METRO DINER NNN OUTPARCEL · 2019-04-22 · metro diner nnn outparcel 2660 se federal highway,...

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METRO DINER NNN OUTPARCEL 2660 SE FEDERAL HIGH WAY, STUART FL 34994 3,721 SF | 5.5 CAP | 2% INCREASES EXCLUSIVELY MARKETED BY

Transcript of METRO DINER NNN OUTPARCEL · 2019-04-22 · metro diner nnn outparcel 2660 se federal highway,...

Page 1: METRO DINER NNN OUTPARCEL · 2019-04-22 · metro diner nnn outparcel 2660 se federal highway, stuart fl 34994 ... change of price, rental or other conditions, prior sale, lease or

METRO DINER NNN OUTPARCEL 2660 SE FEDERAL HIGHWAY, STUART FL 34994

3,721 SF | 5.5 CAP | 2% INCREASES

EXCLUSIVELY MARKETED BY

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NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE ACCURACY OF THE

INFORMATION CONTAINED HEREIN, AND THE SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS,

CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, PRIOR SALE, LEASE OR FINANCING, OR WITHDRAWAL

WITHOUT NOTICE, AND OF ANY SPECIAL LISTING CONDITIONS IMPOSED BY OUR PRINCIPALS NO

WARRANTIES OR REPRESENTATIONS ARE MADE AS TO THE CONDITION OF THE PROPERTY OR ANY

HAZARDS CONTAINED THEREIN ARE ANY TO BE IMPLIED.

METRO DINER NNN OUTPARCEL

PRESENTED BY:

Jeremiah Baron | Broker

Jeremiah Baron & Co.

49 SW Flagler Ave. Suite 301 | Stuart FL, 34994

P: 772-528-0506

E: [email protected]

FL License No. BK3020087

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TABLE OF CONTENTS

4 PROPERTY SUMMARY

5 INVESTMENT HIGHLIGHTS

6 PROPERTY DETAILS

7 PROPERTY OVERVIEW

8 DEMOGRAPHICS

9 AERIAL(S) | FLOOR PLAN

13 TENANT PROFILE

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PROPERTY SUMMARY

Jeremiah Baron & Co. is pleased to present an exceptional triple net lease

investment opportunity of a brand new Metro Diner outparcel located in the newly

built shopping center known as Baron Shoppes in Stuart, Florida.

As a net lease investment - the Tenant shall reimburse the Landlord for all

expenses associated with the building. The 3,721 square foot building sits on +/- 1

acre plus cross access and parking to the adjacent 5 acre shopping plaza that

consists of National and Regional brands such as Moe’s Southwest Grill, Firehouse

Subs, Eyeglass World, Great Clips, Jupiter Medical, and more.

The subject property is ideally located along SE Federal Highway with 46,900 cars

per day, and features two prominent monument signs which provide great

visibility. The site is adjacent to Regency Square Shopping Center, which features

Stein Mart and Regency 8 Cinemas.

The City of Stuart sits along Florida’s Treasure Coast as part of the Port St. Lucie

MSA. The area features economy driven by the retail service, hospitality,

construction and government sectors. Stuart provides quick access to nearby

metropolitan centers Fort Pierce and West Palm Beach via US-1.

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INVESTMENT HIGHLIGHTS

STRONG TENANT LINEUP | BRAND NEW LONG TERM NNN LEASE

Metro Diner and the surrounding tenants have signed 10 year NNN leases which demonstrates the long term commitment to the

site.

BRAND NEW 2018 CONSTRUCTION

Completion of the site back in April of 2018. Building features a modern façade and building structure of high caliber.

SIGNIFICATNT FRONTAGE ALONG SE FEDERAL HIGHWAY

Excellent location along SE Federal Highway (US-1) with 46,900 cars per day. Features two highly visible monument signs.

STRONG INCOME GROWTH

2% annual rental increases

PRIMARY RETAIL CORRDIOR WITH SIGNIFICANT NATIONAL TENANT PRESENCE

National tenants in the immediate area include The Home Depot, Walmart, TJ Maxx, Walgreens, and many others!

DENSE POPULATION IN A 5-MILE TRADE AREA

More than 10,000 residents and nearly 58,000 employees support the trade area; Affluent $86,000 average household income

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OFFERING

PRICE $2,070,229

NOI $113,862.60

LEASE TYPE NNN

LEASE TERM 10 Years (Expires April 2028)

CAP RATE 5.5

ANNUAL INCREASES 2%

PROPERTY DETAILS

PROPERTY SPECIFICATIONS

BUILDING SIZE 3,721 sf

ACREAGE +/- 1 AC

FRONTAGE +/- 180

YEAR BUILT April 2018

CONSTRUCTION TYPE CBS

PARKING SPACE Open

ZONING B2 - Business General

LAND USE Shopping Center

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PROPERTY OVERVIEW

ACCESS SE Federal Hwy / US-1 (2 Access Points)

TRAFFIC COUNTS

46,900 ADT (SE Federal Hwy)

28,500 ADT (SE Monterey Rd)

IMPROVEMENTS 3,721 SF

PARKING Open

YEAR BUILT 2018

ZONING B2- Business General

P

31

Z

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DEMOGRAPHICS

1 Mile 3 Mile 5 Mile

2017 Estimated Population 5,259 47,309 100,514

2017 Projected Population 5,453 49,191 105,128

2010 Census Population 4,957 44,898 94,934

2017 Estimated HH 2,054 20,969 45,175

2022 Estimated HH 2,135 21,761 47,151

2010 Census HH 1,961 20,050 42,878

2017 Estimated White 76.95% 88.04% 91.22%

2017 Estimated Black or African American 14.00% 6.93% 4.90%

2017 Asian or Pacific Islander 1.33% 1.54% 1.45%

2017 Estimated American Indian or Native Alaskan 1.45% 0.83% 3.94%

2017 Estimated Hispanic 27.38% 18.32% 12.28%

2017 Estimated Average HH Income $56,536 $77,417 $86,391

2017 Estimated Median HH Income $38,097 $50,218 $54,248

2017 Estimated Per Capita Income $27,212 $34,943 $39,352

2016 Estimated Total Businesses 773 3,897 5,700

2016 Estimated Total Employees 8,733 42,931 58,121

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TENANT PROFILE

Since its humble beginnings in 1938 and its revival in 1992, Metro Diner has been Jacksonville’s

favorite place for breakfast for nearly 25 years. Known for warm, welcoming service, familiar

faces, and award-winning food, Metro Diner is a go-to eatery for locals and visitors alike. Metro

Diner has more than 40 locations, either currently open or coming soon,

throughout nine states and looking to continue to expand. The company is being

led by Chris Sullivan and Hugh Connerty.

Chris is the former Co-Founder, Co-Chairman and CEO of Outback Steakhouse and OSI Restaurant Partners Inc. Chris participated in Outback’s $3.5

billion acquisition by Bain Capital in April 2007. Chris began his career at Steak and Ale and led the company’s rapid expans ion of Bennigan’s. Owned

~5.5% of Bloomin’ Brands (BLMN) at the time of its IPO in August 2012. In 1994 Sullivan along with other founders of Outback were awarded the

Entrepreneur of the Year Award by Ernst & Young.

Connerty is the former Managing Partner of Outback Steakhouse Int. and Outback Steakhouse’s first franchisee. Hugh was the fo under of Longhorn

Steakhouse, and founder of Hooters of America. Hugh is a member of the Advisory Board of the Goizueta School of Business at E mory University and

served on the President’s Council of the BePy Ford Center.