Palms Plaza

Palms Plaza

Palms Plaza
1155 South Dale Mabry Highway
Tampa, FL 33629

CONFIDENTIAL

Cap Rate 6.41%
Gross Leasable Area (GLA) 32,512 Sq.Ft.
Price Per Square Foot (GLA) $303
Year Built 1982
Lot Size 2.75 Acres
  • Rare Opportunity to Purchase a Landmark Retail Center in South Tampa - The Most Affluent Submarket in the Tampa Bay MSA
  • Substantial Recent Capital Improvements Completed - See Agent for Details
  • Value Add Opportunity - Below Market Rents
  • Assumable Non-Recourse Financing Available
  • Publix Shadow Anchor Shopping Center
  • Infill Location - More than 192,000 Residents Within a Five Mile Radius
  • Close Proximity to the Westshore Business District - Largest Business District in Florida with Over 12.75 Million Square Feet of Retail
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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: Palms 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 exclusively represent the sale of Palms Plaza, a 32,512-square foot shopping center located in Tampa, Florida. Palms Plaza is located adjacent to a Publix anchored shopping center in the city’s most affluent submarket -South Tampa. With 100 percent occupancy and complimentary mix of long term tenants, Palms Plaza is an opportunity for an investor to purchase a stable, long-term cash flow with the ability to add value through increasing rents.

South Tampa is experiencing rapid development with several retail centers scheduled to break ground over the next 12 to 18 months. Rents for new retail centers are reported to be more than $45 per square foot, triple-net.

Palms Plaza’s average rent for the trailing 12 months is only $21.53 per square foot, triple-net. With shorter term leases, an investor can expect to reset a majority of the rents to market rates over the next five years and increase the cash flow by more than 30 percent with limited reinvestment in to the property.

For More Information, Please Contact:

James Medefind

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