The Towers

The Towers

The Towers
612 N Indiana Ave
Englewood, FL 34223

$1,900,000

Cap Rate 7.74%
Gross Leasable Area (GLA) 22,028 Sq.Ft.
Price Per Square Foot (GLA) $86
Year Built 1986
Lot Size 2.09 Acres
  • Below Market Rents
  • Available for Half of Replacement Cost
  • Located Directly in the Path of Progress and Population Migration
  • 30,000 New Homes Under Master Development Plan Within The Immediate Area
  • Englewood Voted One of “10 Best Places to Retire in Florida” by Business Advice Source in 2017
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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: The Towers (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 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.

For More Information, Please Contact:

Jim Shiebler

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