|Gross Leasable Area (GLA)||74,315 Sq.Ft.|
|Price Per Square Foot (GLA)||$72|
|Lot Size||7.15 Acres|
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.
First Vice President Investments