|Gross Leasable Area (GLA)||26,492 Sq.Ft.|
|Price Per Square Foot (GLA)||$84|
|Lot Size||2.51 Acres|
Marcus & Millichap is pleased to offer for sale Shoreline Shoppes, a value-add shopping center located in North Fort Myers, Florida. The subject property is a 26,492-square foot shopping center built in 2008. The property is currently 52 percent occupied by a mix of local tenants.
Shoreline Shoppes offers investors an opportunity to acquire a value-add shopping center with below market rents and priced below replacement cost. By leasing up the vacant spaces and increasing the current tenants to market rent, the stabilized net operating income of the asset, at 90 percent occupancy, is estimated to be over $235,000 per year.
North Fort Myers is an attractive suburb for those who are looking to take advantage of Fort Myers’ many employment centers, as well as the local beaches, such as Fort Myers Beach and Sanibel Island. Fort Myers is the commercial center of Lee County and is the gateway to the southwest Florida region. The area is a major tourist destination with many people flocking to take advantage of the outdoor lifestyle southwest Florida has to offer. The property is ideally located on busy Bayshore Road with
traffic counts of over 30,000 vehicles per day.
Retail Investment Specialist