Port St. John Plaza

Port St. John Plaza6257 US Highway 1

Port St John, FL (Space Coast)

Table of Contents

2Executive Summary• Legal Disclaimer

• Contacts

• Offering Summary

• Highlights

• Location Overview

• Aerial

• Site Plan

• Property Fundamentals

13

24

18

28

Financials• Rent Roll

• Net Operating Income

Tenant Fundamentals• Tenant Overview

• Lease Schedule

• Tenant Mix Breakdown

Market Overview• Market Overview

• Demographics

Contacts• Contact Information

1| Port St. John Plaza


THIS IS A CONFIDENTIAL MEMORANDUM intended solely for the limited use in considering whether to pursue negotiations to acquire Port St. John Plaza (the “Property”) located in Port St John, FL and is not intended to be an offer for the sale of the Property.

This confidential memorandum, which contains brief, selected information pertaining to the business and affairs of the Property, has been prepared by The Palomar Group. This confidential memorandum does not purport to be all-inclusive or to contain all the information which a prospective purchaser may desire. Neither Seller nor The Palomar Group nor any of their officers, employees or agents make any representation of warranty, expressed or implied, as to the accuracy or completeness of this confidential memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto.

By receipt of this confidential memorandum, it is agreed that the memorandum and its contents are confidential, that they will be held and treated it in the strictest of confidence, that the Recipient will not, directly or in directly, disclose or permit anyone else to disclose this memorandum or its contents to any other person, firm or entity without prior written authorization of the Seller, and that the Recipient will not use or permit to be used this memorandum or its contents in any fashion or manner detrimental to the interest of the Seller. Photocopying or other duplication is strictly prohibited.

THE SELLER EXPRESSELY RESERVES THE RIGHT AT ITS SOLE DISCRETION TO REJECT ANY OR ALL PROPOSALS OR EXPRESSIONS OF INTEREST IN THE PROPERTY AND TO TERMINATE DISCUSSIONS WITH ANY PARTY AT ANYTIME WITH OR WITHOUT NOTICE.

If the Recipient does not wish to pursue negotiations leading to this acquisition, or if in the future the Recipient discontinues such negotiations, Recipient agrees to return this confidential memorandum to The Palomar Group.

THIS CONFIDENTIAL MEMORANDUM SHALL NOT BE DEEMED A REPRESENTATION OF THE STATE OF AFFAIRS OF THE PROPERTY OR CONSTITUTE AN INDICATION THAT THERE HAS BEEN NO CHANGE IN THE BUSINESS OR AFFAIRS OF THE PROPERTY SINCE THE DATE OF PREPARATION OF THIS MEMORANDUM.

THE PALOMAR GROUP (BROKER) MAKES THE DISCLOSURE THAT ITS ROLE IS EXCLUSIVELY REPRESENTING THE SELLER, NOT THE BUYER AND AS SUCH, BROKERS MUST WORK TO OBTAIN FOR SELLER THE BEST PRICE AND TERMS AVAILABLE. NEITHER SELLING BROKER OR SELLER ARE RESPONSIBLE FOR ANY COMPENSATION TO ANY OTHER PARTY IN CONNECTION WITH THE SALE OF THE PROPERTY.

THIS PROPERTY IS BEING SOLD AS AN “AS IS,WHERE IS”SALE.

Legal Conditions


Ryan McArdle

Partner

706.631.8897

[email protected]

David Rivers

Partner

706.840.0055

[email protected]

Steve Collins

Partner

706.564.8556

[email protected]

Lee Malchow

Associate

706.231.7249

[email protected]

Jefferson Knox

Associate

706.294.8806

[email protected]


FL Broker of Record

Andrew Knight: Lic #BK3287452

The Palomar Group is a full-service commercial Investment Sales firm. The Investment Sales Team specializes in well positioned anchored or unanchored

retail properties throughout the country. Their proven track record on both the acquisition and disposition sides are a direct result of their understanding of

the marketplace, appropriate asset valuation based off current market conditions, and the alignment of assets to the most suitable and qualified Buyer/ Seller.The Team has worked on over 6.7 million square feet of retail, office and multifamily, having a hand in over $670 million in transactions across 9 states.

Team

Square Footage

78,790 SF

DebtFree & Clear

Asking Price

$7,615,188($96 psf)

NOI

$609,215

%Cap Rate

8.00%


TenantsWinn-Dixie, Planet

Fitness, Subway,

Papa John’s and

more

UpsideProbable lease

renewal with Winn

Dixie combined with

small shop lease

renewals and lease up

of vacancy.

RentsSmall shop rents

that are well below

market

Occupancy91%

Year Built

1986

FloridaTax free state

💲

⃠

Winn Dixie

Sales2017 - $16,994,712

($388 psf)

2016 - $16,784,640

($383 psf)


DOMINANT CENTER• Port St John is one of the Melbourne area’s leading grocery anchored centers with Winn-

Dixie boasting consistent sales of over $388 psf. • Backed by parent company Southeastern Grocers, the State of Florida’s second largest

grocer.• Recent renewal by Planet Fitness shows strength of the center and commitment from key

tenants.• Geographic barriers to entry are high.

VALUE ADD OPPORTUNITY• Opportunity to work out a long term renewal with Winn Dixie who has already stated

their intentions to renovate this store in 2020. • With over 10,000 sf of vacancy, this center offers a significant opportunity to immediately

grow the NOI through lease-up.• Rental rates well below those of neighboring Indiavista Shopping Center (Publix).

LOCATION• The Property benefits from three total access points including one full access lighted

access point along US Highway 1.• Traffic counts in access of 30,000 cars per day.• The center is geographically insulated from incoming competition with the Indian River to

the East and residential density to the West.

$

THE OPPORTUNITY

Address6257 N Highway 1Port Saint John, FL 32927

Parcel Number23-36-19-02-00000.0-0006.13

Gross Leasable Area78,790 square feet

Land Area10.12 acres

Year Built1986

Acquisition Price Point$7,615,000($96 psf)

Leasing The Center has benefited from a strong trend of Lease-up and is currently 91% leased.

UpsideLong term renewal probability with Winn Dixie combined with pending lease renewals from small shop tenants and lease up of current vacancy will allow for consistent NOI growth over the coming years.

Summary of National TenantsSize Expiration Renewal Opt

43,750 12/18/2021 One 5 Year

8,640 6/2/2024 One 5 Year

Location Description:Port St John Station is ideally located along Port St John’s dominant retail corridor, US Highway 1, one of Florida’s most travelled North/South thoroughfares. The centerconsists of two buildings totaling 78,790 square feet. The shopping center is made up of 16 bays ranging from 750 square feet to 43,750 square feet. Winn-Dixie anchorsthe asset, and has national co-tenants including Planet Fitness, Subway, and Papa John’s. With over 30,000 cars passing Port St John Station daily, US Highway 1 is the mostfrequently traveled road in the Port St John market. There is good signage and visibility from the main roadway as well as favorable access. Port St John Station benefitsfrom 3 total access points. There are 3 direct points of ingress/ egress along US Highway 1, two of which are full access and 1 being right in/right out. It features one pylonsign located at a lighted entrance off of US Highway 1. The sign offers multiple anchor sign banners and small shop sign banners. The center was built in 1986. The centerboasts an impressive roster of ecommerce proof tenants creating good synergy for both tenants and customers.






Property Fundamentals

Trade Area Port St John Station features 78,790 square feet of retail spaceon US Highway 1, which is the main commercial corridor in thePort St John, FL market. In addition to Winn-Dixie, the USHighway 1 retail corridor boasts a large concentration ofnational retailers and restaurants in the Aiken market. Publix,McDonald’s, CVS, Pizza Hut, Burger King, KFC and more arelocated along the corridor.

Access The site benefits from 3 total access points. There are 3 directpoints of ingress/ egress along US Highway 1, two of which arefull access and 1 being right in/right out. There is 1 lightedintersection in front of the center.

Signage Port St John Station has one monument sign located at anentrance off of US Highway 1. The sign offers an anchor signbanner as well as banners for small shop.

Parking The site consists of 426 parking spaces with 14 for a totalparking ratio of 5.41 spaces per 1,000 sf.

Traffic Counts Located along one of the most heavily traveled thoroughfaresin the market, US Highway 1, which has a traffic count of over30,900 cars daily.

Roof 10,800 SF – TPO 201867,990 SF – BUR 1986

5 Mile

3 Mile

1 Mile


Financials



Lease Term Rental Rates

Tenant Unit # n.r.s.f. % s.f. Opt/ Esc

Occupancy

Date

Expiration

Date $ p.n.r.s.f. Monthly Rent Annual Rent

Chalkie's 6201 3,500 4.46% 12/17/2018 6/30/2027 $11.95 $3,484.34 $41,812.08

Esc 7/1/2021 6/30/2022 $12.30 $3,587.50 $43,050.00

Esc 7/1/2022 6/30/2023 $12.67 $3,696.87 $44,362.44

Esc 7/1/2023 6/30/2024 $13.05 $3,806.25 $45,675.00

Esc 7/1/2024 6/30/2025 $13.45 $3,921.87 $47,062.44

Esc 7/1/2025 6/30/2026 $13.85 $4,040.62 $48,487.44

Esc 7/1/2026 6/30/2027 $14.27 $4,162.50 $49,950.00

Metro PCS 6211 750 0.95% 11/16/2018 9/30/2022 $22.74 $1,421.25 $17,055.00

Esc 10/1/2019 9/30/2020 $23.81 $1,488.13 $17,857.56

Esc 10/1/2020 9/30/2021 $24.39 $1,524.38 $18,292.56

Esc 10/1/2021 9/30/2022 $25.00 $1,562.50 $18,750.00

H&R Block 6213 1,000 1.27% 11/16/2018 4/30/2021 $15.92 $1,326.51 $15,918.12

Esc 5/1/2019 4/30/2020 $16.24 $1,353.04 $16,236.48

Esc 5/1/2020 4/30/2021 $16.56 $1,380.10 $16,561.20

Cricket Wireless 6215 750 0.95% 11/16/2018 11/30/2022 $19.57 $1,223.12 $14,677.44

Esc 12/1/2019 11/30/2020 $20.16 $1,260.00 $15,120.00

Esc 12/1/2020 11/30/2021 $20.76 $1,297.50 $15,570.00

Esc 12/1/2021 11/30/2022 $21.38 $1,336.25 $16,035.00

Opt 12/1/2022 11/30/2023 $22.02 $1,376.25 $16,515.00

Opt 12/1/2023 11/30/2024 $22.68 $1,417.50 $17,010.00

Opt 12/1/2024 11/30/2025 $23.36 $1,460.00 $17,520.00

Subway 6217 1,250 1.59% 11/16/2018 7/31/2023 $27.61 $2,875.89 $34,510.68

Esc 8/1/2019 7/31/2020 $28.44 $2,962.17 $35,546.04

Esc 8/1/2020 7/31/2021 $29.29 $3,051.04 $36,612.48

Esc 8/1/2021 7/31/2022 $30.17 $3,142.57 $37,710.84

Esc 8/1/2022 7/31/2023 $31.07 $3,236.84 $38,842.08

Opt 8/1/2023 7/31/2024 $32.01 $3,333.95 $40,007.40

Opt 8/1/2024 7/31/2025 $32.97 $3,433.97 $41,207.64

Opt 8/1/2025 7/31/2026 $33.96 $3,536.99 $42,443.88

Opt 8/1/2026 7/31/2027 $34.97 $3,643.10 $43,717.20

Opt 8/1/2027 7/31/2028 $36.02 $3,752.39 $45,028.68

Planet Fitness 6221 8,640 11.00% 11/16/2018 6/2/2019 $9.00 $6,480.00 $77,760.00

Opt 6/3/2019 6/2/2024 $10.00 $7,200.00 $86,400.00

Opt 6/3/2024 6/2/2029 $11.00 $7,920.00 $95,040.00


Lease Term Rental Rates

Tenant Unit # n.r.s.f. % s.f. Opt/ Esc

Occupancy

Date

Expiration

Date $ p.n.r.s.f. Monthly Rent Annual Rent

Papa John's 6227 1,200 1.53% 11/16/2018 4/30/2019 $15.00 $1,500.00 $18,000.00

Opt 5/1/2019 4/30/2020 $15.30 $1,530.00 $18,360.00

Opt 5/1/2020 4/30/2021 $15.61 $1,560.60 $18,727.20

Opt 5/1/2021 4/30/2022 $15.92 $1,591.81 $19,101.72

Opt 5/1/2022 4/30/2023 $16.24 $1,623.65 $19,483.80

Opt 5/1/2023 4/30/2024 $16.56 $1,656.12 $19,873.44

Opt 5/1/2024 4/30/2025 $16.89 $1,689.24 $20,270.88

Opt 5/1/2025 4/30/2026 $17.23 $1,723.03 $20,676.36

Opt 5/1/2026 4/30/2027 $17.57 $1,757.49 $21,089.88

Opt 5/1/2027 4/30/2028 $17.93 $1,792.64 $21,511.68

Opt 5/1/2028 4/30/2029 $18.28 $1,828.49 $21,941.88

Winn-Dixie Liquors 62313,000

3.82%11/16/2018 12/17/2021

$20.40 $5,100.00 $61,200.00

Opt 12/18/2021 12/17/2026 $22.67 $5,667.50 $68,010.00

Opt 12/18/2026 $24.94 $6,235.00 $74,820.00

Nails Salon, LLC 6235 900 1.15% 11/16/2018 7/31/2022 $18.55 $1,391.25 $16,695.00

Esc 8/1/2019 7/31/2020 $18.92 $1,419.00 $17,028.00

Esc 8/1/2020 7/31/2021 $19.30 $1,447.50 $17,370.00

Esc 8/1/2021 7/31/2022 $19.69 $1,476.75 $17,721.00

Holly Kay's Salon 6237 900 1.15% 6/1/2019 5/31/2021 $10.00 $750.00 $9,000.00

Esc 6/1/2020 5/31/2021 $10.30 $772.50 $9,270.00

Brigdawg's 6239 900 1.15% 11/16/2018 5/31/2020 $10.00 $750.00 $9,000.00

Laughin' Place 6243 2,700 3.44% 11/16/2018 7/31/2022 $25.33 $5,699.25 $68,391.00

Winn-Dixie 6261 43,750 55.70% 11/16/2018 12/17/2021 $5.57 $20,313.75 $243,765.00

Opt 12/18/2021 12/17/2026$5.57 $20,313.75 $243,765.00

Opt 12/18/2026 12/17/2031 $5.57 $20,313.75 $243,765.00

Community Credit Union 6269 2,220 2.83% 11/16/2018 12/31/2019 $16.32 $3,019.19 $36,230.28

Retail Outdoor Media Bench0

0.00%11/16/2018 8/31/2026

$0.00 $0.00 $0.00

Donation Bins Plot 0 0.00% 11/16/2018 4/14/2021 $0.00 $0.00 $0.00

Vacant 1 6225 1,200 1.53%

Vacant 2 6255 5,880 7.49%

TOTAL 78,540 100.00% $55,361.08 $664,332.96


Income Summary Suite Sq. Ft. % $ p.s.f. Monthly Annually

Chalkie's 6201 3,500 4.46% $11.95 $3,484.34 $41,812.08

Metro PCS 6211 750 0.95% $22.74 $1,421.25 $17,055.00

H&R Block 6213 1,000 1.27% $16.24 $1,353.04 $16,236.48

Cricket Wireless 6215 750 0.95% $19.57 $1,223.12 $14,677.44

Subway 6217 1,250 1.59% $27.61 $2,875.89 $34,510.68

Planet Fitness 6221 8,640 11.00% $10.00 $7,200.00 $86,400.00

Papa John's 6227 1,200 1.53% $15.30 $1,530.00 $18,360.00

Winn-Dixie Liquors 6231 3,000 3.82% $20.40 $5,100.00 $61,200.00

Nails Salon, LLC 6235 900 1.15% $18.55 $1,391.25 $16,695.00

Holly Kay's Salon 6237 900 1.15% $10.00 $750.00 $9,000.00

Brigdawg's 6239 900 1.15% $10.00 $750.00 $9,000.00

Winn-Dixie 6261 43,750 55.70% $5.57 $20,313.75 $243,765.00

Laughin' Place 6243 2,700 3.44% $25.33 $5,699.25 $68,391.00

Community Credit Union 6269 2,220 2.83% $16.32 $3,019.19 $36,230.28

Retail Outdoor Media Bench 0 0.00% $0.00 $0.00 $0.00

Donation Bins Plot 0 0.00% $0.00 $0.00 $0.00

Vacant 1 6225 1,200 1.53% $0.00 $0.00 $0.00

Vacant 2 6255 5,880 7.49% $0.00 $0.00 $0.00

BASE RENT 78,540 100% $16.40 $56,111.08 $673,332.96

CAM Reimbursement $98,194.92

Insurance Reimbursement $20,505.96

Tax Reimbursement $50,994.36

Other Reimbursement $6,000.00

TOTAL REIMBURSEMENT INCOME $175,695.24

EFFECTIVE GROSS INCOME $849,028.20

Expense Summary $ p.s.f. Monthly Annually

Taxes $1.46 $9,561.83 $114,742.00

Insurance $0.51 $3,332.17 $39,986.00

Management

TOTAL MANAGEMENT 4% $0.43 $2,830.09 $33,961.13

CAM

Electricity $0.09 $600.00 $7,200.00

Trash $0.03 $176.33 $2,116.00

Repairs $ 0.20 $0.20 $1,309.00 $15,708.00

Landscaping $0.15 $1,000.00 $12,000.00

Sweeping $0.12 $800.00 $9,600.00

Parking Lot Repair $0.06 $375.00 $4,500.00

TOTAL CAM EXPENSE $0.50 $51,124.00

TOTAL EXPENSES $3.05 $239,813.13

NET OPERATING INCOME $609,215.07


YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10For the Years Ending PSF 4/30/2020 4/30/2021 4/30/2022 4/30/2023 4/30/2024 4/30/2025 4/30/2026 4/30/2027 4/30/2028 4/30/2029

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029Potential Gross RevenueBase Rental Revenue $8.57 $673,332 $675,852 $685,848 $695,350 $702,266 $716,899 $725,239 $735,321 $747,303 $755,514Expense Reimbursement Revenue $2.24 $175,695 $178,774 $181,784 $184,468 $187,335 $190,388 $193,502 $196,678 $199,918 $203,223

Total Potential Gross Revenue $10.81 $849,027 $854,626 $867,632 $879,818 $889,600 $907,286 $918,741 $931,999 $947,221 $958,737Effective Gross Revenue $10.81 $849,027 $854,626 $867,632 $879,818 $889,600 $907,286 $918,741 $931,999 $947,221 $958,737

Operating ExpensesCAM $0.65 $51,124 $52,146 $53,189 $54,253 $55,338 $56,445 $57,574 $58,725 $59,900 $61,098Insurance $0.51 $39,986 $40,786 $41,601 $42,433 $43,282 $44,148 $45,031 $45,931 $46,850 $47,787Taxes $1.46 $114,742 $117,037 $119,378 $121,765 $124,200 $126,684 $129,218 $131,802 $134,439 $137,127Management Fee $0.43 $33,961 $34,640 $35,333 $36,040 $36,760 $37,496 $38,246 $39,011 $39,791 $40,587

Total Operating Expenses $3.05 $239,813 $244,609 $249,501 $254,491 $259,581 $264,773 $270,068 $275,470 $280,979 $286,599

Net Operating Income $7.76 $609,214 $610,016 $618,131 $625,327 $630,019 $642,514 $648,672 $656,529 $666,242 $672,138

Tenant Fundamentals


Winn-DixieWebsite: www.winndixie.comPrivately HeldParent: Southeastern Grocers

Founded in 1925, Winn-Dixie grocery stores, liquor stores and in-store pharmacies serve communities throughout five southeastern states - Alabama, Florida,Georgia, Louisiana and Mississippi. Winn-Dixie Stores, Inc. is a subsidiary of Southeastern Grocers, which is one of the largest supermarket chains based in theSoutheast. Southeastern Grocers (formerly Bi-Lo Holdings) is a supermarket portfolio headquartered in Jacksonville, Florida. The portfolio was created by Lone StarFunds in September 2013 as the new parent company for BI-LO, Harveys, Winn-Dixie, and Fresco y Más.

Planet FitnessWebsite: www.planetfitness.comNASDAQ: PLNT2017 Revenue: $2.4 Billion

Planet Fitness (PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. The company reports that it has 1,600 clubs,making it one of the largest fitness club franchises by number of members and locations. There are locations across the United States as well as in other countriessuch as Canada, Puerto Rico, Dominican Republic, Panama, and Mexico. It markets itself as a "Judgement Free Zone" that caters to novice and casual gym users andis reported to be the nation’s fastest growing fitness center franchise.

SubwayWebsite: www.subway.comPrivately Held

Subway is an American privately held fast food restaurant franchise that primarily sells submarine sandwiches (subs) and salads. Subway is one of the fastest-growing franchises in the world and, as of June 2017, had approximately 42,000 stores located in more than 100 countries. More than half of the stores are located in the United States. It is the largest single-brand restaurant chain, and the largest restaurant operator, in the world.

Papa John’sWebsite: www.papajohns.comNASDAQ: PZZA2017 Revenue: $1.7 Billion

Papa John's Pizza is an American pizza restaurant franchise. It runs the fourth largest pizza delivery restaurant chain in the United States, with headquarters in Jeffersontown, Kentucky, a suburb of Louisville. Papa John's has over 5,199 establishments—4,456 franchised restaurants operating domestically in all 50 states and in 44 countries and territories. Papa John's operates 246 "company owned stores" under joint ventures and 35 units in Beijing and North China. In September 2012 the 4,000th Papa John's Pizza restaurant opened, in New Hyde Park, New York.


Planet FitnessWebsite: www.planetfitness.comNASDAQ: PLNT2017 Revenue: $2.4 Billion

Planet Fitness (PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. The company reports that it has 1,600 clubs,making it one of the largest fitness club franchises by number of members and locations. There are locations across the United States as well as in other countriessuch as Canada, Puerto Rico, Dominican Republic, Panama, and Mexico. It markets itself as a "Judgement Free Zone" that caters to novice and casual gym users andis reported to be the nation’s fastest growing fitness center franchise.

http://www.winndixie.com/

http://www.planetfitness.com/

http://www.subway.com/

http://www.papajohns.com/

http://www.planetfitness.com/

0%

50%

100%

Dec - 19 Dec - 20 Dec - 21 Dec - 22 Dec - 23 Dec - 24 Dec - 25 Dec - 26 Dec - 27

Percentage of Total SF Expiring

0

2

4

6

Dec - 19 Dec - 20 Dec - 21 Dec - 22 Dec - 23 Dec - 24 Dec - 25 Dec - 26 Dec - 27

Number of Tenants Expiring


TENANT` EXP. SQ. FT. % OF TOTAL TENANT EXP. SQ. FT. % OF

TOTAL

Vacant 1,200 1.53% Year 4

Vacant 5,880 7.49% Nails Salon Jul - 22 900 1.15%

2 Vacant 7,080 9.01% Laughin' Place Jul - 22 2,700 3.44%

Year 1 Metro PCS Sep - 22 750 0.95%

Papa John's Apr - 19 1,200 1.53% Cricket Wireless Nov - 22 750 0.95%

Community Credit Union Dec - 19 2,220 2.83% Year End - December - 22 4 Tenants Expiring 5,100 6.49%

Year End - December - 19 2 Tenants Expiring 3,420 4.35% Year 5

Year 2 Subway Jul - 23 1,250 1.59%

Brigdawg's May - 20 900 1.15% Year End - December - 23 1 Tenant Expiring 1,250 1.59%

Year End - December - 20 1 Tenant Expiring 900 1.15% Year 6

Year 3 Planet Fitness June - 24 8,640 11.00%

Holly Kay's Salon Apr - 20 900 1.15% Year End - December - 24 1 Tenant Expiring 8,640 11.00%

H&R Block Apr - 21 1,000 1.27% Year 9

Winn-Dixie Dec - 21 43,750 55.70% Chalkie's Jun - 27 3,500 4.46%

Winn-Dixie Liquors Dec - 21 3,000 3.82% Year End - December - 27 1 Tenant Expiring 3,500 4.46%

Year End - December - 21 4 Tenants Expiring 48,650 61.94% Total 78,540 100.00%


Internet-Proof Tenant Mix

SERVICE

OREINTED(25% OF REVENUE)

National

Grocer(51% OF REVENUE)

RESTAURANTS

(9% OF REVENUE)

Health

Club(14% OF REVENUE)

12% 7% 43%25% 14% 9% 51%

89% of the Property’s leased GLA is comprised of national or regional tenants

89%

11%

National Local

LOCAL TENANTSNATIONAL TENANTS

National & Regional Tenant Line-Up


Lease Abstract

Tenant Winn-Dixie Stores Leasing, LLC

Size 43,750

Lease Term 5 Years

Original Lease Start 5/9/1986

Expiration Date 12/17/2021

Base Rent $243,765 annually ($5.57psf)

Options Two (2), Five (5) Year Option

Option Rent 12/18/2021 – 12/17/2026: $243,765 annually ($5.57psf)12/18/2026 – 12/17/2031: $243,765 annually ($5.57psf)

Common Area Maintenance

$4,375 per year Payable $364.58 per month

Taxes

The amount of any increase in ad valorem real estate taxes levied against the demised premises in excess of the amount of

such taxes levied thereon for the first full calendar year of the lease term in which both the value of the land and the buildings

thereon shall be accessed for tax purposes

Insurance None

Admin Fee None

Co-Tenancy None

Use Retail food store

Restrictions No above-ground buildings, signs or structures of any kind shall be erected or

placed on any of the parcels of land described in Exhibit A which shall exceed on story not twenty feet in height and no

buildings constructed on either of the respective parcels shall exceed in square

footage size 25% of the total ground area square footage of each such individual

parcel.Further, there shall not be permitted to be

operated on either of the respective parcels or any portion thereof, any

supermarket, grocery store, meat, fish, fruit, or vegetable market, bar, lounge, spa,

bowling alley, skating rink, bongo parlor, automobile sales facility, or health,

recreational, amusement or entertainment facility.

Exclusive Supermarket, grocery store, meat, fish or vegetable market; Staple or fancy

groceries, meats, fish, vegetables, fruits, bakery goods, dairy products or frozen

foods; Ready-to-eat food items, either for consumptions on or off the premises; Beer

and wine in the shopping center for off-premises consumption; Prescription drugs;

Bakery/delicatessen department


Winn-DixieOne of Florida’s oldest Grocers

LONG-TERM

TRACK RECORD

Winn-Dixie has operated at the

Property for over

33 Years

STRONG SALES

PERFORMANCE

Winn-Dixie at Port St John

Plaza reported strong, above

average sales.

2017 - $16,994,712

($388 psf)

2016 - $16,784,640

($383 psf)

SECURE CASH FLOW

Winn-Dixie is one of the highest-volume supermarket chains in the country

with 38,000 employees and revenues exceeding $10 billion in

2018

RECENT/PLANNED STORE

RENOVATIONS

Landlord has recently renovated the lighting and parking areas and Winn-

Dixie has plans for a multi-million dollar renovation in the next two years

STRONG HEALTH RATIO

Winn-Dixie has a 1.4% health ratio

Market Overview


Melbourne-Titusville, FL MSA


Brevard County• Also known as the Space Coast

• Home to Patrick Air Force Base, Cape Canaveral Air Force

Station, and the US Air Force Malabar Test Facility

• Approximately 600,000 population

• 98th most populous metropolitan statistical area81,185

76,068

72,838

0

2016

2010

2000

Melbourne Population Growth

PORT CANAVERAL

4.5 MILLIONPASSENGERS A YEAR

6 MILLIONTONS OF ANNUAL

CARGO

60% OF REVENUE COMES

FROM CRUISE LINES

JOHN F KENNEDY SPACE CENTER

$350 MILLIONANNUAL BUDGET

13,100EMPLOYEES

700FACILITIES ACROSS

144,000 ACRES

25,000

25,500

26,000

26,500

27,000

27,500

28,000

2010 2018 2023

3 Mile Population

3,200

3,400

3,600

3,800

4,000

4,200

2010 2018 2023

1 Mile Population

41,000

42,000

43,000

44,000

45,000

46,000

47,000

2010 2018 2023

5 Mile Population

Population: 1 Mile 3 Mile 5 Mile

2023 Projection 4,139 27,824 46,686

2018 Estimate 3,853 26,181 43,864

2010 Census 3,580 25,996 43,186

Growth 2018-2023 7.42% 6.28% 6.43%

Growth 2010-2018 7.63% 0.71% 1.57%

2018 Households by Household Income:

1 Mile 3 mile 5 Mile

<$25,000 435 2,034 3,038

$25,000 - $50,000 502 2,388 3,839

$50,000 - $75,000 332 2,184 3,332

$75,000 - $100,000 105 973 1,836$100,000 - $125,000 93 886 1,798

$125,000 - $150,000 44 298 956

$150,000 - $200,000 23 230 615

$200,000+ 51 148 480

Households: 1 Mile 3 Mile 5 Mile

2023 Projection 1,697 9,720 16,905

2018 Estimate 1,584 9,140 15,895

2010 Census 1,478 8,942 15,538

Growth 2018 - 2023 7.13% 6.35% 6.35%

Growth 2010 - 2018 7.17% 2.21% 2.30%

Owner Occupied 1,231 7,621 13,527

Renter Occupied 352 1,520 2,368

2018 Household Income 1 Mile 3 Mile 5 Mile

2018 Avg Household Income $56,879 $61,818 $72,056

2018 Med Household Income $40,361 $51,450 $57,323



Port St. John retail plaza gets $200,000

incentiveAugust 12, 2016

The owner of a shopping plaza in Port St. John has been approved for economic incentives, as it seeks to

renovate the plaza and keep Winn-Dixie as its anchor tenant.

The North Brevard Economic Development Zone board voted 5-0 Friday to approve up to $200,000 in

incentives for Phillips Edison & Co., which owns Port St. John Plaza at 6257 U.S. 1.

The company is planning to spend a total of $2.19 million to $2.34 million in renovations at the plaza, in part to

persuade Winn-Dixie to keep its store open there when the grocery chain's lease expires later this year.

The zone board decided that it can help by reimbursing Phillips Edison for some of the capital improvements

there, for such things as a new roof, new energy-efficient exterior lighting that also will improve safety for

customers, parking lot resurfacing, irrigation and drainage upgrades, and landscaping.

https://www.floridatoday.com/story/news/local/2016/08/12/port-st-john-retail-plaza-gets-200000-

incentive/88537822/

Florida’s once-struggling Space Coast

booms from aerospace, defense firmsNovember, 2018

CAPE CANAVERAL, Fla. Nov. 21 (UPI) -- The economy of Florida's Space Coast is getting a boost

from space and defense companies that are bringing back high-paying tech jobs to an area hit

hard by the 2008 recession and the 2011 retirement of NASA's space shuttle program.

Hundreds of people came out to NASA's Kennedy Space Center in Cape Canaveral on Thursday

to watch SpaceX launch a Es'hail-2 satellite rocket into space. The crowd consisted of tourists

from around the United States and other countries sitting in metal bleachers surrounding a

grassy area with dozens of field-tripping school kids in bright, neon-colored t-shirts waiting for

the rocket to launch.

https://www.upi.com/Top_News/US/2018/11/21/Floridas-once-struggling-Space-Coast-booms-from-aerospace-

defense-firms/2611542731328/

Lockheed Martin to Expand, Create 500

New High-Paying Jobs in OrlandoFebruary 15, 2018

ORLANDO, FLORIDA – Governor Rick Scott announced on Wednesday that Lockheed Martin, a global

security and aerospace company, will be expanding in Orlando and creating 500 new jobs.

The average wage of the 500 new jobs will be $87,064.

The company will also invest more than $50 million in their Orlando facility. Lockheed Martin currently employs

over 14,000 Floridians at 73 locations.

“I am proud to announce Lockheed Martin is continuing to invest in Florida by creating 500 new jobs as part of

their expansion in Orlando,” said Gov. Rick Scott.

“Lockheed Martin is already a major job creator for our state, and our commitment to cutting taxes and making

Florida business-friendly is making it easier for this global business to continue to create thousands of

opportunities for Florida families.”

http://spacecoastdaily.com/2018/02/lockheed-martin-to-expand-create-500-new-high-paying-jobs-in-orlando/

New 270-foot Tall Mobile Harbor Crane

Arrives at Port Canaveral, Largest in US January 19, 2019

BREVARD COUNTY • PORT CANAVERAL, FLORIDA – A new mobile harbor crane for Port

Canaveral arrived today at the Port’s North Cargo Berth 5.

The mammoth crane arrived early Friday morning aboard the heavy load carrier, Happy Dover.

The 270-foot tall Liebherr LHM 600 – the largest mobile harbor crane in the United States – will

be operational in the second quarter of 2019. It joins two 270-foot-tall, ship-to-shore cranes in

service at the Port since 2014.

http://spacecoastdaily.com/2019/01/new-270-foot-tall-mobile-harbor-crane-arrives-at-port-canaveral-largest-in-

the-u-s/

thepalomargroup.com

706-407-4443

206 Pitcarin Way Suite A

Augusta, GA 30909

Ryan McArdle

Partner

706-631-8897

[email protected]

David Rivers

Partner

706-840-0055

[email protected]

Steve Collins

Partner

706-564-8556

[email protected]

Lee Malchow

Associate

706.231.7249

[email protected]

Jefferson Knox

Associate

706.294.8806

[email protected]

28

Contact Us

| Port St. John Plaza

FL Broker of Record Andrew Knight: Lic #BK3287452

https://www.thepalomargroup.com/

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