FORT LAUDERDALE, FL
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.
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.