Asking Price
NOI Net Operating Income
Cap Rate
Asking Price
NOI Net Operating Income
Cap Rate

Documents

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Key Facts

Year Built 2008
Building Area
Land Area ()

Property Description

JLL Capital Markets (“JLL”) is pleased to exclusively offer the opportunity to acquire Southgate Center North,  a 21,478 square foot retail center located in the rapidly growing Tampa MSA and shadow-anchored by Publix. Southgate Center North is com-prised of three buildings, an 8,036 square foot multi-tenant building, a 5,300 square foot freestanding building occupied by OneBlood and an 8,142 square foot freestanding building occupied by Pet Supermarket. 


Southgate Center North represents a highly attractive opportunity to acquire an infill Tampa MSA grocery shadow anchored retail center with excellent frontage/visibility along a high traffic corridor with strong national tenancy and outstanding surrounding co-tenancy.

 

Investment Highlights

·       Shadow-anchored by a dominant Publix with strong sales volume and a well-entrenched customer base with over 752,000 visits annually and 96.2% repeat visitors

·       Regional customer draw from outstanding surrounding co-tenancy including a new TJ Maxx, Old Time Pottery, Big Lots, Cracker Barrel, Starbucks, and McDonald’s

·       29.3% projected NOI growth and 2.6% CAGR with 62.1% of the tenant leases including annual rental escalations

·       Healthy cash-on-cash returns supported by 100% occupancy with all leases structured on an NNN basis

·       90.7% percent of the GLA is comprised of national tenants with an average lease tenure of 7.1 years

·       Excellent frontage and visibility along the dominant, heavily trafficked US 19 corridor with an impressive traffic count of over 60,000 vehicles per day

Last Updated Date: 17 Mar 2021
Eric Williams
Eric Williams
Senior Director, Capital Markets
Broker Licenses
FL-SL3179736
Danny Finkle
Danny Finkle
Senior Managing Director, Miami Office Co-Head, Retail Group Leader
Broker Licenses
FL-SL3043501

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Last Updated Date: 17 Mar 2021

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