Sprouts Office Depot

Sprouts Office Depot

Sprouts Office Depot
33650 U.S Highway 19
North Palm Harbor, FL 34684

$9,785,000

Cap Rate 6.50%
Gross Leasable Area (GLA) 60,010 Sq.Ft.
Price Per Square Foot (GLA) $163
Year Built 1997/2016
Lot Size 7.28 Acres
  • Exceptionally Low Price Per Foot - $163
  • Newly Renovated in 2016
  • Upside Through Below Market Rent
  • Five Points of Ingress and Egress
  • Average Household Income $83,438 Within 3-Mile Radius
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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: Sprouts Office Depot (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 present for sale this 60,010-square foot, two-tenant shopping center occupied by Sprouts Farmers Market and Office Depot. Sprouts Farmers Market recently signed a new 10-year triple net lease with four, 5-year options. Office Depot has been occupying the center for more than 10 years with five years remaining on the current lease term and four, 5-year option periods. Office Depot is currently paying substantially below market rent, creating stability in the current income stream and opportunity for future income growth for the next owner.

The center is ideally located in Palm Harbor, Florida (Tampa Bay MSA) at the hard corner of Nebraska Avenue and U.S. Highway 19. There are more than 82,000 cars per day traveling on U.S. Highway 19, and 16,600 cars per day traveling Nebraska Avenue which creates incredible visibility. Multiple points of ingress and egress exist allowing customers easy and convenient access. U.S. Highway 19 is the main north-south thoroughfare that travels along the entire west coast of Florida creating one of the busiest roadways in the Tampa Bay area.

An abundance of national retailers immediately surround Sprouts and Office Depot including Publix, Walgreens, Stein Mart, Michael’s, Chipotle, Ferrari of Tampa Bay, Chipotle, Bank of America, Verizon, Carrabbas, and many more.

Palm Harbor is a dense suburban community in central Pinellas County. There are more than 81,316 people within a three-mile radius of this property with an average household income of $83,438 per year. Palm Harbor is home to a large number of middle-upper income families and large retirement communities who strive for convenient access to the cities of St Petersburg and Tampa, the area beaches, and major attractions.

For More Information, Please Contact:

Jim Shiebler

Investment Advisor
(239) 340-7811
Jim.Shiebler@MarcusMillichap.com