This property has sold.

Details: Retail

Asking Price: $10,228,571

Square Feet: 127,224 SF

Asking Cap Rate: 8.75%

Year Built: 1976

NOI: $895,000

SOLD – South Plaza

1230 S Broad St, Brooksville, FL

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
  • 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

This property has sold.