Property Listing No Longer Available for Sale

10105 Bay Pines Blvd, Seminole, FL

Shopping Center for Sale - $9,840,000 - 20,734 Sq. Ft. on 49299.44 acres


Property Info

CIMLS#834970
Location
  10105 Bay Pines Blvd
  Seminole FL 33708
UpdatedNovember 22nd, 2015
TypeShopping Center
Price$9,840,000
Building20,734 Sq. Ft.
Land49299.44 acres

Property Description

The subject portfolio investment offering includes a total of 3.38 acres of contiguous land split into three separate parcels. Two of the parcels are secured by ground leases, one with Texas Roadhouse, the second with Village Inn. The third parcel includes improvements totaling 9,110 square feet of leasable ground floor retail space within one building, divided into 6 individual units. The vast majority of the tenant lineup includes major national retailers such as; Starbucks, AT&T, Jimmy John's & Supercuts. The three parcels are the prime outlots of a newly developed Walmart Supercenter, all part of Bay Pines, the area's pre-eminent new, mixed-use master planned community. The development occupies 60 acres on the northwest corner of Bay Pines Blvd and 100th Way N. The subject properties were just completed and are 100% occupied offering brand new leases at varying initial terms, with an average duration of 11 years. The two ground leases are absolute net whereby the tenants are directly responsible for all maintenance and expenses related to the property. The multi-tenant center leases are all NNN with the tenants responsible for their pro-rata share of the buildings expenses and maintenance related costs. The leases for all three properties in the portfolio include attractive rental increases throughout their terms, providing a tremendous hedge against inflation and significant income growth over the projected duration of ownership.

The properties are situated on the corner of Bay Pines Blvd. & 100th Way N., one of the busiest intersections in the area. Traffic counts directly in front of the assets exceed 50,000 cars per day and they benefit from fantastic exposure along Bay Pines Blvd, as well as tremendous ingress/egress at the corner. The area is densely populated with over 180,000 people residing within a 5 mile radius and serves as the region's dominant retail trade corridor. The assets also lie directly across the street from the Bay Pines VA Healthcare System, one of the main healthcare facilities for veterans in Florida with 4,500 employees, 88,000 patients & 700,000 annual visits. Overall the subject investment affords a buyer the very rare opportunity to purchase a diverse portfolio of retail properties in an A+ location offering diversification of tenant, lease structure & term and a passive investment producing attractive returns with tremendous upside. Further, the properties have strong real estate fundamentals and significant intangible land value and are offered free & clear of any debt allowing a buyer the opportunity to capitalize on current low interest rates to achieve a targeted rate of return.

Location Description:

Seminole is a city in Pinellas County, bordered by the Gulf of Mexico to the west and St. Petersburg to the east. The city has a total size of 5.6 square miles and a direct population of nearly 20,000 people. The city has experienced consistently strong population growth evidenced by the nearly 60% increase from 2000-2010. It is in the heart of the Tampa-St. Petersburg MSA which has a population of nearly 4.5 million people. The Tampa-St. Petersburg metro area encompasses the area surrounding Tampa Bay, covering 2,554 square miles. It includes Hillsborough, Pinellas, Pasco & Hernando counties. The area is a thriving metropolis with a strong economic base, appealing climate and access to numerous cultural and recreational activities. In a single year, the economic impact of the cultural institutions in the Tampa Bay area was $521.3 million and in 2004 5.6 million people attended plays, musical performances, museum exhibits, and other cultural institutions in Tampa Bay, supporting 7,800 jobs. The area is highly noted for its beaches, with the warm, blue gulf waters and nearly 70 miles of barrier islands from North Pinellas south to Venice, attracting tourists from all over the world. The area is also home to three major professional sports teams and a number of minor-league and college teams. The area has a diverse employer base spanning finance, IT, education, health care, tourism, defense technology. The largest employers are Bay Care Health System and Publix Supermarkets. The area benefits from numerous transportation options including air, rail, numerous interstates, public transit and water. It has been, and continues to be, a sought after destination for residents, tourists, & businesses alike.

Highlights:

>> Brand New Three Building, Multi Tenant Retail Portfolio Investment

>> Densely Populated Metro Infill Region Of Tampa/St. Petersburg MSA; Strong Area Demographics- More Than 180,000 People In A 5 Mile Radius; 4.5 Million People In MSA; 60% Population Growth From 2000-2010

>> Situated Along Area's Major Thoroughfare & Dominant Retail Trade Corridor; Prominent Exposure At Major Signalized Intersection; Multiple Ingress/Egress Points

>> Traffic Counts Exceeding 50,000 Cars Per Day Directly In Front Of Property

>> Across The Street From Bay Pines VA Hospital; 4,500 Employees, 88,000 Patients, 700,000 Annual Visits

>> Part Of 60 Acre Master Planned Mixed-Use Development- 56 Single Family Homes, 330 Apartments, 214,000 SF Of Retail, 120 Room Hotel

>> A+ Trophy Property; Strong Fundamentals; Prime Outlots Of Brand New Walmart Supercenter

>> Three Separate Buildings Individual Parcels; 3.38 Contiguous Infill Acres; 20,734 Square Feet Of Retail Space

>> Brand New Construction; Aesthetically Pleasing Design To Fit With Local Architectural Theme

>> Two Restaurant Ground Leases & One Multi Tenant Retail Building; Leases Are NNN Creating An Investment That Is Truly Passive

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Financials

Sales Info:

>> Commision split: 50.0%