This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy. It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. For more information, contact: Robert James, Managing Director 280 Park Avenue, 11 th Floor West, New York, NY 10017 [email protected]Phone 212-972-7457 Fax 212-972-7496 www.kimcoexchangeplace.com Investment Opportunity Kimco Exchange Place is a subsidiary of Kimco Realty Corporation. Property Summary: Flamingo Market Place consists of a 137,259 sq ft shopping center on approximately 15.6 acres and is currently 98% leased. The property is anchored by a 44,000 square foot Bravo Supermarket, which generates a steady flow of customers to the center on a daily basis. Bravo has exercised their first option early, their lease now expires on 8/5/2012. Flamingo Market Place offers investors the opportunity to acquire a grocery-anchored center in one of South Florida’s fastest growing, in-fill, retail markets. The main anchor tenant, Bravo Supermarkets, purchased the lease from Winn Dixie. The lease is below market with a rent of $7.24 psf and is flat in all of the option periods (four 5 year options remaining) increasing the probability of renewal. Tenants at the center include the US Post Office, Allstate Insurance, Cingular, Pizza Hut, Queens Beauty Supply, Bank of America, Katz Deli, a Dialysis Center and Kids Manor. The property is strategically located at the intersection of Flamingo Road and Pembroke Road, both primary thoroughfares within Pembroke Pines, Broward County, Florida. This is a signalized, high-traffic intersection, registering an average daily traffic volume of 65,100 vpd. The area surrounding the property is densely populated with approximately 123,000 residents within a three mile radius with an average household income of $64,200. Population is projected to increase 4.3% (2005-2010) and has grown 16.4% (1990-2005) within a one mile radius. Major local employers include American Express, Pro Player Stadium, Hollywood/Ft. Lauderdale International Airport, Motorola, and Lucent Technologies. The tenant roster is designed to meet the needs of the Pembroke Pines/Miramar population, which is largely comprised of young families and elderly citizens. The center also benefits from the draw of Flamingo Market Place Shops, the 37,600 square foot strip center adjacent to the Property, as well as out parcel tenants (Chevron Gas Station and Midas Muffler) not included in this offering. Nearby retailers include Publix, Washington Mutual, Wendy’s, Burger King, Taco Bell, Chick-Fil-A and Unibank. Located just north of the center is the 1,145,955 sq ft Pembroke Lakes Mall with over 140 stores including Macy’s, The Disney Store, JC Penny, American Eagle Outfitters, Guess, The Limited, Waldenbooks, Dillard’s, The Body Shop, Bath and Body Works, Lady Foot Locker, Sears and many more. Tenant: The Bravo Supermarket lease is personally guaranteed by the two principals of the tenant, Teng South III, LLC. The personal guarantors have total net asset equity of $28,923,000. Teng South III, LLC paid $750,000 for the Winn Dixie Lease in 2006. There are now 16 independently owned supermarkets doing business in Florida under the Bravo banner with more planned. Krasdale Foods, Inc., through its Bravo program, is the sponsor of the cooperative supermarket group. The Bravo business plan focuses on promoting and nurturing the entrepreneurial endeavors of the individual owners. Bravo and its sister group, C-Town Supermarkets, have more than 250 participating stores between them. Price and Cap: We offer this property at $25,000,000 which is a 7.0% cap rate on NOI of $1,750,171. The property can be acquired on a free and clear basis or subject to the existing loan. Cash on Cash is 9.2% if the loan is assumed. Defeasance premium is approximately $755,000 to pay off the existing loan at closing and is a buyer cost. Loan Summary: Loan may be assumed or defeased. Defeasance premium is $755,000 +/- (buyer cost). Alternatively the buyer can assume the existing loan for a one half percent assumption fee. Term: 10 Yr. Loan / 30 Yr. Ammo. (First 5 Years Interest Only Began 12/2004) recourse. Amount: $14,620,000 Payment Yrs 1-5: $793,135 annually Payment Yrs 6-10: $987,889 annually. Loan starts to amortize in February 2010. Rate: 5.425% Recourse: Loan is recourse. Flamingo Market Place Bravo Supermarket Anchored 12105 Pembroke Road, Pembroke Pines (Broward County), FL
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This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy. It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017 [email protected]
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
Property Summary: Flamingo Market Place consists of a 137,259 sq ft shopping center on approximately 15.6 acres and is currently 98% leased. The property is anchored by a 44,000 square foot Bravo Supermarket, which generates a steady flow of customers to the center on a daily basis. Bravo has exercised their first option early, their lease now expires on 8/5/2012.Flamingo Market Place offers investors the opportunity to acquire a grocery-anchored center in one of South Florida’s fastest growing, in-fill, retail markets. The main anchor tenant, Bravo Supermarkets, purchased the lease from Winn Dixie. The lease is below market with a rent of $7.24 psf and is flat in all of the option periods (four 5 year options remaining) increasing theprobability of renewal. Tenants at the center include the US Post Office, Allstate Insurance, Cingular, Pizza Hut, Queens Beauty Supply, Bank of America, Katz Deli, a Dialysis Center and Kids Manor.
The property is strategically located at the intersection of Flamingo Road and Pembroke Road, both primary thoroughfares within Pembroke Pines, Broward County, Florida. This is a signalized, high-traffic intersection, registering an average daily traffic volume of 65,100 vpd. The area surrounding the property is densely populated with approximately 123,000 residents within a three mile radius with an average household income of $64,200. Population is projected to increase 4.3% (2005-2010) and has grown 16.4% (1990-2005) within a one mile radius. Major local employers include American Express, Pro Player Stadium, Hollywood/Ft. Lauderdale International Airport, Motorola, and Lucent Technologies. The tenant roster is designed to meet the needs of the Pembroke Pines/Miramar population, which is largely comprised of young families and elderly citizens. The center also benefits from the draw of Flamingo Market Place Shops, the 37,600 square foot strip center adjacent to the Property, as well as out parcel tenants (Chevron Gas Station and Midas Muffler) not included in this offering. Nearby retailers include Publix, Washington Mutual, Wendy’s, Burger King, Taco Bell, Chick-Fil-A and Unibank. Located just north of the center is the 1,145,955 sq ft Pembroke Lakes Mall with over 140 stores including Macy’s, The Disney Store, JC Penny, American Eagle Outfitters, Guess, The Limited, Waldenbooks, Dillard’s, The Body Shop, Bath and Body Works, Lady Foot Locker, Sears and many more.
Tenant: The Bravo Supermarket lease is personally guaranteed by the two principals of the tenant, Teng South III, LLC. The personal guarantors have total net asset equity of $28,923,000. Teng South III, LLC paid $750,000 for the Winn Dixie Lease in 2006. There are now 16 independently owned supermarkets doing business in Florida under the Bravo banner with more planned. Krasdale Foods, Inc., through its Bravo program, is the sponsor of the cooperative supermarket group. The Bravo business plan focuses on promoting and nurturing the entrepreneurial endeavors of the individual owners. Bravo and its sister group, C-Town Supermarkets, have more than 250 participating stores between them.
Price and Cap: We offer this property at $25,000,000 which is a 7.0% cap rate on NOI of $1,750,171. The property can be acquired on a free and clear basis or subject to the existing loan. Cash on Cash is 9.2% if the loan is assumed. Defeasance premium is approximately $755,000 to pay off the existing loan at closing and is a buyer cost.
Loan Summary: Loan may be assumed or defeased. Defeasance premium is $755,000 +/- (buyer cost). Alternatively the buyer can assume the existing loan for a one half percent assumption fee.
Term: 10 Yr. Loan / 30 Yr. Ammo. (First 5 Years Interest Only Began 12/2004) recourse.Amount: $14,620,000Payment Yrs 1-5: $793,135 annuallyPayment Yrs 6-10: $987,889 annually. Loan starts to amortize in February 2010.Rate: 5.425%Recourse: Loan is recourse.
Property Summary: Flamingo Market Place consists of a 137,259 sq ft shopping center on approximately 15.6 acres and is currently 98% leased. The property is anchored by a 44,000 square foot Bravo Supermarket, which generates a steady flow of customers to the center on a daily basis. Bravo has exercised their first option early, their lease now expires on 8/5/2012.Flamingo Market Place offers investors the opportunity to acquire a grocery-anchored center in one of South Florida’s fastest growing, in-fill, retail markets. The main anchor tenant, Bravo Supermarkets, purchased the lease from Winn Dixie. The lease is below market with a rent of $7.24 psf and is flat in all of the option periods (four 5 year options remaining) increasing theprobability of renewal. Tenants at the center include the US Post Office, Allstate Insurance, Cingular, Pizza Hut, Queens Beauty Supply, Bank of America, Katz Deli, a Dialysis Center and Kids Manor.
The property is strategically located at the intersection of Flamingo Road and Pembroke Road, both primary thoroughfares within Pembroke Pines, Broward County, Florida. This is a signalized, high-traffic intersection, registering an average daily traffic volume of 65,100 vpd. The area surrounding the property is densely populated with approximately 123,000 residents within a three mile radius with an average household income of $64,200. Population is projected to increase 4.3% (2005-2010) and has grown 16.4% (1990-2005) within a one mile radius. Major local employers include American Express, Pro Player Stadium, Hollywood/Ft. Lauderdale International Airport, Motorola, and Lucent Technologies. The tenant roster is designed to meet the needs of the Pembroke Pines/Miramar population, which is largely comprised of young families and elderly citizens. The center also benefits from the draw of Flamingo Market Place Shops, the 37,600 square foot strip center adjacent to the Property, as well as out parcel tenants (Chevron Gas Station and Midas Muffler) not included in this offering. Nearby retailers include Publix, Washington Mutual, Wendy’s, Burger King, Taco Bell, Chick-Fil-A and Unibank. Located just north of the center is the 1,145,955 sq ft Pembroke Lakes Mall with over 140 stores including Macy’s, The Disney Store, JC Penny, American Eagle Outfitters, Guess, The Limited, Waldenbooks, Dillard’s, The Body Shop, Bath and Body Works, Lady Foot Locker, Sears and many more.
Tenant: The Bravo Supermarket lease is personally guaranteed by the two principals of the tenant, Teng South III, LLC. The personal guarantors have total net asset equity of $28,923,000. Teng South III, LLC paid $750,000 for the Winn Dixie Lease in 2006. There are now 16 independently owned supermarkets doing business in Florida under the Bravo banner with more planned. Krasdale Foods, Inc., through its Bravo program, is the sponsor of the cooperative supermarket group. The Bravo business plan focuses on promoting and nurturing the entrepreneurial endeavors of the individual owners. Bravo and its sister group, C-Town Supermarkets, have more than 250 participating stores between them.
Price and Cap: We offer this property at $25,000,000 which is a 7.0% cap rate on NOI of $1,750,171. The property can be acquired on a free and clear basis or subject to the existing loan. Cash on Cash is 9.2% if the loan is assumed. Defeasance premium is approximately $755,000 to pay off the existing loan at closing and is a buyer cost.
Loan Summary: Loan may be assumed or defeased. Defeasance premium is $755,000 +/- (buyer cost). Alternatively the buyer can assume the existing loan for a one half percent assumption fee.
Term: 10 Yr. Loan / 30 Yr. Ammo. (First 5 Years Interest Only Began 12/2004) recourse.Amount: $14,620,000Payment Yrs 1-5: $793,135 annuallyPayment Yrs 6-10: $987,889 annually. Loan starts to amortize in February 2010.Rate: 5.425%Recourse: Loan is recourse.
Flamingo Market Place
Bravo Supermarket Anchored
12105 Pembroke Road, Pembroke Pines (Broward County), FL
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy. It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017 [email protected]
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy. It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017 [email protected]
Price 25,000,000 Cap Rate 7.00%Equity Required at Ask 10,380,000 42% Percent EquityCash on Cash 9.2%
* Rental income as of 12/07 which includes pro-forma for 2 existing vacancies: Units 503 & 504
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy. It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017 [email protected]
1,965,831 503 Pro Forma at $19 psf NNN Physical Vacancy504 prospective tenant $20 psf eff 8/1/2007 Occupied 133,899 97.6% 1,900,791 96.7%508 assume tenant renews 4% rent increase Vacant 3,360 2.4% 65,040 3.3%504 Pro Forma at $20 psf NNN Total 137,259 100.0% 1,965,831 100.0%
December 2007 Rent Annualized
Lease Terms Rent Bump 1
Economic Vacancy
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy. It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017 [email protected]
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
Flamingo Service Road
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This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy. It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017 [email protected]
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy. It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017 [email protected]
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy. It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017 [email protected]
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy. It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017 [email protected]
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy. It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017 [email protected]
4 (5) Year options –Rent is flat during all options
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy. It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017 [email protected]
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy. It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017 [email protected]
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy. It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017 [email protected]
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy. It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017 [email protected]
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy. It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
For more information, contact:Robert James, Managing Director
280 Park Avenue, 11th Floor West, New York, NY 10017 [email protected]