2871 North Federal Highway, Fort Lauderdale, FL
CAP Rate: 5.10%*
Guarantee: Lowe's Companies Inc.
Initial Term: 10 YEARS
Annual Rent: $846,450*
Options: Four, 5 Yearn
Increases: 15% Every Five Years and at Options
*Average over initial term
The subject offering is a fee simple interest in an absolute NNN leased Orchard Supply Hardware a wholly owned subsidiary of Lowe’s Companies Inc. The 10 year absolute net lease calls for zero landlord obligations. The tenant has four 5 year options to renew. There are also 15% increases every 5 years, including in the Initial Term. The subject property is a trophy Fort Lauderdale location along Federal Highway. The property benefits from nearby retailers which include Target, Publix, TJ Maxx, and Bed Bath & Beyond.
Fort Lauderdale is a city in the U.S. state of Florida, 28 miles (45 km) north of Miami. It is the county seat of Broward County. As of the 2010 census, the city had a population of 165,521. It is a principal city of the Miami metropolitan area, which was home to an estimated 6,012,331 people at the 2015 census.