Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a high-quality, two-tenant retail asset located at 850-854 West Cypress Creek Road in Fort Lauderdale, FL. Developed in 2017, the property features 4,610 square feet of gross leasable area (GLA) and is situated on 1.08 acres of land with excellent visibility and access. The property is currently occupied by Starbucks, the world’s largest coffeehouse chain. Starbucks recently renewed their lease early & has completed a renovation of their space, spending over $800,000. Its lease includes 10% rental increases every five years during the base term and renewal options. The second bay, previously occupied by Taco Real, is currently vacant and is being marketed for lease. It consists of 2,500 GLA W/ an extra 500+- SF of outdoor dining area. Underwriting assumes a pro-forma tenant signing a new NNN lease at $50 per square foot, consistent with current market rent for high quality, 2-tenant retail centers. Located in the heart of Fort Lauderdale, a city renowned for its beaches, boating canals, and thriving tourism industry, this property benefits from strong demographics and sustained consumer demand. Nearby attractions include the International Swimming Hall of Fame, Hugh Taylor Birch State Park, and the luxury retail corridor along A1A, contributing to the area’s high foot traffic and visibility. Starbucks, with over 33,000 stores globally and more than 15,000 in the United States, is a market-dominant tenant known for premium products and reliable foot traffic. The availability of the second bay presents a value-add opportunity for investors to stabilize the asset and increase income potential through lease-up at attractive market rents.