• An Award Winning Net Lease & Retail Commercial Real Estate Group

Description

Marcus & Millichap is pleased to exclusively present this Culver’s and Dunkin’ Donuts single parcel asset with two free standing buildings. The Culver’s lease has more than 12 years remaining on the base term and the Dunkin Donuts has more than 7 years. Both leases have very strong personal guarantees. The property enjoys sufficient parking with over 100 parking spots and 4 points of access. Being situated on 1 entire block, the subject property has the benefit of a signalized intersection and frontage on Bay Boulevard, Richey Drive and US-19. With frontage on two major thoroughfares, the property has visibility to over 80,000 vehicles per day. The property is situated across the street from a Walmart Supercenter which has attracted many strong tenants to the area such as Checker’s, PNC Bank, Wawa, Long John Silver’s and Red Lobster to name a few. The assets include absolute net-leases with more than 12 and 7 years remaining, respectively. The rent increases annually during the base term of the Culvers lease and every five years for the Dunkin’ Donuts Lease. An investor can realize a strong return from two e-commerce resistant tenants on a very large piece of land situated directly across from a Walmart Supercenter. Out-parcels to the Walmart Supercenter include The Local Fresh Grill of Pasco, Wawa, McDonald’s, Long John Silver’s, AT&T, The Honey Baked Ham Co., and Murphy USA

 

■ NEW CONSTRUCTION FOR BOTH BUILDINGS, OVER 12 YEARS REMAINING
ON CULVERS LEASE AND MORE THAN 7 YEARS REMAINING ON THE
DUNKIN DONUTS LEASE, BOTH LEASES ARE ABSOLUTE NNN LEASES WITH
NO LANDLORD RESPONSIBILITY
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■ SINCE 2015 CULVERS HAS SEEN SALES GROWTH OF OVER 26%,
CURRENTLY SALES ARE MORE THAN $1.3 BILLION PER YEAR.
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■ SITUATED ON A PARCEL THAT SPANS AN ENTIRE BLOCK, THE PROPERTY
HAS VISIBILITY TO OVER 80,000 VEHICLES PER DAY, 4 POINTS OF
ACCESS AND A SIGNALIZED INTERSECTION ON ROUTE 19, A MAJOR
THOROUGHFARE FOR PORT RICHEY
_____________________________________________________________
■ THIS PROPERTY BENEFITS FROM BEING SITUATED ACROSS THE STREET
FROM A WALMART SUPER CENTER WITH NINE OUTPARCELS OCCUPIED BY
REGIONAL AND NATIONAL TENANTS SUCH AS THE LOCAL FRESH GRILL
OF PASCO, WAWA AND MCDONALD’S TO NAME A FEW
_____________________________________________________________
■ BAY BLVD IS THE ONLY POINT OF ACCESS TO SCHROTERS POINT, A
RESIDENTIAL PENINSULA WITH OVER 150 SINGLE FAMILY HOMES AND 18
APARTMENT BUILDINGS.
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■ THERE ARE 2,370 HOUSEHOLDS WITHIN 1 MILE OF THE PROPERTY AND
OVER 121,000 RESIDENTS WITHIN 5 MILES.
_____________________________________________________________

 

Property Documents

  • dunkin-and-culvers-fl-om-package
  • City: Port Richey
  • State/county: Florida
  • Country: United States

Detail

  • Price: $5,711,864

Additional details

  • CAP Rate: 5.90%
  • Total NOI: $337,000

Features