MARKET PLACE NORTH II EXCLUSIVE LISTING AGENT TAMPA, FLORIDA
OFFERING SUMMARY Property Type: Property Address: Gross Leasable Area 1 : Neighborhood Anchored Shopping Center 14759 N Dale Mabry Highway Tampa, Hillsborough County, FL 33618 Tampa - St. Petersburg - Clearwater MSA 51,640 SF Year Built: 1982 Occupancy 1 : 100% Total Land Area: 7.89 acres Major Tenants: Office Depot 24,480 SF Expires 11/2019 ABC Liquors 12,000 SF Expires 4/2021 Sweet Tomatoes (Ground Lease) 7,680 SF Expires 3/2024 Notable Tenants: Traffic Counts: Parking Count 3 : Terms: In-Place NOI 4 : $775,370 AAA Auto Club 2 7,200 SF Expires 12/2021 Bob Hogue School of Real Estate N Dale Mabry Highway 72,000 AADT (north of Ehrlich Road) 329 spaces (5.55/1,000 sf) All cash. Not encumbered with debt. (1) Does not include building square footage of Sweet Tomatoes. (2) No remaining renewal options. (3) Parking ratio based on total building area including Sweet Tomatoes (59,320 SF). (4) For the fiscal year ending 5/2019 DEMOGRAPHIC REPORT 1-Mile 3-Mile 5-Mile Category Radius Radius Radius 2017 Estimated Population 8,902 89,984 231,817 Projected Population Growth (2017-2022) 4.4% 2.2% 3.1% 2017 Estimated Households 3,972 37,158 93,345 Projected Household Growth (2017-2022) 7.5% 3.7% 4.5% 2017 Estimated Family Households 2,415 23,840 57,553 2017 Total Employment 5,542 54,911 133,851 Unemployment Rate 2.9% 4.3% 5.5% 2017 Average Age 46 41 39 2017 Average Household Income $102,498 $89,227 $71,831 Projected AHHI Growth (2017-2022) 16.0% 16.6% 17.2% % Owner Occupied Housing Units 65.2% 67.1% 53.8% Median Owner Occupied Home Value $240,167 $215,281 $198,218 Affluent, infill trade area $103K 90K $240K Average household income within one mile radius, 44% higher than FL average Estimated population within three mile radius Median owner occupied home value within one mile radius, 30% higher than FL average
DEAL DRIVERS Excellent location within market Redevelopment opportunity Highly affluent demographics: AHHI and Median House Value within a one-mile radius are $102,498 and $240,167, respectively. National tenant interest: Two top-tier grocers and several other national tenants have expressed interest in leasing space at the Center. Dense customer base: With a population of 89,984 and 54,911 daytime employees within a three-mile radius, the Center serves nearly 145,000 people. Strong visibility on main retail corridor: Dale Mabry Highway is the primary retail corridor serving Carrollwood and is heavily trafficked with an estimated 72,000 AADT. Significant value-add opportunity Oversized anchor: Office Depot is currently 24,480 SF, which is larger than its preferred footprint. New development potential: Roughly 2 acres of cypress head provides the potential ability to add GLA. Below market rents: Junior and anchor space rents in the trade area are $18-$22/SF, while inline rents are $26-$36/SF, compared to $13.45/ SF and $18.87/SF respectively at the Property Below market anchors rents: Office Depot and ABC Liquors base rents are well below market at $8.35/SF and $12.21/SF, respectively (market rent $18-$22/SF). Easy access: A median break allows access for southbound Dale Mabry traffic. Below market ground lease: Sweet Tomatoes ground lease rent is well below market at $212,191/YR (market rent $300,000/YR). Projected CAGR of 2.54% Strong tenant lineup and NOI growth Steady income growth: Cumulative NOI growth of 28.50% over a 10 year hold, driven by contractual annual rent increases and roll to market rents. Impressive NOI growth achieved without roll of Office Depot, Sweet Tomatoes, and ABC Liquors to market rent, all assumed to take remaining options. National tenant roster: 89.3% of building area occupancy and 86% of the Potential Gross Income is derived from national tenants. Long term tenant tenure: Average tenure for existing tenants is nearly 13 years, with 6 of 8 tenants having been at the Center greater than 12 years. REIT OWNERSHIP WITHIN 3-MILES Property Name North Pointe Plaza Carrollwood Commons Northdale Promenade Village Center Carollwood Center Owner DDR Kimco Kite Realty Regency Centers Brixmor
SITE PLAN Cross access to Market Place North I 2+/- acres of cypress head for potential development Suite Tenant SF 1 Office Depot 24,480 2 AAA Auto Club 7,200 3 Tammy Nails 1,200 4 Best NY Pizza 1,627 5 Best NY Pizza 1,933 6 ABC Liquors 12,000 7 Discount Pool Supply 1,600 8 Bob Hogue School of Real Estate 1,600 9 Sweet Tomatoes 7,680 Total 59,320 1 2 3 4-5 9 8 7 6
MARKET PLACE NORTH II No warranty or representation, expressed or implied, is made as to the accuracy of the information contained herein, and some is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed TAMPA, FLORIDA Jim Michalak Managing Partner (813) 837 1300 x 1 jim.michalak@plazadvisors.com Keith Nurre Senior Analyst (813) 837 1300 x 2 keith.nurre@plazadvisors.com