Investment Offering
Sarasota, FL - Cooper's Hawk Winery
6601 Fruitville Road | Sarasota, FL 34240
$7,905,000
Price5.25%
Cap Rate$415,000
NOI12,000
± SF Offering GLADescription
SRS National Net Lease Group is pleased to present the opportunity to acquire the fee simple, land condominium interest in a NNN leased, freestanding, newly constructed, Cooper’s Hawk Winery & Restaurant investment property located in Sarasota, FL. The tenant, Cooper’s Hawk Sarasota, LLC, recently signed a brand new 15-year lease with 3 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, growing NOI and hedging against inflation. The lease is NNN in nature with Tenant reimbursing for Taxes, CAM, and Insurance. There is a cap on first year Tax and CAM charges, not to increase by more than 3% over the immediately preceding year. In addition, the property is part of a Condominium Association, an entity responsible for the operation of the Condominium known as Fruitville Commons Land Condominium Association, Inc. The future owner of this offering will have legal title to their “Unit” or part of the condominium property that is subject to exclusive ownership but required to contribute a share of funds needed for the payment of common expenses in the shopping center, subject to tenant reimbursement.
Location
The subject property is newly constructed, and is part of a larger mixed-use retail and residential project known as Fruitville Commons. In all, the project is expected to have 160,000 SF of commercial space, 240 hotel rooms, 105,000 SF of self-storage, and 300 luxury apartments. Cooper’s Hawk is strategically located at the corner of Fruitville Road and Colburn Road, one of the primary entrance points to the master-planned development, providing excellent visibility and increasing exposure for the restaurant. Identified as a prime location for development for over a decade, the asset is adjacent to the on/off ramps of Interstate 75, the main north/south freeway traveling along the west coast of Florida, through Tampa with over 119,000 vehicles passing by each day. Fruitville Road, also known as State Highway 780, is a busy east/west retail thoroughfare serving the city of Sarasota boasting notable national/credit tenants such as Sam’s Club, Lowe’s Home Improvement, Target, Publix, Winn-Dixie, Dollar Tree, Office Depot, and more, increasing consumer traffic to the immediate trade area. Moreover, Cooper’s Hawk is adjacent to Southwood Village, another development which is part of the Fruitville Initiative consisting of an additional 100,000 SF of retail space and 364 upscale multifamily residential units. Cooper’s Hawk is not only poised to capture demand from the nearby developments but also the growth of Lakewood Ranch, a 31,000-acre master planned community (over 36x the size of NYC Central Park) just north of the subject property boasting over 14,700 homes. The 5-mile trade area is supported by a dense population of nearly 129,000 residents with a healthy average household income of almost $90,000.
Documents & Links
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 Offering Memorandum |  |  |