Value-Add New Tampa Retail 

20310 Trout Creek Drive | Tampa, FL 33647

Contact Brokers

James Garner
Senior Investment Advisor
James.Garner@MarcusMillichap.com
(O) 813.387.4796
FL #SL3273659

Jim Shiebler
Senior Investment Advisor
Jim.Shiebler@MarcusMillichap.com
(O) 239.340.7811
FL #SL3347780

Highlights

  • Adjacent to New, Upscale Mixed-Use Project

  • Cost to Redevelop Built Into the Price

  • Exceptional Location on Bruce B Downs Boulevard – 69,000 Vehicles Per Day

  • High Income Area – $107,000 Average Household Income within Three-Mile Radius

  • Located in New Tampa/Wesley Chapel – One of the Fastest Growing Areas in the U.S.

  • Built-In Customer Base with Ideal Family Demographics

Description

This recently constructed redevelopment opportunity was built to be a multi-tenant project an comes with new AC units for each space to be demised. There is a new, upscale mixed-use project slated to break ground early 2020 adjacent to the subject property. This proposed project will house a 200-unit multifamily development providing a built-in customer base and positioning this property perfectly as a multi-tenant strip center for retail, office or medical office. After the cost to demise and stabilize the property at $215,880, an investor can expect to yield an all cash cap rate of 8.49% and a cash-on-cash return in the high teens.

 

The property benefits from a high traffic count of over 69,000 vehicles per day on Bruce B Downs Boulevard and is surrounded by many national retailers such as Sam’s Club, Starbucks, Panera Bread, Publix, Bonefish Grill, Target, Marshalls, LA Fitness, Winn Dixie, Walgreens, CVS, Walmart Supercenter, and AutoZone among many more. Sweet Party is also just three miles from the Shops at Wiregrass Mall, an 850,000-square-foot open-air lifestyle center anchored by Dillard’s, Macy’s, J.C. Penney, and Barnes and Noble.

Location

The subject property is situated in the New Tampa/Wesley Chapel area, one of the Tampa MSA’s most desirable suburbs and one of the fastest growing areas in the United States. With an average household income of over $107,000 within a three-mile radius of the subject property, this area is the destination of choice for many national retailers looking to meet the demands of a rapidly growing, affluent population. In fact, there are two Publix Supermarkets on Bruce B Downs Boulevard to the North and South of the subject property less than three miles from one another. Wesley Chapel is currently undergoing a construction boom that has seen thousands of houses built over the last five years with recent expansion including two malls, a college campus, multiple luxury car dealerships, and an ice hockey rink. One of the most recent additions is the nation’s first Crystal Lagoon, a seven and one-half acre man-made body of turquoise water and the main attraction of a new 2,000-home neighborhood being developed around Epperson Ranch. The lagoon is the first of its kind in the United States and is modeled after similar lagoons constructed in Egypt and Dubai. Located in the heart of the New Tampa/Wesley Chapel area, the property is perfectly positioned to benefit from the growth of the surrounding area as the suburb continues to be transformed into a more city-like environment.

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