Property Type: Retail
Status: Just Sold
Address: 107-213 W. Bloomingdale Avenue
Brandon, FL 33511
|CAP Rate: 7.75%|
Square Feet: 27,555
Tenancy Type: Mixed
Lease Type: NNN
The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in Bloomingdale Commons located in the highly desirable Tampa suburb of Brandon, Florida. The property is being offered for $6,610,000, representing a 7.75% CAP Rate. Positioned at the corner of two main roadways, the 100% occupied, 27,555 S.F. property boasts 4 buildings with well-known, desirable tenants.
All but one of the leases at the center are Triple Net (NNN) and nearly all reimburse for the management fee. With staggered lease expirations (60% of the center doesn't rollover until 2022), many of tenants have recently extended their leases proving their commitment and success at the location. In addition, the owner has recently executed two new leases, The Mill, an upscale restaurant and Capital Tacos, a fast-casual tex-mex restaurant that are set to open in July of 2017 and have brand-new, long-term leases. The asset is located at a signalized intersection and offers a highly attractive curb appeal with ample parking to accommodate all employees and guests to the property.
The 2006 construction property is ideally positioned in the suburb near the major employers and attractions located in Downtown Tampa (14 miles). The center is surrounded by an economically strong residential community with average household incomes of $80,000 within 3 miles. Hillsborough County alone has an estimate of 922,000 employees, which is projected to increase over the coming years. Additionally, the Tampa, St. Petersburg, Clearwater Metropolitan Statistical Area is composed of roughly 2.9 million residents and the area thrives on tourism and recreation.
The center is located adjacent to a Winn-Dixie grocery anchored center that draws people to the intersection for the service-oriented businesses that are present in this retail corridor. Positioned at the corner of two main roadways, W. Bloomingdale Road & John Moore Road, the property has access from each roadway and reports 60,000 vehicles per day surrounding the asset. The property is also surrounded by Kingswood Elementary, Bloomingdale High School and Burn Middle School, creating more traffic along the roadways near the center. Additionally, the property boasts easy highway access to I-75 (5 Miles, 77+k VPD), which runs from northwest of Miami, to Sault Ste. Marie in the Upper Peninsula of Michigan. Route 60 (3.4 miles north and the direct route to Downtown Tampa) is primarily a four lane divided highway that runs east–west crossing Florida from the Gulf of Mexico to the Atlantic Ocean. The western terminus of SR 60 is at the Sunsets at Pier 60 site in Clearwater Beach. The eastern terminus is in Vero Beach near the Atlantic Coast. Highway 41 (7 Miles) runs from Miami in South Florida, northwest to the Georgia border, north of the Lake City area. Highway 41 is paralleled by I-75, but runs along the water to Sarasota and along the western coast of Florida. Coupling all of the attributes, Bloomingdale Commons is positioned to be a quality asset for years to come as it provides an investor a rare opportunity in today’s market to purchase a superior location, quality construction and craftsmanship, ease of management and curb appeal.