Shops at Midway-Opportunity Zone
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Shops at Midway-Opportunity Zone
3 Retail Properties Offered at $32,716,460 CAD in Largo, FL
Investment Highlights
- 3 tenants have investment grade credit ratings from Moody’s and Standard and Poor’s
- Four of the six tenants have been there for 8 years or longer
- Missouri Avenue has an AADT of 30,000, 3-Mile Demos Population : 105,584 HH Income: $8,546
- Credit rated tenants and/or national tenants account for 97.3% of the GLA
- Corner location at Missouri Avenue (US 19 Alternate) and Jasper Street, a signalized intersection
Executive Summary
RIPCO Real Estate is pleased to offer for sale Shops at Midway, a ±119,694 SF Power Center 100% occupied by six tenants. 48.87% of the Gross Leasable Area of the center has investment grade credit ratings: Ross Stores Inc. (A2, BBB+), Dollar Tree (Baa3, BBB-), and TJ Maxx (A2, A). The weighted average lease term remaining (WALT) at the center is 4.61 years. All of the tenants have at least one 5-year option remaining and have increases during each option period.
The Shops at Midway are located at the southwest corner of the signalized intersection of N Missouri Avenue (30,000 AADT) and Jasper Street. There are two points of ingress/egress along Missouri Avenue and one point on Jasper Street, giving the property excellent access and exposure. Missouri Avenue is part of US Highway 19 – Alternate, one of the primary north to south thoroughfares in Pinellas County running from Saint Petersburg, FL to Holiday, FL. Other nearby retailers along N Missouri Avenue include Old Time Pottery, Walmart Supercenter, ALDI, Rent-A-Center, Goodwill, and Office Depot.
This asset provides investors with an opportunity to acquire a fully stabilized cash flowing opportunity with strong national tenants and the ability to increase cash flow through option periods.
The Shops at Midway are located at the southwest corner of the signalized intersection of N Missouri Avenue (30,000 AADT) and Jasper Street. There are two points of ingress/egress along Missouri Avenue and one point on Jasper Street, giving the property excellent access and exposure. Missouri Avenue is part of US Highway 19 – Alternate, one of the primary north to south thoroughfares in Pinellas County running from Saint Petersburg, FL to Holiday, FL. Other nearby retailers along N Missouri Avenue include Old Time Pottery, Walmart Supercenter, ALDI, Rent-A-Center, Goodwill, and Office Depot.
This asset provides investors with an opportunity to acquire a fully stabilized cash flowing opportunity with strong national tenants and the ability to increase cash flow through option periods.
Property Facts
| Price | $32,716,460 CAD | Number of Properties | 3 |
| Price / SF | $250.90 CAD / SF | Individually For Sale | 0 |
| Cap Rate | 6.75% | Total Building Size | 130,398 SF |
| Sale Type | Investment NNN | Total Land Area | 12.93 AC |
| Status | Active |
| Price | $32,716,460 CAD |
| Price / SF | $250.90 CAD / SF |
| Cap Rate | 6.75% |
| Sale Type | Investment NNN |
| Status | Active |
| Number of Properties | 3 |
| Individually For Sale | 0 |
| Total Building Size | 130,398 SF |
| Total Land Area | 12.93 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
|
L.A. Fitness
1229 Missouri Ave N, Largo, FL 33770 |
Retail | 45,000 SF | 2014 | - |
| 1581 Missouri Ave, Largo, FL 33770 | Retail | 3,200 SF | 2015 | - |
| 1229-1551 Missouri Ave N, Largo, FL 33770 | Retail | 82,198 SF | 1958 | - |
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Shops at Midway-Opportunity Zone
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