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

• Marketed Asking Price: $12,523,000
• Marketed 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