Investment Details
  • Location Tamarac, Florida
  • Investment Type Equity 506(b)
  • Property Type Retail / Shopping Center
  • Distribution Schedule Monthly
  • Targeted Hold 7 - 10 Years
  • Targeted IRR 9.00 - 12.00%
  • Targeted Cash on Cash 6.00 - 7.00%
  • Total Transaction Size $30,035,000
  • Minimum Investment $10,000

Sunshine Plaza Tamarac, Florida

 Confidential Private Placement Memorandum - June, 2014

 This property is no longer open for investment. In the future, shares may appear on the exchange.

Photos

Publix Marshalls Old Time Pottery Krispy Kreme Rainbow Tree

About This Investment

Sunshine Plaza is a 237,113 SF shopping center located in southeast Florida, approximately 30 miles north of Miami, and is anchored by Publix, the eighth largest private company in America in 2013 according to Forbes.

Complementing Publix are Jr anchors Old Time Pottery, occupying 94,989 SF at a below market rent, and a new Marshalls in 27,720 SF. Publix, Old Time Pottery and Marshalls together comprise 58% of Year One Total Revenue. Other national tenants include Dollar Tree, Krispy Kreme, Wells Fargo and Rainbow Shops.

The property is located at the northwest corner of Commercial Boulevard and US 441 / SR 7, just east of the Florida Turnpike, and situated at an extremely dense and high traffic area with approximately 100,000 average daily passing vehicles and 179,108 people living in a 3 miles radius. The region has experienced steady population growth for over thirty years and is well known as an attractive vacation destination.

Highlights

  • Anchored by leading national grocer on long term lease
  • Upside through the releasing of a below market 94,989 SF Old Time Pottery space and 21 out of 28 tenants with scheduled base rent increases
  • Over 450,000 people with average household incomes of nearly $50,000 living in a 5 mile radius
  • Over 85% of Gross Leasable Area occupied by national tenants
  • Institutional quality asset over 98% occupied 

Drone Footage

Property Description

Property Description

Address 4161 W Commercial Blvd, Tamarac, FL 33319
Site Area 19.244 Acres
Year Built 1972
Total GLA 237,113 Square Feet
Parking Ratio 1,016 (4.3/1000 SF)
Foundation Concrete slab on grade
Structure Steel concrete supported on interior steel columns or exterior masonry
Utilities Landlord to make available ¾” water service lead and 4” PVC sanitary sewer service line
Electrical Landlord will supply on basis of 200 amps at 120/208 volts, subject to limitations of serving utility, and standard 110 volt wall duplex convenience outlets
Parking Areas Asphalt paved with minimal landscaped area
HVAC Per industry standards one ton per 300-400sf and system shall incorporate return air plenum

Property Aerial

sunshine-property-aerial

Site Plan

sunshine-site-plan

Major Tenant Profiles

Founded in Winter Haven, Florida in 1930, Publix Super Markets is the largest and fastest-growing employee-owned supermarket chain in the United States. By far the dominant grocer serving Florida, and among the ten largest-volume supermarket chains in the United States, Publix operates 1,046 supermarkets including 743 in Florida, 179 in Georgia, 45 in South Carolina, 49 in Alabama and 30 in Tennessee. Publix has eight distribution centers located throughout Florida, and one in Georgia. Publix also operated five convenience stores and 128 liquor stores. All liquor stores are in Florida. Four convenience stores are in Florida and one in Tennessee. Publix’s mission is to be the premier quality food retailer in the world. 2012 total revenue was $27.7 billion the company employed 158,000 people.

Old Time Pottery is a chain of about 30 stores in 10 states in the South and Midwest selling discounted, closeout and overstock housewares, silk flowers, framed art, linens, rugs, craft supplies, seasonal merchandise, and more. The company gets its inventory, which it displays in a warehouse-type setting, from the canceled orders and excess stock of manufactures. Founded in 1986, Old Time Pottery is controlled by the Peterson family.

Marshalls is a wholly-owned subsidiary of The TJX Companies which operates eight retail chains including the two largest off-price clothing retailers in the US: TJ Maxx and Marshalls. Marshalls offers a full line of shoes and a broader selection of menswear.  The retailer operates approximately 800 stores. NYSE listed TJX was founded in 1956 and achieves $26 billion in sales and has over 150,000 employees.

Currently ranked #397 in the Fortune 500, Dollar Tree Inc., operates more than 3,000 Dollar Tree, Deal$ and Dollar Bills discount stores in 48 states and about 85 Dollar Giant locations in four Canadian provinces. The stores carry a mix of house wares, toys, seasonal items, food, gifts and books – most priced at $1 or less. Founded in 1986 and headquartered in Chesapeake, VA, Dollar Tree Inc., trades on the NASDAQ under symbol DLTR and achieved 2012 sales of over $6 billion.

Investment

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Market

Demographic Data

  1 mile radius 3 mile radius 5 mile radius
2013 Estimated Population 13,526 179,108 453,674
2018 Projected Population 13,676 186,304 470,963
2010 Census Population 13,508 175,328 44,707
2000 Census Population 13,947 171,634 443,127
Growth 2010-2013 0.13% 2.16% 2.02%
Growth 2013-2018 1.11% 4.02% 3.81%
2013 Estimated Median Age  44.91  36.71 39.24
2013 Estimated Average Age  43.95  38.04 39.75
2013 Est. Average Household Size 2.45 2.61 2.53
2013 Estimate Households 5,434 68,459 178,418
2018 Projected Households 5,472 71,075 185,107
2010 Census Households 5,455 67,183 175,051
2000 Census Households 5,879 68,311 177,708
Growth 2010-2013 -0.37% 1.90% 1.92%
Growth 2013-2018 0.70% 3.82% 3.75%
2013 Est. Median Household Income $29,356 $35,504 $36,813
2018 Prj. Median Household Income $28,360 $34,326 $35,498
2000 Cen. Median Household Income $30,970 $34,060 $35,159
2013 Est. Average Household Income $39,806 $45,263 $48,799
2013 Estimated Per Capita Income $15,993 $17,300 $19,191
2013 Estimated Housing Units 6,589 82,415 210,229
2013 Estimated Occupied Units 5,434 68,459 178,418
2013 Estimated Vacant Units 1,154 13,956 31,810
2013 Est. Owner Occupied Units 4,092 41,536 114,441
2013 Est. Renter Occupied Units 1,342 26,923 63,978
2013 Est. Median Housing Value $105,772 $107,151 $116,330
2013 Est. Average Housing Value $121,577 $124,908 $136,290

Competitive Set

# Name Anchors SF
S Sunshine Plaza Publix, Old Time Pottery, Marshall's, Dollar Tree 237,113
1 Three Lakes Plaza Winn-Dixie 97,029
2 Reef Plaza Think Thrift, Save A Lot, Goodwill, Family Dollar 115,341
3 Lakes Mall Ross Dress for Less, Office Depot, Anna's Linens 238,835
4 Walmart Supercenter Wal-Mart N/A
5 Inverrary Falls Publix 46,588
6 Ft. Lauderdale Shopping Center Babies 'R Us, Staples 181,419
7 Universal Plaza SuperTarget (Shadow), CVS 49,505
8 Midway Plaza Publix, Ross Dress for Less, Petco 227,209
9 The Shoppes at Western Woods Publix 48,087
10 Shoppes of McNab Broward Meat & Fish 105,000
11 North Lauderdale Market Center Walmart 33,500
12 Cypress Lake Town Center Home Depot, Bealls Outlet, Publix 250,209

Competitive Map

sunshine-competitive-map

Sales Comparisons

Shopping Center Address Sale Date Sales Price Cap Rate Distance from Subject Anchor Tenants Total GLA Occupancy at Sale
5th & Alton Street 5th St & Alton Rd Miami Beach, FL Dec-12 N/A 5.47% 34 miles Publix, Best Buy, TJ Maxx 179,894 100%
Colonial Shopping Center 9510 SW 160th St Miami, FL Dec-12 $14,017,197 6.40% 50 miles Publix 67,351 96.4%
Coquina Plaza 15701 Sheridan St Southwest Ranches, FL Nov-13 $23,200,000  5.85% 19 miles Publix 91,120 98.5%
Meadow Square 4210 SW 152nd Ave Miami, FL Jun-13 $15,424,000  5.50% 44 miles Publix  75,526 95.0%
Plantation Town Square 6903-6989 West Broward Blvd Plantation, FL Dec-12 $34,800,000  5.60% 7 miles Publix 108,111 98.6%
Plaza Alegre 14630 SW 26th St 147th Ave Miami, FL Jun-13 $20,633,000  5.50% 43 miles Publix, Walgreens, Goodwill 91,611 95.0%
Sea Ranch Center 4701-4759 North Ocean Dr Sea Ranch Lakes, FL Apr-13 $18,000,000 6.00% 8 miles Publix, CVS 94,647 85.0%
South Dade Shopping Center 18403 S Dixie Highway Miami, FL Jan-13 $40,500,000 6.30% 52 miles Publix, Bed Bath & Beyond, Petco 219,412 92.0%
The Shoppes of Paradise Lakes 16760 SW 88th Street Miami, FL Nov-13 $13,450,000 6.12% 49 miles Publix 83,597 88.0%

Management

Katz Properties

Katz Properties, LLC is a real estate investment, development and management company primarily focused on the acquisition, operation and repositioning of grocery-anchored shopping centers. Established in Boston in 2003, the company has since expanded its footprint throughout the East Coast. Katz Properties engages in strategic acquisitions and sales and has formed partnerships with public REITs, private equity groups and family offices.


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