Verizon Wireless – Valrico, FL

Verizon Wireless – Valrico, FL

Verizon Wireless – Valrico, FL
3330 Lithia Pinecrest Road
Valrico, FL 33596

$1,936,000

Cap Rate 6.85%
Gross Leasable Area (GLA) 2,400
Price Per Square Foot (GLA) $807.00
Year Built 1969
Lot Size 0.49 Acres
  • Rare Annual Three Percent Increases with Double-Net Lease
  • Adjacent to New WaWa Gas Station (Under Construction)
  • Located at Corner of Four-Way Intersection
  • High Traffic Count Over 50,000 Cars Per Day
  • Over 300,000 Square Feet of Retail Located Within a Half-Mile
  • Cellular Sales (dba Verizon Wireless) has 20-Years Consecutive Growth
  • Tenant has 600 Locations
  • Average Household Income is $99,382 Within One Mile
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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: Verizon Wireless – Valrico, FL (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.

This 2,400-square foot freestanding Verizon Wireless is located in Valrico, Florida (Tampa MSA). The property is well located at the corner of a four-way intersection with a traffic count over 50,000 cars per day. The property is situated among 300,000 square feet of retail space, giving the property great synergy with the other retailers (Walgreens, Chase Bank, Chili’s, Starbucks, Panera Bread, The Fresh Market, Bank of America, Publix, Fifth-Third Bank, Subway, KFC and others). The property caters to the local residents and businesses with an average household income of over $99,000 per year within one mile and bank deposits of over $120 million.

Verizon Wireless has eight-years remaining on the lease. There are rare annual three percent rent increases throughout the initial term and both option periods. This rate schedule provides a new investor with a blended eight-year average unleveraged return of 7.61 percent.

There is currently a WaWa gas station under construction adjacent to the Verizon store with egress and ingress on both sides. This effectively makes the Verizon store an outparcel to WaWa.

 

 

 

 

For More Information, Please Contact:

Armando Rodriguez

Associate
813-387-4806
armando.rodriguez@marcusmillichap.com