* Rare, Wholly Owned Anchored Center – Grocery and drug anchored shopping center located on the high-traffic intersection of Woodside Ave (±13,700 CPD) and Winter Gardens Blvd (±10,000 CPD) with immediate access to State Highway 67 (±80,000 CPD), positioning itself as one of the most dominant centers in the surrounding trade area comprised of three parcels
* Optimally Configured, Grocery and Drug Store Anchored Neighborhood Center – The site plan is ideally configured with a synergistic mix of anchor, in-line shops, and two pad buildings, including the Grocery Outlet and Walgreens anchors and separately parceled KFC and Starbucks pads, providing a strong “daily need” and internet-resistant draw to the center
* Credit, Publicly Traded National and Regional Brand Operators – Occupied by numerous well-known, “credit”, and publicly traded national and regional brands including Grocery Outlet, Walgreens, Starbucks, O’Reilly Auto Parts, KFC, EVgo, and Jersey Mike’s - national and regional brand tenants occupy ±82% of the GLA, influencing ±74% of the rental income
* Established and Stabilized Tenancy – Eight tenants (±69% of the leased GLA) have been at the property for 5+ years and four tenants (±57% of the leased GLA) for 10+ years–WALT at 6.47 years provides additional tenant stability while limiting near-term rollover risk
* Well Below Market Rents – Property wide, current lease rates are estimated to be 25% below market with some tenants more significantly below market than that including Walgreens, KFC (drive-thru pad), Starbucks (drive-thru pad), and Jersey Mike’s Subs
* Multiple Parcel “Spin Off” Opportunity – With its 3 parcels, including the single-tenant drive-thru KFC and the multi-tenant Starbucks and Jersey Mike’s pads on separate parcels and with below market rents, there is an opportunity to spin-off the pads in separate sales and potentially at lower cap rates to reduce basis and increase returns