Located in Margate, Florida, these are two freestanding, single-tenant buildings that are presently leased to CVS and Clutch Coffee Bar. The location is part of the Miami-Fort Lauderdale-Pompano Beach Metropolitan Statistical Area. The property leased to CVS is a fee simple lease, backed by CVS Corporate. The lease agreement has more than five years remaining on the base term, including a ten percent increase in rent every five years on the four, five-year option periods. The property is being offered at 6.20 percent CAP Rate and has zero landlord responsibilities.
The CVS property has a built-up area of 17,444 sq.ft., with ample parking, and sits on a huge 1.71-acre parcel of land. On the other hand, Clutch Coffee building has a 938 sq.ft., space, and sits on a 0.4-acre of land. Located at the signalized, hard corner of Coconut Creek Parkway and US-441 S, CVS receives a traffic count of 83,710 vehicles per day. Clutch Coffee Bar is situated adjacent to the Coconut Creek Parkway and sees a traffic count of 29,123 vehicles per day. The immediate area within a five-mile radius has a population of 400,305 residents with an average annual household income of $70,416.
Coconut Creek Plaza (235,838 square feet) anchored by Publix, Big Lots, Planet Fitness, and Pet Supplies PLUS is within less than one mile to the west of the property. Lakewood Mall (363,488 square feet) anchored by a Walmart Supercenter, Marshalls, Ross Dress For Less, Harbor Freight Tools, and dd’s Discounts falls in the south. Several national and regional retailers are also present in the immediate area, including Chase, Denny’s, Burger King, McDonald’s, Applebee’s, and TD Bank.
Both investment properties are suitable for a 1031 exchange.
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