Nationally Recognized Camping World Brand – The property is leased to Emerald Coast RV Centers, LLC, an indirect wholly-owned subsidiary of Camping World Holdings, Inc. Camping World is a nationally recognized brand which operates the largest network of retail RV sales centers in the United States, with 120 locations in 36 states, including 14 locations in Florida.
Attractive Net Lease Structure with Strong Rent Growth – The long-term net lease features 15+ years of remaining cash flow with three (3) five-year base rental adjustments occurring November 2018, November 2023 & November 2028 by a CPI increase not to exceed 12%. In addition, there are three (3) five-year options to renew at a CPI increase not to exceed 10%.
Premier RV Retail Location – The subject property is located adjacent to the interchange of Luckett Road and Interstate 75, a major interstate highway running from Miami to the Upper Peninsula of Michigan, and benefits from over 1,100 feet of prime freeway visibility. In addition, the subject property serves as Camping World’s southern-most retail sales and service center in Florida; the next-closest Camping World retail location is over 85 miles away.
Successful Operating History – Commitment to Site – Camping World has successfully operated its regional RV sales, service and collision business at this location since it acquired the former operator, Mark’s RV & Boat Sales, in 2008. In 2013, the property underwent an estimated $2.5 million renovation, expending an approximately 13,000 square feet to include additional service bays and other tenant-specific improvements.
Robust Demographics – Within a 30-mile radius of the subject property, the surrounding population of nearly 940,000 has a median age of 48.3 and a median household income of nearly $75,000 – historically reflective of the RV industry’s leading customer demographic.
National Trends Support Booming RV Ownership – According to the Recreation Vehicle Industry Association (RVIA), RV ownership in the United States has reached record levels with more than nine million households now owning an RV – the highest level ever recorded – which is a 16% increase since 2001 and a 64% gain since 1980.