Assignment – Riverbend Marketplace 2019-02-18T20:17:11+00:00

FORT LAUDERDALE, FL

RIVERBEND MARKETPLACE

  • NOI $2.408M
  • SQUARE FEET 103K
  • Year Built 2017-18
  • OCCUPIED 91.5%
  • ACRES 14.56
  • NUMBER OF SPACES 32
OFFERING MEMORANDUM

INVESTMENT SUMMARY

Chetek Group, as exclusive advisor, is pleased to present the opportunity to acquire Riverbend Marketplace Phase II (“The Property”) – a 91.5% leased, 103,452 square-foot new construction regional shopping center, situated on +/-14.56-acres of land in Fort Lauderdale, Florida. Located near the highly traveled intersection of Broward Boulevard (53,000 VPD) and Interstate 95 (296,000 VPD), The Property includes 20-year ground leases from Wawa and McDonald’s, both individually deeded with frontage on W Broward Blvd. Other notable tenants with new 10-year leases include Marshall’s, Planet Fitness, Five Below, DTLR, and Jiffy Lube. 76% of the GLA is leased to national credit tenants with overall weighted average lease term of over 9-years. Phase I of Riverbend Marketplace consists of an adjacent 15.23-acre Walmart ground lease. Walmart completed construction of its 186,933 square-foot Supercenter in January 2016, and the property was sold less than two months later at a 5% cap rate.

This is Walmart’s first Supercenter in Fort Lauderdale after 30 years of attempting to enter the city, filling a void in the South Florida Walmart coverage area. 

LISTING HIGHLIGHTS

Brand new construction 103,452-square foot Class “A” regional shopping center.

􀀁Shadow-Anchored by a new 186,933-square foot prototype Walmart Supercenter. The first Walmart Supercenter in the city limits of Ft. Lauderdale. The Walmart is on a 20-year ground lease and was sold at a 5% cap rate in March 2016.

􀀁72% of the property is occupied by national credit tenants including Marshall’s, Planet Fitness, Five Below, McDonald’s (ground lease), Wawa (ground lease), Jiffy Lube (ground lease), Chipotle, Krispy Kreme, among many more.

􀀁Outparcel tenants include new 20-year ground leases from McDonald’s and Wawa, and a 10-year ground lease from Jiffy Lube.

􀀁The weighted average lease term remaining is +/-9 years with several tenants still in the fixturing phase with leases that have not yet commenced.

􀀁Limited entry opportunities for competitors in the immediate area due to shrinking supply of developable land.

E-commerce resistant tenant lineup which includes a diverse, service-oriented tenant mix creating cross shopping synergies.

OFFERING MEMORANDUM