Florida Blue | Sawgrass Mills Mall | Sunrise, FL
6.25% Cap | 3 Year Term | BTS
Marketing description
Deal can be found here - https://platform.reverecre.com/project/a8b4fd08-6a23-4358-8bee-f1f592517af4
Franklin Street is pleased to present Florida Blue located at 1970 Sawgrass Mills Circle in Sunrise, FL. This single-tenant property has 5,100 sf of gross leasable area and is located on an outparcel to the eleventh largest mall in the United States, Sawgrass Mills Outlet Mall.
The tenant Florida Blue, has an Absolute Triple Net Lease (NNN), and recently exercised a three (3) year extension with 3% annual rent increases. The original lease term was for 10 years commencing on March 1st, 2011 and had one (1%) percent annual rent increases.
The surrounding area boasts many national credit & notable tenants, including Best Buy, AT&T, Publix, and Sawgrass Mills with nearly 2.4 million SF with 350+ retail stores; 24 of which are anchored tenants. This Florida Blue location represents an ideal opportunity for an investor to pick up a well-located property with a strong credit tenant.
Investment highlights
- 5,100 SF GLA on 0.97 Acres of Land
- NO Renewal Options Remaining.
- Tenant Executed a Three (3) Year Extension through 2029 with 3% annual increases
- Outparcel to Sawgrass Mills Malls, which is in the top 1% of Shopping Center Visits Nationwide
- #5 in Florida & #1 within 50 miles
- Nearly ~1M Monthly Visits
- Top Ranked Florida Blue Location (70+ throughout Florida) with over
- Average HHI of over $105k within 1-mile
- A-Class Credit with an Absolute Triple Net Lease (ABS NNN) with no landlord responsibilities
- Built-to-Suit for Florida Blue in 2011
- NO Renewal Options Remaining. Tenant Executed a Three (3) Year Extension through 2029 with 3% annual increases
- Located in hyper-dense submarket with a 1.5% vacancy rate
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