Investment Summary
Price | $10,500,000 |
Cap Rate | |
NOI | |
Lease Term | 10 Years |
Lease Type | NNN Ground Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot |
Rental Increases | Fixed Rental Increases Every Five (5) Years |
Year Built | 1993 |
Building Size | 43,732 SF |
Lot Size | 3.37 Acres (146,833 SF) |
Status | Sold |
Lead Brokers | Vincent Aicale Executive Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Michael T. Yuras, CCIM Executive Managing Director 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Executive Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 |
Investment Highlights
10-YEAR NNN GROUND LEASE WITH SCHEDULED RENTAL INCREASES
» 10-year NNN ground lease with one (1) five (5) year option, creating a stable, long-term investment
» Lease guaranteed by Winn-Dixie, Inc.
» Fixed rental increases every five years, providing a hedge against inflation
» NNN lease requires zero landlord management, ideal for an out-of-area investor
» Winn-Dixie operates nearly 500 locations throughout the Southeastern United States
LOCATED IN DENSELY POPULATED, AFFLUENT, AND GROWING RETAIL CORRIDOR
» High-traffic location on 9th Street North (17,100 AADT), significantly increasing traffic to the site
» Beneficial proximity to highly trafficked St. Petersburg thoroughfares, including State Highway 92 and Interstate 275 (combined 213,500 AADT)
» Population of 251,813 within a five-mile radius of the site, providing an extremely large customer base for the property
» Average annual household income of $93,329 within one mile of the site
CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Surrounded by a strong mix of local and national retailers, including McDonald’s, Taco Bell, CVS, Regions Bank, Chipotle, Exxon, and many more
» Ideally located within two miles of Downtown St. Petersburg
» Three miles from the University of South Florida – St Petersburg (4,448 students)
» Four miles from Tampa Bay ($6.9 billion generated in annual tourism)
Property Description
SOLD
The property is conveniently located on 9th Street North (17,100 AADT), a location that is strategically placed near highly trafficked St. Petersburg thoroughfares, including State Highway 92 and Interstate 275 (combined 213,500 AADT). The site is also located in a densely populated area, with a population of 251,813 within a five-mile radius of the site. The property is set within an affluent area as well, with an average annual household income of $93,329 within one mile of the site.
Visibility to the property is increased by the site’s centralized location near large employers, retailers, and community hubs. The location is surrounded by a strong mix of local and national retailers, including McDonald’s, Taco Bell, CVS, Regions Bank, Chipotle, Exxon, and many more. The site is ideally located within two miles of downtown St Petersburg. The property also resides three miles from the University of South Florida – St Petersburg, a major South Florida community hub with 4,448 students, and two miles from St Anthony’s Hospital, a private hospital with 393 beds. The location features a beneficial proximity to Tampa Bay, which generates $6.9 billion in annual revenue.