

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