Parkland, FL Parkland Strip Center

7595-7599 North State Route 7
Lease Type NN+
Cap Rate 6.36%
Property Type Retail
Building Size 8,400 SF
NOI $355,950
Land Area 1.10 AC
Remaining Term 10 Years
Status Under Contract
Property Highlights

Affluent trade area: Parkland is an affluent city in Broward County, Florida located approximately 37 miles north of the major tourist destination of Miami. The city benefits from its inclusion in the Fort Lauderdale-Pompano Beach-Deerfield Beach MSA, which was home to more than 1.7 million people as of 2010. Over 288,000 people with an average household income of nearly $90,000 live within five miles of the Property.

Prominent location: The Property is a new shopping center construction outparcel near the signalized intersection of State Route 7/U.S. 441—a main north-south artery in South Florida—and Loxahatchee Road (66,900 VPD combined). This strip center is located near major national retailers including Publix, BJ’s Wholesale Club and Walmart.

Quality investment: The Property is 100 percent occupied to tenants on new, 10-year leases with built-in rent increases and options with minimal landlord responsibilities. No state income tax in Florida provides a low tax burden for the investor.

Strong barriers to entry: Parkland zoning laws are designed to protect the “park-like” character of the city. While Parkland’s features are predominantly residential, small portions of the city are zoned specifically for commercial and industrial development.

Parkland’s green, upscale community plan caters to the active lifestyles of residents, providing first-class leisure and cultural amenities like 8.5 miles of multipurpose trails, bike paths and sidewalks; a 7.5-acre equestrian center; the 20-acre Doris Davis Forman Wilderness Preserve; and numerous parks.