Murdock Plaza

Murdock Plaza

Murdock Plaza
1700 Tamiami Trail
Port Charlotte, FL 33948

$9,050,000

Cap Rate 7.08%
Gross Leasable Area (GLA) 83,165 Sq. Ft.
Price Per Square Foot (GLA) $109
Year Built 1991
Lot Size 7.88 Acres
  • Below Market Rents
  • Staggered Lease Expirations
  • Less Than One Quarter Mile From 875,000-Square-Foot Simon Mall
  • Ideally Located on U.S. Highway 41, Port Charlotte’s Main Retail Artery – 58,500 Vehicles Per Day
  • Major Tenants Include Perkin’s Restaurant, Dollar General, Cici’s Pizza, Armed Forces Career Center, Bill Smith Appliances, and Charlotte County Tourism Department
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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: Murdock 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 offer for sale Murdock Plaza, located in Port Charlotte, Florida. The subject property is an 83,165-square foot shopping center located on U.S. Highway 41.  The center is currently 88 percent occupied and anchored by Dollar General and Perkins Restaurant.  The plaza is located in the heart of the main retail corridor in Port Charlotte near the intersection of U.S. Highway 41 and Veterans Boulevard. U.S. Highway 41 has a daily traffic count
of more than 59,000 cars per day. Nearby is Port Charlotte Town Center, a Simon-owned regional mall anchored by Beall’s, Sears, Macy’s, JC Penney and Dillard’s. Other area retailers include Walmart, Lowe’s, Publix, Kohl’s, Kmart, Target, Publix and Walgreens.

Murdock Plaza is perfectly situated just miles from two major Charlotte County development projects, positioning a new investor to benefit from the rapid growth of the area. Just four miles from the subject property lies Sunseeker Resort, the gulf coast’s largest master-planned hotel-condo resort spread across more than 22 acres. Sunseeker Resort will feature 9
condo towers (725 units), a 150 room hotel, ten restaurants and bars, and a 1,000 foot long pool.  Additionally, Charlotte County recently agreed to sell a large 157 acre portion of Murdock Village to a developer who plans to build a water park, seven hotels, and an outdoor amphitheater. The project is projected to bring in over $40 million in revenue to the immediate area, and the site is less than one mile away from the subject property.

Murdock Plaza has undergone major renovation in recent years, providing a new owner opportunity for repositioning without the burden of expensive capital costs. Improvements to the center of nearly $400,000 include metal roof renovation and coating, roof replacement over Perkins, parking lot seal coated and striped, entire center (back and front) repainted, metal mansard roof painted. Upon renewing their lease, Perkins invested $185,000 in capital improvements to their space, showing their commitment to this location. Significant renovations were also made to U.S. Army Recruiters’
space. Furthermore, in January 2018 a new roof coating will be installed at a cost of $165,000 and a new owner will receive a 15-year warranty.

Port Charlotte, Florida is approximately 40 minutes northwest of Fort Myers and an hour and a half south of Tampa. Port Charlotte is part of Charlotte county, which has a current population of approximately 178,000. Port Charlotte is home to the spring training ground of the Tampa Bay Rays and also boasts seven of the twenty-one golf courses located in Charlotte County. Charlotte County is ranked as the eighth fastest growing county in the Unites States, according to the 2016 census. In 2012, it was listed among the ten best cities in the U.S. to retire. The largest county employers include Walmart Stores, Publix Super Markets, Fawcett Memorial Hospital and Community Health Systems.

For More Information, Please Contact:

Jim Shiebler

Investment Advisor
(239) 340-811
Jim.Shiebler@MarcusMillichap.com