Description
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The offering is currently at 89 percent physical occupancy with a diverse
mix of national and local tenants, including O'Reilly Auto Parts, The
Wired Salon, and the anchor tenant, Planet Fitness. The economic
occupancy is 100 percent as the owner will guarantee a $14.00 per square
foot, NNN lease for the vacant space for one year. All tenants have rent
bumps, most of which, tied to the Consumer Price Index (CPI).
The property is priced at a 9.27 percent CAP rate based upon going-in
numbers which will in-turn, yield an investor a day one, cash-on-cash
return of 11.65 percent.
The potential upside in this deal lies in a long term strategy of raising rents to the market rate of $15.50/square foot NNN. The proforma analysis is based upon cash-flowing the entire property at the market rate of $15.50/square foot NNN. This will yield a proforma cash-on-cash return of 26.59 percent and a total return of 30.88 percent.
********PRINCIPALS ONLY********
The Toys"R"Us Village is located in Orange Park, Florida, a southwest
suburb of Jacksonville, Florida. The subject property is near the corner
of Blanding Boulevard and Wells Road, two of Clay counties busiest
thoroughfares. Due to its high traffic count of over 81,000 vehicles per
day, Blanding Boulevard is home to numerous retailers and auto
dealerships. Blanding Boulevard runs north-south and connects Orange
Park to Jacksonville as well as intersects Interstate 295.
The subject property is located directly behind Walgreens and next to
Toys"R"Us, resulting in a strong traffic flow. This intersection is also
home to the Orange Park Mall, a 910,000 square foot shopping center
with anchor tenants such as, Sears, Belk, AMC Movie Theatres, Dick's
Sporting Goods, Old Navy, Books-A-Million, JCPenney, and Dillard's.
The mall, located minutes from Interstate 295, is Clay County and
Southwest Jacksonville's main shopping destination.