Located in Boca Raton, Florida, this Burlington Coat Factory has around eight years remaining on the initial term of the net lease with four options of 5 years each. The property has a built-up area of 42,602 sq.ft and sits on a massive2.56-acre parcel of land. It is situated at the major lighted intersection and receives more than 85,000 vehicles every day. The local neighborhood is thriving, with an average annual household income of more than $113,000. Several national and local retailers are located at the intersection, including PetSmart, Publix, LA Fitness, Best Buy, Walgreens, Stein Mart, Bank of America, Chase Bank, McDonald’s, Panera Bread, IHOP, and Regal Shadowood Movie Theaters. This Burlington Coat Factory is a single-tenant asset with little-to-no landlord responsibilities. The tenant is responsible for paying real estate taxes, insurance fees, and all common area maintenance fees, leaving
roof and structure maintenance fees. This property, along with two attached neighbors, are managed by the same company, which handles all maintenance, repairs, and contract items. Each property is liable to pay its pro-rata share of the overall expenses, which is covered by Burlington. This property is responsible for 39.17% (pro-rata share) of the total fee charged by the management company. In 2019, this property paid a management fee of around $4,200, which was not reimbursed by the tenant.
This investment property is suitable for a 1031 exchange.
Property Details –