDonald’s locations.


ATLANT ICRETAIL .COM | 2STARBUCKS & P IE F IV E P IZZA | INVESTMENT H IGHL IGHTS


ADDRESS 11253 Pines Boulevard

Pembroke Pines, FL 33026

MARKET Miami MSA/Broward Co.

TENANTS StarbucksPie Five Pizza Company

OCCUPANCY 100%

ASKING PRICE 4,410,686

CAP RATE 5.25%

BUILDING SIZE +/- 4,500 SF

LAND SIZE +/- 0.95 acres

YEAR BUILT 2017

LEASE TYPE NN

EXPENSES Roof, Structure, Parking Lot

Additional Rent: Tenants pay pro-rata shares (based on the building’s actual GLA) of CAM, Management Fees, Real Estate Taxes and Insurance.

Lease Summary

ATLANT ICRETAIL .COM | 3STARBUCKS | T ENA N T P ROF ILE


Starbucks Founded in 1971, Starbucks is undoubtedly the most iconic coffee company and coffeehouse chain in the United States—and the world. Today, Starbucks has a presence in 75 countries on six continents. As of 2017, the Company owns and operates nearly 27,000 retail locations that all offer high-quality coffee drinks, specialty drinks, pre-packaged food items and accessories to millions of customers each day.

Over its nearly 50-year history, the Company has experienced exceptional growth, opening an average of two new locations each day between the years of 1987 and 2007. Starbucks has won numerous awards and recognitions, including a 12-year run on Fortune’s list of the “Most Admired Companies in America” (2003–2015). Starbucks was also named by Fast Company in 2012 as one of the “World’s 50 Most Innovative Companies,” and was listed as one of the “World’s Most Ethical Companies” by Ethisphere for eight consecutive years (2007–2015).

In late July 2017, Starbucks reported record third quarter financial and operational results: consolidated net revenues rose by eight percent to $5.7 billion, and store sales in the Americas increased by five percent. Looking forward to the remaining of the 2017 fiscal year, the Company has announced several strategic actions to optimize its store portfolio, strengthen its core and further increase returns on capital.

ATLANT ICRETAIL .COM | 4STARBUCKS | LEASE S UMMARY

TENANT Starbucks Corporation

GUARANTOR Corporate

CREDIT RATING S&P: A-

RENTABLE SF +/- 2,223 SF (49.4% GLA)

COMMENCEMENT December 2017 (Estimate)

EXPIRATION December 2027 (Estimate)

LEASE TERM 10 Years

ANNUAL RENT $122,265 ($55.00/SF)

INCREASES 10% Every 5 Years

OPTIONS 4 x 5-Year OptionsWith 10% Increases

LEASE TYPE Absolute NNN

ADDITIONAL RENT CAM, Insurance, Taxes, Management Fees

YEARS ANNUAL RENT INCREASE

1–5 (Base Term) $122,265 ($55.00/SF) None

6–10 (Base Term) $134,492 ($60.50/SF) 10%

11–15 (Option 1) $147,941 ($66.55/SF) 10%

16–20 (Option 2) $162,735 ($73.20/SF) 10%

21–25 (Option 3) $179,008 ($80.53/SF) 10%

26–30 (Option 4) $196,909 ($88.58/SF) 10%

Rent Schedule


Early Termination: The tenant, in its sole discretion, shall have the right to terminate this lease as of any date on or after the last day of the 60th full calendar month of the term (the “Early Termination Date”). The tenant must give the landlord written notice no less than 120 days before the Early Termination Date, and the tenant shall pay the landlord, on or before the Early Termination Date, a termination fee equal to $100,000.

Additional Rent: The tenant shall pay its pro rata share (based upon the actual gross leasable area of the building) of Operating Expenses (including CAM), Management Fees, Real Estate Taxes and Insurance. The portion of the tenant’s Annual Additional Rent attributable to controllable Operating Expenses for any calendar year following the first full calendar year of the term shall not exceed 105%, on a non-cumulative basis, of the enant’s Annual Additional Rent attributable to Operating Expenses payable by the enant for the previous calendar year.

Lease Summary

ATLANT ICRETAIL .COM | 5P IE F IVE P IZZA | T ENANT P ROF IL E


Pie Five Pizza Pie Five Pizza is the leading brand in the rapidly growing fast-casual pizza space, offering individual handcrafted pizzas made to order with fresh ingredients in less than five minutes. Since opening their first location in Fort Worth, Texas in 2011, Pie Five Pizza has grown to 98 locations in 24 states and the District of Columbia, and the Company has more than 400 announced franchised and Company units under contract. Pie Five Pizza has been named a 2015 “Best Franchise Deal” by QSR Magazine, a 2013 “Top 50 Restaurant Brand of the Year,” a 2012 “Hot Concepts” winner by Nation’s Restaurant News and one of the “10 Hot New Restaurant Chains from Established Brands” by Forbes.com. Pie Five Pizza’s parent company—Dallas-based RAVE Restaurant Group (NASDAQ: RAVE)—owns, operates and franchises more than 300 Pie Five and Pizza Inn restaurants domestically and internationally.

ATLANT ICRETAIL .COM | 6PIE F IVE P IZZA | LEAS E S UMMARY


TENANT DP5 Investments, LLC

(DBA Pie Five Pizza Co.)

GUARANTOR Franchisee Experienced franchisee with multiple McDonald’s locations in Pennsylvania

RENTABLE SF +/- 2,277 SF (50.6% GLA)

COMMENCEMENT December 2017 (Estimate)

EXPIRATION December 2027 (Estimate)

LEASE TERM 10 Years

ANNUAL RENT $109,296 ($48.00/SF)

INCREASES 10% Every 5 Years

OPTIONS 2 x 5-Year OptionsWith 10% Increases

ADDITIONAL RENT CAM, Insurance, Taxes, Management Fees

YEARS ANNUAL RENT INCREASE

1–5 (Base Term) $109,296 ($48.00/SF) None

6–10 (Base Term) $120,226 ($52.80/SF) 10%

11–15 (Option 1) $132,249 ($58.08/SF) 10%

16–20 (Option 2) $145,474 ($63.89/SF) 10%

Rent ScheduleAdditional Rent: The tenant shall pay its pro rata share (based upon the actual gross leasable area of the building) of Operating Expenses (including CAM), Management Fees (not to exceed 5%), Real Estate Taxes and Insurance.

PRO RATA SHARE ANNUAL RENT

CAM $8,971 ($3.94/SF)

Real Estate Taxes $19,446 ($8.54/SF)

Insurance $2,277 ($1.00/SF)

Management Fees $1,526 ($0.67/SF)

Lease Summary

ATLANT ICRETAIL .COM | 7STARBUCKS & P IE F IV E P IZZA | S ITE RENDERING


ATLANT ICRETAIL .COM | 8STARBUCKS & P IE F IV E P IZZA | S ITE P LAN


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1000 CORPORATE DRIVE, SUITE 250FORT LAUDERDALE, FL 33334

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www.ThomasEngineeringGroup.com

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ATLANT ICRETAIL .COM | 9STARBUCKS & P IE F IV E P IZZA | S ITE P LAN

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SHEET TITLE:

SHEET NUMBER:

PROJECT No.:DRAWN BY:CHECKED BY:

CAD I.D.:

REVISIONS:

PROJECT:

FOR

F150116 - SITE PLAN

1000 CORPORATE DRIVE, SUITE 250FORT LAUDERDALE, FL 33334

PH: (954) 202-7000FX: (954) 202-7070

www.ThomasEngineeringGroup.com

RADICE III

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TARGETCORPORATION &

LG INVESTMENTS, LLC

BROWARD COUNTYFLORIDA

F150116KB

NAB

NOT FOR CONSTRUCTION

PROFESSIONAL ENGINEER

FLORIDA LICENSE No. 72006February 16, 2017

1 02/15/2017 SITE PLANRESUBMISSION NAB

PROPOSEDASPHALT

PAVEMENT

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EXISTINGCONCRETE

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PROPOSEDCONCRETE

KEY MAPSCALE: 1" = 200'

DETAIL 'A'SCALE: 1" - 20'

DETAIL 'B'SCALE: 1" - 20'

DETAIL 'C'SCALE: 1" - 20'

DETAIL 'D'SCALE: 1" - 20'

ATLANT ICRETAIL .COM | 10STARBUCKS & P IE F IV E P IZZA | MARKET AER IAL

HAITUS ROAD: 23,000 ADT

PINES BOULEVARD: 52,000 ADT

PEMBROKE LAKES MALL

ATLANT ICRETAIL .COM | 1 1STARBUCKS & P IE F IV E P IZZA | MARKET AER IAL

PEMBROKE LAKES MALL

ATLANT ICRETAIL .COM | 12STARBUCKS & P IE F IV E P IZZA | MARKET AER IAL

AREA ATTRACTIONS 1. North Perry Airport • 4.6 miles2. Hard Rock Stadium • 7.6 miles3. Miami Opa-Locka Executive Airport • 10.2 miles4. FIU Biscayne Bay • 16.3 miles5. Port Everglades • 17.4 miles6. Fort Lauderdale-Hollywood International Airport • 18.6 miles

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ATLANT ICRETAIL .COM | 13STARBUCKS & P IE F IV E P IZZA | MARKET OVERVIEW

BEDROOM COMMUNITY FOR THE GREATER MIAMI AREAPembroke Pines is a city in southwest Broward County, Florida, situated between Fort Lauderdale and Miami. The city had a population of 154,750 at the 2010 census, making it the second most populous city in Broward County and the tenth most populous in Florida. It is a principal city of the Miami metropolitan area (over 6 million inhabitants as of 2015) and serves as a bedroom community for the Greater Miami area, thus contributing to a high level of residential development activity.


NEAR REGIONAL AIRPORTSPembroke Pines has been named one of the best cities to live in America by Money Magazine in 2014 (the only Florida city on that list), and its convenient location offers easy accessibility to primary highways and interstates, key employment centers, entertainment venues, parks, golf courses, restaurants and retail/commercial destinations. Fort Lauderdale-Hollywood International Airport is less than 20 miles away, which serves 26.9 million passengers.Miami International Airport, which served nearly 41 million passengers in 2015, is within 25 miles. Pembroke Pines is served by major thoroughfare Interstate 75 with nearby access to Florida’s Turnpike and Interstate 95.


AFFLUENT MARKET AREAThe Pembroke Pines trade area benefits from nearly one million people with significant disposable income. Area attractions include Pembroke Lakes Mall—a super-regional mall with over one million square feet of national retail and restaurants—as well as the upcoming Pembroke Pines City Center—a 350,000 square foot lifestyle center scheduled to begin construction in September 2016. Additionally, Sawgrass Mills and The Colonnade Outlets—the largest outlet and value retail shopping destination in the U.S. with over 2.2 million square feet—are located approximately 12 miles from Pembroke Pines. The Miami Dolphins’ Sun Life Stadium is less than eight miles away in nearby Miami Gardens.

ATLANT ICRETAIL .COM | 16STARBUCKS & P IE F IV E P IZZA | DEMOGRAP HICS

DEMOGRAPHICS 1 MILE 3 MILES 5 MILES

Estimated Population 24,101 152,771 407,153

2022 Projected Population 25,643 162,555 432,037

2010 Census Population 20,353 128,986 356,724

2000 Census Population 18,723 109,868 300,783

Projected Annual Growth (2017–2022) 1.3% 1.3% 1.2%

Historical Annual Growth (2000–2017) 1.7% 2.3% 2.1%

Estimated Households 9,491 57,604 135,727

2022 Projected Households 9,786 59,599 140,403

2010 Census Households 8,318 50,118 121,423

2000 Census Households 7,880 43,663 104,150

Projected Annual Growth (2017–2022) 0.6% 0.7% 0.7%

Historical Annual Growth (2000–2017) 1.2% 1.9% 1.8%

Est. HH Income $200,000+ 2.4% 4.7% 5.9%

Est. HH Income $150,000-$199,999 4.0% 5.9% 6.2%

Est. HH Income $100,000–$149,999 15.5% 14.7% 15.8%

Est. HH Income $75,000-$99,999 17.9% 15.2% 14.1%

Est. HH Income $50,000–$74,999 22.3% 19.0% 18.6%

Est. HH Income $35,000–$49,999 12.5% 13.0% 12.8%

Est. HH Income $25,000–$34,999 10.5% 9.1% 8.8%

Est. HH Income $15,000–$24,999 8.0% 9.1% 8.7%

Est. HH Income Under $15,000 6.9% 9.2% 9.0%

Est. Average Household Income $69,454 $77,862 $82,414

Est. Median Household Income $63,247 $66,040 $69,080

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DEMOGRAPHICS 1 MILE 3 MILES 5 MILES

Est. White 56.6% 59.1% 58.6%

Est. Black 29.6% 28.3% 29.0%

Est. Asian or Pacific Islander

4.8% 5.3% 4.9%

Est. American Indian or Alaska Native

0.3% 0.2% 0.3%

Est. Other Races 8.7% 7.0% 7.2%

Est. HispanicPopulation

10,023 57,020 174,482

Est. HispanicPopulation

41.6% 37.3% 42.9%

2022 ProjectedHispanic Population

43.5% 39.1% 44.5%

2010 HispanicPopulation

40.9% 35.4% 41.7%

Demographics

ATLANT ICRETAIL .COM | 17STARBUCKS & P IE F IV E P IZZA | CONF IDENT IAL ITY

Confidentiality & 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 Atlantic Retail Investment Services and should not be made available to any other person or entity without the written consent of Atlantic Retail Investment Services. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, 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. Atlantic Retail Investment Services 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, PCBs 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 Marketing Brochure has been obtained from sources we believe to be reliable; however, Atlantic Retail Investment Services has not verified, and will not verify, any of the information contained herein, nor has Atlantic Retail Investment Services 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.

pembroke pines, florida starbucks & pie five pizza...

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