The Palomar Group is pleased to exclusively offer the sale of South Plaza, anchored by Winn-Dixie, Autozone and Bealls.  South Plaza is a 127,224 square foot 97% occupied neighborhood shopping center located at the primary intersection of the Brooksville market. South Plaza has a historically strong occupancy consisting of National Tenants.  Winn-Dixie’s 10 years of remaining term stabilizes the asset for the years to come.

THE DEAL POINTS

• NOI:  $895,000
• Asking Price:  $10,228,571 ($80psf)
• Cap Rate:  8.75%
• Sq Ft:  127,224
• Occupancy: 97%

THE HIGHLIGHTS

• South Plaza is located at the dominant intersection in the Brooksville market
• Tampa MSA’s leading grocery Winn-Dixie boasting consistent sales with a health ratio of 2.24%
• Recent renewal by Winn-Dixie taking their term out to 2029 reinforces their commitment to the location
• Winn-Dixie is backed by parent company Southeastern Grocers, the State of Florida’s second largest grocer
• Recent new deal with Winn-Dixie Liquors supports the strong leasing environment
• Barriers to entry are high with every corner of the intersection having already been developed
• Recent Lease Amendment with Winn-Dixie will give an investor the ability to develop up to 8,100sf of retail adjacent to T-Mobile, outbuilding will be permitted to have a drive thru on the side furthest from Winn-Dixie
• LOI on the table with TrueLieve gives an investor the immediate opportunity to grow income
• Rental Rates at well below market presents an opportunity to increase rents in the years to come as existing Tenant’s leases expire