RETAIL PROPERTY FOR SALE - LoopNet · RETAIL PROPERTY FOR SALE TIRE KINGDOM - MIAMI, FL MSA ROBERT...

30445 Northwestern Highway, Suite 275Farmington Hills, MI 48334248.254.3410

100 E HILLSBORO BLVD, DEERFIELD BEACH, FL 33441

RETAIL PROPERTY FOR SALE

TIRE KINGDOM - MIAMI, FL MSA

ROBERT BENDERMANAGING PARTNER

D: [email protected]

DAN LEWKOWICZSENIOR ADVISOR


DOUG PASSONMANAGING PARTNER


http://fortisnetlease.com/


ROBERT BENDER | 248.254.3406 | [email protected] // DOUG PASSON | 248.254.3407 | [email protected] DISCLAIMER // 2

DISCLOSURE :

All materials and information received or derived from Fortis Net Lease (hereinafter collectively referred to as “FNL”), its directors, officers, agents, advisors,affiliates and/or any third party sources are provided without representation or warranty by FNL its directors, officers, agents, advisors, or affiliates as to com-pleteness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, suitability, financialperformance of the property, projected financial performance of the property for any party’s intended use or any and all other matters.

Neither FNL its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of theany materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for revieware not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. FNL will notinvestigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

ALL PARTIES SHALL CONDUCT THEIR OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE:

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigationsincluding through appropriate third party independent professionals selected by such party.

All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independentprofessionals. FNL makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. FNL doesnot serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used forfinancial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party donot necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations aswell as market conditions, vacancy factors and other issues in order to determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or taxattorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether theproperty complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, otherconsultants and governmental agencies. All properties and services are marketed by FNL in compliance with all applicable fair housing and equal opportunity laws.

ROBERT BENDER DOUG PASSON DAN LEWKOWICZMANAGING PARTNER MANAGING PARTNER SENIOR ADVISORD: 248.254.3406 D: 248.254.3407 D: [email protected] [email protected] [email protected]

EXCLUSIVELY L ISTED BY:

100 E HILLSBORO BLVD, DEERFIELD BEACH, FL 33441TIRE KINGDOM - MIAMI , FL MSA

mailto:[email protected]



https://buildout.com/website/573827-sale?tab=map

ROBERT BENDER | 248.254.3406 | [email protected] // DOUG PASSON | 248.254.3407 | [email protected] INVESTMENT OFFERING // 3

INVESTMENT SUMMARY

List Price: $3,375,000

Current NOI: $185,699.40

Initial Cap Rate: 5.5%

Land Acreage: 0.33

Year Built 2008

Building Size: 4,419 SF

Price PSF: $763.75

Lease Type: NNN

Lease Term: 25 Years

INVESTMENT OFFERINGFortis Net Lease is proud to present this exclusive new-to-market Tire Kingdom situatedin the heart of Deerfield Beach, Florida which is part of the Miami, Florida MSA. Thisasset is strategically located on a major thoroughfare seeing 39,656 vehicles per day.The tenant has occupied this site since it was built in 2008 and currently has 13+ yearsremaining on a rare 25 year corporately guaranteed lease.

This property is encumbered by an absolute NNN lease with NO landlord obligations.Built into this lease are rental escalations every 5 years and at each of the 3 (five year)options capped at the lesser of cumulative increases in CPI over that period or 10%.The lease is guaranteed by TBC Corporation, a subsidiary of Sumitomo Corporation OfAmericas which is a massive credit company. TBC Corporation itself has 730+ retaillocations throughout North America.

The subject offering represents an ideal opportunity for a 1031 exchange buyer or aninvestor seeking passive income from a huge national tenant recognized as a leader inthe tire and automotive service industry and guaranteed by a massive creditcorporation. This investment will offer a new owner continued success due to thefinancial strength and the proven profitability of the tenant and guarantor, as well theprime location and visibility of the asset and the tenant's firm commitment to the site.

PRICE $3,375,000

CAP RATE 5.5%

LEASE TYPE NNN

TERM REMAINING 13+ Years

INVESTMENT HIGHLIGHTS• Absolute NNN Lease | Zero Landlord Responsibilities

• Firm Tenant Commitment To Site Since Its Construction In 2008

• Over 13 Years Left On Original Rare 25 Year Term

• 5 Mile Population Exceeds 240,000 Residents

• Corporate Lease Guaranteed By 730+ Retail Locations

• Incredible Visibility With Nearly 40,000 Vehicles Per Day On EHillsboro Blvd

• Located Only 40 Miles North Of Downtown Miami

• Impressive 7%+ Population Growth Within 3 Miles

• 3 Mile Median Home Value Nearly $350,000






ROBERT BENDER | 248.254.3406 | [email protected] // DOUG PASSON | 248.254.3407 | [email protected] PROPERTY & LEASE // 4

LEASE SUMMARYTenant: Tire Kingdom

Lease Type: NNN

Primary Lease Term: 25 Years

Annual Rent: $185,699.40

Landlord Responsibilities: NONE

Taxes, Insurance & CAM: TENANT

Roof, Structure & Parking: TENANT

Lease Start Date: August 2008

Lease Expiration Date: August 2033

Lease Term Remaining: 13+ Years

Rent Bumps: CPI Not To Exceed 10% Every 5 Years

Renewal Options: 3 (Five Year) Options

Lease Guarantor: TBC CORP

Lease Guarantor Strength: CORPORATE - 730+ Locations

Tenant Website: www.tbccorp.com

Year Built: 2008

Lot Size: 0.33 Acres

Building Size: 4,419 SF

Zoning: Commercial

Construction Style: Reinforced Concrete

INCOME PER SF

Gross Income $185,699.40 $42.02

EXPENSE PER SF

Gross Expenses - -

NET OPERATING INCOME $185,699.40 $42.02

FINANCIAL SUMMARY

PROPERTY SUMMARY






Company: TBC Corporation (TBC)

Founded: 1956

Number Of Locations: 730+

Number Of Employees: 10,000+

Initial CAP Rate: 5.50%

Headquarters: Palm Beach Gardens, Florida

Website: www.tbccorp.com

OVERVIEW

• Subsidiary of Sumitumo Corporation Of Americas

• Sumitumo Corporation Has Over 65,000 Employees and $2.9B Of Net Income

• TBC Itself Has Over 730 Retail Locations Worldwide

• Leader In The Tire And Automotive Service Industry With Several Trusted Well-

Known Brands

• One Of America's Largest Marketers Of Automotive Replacement Tires

TENANT HIGHLIGHTS

OPTION DATE ANNUAL RENT RENT/SQ FT BUMP YIELD

Year 1 8/1/2008 $155,998.08 $35.30 - -

Year 2-5 7/1/2009 $159,898.08 $36.18 2.50% -

Year 6-10 7/1/2013 $171,938.88 $38.91 7.53% -

Year 11-15 (Current) 7/2/2018 $185,699.40 $42.02 8.00% 5.5%

Year 16-20 7/1/2023 * See Below

Year 21-25 7/1/2028

Option 1 7/1/2033

Option 2 7/1/2038

Option 3 7/1/2043

RENT SCHEDULE

Tire Kingdom is a large American tire store located primarily in the Southernpart of the United States. In 2000, the brand was purchased by a currentsubsidiary of Sumitumo Corporation Of Americas: TBC Corporation, owner ofother notable brands including Big O Tires, Midas and NTB. For more than 60years, TBC Corporation (TBC) has been one of North America’s largest marketersof automotive replacement tires. Through worldwide operations spanningwholesale, retail, and franchise, TBC provides customers best-in-class brandsand automotive maintenance and repair services. TBC serves wholesalecustomers in the United States, Canada and Mexico through TBC Brands, NTW,TBC International, and TBC de Mexico. Additionally, TBC responds to the needsof consumers in search of total car care at more than 3,200 franchised andcompany-operated tire and automotive service centers under the brands NTB®,Tire Kingdom®, Big O Tires® and Midas®.

*This lease includes rental increases every 5 years and at the option capped atthe lesser of cumulative increases in CPI over that period or 10%

TENANT PROFILE

ROBERT BENDER | 248.254.3406 | [email protected] // DOUG PASSON | 248.254.3407 | [email protected] TBC CORPORATION // 5






ROBERT BENDER | 248.254.3406 | [email protected] // DOUG PASSON | 248.254.3407 | [email protected] PROPERTY PHOTOS // 6







ROBERT BENDER | 248.254.3406 | [email protected] // DOUG PASSON | 248.254.3407 | [email protected] LOCATION MAPS // 15





ROBERT BENDER | 248.254.3406 | [email protected] // DOUG PASSON | 248.254.3407 | [email protected] AREA RETAIL // 16






ROBERT BENDER | 248.254.3406 | [email protected] // DOUG PASSON | 248.254.3407 | [email protected] AREA RETAIL // 17






ROBERT BENDER | 248.254.3406 | [email protected] // DOUG PASSON | 248.254.3407 | [email protected] TRAFFIC COUNT // 18






ROBERT BENDER | 248.254.3406 | [email protected] // DOUG PASSON | 248.254.3407 | [email protected] AVERAGE HH INCOME // 19






ROBERT BENDER | 248.254.3406 | [email protected] // DOUG PASSON | 248.254.3407 | [email protected] POPULATION DENSITY // 20






ROBERT BENDER | 248.254.3406 | [email protected] // DOUG PASSON | 248.254.3407 | [email protected] AREA & DEMOGRAPHICS // 21

POPULATION 1 MILE 3 MILES 5 MILES

Total Population 2019 19,340 129,277 241,198

Total Population 2024 20,382 138,404 254,894

Population Growth Rate 5.39% 7.10% 5.68%

Average Age 41.4 45.7 44.1

# Of Persons Per HH 2.3 2.1 2.2

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

Total Households 8,099 58,879 104,398

Average HH Income $69,963 $83,795 $83,914

Median House Value $277,694 $345,551 $349,198

Deerfield Beach is a city in Broward County, Florida, just south of the PalmBeach County line. The city is named for the numerous deer that once roamedthe area. As of the 2010 United States Census, the population was 75,018. It is aprincipal city of the Miami metropolitan area, which is home to an estimated6,158,824 inhabitants as of 2017.

Broward County itself is home to approximately 1.9 million residents andfeatures the second largest population by county in the state of Florida and hasbecome a standalone economic force over the years. Transitioning from itstraditional established tourism industry, Broward County has economicallydiversified itself with businesses operating in international trade, finance, realestate, light manufacturing, and logistics. The County’s well-balanced industrycomposition and higher average household income levels among neighboringMiami-Dade and Palm Beach counties have established a firm foundation forbusinesses searching for a favorable business environment, proximity to laborand consumers, and cultural diversity.






ROBERT BENDERMANAGING PARTNER


DAN LEWKOWICZSENIOR ADVISOR


DOUG PASSONMANAGING PARTNER


30445 Northwestern Highway, Suite 275Farmington Hills, MI 48334248.254.3410fortisnetlease.com

EXCLUSIVELY L ISTED BY:

TOTAL SALES VOLUME PROPERTIES SOLD BROKER & BUYER REACH STATES SOLD IN

$6B 3,000+ 345K 43

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https://fortisnetlease.com/

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RETAIL PROPERTY FOR SALE - LoopNet · RETAIL PROPERTY FOR SALE TIRE KINGDOM - MIAMI, FL MSA ROBERT...

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