Year Build: 0
Building Size: 13,000 SqFt.
No of Stories: 1
Total Lot Area: 54000.00 Acre
No of Parking: 0
No of Total Units: 1
Property Current Status: Normal Sale
Building Status: Existing
Heating and Cooling: Heating and Cooling
Building Class: Not Specified
Property on Ground Lease?: No
Net Lease Investment?: Yes
Business Price Included?: No
Roofing: Not Specified
Occupancy: 100%
Full Description
THIS SHOPPING CENTER WAS CONSTRUCTED IN 2006. THE PROPERTY HAS A TRIPLE NET LEASE WHICH COMMENCED AT THE END 2006 AND TERMINATES IN 2017. THERE ARE TWO FIVE YEAR OPTION PERIODS, WITH RENTAL INCREASES BEETWEEN THEM. THE SUBJECT PROPERTY IS A 13, 000 SQ. FT BUILDING AND 54,000 SQ FT LAND. LEASED TO NATIONAL TENANTS: THE MEN’S WEARHOUSE, CASUAL MALE RETAIL AND VITAMIN SHOPPE. EXISTING LOAN $3,500,000 COULD BE ASSUMED 10 YEAR NNN LEASE, EXPIRING IN 2017+2 FIVE YEAR OPTIONS BUILDING HAS BENEFICAL LEASE TERMS WITH INCREASES AT OPTIONS AND ENDING 2027 WHEN THE LEASE COULD BE RENEGOTIATED AT HIGHER RATE PROVIDING HIGHER IRR ON THIS INVESTMENT. THIS PROPERTY IS AN OUTPARCEL TO THE WESTFIELD CITRUS PARK MALL WITH OVER 150 STORES AND ANCHORED BY DILLARD’S, MACY’S, JCPENNEY, DICK’S SPORTING GOODS AND SEARS AND ACROSS THE STREET FROM THE PLAZA OF CITRUS PARK ANCHORED BY SPORT AUTHORITY, BESTBUY, PETSMART, ROSS, BED BATH & BEYOND, STAPLES AND JO-ANN FABRICS. (Br. # 21326)