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67,241 SF TWO STORY RETAIL STORE 3.36 ACRES PLUS ONE ACRE EXCESS SARASOTA, FL
OFFERING PRICE: 13,000,000Lease Term: 15 years (matures March 31, 2021) with two, fiveyear
renewal options.
Lease Type: Absolute NNN. No Landlord responsibilities.
Annual Net Income: $816,673 ($12.15-psf). Rent increases by
2.50% every three years during the first nine years of the Lease
and every two years thereafter.
Strategically Located: Sarasota (population 666,670) is currently
one of the US top performing metro areas in terms of population,
employment and personal income growth.
Building: A 67,241-sf, freestanding, two-story, concrete block,
high-end retail furniture store constructed in stages from 1994 to
2000 and located on a 3.36-acre (146,362-sf) site.
Additionally
included in this transaction is a contiguous one-acre residential
parcel, considered to be excess land. The property, fully renovated
and expanded in 2000, has direct frontage to US Highway 41, a sixlane
major arterial that extends along Florida’s West Coast and
receives over 48,000 daily traffic counts at this location. Land uses
in the immediate neighborhood consist of a mixture of commercial
retail, high-end residential, office and institutional developments
along the major corridors. The 850,000-sf Sarasota Square Mall
center is located one mile North of the subject property. On-site
parking is available for 136 vehicles (2.02 per 1,000-sf) .
Tenant: Founded in 1915 and headquartered in Fort Myers, FL,
Robb & Stucky is a high-end furniture retailer operating 27 stores in
Florida, Arizona and Texas. The company is recognized nationally
as an industry leader and was recently named by House Beautiful
as one of the nation’s top five furniture and design firms. In addition
to top-line brand names, Robb & Stucky also markets its own
brand of furniture. The company is privately held and had annual
revenues in excess of $273MM during 2006.Lease Term: 15 years (matures March 31, 2021) with two, fiveyear
renewal options.
Lease Type: Absolute NNN. No Landlord responsibilities.
Annual Net Income: $816,673 ($12.15-psf). Rent increases by
2.50% every three years during the first nine years of the Lease
and every two years thereafter.
Strategically Located: Sarasota (population 666,670) is currently
one of the US top performing metro areas in terms of population,
employment and personal income growth.
Building: A 67,241-sf, freestanding, two-story, concrete block,
high-end retail furniture store constructed in stages from 1994 to
2000 and located on a 3.36-acre (146,362-sf) site.
Additionally
included in this transaction is a contiguous one-acre residential
parcel, considered to be excess land. The property, fully renovated
and expanded in 2000, has direct frontage to US Highway 41, a sixlane
major arterial that extends along Florida’s West Coast and
receives over 48,000 daily traffic counts at this location. Land uses
in the immediate neighborhood consist of a mixture of commercial
retail, high-end residential, office and institutional developments
along the major corridors. The 850,000-sf Sarasota Square Mall
center is located one mile North of the subject property. On-site
parking is available for 136 vehicles (2.02 per 1,000-sf) .
Tenant: Founded in 1915 and headquartered in Fort Myers, FL,
Robb & Stucky is a high-end furniture retailer operating 27 stores in
Florida, Arizona and Texas. The company is recognized nationally
as an industry leader and was recently named by House Beautiful
as one of the nation’s top five furniture and design firms. In addition
to top-line brand names, Robb & Stucky also markets its own
brand of furniture. The company is privately held and had annual
revenues in excess of $273MM during 2006.
Contact Phone Number: 702-882-8657
Contact E-mail address: jjarelldlgrealty@yahoo.com
Brokerage Name: DLG Realty & Investments
Submitted by: admin
Property ID Number: 90
Property ID Name: Robb and Stuckey Building
Added: Tue May 13 2008
