Shops at Midway-Opportunity Zone Retail FOR SALE


Largo, FL
$22,588,000 USD
727-452-6864
, Largo, FL for Sale
$22,588,000 USD
Retail - FOR SALE
1/12
null | 6.75% Cap Rate

Shops at Midway-Opportunity Zone
Largo, FL


HIGHLIGHTS

  • 3 tenants have investment grade credit ratings from Moody’s and Standard and Poor’s
  • Credit rated tenants and/or national tenants account for 97.3% of the GLA
  • Four of the six tenants have been there for 8 years or longer
  • Corner location at Missouri Avenue (US 19 Alternate) and Jasper Street, a signalized intersection
  • Missouri Avenue has an AADT of 30,000, 3-Mile Demos Population : 105,584 HH Income: $8,546

OVERVIEW

RIPCO Real Estate is pleased to offer for sale Shops at Midway, a ±119,694 SF Power Center 100% occupied by six tenants. 48.87% of the Gross Leasable Area of the center has investment grade credit ratings: Ross Stores Inc. (A2, BBB+), Dollar Tree (Baa3, BBB-), and TJ Maxx (A2, A). The weighted average lease term remaining (WALT) at the center is 4.61 years. All of the tenants have at least one 5-year option remaining and have increases during each option period. The Shops at Midway are located at the southwest corner of the signalized intersection of N Missouri Avenue (30,000 AADT) and Jasper Street. There are two points of ingress/egress along Missouri Avenue and one point on Jasper Street, giving the property excellent access and exposure. Missouri Avenue is part of US Highway 19 – Alternate, one of the primary north to south thoroughfares in Pinellas County running from Saint Petersburg, FL to Holiday, FL. Other nearby retailers along N Missouri Avenue include Old Time Pottery, Walmart Supercenter, ALDI, Rent-A-Center, Goodwill, and Office Depot. This asset provides investors with an opportunity to acquire a fully stabilized cash flowing opportunity with strong national tenants and the ability to increase cash flow through option periods.

ASK ABOUT THIS PROPERTY

Ari RaviRipco Real EstateMore Info
727-452-6864

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Ari RaviRipco Real EstateMore Info
727-452-6864

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.