awa EXCLUSIVE LISTING (Ground Lease) | West Palm Beach, FL · Client Testimonial “USRA has worked...

Actual Site

Wawa (Ground Lease) | West Palm Beach, FLOffering Memorandum

PATRICK NUTT MANAGING PARTNER

(954) 302-7365 [email protected]

EXCLUSIVE LISTINGOffering Memorandum

1

C A L K A I N .C O MC A L K A I N .C O M

Wawa (Ground Lease) | West Palm Beach, FL


1520 Belvedere Rd | West Palm Beach, FL

Asking Price $7,700,000 | Cap Rate 4.35%

Net Operating Income (NOI) $335,000

Rent/Month $27,916.67

Rentable Square Feet 6,119+/- SF

Land Area 2.75+/- Acres

Tenant Name Wawa

Website wawa.com

Credit Rating Fitch: BBB

Guarantor Corporate

Ownership Type Ground Lease

Lease Type NNN

Landlord Responsibilities None

Store Opens June 15, 2017

Lease Term Remaining 20 Years

Lease Expiration June 30, 2037

Increases 8% Every 5 Years Starting Year 11

Options Six (6), Five (5) Year

Investment Highlights • Brand new construction

• Adjacent to Palm Beach International Airport

• Last stop prior to rental car return

• Corner of signalized intersection with combined traffic count of 60,141 VPD

• Population of over 90,300 people with average HH income of $63,377 within 3 mile radius of the property

• Florida has no state income tax

Rent Schedule

Term Increases Annual Rent Monthly RentYears 1-10 - $335,000.00 $27,916.67

Years 11-15 8% $361,800.00 $30,150.00

Years 16-20 8% $390,744.00 $32,562.00

Years 21-25 (Option 1) 8% $422,003.52 $35,166.96

Years 26-30 (Option 2) 8% $455,763.80 $37,980.32

Years 31-35 (Option 3) 8% $492,224.91 $41,018.74

Years 36-40 (Option 4) 8% $531,602.90 $44,300.24

Years 41-45 (Option 5) 8% $574,131.13 $47,844.26

Years 46-50 (Option 6) 8% $620,061.62 $51,671.80

2

Financial Summary


Site Photos

3


Tenant Snapshot

# of Locations 720+

Credit Rating FITCH: BBB

2015 Revenue $8.89B

About WawaWawa, Inc., a privately held company, began in 1803 as an iron foundry in New Jersey.

Today, Wawa is your all day, every day stop for fresh, built-to-order foods, beverages, coffee, fuel services, and surcharge-free ATMs. A chain of more than 720 convenience retail stores (over 450 offering gasoline), Wawa stores are located in Pennsylvania, New Jersey, Delaware, Maryland, Virginia and Florida. The stores offer a large fresh food service selection, including Wawa brands such as built-to-order hoagies, freshly brewed coffee, hot breakfast sandwiches, built-to-order specialty beverages, and an assortment of soups, sides and snacks.

The Pennsylvania-based company has reached 50 locations in Florida only two years after entering the state. All of them are in the Orlando and Tampa markets currently but Wawa VP and Chief Real Estate Officer Peter Gilligan revealed that South Florida, Southwest Florida and Daytona are next up. Wawa plans on Florida being a 250-plus store state for the company and is actively signing deals and developing sites in South Florida.

4

Tenant Overview


Distance To:Palm Beach Int. Airport 2 miles

Ft. Lauderdale 43 miles

Port St. Lucie 48 miles

Miami 70 miles

Location Overview

Subject Site

West Palm Beach

Miami

Fort Myers

Orlando

Fort Lauderdale

Port St. Lucie

Tampa

Subject Site

5



I-95 2

05,00

0 VPD

S Dix

ie H

wy

Belvedere Rd 35,000 VPDAu

stra

lian

Ave

30,1

41 V

PD

Belvedere Elementary School

PALM BEACH INTERNATIONAL AIRPORT

Over 6 Million Passengers Annually

Conniston Middle School

1

95Subject Site

6



Future Hotel

Under Development

Belvedere Rd 35,000 VPD

Aust

ralia

n Av

e 30

,141

VPD

Subject SitePALM BEACH INTERNATIONAL AIRPORT

Over 6 Million Passengers Annually

7



Site Plan

Belvedere Rd 35,000 VPD

Aust

ralia

n Av

e 30

,141

VPD

Future Hotel

Under Development

8


West Palm Beach, FLAs one of the three largest cities making up the South Florida region, and the central city of Palm Beach County, West Palm Beach is a vibrant, growing, waterfront city that offers the business advantages available in the region, combined with a more refined and relaxed environment for living and working.

It is one of the three main cities in South Florida. Population in 2013: 102,436. West Palm Beach is located approximately 68 miles north of Downtown Miami.

The city of West Palm Beach is home to sunny palm-lined streets, breathtaking waterfront views, quaint shopping districts, historic and scenic neighborhoods, and exciting year-round outdoor festivals.

9

Market Overview


Radius 1 Mile 3 Miles 5 MilesPopulation2016 Population 7,143 90,329 251,270

2021 Population 7,402 95,239 265,043

2010-2016 Annual Rate 0.44% 0.85% 0.87%

2016-2021 Annual Rate 0.71% 1.06% 1.07%

2016 Male Population 52.4% 50.5% 49.4%

2016 Female Population 47.6% 49.5% 50.6%

2016 Median Age 34.8 36.9 37.8

Households2016 Total Households 2,425 35,072 98,232

2021 Total Households 2,500 37,003 103,199

2010-2016 Annual Rate 0.19% 0.69% 0.64%

2016-2021 Annual Rate 0.61% 1.08% 0.99%

2016 Average Household Size 2.92 2.44 2.50

Median Household Income2016 Median Household Income $36,788 $40,373 $40,217

2021 Median Household Income $42,211 $44,893 $45,125

2016-2021 Annual Rate 2.79% 2.15% 2.33%

Average Household Income2016 Average Household Income $55,917 $63,377 $59,610

2021 Average Household Income $62,333 $69,504 $65,151

2016-2021 Annual Rate 2.20% 1.86% 1.79%

Per Capita Income2016 Per Capita Income $19,074 $25,530 $23,810

2021 Per Capita Income $21,118 $27,876 $25,846

2016-2021 Annual Rate 2.06% 1.77% 1.65%

10

Demographics


11

WawaTampa, FLSold Price $6,000,000 Cap Rate 4.60%Sold on 8/10/2017

WawaPort St. Lucie, FLSold Price $3,845,000 Cap Rate 4.55%Sold on 7/19/2017

WawaLakeland, FLSold Price $4,800,000 Cap Rate 4.65%Sold on 7/10/2017

WawaVenice, FLSold Price $5,263,700 Cap Rate 4.55%Sold on 1/31/2017

WawaOvideo, FLSold Price $6,000,000 Cap Rate 4.55%Sold on 1/1/2017

WawaVero Beach, FLSold Price $5,055,000 Cap Rate 4.55%Sold on 12/16/2016

WawaOrlando, FLSold Price $3,000,000 Cap Rate 4.50%Sold on 10/20/2016

WawaStuart, FLSold Price $5,088,000 Cap Rate 4.50%Sold on 9/16/2016

Recent Sales Comparables


PATRICK NUTT MANAGING PARTNER

(954) 302-7365 [email protected]

Who Are We? Calkain Companies LLC is a national commercial real estate firm that provides consulting and brokerage services to both private and institutional clientele with an expertise on triple net lease investments. We pride ourselves on being a world class leader by providing our clients a full array of commercial real estate investment brokerage and asset management solutions, including advisory, research, estate planning and wealth management.

We have built solid relationships throughout our decades of experience and innovation, implementing long-term allocation within the context of each client’s particular risk tolerance and identifying how best to acquire and dispose of income producing properties for each entities’ specific set of investment criterion. At Calkain, our foresight and past performance are leading the net lease investment industry.

Our HistoryLike most success stories, Calkain was formulated from humble beginnings. Jonathan W. Hipp, President and CEO, took the initiative to build upon his decades of experience and performance and left a large international brokerage firm to become an independent and innovative leader within the triple net lease investment community. Armed with a sole employee and a single office, the firm has grown exponentially since its infancy in 2005.

With the growth in staff, seasoned professionals have been attracted to Calkain’s model of innovation, entrepreneurship and the fostering of long-lasting and meaningful relationships. Industry experts have joined Calkain in the hopes of implementing the skills they have honed in complementary aspects of real estate investment.

Through a tremendous endeavor, tireless hours have been committed to continually prove that Calkain is America’s Net Lease Company®. Its countless accolades received from the world’s leading business publications, including Forbes™, Fortune™ and the New York Times™ have confirmed that Calkain is a true leader in triple net lease investing services.

Client Testimonial

“USRA has worked with Calkain on numerous occasions. They have always been meticulous in their work ethic, providing superior service and extremely prompt attention to our needs. I highly recommend them.

–Jack Genende, Partner | U.S. Realty Advisors, LLC. (USRA)

$11.5 Billion in Closed Transactions

$350 Million

in Active Listings

12

C A L K A I N .C O MC A L K A I N .C O M

About Calkain

DISCLAIMER: The information contained in this document is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Calkain and its subsidiaries, and should not be made available to any other person or entity without the written consent of Calkain. This document has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property(s). The information contained herein is not a substitute for a thorough due diligence investigation. Calkain and its subsidiaries have not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property(s), the future projected financial performance of the property, the size and square footage of the property(s) and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regula-tions, 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(s). The information contained in this document has been obtained from sources we believe to be reliable; however neither Calkain and its subsidiaries nor the Seller have verified, and will not verify, any of the information contained herein, nor has Calkain and its subsidiaries or the Seller conducted any investigation regarding these matters and make 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.

Corporate Headquarters Washington, DC12930 Worldgate Drive | Suite 150 Herndon, VA 20170 T: (703) 787-4714 • F: (703) 787-4783

South Florida300 S. Pine Island Road | Suite 300 Fort Lauderdale, FL 33324 T: (813) 282-6000

Atlanta111 Village Parkway, Building 2 | Suite 202 Marietta, GA 30067 T: (404) 900-5629

Boston101 Federal Street | Suite 1900 Boston, MA 02110 T: (617) 261-8584

CALKAIN.COM

Contact Us

awa EXCLUSIVE LISTING (Ground Lease) | West Palm Beach, FL · Client Testimonial “USRA has worked...

Documents

Transcript of awa EXCLUSIVE LISTING (Ground Lease) | West Palm Beach, FL · Client Testimonial “USRA has worked...