17470 Ben Hill Griffin Parkway|Fort Myers, FL
Vice President Investments
Senior Investment Advisor
Blended Cap Rate of 6.61% During the Base Term of the Lease
Absolute Triple-Net Leased PDQ – No Landlord Responsibilities
Corporate Guarantee from Captiva MVP Restaurant Partners, LLC
Perfectly Positioned at Entrance to 1,900,000-Square-Foot Gulf Coast Town Center
The Fort Myers-Cape Coral Market is Among the Fastest Growing in the Nation
One of the Fastest Growing Restaurant Concepts in the Country – 73 Locations
Marcus & Millichap is pleased to present this absolute triple-net leased PDQ in Fort Myers, Florida. PDQ has six years remaining on a corporate guaranteed lease with eight five-year option periods. The base rent increases by $12,000 every five years during the base term of the lease and through the option periods.
The subject property is an outparcel to the Gulf Coast Town Center-- a 1,900,000-square-foot power center featuring national tenants such as Costco Wholesale, Regal 16 Cinemas, LA Fitness, Bass Pro Shops, JC Penney, Dick’s Sporting Goods, Marshalls, Best Buy, Ron Jon Surf Shop, and many more. Gulf Coast Town Center has been considered the commercial heartbeat of Fort Myers for over a decade, and has massive signage on Interstate 75 that’s impossible to miss. The property is one of many national restaurant chains outside the Town Center, including Panera Bread, Tijuana Flats, Olive Garden, Chili’s, Longhorn Steakhouse, Cheddar’s, Culvers, Pollo Tropical, and McDonald’s. There are also six hotels within one-eighth mile of the subject property totaling 896 rooms, providing the property with heavy foot traffic.
This property benefits from being positioned along the route to and from Southwest Florida International Airport. The airport handled over 9.4 million passengers in 2018 and is on track to reach ten million this year, making it one of the top 50 United States airports for passenger traffic. The property receives exposure from over 32,000 cars per day on Ben Hill Griffin Parkway. The subject property is also located just one and one-half miles from Florida Gulf Coast University which has over 22,000 students enrolled and 5,000 faculty and staff. In addition to Florida Gulf Coast University, there are numerous master planned communities and developments surrounding the subject property. These include Wild Blue, Centerplace, Westbrook, and Esplanade Lake Club totaling over 7,000 homes with over 1,000 homes starting at $1 million. There is a population of over 114,000 people with an average household income of over $96,000 within a seven-mile radius of the subject property, which are ideal trade demographics for PDQ. Due to the highly favorable trade demographics, the high growth orientation of the tenant, and the property’s positioning at the Gulf Coast Town Center, this PDQ location is poised for long term success and future appreciation.
The Fort Myers market is a popular tourist destination and receives over 1.8 million visitors each year. Fort Myers is also a significant second-home market partly due to its convenient proximity to major cities, such as Miami and Tampa, which are both less than two hours away. Fort Myers is located in Lee County, which has a current population of over 700,000 full time residents. World-class fishing, award winning beaches, no state income taxes, and year-round beautiful weather are attracting new residents and visitors to this area at record breaking pace.