offering memorandum capital markets | net lease properties · 2 property description property...
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11920 CENTRAL PARKWAY | JACKSONVILLE, 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
© 2018 CBRE, Inc. All Rights Reserved.
RAY ROMANOFirst Vice President Capital Markets | Net Lease Properties
+1 407 404 [email protected]
EXCLUSIVELY MARKETED BY:
N
Beach Blvd (61,500 AADT)
(86,
000
AA
DT)
Kern
an B
lvd
Central P
kwy
St. J
ohn’
s Bl
uffs
Rd
S.
1INVESTMENT SUMMARY
Investment HighlightsProperty Description
2PROPERTY DESCRIPTION
Property PhotosAerial Photos
Site Plan
8AREA OVERVIEW
Market OverviewLocal & Regional Maps
Drive=Time Map
Tenant Description
13TENANT SUMMARY
N
Beach Blvd (61,500 AADT) Central Pkwy
1
WAWA | JACKSONVILLE
investment highlights• One of the first Wawa locations to open in the Jacksonville market
• 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
• Located at the signalized intersection of Beach Boulevard and Central Parkway which is the access point for the University of North Florida, Florida State College at Jacksonville South Campus and the East Park Business Center - providing strong daytime population and traffic
• Less than a mile from the Interstate 295 interchange and within two miles of St. Johns Town Center (1.2 million square foot outdoor lifestyle mall)
• High traffic location, 61,500 AADT per FDOT
• Large efficient parcel
• No debt to assume – Able to pay all cash
• Florida has no state income tax
INVESTMENT SUMMARY
investment summary
PRICE: $4,500,000
ANNUAL RENT: $207,000
CAP RATE: 4.6%
TENANT: Wawa Florida, LLC
GUARANTOR: Wawa, Inc.
RENTAL INCREASES: 7% every 5 years starting at year 11 including options
INITIAL LEASE TERM: 20 years
OPTIONS: (6) 5-year options
RENT COMMENCEMENT: March 22, 2018
LANDLORD OBLIGATIONS: None – Absolute NNN ground lease
EXISTING FINANCING: No debt to assume
BUILDING SIZE: ± 6,119 SF
LAND SIZE: 2.64± acres
PARKING SPACES: 59
YEAR BUILT: 2018
CBRE is pleased to present this brand new 20 year absolute NNN Wawa ground lease located in Jacksonville, Florida. The brand new 6,119± SF building is located
on 2.7 acres in a densely populated area of Jacksonville. The lease is absolute NNN with no landlord management obligations and offers higher than normal fixed rental increases. The store is scheduled to open on March 22, 2018. Wawa is a highly sought after investment grade national tenant ranked #34 in Forbes top private companies with $9B in revenue.
REPRESENTATIVE PHOTO
2PROPERTY DESCRIPTION
property descriptionLOCATION
11920 Central Parkway Jacksonville, FL 32224
BUILDING AREA
The subject consists of one (1) retail building totaling approximately 6,119 SF of net rentable area.
2016 FDOT TRAFFIC COUNTS
Beach Blvd 61,500 AADT
Interstate 295 86,000 AADT
SITE
The subject is located at the signalized intersection of Beach Boulevard and Central Parkway in Jacksonville, Florida.
LAND AREA
The Property consists of one (1) parcel totaling approximately 2.64 acres or ±114,998 SF of land area.
PARKING
The Property provides 59 parking stalls which equates to 9.6:1,000 SF parking ratio.
REPRESENTATIVE PHOTO
3
WAWA | JACKSONVILLE
N
Beach Blvd (61,500 AA
DT)Central Pkwy
(86,000 AADT)
EASTPARK BUSINESS CENTER
WAWA | JACKSONVILLE
N
Beach Blvd (61,500 AADT)
Huffman Blvd
Centr
al P
kwy
5
WAWA | JACKSONVILLE
N
Beac
h Bl
vd (
61,5
00 A
ADT
)
Central Pkwy
Kernan Blvd
6
WAWA | JACKSONVILLEN
Beach Blvd (61,500 AADT)
Central Pkwy
(86,000 AADT)
EASTPARK BUSINESS CENTER
UNF – enrollment of over 16,000 students and 1,200 employees
7
WAWA | JACKSONVILLE
SITE PLAN
Beach Blvd (61,500 AADT)
N
8
WAWA | JACKSONVILLE
AREA OVERVIEW
Jacksonville 2017 Retail OutlookLike much of Florida, the Jacksonville retail market is being fueled by strong population and wage growth. The market has experienced population growth around 2% annually over the past two years, a pace that is expected to continue for the next several years. Wage growth was 10% over the past year, the highest among metros with more than 1 million residents. Jacksonville has low unemployment rates and consumer spending has increased over the past year nationwide. These factors are coming together to support retail development.
Construction deliveries in 2016 surpassed last year’s total and reflects the strongest recovery in over five years. However, both supply and demand is well below the peak witnessed in 2006 indicating that the market has room for continued expansion. Two large projects that are under construction, The Strand and The Crossings, in the Southside submarket are adjacent to the St. Johns Town Center, a prominent retail destination. The two mixed-use suburban developments are expected to bring with it up to 500,000 sq. ft. of retail space.
New retail concepts are also about to call the market home. Furniture retailer IKEA has a 294,000 sq. ft. facility ready to break ground along Gate Parkway, a prominent retail corridor just south of the St. Johns Town Center. Top Golf, a year-around driving range with restaurant recently opened its doors, bringing their second location to the state. A proposed project, Pavilion at Durban Park has the potential to create a prominent retail node in the southern end of the Jacksonville market. Phase One is nearing construction start and will include 700,000 sq. ft. of commercial space including retail.
Investor interest in Jacksonville is strong, largely due to the strong market fundamentals and long-term potential of the market. Cap rates, which have been compressing, are expected to moderate although investor interest in quality assets in prime locations should remain very strong.
Strong net absorption has resulted in demand for additional space. This is the fourth year of strengthening net absorption and 2016 will finish ahead of the previous year. Demand is expected be stable in the most sought after submarkets. Vacancy has also trended down below 6% this year; however the rate may increase market wide over the next two years as demand is expected to cool.
© 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.
Shanna Drwiega
Senior Research Analyst
+1 813 273 8433
@shannadrwiega
Figure 1: Total Market Absorption and Deliveries
2017 SOUTHEAST U.S. REAL ESTATE MARKET OUTLOOK
JACKSONVILLE
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.
Like much of Florida, the Jacksonville retail market is being
fueled by strong population and wage growth. The market has
experienced population growth around 2% annually over the past
two years, a pace that is expected to continue for the next several
years. Wage growth was 10% over the past year, the highest among
metros with more than 1 million residents. Jacksonville has low
unemployment rates and consumer spending has increased over
the past year nationwide. These factors are coming together to
support retail development.
Construction deliveries in 2016 surpassed last year’s total and
reflects the strongest recovery in over five years. However, both
supply and demand is well below the peak witnessed in 2006
indicating that the market has room for continued expansion.
Two large projects that are under construction, The Strand and
The Crossings, in the Southside submarket are adjacent to the St.
Johns Town Center, a prominent retail destination. The two
mixed-use suburban developments are expected to bring with it
up to 500,000 sq. ft. of retail space.
New retail concepts are also about to call the market home.
Furniture retailer IKEA has a 294,000 sq. ft. facility ready to break
ground along Gate Parkway, a prominent retail corridor just south
of the St. Johns Town Center. Top Golf, a year-around driving
range with restaurant recently opened its doors, bringing their
second location to the state. A proposed project, Pavilion at
Durban Park has the potential to create a prominent retail node
in the southern end of the Jacksonville market. Phase One is
nearing construction start and will include 700,000 sq. ft. of
commercial space including retail.
Investor interest in Jacksonville is strong, largely due to the strong
market fundamentals and long-term potential of the market. Cap
rates, which have been compressing, are expected to moderate
although investor interest in quality assets in prime locations
should remain very strong.
Strong net absorption has resulted in demand for additional
space. This is the fourth year of strengthening net absorption and
2016 will finish ahead of the previous year. Demand is expected be
stable in the most sought after submarkets. Vacancy has also
trended down below 6% this year; however the rate may increase
market wide over the next two years as demand is expected to cool.
Strong demographic growth prompting additional retail development in Jacksonville
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 (%)
5
7
9
11
11
12
13
14
2013 2014 2015 2016 2017 2018
Figure 1: Total Market Absorption and Deliveries
© 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.
Shanna Drwiega
Senior Research Analyst
+1 813 273 8433
@shannadrwiega
Figure 1: Total Market Absorption and Deliveries
2017 SOUTHEAST U.S. REAL ESTATE MARKET OUTLOOK
JACKSONVILLE
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.
Like much of Florida, the Jacksonville retail market is being
fueled by strong population and wage growth. The market has
experienced population growth around 2% annually over the past
two years, a pace that is expected to continue for the next several
years. Wage growth was 10% over the past year, the highest among
metros with more than 1 million residents. Jacksonville has low
unemployment rates and consumer spending has increased over
the past year nationwide. These factors are coming together to
support retail development.
Construction deliveries in 2016 surpassed last year’s total and
reflects the strongest recovery in over five years. However, both
supply and demand is well below the peak witnessed in 2006
indicating that the market has room for continued expansion.
Two large projects that are under construction, The Strand and
The Crossings, in the Southside submarket are adjacent to the St.
Johns Town Center, a prominent retail destination. The two
mixed-use suburban developments are expected to bring with it
up to 500,000 sq. ft. of retail space.
New retail concepts are also about to call the market home.
Furniture retailer IKEA has a 294,000 sq. ft. facility ready to break
ground along Gate Parkway, a prominent retail corridor just south
of the St. Johns Town Center. Top Golf, a year-around driving
range with restaurant recently opened its doors, bringing their
second location to the state. A proposed project, Pavilion at
Durban Park has the potential to create a prominent retail node
in the southern end of the Jacksonville market. Phase One is
nearing construction start and will include 700,000 sq. ft. of
commercial space including retail.
Investor interest in Jacksonville is strong, largely due to the strong
market fundamentals and long-term potential of the market. Cap
rates, which have been compressing, are expected to moderate
although investor interest in quality assets in prime locations
should remain very strong.
Strong net absorption has resulted in demand for additional
space. This is the fourth year of strengthening net absorption and
2016 will finish ahead of the previous year. Demand is expected be
stable in the most sought after submarkets. Vacancy has also
trended down below 6% this year; however the rate may increase
market wide over the next two years as demand is expected to cool.
Strong demographic growth prompting additional retail development in Jacksonville
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 (%)
5
7
9
11
11
12
13
14
2013 2014 2015 2016 2017 2018
Figure 2: Asking Rates and Total Market Availability
Source: CBRE Research, Q4 2016; CBRE Econometric Advisors (EA), Q4 2016.
9
WAWA | JACKSONVILLE
JacksonvilleJacksonville is the largest city in the state of Florida and the county seat of Duval County. The governments of the City of Jacksonville and Duval County consolidated in 1968, expanding Jacksonville’s city limits and making it the largest city in land area within the continental United States. Currently the city limits encompass 875 square miles. Consequently most of Jacksonville’s metropolitan population lives within its city limits, and it is the most populous city proper in Florida and the thirteenth most populous in the United States. Jacksonville is located in the First Coast region of northeast Florida and is centered on the banks of the St. Johns River, about 25 miles south of the Florida/Georgia border and about 340 miles north of Miami.
Because of its size, Jacksonville is divided into six major sections with borders defined by a set of major roads and rivers that run through the city. Greater Arlington is east and south of the St. Johns River and north of Beach Boulevard. North Jacksonville is north of the St. Johns & Trout Rivers and east of US-1. Southeast Jacksonville or Southside is east of the St. Johns River and south of Beach Boulevard. West Jacksonville or Westside is west of the St. Johns River and south of Interstate 10. The Urban Core (Downtown Jacksonville) includes the banks of the narrowest part of the St. Johns River east of the Fuller Warren Bridge and extending roughly 4 miles north and east.
EMPLOYMENT
Jacksonville is North Florida’s employment hub with approximately 713,627 people employed. Government and business leaders are committed to economic growth aimed at maintaining Jacksonville’s exceptional business climate and its desirability as a professional location. Most of the county’s employment opportunities can be found in military, education & healthcare, professional & business services, government, and retail trade jobs. The largest single employer is Naval Air Station Jacksonville, which employs an estimated total of 25,000 military and civilian workers. Other major employers include leading healthcare and financial institutions including Baptist Health Systems, Blue Cross & Blue Shield, Mayo Clinic, Citibank, Bank of America, St. Vincent’s Health Systems, Shands Jacksonville, Wells Fargo and Bank of America/Merrill Lynch & Company.
EDUCATION
Jacksonville is home to Jacksonville University, the University of North Florida, Florida State College at Jacksonville, Edward Waters College, The Art Institute of Jacksonville, Florida Coastal School of Law, Trinity Baptist College, and Jones College. Public schools in Duval County are controlled by the Duval County School Board. The county is home to four of the nation’s best high schools Stanton College Preparatory School, Paxon School for Advanced Studies, Samuel W. Wolfson High School, Mandarin High School, and Douglas Anderson School of the Arts.
INDUSTRY
Jacksonville’s location on the St. Johns River and the Atlantic Ocean proved providential in the growth of the city and its industry. The largest city in the state, it is also the largest deepwater port in the south (as well as the second-largest port on the U.S. East coast) and a leading port in the U.S. for automobile imports, as well as the leading transportation and distribution hub in the state. However, the strength of the city’s economy lies in its broad diversification. While the area once had many thriving dairies such as Gustafson’s Farm and Skinner Dairy, this aspect of the economy has declined over time. The area’s economy is balanced among distribution, financial services, biomedical technology, consumer goods, information services, manufacturing, insurance and other industries .
Jacksonville is a rail, air, and highway focal point and a busy port of entry, with Jacksonville International Airport, ship repair yards and extensive freight-handling facilities. Lumber, phosphate, paper, cigars and wood pulp are the principal exports; automobiles and coffee are among imports. The city also has a large and diverse manufacturing base.
AREA OVERVIEW
distance to
9Downtown
Jacksonville
miles28St. Augustine
miles 64Gainesville
miles
118Orlando
miles
166Tampa
miles
166Tallahassee
miles
10
WAWA | JACKSONVILLE
DEMOGRAPHIC BRIEF
11920 CENTRAL PKWY
1 MILE 3 MILES 5 MILES
2017 Population - Current Year Estimate 6,845 73,078 196,054
2022 Population - Five Year Projection 7,173 78,192 209,991
2010 Population - Census 6,048 65,945 175,974
2000 Population - Census 4,706 45,490 138,200
2010-2017 Annual Population Growth Rate 1.72% 1.43% 1.50%
2017-2022 Annual Population Growth Rate 0.94% 1.36% 1.38%
2017 Households - Current Year Estimate 2,397 27,687 78,757
2022 Households - Five Year Projection 2,529 29,649 84,294
2010 Households - Census 2,059 25,041 70,987
2000 Households - Census 1,614 16,486 53,622
2010-2017 Annual Household Growth Rate 2.12% 1.40% 1.44%
2017-2022 Annual Household Growth Rate 1.08% 1.38% 1.37%
2017 Average Household Size 2.33 2.53 2.44
2017 Average Household Income $59,589 $79,145 $77,137
2022 Average Household Income $68,636 $91,410 $88,548
2017 Median Household Income $49,730 $57,704 $56,288
2022 Median Household Income $53,735 $65,986 $63,703
2017 Per Capita Income $23,937 $30,579 $31,295
2022 Per Capita Income $26,892 $35,134 $35,778
2017 Housing Units 2 ,662 29 ,528 85 ,138
2017 Vacant Housing Units 265 10.0% 1,841 6.2% 6,381 7.5%
2017 Occupied Housing Units 2,398 90.1% 27,687 93.8% 78,757 92.5%
2017 Owner Occupied Housing Units 816 30.7% 14,339 48.6% 41,760 49.0%
2017 Renter Occupied Housing Units 1,582 59.4% 13,348 45.2% 36,997 43.5%
2017 Population 25 and Over 3 ,695 47 ,303 131 ,756
HS and Associates Degrees 2,182 59.1% 25,861 54.7% 72,883 55.3%
Bachelor's Degree or Higher 1,232 33.3% 17,505 37.0% 48,519 36.8%
2017 Businesses 412 2,353 6,559
2017 Employees 8,052 36,220 102,158
©2018 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:287352
POPULAT ION
HOUSEHOLDS
HOUSEHOLD INCOME
HOUS ING UN ITS
EDUCAT ION
PLACE OF WORK
DEMOGRAPHIC BRIEF
11820 BEACH BLVD
NAME LATITUDE LONGITUDE
11820 BEACH BLVD 30.2865333049445 -81.5096161322632
©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:178144
AREA OVERVIEW
11
WAWA | JACKSONVILLE
AREA OVERVIEW
12
WAWA | JACKSONVILLE
AREA OVERVIEW
13
WAWA | JACKSONVILLE
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 750 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• #34 in Forbes Ranking of America’s Largest Private
Companies• Shadow Rated: BBB• 750 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
14
WAWA | JACKSONVILLE
CONFIDENTIAL MEMORANDUM & DISCLAIMER
Affiliated Business Disclosure
CBRE, Inc. operates within a global family of companies with many subsidiaries and 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, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).
Confidentiality Agreement
Your receipt of this Memorandum constitutes your acknowledgement that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc.
If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.
Disclaimer
This Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.
The Owner expressly reserves 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 at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.
MARK DRAZEKSenior Vice President Capital Markets | Net Lease Properties
+1 407 404 [email protected]
CBRE, Inc. | Licensed Real Estate Broker
RAY ROMANOFirst Vice President Capital Markets | Net Lease Properties
EXCLUSIVELY MARKETED BY
REPRESENTATIVE PHOTO
© 2018 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk.
CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners.