Plaza at Island Pass
Fort Myers, FL
Senior Investment Advisor
Senior Investment Advisor
48,220-Square-Foot Super Target Shadow Anchored Center
87% Occupied - Future Upside in Leasing Vacancy
Exceptional Real Estate Fundamentals - Pride of Ownership Asset
Attractive Mix of National Credit and Regional Tenants
Immediately Surrounded by Numerous Large Master Planned Communities
Marcus & Millichap is pleased to offer for sale Plaza at Island Pass, a 48,220- square-foot shopping center located in Fort Myers, Florida. The subject property includes an inline retail center contiguous to Super Target, and two free-standing outparcel retail centers that all feature an attractive mix of national tenants with corporate guarantees and strong regional tenants. All tenants are on triple-net leases with staggered expirations dates that provide an investor with a stable return on in-place income over the next decade. Built in 2008, the subject property has been meticulously maintained with no deferred maintenance, has excellent sit fundamentals with multiple points of ingress/egress, and is approximately 87 percent occupied, making Plaza at Island Pass an extremely rare opportunity to purchase a true pride of ownership asset with massive upside in cash flow and value. By simply leasing up the vacant space at reasonably conservative market rents, an investor can increase the current unleveraged return of 7.10 percent to a stabilized return of 8.36 percent, simultaneously adding over $1,000,000 in resale value.
Plaza at Island Pass is located on San Carlos Boulevard, which is home to many national retailers such as Publix, Bealls Outlet, Big Lots, Walgreens, Pet Supermarket, CVS Pharmacy, Dunkin Donuts, Wendy's, Planet Fitness, Orange Theory Fitness and many more. The neighborhood immediately surrounding the subject property contains numerous master planned communities. With over 20,000 households and an average household income in excess of $87,000 within a three mile radius, the subject property benefits from a dense, affluent, built-in customer base that the existing tenants are perfectly suited to serve.
Fort Myers is located in Lee County, which leads the nation in migration and population growth. The Cape Coral-Fort Myers area is among the highest metro areas in the nation for percentage growth over the last several years, growing to nearly one-million residents. The area's rapid economic expansion has put Fort Myers in the nation's number one spot for job growth and median house price growth. Fort Myers also holds the nations highest decrease in poverty rate, declining 2.92 percent over the last seven years.