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Shopping Strip

Verizon | Men's Wearhouse

6670 Colonnade Ave, Melbourne, FL 32940

Listing Price: $4,300,000

Cap Rate
5.65%
Gross SF
7,642
Rentable SF
7,642
Price/Gross SF
$562.68
Lot Size
1.35 acres
Year Built
2006

Investment Overview

SHOPS AT AVENUE VIERA • The subject property is a 7,642 SF 2-tenant retail offering in a premier Florida market • The center is leased to Men’s Wearhouse & Verizon, original tenants who each recently extended their leases • The property features a brand new 2022 roof ($60K) with a 20-Year Warranty • Outparcel to The Avenue Viera, one of the premier shopping destinations in the country • The city of Melbourne is a superior coastal Florida location with population density & six-figure average incomes VERIZON • Verizon (34.57% of GLA) has been operating in this location since the property was built in 2006 • Verizon’s lease is guaranteed by ABC Phones of North Carolina • As one of the largest Verizon operators, ABC phones of North Carolina is a franchisee with over 950 locations, 550 employees, and generates $183.7M annually in sales • The tenant extended its lease for 5-Years in 2021, confirming its long-term commitment to the location MEN’S WEARHOUSE • Men’s Wearhouse (65.43% of GLA) has been operating in this location since the property was built in 2006 • Men’s Wearhouse lease is corporately guaranteed by Tailored Brands, Inc. • Tailored Brands, Inc. is an American retail holding company which owns and operates Men’s Wearhouse, Joseph A. Bank, Moore’s Clothing, and K&G • As of Fiscal year 2019, Tailored Brands generated annual revenue of $2.881B & had total assets of $2.419B • Tailored Brands leveraged Chapter 11 in 2020 to eliminate $686M in debt • The tenant recently extended its lease for 5-Years in 2022, confirming its long-term place in the company’s post-bankruptcy strategy PREMIER LOCATION IN MARKET • Center is located on the high traffic corridor of SR-95 (83,000 VPD) & Lake Andrew Drive (18,900 VPD) • The building is positioned at the entrance of The Avenue Viera, one of America’s top retail destinations • The Avenue Viera sees 4.6M annual visitors and ranks in the top 5% of shopping centers nationwide (Placer.ai) • 1.5M SF of retail in a 1-Mile Radius • Surrounding Retailers: Target, Walmart, Kohl’s, AMC, Old Navy, World Market, Michael’s, Bed Bath & Beyond, Lane Bryant, Chico’s, Belk, and many more MELBOURNE | AFFLUENT FLORIDA MARKET • Melbourne is a city located 72 miles southeast of Orlando in Brevard County & is the principal city of the Palm Bay-Melbourne–Titusville MSA • The city of Melbourne is positioned in the heart of the Space Coast, a region in Florida around the Kennedy Space Center and Cape Canaveral Space Force Station • All NASA-launched crewed spaceflights depart from either KSC or Cape Canaveral. • As the home to Kennedy Space Center Visitor Complex, US Space Walk of Fame, and the Air Force Space and Missile Museum, Florida’s Space Coast is a thriving hub of history, activity, and innovation that sees a significant amount of annual tourism • Melbourne, often named as the “Harbor City”, is also widely known for its 33 miles of untouched beaches along with its premier golf, fishing, boating, surfing, and camping • It is one of the most affluent suburbs along the eastern coast of Florida ($111,022 Avg. HHI) and a destination for families in Florida • Florida has no state income tax

Investment Highlights

  • Verizon Franchisee 950 Locations
  • Corporate Men's Wearhouse
  • Recent 5-Year Extensions
  • Located In Florida's Space Coast
  • Outparcel To Annual Viera 4.6M Annual Visitors
  • Affluent FL Market 5-Mile HHI: $111,022

Exclusively Listed By

Broker of Record

  • Ryan Nee

    Senior Vice President/ Division Manager

    (954) 245-3400

    License(s) FL: BK3154667

    Florida

Financing By

Shopping Strip

Verizon | Men's Wearhouse

Listing Price: $4,300,000

Cap Rate
5.65%
Gross SF
7,642
Rentable SF
7,642
Price/Gross SF
$562.68
Lot Size
1.35 acres
Year Built
2006

Investment Highlights

  • Verizon Franchisee 950 Locations
  • Corporate Men's Wearhouse
  • Recent 5-Year Extensions
  • Located In Florida's Space Coast
  • Outparcel To Annual Viera 4.6M Annual Visitors
  • Affluent FL Market 5-Mile HHI: $111,022

Investment Overview

SHOPS AT AVENUE VIERA • The subject property is a 7,642 SF 2-tenant retail offering in a premier Florida market • The center is leased to Men’s Wearhouse & Verizon, original tenants who each recently extended their leases • The property features a brand new 2022 roof ($60K) with a 20-Year Warranty • Outparcel to The Avenue Viera, one of the premier shopping destinations in the country • The city of Melbourne is a superior coastal Florida location with population density & six-figure average incomes VERIZON • Verizon (34.57% of GLA) has been operating in this location since the property was built in 2006 • Verizon’s lease is guaranteed by ABC Phones of North Carolina • As one of the largest Verizon operators, ABC phones of North Carolina is a franchisee with over 950 locations, 550 employees, and generates $183.7M annually in sales • The tenant extended its lease for 5-Years in 2021, confirming its long-term commitment to the location MEN’S WEARHOUSE • Men’s Wearhouse (65.43% of GLA) has been operating in this location since the property was built in 2006 • Men’s Wearhouse lease is corporately guaranteed by Tailored Brands, Inc. • Tailored Brands, Inc. is an American retail holding company which owns and operates Men’s Wearhouse, Joseph A. Bank, Moore’s Clothing, and K&G • As of Fiscal year 2019, Tailored Brands generated annual revenue of $2.881B & had total assets of $2.419B • Tailored Brands leveraged Chapter 11 in 2020 to eliminate $686M in debt • The tenant recently extended its lease for 5-Years in 2022, confirming its long-term place in the company’s post-bankruptcy strategy PREMIER LOCATION IN MARKET • Center is located on the high traffic corridor of SR-95 (83,000 VPD) & Lake Andrew Drive (18,900 VPD) • The building is positioned at the entrance of The Avenue Viera, one of America’s top retail destinations • The Avenue Viera sees 4.6M annual visitors and ranks in the top 5% of shopping centers nationwide (Placer.ai) • 1.5M SF of retail in a 1-Mile Radius • Surrounding Retailers: Target, Walmart, Kohl’s, AMC, Old Navy, World Market, Michael’s, Bed Bath & Beyond, Lane Bryant, Chico’s, Belk, and many more MELBOURNE | AFFLUENT FLORIDA MARKET • Melbourne is a city located 72 miles southeast of Orlando in Brevard County & is the principal city of the Palm Bay-Melbourne–Titusville MSA • The city of Melbourne is positioned in the heart of the Space Coast, a region in Florida around the Kennedy Space Center and Cape Canaveral Space Force Station • All NASA-launched crewed spaceflights depart from either KSC or Cape Canaveral. • As the home to Kennedy Space Center Visitor Complex, US Space Walk of Fame, and the Air Force Space and Missile Museum, Florida’s Space Coast is a thriving hub of history, activity, and innovation that sees a significant amount of annual tourism • Melbourne, often named as the “Harbor City”, is also widely known for its 33 miles of untouched beaches along with its premier golf, fishing, boating, surfing, and camping • It is one of the most affluent suburbs along the eastern coast of Florida ($111,022 Avg. HHI) and a destination for families in Florida • Florida has no state income tax

Exclusively Listed By

Broker of Record

  • Ryan Nee

    Senior Vice President/ Division Manager

    (954) 245-3400

    License(s): FL: BK3154667

    Florida

Financing By

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