Property details
Florida Grocery Anchored Value-Add Center, Southeast Region
Property Description
Florida Grocery Anchored Value-Add Center
This is center currently off-market.
The property is a approx. 81,500 square foot shopping center anchored by local grocer who has 9 years left of term, it also includes approx. 19 acres. Between the grocer and the landlord, over $4 million has been invested into the property over the last 12 months.
The owners have a purchase price of $8.75MM. This is a 4.5% cap rate on the in-place and a 8.42% cap rate ones all leased-up.
How have they came up with this price given the cap rate? Per the owner, "...Our business plan was to sell the property next year once it is all leased up for approx. $10MM (7% cap rate on stabilized income), however, we have received many inquiries for grocery anchored centers in Florida with long lease term remaining, therefore, we came up with a price that would entice us to sell now rather than next year. That amount is $8.75MM..."
Value-Add: Included in the sale are two outparcels available (approx 1.5 acres and 4.5 acres)
Priced net to the owner. Buyer responsible for 3.00% commission.
Images
Highlights
- Status:
- Available
- Price:
- $8,750,000
- PSF:
- $107
- Cap Rate:
- 4.50%
Property Information
- Building Size:
- 81,500 sq.ft.
- Property Type:
- Shopping Center
- Industry Type:
- Shopping Center
- Units/Spaces:
- 1
- Land Area:
- 19.00 acres
- Purchase Tenure:
- Fee Simple
Existing financing information
- N/A
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.