|Gross Leasable Area (GLA)||83,165 Sq. Ft.|
|Price Per Square Foot (GLA)||$109|
|Lot Size||7.88 Acres|
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.