Individual Assignment 2018-10-23T13:46:53+00:00

INLET BEACH, FL

30 AVENUE

COST

$15.3M

CAP RATE

5%

NOI

$310K

OCCUPIED

90%

ACRES

4.5

BUILDINGS

12

MARKETING PACKAGE

INVESTMENT SUMMARY

The Chetek Group of Marcus & Millichap, as exclusive advisor, is pleased to present the exceptional opportunity to acquire a 100% fee simple interest in 30Avenue (“The Property”), a core, Class “A” brand new construction trophy lifestyle center prominently located in the highly sought after Inlet Beach 30A corridor, in South Walton County, Florida – the most affluent and fastest growing county in Northwest Florida. 30Avenue maintains a synergistic relationship with the surrounding communities of Rosemary Beach – Florida’s wealthiest zip code, Seacrest and Alys Beach, and together, the vacation, shopping, and entertainment elements create an atmosphere that entices and engages visitors from all over the world.

Widely regarded as one of the most visible and recognizable new construction lifestyle centers in the Southeastern United States, the Property is comprised of seven, two-story buildings with 113,164 net rentable square-feet of superior accommodations and an abundance of drive-up parking.

30Avenue presents investors with a very rare opportunity to acquire a core asset in a market that has seen tremendous population and wealth growth, as well as substantial real estate appreciation over the past 20-years.

INVESTMENT HIGHLIGHTS

  • 100% Occupied with Average Lease Term Exceeding 8 Years
  • Ownership Hand Selected Tenants
  • Multi-Million-Dollar Redevelopment and Rebranding in 2014
  • Benefits from Annual Base and Percentage Rent Increases from Many Existing Tenants
  • Shadow-Anchored by the Most Successful Carmike/Muvico Theater in the Country
  • National, Credit Tenants include Chico’s, White House Black Market, Ruth’s Chris Steakhouse, and Tommy Bahama
  • Demographics (3-mile radius): Population: 80,000;
    Average Household Income: $64,335
  • +1,400 Luxury Apartment Units Currently Under Construction in Downtown St. Petersburg and 7,898+ Proposed New Units.
  • The Property Offers Patrons the Convenience of a City-Owned 1,350-Space, 11 Story Parking Garage, as well as Valet Parking at Heavily Discounted Rates from $1
BRETT CHETEK
BRETT CHETEKPresident/Senior Managing Partner
ALEX PEREZ
ALEX PEREZManaging Partner
CHRIS GARAVAGLIA
CHRIS GARAVAGLIASenior Investment Advisor
MARKETING PACKAGE