|Gross Leasable Area (GLA)||34,100 Sq.Ft.|
|Price Per Square Foot (GLA)||$370|
|Lot Size||3.11 Acres|
Marcus & Millichap is pleased to exclusively represent the sale of Shoppes of South Dale, a brand new 34,100-square foot shopping center located in Tampa, Florida. Shoppes of South Dale is located across the street from 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, Shoppes of South Dale is an opportunity for an investor to purchase a brand new asset in a dense retail submarket yielding long-term, stable cash flow.
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.
Shoppes of South Dale’s average rent is currently only $31.88 per square foot, triple-net. With such a strong rental rate in South Tampa, a new investor can expect to increase cash flow when leases expire.
Located on South Dale Mabry Highway, Shoppes of South Dale experiences an average daily traffic count of more than 34,000 vehicles per day. The center lies in close proximity to many national retailers including Wal-Mart, Macy’s, Winn-Dixie, The Home Depot, Sam’s Club, CVS, Publix, Target, Lowe’s, Pet Supermarket, Big Lots, Dollar Tree, Stein Mart, Marshall’s, Michael’s and Burlington Coat factory.
Shoppes of South Dale benefits from its close proximity to the Westshore business district with more than 93,000 employees and 12.75 million square feet of office space. The daytime density ideally positions the property for heavy lunchtime traffic. With a full-time population of more than 141,000 people within a five-mile radius, Shoppes of South Dale is a wellrounded location with consistent demand not only from daytime traffic, but local residents as well.
Tampa Bay is currently experiencing rapid growth, including a $3 billion redevelopment underway in downtown Tampa which is only three miles from this property. Bungalows from the mid-twentieth century are being redeveloped in to million dollar mansions and more than 2,000 brand new apartments have been developed in the immediate vicinity over the last 24 months. More than 4,000 additional apartment units with rents averaging more than $1.70 per square foot are reportedly in pre development throughout the South Tampa submarket.
First Vice President Investments