JLL Capital Markets (“JLL”) is pleased to exclusively offer prospective investors the opportunity to acquire Palm Plaza (the “Property”), a dominant, 98,920 square foot grocery-anchored center located in the rapidly growing Southwest Florida community of Englewood, Charlotte County, Florida. The property is currently 98.9% leased to a high-quality tenant roster led by Winn-Dixie, Dollar Tree, Pet Supermarket, and Suncoast Humane Society. The Property also features a diverse, internet-resistant shop tenant line-up comprised of service, food and beverage, and medical uses.
This offering represents a highly attractive opportunity to acquire a dominant grocery-anchored center in a growing coastal Florida market with tenured tenancy, 76.6% of GLA leased to national tenants, strong recent leasing momentum, extremely low anchor rents, and a well-diversified revenue stream that offers attractive yields at pricing significantly below replacement cost.
- Grocery Anchored shopping center serving growing Southwest Florida market with 78.6% of GLA leased to national tenants
- Winn-Dixie recently renewed for 5 years and has posted consistent sales growth, with sales up 44.0% since 2016 and 27.2% year-over-year
- Anchor WALT of ±6 years and highly replaceable weighted average anchor base rents of just $6.07/SF
- Well established tenancy with 78.6% of the GLA having 19.3 years of tenure or greater
- Highly desirable and proven retail submarket with high historical occupancy of 95.1% and strong rent growth of 10.6% since 2014
- Large customer base and extended trade area spanning 302 square miles home to 399,812 residents with an average household income of $65,755
- Compelling offering with attractive yield at a basis significantly below replacement cost