• 100% Occupied by Two High Credit National Brands • 24 Years Remain on Leased Interest • Subject is Part of 280,000 SF Cortez Plaza, a DDR Property • Below Market Rents Boost Renewal Likelihood • Asset is Fully Depreciable 825-831 Cortez Road W., Bradenton, FL 34207 Price: $899,000 BED BATH & BEYOND AND MICHAELS LEASEHOLD FOR SALE Cap Rate: 11% STUART SCHEINHOLTZ Vice President (415) 963-4706 [email protected]DRE License #00999171
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BED BATH & BEYOND AND MICHAELS LEASEHOLD FOR SALE · BED BATH & BEYOND AND MICHAELS LEASEHOLD FOR SALE Cap Rate: 11% STUART SCHEINHOLTZ Vice President (415) 963-4706 [email protected]
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• 100% Occupied by Two High Credit National Brands
• 24 Years Remain on Leased Interest
• Subject is Part of 280,000 SF Cortez Plaza, a DDR Property
Option #1: 3/1/2019 at $255,000 ($4.75/SF)Option #2: 3/1/2024 at $280,000 ($5.22/SF)Option #3: 3/1/2029 at $305,000 ($5.69/SF)Option #4: 3/1/2034 at $340,000 ($6.34/SF)
2/28/2039
None
Pro rata share
Base Term:
Current Rent:
Options:
Option Term Exp.:
Percentage Rent:
NNN Charges:
GLA:
Base Term:
Current Rent:
Options:
25,395 SF
Expires 1/31/2018
$147,291 ($5.80/SF)
Three 5-year options as follows:Option #1: 2/1/2018 at $165,067 ($6.50/SF)Option #2: 2/1/2023 at $177,765 ($7.00/SF)Option #3: 2/1/2028 at $190,462 ($7.50/SF)
28,243 SF
Expires 2/29/2024
$183,579 ($6.50 SF)
Three 5-year options as follows:Option #1: 3/1/2024 at $211,822 ($7.50/SF)Option #2: 3/1/2029 at $240,065 ($8.50/SF)Option #3: 3/1/2034 at $268,308 ($9.50/SF)
ABOUT THE AREABradenton$is$located$on$US$41$between$Tampa$and$Sarasota.$$The$area$is$surrounded$by$waterways,$both$fresh$and$saltwater.$$Sarasota$bene^its$from$over$20$miles$of$beaches$along$the$Gulf$of$Mexico$and$into$Tampa$Bay.$$Bradenton$is$the$county$seat$and$largest$principal$city$of$the$Bradenton`Sarasota`Venice$Metropolitan$Statistical$Area.$$This$MSA’s$population$was$recently$estimated$to$be$over$682,000$residents.$$Bradenton$is$known$as$the$home$of$juice$production$for$Tropicana$(once$headquartered$there)$and$as$the$Spring$Season$home$of$the$Pittsburgh$Pirates.$$The$city$is$the$headquarters$for$Champs$Sports,$a$nationwide$sports`apparel$chain,$as$well$as$department$store$chain$Bealls.