Recently Sold: CVS Pharmacy in Plantation, FL

At the beginning of September 2021, Ground + Space announced the sale of a CVS Pharmacy property in Plantation, Florida. Michael Zimmerman exclusively marketed the property on behalf of the seller, which received multiple offers and was sold to an all-cash buyer. This asset produced a superior cap rate (thanks in part to its extremely high rent-to-sales ratio) and featured a seven-day closing period.

Prime CVS Pharmacy Retail Asset

This corporate-guaranteed STNL asset has been in place at this location since 1996. The tenant recently exercised its second five-year option, signaling CVS’s long-term commitment to this site. The property boasts a drive-thru pharmacy—a sought-after feature due to COVID-19—and a MinuteClinic. Two options remain on the current lease, and there are no landlord responsibilities for ease of ownership.

Situated at the signalized intersection of West Broward Boulevard and North Job Hill Road, this CVS Pharmacy is across from Hawks Landing, one of South Florida’s premier luxury communities. Visitors to the site are also minutes from Westside Regional Medical Center and Westfield Broward, a shopping center anchored by Macy’s and Dillard’s.

About Ground + Space

Ground + Space is a net lease brokerage firm that leads with an emphasis on personalized relationships. Michael Zimmerman and team have curated a brokerage firm and investment sales platform focused on boutique amenities and down-to-earth service. During these uncertain times, Ground + Space remains dedicated to providing best-in-class services and results to our clients. We have several listings available featuring retailers that are in a prime position to succeed in a post-pandemic economy. Contact us today to find out more!


Just Sold: Cheddar’s Scratch Kitchen in Tampa, FL

Ground + Space today announced the sale of a Cheddar’s Scratch Kitchen property in Tampa, Florida. Michael Zimmerman exclusively marketed the property, which received multiple offers and was finally sold to an all-cash 1031 buyer. Founded in 1979, Cheddar’s Scratch Kitchen is now owned by Darden Restaurants, Inc. (NYSE: DRI).

This property is a prime example of a stable, income-producing asset that requires no landlord maintenance. The Tire Choice’s Ground lease features a corporate guarantee, multiple five-year renewal options and scheduled rental increases. This asset is prominently positioned along North Dale Mabry Highway and benefits from extraordinary traffic counts in excess of 74,500 vehicles per day.

Cheddar’s Scratch Kitchen sits near numerous national retailers, including Outback Steakhouse, Barnes & Noble, Dunkin’, Starbucks and Carrabba’s Italian Grill. The property is also near the Publix-anchored Carrollwood Shopping Center. The area immediately surrounding the property is within the Greater Tampa Bay area and has seen population growth over the past decade of nearly 45 percent. The proximity of The Port of Tampa and Tampa International Airport make the area an easily accessible, popular destination in Florida for tourists and business visitors alike.

About Ground + Space

Ground + Space is a net lease brokerage firm that leads with an emphasis on personalized relationships. Michael Zimmerman and team have curated a brokerage firm and investment sales platform focused on boutique amenities and down-to-earth service. During these uncertain times, Ground + Space remains dedicated to providing best-in-class services and results to our clients. We have several listings available featuring retailers that are in a prime position to succeed in a post-pandemic economy. Contact us today to find out more!


Just Sold: Wawa in Vero Beach, FL

Ground + Space today announced the sale of a new Wawa property in Vero Beach, Florida. Michael Zimmerman exclusively marketed the property, which sold for the full asking price to an all-cash 1031 buyer. This listing garnered multiple offers thanks to the property’s strong corporate tenant and Wawa’s status as an essential retailer.

Wawa convenience stores are one of the most sought-after net lease investments on the market today. Wawa sites offer investors long-term security and no maintenance or management responsibilities thanks to a Ground lease structure. Wawa convenience stores are located on prime real estate, typically at hard corner locations with great visibility and ingress/egress. This particular Wawa location has full access via Old Dixie Highway and additional exposure on three main roadways. Although the area surrounding the property is mostly zoned for industrial use, visitors have easy access to Vero Beach Regional Airport and Disney’s popular Vero Beach Resort.

Situated along Florida’s Treasure Coast, this newly constructed Wawa sits within Indian River County, Florida’s seventh-richest county by per capita income. The average annual household income within just three miles of the site is nearly $85,000. Additionally, the area immediately surrounding this Wawa has seen a population boom, growing an average of around 18 percent within a five-mile radius over the past decade.

About Ground + Space

Ground + Space is a net lease brokerage firm that leads with an emphasis on personalized relationships. Michael Zimmerman and team have curated a brokerage firm and investment sales platform focused on boutique amenities and down-to-earth service. During these uncertain times, Ground + Space remains dedicated to providing best-in-class services and results to our clients. We have several listings available featuring retailers that are in a prime position to succeed in a post-pandemic economy. Contact us today to find out more!


Just Sold: SimonMed Imaging in Orlando, FL

Ground + Space announced today the sale of a SimonMed Imaging in Orlando, Florida. This property is a newly constructed 8,680-square-foot asset situated at a corner location off busy South Orange Avenue. Ground + Space Principal Michael Zimmerman exclusively marketed the property and represented the seller, a North Carolina-based real estate investment company. The property sold to a foreign investor for an attractive cap rate of 6.3 percent.

SimonMed Imaging is one of the largest medical outpatient medical imaging providers and physician radiology practices in the United States. With a history dating back over 30 years, SimonMed Imaging now boasts over 75 locations across the country. The corporate-guaranteed NNN lease offers ease of ownership with no landlord responsibilities. Additionally, the lease features two options to renew, along with scheduled rental increases throughout the base term and option periods. The service-based business yields an added security with an Internet-proof tenancy.

The property is ideally situated near the Sodo Orlando development, which has transformed a former industrial block into a thriving activity center with marquee retailers, luxury apartments, office space and restaurants. In addition, the site is near three major malls—including the Mall at Millenia—that report sales of over $1,000 per square foot. SimonMed Imaging benefits from daily traffic counts in excess of 36,429 and an area daytime population of more than 1.2 million people. Visitors to the SimonMed Imaging site have easy access to Florida’s Turnpike and Interstate 4, along with all the many world-renowned tourist locations in and around Orlando.

About Ground + Space

Ground + Space is a net lease brokerage firm that leads with an emphasis on personalized relationships. Michael Zimmerman and team have curated a brokerage firm and investment sales platform focused on boutique amenities and down-to-earth service. Ground + Space is rooted in more than 20 years of experience aimed at providing the best data, relationships and success rates in the business. Interested in commercial real estate investment? Contact us today to find out more about our current listings!