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Jones Lang LaSalle (JLL) Net Lease Advisory is pleased to exclusively offer a premier net lease opportunity to acquire a single tenant IHOP strategically located at 7450 NW 186th Street in the high density market of Miami Gardens, Florida, in north-central Miami-Dade County. The property sits on a heavily trafficked thoroughfare with over 80,200 VPD, and connects to the I-75 interchange one and a half miles away. The North Pointe Community Center and the excellently maintained Country Club of Miami are located directly across the street from the property, as it backs up to the Country Club Middle School, and surrounded by over 140,000 homes in a 5-mile radius.
Some economic drivers for this asset include several nearby development projects underway, including construction on a world class indoor training facility for the NFL’s Miami Dolphins and their staff. The facility will feature an air-conditioned indoor practice field, two exterior practice fields, and a 125,000-sf support building. St. Thomas University is also expanding its campus to include the construction of a new 37,000 sf School of Business. The property will also benefit from the imminent groundbreaking of several housing developments; Vista Lago a mixed density residential development, Villages of Miami Gardens a 51 town home project, and Hiram Village a proposed multifamily townhome development. Other area retail developments in the works include, Pollo Tropical, Valvoline. 7-Eleven, self-storage, and an African culture museum. This trade area is constantly evolving and growing, which will continue to provide a consistently appreciation in value for the subject IHOP.
· IHOP has been operating at this location since 1998 and exercised their fourth option in 2018, showing a strong commitment to the site
· Historical sales at this location are $2,000,000 annually (+/-), making it a strong performing store
· One, five-year renewal option remaining – providing landlord with future flexibility
· This location benefits from Annual Rent based on six percent of the Gross Annual Sales
· Long-term, triple net (NNN) lease with 3 years of term remaining
· Largest IHOP franchisee with over 150 restaurants throughout Florida and Southern Georgia