In Association with: Rick Steinberger - FL Licensed Broker(407) 999-7772 | [email protected]
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Investment Highlights
RARE NEW CONSTRUCTION 15-YEAR CORPORATE 7-ELEVEN LOCATED AT A HEAVILY TRAFFICKED CORNER
The subject property is a 7-Eleven convenience store and gas station currently under construction in Largo, FL. 7-Eleven signed a 15.5 year NN lease scheduled to commence in late 2014.
The property is located less than three miles from the St. Petersburg International Airport, at the intersection of Ulmerton Road, a major East-West thoroughfare, and US Highway 19. Average daily traffic counts by the site are in excess of 100,000 cars a day.
Largest convenience store operator in the world - 8,700 stores in US & Canada and more than 52,000 worldwide
LEASE HIGHLIGHTSCorporately backed lease with 7-Eleven, Inc.
15.5 year primary lease term with four (4), five-year options
Attractive 10% rental increases every 5 years in primary terms and options
NNN lease with minimal landlord responsibilities (See page 4)
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HIGH TRAFFIC CORNER - DAILY
CAR COUNTS 100K+
7-ELEVEN | 2
Aerial
Sem
inol
e Bo
ulev
ard
Ulmerton RoadUlmerton Road
Roosevelt BoulevardE Bay Drive
102nd Avenue N
Bryan Dairy Road
Star
key
Road
Belc
her R
oad
S
595
595
651
688688 688
686
686
ALT 19A
ALT 19A
19
19
19
49th
Stre
et N
118th Avenue N
Pinellas Park High School
National Forensic Science
Technology Center
Pinellas Central
Elementary
Anvil Acres
Stables
St. Petersburg College
Blossom Montessori School
for the Deaf Bayside High School
Clearwater Central Catholic
High School
Southern Oak Elementary
Largo High School
Fuguitt Elementary
Frontier Elementary
PARADISE SHOPPES
LARGO MALL
KEENE PLAZA
BARDMOOR GOLF & TENNIS CLUB
TRI CITY PLAZA
TAMPA
48,000 DAILY
59,000 DAILY
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Aerial
Ulmerton Road
66th Street N
688
69319
Blossom Montessori School
for the Deaf
Plato South K-8 Charter School
Camelot School
Piano Distributors
New China Beach
Restaurant
Spa Manufacturers
Gearhead Performance
Mugs N Jugs Restaurant & Bar
Indoor Flea Market
The Music Gallery of
Clearwater
Automasters Fleet Services
Nautilus Marine Group
Framing Source
St. Petersburg College
TAMPA
48,000 DAILY
59,000 DAILY
4,000 + EMPLOYEES
7-ELEVEN | 4
Site Plan
19
FRONTAGE ROAD/OFF RAMP
ULMERTON ROAD688
NOT A PARTCanopy
48,000 DAILY
59,000 DAILY
19
7-ELEVEN | 5
REORE
CORPORATE LEASE The subject property has been leased to 7-Eleven Inc. The lease features 15.5 years of primary term and four (4) five-year options with very attractive 10% rental increases every five years. This is a net lease with minimal landlord responsibilities.
MAINTENANCEThroughout the term of the Lease, the Landlord shall be responsible for the maintenance of the foundation and structural soundness of the Premises. Tenant shall be responsible for maintaining the roof, the non-structural exterior of the building and the above and below ground gasoline equipment.
ENVIRONMENTAL INDEMNITYTenant shall indemnify Landlord against any claims resulting from Tenant’s gasoline operations at the Premises. Tenant is responsible for any remedials measurements required by any governmental agencies throughout the term of the lease. Upon expiration, Tenant shall be responsible for the removal of any and all above and below ground gasoline equipment.
RIGHT OF FIRST REFUSALTenant has a ten (10) day Right of First Refusal to purchase the subject property.
CONSTRUCTION TIMELINE> Start Construction - April 2014> Petroleum Work Completed - May 2014> Sitework Completed - August 2014> Certificate of Occupancy - End of August 2014> Rent Commencement - September 2014 > Term Commencement - November 1st, 2014 (First day of the first month that it is 15 days after Rent Commencement)
AUDIT PERIODUpon completion of Landlord’s work and Tenant’s acceptance of delivery of the premises, Tenant shall have a 90 - 120 day review period in which to audit the total project costs. If the total project costs come in lower than estimated, the initial rent amount will be subject to a predetermined adjustment. Please contact listing agent for more details.
Project Summary
7-ELEVEN | 6
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Rent Roll
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7-ELEVEN | 8
ABOUT 7-ELEVEN
The company operates, franchises and licenses close to 8,700 stores in the U.S. and Canada. Of the more than 7,800 stores the company operates and franchises in the United States, more than 6,200 are franchised.
Outside of the U.S. and Canada, there are more than 44,100 7-Eleven and other convenience stores in Japan, Taiwan, Thailand, South Korea, China, Malaysia, Mexico, Singapore, Australia, Philippines, Indonesia, Norway, Sweden and Denmark.
The world’s leading convenience store company is owned by the Japanese retail conglomerate Seven & i Holdings, which is the holding company for Seven-Eleven Japan, Ito-Yokado, Denny’s restaurants, and other businesses.
7-Eleven has been honored by numerous companies and organizations throughout its 86 years in business. Recent 7-Eleven accolades include: - No. 5 among Top 100 Global Franchises by Franchise Direct for 2014- Recognized as a Top 100 Global Retail Franchise from 2009 to 2014 - Best Franchise Chains Worldwide by FranchiseDirect.com- Named one of Retail Leader’s 2014 Leading Retailers- No. 6 on Entrepreneur magazine’s “Top 10 Franchises” for 2014- No. 6 on the Top 10 Franchise Businesses for 2014 by EmpoweredEzine.com- No. 1 on the CNN TRAVEL International staffers list of favorite chains in the world for travelers.- No. 1 on Entrepreneur magazine’s “Top Global Franchises” list for 2013
NUMBER OF EMPLOYEES 45,0002012 REVENUE $10.69 BillionNUMBER OF LOCATIONS (TOTAL) 53,000 (16 countries)
Tenant
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7-ELEVEN | 9
Map
59,000 DAILY
7-ELEVEN
48,000 DAILY
7-ELEVEN | 10
Regional MapTampa St Petersburg Clearwater
MSA Location
7-ELEVEN
7-ELEVEN | 11
LARGO, FL
Largo was established in 1905 and has grown to become the 4th largest city in the Tampa Bay Area with more than 74,000 residents.
Over the last 10 years, the city has developed such landmark projects as Largo Central Park, the Largo Cultural Center, and the new Largo Public Library. Downtown redevelopment is currently underway, as evidenced by the changes to West Bay Drive and the upcoming Clearwater-Largo Road Streetscaping project.
The health care industry continues to grow to meet the needs of an aging population. Hospitals are among the area’s strongest employers. Largo Medical Center, owned by HCA, was built in 1978. It is the only hospital in Pinellas County with all private rooms. Sun Coast Hospital, a not-for-profit owned by a community foundation, was founded in 1957.
TAMPA MSA
The Tampa Bay Area is the region of west central Florida adjacent to Tampa Bay (also called the Tampa-St Petersburg-Clearwater MSA). A 2012 estimate of the Tampa Bay Area shows a population of about 4,310,524 people and a 2017 projection of about 4,536,854.
Nearly one in four of the state’s business and information services firms resides in Tampa Bay. These firms range from financial services firms to information technology providers to professional services organizations. As a gateway to the Florida High Tech Corridor, Tampa Bay is home to many information technology firms along with many business services providers.
Average $43,446 $54,832 $53,267Median $34,353 $40,534 $39,746
POPULATION
Employer # of Employees*Home Shopping Network 2,800Raymond James Financial 2,600Bright House Networks 2,000Fidelity Information Services 1,800*Approximate
