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Florida Blue - Sawgrass Mall 1970 Sawgrass Mills Cir 5,100 SF Office Building Fort Lauderdale, FL 33323 $10,023,125 CAD ($1,965.32 CAD/SF) 6.01% Cap Rate
INVESTMENT HIGHLIGHTS
- 5,100 SF of GLA on 0.97 acres of land - Outparcel to Sawgrass Mills Mall - one of the highest trafficked mall in South Florida
- Tenant exercised a three (3) year extension through 3/31/2029 with 3% annual increases
- Florida Blue Center with the highest traffic counts in the tri-county area per Placer.Ai, with approximately 48,000 visits annually
- Outstanding Credit behind an Absolute Triple Net Lease (NNN) with no landlord responsibilities
- Original lease term was 10 years with two (2)- three (3) year options, lease commenced in March 2011
- Across the street from Amerant Bank Arena - Home of The Florida Panthers. Building was originally a Build-to-suit for Florida Blue
EXECUTIVE SUMMARY
Franklin Street is pleased to present Florida Blue located at 1970 Sawgrass Mills Circle in Sunrise, FL. This single-tenant property has 5,100 sf of gross leasable area and is located on an outparcel to the eleventh largest mall in the United States, Sawgrass Mills Outlet Mall. The tenant Florida Blue, has an Absolute Triple Net Lease (NNN), and recently exercised a three (3) year extension with 3% annual rent increases. The original lease term was for 10 years commencing on March 1st, 2011 and had 1% annual rent increases.
The surrounding area boasts many national credit & notable tenants, including Best Buy, AT&T, Publix, and Sawgrass Mills with nearly 2.4 million SF with 350+ retail stores; 24 of which are anchored tenants. This Florida Blue location represents an ideal opportunity for an investor to pick up a well-located property with a strong credit tenant.
The surrounding area boasts many national credit & notable tenants, including Best Buy, AT&T, Publix, and Sawgrass Mills with nearly 2.4 million SF with 350+ retail stores; 24 of which are anchored tenants. This Florida Blue location represents an ideal opportunity for an investor to pick up a well-located property with a strong credit tenant.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Office
Building Size
5,100 SF
Building Class
B
Year Built
2011
Price
$10,023,125 CAD
Price Per SF
$1,965.32 CAD
Cap Rate
6.01%
NOI
$602,177 CAD
Tenancy
Single
Building Height
1 Story
Typical Floor Size
5,100 SF
Building FAR
0.12
Lot Size
0.97 AC
Zoning
B-3
Parking
18 Spaces (3.53 Spaces per 1,000 SF Leased)
AMENITIES
- Waterfront
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PROPERTY TAXES
| Parcel Number | 49-40-26-05-0261 | Improvements Assessment | $1,583,847 CAD |
| Land Assessment | $1,178,928 CAD | Total Assessment | $2,762,775 CAD |
PROPERTY TAXES
Parcel Number
49-40-26-05-0261
Land Assessment
$1,178,928 CAD
Improvements Assessment
$1,583,847 CAD
Total Assessment
$2,762,775 CAD
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Florida Blue - Sawgrass Mall | 1970 Sawgrass Mills Cir
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