FOR SALE - 5299 NE 12th Avenue, Oakland Park
NN Leased to Credit Tenant w AA Credit
Marketing description
AA-rated municipal net lease. City of Oakland Park 100% leased the 0.67-ac B-3 site under a 5-yr term thru 2030. The tenant has three 2-yr options (thru 2036), 4% annual escalations, NN+ economics, tenant pays all taxes above the 2024 base year.
-Credit Tenant: The City of Oakland Park carries an 'AA' credit rating from S&P Global Ratings, stronger than Walgreens, CVS, Dollar General, etc.
-Underlying Real Estate Value: The site sits in one of South Florida's most supply-constrained B-3 industrial corridors (3-4% vacancy; rents 20-30% below adjacent Fort Lauderdale).
-Operational Stickiness: The site is operationally integrated with the City of Oakland Park's Public Works campus immediately south at 5100 NE 12th Terrace.
-Built-Out Submarket: Oakland Park's B-3 industrial corridor is fully built out with no known industrial land available to tenants.
Investment highlights
Investment-grade municipal net lease. 0.67-ac B-3 commercial-industrial site 100% leased to City of Oakland Park (AA/S&P): 4-years remaining on the primary term + three 2-yr options (thru 2036), 4% annual escalations, tenant pays all expenses including property taxes over the 2024 base year. The site is used to store vehicles and materials for the Public Works Dept and the site sits adjacent to City Public Works campus.
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