Edgewater, FL - Taco Bell & Planet 13

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a two-tenant, 100% occupied, retail investment property located in Edgewater, Florida. The property totals 4,887 SF and is divided into two suites with Taco Bell occupying 1,887 SF and Planet 13 Holdings utilizing the remaining 3,000 SF. The property features a 15-year lease for Taco Bell, a 10-year lease for Planet 13 and 3 (5-year) option periods for both tenants. The brand new Taco Bell lease features 2% annual rental increases and the VidaCann lease features a 10% rental increase at the beginning of year 6. Both tenants will see these increases throughout the initial term and option periods, steadily growing NOI and hedging against inflation. The offering consists of a diverse e-commerce resistant tenant lineup comprised of service tenants, creating a stabilized income stream for a new investor. Both tenants recently signed brand-new long-term leases which are NNN in nature, limiting expense leakage for a future investor.

The subject property is strategically located along S Ridgewood Ave, which averages 30,500 vehicles passing by daily and is a major retail thoroughfare serving the city of Edgewater. The site was recently constructed and features a state-of-the-art design with high-quality materials. Furthermore, the site benefits from excellent visibility via significant street frontage and a large monument sign along S Ridgewood Ave. The asset is ideally situated just northwest of Florida Shores Plaza, an 81,000 square foot shopping center anchored by Winn Dixie and Beall’s. Additionally, the property is located a few miles south from New Smyrna Beach Regional Center, a 213,000 square foot shopping center anchored by Publix, Big Lots, Dollar Tree, and more. The property is in the center of a primary retail corridor with other nearby national/credit tenants including ALDI, AMC Theatres, Planet Fitness, Dollar General, Wawa, Walgreens, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes significant crossover store exposure to the site. The 5-mile trade area is supported by over 50,500 residents and 17,100 employees, providing a direct consumer base from which to draw. Residents within 5 miles of the subject property boast an average household income of $92,527.