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90
Jax BeachPolice Dept
Luxury Apts
For Sale: Executive Summary BEACH PLAZA CITY CENTERJacksonville Beach, FL
EXECUTIVE SUMMARY
The Offering Beach PlazaCity Center
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The Opportunity
Location 1200 - 1398 Beach Boulevard
City, State Jacksonville Beach, Florida
Year Built 1959 – 2006 / Renovations 2018
Size NRA 161,000 SF
Site 472,545 SF / 10.8481 Acres
Occupancy 83.7% (26,183 SF Vacant)
Anchors
Bailey’s: 35,826 SFJumpstreet: 24,404 SFDollar Tree: 10,000 SFUS Post Office 9,942 SF
Capital Investment
$2 million in capital investment during 2018, including a new roof on east side of center, parking lot resurfacing and repair, LED lighting upgrades, new landscaping and irrigation system. Excellent condition.
Classification Neighborhood Center caters to loyal base of local customers.
Traffic Count:39,500 VPD Beach Boulevard, immediately west of Beach Plazaentrance.
Access
Fronts 4 streets with multiple access points to the site. Frontage on Beach Boulevard and Shetter Avenue –Gateways to Jax Beach.
In-Place NOI: $1,405,454
Proforma Stabilized NOI YR 2 $1,720,254
Value-Add Investment – Poised for Immediate SuccessTranswestern Capital Markets is pleased to offer for sale the Beach Plaza City Center neighborhood shopping center prominently located at the Gateway to Jacksonville Beach. The Property has strategically curated a diverse tenancy with an established and loyal customer base of locals, with Beach Plaza City Center serving as the de facto Main Street of the Beaches. Ownership has invested in considerable upgrades including a new roof on east section of center, parking lot repairs and resurfacing, new LED lighting, new landscaping and irrigation systems. The cultivated tenancy is ideally suited for the market, is largely internet immune experiential based retailers, and ensures stable existing cash flow. There is also the opportunity for a rapid lease-up of vacancy now that renovations are complete, and strong tenant demand attracted to the affluent surrounding demographics, in a tight market with 5.1% vacancy and few available options. A substantial immediate spike in cash flow is expected for new ownership.
Renovated Intense Tenant Demand Primed for Rapid Lease-Up
EXECUTIVE SUMMARY | 3
Area Map Beach Plaza City Center
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Strong & Seasoned Ideal Tenant RosterThe Property’s tenancy is congruent with the new “retail internet economy,” including experiential uses, restaurants, salons, offices, the US Post Office, and value-oriented tenants. A well-balanced, tenant roster immune to internet influences.
Value-Add Investment Positioned For Immediate SuccessTenancy and cash flow is highly stable, with no rollover during the first year. Beach Plaza City Center is poised for a quick lease-up and immediate boost to cash flow given the robust retail market and completion of capital upgrades.
Quick Lease-Up / Meaningful Cash Flow UpsideBeach Plaza City Center tenants serve and draw from the entire lucrative Beaches region of Jacksonville. Given the upgrades to the Property and tight 5.1% market vacancy, the leasing team anticipates its vacancy to be absorbed in three to six months under new stable and committed ownership.
Major Capital Investment in 2018Significant capital upgrades in 2018 include a new standing seam roof, resealed west side of parking lot, milled and paved east half of parking field, LED lighting upgrades, installation of an irrigation system and upgrades to landscaping. Excellent curb appeal, highly attractive to prospective tenants.
Affluent Trade Area - Demographics of Choice3 Mile Average Household Income: $94,625 3 Mile Population: 54,158 residents Ideal population depth, expanding to 118,650 residents with an Average Household Income of $101,937 within a 5 mile radius.
Investment Highlights
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EXECUTIVE SUMMARY
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Area2018
Population 2018 AHHI% Over $100k
1-mile Radius 9,879 $78,117 26.0%
3-mile Radius 54,158 $94,625 31.5%
5-mile Radius 118,650 $101,937 33.0%
Affluent Demographics
Bus Stop
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EXECUTIVE SUMMARY | 7
Prime Retail LocationBeach Plaza City Center benefits from a prominent location along the Highway 90/Beach Boulevard “destination retail corridor” that is the retail hub serving the entire Beaches region and is home to major retailers.
Appealing Traffic CountA 39,500 traffic count feeding into Beach Plaza..
Prominent Gateway to Jacksonville Beach Location Beach Plaza City Center’s high profile location serves as the Gateway to the prosperous Jacksonville Beach community, at the core of the established HWY 90 Retail Corridor hub. The area appeals to a diversified base of both small and major retail users targeting the affluent Beaches market.
Main Street of Jacksonville BeachBeach Plaza City Center’s brand is its reputation as the focal point of the community with a strong following by loyal and local shoppers. An established meeting place for residents of Jacksonville Beach.
Retail Traffic Drivers AboundSurrounding uses generate substantial retail traffic, such as the upscale Beach House apartments across the street, city services, schools and parks, as well as the draw of the complementary small tenant retailers bordering the site that all create intense traffic flow to Beach Plaza.
Excellent Access & ExposureConvenient double corner access for shoppers, comprising an entire city block, with frontage on two major roads: Beach Boulevard and Shetter Avenue-the main roads linking Jacksonville to the Beaches.
Location Highlights
A Flyer rapid transit service public bus stop is ideally located at the corner of Penman Road and Beach Boulevard. Highly attractive to retailers in their recruitment of sales and support staff.
EXECUTIVE SUMMARY
B E A C H P L A Z AC I T Y C E N T E R
Gateway to Jacksonville Beach
90
39,500VPD
GATEWAY TO JAX BeachPublic Works
A1A
Luxury ApartmentsGenerates retail customers
Jax Beach Police DeptEnhanced Security Perception
High Profile Location – Primary Retail Corridor
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EXECUTIVE SUMMARY
Mini Bar tenant offers customers a courtyard gathering place as part of their space.
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EXECUTIVE SUMMARY
Investment ContactJohn F. BellManaging DirectorD: 305.808.7820M: [email protected]
100 SE 2nd StreetSuite 3100Miami, Florida, 33131
Disclaimer: The information contained in this Executive Summary has been obtained from sources believed to bereliable. While we do not doubt its accuracy, we have not verified it and make no guaranty, warranty orrepresentation about it, nor does owner. It is the responsibility of each prospective purchaser to independentlyverify its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for examplepurposes only and do not represent the current or future performance of the property. Each prospectivepurchaser is to rely upon its own investigation, evaluation and judgment as to the value and condition of theproperty when making a decision on advisability of purchasing the property, and not rely on the informationcontained in this Executive Summary. This Offering may be rescinded or altered and the property may be sold,leased or withdrawn from the market without notice. Brokers are not authorized to make any representations oragreements on behalf of the property owner or bind the property owner to any agreement for sale of theproperty.
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