Brightline Parking Garage Sale-Leaseback - Fort Lauderdale, FL

300 Southwest 2nd Street, Fort Lauderdale, FL, 33312, US

Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer for sale the fee-simple interest in the single-tenant Brightline Trains Florida LLC (“Brightline,” “Company,” or “Tenant”) parking garage located at 300 NW 2nd Street in Fort Lauderdale, FL. The 1.0-acre Property will be long-term leased via sale-leaseback to Brightline (S&P: BB+), the only privately-owned and operated intercity passenger railroad in the United States. The Tenant, headquartered in Miami, FL, experienced its first full year of operations in 2024, successfully carrying over 2.8 million passengers. Today, Brightline operates a 235-mile high-speed rail system linking key Florida destinations and continues to ramp-up to stabilization with profitability expected to significantly increase in the years to come.

Upon close of this transaction, Brightline will commit to a 25-year absolute NNN lease with 3.00% 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

NOI

THB 49,101,000

WAULT

25 years

Building area net

20,272 m²

Occupancy

100%

Year built

2017

Media

Investment Highlights

Brightline is the only private, inter-city passenger railroad in the entire United States
The Property, located in the heart of downtown Fort Lauderdale, is a critical amenity for Brightline riders
The 1.0-acre lot has strong intrinsic land value and remains in the pathway of major nearby development (1.1+ MSF of new projects recently completed or underway)
Favorable yield premium compared to 25-year duration BB+ bonds
Excellent guarantor with a favorable BB+ credit rating from S&P
Property is straddled by the busiest junctions in Fort Lauderdale, bringing over 350,000+ VPD