City Furniture SLB - Pembroke Pines, FL_Property for Sale
City Furniture SLB - Pembroke Pines, FL_Property for Sale
11249 Pines Boulevard, Pembroke Pines, FL, 33026, US

City Furniture SLB - Pembroke Pines, FL

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer for sale the fee-simple interest in the single-tenant CITY Furniture retail showroom located at 11249 Pines Blvd, Pembroke Pines, FL (the “Property” or “Asset”). The Property will be long-term leased via sale-leaseback to CITY Furniture, a prominent furniture retailer with a strong and growing presence throughout Florida.

 

Upon close of this transaction, CITY Furniture, Inc. (the “Tenant”) will commit to a 15-year absolute NNN lease with 2.00% annual contractual rent escalations and four x 5-year renewal options – creating a completely passive, growing, long-term income stream for the landlord.

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Attributes

Asking price
CHF 11,730,000
Cap rate
7.25%
NOI
CHF 851,000
WALT
15 years
Building area gross
5,450 m²
Year built
1994
Year renovated
2016
Land area gross
2.2 ha

Media

Investment Highlights

  • EXCELLENT LOCATION ALONG PINES BLVD: Situated on Pines Blvd, Pembroke Pines' busiest retail corridor with 74,200 VPD at the intersection and adjacency to many blue-chip retailers including Target, HomeGoods, JOANN Fabrics, Restoration Hardware, Havertys Furniture, Hobby Lobby, the Pembroke Lakes Mall, amongst others. 


  • IDEAL RETAIL DESTINATION IN SOUTH FLORIDA: Pembroke Pines features a high-income demographic, with average household incomes of $143,100 within a 5-mile radius, which aligns well with CITY Furniture's target consumer profile. 


  • FAVORABLE LEASE ECONOMICS: Upon close of this transaction, the Tenant will commit to a 15-year absolute NNN lease with rare 2.00% annual contractual rent escalations – creating a completely passive, growing, long-term income stream for the landlord from a committed tenant.


  • TOP PERFORMING LOCATION: Per Placer.ai, this showroom is one of CITY Furniture's top 5 performing locations when compared to all of its 26 retail locations, representative of the Tenant's long-term commitment to this site.


  • STRONG BRAND RECOGNITION ONLINE AND IN FLORIDA: With 26 showrooms and strong online presence, CITY Furniture has created a competitive advantage amongst regional competitors, resulting in being named #20 in Furniture Today’s Top 100 U.S. Furniture Stores 2024 Edition and the 13th Top Place to Work in South Florida by Top Workplaces.


  • IN-MIGRATION TO FLORIDA PERSISTS: In 2023, Florida had the second highest net migration of any U.S. state and welcomed 940,000 residents. 
City Furniture SLB - Pembroke Pines, FL 4_Property for Sale

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Last updated
14 Nov 2024