Bradenton, FL - Palma Sola Square Retail Center

Description:

SRS Multi-Tenant Investments is pleased to offer the opportunity to acquire the leasehold interest (building ownership) in Palma Sola Square Retail Center located in Bradenton, Florida. Located in an income tax free state, the center consists of a diverse, ecommerce resistant tenant lineup comprised of retail and service tenants, creating a stabilized income stream for a future investor. Starbucks occupies a prime end-cap position, featuring a drive-thru, and ranks in the top 85th percentile
of all locations nationwide, according to Placer.ai. Furthermore, Starbucks did not exercise its early termination right in February 2024, underscoring its long-term commitment to this location and highlighting the strength of the real estate and surrounding trade area.

The asset is ideally located at the signalized, hard corner intersection of Manatee Avenue West (State Hwy 64) and 59th Street West, which supports over 45,000 vehicles per day. Access to Interstate 41 (20,000 VPD) is just 3.7 miles to the east which is the primary route to cross the Manatee River and provides access to St. Petersburg, Anna Maria Island, Bradenton Beach, Tampa, and more, making this an ideal centralized location with easy commutes. The site is located within walking distance of Beachway Plaza, a 230,000 SF community center anchored by Target, Publix, Five Below, Staples, CVS, and more. Other nearby national/credit tenants include Planet Fitness, Dollar General, Anytime Fitness, Dollar Tree, Wawa, Goodwill, and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover exposure to the center. In addition, the asset is 1 mile north of HCA Florida Blake Hospital, a 383-bed tertiary hospital that serves more than 90,000 patients annually. Moreover, the subject property is situated near multiple apartment complexes including Cypress Winds (299 units), The Preserve at Manatee Bay (152 units), The Blake at Bradenton (77 units), and more, providing a direct residential consumer base from which to draw. The 5-mile subject trade area is supported by more than 147,000 residents and 60,000 daytime employees. Residents within a 1-mile radius boast healthy average household incomes of more than $106,000.