DEALS

Deals

Parsons Village – Seffner, FL

THE OPPORTUNITY

  • ​Winn-Dixie shadow center in one of the highest growth markets in the Southeast
  • ​Unrivaled location at the lighted intersection of W MLK Blvd and Parsons Ave, which features a combined 57,000 VPD
  • ​Strong traffic counts with 35,000 VPD on W MLK Blvd and 22,642 VPD on S Parsons Ave
  • ​Anchor tenants have been in the center for an average of 18 years
  • ​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
  • ​High occupancy levels in the immediate area with submarket small shop vacancies at <5%
  • ​The Tampa market is known for its extremely high barriers to entry.​
  • ​Overall, the Tampa market has seen over a 12% population growth over the past ten years, expected to grow at 5.5% over the next five years
  • ​Extremely dense retail corridor, neighbors include Publix, Walmart, Ace Hardware, Save A Lot, Planet Fitness and more

THE DEAL POINTS

  • Marketed Asking Price: $11,325,000
  • Marketed Cap Rate: 8.00%
  • NOI: $905,932
  • Square Footage: 78,820 SF
  • Occupancy: 94.4%

THE HIGHLIGHTS

  • E-Commerce resistant tenant mix with 100% of GLA made up of non-soft goods retail
  • ​No tenant makes up more than 16.5% of GLA
  • ​No tenant’s rent comprises more than 23.5% of rental income
  • ​Located less than 5 miles from Florida State Fairgrounds and the Hard Rock Casino
  • ​The leases are staggered and expire incrementally through 2029
  • ​The center has four access points, two from W MLK BLVD and two from Parsons Ave
  • ​Over the past ten years, population within a three- and five-mile radius grew 10% and 19%
  • ​Benefits from the foot traffic of a grocery anchored center without the big box grocery revenue risk
  • ​Average rents are $11.98/SF, 30% below the market average of $17.20/SF
  • ​Newly Developed Tractor Supply next to the property opened in June 2020
  • ​Last grocery anchored center on the east side of the market, serving a large population between Seffner and Plant City
  • ​New LED lights in parking field

Click Here to View Parsons Village Virtual Deal Room