Bealls And Save-a-lot Center – Lehigh Acres, FL

Bealls And Save-a-lot Center – Lehigh Acres, FL

Bealls And Save-a-lot Center – Lehigh Acres, FL
1209-1239 Homestead Road
Lehigh Acres, FL 33936

$5,400,000

Cap Rate 9.02%
Gross Leasable Area (GLA) 74,315 Sq.Ft.
Price Per Square Foot (GLA) $72
Year Built 1982
Lot Size 7.15 Acres
  • Grocery Anchored Save-A-Lot, a Subsidiary of Supervalu (S&P: BB-)
  • Bealls Outlet is a Dominant Anchor Tenant
  • Strong Tenant Sales
  • Significant Recent Capital Improvements Put into the Asset
  • Great Frontage on Homestead Road
  • Delivered Free and Clear
  • Recent Lease Signing At $13.33 Per Square Foot Triple-Net with no Tenant Improvements
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Confidentiality and Buyer Registration Agreement

Marcus & Millichap Real Estate Investment Brokerage Company (“Broker”) has been asked to serve in the capacity of exclusive agent for the (“Seller”) regarding the potential sale of the properties known as: Bealls And Save-a-lot Center – Lehigh Acres, FL (the "Property").

To receive financials and other vital data please read, sign and return this completed Confidentiality Agreement to Broker. The property information has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information that prospective Buyers may need or desire. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property.

By accepting the financial reports and market data, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney’s fees, collectively “Claims”) arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney’s fees and court costs which James Medefind or Marcus & Millichap REIS may be incurred with respect to any claims for other real estate commissions, broker’s fees or finder’s fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

The Financial Reports and market data, except such information that is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the property information, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the information or any of the contents to any other entity (except to outside advisors retained by you, if necessary for you determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the information or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

No employee of Seller or at the subject property is to be contacted without the written approval of the agent and doing so would be a violation of this confidentiality agreement.

This is a 75,000 gross square foot grocery anchored shopping center in Lehigh Acres. Lehigh Acres is a small suburb east of Fort Myers in Lee County. The anchored retail market in Lehigh Acres consists of four centers. 1) The subject property, anchored by Bealls and Save-A-Lot, 2) The adjacent Sunshine Plaza, anchored by Winn Dixie, 3) Lehigh Plaza is across the street, anchored by Publix, and 4) A Sweetbay anchored center two miles northeast on Bell Boulevard. Due to the limited competition, the property can be highlighted as a strong retail competitor in a supply-constrained market.

Over 45 percent of the base rent is from Bealls Outlet and Save-A-Lot, a subsidiary of publicly traded Supervalu Inc (S&P: BB-). Bealls is privately held and through its subsidiaries, operates over 560 retail store sites in states across the Sun Belt, from Florida to California, with annual sales over one billion dollars. They specialize in both apparel and home merchandise. The most recent lease signed at this center was in late 2011 at $13.33 per square foot triple-net with no tenant improvements given to the tenant. With 97 percent occupancy, the going-in returns are attractive given where we stand in the rental cycle.

For More Information, Please Contact:

James Medefind

First Vice President Investments
813-387-4788
james.Medefind@marcusmillichap.com