Net leased West Marine mega Flagship Store $13M
- Property Name: West Marine mega Flagship
- Address: 2401 S. Andrews Ave, Fort Lauderdale, FL
- Building Size: 50,000 sq.ft.
- Lot Size: 4.37 Acres
- Lease type: Net Lease Investment with 10+ years left on lease
- # of tenants: 1
- Price / sq.ft.: $260/sq.ft.
- Occupancy: 100%
- Year Built: 2011
- NOI: $961,500
- Cap Rate: 7.4%
- Price: $13M
Highlights
West Marine is the market leader in the boating supply industry and Ft. Lauderdale is the epicenter for U.S. Yachting a perfect combination. The subject property serves as a relocation of an existing and established West Marine Store (currently #1 sales volume store in the chain) located just ¼ mile east of the new mega flagship store. The property was designed and built to exacting standards for West Marine and is under a new 15 year initial term NN lease with fixed rental increases throughout the initial term and options. The tenant is responsible for all management of the property with the only landlord requirements being roof/structure and partial HVAC, all of which include warranties and have also been taken into consideration in the pricing via a reserve for capital items.
