DEALS

Deals

South Plaza – Brooksville, FL

THE OPPORTUNITY
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

Click Here to View South Plaza Virtual Deal Room