Multi-Tenant at the Monterra Commons Shoppes
Closed3500-3900 N. University Drive, Cooper City, FL 33024
Property type
Retail
Unit / Space count
1
Price
$8,750,000
Building size
12,120 sf
Rentable area
12,120 SF
Year built
2023
Year renovated
Occupancy
100%
APN
514104030092
Zoning code
PMUD
Lot size
0.29 Acres
Price per Unit
$8,750,000
Price per SF
$721.95
Property description
Franklin Street is pleased to present for sale The Shoppes at Monterra Commons South Parcel Building 2. This building is part of the newly constructed retail shopping center in Cooper City, Florida. This multi-tenant building features 12,120 GLA and sits on 5.3 acres of land which is managed and operated by The Shoppes at Monterra Commons. The building is occupied by four (4) national tenants which include Charley's Cheesesteak, Huey Magoos, Tide Cleaners, and Hair Cuttery, among others. The building neighbors two (2) single-tenant properties, a multi-tenant building with 10 bays, and a ground single tenant. The property is facing one of the busiest retail corridors in Broward, FL – N University Dr with over 44,000 cars traveling daily. The building is currently 100% occupied with long-term leases and; the average W.A.L.T. is 11.20 years. Each tenant in this building has options to extend their lease and the lease includes rental increases. Major national tenants in this center include First Watch Restaurant, Culver's Restaurant, 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
- Rare opportunity to purchase a newly constructed multi-tenant building in one of the fastest-growing areas of Broward County
- The offering is to acquire building 2 with 12,120 GLA of space at The Shoppes of Monterra Commons
- Major national tenants occupying this building include: Charley's Cheesesteak, Huey Magoos, Tide Cleaners, and Hair Cuttery, among others
- The property neighbors two (2) single-tenant buildings, one (1) ground lease, and one (1) multi-tenant building
- The shopping center is currently 100% occupied by a mix of nationally credited tenants and regional tenants
- Collectively 11.2 years of Weighted Average Lease Term (W.A.L.T.); current leases commence in Q4 of 2023 and Q1 2024
- Growth in return is in the scheduled rent increases and the renewal option periods which are already built into the lease(s)
- Neighboring national tenants include First Watch Restaurant, Culver's Restaurant, and The Learning Experience, among others
- 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