Culver's - The Shoppes at Monterra Plaza
Closed3700 N University Dr, Cooper City, FL 33024
Property type
Retail
Unit / Space count
1
Price
$2,700,000
Building size
4,300 sf
Rentable area
4,300 SF
Year built
2023
Year renovated
Occupancy
100%
APN
514104030093
Zoning code
MPUD
Lot size
0.43 Acres
Price per Unit
$2,700,000
Price per SF
$627.91
Property description
Franklin Street Investment Services is pleased to present the newly constructed Culver's Restaurant in Cooper City, FL. This investment offering is an opportunity to acquire the ground lease leasehold interest. The property sits on 5.3 acres of land that is managed and operated by The Shoppes at Monterra Commons. This is a brand-new construction with the tenant recently commencing its lease in Q3 of 2023. The tenant Culver's has an Absolute Triple Net Ground Lease (NNN) with no landlord responsibility. Culver's brand new lease is for 15 years and includes four (4) x five (5) year options with 10% increases once every five (5) years including the option periods. Culver's is a nationally credited tenant with 900+ locations within 25 states and generates about $3.2 billion in revenue (2022). The Culver's restaurant will be neighboring major national tenants in this center including Bright Star Credit Union Headquarters, Huey Magoos, Cali Coffee, and The Learning Experience, among others. The property borders the west side of N University Dr and south of Stirling Rd with strong demographics. This high-affluent area with an average of $99,749 household income within a 1-mile radius of the site, proves the trade area is poised for great shopping experiences, dining, and modes of entertainment. The Shoppes at Monterra Commons is surrounded by national tenants including Publix Supermarket, ALDI's supermarket, Home Depot, and Walgreens, amongst many others. Moreover, approved projects are being built directly next to the property with hundreds of multifamily units as well as newly constructed hospitals - Memorial Hospital Pembroke (486 Beds) to the south and a new NSU/HCA Teaching Hospital (200 Beds) to the north.
Property highlights
- Culver's- National credited tenant generating $3.2 billion in revenue (2022) with 900+ within 25 states
- Absolute Triple Net Ground Lease (NNN)
- Brand new construction sitting on 5.3 acres of land that is managed and operated by The Shoppes at Monterra Commons
- Neighboring nationally credited tenants include Bright Star Credit Union Headquarters, Huey Magoos, Cali Coffee, and The Learning Experience, among others
- The lease term is for 15 years with four (4) x five (5) year options, lease commenced in Q3 of 2023
- 10% rent increases once every five (5) years including the option periods
- This location has generated an estimated 6,200 visitors since its commencement date according to Placer.ai.
- The site has excellent exposure and frontage on N University Drive – totaling traffic counts exceeding 44,000 vehicles per day
- Strong demographics – estimated average household income of $99,749 and the average house value is $409,078 all within a 1-mile radius of the subject property
- Development projects directly surrounding the site include several hundred apartment units as well as a newly constructed Memorial Hospital Pembroke
- Adjacent and surrounding national tenants including Publix Supermarket, ALDI's Supermarket, and Home Depot, among others
- Minutes from Florida's Turnpike and the world-renowned Hard Rock Hotel and Casino