

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