OFFERING SUMMARY Doral Commons - Cushman & … · OFFERING SUMMARY. Rare “Best in ... gr enants...
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Transcript of OFFERING SUMMARY Doral Commons - Cushman & … · OFFERING SUMMARY. Rare “Best in ... gr enants...
Doral CommonsDoral, Miami-Dade County, Florida
OFFERING SUMMARY
Rare “Best in Class” Miami-Dade Retail Offering
Dynamic Grocery / Discount Apparel Combo
Prime Location in Doral - Great Demos
Highly Secure Income Stream
New Construction
Doral Commons
Cushman & Wakefield’s Retail Investment Advisors is pleased to offer for sale Doral Commons, a 138,000 sf high-quality grocery anchored community shopping center located in Doral -- one of Miami-Dade’s most coveted trade areas for retail ownership. Completed in 2016, the center is anchored by Publix and TJ Maxx and is currently 95% leased. This offering represents the unique opportunity to acquire a dominant community shopping center that serves an affluent and rapidly growing trade area and provides a highly secure income stream.
Property Summary
Location NEC of 74th Street and 107th Avenue, Doral, Miami-Dade, FL
Site Area 18.294 acres
Year Built 2016
Owned GLA 138,091 sf
Occupancy 95%
Anchors
Offering Highlights
Offering Highlights
“Best in Class” Miami-Dade Retail Offering
Strong Performing Publix is Ideal Anchor
Incredible Residential Growth Story
Significant Daytime Employment Drives Tenant Sales
High Traffic Intersection � Proximate to Florida’s Turnpike interchange
Extended Trade Area � TJ Maxx draws customers from an extensive trade area as
the only major discount soft goods retailer in Doral
Secure Income Stream � Publix is on a long term ground lease � Offering includes 2 valuable ground leased outparcels to
credit tenants
+6,000 30%Planned new units in 1-mile Proj. Population growth by 2022
52,500 VPD
17.6K In 2-mile radius of Property
16,500Population
$93,000Avg. Household Income
1-MILE RADIUS
Doral is one of Miami-Dade’s Strongest Trade Areas Based on its Affluence and Growth Prospects
Doral Commons
Financial Highlights
*National tenants include American Game World, AT&T, F45 Training, GNC, Jackson Health System, Mattress One, Menchies, Moe’s Southwestern, Omega Learning, Postal Annex, Publix Liquor, T-Mobile, and Wells Fargo.
TENANCY
MAJOR TENANTS SF % OF GLA LEASE EXP.
49,098 35.6% Dec-40
23,500 17.0% Nov-25
Total Major Tenants 72,598 52.6%
SHOP TENANTS
National (14)* 29,781 21.6%
Local (12) 20,393 14.8%
Vacant (2) 7,188 5.2%
Total Shop Tenants 57,362 41.5%
OUTPARCEL TENANTS
4,319 3.1% Nov-35
3,812 2.8% Dec-30
Total Outparcels 8,131 5.9%
Total GLA 138,091 100.0%
NATIONAL VS.LOCAL TENANCYBASED ON GLA
NATIONAL
80%LOCAL
15%VACANT
5%
� Dynamic anchor line-up combining groceries and discount apparel
� Anchored by Publix, Florida’s dominant grocer based on market share and the preferred grocer among the trade area’s affluent customer base
� TJ Maxx draws customers from an extended trade area as the only major discount soft goods retailer in Doral
� National / Regional tenants comprise 80% of the GLA
� High quality outparcels - McDonald’s, Citibank and Jackson Health System - stimulate customer traffic
Tenancy Highlights
� Highly secure income stream
� Publix is on a long term ground lease expiring in 2040 and obligating tenant to maintain their premises
� Offering includes two long term ground leased outparcels to investment grade tenants
� Growing income stream with a 10-year CAGR of 2.46%
� Brand new construction, limiting the risk of capital outlays for the foreseeable future
Tenancy & Financial Highlights
CUSHMAN & WAKEFIELD
Doral is one of Miami-Dade’s hottest residential growth areas
Doral Commons is situated at the epicenter of Doral’s residential growth, with over 6,000 units planned or under construction within a one-mile radius
Explosive Residential GrowthPrime Locationin Doral, one of Miami’s strongest and most under-retailed submarkets
52,500 VPDat the signalized intersection of 74th Street and 107th Avenue
Proximate to interchanges with Florida’s Turnpike and Palmetto Expressway along 74th Street
ExceptionalDemos+$96K Average Household Income
Young, wealthy Hispanic families are the driver fueling the trade area’s population growth
Location Highlights
RECENT/CURRENT RESIDENTIAL PROJECTS
MAP # Project # of Units Delivery
Park Central 2,046 2019
Midtown Doral 1,548 2020
Modern Doral 319 2018
Neovita North 142 2018
Mansions at Doral 66 2017
Neovita South 80 2018
Landmark at Doral 919 2018
Landmark South 631 2017
Total 5,751
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NEIGHBORHOOD DEMOGRAPHICS1-MILE
RADIUS
2-MILE
RADIUS
3-MILE
RADIUS
5-MILE
RADIUS
2016 Population 16,302 40,457 61,964 269,730
Projected 2021 Population 21,171 50,245 72,898 284,450
Projected Population Growth 29.9% 24.2% 17.6% 5.5%
2016 Households 4,832 13,089 20,163 86,678
Average HH Income $92,660 $96,769 $88,863 $59,302
% Owned Occupied Housing
Units52.9% 51.1% 54.0% 53.6%
Median Age 34.3 35.5 36.8 40.9
Daytime Employee Count 4,583 17,682 75,681 253,282
% Hispanic 84.0% 81.8% 83.6% 90.1%
52,500 VPD52,500 VPD
ADAM FEINSTEINExecutive Director(305) 533 [email protected]
MITCHELL HALPERNAssociate (305) 533 [email protected]
SPENCER KINSELLAFinancial Analyst(305) 351 [email protected]
MARK GILBERTExecutive Vice President(305) 533 [email protected]
For more information, please contact:
cwretailinvestmentadvisors.com
The depiction in the included photograph of any person, entity, sign, logo or property, other than Cushman & Wakefield’s (C&W) client and the property offered by C&W, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and C&W or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of C&W’s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)
CUSHMAN & WAKEFIELD OF FLORIDA, INC. 200 S. Biscayne Blvd., Ste. 2800
Miami, FL 33131