DEALS

Deals

Imperial Plaza – Auburndale, FL

THE OPPORTUNITY

  • Winn-Dixie anchored center in one of the leading regions in the country
  • ​Unrivaled synergy with co-anchors Harbor Freight, O’Reilly Auto Parts, and Fresenius
  • ​Superior location at the lighted intersection of Havendale Blvd and E Derby Ave
  • ​Strong traffic counts with 29,976 VPD on Havendale Blvd
  • ​Winn-Dixie has been in the center for 44 years having recently renewed for 10 years
  • ​Harbor Freight agreed to an early extension taking their term to 2029
  • ​Winn-Dixie is backed by parent company Southeastern Grocers, the State of Florida’s second largest grocer
  • ​Barriers to entry are high with every corner of the intersection having already been developed
  • ​Recent lease executed with La Familia Pawn reinforces the properties position as the dominant center in the market
  • ​All tenant leases that expired during the ‘20 COVID pandemic renewed

THE DEAL POINTS

  • Asking Price: $12,523,000
  • Asking Cap Rate: 7.75%
  • NOI: $970,563
  • Square Footage:  129,807SF
  • Occupancy: 97%

THE HIGHLIGHTS

  • ​E-Commerce resistant tenant mix
  • ​$1,000,000 interior remodel by Winn-Dixie in 2020
  • ​Façade renovation in 2020
  • ​Minimal COVID deferrals with only one tenant requiring rent relief
  • ​Parking lot lights upgraded to LED in 2020
  • ​84% of GLA is made up of National Tenants
  • ​83% of the Rental Income from National Tenants
  • ​Grocery, Tools and Equipment, and Service uses make up 81% of the GLA
  • ​The leases are staggered and expire incrementally through 2030
  • ​Average rents at $8.21 psf are well below market rents
  • ​The acquisition price of <$100psf is substantially below replacement costs
  • ​Average occupancy period in the center is just under 15 years