Miller's Ale House | 5851 State Rte 100
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Miller's Ale House 5851 State Rte 100
7,202 SF Retail Building Palm Coast, FL 32164 £4,979,512 (£691/SF) 5.50% Net Initial Yield
Investment Highlights
- New 2024 construction
- Absolute NNN lease – No landlord management obligations
- Miller's Ale House is owned by Roark Capital, an Atlanta-based private equity firm with $38 billion in assets under management
- Corporately guaranteed, long-term 15-year lease
- Rare 2% annual rent increases starting year 2 throughout initial term and renewal options
- NO STATE INCOME TAX, Florida is the Highest Net Domestic Migration/Growth State in the U.S.
Executive Summary
CBRE is pleased to present an opportunity to acquire a newly developed 15-year corporate Miller’s Ale House located at the entrance to Cornerstone at Seminole Woods, a new 31-acre retail center anchored by BJ’s Wholesale Club on State Highway 100, just off Interstate 95, in the high-growth Florida market of Palm Coast. Chase Bank, Longhorn Steakhouse, and Chick-fil-A will also be part of this new retail center.
This development is situated in the primary retail corridor of Palm Coast, contributing to the significant expansion along State Highway 100, where nearly every national retailer either has a presence or plans to establish one due to the area’s rapid population growth. The location is further enhanced by its proximity to Advent Health’s Palm Coast Hospital, Flagler Palm Coast High School, and the 2,050-acre master-planned community of Town Center, which is home to numerous new multifamily and single-family developments.
According to the U.S. Census Bureau, Palm Coast is the fifth fastest-growing city in Florida, which has been the fastest-growing state in the country in recent years. Palm Coast is now the most populous city in the Volusia-Flagler region, according to researchers from the University of Florida, and is expected to continue growing rapidly over the next decade.
Miller’s Ale House currently has 112 locations across the United States. In 2022 their annual revenue increased by 22.7% to $522 million.
This development is situated in the primary retail corridor of Palm Coast, contributing to the significant expansion along State Highway 100, where nearly every national retailer either has a presence or plans to establish one due to the area’s rapid population growth. The location is further enhanced by its proximity to Advent Health’s Palm Coast Hospital, Flagler Palm Coast High School, and the 2,050-acre master-planned community of Town Center, which is home to numerous new multifamily and single-family developments.
According to the U.S. Census Bureau, Palm Coast is the fifth fastest-growing city in Florida, which has been the fastest-growing state in the country in recent years. Palm Coast is now the most populous city in the Volusia-Flagler region, according to researchers from the University of Florida, and is expected to continue growing rapidly over the next decade.
Miller’s Ale House currently has 112 locations across the United States. In 2022 their annual revenue increased by 22.7% to $522 million.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
7,202 SF
Building Class
B
Year Built
2024
Price
£4,979,512
Price Per SF
£691
Net Initial Yield
5.50%
NOI
£273,858
Tenancy
Single
Number of Floors
1
Building FAR
0.11
Lot Size
1.53 AC
Zoning
C-2
Parking
116 Spaces (16.11 Spaces per 1,000 SF Leased)
Frontage
214 ft on State Route 100
Amenities
- 24 Hour Access
- Restaurant
- Security System
- Signage
- Accent Lighting
- Air Conditioning
- Smoke Detector
MAJOR TENANTS
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
- Miller's Ale House
- -
- 7,202 SF
- -
- NNN
- Jul 2039
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease Type | Lease End | |
| Miller's Ale House | - | 7,202 SF | - | NNN | Jul 2039 |
Nearby Major Retailers
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | £0 | |
| Land Assessment | £425,330 | Total Assessment | £817,842 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
£425,330
Improvements Assessment
£0
Total Assessment
£817,842
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Miller's Ale House | 5851 State Rte 100
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