Morningside Plaza

Morningside Plaza

Morningside Plaza
12504 US Highway 301
Dade City, FL 33525

$2,700,000

Cap Rate 3.05% / 13.31%
Gross Leasable Area (GLA) 75,155 Sq.Ft.
Price Per Square Foot (GLA) $35.93
Year Built 1985
Lot Size 10.38
  • Rare, Value Add Opportunity
  • Shopping Center Co-Anchored by Walmart (not included)
  • Priced Significantly Below Replacement Cost - Only $36 Per Square Foot
  • Below Market Rents
  • Part of Tampa Bay MSA - More Than 3 Million Residents
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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: Morningside Plaza (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.

Marcus & Millichap is pleased to present for sale Morningside Plaza, a 75,155-square foot shopping center anchored by Walmart (Not Included) and Dollar Tree. Morningside Plaza is located in Dade City, Florida which is the county seat of Pasco County and part of the Tampa Bay MSA.

Morningside Plaza is currently 36 percent occupied, making it one of the few value add opportunities available in Florida. Long term tenants include Subway and Dollar Tree who have both been in occupancy at the property for more than 9 years. Available space at the plaza includes a 33,896-square foot anchor and four in-line spaces. By leasing the the shopping center to the market occupancy rate of 90 percent, an investor can improve the net income by more than 450 percent.

Morningside Plaza is located just 5 miles east of I-75 on US 301, the main north-south thoroughfare through central Florida. Residents looking for affordable housing find Dade City an attractive option with a reasonable commute to major employment centers like Tampa and Orlando. Morningside Plaza enjoys a traffic count of more than 30,000 cars per day on US 301, making this one of the busiest highways in Pasco County.

Area attractions include St Leo University, one of the most prominent Catholic universities in the nation with over 17,000 full-time students and staff. Due to the close proximity and convenience to St Leo University, Dade City plays a pivotal role in serving the university’s robust students and staff.

 

For More Information, Please Contact:

James Medefind

First Vice President Investments
(813) 387-4788
James.Medefind@MarcusMillichap.com