OFF MARKET - 100,000 SQ FT. SHOPPING CENTER - WESTON, FL
ASKING: $27M (RETAIL CENTER)
ASKING: $30M (LAND DEVELOPMENT) - 2.5 ACRES
NOI: $1,887,088
CAP: 6.2% at a $30 million sale price
We can only proceed and provide documents for review if your clients are willing to agree so that the price based upon the NOI will be $27 million for the shopping center and $30 million for the 2.5 acres. They must buy both.
Please review the below information. This asset has a development component that may be of interest to you. If there's any interest I can follow up with the rent roll, argus model and zoning survey after the prerequisites that are listed below have been followed.
This is a 100,000 SF shopping center, anchored by a national credit tenant Movie Theater on 2.5 acres. Other credit tenants include Pet Supplies Plus, Pizza Hut and Sherwin Williams with a mix of local retailers. It is across from a Class A - Publix anchored center and backs up to I-75. 145,000 traffic count/day.
Value Add: The rents are under market and the center and tenant mix could be improved benefiting from the right management/ownership. There is also a development component allowing for 212 units or a hotel.
Pricing guidance: The owner was originally firm at $36 million but he may be willing to take a lesser amount. This is suited for a buyer with existing tenant relationships to improve the tenant mix as well as development experience to take advantage of the multi-family parcel.
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An NCND/MFA with a Biography, non-binding Letter of Intent and/or non-invasive Proof of Funds (2 of 3 will be sufficient) are the prerequisites that need to be submitted in order for additional details to be released to prospective clients.