Dominant Grocery-Anchored Neighborhood Shopping Center Strong Performing Publix High Traffic Location Affluent Trade Area with Significant Daytime Employment Secure Income Stream Northbay Commerce Center Oldsmar, Hillsborough County, Florida (Tampa MSA) OFFERING SUMMARY
Northbay Commerce Center Oldsmar, Hillsborough County, Florida PROPERTY SUMMARY Location Year Built 2004 GLA 107,670 Leased 95% Site Area Anchors 8975 Race Track Road, Tampa, FL, 33635 15.757 acres SHADOW Cushman & Wakefield s Retail Investment Advisors is pleased to offer for sale Northbay Commerce Center, a Publix-anchored neighborhood shopping center located in Oldsmar, Hillsborough County, Florida. Developed in 2004, the center totals 107,670 sf and is currently 95% leased. Publix operates a 44,840 sf store with solid sales and is complemented by Youfit (recently extended term to 2033 and expanded by ±40%) and shadow anchor Lowe s. This offering represents the unique opportunity to acquire a dominant Publix-anchored neighborhood shopping center serving a strong trade area within the Tampa MSA and offering a highly secure income stream. SHADOW OFFERING HIGHLIGHTS Highly Accessible Location Hillsborough Avenue is a major commuting artery for the Tampa CBD Main-and-Main intersection for trade area at Racetrack Road and Hillsborough Avenue 74,600 VPD Located on the going-home side of the road Oldsmar is an Established & Affluent Trade Area (2-Mile Demos) 15,816 residents projected to grow 18.9% in the next 5 years $96,648 average household income 22,775 employees in a 3-mile radius that drives customer traffic on weekdays Strong Anchor Line-Up Publix is the trade area s preferred grocer and performs strongly at this location Youfit adds a critical fitness component that is internet-insulated and drives additional customer traffic; recently expanded its premises and extended for 15 years Lowe s draws from an expansive trade area Attractive Financial Profile Led by Publix, national/ credit tenants constitute 68% of revenue Publix pays a below-market single digit rental rate Below replacement cost pricing CUSHMAN & WAKEFIELD 2
LOCATION HIGHLIGHTS HIGHLY ACCESSIBLE LOCATION 74,600 VPD Hillsborough Avenue is a major commuting artery for the Tampa CBD Located at the Main-and-Main Intersection of Hillsboro Avenue and Racetrack Road Located on the going-home side of the road AFFLUENT AND GROWING TRADE AREA $96,648 average household income 19% projected population growth by 2025. STRONG DAYTIME EMPLOYMENT +22,000 employees in a 3-mile radius CUSHMAN CUSHMAN & WAKEFIELD & WAKEFIELD 3
Northbay Commerce Center Oldsmar, Hillsborough County, Florida TENANCY MAJOR TENANTS SF % OF GLA 44,840 41.6% 17,603 16.3% (Ground Lease OP) 10,027 9.3% Total Major Tenants 72,470 67.3% Tenancy Highlights Publix sales at this location are strong and consistent Youfit has been at the center since 2013 and recently expanded its premises and executed a 15 year extension through 2033 Shadow Lowe s serves an expansive trade area LOCAL 21.4% AVAILABLE 5.3% NATIONAL VS. LOCAL TENANCY BASED ON GLA NATIONAL 73.3% SHOP TENANTS National Tenants (4)* 6,475 6.0% Local (12) 23,025 21.4% Financial Highlights Available (4) 5,700 5.3% Total Shop Tenants 35,200 32.7% Total GLA 107,670 100.0% *National Tenants include: Leslie's Poolmart, Metro PCS, Pizza Hut and Quality Plus Drycleaners. Highly secure income stream National/Credit tenants represent 68% of revenue Offering includes outparcel ground-leased to Cracker Barrel Publix pays a below-market single digit rental rate
For more information, please contact: MARK GILBERT Executive Managing Director (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 SPENCER KINSELLA Financial Analyst (305) 351 2464 spencer.kinsella@cushwake.com The depiction in the included photograph of any person, entity, sign, logo or property, other than Cushman & Wakefield s (C&W) client and the property offered by C&W, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and C&W or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of C&W s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.) cwretailinvestmentadvisors.com