Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a 100% occupied, two-tenant retail investment property located in Port Richey, FL (Tampa-St. Pete-Clearwater MSA). The offering features a strong retail-based tenant lineup of Ashley Furniture Outlet and Burlington, who have both recently extended their lease, demonstrating their commitment to the site. Burlington features scheduled rental increases at the beginning of their remaining 3 (5-year) option periods, growing NOI and hedging against inflation. The current lineup features a weighted average lease term of 3.7 years, providing minimal short-term rollover. Both tenants are leaders in their industries and have limited surrounding competition with no other competing locations within 15 miles.

The subject property is strategically located along U.S. Highway 19 with clear visibility and access to an average of 57,500 vehicles passing by daily. U.S. Highway 19 is a major commuter route that provides direct access into Clearwater and St. Petersburg. Ashley and Burlington, along with American Freight, serve as the anchor tenants to The Piers Shopping Center, a 230K+ SF Power Center. In addition, the property is ideally adjacent to Embassy Crossing (333K+ SF) and Gulf View Square (729K+ SF), 2 major shopping centers that significantly contribute to the local economy. The trade area is home to numerous other national/credit tenants including ALDI, The Home Depot, Petco, Office Depot, Publix, Walmart Supercenter, and others. The strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. Furthermore, the subject is near numerous single-family communities and multi-family complexes including Regency Residence (136 units), Gables at Gulf View (312 units), Park Place at Port Richey (420 units), and others, providing a direct residential consumer base. The 5-mile trade area is supported by over 121,000 residents and 40,900 daytime employees, with an average annual household income of $64,366.

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