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34718 - 34824 US Highway 19 N - The Fountains - The Fountains Plaza, Palm Harbor, FL

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34718 - 34824 US Highway 19 N - The Fountains - The Fountains Plaza

Palm Harbor, FL 34684-2120 - North Pinellas Submarket

(1.4 MB)

Property Type:Retail Sub Type:Storefront Retail/Office Status:Existing Year Built:1983
Building Size:83,300 SF Land Area:9 AC (392,040 SF)
% Leased:
For Sale Price:$16,700,000 Price/SF:$200.48
Cap Rate:-
Smallest Space:966 SF Largest Space:3,110 SF Total Space Avail:4,076 SF Rent/SF/Yr:
Parking:Free Surface spaces; Ratio of 5.77/1,000 SF

Space Available:
SF Avail
Lease Term
Space Use
966 SF
3,110 SF
Marketing Flyer Marketing Flyer  

SF Avail
Lease Term
Space Use
966 SF
3,110 SF

Sale Notes:
CBRE is pleased to offer for purchase The Fountains,
an 83,300 SF retail center located in Palm Harbor,
Pinellas County, Florida (Tampa Bay MSA). The
Fountains is a prominent, landmark property located
on US Highway 19. It features a mix of national,
regional, and local retailers, medical service
providers, and restaurants as tenants. Major tenants
include Palm Harbor Plastic Surgery (6,140 SF),
Massage Envy (4,463 SF), Animal & Bird Medical
Center (3,320 SF), Arthur Murray dance studio
(3,113 SF), Ideal Image (2,418 SF), and Clothes
Mentor (3,243 SF). Built in 1982, The Fountains is
100% leased to 40 tenants.
The Fountains has a very stable base of long-term
tenants. Four (4) of the tenants have been there 20
years or longer, six (6) tenants have been there
between 15 to 19 years, and five (5) tenants have
been there between 10 to 14 years. The 15 tenants
that have been in the center 10 years or longer lease
41% of the space at The Fountains. In addition,
thirteen (13) of the tenants have been at the center for
between five (5) to nine (9) years. The remarkable
longevity of the tenants at The Fountains attests to the
center’s strengths in terms of location, visibility,
access, and support from customers in the trade area.
Tenants offering medical, veterinarian and social
services have a significant presence at The Fountains.

Thirteen (13) tenants, occupying 41% of the center
and generating 42% of the base rent, offer medical,
dental, veterinarian, rehabilitation and social services.
The Fountains is located on US Highway 19 in Palm
Harbor, an unincorporated area of Pinellas County
north of Clearwater and south of Tarpon Springs. US
Highway 19 is the main commercial highway in Palm
Harbor with a traffic count of 77,000. The trade area
has a population of 73,398 in a 3-mile radius with
an average household income of $81,308.
The Fountains has been owned by the same private
investor for 21 years. The ownership has an in-house
property management and leasing company that has
offices on site. The property has been meticulously
maintained by an attentive staff and is in excellent
condition. Furthermore, the property is being offered
free and clear since there is no existing mortgage.
The Fountains offers an investor the opportunity to
acquire a high quality retail center with a stable,
balanced mix of tenants. This is a cash flow
investment opportunity that will yield attractive returns,
especially with leverage at the current, historic low
interest rates for financing.

Mark Shellabarger
(813) 273-8439

Golan Realty, Inc
William Roy
(727) 787-6173

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