REGIONAL SHOPPING CENTER - GROCERY ANCHOR INFLUENCED

Shopping Center for Sale
Catylist Listing ID: 30039443
Property Subtypes: Grocery-Anchored, Strip Center
Building Size (RSF): 86,400 SF
Gross Building Area: See Agent
Sale Price: $6,975,000
Unit Price: $80.73 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: FLORIDA REGIONAL SHOPPING CENTER
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 7/17/2017

Overview / Comments

The property is an attractively re-developed Walmart with approximately 86,400 sf. New tenants include Big Lots, Bealls Outlet, Firehouse Subs and Vision Fitness Center. The upside is that there is approximately 25,000+ sf still available (100+/- ft. of retail frontage) remaining to be leased. Current negotiations for potential leases are being negotiated between $10.00 to $22 psf within lease spaces from 1,500 to 22,000sf.

In addition to the excellent New Smyrna Beach, Florida location on the main corridor of SR 44 to a popular beach and resort area, one of the most significant factors of this property is that the #1 Grocer in Florida, PUBLIX, is the anchor tenant of the adjoining property which they recently purchased (118,000+/). Please review the aerial for clarity.

*Lender has ROFR which will need to be addressed as a contingency in offer, however, they have notified Owner that they will not be implementing a purchase.

Additional Details

Nearest MSA: Deltona-Daytona Beach-Ormond Beach
County: Volusia
Tax ID/APN: 7343-06-00-0720
Zoning: B5
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Convention
Site Description: New Smyrna Beach - destination for highest demographic Orlando residents Located 2.25 miles east of Interstate 95 & SR 44 Interchange Excellent transportation links with I-4, US 1 and SR 44 thoroughfares Prime location among growing active retail, restaurants and banking, including Home Depot, Walmart, ABC Wine and Mullinax Ford and newly built Florida Hospital facility.

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,027 26,700 51,372
Median Age: 39.36 51.16 50.73
Households: 900 12,594 23,557

Source

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