Pelican Center 

31465 US Highway 19 N. | Palm Harbor, Florida 34684

Contact Brokers

James Medefind
First Vice President Investments
James.Medefind@MarcusMillichap.com
(C) 850-228-9400
(O) 813-387-4788
FL #SL3216834

Highlights

  • All tenants reimburse landlord for Taxes, Insurance, and Common Area expenses which will provide an investment with a very consistent, low risk cash flow for years to come.

  • 75 Percent of the tenants have been in occupancy at Pelican Center for 8+ Years. Long Term tenants have a proven track record of success and have provided a very predictable income stream.

  • Rental Rates for similar spaces in the immediate submarket range between $16 and $20 per square-foot NNN. The Average rental rate at Pelican Center’s longest-term tenants are paying $4 to $6 per square-foot below market rent.

  • With an average household income of more than $92,000 per year within a 1-mile radius and more than 198,000 residents with a 5-miles radius, Pelican Center has ideal demographics for long-term, stable occupancy in a market with an under supply of retail space.

  • Pinellas County is credited with being the densest county in the entire state of Florida with more than 200,000 residents within a short 5-mile radius.

  • With more than 180 feet of frontage and excellent visibility on US Highway 19, the busiest highway in Pinellas County, Pelican Center has exposure to more than 80,000 cars per day and is surrounded by the nation’s leading retailers.

Description

Marcus & Millichap is pleased to exclusively offer for sale this Pelican Center, a 12,700-square-foot shopping center located in Tampa Bay MSA. The subject property is 100 percent leased with 75 percent of the tenants having been in occupancy at Pelican Center for 8+ Years. The long term tenants have a proven track record of success and have provided a very predictable income stream.

Location

Uniquely positioned within northern Pinellas County and on US Highway 19, the busiest highway in the county, the subject property sees substantial traffic of over 80,000 cars per day. Pinellas County is credited as the densest county in the state of Florida helping to generate demand to the tenants at Pelican Center.

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201 North Franklin Street

Suite 1100

Tampa, FL 33602

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