OFFERING SUMMARY Woodlands Square BEST-IN-CLASS COMMUNITY SHOPPING CENTER DYNAMIC ANCHOR COMBINATION -- SPECIALTY GROCERY, DISCOUNT APPAREL & ENTERTAINMENT STRONG ANCHOR TENANT SALES ATTRACTIVE TRADE AREA WITHIN TAMPA MSA HIGH TRAFFIC INTERSECTION HIGHLY STABLE INCOME STREAM SIGNIFICANT ANCHOR LEASE TERMS
Woodlands Square Cushman & Wakefield s Retail Investment Advisors is pleased to offer for sale Woodlands Square, a 314,699 sf regional shopping center located in Oldsmar, Pinellas County, Florida. Originally developed in 1987, the center underwent a significant redevelopment in 2017, including upgrades to the physical plant (such as new lighting, signage, sealing and striping of parking lots, roof over extensive areas, and exterior facades), the renovation and long term extension of an existing AMC Theatre (now one of the top performing cinemas in the Tampa MSA), and enhancements to the tenancy with such additions as Earth Fare, Petsmart, Five Below and Ulta to go along with existing anchors Marshalls and Bealls Department Store. This offering represents the unique opportunity to acquire a dominant, institutional-quality community shopping center featuring a diverse anchor line-up and serving an extremely strong trade area that is well positioned to succeed for the foreseeable future and beyond. Property Summary Location 3150 Tampa Road, Oldsmar, FL 34677 28.29 acres Site Area 314,699 GLA (sf) Anchors 1987 R-2017 Year Built 96% Occupancy Best-in-ClassRetail Offering Prime Location Excellent frontage and multiple access points from two major arteries Tampa Road and Curlew Road High traffic Intersection 78,000 VPD Demographics of Choice Highly desirable Trade Area Oldsmar / East Lake / Westchase / Safety Harbor / Palm Harbor 73,548 residents in a 3-mile radius projected to increase +3% by 2022 Average Household Income of $81,199 in a 3-mile radius Significant daytime employment -- 34,167 Offering Highlights Transformative Redevelopment Woodlands Square has been positioned for long term success through the following major enhancements completed in 2017: Earth Fare adds a critical grocery component to the tenant-mix The $7 million renovation and long term extension of the existing AMC Theatre (now one of the dominant cinemas in the Tampa MSA) The addition of PetSmart, Ulta, and Five Below strengthen the center s anchor tenant draw Shaker & Peel, a new restaurant concept owned and operated by the proprietor of the highly successful onsite Craft Street Kitchen, will open at a key endcap location, further solidifying an already formidable restaurant component A fully modernized physical plant with such upgrades as new lighting, signage, sealing and striping of parking lots, and exterior facades Strong Existing Tenancy Bealls Department Store s sales at this location are in the top 5% for the chain; tenant early exercised a 5-year renewal option Marshalls early exercised a 5-year renewal option and completed a major upgrade to the interior of their store Dollar Tree has operated at the center since 2000 and recently early exercised a 5-year renewal option extending the lease to May 2025 The shop line-up features a number of highly seasoned tenants that are mainstays in the local community, including Green Market Café, Eve s Family Restaurant, Craft Street Kitchen, Salon Lofts and Janice Brand DDS Attractive Income Stream Credit tenants represent 84% of revenue Significant lease terms remaining on anchors Seasoned tenant roster with 60% of GLA occupied by tenants with +10 years of tenure CAGR of 1.83% over 10 years
Woodlands Square NEIGHBORHOOD DEMOGRAPHICS 1-MILE RADIUS 3-MILE RADIUS 5-MILE RADIUS 2017 Population 10,300 73,548 189,109 Projected 2022 Population 10,107 75,884 198,249 Projected Population Growth -1.9% 3.2% 4.8% 2017 Households 4,786 33,539 84,692 Average HH Income $72,166 $81,199 $83,273 % Owner Occupied Housing Units 73.1% 71.6% 72.4% Median Age 51.0 51.0 49.5 Daytime Employee Count 2,302 34,167 80,299 Location Highlights Prime Location In Pinellas County (Tampa MSA) Highly Desirable trade area -- Oldsmar / East Lake / Westchase / Safety Harbor / Palm Harbor 78,000 VPD at the signalized intersection of Tampa Road and Curlew Road Excellent frontage and multiple access points from two major arteries Exceptional Demographics $81,199 Average Household Income (3-mile radius) Surrounded by affluent residential communities Daytime employment of 34,167 +73,548 Residents with projected growth of 3% by 2022 CUSHMAN & WAKEFIELD
Woodlands Square TENANCY MAJOR TENANTS SF % OF GLA 84,146 26.7% 67,967 21.6% 29,747 9.5% 24,052 7.6% 17,965 5.7% 10,739 3.4% 10,216 3.2% 8,475 2.7% 253,307 80.5% National Tenants* (6) 16,870 5.4% Local (11) 25,842 8.2% Available (4) 12,880 4.1% Total Shop Tenants 55,592 17.7% Ruby Tuesday 5,800 1.8% Total Outparcel 5,800 1.8% 314,699 100.0% Total Major Tenants SHOP TENANTS OUTPARCELS Total GLA Tenancy Highlights Dynamic anchor lineup combining specialty grocery, discount apparel and beauty supplies, pet supplies, and entertainment Earth Fare adds a critical grocery component to the tenantmix Recently renovated AMC Theatres experienced a significant increase in sales and is now one of the very top performing cinemas in the Tampa MSA NATIONAL VS. LOCAL TENANCY BASED ON GLA Bealls Department Store s sales are in the top 5% for the chain; tenant early exercised a 5-year option Marshalls early exercised a 5-year option and recently completed a major interior renovation Dollar Tree has operated at the center since 2000 and recently early exercised a 5-year renewal option extending the lease to May 2025 NATIONAL 87.7% LOCAL 8.2% AVAILABLE 4.1% New additions PetSmart, Five Below and Ulta strengthen the anchor tenant draw Strong restaurant component led by Green Market Café, Ruby Tuesday, Eve s Family Restaurant, Craft Street Kitchen and soon to open Shaker & Peel Financial Highlights Credit Tenants account for 84% of Revenue * National shop tenants include Amazing Lash Studio, Anytime Fitness, Fantastic Sams, Kids Park, Pinot s Pallete, and Salon Lofts. Seasoned Tenant Roster with 60% of GLA covered by tenants with +10 years of tenure Stable income stream with significant lease term on the anchors: AMC Theatre (expires 2031), PetSmart (expires 2028), Earth Fare (expires 2037), Bealls Department Store (expires 2023), Marshalls (expires 2023), Ulta (expires 2028), Dollar Tree (expires 2025) and Five Below (expires 2028)
Woodlands Square
MARK GILBERT Executive Vice President (305) 533 2866 mark.gilbert@cushwake.com ADAM FEINSTEIN Executive Director (305) 533 2863 adam.feinstein@cushwake.com MITCHELL HALPERN Director (305) 533 2855 mitchell.halpern@cushwake.com AZAM MALIK (786) 792 5202 azam.malik@cushwake.com SPENCER KINSELLA (305) 351 2464 spencer.kinsella@cushwake.com SCOTT QUICK (305) 533 2869 scott.quick@cushwake.com KHAMBREL ROACH (786) 792 5203 khambrel.roach@cushwake.com KRISTEN VARGAS VILA Senior Marketing Specialist (305) 351 2456 kristen.vargasvila@cushwake.com GABY SOSA ROKAW Senior Marketing Specialist (305) 533 2883 gaby.rokaw@cushwake.com www.cwretailinvestmentadvisors.com The material in this presentation has been prepared solely for information purposes, and is strictly confi dential. Any disclosure, use, copying or circulation of this presentation (or the information contained within it) is strictly prohibited, unless you have obtained Cushman & Wakefi eld s prior written consent. The views expressed in this presentation are the views of the author and do not necessarily refl ect the views of Cushman & Wakefi eld. Neither this presentation nor any part of it shall form the basis of, or be relied upon in connection with any off er, or act as an inducement to enter into any contract or commitment whatsoever. NO REPRESENTATION OR WARRANTY IS GIVEN, EXPRESS OR IMPLIED, AS TO THE ACCURACY OF THE INFORMATION CONTAINED WITHIN THIS PRESENTATION, AND CUSHMAN & WAKEFIELD IS UNDER NO OBLIGATION TO SUBSEQUENTLY CORRECT IT IN THE EVENT OF ERRORS.