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6350 STIRLING ROAD, DAVIE, FLORIDA
OFFERING MEMORANDUM Capital Markets | Net Lease Properties
REPRESENTATIVE PHOTO
MARK DRAZEKSenior Vice President Capital Markets | Net Lease Properties
CBRE, Inc. Licensed Real Estate Broker
RAY ROMANOFirst Vice President Capital Markets | Net Lease Properties
+1 407 404 5022ray.romano@cbre.com
EXCLUSIVELY MARKETED BY:
© 2017 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.CBRE, and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.
Stirling Rd (42,000 AADT)
N
1INVESTMENT SUMMARY
Investment HighlightsProperty Description
2PROPERTY DESCRIPTION
Property PhotosAerial Photos
Site Plan
8AREA OVERVIEW
Market OverviewLocal & Regional Maps
Drive=Time Map
Tenant Description
14TENANT SUMMARY N
Future 6,500 SF Retail/Restaurant
Stirling Rd (42,000 AADT)
(21,4
00 A
ADT
)
Davie Rd Extension (
20,4
00 A
ADT
)
Carrriage Hills Plaza
(138
,400
AA
DT)
S. S
R 7
/U.S
.-44
1 S.
Manheim Auto Auction
Summit-Questa Montessori School
(Pre-K - 8th)
St. Bernadette Catholic School
(K - 8th)
Stirling Village92-unit multi-famil
1
WAWA | DAVIE
investment highlights• One of the first Wawa locations to open in Broward County
• Brand new 20 year ground lease
• Investment grade credit – Shadow rating: BBB
• Fixed rental increases throughout entire lease starting at year 11
• No landlord management obligations
• Hard corner signalized intersection, combined average daily traffic of 62,400 vehicles
• Densely populated area of South Florida, over 132,000 people within 3-miles and over 375,000 within 5 miles
• Upper income area with average household incomes of over $71,000 within 3 miles and $74,000 within 5 miles
• Within one mile of the Seminole Hard Rock Hotel & Casino
• Large efficient parcel
• No debt to assume – Able to pay all cash
• Florida has no state income tax
INVESTMENT SUMMARY
investment summaryPRICE: $6,744,186
ANNUAL RENT: $290,000
CAP RATE: 4.3%
TENANT: Wawa Florida, LLC
GUARANTOR: Wawa, Inc.
RENTAL INCREASES: 8% every 5 years starting at year 11 including options
INITIAL LEASE TERM: 20 years
OPTIONS: (6) 5-year options
RENT COMMENCEMENT: July 27, 2017
LANDLORD OBLIGATIONS: None – Absolute NNN ground lease
EXISTING FINANCING: No debt to assume
BUILDING SIZE: 8,000± SF
LAND SIZE: 2.42± acres
PARKING SPACES: 57 spaces (7.1/1,000 SF)
YEAR BUILT: 2017
CBRE is pleased to present this brand new 20-year absolute NNN Wawa ground lease located in Davie, Florida. The brand new store consists of an
8,000+ SF building on 2.42 acres in a densely populated area of South Florida. The lease is absolute NNN with no landlord management obligations and offers fixed rental increases throughout the initial term and renewal options.
The store’s grand opening, which was held on July 27th, was attended by hundreds of local residents who lined up down the block starting at 5:30am according to the South Florida Business Journal.
Wawa is a highly sought after investment grade tenant ranked #40 in Forbes top private companies with $9B in revenue.
REPRESENTATIVE PHOTO
2PROPERTY DESCRIPTION
property descriptionLOCATION
6350 Stirling Road Davie (Broward County), FL 33024
BUILDING AREA
The subject consists of one (1) retail building totaling approximately 8,000 SF of net rentable area.
TRAFFIC COUNTS
Stirling Road 42,000 AADT
Davie Road Extension 20,400 AADT
Davie Road Extension (N of Property) 21,400 AADT
Florida Turnpike 138,400 AADT
SITE
The subject is located at the signalized intersection of Stirling Road & Davie Road Extension in Davie, Florida, 8 miles West of Downtown Ft. Lauderdale, 5 miles West of I-95, and 8 miles East of I-75.
LAND AREA
The Property consists of one (1) parcel totaling approximately 2.417 acres or 105,415 SF of land area.
PARKING
The Property provides 57 parking stalls which equates to 7.125:1,000 SF parking ratio.
REPRESENTATIVE PHOTO
3
WAWA | DAVIE
N
Future 6,500 SF Retail/Restaurant
Carrriage Hills Plaza
Stir
ling
Rd (
42,0
00 A
ADT
)
(21,400 AADT)
Davie Rd Extension (20,400 AADT)
(138,400 AADT)
Manheim Auto Auction
FT. LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT
HOLLYWOOD
DOWNTOWNFORT LAUDERDALE
95
Stirling Village92-unit multi-family
built 2016
4
WAWA | DAVIE
Future 6,500 SF Retail/Restaurant
Stirling Rd (42,000 AADT)
Carrriage Hills Plaza
(21,4
00 A
ADT
)
Davie Rd Extensio
n (20,4
00 AADT)
(138,400 AADT)Griffin Rd
N
Florida Power & Light Service Center
Stirling Village92-unit multi-family
built 2016
Nova School Complex(Private K-12
& Public K-12)
5
WAWA | DAVIE
N
Carrriage Hills Plaza
SOLANO AT MONTERRA
Stirling Rd (42,000 AA
DT)
(21,400 AADT)
Davie Rd Extension (20,400 AADT)
N. University Dr (46,000 AADT)
David Posnack Jewish Day School
Lakeside Town Shops
Florida Power & Light Service
Center
St. Bernadette Catholic School
(K - 8th)
Stirling Village92-unit multi-family
built 2016
Future 6,500 SF Retail/Restaurant
Palm Ranch 224 unit luxury
apartments
COOPER CITY
PEMBROKE PINES
6
WAWA | DAVIEN
Stirling Rd (42,000 AADT)
(21,400 AA
DT)
Carrriage Hills Plaza
Florida Power & Light Service
Center
Driftwood Elementary, Middle & Junior High
School
Future 6,500 SF Retail/Restaurant
NORTH PERRY AIRPORT
Dav
ie R
d Ex
tens
ion
(20
,400 A
ADT)
(138,400 AADT)
Stirling Village92-unit multi-family
built 2016
Hard Rock Stadium
7
WAWA | DAVIE
SITE PLAN
DRYRETENTION
AREA.
LAN
DSC
APE
LANDSCAPE
X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
PARCEL AREA BREAKDOWN
8
WAWA | DAVIE
AREA OVERVIEW
Broward County 2017 OutlookThe Broward County retail market is one of three parts of the larger Miami metro retail market. The other two markets being Palm Beach County and Miami. Broward contains about one-third of the retail product in the market. Like much of Florida, the retail market is largely driven by the tourism industry. However, strong residential growth is having a positive effect on the retail market as well.
The economy in Broward County is making steady progress. The market has an unemployment rate that is among the lowest in the state, however this growth is largely concentrated in low-wage industries like administration and leisure/hospitality, which have accounted for more than half of the employment growth in the last 12 months. Despite this, wages are growing in the face of a dwindling supply of labor. Low-cost, no-frills airlines have grown in Broward County. This is good news for Broward County because lower fares attract more vacationers and conventioneers in support of the area’s pivotal leisure and hospitality industry.
Continued positive job growth, and declining unemployment are helping to fuel Broward County’s retail sector. About one million sq. ft. of space was constructed during 2016. An additional 1.3 million is expected to be delivered in 2017. A national trend that is evident in Broward is the preference towards mixed use development. A notable example is Pembroke Pines City Center, which will include 200,000 sq. ft. of retail space in Phase I anchored by a Publix supermarket. The total project sits on a 17-acre site and will be constructed in two phases. Phase II will include another 100,000 sq. ft. of retail occupied by theater and restaurant tenants in addition to 385 apartments.
Strong long-term demographic trends bode well for the Broward Count retail market. Much like the rest of the country, the most attractive investment sites are well-positioned grocery anchored centers. Broward County cap rates have steadily declined as sites have become scarcer as investors are competing to acquire quality assets in prime locations. As growth continues in the market, and tourism sustains its rapid growth, expect the Broward County retail market to outperform.
© 2017 CBRE, Inc. | Disclaimer: Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE.
To learn more about CBRE
Research, or to access additional
research reports, please visit the
Global Research Gateway at
www.cbre.com/research.
Abu Mansoor
Senior Research Analyst
+1 561 393 1607
abu.mansoor@cbre.com
Figure 1: Total Market Absorption and Deliveries
2017 SOUTHEAST U.S. REAL ESTATE MARKET OUTLOOK
BROWARD COUNTY
Source: CBRE Research, Q4 2016; CBRE Econometric Advisors (EA), Q4 2016.
Figure 2: Asking Rates and Total Market Availability
Source: CBRE Research, Q4 2016; CBRE Econometric Advisors (EA), Q4 2016.
The Broward County retail market is one of three parts of the
larger Miami metro retail market. The other two markets being
Palm Beach County and Miami. Broward contains about one-
third of the retail product in the market. Like much of Florida,
the retail market is largely driven by the tourism industry.
However, strong residential growth is having a positive effect on
the retail market as well.
The economy in Broward County is making steady progress. The
market has an unemployment rate that is among the lowest in the
state, however this growth is largely concentrated in low-wage
industries like administration and leisure/hospitality, which have
accounted for more than half of the employment growth in the
last 12 months. Despite this, wages are growing in the face of a
dwindling supply of labor. Low-cost, no-frills airlines have grown
in Broward County. This is good news for Broward County
because lower fares attract more vacationers and conventioneers
in support of the area’s pivotal leisure and hospitality industry.
Continued positive job growth, and declining unemployment are
helping to fuel Broward County’s retail sector. About one million
sq. ft. of space was constructed during 2016. An additional 1.3
million is expected to be delivered in 2017. A national trend that
is evident in Broward is the preference towards mixed use
development. A notable example is Pembroke Pines City Center,
which will include 200,000 sq. ft. of retail space in Phase I
anchored by a Publix supermarket. The total project sits on a
17-acre site and will be constructed in two phases. Phase II will
include another 100,000 sq. ft. of retail occupied by theater and
restaurant tenants in addition to 385 apartments.
Strong long-term demographic trends bode well for the Broward
Count retail market. Much like the rest of the country, the most
attractive investment sites are well-positioned grocery anchored
centers. Broward County cap rates have steadily declined as sites
have become scarcer as investors are competing to acquire quality
assets in prime locations. As growth continues in the market, and
tourism sustains its rapid growth, expect the Broward County
retail market to outperform.
Long-term growth to keep retail vibrant in Broward, development activity to accelerate
RETAIL
Net AbsorptionDeliveries EA Forecast
Local Market Forecast
Net Absorption (MSF)
0.0
0.5
1.0
1.5
2.0
2013 2014 2015 2016 2017 2018
Asking Rate (L)Availability (R) EA Forecast
Local Market Forecast
Asking Rate ($ PSF NNN) Availability Rate (%)
6
7
8
9
10
18
19
20
21
22
2013 2014 2015 2016 2017 2018
Total Market Absorption and Deliveries
Source: CBRE Research, Q4 2016; CBRE Econometric Advisors (EA), Q4 2016.
9
WAWA | DAVIE
DavieThe Town of Davie’s diversified economic base combined with a low rate of taxation work to create a healthy local economy. The Town of Davie is a warm, close-knit community with a rich heritage and many connections to the past. The Town is fortunate to draw from its pioneer families the history of the area and the stories of those who first helped to develop the Town. Over a century ago, Davie was known as Zona, and was a vast agricultural land that struggled to support its community. Today, the Town of Davie is a dynamic and unique community located in the heart of one of the state’s highest growth areas.
Source: Town of Davie
Huge crowd greets Wawa for Broward openingHundreds of people turned out for the first Wawa store openings in Broward County on Thursday.
People lined up down the block as early as 5:30 a.m. for the store at 6350 Stirling Road in Davie in advance of the opening at 8 a.m. and the 10 a.m. celebration. Many in the crowd came with Wawa shirts, hats and buttons, even though the Pennsylvania-based gas and food store chain has only been in Florida for five years and has never been this far south.
The below-market gas prices at Wawa and its selection of fresh food, such as hoagies, pastries, sandwiches and chilled beverages, are a proven draw for customers. Rarely does a convenience store opening drawn such an enthusiastic crowd, with people parking a block away and walking, even rolling baby strollers to the new store.
“I am thrilled by the reception,” Wawa Executive VP and COO Cathy Polus said. “It is a bit overwhelming, but that is the norm for us at these openings…There is tremendous love and loyalty for the brand.”
Wawa now has 130 Florida stores, Polus said. Three more stores will open in Broward by the end of 2017. The company has 27 sites under contract in South Florida, including 17 in Broward and four in Palm Beach, she said.
Polus said Broward and Palm Beach counties will eventually have at least 50 Wawa stores. She’s also working hard to find locations in Miami-Dade County, although that has been more challenging. The Business Journal has identified four Miami-Dade Wawa locations in the approvals process.
Ron Brill, a member of Wawa’s real estate development team, said one difficulty in Miami-Dade has been finding large enough sites to handle frequent customer traffic. The typical store needs 1.5 to 2 acres and land values in Miami-Dade, especially in urban areas, are expensive. Going through the approvals process in Miami-Dade has also proven tougher, Brill said.
Source: Brian Bandell, Senior Reporter, South Florida Business Journal, Jul 27, 2017
AREA OVERVIEW
distance to
6Hollywood
miles8Fort
Lauderdale
miles 18Miami
miles
50West Palm
Beach
miles
192Orlando
miles
193Tampa
miles
10
WAWA | DAVIE
AREA OVERVIEW
Hard Rock Hotel & Casino100-acre, AAA Four-Diamond rated Seminole Hard Rock Hotel & Casino in Hollywood offers 469 rock star suites, signature and award-winning restaurants, a 5,500-seat Hard Rock Live arena featuring performances from today’s most popular musicians and comedy acts, a 4.5 acre tropical pool oasis & Beach Club, a full-service Rock Spa, fitness center, high-energy nightlife, and convention space.
Construction of an iconic hotel tower and resort, with expansion planned through 2019, is underway. The complex is 1.5 miles east of Wawa. The tower will include: Modern Luxury Suites & Private Villas, Premium Gaming, Award Winning Dining, Elevated Daylife & Nightlife, World Class Entertainment, and Outdoor Oasis & Lagoons.
Nova Southeastern UniversityNova Southeastern University’s main campus in Davie, FL is situated on 300 acres and has over 24,000 enrolled students. NSU is a private, selective, research university and the largest private, not-for-profit institution of higher education in Florida. The university offers innovative education programs for students in preschool through grade 12, local seniors, and individuals with Autism. NSU’s 314-acre Fort Lauderdale/Davie Campus provides a complete university experience including undergraduate academic opportunities like a health care clinical shadowing program, travel study, and internships, as well as on-campus housing, NCAA Division II athletics, fraternities and sororities, and more. NSU has 83 programs that are certified by the Southern Regional Education Board for distance learning.
NSU research is supported by 93 external agencies, including the U.S. Department of Health and Human Services, National Institutes of Health, U.S. Department of Education, National Oceanic and Atmospheric Association, and U.S. Centers for Disease Control and Prevention. External research funding increased 125 percent over the past decade, from $34.1 million in FY 2005 to $82 million in FY 2015. NSU is one of 50 universities in the nation with both the Carnegie Foundation classification of High Research Activity and Community Engagement. There are 200 research projects currently under way. They address such critical areas as anti-cancer therapies; cardiovascular disease; chronic fatigue syndrome; autism; coral reef restoration; stem cells; and wildlife DNA forensics. This complex is 3 miles north of Wawa, with student housing spread throughout Davie.
Headliner Expansion Coming 2019
Seminole Hard Rock Hotel & Casino
NSU Main Campus, Davie
11
WAWA | DAVIE
DEMOGRAPHIC BRIEF
NEW MARKER
1 MILE 3 MILES 5 MILES
2017 Population - Current Year Estimate 15,938 132,731 375,295
2022 Population - Five Year Projection 17,327 141,142 395,299
2010 Population - Census 14,374 119,975 348,626
2000 Population - Census 13,766 113,069 330,542
2010-2017 Annual Population Growth Rate 1.43% 1.40% 1.02%
2017-2022 Annual Population Growth Rate 1.69% 1.24% 1.04%
2017 Households - Current Year Estimate 5,801 47,699 136,883
2022 Households - Five Year Projection 6,268 50,514 143,473
2010 Households - Census 5,294 43,549 128,580
2000 Households - Census 5,214 42,363 124,831
2010-2017 Annual Household Growth Rate 1.27% 1.26% 0.87%
2017-2022 Annual Household Growth Rate 1.56% 1.15% 0.94%
2017 Average Household Size 2.74 2.76 2.72
2017 Average Household Income $55,266 $71,313 $74,088
2022 Average Household Income $63,158 $80,794 $83,418
2017 Median Household Income $41,906 $53,021 $53,838
2022 Median Household Income $46,655 $58,342 $59,326
2017 Per Capita Income $20,461 $25,955 $27,237
2022 Per Capita Income $23,223 $29,242 $30,472
2017 Housing Units 6 ,299 51 ,644 150 ,106
2017 Vacant Housing Units 498 7.9% 3,945 7.6% 13,223 8.8%
2017 Occupied Housing Units 5,801 92.1% 47,699 92.4% 136,883 91.2%
2017 Owner Occupied Housing Units 3,342 53.1% 29,944 58.0% 88,456 58.9%
2017 Renter Occupied Housing Units 2,459 39.0% 17,755 34.4% 48,427 32.3%
2017 Population 25 and Over 10 ,766 91 ,249 261 ,686
HS and Associates Degrees 7,166 66.6% 56,291 61.7% 156,216 59.7%
Bachelor's Degree or Higher 2,094 19.5% 23,695 26.0% 75,466 28.8%
2017 Businesses 557 5,955 16,145
2017 Employees 3,804 53,478 158,899
©2017 CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are forexample only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the propertyfor your needs. Source: Esri Page 1 ProjectID:221556
POPULAT ION
HOUSEHOLDS
HOUSEHOLD INCOME
HOUS ING UN ITS
EDUCAT ION
PLACE OF WORK
DEMOGRAPHIC BRIEF
NEW MARKER
NAME LATITUDE LONGITUDE
NEW MARKER 26.0455151151764 -80.2307027578354
©2017 CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are forexample only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the propertyfor your needs. Source: Esri ProjectID:221556
AREA OVERVIEW
12
WAWA | DAVIE
AREA OVERVIEW
13
WAWA | DAVIE
AREA OVERVIEW
14
WAWA | DAVIE
Founded in 1803 by the Wood family and incorporated in 1865, Wawa, Inc. (the “Company” or “Wawa”) has roots in the manufacturing and textile businesses. The first Wawa Food Market opened on April 16, 1964. Today, the Company operates approximately 570 convenience stores, approximately 270 of which include a fuel offering, in Pennsylvania, New Jersey, Delaware, Maryland and Virginia. Wawa is a privately held company, with a majority of the Company stock still owned by the Wood family. Company associates who participate in the Employee Stock Ownership Plan have a nearly 30% ownership stake.
Wawa offers a large fresh foodservice selection, including freshly brewed coffee, a wide selection of delicatessen and dairy products, fresh produce, hot foods, built-to-order sandwiches and Wawa brands such as juices, teas, water and bakery products. The Company’s revenue principally consists of fuel and merchandise sales. The Company operates a dairy manufacturing facility, producing Wawa branded beverages and dairy products for distribution to, and sale in, its stores and to wholesale customers. The Company has a committed fuel storage terminal for the purpose of both storing fuel for distribution to, and sale in, its stores and for holding and selling fuel in wholesale markets.
Wawa has differentiated itself from its competitors by focusing on several key strategic areas:• Delivering fast and friendly customer service in a safe and clean shopping
environment;• Promoting and developing Wawa-branded food, beverage and fresh food items;• Maintaining world-class facilities by systematically opening new stores, closing
marginal stores and remodeling older stores; and• Maximizing operating efficiency by making significant investments in operations
programs and technology.
Wawa exceeds industry norms in virtually every measurable category (Source: NACS State of the Industry Report of 2009 Data – most recent industry data available)• Wawa merchandise sales per store averaged $4.9 million for the year ended 2009
versus an industry average of $1.5 million for 2009• Gasoline sales totaled 1.4 billion gallons for the year 2009, an average of 101,000
gallons per fuel store week or just under four times the industry average of approximately 28,000 gallons per fuel store week in 2009
• Incorporated in 1865• #40 in Forbes Ranking of America’s Largest Private
Companies• Shadow Rated: BBB• 570 locations in the United States – All Company Owned
and Operated• Exceeds industry norms in virtually every measurable
category
REPRESENTATIVE PHOTO
WAWA, INC.www.wawa.com
TENANT DESCRIPTION
15
WAWA | DAVIE
AFFILIATED BUSINESS DISCLOSURE
CBRE operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum.
CONFIDENTIALITY AGREEMENT
This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the property or the owner of all Property (the”Owner”), to be all-inclusive or to contain all or part of the information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors being the control of the Owner and CBRE,Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner. Neither the Owner or CBRE, Inc., nor any of their respectful directors, officers, Affiliates or representatives make an representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property.
The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived.
By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc.
If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.
DISCLAIMER
2017 CBRE, Inc. The information containing in this document has been obtained for sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property, The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.
CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the Property of their respective owners.
CONFIDENTIAL MEMORANDUM & DISCLAIMER
MARK DRAZEKSenior Vice President Capital Markets | Net Lease Properties
+1 407 404 5022ray.romano@cbre.com
CBRE, Inc. | Licensed Real Estate Broker
RAY ROMANOFirst Vice President Capital Markets | Net Lease Properties
© 2017 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.CBRE, and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.
EXCLUSIVELY MARKETED BY
REPRESENTATIVE PHOTO
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