|Gross Leasable Area (GLA)||22,028 Sq.Ft.|
|Price Per Square Foot (GLA)||$86|
|Lot Size||2.09 Acres|
Marcus & Millichap is pleased to present for sale The Towers, a 22,028-square foot shopping center located in Englewood, Florida.
The Towers is currently 91 percent occupied with an attractive mix of long-term service based and destination tenants, presenting an opportunity for an investor to add value by leasing up the two remaining vacant spaces and increasing rents to market rates.
The Towers is ideally positioned with excellent visibility on Indiana Avenue, right across the street from its intersection with Foxwood Boulevard, the entrance to a large residential community consisting of over 300 homes. Indiana Avenue is Englewood’s main retail artery, and sees an average of 24,000 vehicles per day, making it one of the busiest roads in Englewood. This opportunity allows an investor to benefit from purchasing a multi-tenant retail property at an excellent price that can capitalize on below market rents, long term tenant base and the area’s future exponential growth.
Englewood is located on Florida’s west coast just 30 minutes south of Sarasota and under an hour from Fort Myers. Property values in Englewood are poised to experience massive growth over the next several years. Development in Sarasota is moving south and development in Fort Myers is moving north, which places Englewood directly in the path of progress as these two semi-urban settings converge, creating the perfect storm for values in Englewood to skyrocket over the long-term. Developers have recognized this, and have made Englewood a target for a wave of new master home communities. One project in particular, The West Villages, plans to build over 25,000 homes on roughly 10,000 acres, just a few miles from the subject property.
Currently, Englewood is experiencing a population migration as people realize that Englewood is one of the most affordable places in Florida to buy a home near the water. This makes Englewood a very attractive place to retire. In fact, Englewood was voted one of the “Top 10 Places to Retire in Florida” by Business Advice Source in 2017. The Towers property is positioned perfectly within the area as retail demand will increase to support the large population growth and massive increase in rooftops.