Bealls

Highlights:

• Southwest Florida single-tenant Bealls located within Port Charlotte Town Center
• Most recent lease extension for 10 years showing strong tenant commitment to the site: 6 Years remaining with bumps in each option period
• Port Charlotte Town Center brings 1.9M annual visits to the property: JCPenney, Dillard's, Regal, DSW, among others
• Pulls from a large trade area of over 30 miles
• Surrounded by national retailers such as: Publix, Sam's Club, Target, Lowe's, Marshalls, Bed Bath & Beyond, Dillard's, and the newly built Port Charlotte Marketplace with Burlington, Total Wine, Ross & Home Goods
• Recent property upgrades: new $1M+ roof, interior and exterior store renovations
• Located at the intersection of Port Charlotte's two major roads: Tamiami Trl (48,500 VPD) and El Jobean Rd (28,500 VPD)
• Florida has no state income tax, making it an attractive place to live, invest, and retire

Description:

Franklin Street is pleased to present a single-tenant Bealls located in Port Charlotte Town Center in Port Charlotte, Florida. Port Charlotte Town Center is located in the center of the town and serves a 30-mile retail radius. Port Charlotte is in Charlotte County, located on the West coast of Florida just 44 miles from Sarasota and 28 miles from Fort Myers. Port Charlotte is known for its unhurried, laid-back lifestyle and plenty of Old Florida charm, and has been recognized as a top place to retire in the U.S. by Forbes Magazine, based on features like a low cost of living, Florida’s retiree-friendly tax code, quality health care, desirable amenities, and a vast network of canals and waterways that lead to Charlotte Harbor and the Gulf of Mexico. Port Charlotte is a sought-after destination for outdoor enthusiasts and golfers with over 700,000 annual visitors that generate over $700M a year. The Port Charlotte Town Center is in the process of being acquired by a developer to create a mixed use development. The proposed plan involves an open-air pedestrian experience, commercial-to-residential conversion, and mall renovations. A curated entertainment-focused tenant mix will draw residents and visitors while a central promenade creates a sense of place and a connection to the town.. This is a top 10 performing Bealls in the country that has already executed an early lease extension once, demonstrating their commitment to the site. Furthermore, after Hurricane Ian in 2023 the location received a new roof and Bealls remodeled their interior and exterior to further modernize their store. The investment offers an investor the opportunity to acquire a successful location in a strong and growing market. Bealls is privately owned and has little corporate debt, allowing them to successfully navigate bull and bear markets.

Port Charlotte is a vibrant city located in Southwest Florida, one of the fastest growing regions in the country with a 10% population growth in the last 10 years. Port Charlotte is located in Charlotte County which is home to over 190,000 residents and a short drive to other major cities including Sarasota, Fort Myers, and Cape Coral. The exponential growth is due to the regions high quality of life and relative affordability leading to an influx of working professionals and young families that make up a large portion of the population growth. Additionally, the area continues to be a hub for retirees as it was ranked in the “Top 25 Places to Retire in the World” by Forbes. The area features 75 miles of beaches and miles of shoreline along the Gulf of Mexico, 4 state parks, one wildlife refuge, and an 840-acre facility in Charlotte Harbor where visitors can walk nature trails, have a picnic, or receive education on the area. The regions climate and outdoor amenities makes it a major tourist destination with 8.7 million annual visitors spending around $5.3 billion during their travels. Additionally, the region has always been a strong second-home market with a vast number of temporary residents staying in South West Florida for the entire winter season, furthering the money inflow to the local economy.

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