For Sale
$13,350,000

11249 Pines BlvdPembroke Pines, FL 33026

High-performing CITY Furniture sale-leaseback.

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a fee-simple interest in a 58,659-square-foot, single-tenant storefront occupied by CITY Furniture, a leading furniture retailer, located at 11249 Pines Blvd, Pembroke Pines, FL 33026. The property sits on a 5.43-acre lot and boasts a 15-year absolute NNN lease with a 2.0% annual rent increase and four 5-year renewal options, ensuring a stable, long-term income stream. The asking price is $13,350,000, representing a price per square foot of $227.59 and a 7.25% cap rate. The property features 4 parking spaces per 1,000 square feet and benefits from its prime location on Pines Blvd, a high-traffic retail corridor with significant visibility and proximity to other major retailers. Built in 1994 and renovated in 2016, this top-performing CITY Furniture location (within their top 5) is situated in a high-income demographic area with average household incomes exceeding $143,100 within a 5-mile radius. The property generates a Net Operating Income (NOI) of $967,870. This sale-leaseback transaction offers a passive, growing income stream backed by a strong, established tenant with a significant market presence in Florida. The current occupancy is 100%. This presents a compelling investment opportunity in a thriving South Florida market experiencing significant population growth.

Highlights

  • High-traffic Pines Blvd location in Pembroke Pines, adjacent to major retailers like Target and HomeGoods.
  • High-income demographic in Pembroke Pines, averaging $143,100 household income within a 5-mile radius.
  • 15-year absolute NNN lease with 2% annual rent escalations.
  • Top 5 performing CITY Furniture location out of 26 company stores.
  • CITY Furniture is a strong regional brand, ranked #20 in Furniture Today's Top 100.
  • Strong population in-migration to Florida continues.

Property Details for 11249 Pines Blvd

Property type
Retail properties, Retail space
Square Feet
58,659 SF
Year Built/Renovated
1994/2016
Lot Size (sq. ft)
236,531 SF

Location Insight

City
Pembroke Pines
County
Broward
State
Florida
Latitude
26.0094946
Longitude
-80.2970221
11249 Pines Blvd, Pembroke Pines, Florida

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11249 Pines Blvd
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