|Gross Leasable Area (GLA)||32,512 Sq.Ft.|
|Price Per Square Foot (GLA)||$303|
|Lot Size||2.75 Acres|
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.
First Vice President Investments
(813) 387- 4788