Centre Shops of Longboat Key – Longboat Key, FL

Centre Shops of Longboat Key – Longboat Key, FL

Centre Shops of Longboat Key – Longboat Key, FL
5370 Gulf of Mexico Drive
Longboat Key, FL 34228

$4,250,000

Cap Rate 7.79%
Gross Leasable Area (GLA) 37,880 Sq.Ft.
Price Per Square Foot (GLA) $112
Year Built 1986
Lot Size 5.75 Acres
  • Exclusive Barrier Island Location
  • Average Household Income Within Three Miles: $139,816 Per Year
  • Extra Low Price Per Foot
  • High Barriers-to-Entry
  • 52 Percent of Centre Has Been Leased to Current Tenants for Eight Years or More
  • Net Leases in Place
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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: Centre Shops of Longboat Key – Longboat Key, 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 offering is a fee simple interest in Centre Shops of Longboat Key. The 37,880-square foot neighborhood center is located directly across the street from the Gulf of Mexico. Longboat Key is an exclusive barrier island just west of Sarasota, Florida and an hour south of Tampa. It is home to white, sugar sand beaches and is a popular destination for retirees and families alike. This is a rare opportunity to purchase one of the largest parcels on the island, totaling 5.75 acres.

Centre Shops of Longboat Key is currently 83 percent occupied, with a tenant mix that caters to local residents’ every day needs. Since Centre Shops of Longboat Key is home to the most popular restaurants, hair salon, bank, boutique shops and medical services, residents never need to leave the island.

The Centre Shops of Longboat Key is positioned competitively, as it is one of the only major retail properties on the island. Within a three-mile radius, the average household income equals $139,816 in 2012, placing it well above the national average.

This asset is offered for the low price per foot of $112.20, or $4,250,000.

For More Information, Please Contact:

James Medefind

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