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JLL Capital Markets (“JLL”) is pleased to exclusively offer the opportunity to acquire Southgate Center North, a 21,478 square foot retail center located in the rapidly growing Tampa MSA and shadow-anchored by Publix. Southgate Center North is com-prised of three buildings, an 8,036 square foot multi-tenant building, a 5,300 square foot freestanding building occupied by OneBlood and an 8,142 square foot freestanding building occupied by Pet Supermarket.
Southgate Center North represents a highly attractive opportunity to acquire an infill Tampa MSA grocery shadow anchored retail center with excellent frontage/visibility along a high traffic corridor with strong national tenancy and outstanding surrounding co-tenancy.
· Shadow-anchored by a dominant Publix with strong sales volume and a well-entrenched customer base with over 752,000 visits annually and 96.2% repeat visitors
· Regional customer draw from outstanding surrounding co-tenancy including a new TJ Maxx, Old Time Pottery, Big Lots, Cracker Barrel, Starbucks, and McDonald’s
· 29.3% projected NOI growth and 2.6% CAGR with 62.1% of the tenant leases including annual rental escalations
· Healthy cash-on-cash returns supported by 100% occupancy with all leases structured on an NNN basis
· 90.7% percent of the GLA is comprised of national tenants with an average lease tenure of 7.1 years
· Excellent frontage and visibility along the dominant, heavily trafficked US 19 corridor with an impressive traffic count of over 60,000 vehicles per day