walmart - boynton beach 12700 s. military trail boynton ... · and outparel – 12700 s. military...

Offering Memorandum | Walmart - Boynton Beach

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Walmart - Boynton Beach12700 S. Military Trail

Boynton Beach, FL 33436

Offering Memorandum

w w w.holdthyssen.com


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This summary has been prepared by Hold Thyssen, Inc. for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective investors may need or desire. All projections have been developed by Seller, Hold Thyssen, and designated sources and are based upon assumptions relating to the general economy, competition and other factors beyond the control of Seller, and therefore are subject to variation. No representation is made by Seller or Hold Thyssen as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be correct, Seller, Hold Thyssen and its employees, disclaim any responsibility for inaccuracies, and expect prospective purchasers to exercise independent due diligence in verifying all such information. The bearer of this property summary agrees that neither Hold Thyssen, Inc. nor the Seller shall have any liability for any reason to any Potential Purchaser or Related Parties resulting from the use of this property summary.

NOTE: THE PROPERTY IS BEING OFFERED “AS-IS, WHERE-IS AND WITH ALL FAULTS WITHOUT ANY FURTHER WARRANTY OR REPRESENTATION WHATSOEVER”.

For more information, contact:

SAXON EVANSDirectorM: 239-384-1432T: 407-691-0505 ext. [email protected]

301 S. New York AvenueSuite 200Winter Park, FL 32789

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TABLE OF CONTENTS

Executive Overview 4

Property Summary 5

Financial Overview 8

Tenant Responsibilities 9

Tenant Profile 10

Area Overview 12

Confidentiality Agreement 15

Listing Contact 16

46,300 RSF8.41 AC

Parcel Number: 00-42-46-01-40-001-0000

CG Zoning

Walmart Built in 2015Outparcel Built in 2019

Asking $10,060,000 $229.00/SF

Cap Rate: 4.13%

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> Absolute NNN Ground Lease – ±15 years remaining with 16 Five-year options with 5% rental increases in each option and zero landlord responsibilities

> Walmart has contributed significant capital to the building and site which shows commitment to the location

> The anchor lease is secured by one of the most recognizable and dominant retailers in the world – Investment-grade, credit tenant with an “AA” rating by Standard & Poor’s and an Aa2 rating by Moody’s – Highly stable

> Walmart serves more than 245 million customers each week across nearly 11,750 stores (±500 Neighborhood Markets) throughout 28 countries and has a market cap of over $343 billion

> Walmart is ranked #1 on the Fortune 500 global list and had revenues of nearly $500 billion in 2018 as the leader in global sales

> High-quality, 2015 construction and Walmart Neighborhood Market’s newest prototype building with a drive-thru pharmacy

> Rare opportunity to invest in an investment-grade, credit tenant in an income-tax free state with future development optionality and additional income from high grade tenants in the 2019 built outparcel.

> Great access and visibility to Military Trail which sees over 37,300 VPD and acts as a main north/south thoroughfare connecting Boca Raton to Boynton Beach and on to West Palm Beach.

> Attractive expected population growth over the next 5 years of 7-8% in the 3 and 5-mile radius.


EXECUTIVE OVERVIEW


HOLDTHYSSENR E A L E S T A T E S E R V I C E S

PROPERTY SUMMARY

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Located within the city of Boynton Beach, directly on S. Military Trail which boasts an Average Daily Traffic Count of over 37,000.



PROPERTY SUMMARY

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Rare opportunity to invest in an investment-grade, credit tenant with additional income from high grade tenants in the brand new outparcel (2019).



PROPERTY SUMMARY

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This investment opportunity includes nearly an acre of buildable outparcel space for a bank, restaurant and/or many other retail options. The hard signalized corner gives the future owner the upside of a ground lease or build to suit directly on South Military Trail.

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TOTAL LAND AREA: 8.41 acres

YEAR BUILT: 2015

ASKING PRICE: $10,060,000

WALMART NOI: $262,500

DUNKIN OUTPARCEL NOI: $176,450

REAL ESTATE TAXON CORNER LOT: ($23,385)

TOTAL SITE NOI: $415,565

CAP RATE: 4.13%

12700 S. MILITARY TRAILBOYNTON BEACH, FL 33436


FINANCIAL OVERVIEW

TENANT RESPONSIBILITIES

TOTAL SPACE: 41,470 SF

RENT/SF: $6.33

MONTHLY RENT: $21,875

ANNUAL RENT: $262,500

TOTAL RENTABLE SPACE: 4,900 SF

YEAR BUILT: 2019

LEASE COMMENCEMENTS: 2019

LEASE TYPE: Triple Net

Tenant Rent/SF Annual Rent Term

Dunkin $35.00 $56,000 10 Years

Congress Nails $40.00 $48,000 10 Years

Dorri’s Dental $37.00 $38,850 5 Years

Vapes N Glass $32.00 $33,600 10 Years

OUTPARCEL


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TENANT PROFILE

TENANT: Walmart

LEASE: Corporate Ground Lease Absolute Net Lease

REMAINING TERM: ±15 Years Remaining

OPTIONS: 16 Five-Year Options

ESCALATIONS: 5% Increase with each Exercised Option

Walmart Neighborhood Markets were designed in the late 1990s as a smaller alternative to the larger Walmart Super Centers. These smaller footprint options include drive through pharmacies. Each store employs nearly 100 associates and the Walmart Neighborhood Markets offer meat, dairy products, baked goods, deli items, fresh produce, household supplies, beauty aids and a pharmacy.

2.1 Million Employees

11,695 Locations Worldwide

2018 Total Net Sales of $500 Billion

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AREA OVERVIEW

The City of Boynton Beach is the third largest municipality in Palm Beach County with an estimated population of approximately 78,000 residents. Residents of Boynton Beach enjoy a tropical lifestyle with waterfront dining, abundant shopping and lively entertainment throughout the week. With hundreds of restaurants, outdoor lifestyle shopping centers and a regional mall, residents do not have to travel outside the City to dine, shop or to be entertained.

As one of South Florida’s emerging local economies, the City of Boynton Beach has a diverse, innovative economy that aims to promote a healthy and vibrant community through locally-based, regionally-driven economic development. Boynton Beach is part of the Miami-Fort Lauderdale-West Palm Beach Metro Area with a market of over 6.5 million people within 100 miles. The unemployment rate currently sits at 3.5% and a median age of 42.8.

The three main sectors of the city’s economy are healthcare/social assistance, retail trade, and accommodation/food services. Boynton Beach has over 9,600 businesses currently operating within the City to date that have created over 21,000 jobs. In addition, there is a thriving and emerging micro-brewery sector with 4 successful breweries.

Proximity to 3 major international airports

Direct access to the Florida Turnpike

Over 6.5 million people within 100 miles

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AREA OVERVIEW

POPULATION 1-MILE 3-MILE 5-MILE

2024 Projection 9,006 112,330 293,506

2019 Estimate 8,705 104,349 272,697

Growth 2019-2024 3.46% 7.65% 7.63%

Average Age 56.50 56.50 50.90

HOUSEHOLDS 1-MILE 3-MILE 5-MILE

2024 Projection 4,414 56,836 138,180

2019 Estimate 4,289 52,990 128,994

Growth 2019-2024 2.91% 7.26% 7.12%

Owner Occupied 4,016 44,933 100,256

Renter Occupied 272 8,057 28,738

INCOME 1-MILE 3-MILE 5-MILE

2019 Avg HH Est. $89,238 $72,412 $79,254

2019 Med HH Est. $70,033 $53,209 $56,350

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The property is located in a heavily populated area of Boynton Beach, surrounded by upper class neighborhoods and golf courses, with three country clubs in the immediate vicinity.

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AREA OVERVIEW


MIAMI - 58 MILES

WEST PALM - 16 MILES

LAKE WORTH - 8 MILES

BOYNTON BEACH

BOCA RATON - 14 MILES

FORT LAUDERDALE - 33 MILES

Boynton Beach is part of the Miami-Fort Lauderdale-West Palm Beach Metro Area with a market of over 6.5 million people within 100 miles. The unemployment rate currently sits at 3.5% and a median age of 42.8.


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INDEMNITY & CONFIDENTIALITY AGREEMENT

The bearer of this offering memorandum has been advised that Hold Thyssen, Inc. (“Hold Thyssen”) has been retained by the Seller as exclusive advisor and listing agent for the sale of the WALMART, LAND AND OUTPAREL – 12700 S. MILITARY TRAIL, BOYNTON BEACH, FL 33436 (“Property”). This summary has been prepared by Hold Thyssen for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective investors may need or desire. All projections have been developed by Seller, Hold Thyssen, and designated sources and are based upon assumptions relating to the general economy, competition and other factors beyond the control of Seller, and therefore are subject to variation. No representation is made by Seller or Hold Thyssen as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be correct, Seller, Hold Thyssen and its employees, disclaim any responsibility for inaccuracies, and expect prospective purchasers to exercise independent due diligence in verifying all such information. The bearer of this property summary agrees that neither Hold Thyssen, Inc. nor the Seller shall have any liability for any reason to any Potential Purchaser or Related Parties resulting from the use of this property summary.

The bearer of this property summary shall not disclose any of the property Information to any person or entity which has not been registered and approved by Hold Thyssen, Inc. and/or the Seller. The bearer of this property summary may however disclose the Property Information to its attorneys and other professionals, employees and institutional lenders (collectively, “Related Parties”) to the extent necessary and reasonable for the purpose of evaluating the Property Information. This Agreement shall be deemed to apply to such attorneys and professionals, and the bearer of this property summary shall be responsible and liable for assuring their compliance with the terms of this Agreement.

The bearer of this property summary acknowledges that the Property has been offered for sale subject to withdrawal from the market, change in offering price, prior sale or rejection of any offer because of the terms thereof, lack of satisfactory credit references of any prospective Purchaser, or for any other reason whatsoever, without notice. This agreement represents the entire Agreement between the Seller, Hold Thyssen and the bearer of this property summary relating to the receipt use and disclosure of the Property Information.


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This summary has been prepared by Hold Thyssen, Inc. for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective investors may need or desire. All projections have been developed by Seller, Hold Thyssen, and designated sources and are based upon assumptions relating to the general economy, competition and other factors beyond the control of Seller, and therefore are subject to variation. No representation is made by Seller or Hold Thyssen as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be correct, Seller, Hold Thyssen and its employees, disclaim any responsibility for inaccuracies, and expect prospective purchasers to exercise independent due diligence in verifying all such information. The bearer of this property summary agrees that neither Hold Thyssen, Inc. nor the Seller shall have any liability for any reason to any Potential Purchaser or Related Parties resulting from the use of this property summary.

NOTE: THE PROPERTY IS BEING OFFERED “AS-IS, WHERE-IS AND WITH ALL FAULTS WITHOUT ANY FURTHER WARRANTY OR REPRESENTATION WHATSOEVER”.

12700 S. MILITARY TRAILBOYNTON BEACH, FL 33436

Listed By:SAXON EVANS

Director

M: 239-384-1432T: 407-691-0505 ext. 322

[email protected]

Hold Thyssen, Inc.301 S. New York Avenue | Suite 200

Winter Park, FL 32789

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