James Medefind
Senior Vice President Investments
James.Medefind@MarcusMillichap.com

(O) 813-387-4788
FL #SL3216834

​Highlights

• RARE OPPORTUNITY TO PURCHASE SIZEABLE RETAIL PORTFOLIO ON A BARRIER ISLAND. BOTH PROPERTIES HAVE BEEN UNDER THE EXISTING OWNERSHIP FOR ALMOST 45 YEARS

• LONG-TERM, STABLE OCCUPANCY HISTORY - 100 PERCENT OCCUPIED BY ESTABLISHED, SERVICE AND HOSPITALITY BASED TENANTS

• HIGH RESIDUAL LAND VALUE - UPSIDE AVAILABLE THROUGH FUTURE RE-DEVELOPMENT OPPORTUNITIES INCLUDING MULTI FAMILY, HOSPOITALITY, RESIDENTIAL

• LOW MANAGEMENT RESPONSIBLITY - RECENT CAPITAL EXPENDITURES INCLUDING NEW ROOFS AND EXTERIOR BUILDING UPGRADES ON INDIAN SHORES BUILDINGS WILL ENSURE HASSLE FREE MAINTENANCE FOR NEW OWNER

• LONG-TERM TENANTS HAVE BELOW MARKET RENTS ALLOWING A NEW OWNER TO INCREASE RENTS TO MARKET RATE YIELDING AN ABOVE MARKET RETURN

• THE REDINGTON SHORES PROPERTY INCLUDES A CORPORATELY OPERATED 7 ELEVEN WITH 45+ YEAR OPERATING HISTORY. 7 ELEVEN IS RESPONSBLE FOR ALL MAINTENANCE AND REPAIRS TO THEIR PROPERTY

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​Description

Marcus & Millichap has been selected to exclusively market for sale this portfolio of beachside retail properties in Pinellas County (Tampa Bay MSA), Florida. Built between 1973 and 1977, and with a total 17,908 square-feet of retail space, this portfolio is strategically located along Gulf Boulevard and only steps from the white sand beaches. A majority of the existing tenants have been in business at this location for a decade or longer, providing a track-record of successful business operations.

19705 - 19709 GULF BLVD is located in Indian Shores, a quaint beachside community with high-income residents and steady vacation rentals. This property consists of two buildings with approximately 170 linear feet of frontage on Gulf Blvd. The property is 100% occupied by long-term tenants and presents new ownership with in-place, stable cash flow. A new roof was added to both buildings within the last few years and the buildings were recently painted which will ensure a low maintenance, low cost investment for the next owner.

18115 GULF BLVD is located in Redington Shores, a popular destination for locals and tourists to enjoy a day at the beach. Anchored by 7-Eleven for more than 45 years, and a long-term history of full occupancy, this shopping center has proven to provide consistent cash flow. With 7 Eleven responsible for all regular maintenance, repairs and their portion of the Real Estate Taxes. For this reason, the new owner will enjoy low expenses and minimal management responsibility.