Overview
Franklin Street is pleased to present Florida Blue located at 1970 Sawgrass Mills Circle in Sunrise, FL. This single-tenant property has 5,100 sf of gross leasable area and is located on an outparcel to the eleventh largest mall in the United States, Sawgrass Mills Outlet Mall. The tenant Florida Blue, has an Absolute Triple Net Lease (NNN), and recently exercised a three (3) year extension with 3% annual rent increases. The original lease term was for 10 years commencing on March 1st, 2011 and had one (1%) percent annual rent increases. The surrounding area boasts many national credit & notable tenants, including Best Buy, AT&T, Publix, and Sawgrass Mills with nearly 2.4 million SF with 350+ retail stores; 24 of which are anchored tenants. This Florida Blue location represents an ideal opportunity for an investor to pick up a well-located property with a strong credit tenant.
Investment Highlights
- 5,100 SF of GLA on 0.97 acres of land
- Outstanding credit and Corporate Guarantee from Florida Blue, Largest Health Insurance Provider in the State.
- Absolute Triple Net Lease (NNN) with Zero landlord responsibilities
- Outparcel to the Sawgrass Mills Mall Campus, the largest outlet mall in the U.S., the 11th largest mall in the U.S., and the 2nd largest in Florida
- Tenant just exercised a brand new Three (3) Year Lease Extension
- Originally a Build-to-Suit for Florida Blue, in March 2011
- Three (3%) Percent annual rent increases.
- Florida Blue Center with the highest traffic counts in the tri-county area per Placer. Ai, with approximately 46,000 visits annually
- Within 2 miles of the Sawgrass Expressway, which connects to I-75 to the south and the Turnpike to the north
- 70+ locations within Florida
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