Plant City (Tampa MSA), Hillsborough County, Florida Market Dominant Grocery Anchored Community Center Serving an Expansive and Rapidly Growing Trade Area within the Tampa MSA
CITY CROSSINGS WALDEN WOOD VILLAGE WALDEN WOODS 116 New Homes by D.R. Horton WALDEN WOODS JAMES REDMAN PARKWAY (26,500 VPD) W ALEXANDER STREET (25,946 VPD) OUTPARCEL 5,000 SF EXPANSION
THE OFFERING Holliday Fenoglio Fowler, L.P. ( HFF ), a Florida licensed real estate broker, is pleased to exclusively offer the opportunity to acquire the 244,529 square foot Lake Walden Square one of the Tampa MSA s premier grocery-anchored community shopping centers. The Property is currently 93.3% leased to best-in-class, high traffic anchors including Winn Dixie, Marshalls, Ross Dress for Less, Michaels, PetSmart, Ulta Beauty, and Five Below. Lake Walden Square also features a diverse and synergistic mix of national and regional retailers, entertainment, restaurant, medical and service uses which creates an unmatched shopping environment for the trade area. Originally developed in 19, the Property was substantially redeveloped in 2013/2014, including the demolition and retenanting of a former Kmart box. Lake Walden Square benefits from a prominent hard corner location on a combined ±27-acre site with 1,700 feet of frontage at the trade area s busiest intersection, Alexander Street and James L Redman Parkway (+50,000 VPD). Lake Walden Square represents an exceptional opportunity to acquire a market dominant grocery-anchored community center with numerous value creation opportunities through the lease-up of currently available space, mark-to-market of existing leases, repositioning of the north parcel, expansion of the center and the addition of an outparcel. PROPERTY SUMMARY 105-240 W Alexander Street Address Plant City (Tampa MSA), Hillsborough County, FL 33566 Year Built/Renovated 19/R-2014 Site Size (Acres) ±27.0 GLA (SF) 244,529 Occupancy 93.3% Parking Spaces 1,123 (4.6 per 1,000 SF) Anchor Tenants Winn Dixie: Premiere Cinemas: Marshalls: Ross Dress for Less: Michaels: PetSmart: Continucare Medical: Ulta Beauty & Salon: Five Below: Traffic Counts Alexander Street: James L Redman Parkway: 46,300 25,899 24,101 22,045 13,500 12,406 10,796 10,021 9,227 25,946 VPD 26,500 VPD
Retention Pond S DONNA DRIVE 35 5,000 SF EXPANSION OUTPARCEL W ALEXANDER STREET (25,946 VPD) 32 31 25,899 SF 28 27 26 39 25 30 29 23A 24 23B JAMES L REDMAN PARKWAY (26,500 VPD) 244,529 Square Feet 93.3% Occupancy 90% Occupied by National Retailers 45 10,021 SF 22C 24,101 SF 22B 34 Subway/ Gamestop ±26% Projected 10-year NOI Growth 22,045 SF 22A 13,500 SF 20-21 9,227 SF 19 16-18 Rue 21 5,600 SF 14 12 12,406 SF 11 10 9 46,300 SF 6 5A 7 8 4 3 40 2 1 36 41 3,200 $66,288 Average HH Income 69,023 Residents within a 5-mile radius
INVESTMENT HIGHLIGHTS Exceptional tenant roster comprised of best-in-class, industry leading retailers with 90% of the GLA occupied by national/regional tenants. Diverse revenue stream with no single tenant representing more than 12% of the revenue. Shop tenant occupancy cost ratios average just ±7.0% and anchor base rents average only ±$9.75 psf. Anchored by a strong performing Winn Dixie with sales 53% above the regional store average. Optimal investment profile of income stability and revenue growth (projected NOI growth of ±26% over the projection period). Net Operating Income (000's) $3,500 $3,300 $3,100 $2,900 $2,700 $2,500 $2,300 $2,100 $1,900 $1,700 $1,500 10-Year Projected NOI Growth Contractual Rent Increases + Lease-up + Mark-to-Market Opportunities 10-year CAGR: 2.6% Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 30% 25% 20% 15% 10% 5% 0% Cumulative NOI Growth (%) Substantial value enhancement potential through lease-up of currently available space (16,414 sf or 23% of the shop GLA), mark-to-market of existing leases (30,473 sf ±15% below market), repositioning of the north parcel tenancy, and the ability to expand the center by 5,000 sf; and ability to add an outparcel. Net Operating Income Cumulative NOI Growth Strong leasing momentum with nearly 80,000 sf of leasing activity over the past 24 months, including the addition of Ulta Beauty & Salon, Mattress Firm, and Fazoli s, as well as the Winn Dixie renewal. Healthy retail submarket with strong market fundamentals; 95.9% submarket occupancy with three years of consecutive rental rate growth and four years of consecutive positive net absorption. Desirable Tampa MSA trade area with 69,023 residents earning an average household income of $66,288 within a five-mile radius and projected population growth of +7.0% over the next five years. Below replacement cost pricing. Offered free and clear of existing financing allowing an investor to leverage favorable capital markets to increase returns.
PLANT CITY PLAZA PLANT CITY AIRPORT PLANT CITY HIGH SCHOOL W ALEXANDER STREET (25,946 VPD) STRAWBERRY PLAZA JAMES REDMAN PARKWAY (26,500 VPD) WALDEN WOOD VILLAGE WALDEN WOODS
Demographics Description 3-mile 5-mile 7-mile Population 2023 Projection 41,643 73,859 108,977 2018 Estimate 38,967 69,023 102,006 2010 Census 35,018 21,198 91,717 Growth 2018-2023 6.87% 7.01% 6.83% Growth 2010-2018 11.28% 11.51% 11.22% Average Age 36.43 37.35 37.44 Households 2023 Projection 14,247 25,093 36,381 2018 Estimate 13,354 23,508 34,146 75 Growth 2018-2023 6.69% 6.74% 6.54% 2018 Est. Avg. HH Income $68,173 $66,288 $68,680 2018 Est. Med. HH Income $49,707 $48,917 $51,369 vd UNTRY GREATER CARROLLWOOD 589 93 W Linebaugh Ave W Waters Ave EGYPT LAKE-LETO 580 TAMPA INTERNATIONAL AIRPORT BEACH PARK 275 GOLFVIEW S Manhattan Ave SOUTH TAMPA MACDILL AFB 580 N Dale Mabry Hwy Hillsborough Ave NORTHWEST TAMPA W Columbus Dr 685 275 N Florida Ave N Nebraska Ave DAVIS ISLANDS PETER O KNIGHT AIRPORT E Fowler Ave HILLSBOROUGH BAY TEMPLE TERRACE DEL RIO 41 574 574 TAMPA N 40th St N 56th St 400 41 582 Temple Terrace Hwy Causeway Blvd PROGRESS VILLAGE GIBSONTON 301 75 60 THONOTOSASSA 75 301 Mango Rd W Bloomingdale Ave 600 BRANDON Boyette Rd 4 Lithia Pinecrest Rd BLOOMINGDALE E Dr Martin Luther King Jr Blvd 60 4 PLANT CITY Investment Advisors DANNY FINKLE Senior Managing Director T: 305.421.6544 dfinkle@hfflp.com MEGAN FITZPATRICK Analyst T: 305.421.6555 mfitzpatrick@hfflp.com 1450 Brickell Avenue Suite 2950 Miami, Florida 33131 Telephone: 305.448.1333 Fax: 305.448.6767 hfflp.com LUIS CASTILLO Managing Director T: 305.448.5498 lcastillo@hfflp.com Capital Markets NAT SCARMAZZI Senior Director T: 305.421.6545 nscarmazzi@hfflp.com ERIC WILLIAMS Director T: 786.532.2346 ewilliams@hfflp.com HFF has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser, and HFF, its partners, officers, employees and agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change. TAMPA BAY APOLLO BEACH 2018 Holliday Fenoglio Fowler, L.P., HFF Real Estate 41 Limited (collectively, HFF ), HFF Securities L.P. and HFF Securities Limited (collectively, HFFS ) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 25 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF. S Tamiami Trail 301