|Gross Leasable Area (GLA)||2,400|
|Price Per Square Foot (GLA)||$807.00|
|Lot Size||0.49 Acres|
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.