Overview
RIPCO REAL ESTATE is pleased to offer for sale TAMPA BAY CENTER, a ±142,350 SF Power Center anchored by Ashley Furniture and Floor & Décor, located in Tampa, FL. The center is 100% occupied by eight (8) tenants, six of which are strong national tenants – The Tile Shop, Dollar Tree, T-Mobile, Tropical Smoothie, Floor & Décor, and Ashley Furniture. Six of the tenants have been at the center for 6 or more years, showing a strong commitment to the site. The total weighted average lease term remaining (WALT) at the center is 3.5 years.
The center is located on the block south of W Columbus Drive, east of N Dale Mabry Highway, and west of N Himes Avenue, all primary thoroughfares within Tampa. Combined, these three roads have an AADT of over 90,000, giving the center great exposure and access to a significant amount of Tampa’s residents. Tampa Bay Center is well positioned within the Westshore Business District which is the largest commercial market in the Tampa Bay region with over 6,500 businesses, 100,000 employees, and 13.2 million square feet of office space. Within four miles of the site, there are destinations such as Tampa International Airport, International Plaza, Westshore Plaza, and Midtown Tampa.
Tampa Bay Center offers an investor the opportunity to acquire a trophy asset in the Tampa MSA that is 100% occupied in an irreplaceable location where investment opportunities rarely become available.
Investment Highlights
STRONG NATIONAL & CREDIT TENANTS
- Six of the eight tenants are national tenants – Ashley Furniture, Floor & Décor, Dollar Tree, The Tile Shop, Tropical Smoothie Café, and T-Mobile.
- 62.6% of the Gross Leasable Area (GLA) of the center is occupied by publicly traded companies: Floor & Decor (NYSE: FND), Dollar Tree (NASDAQ: DLTR), the Tile Shop (NASDAQ: TTSH), and T-Mobile (NASDAQ: TMUS).
- Ashley Furniture is the top furniture and mattress retailer in the United States with over 1,100 locations.
STRATEGIC LOCATION
- The property is located on the southeast corner of the signalized intersection of N Dale Mabry Highway and W Columbus Drive.
- The Westshore Business District is the largest business district on Florida’s west coast and includes over 6,500 businesses, 100,000 employees, and 15.3 million square feet of office space.
- Close proximity to popular destinations such as Tampa International Airport, International Plaza, Westshore Plaza, and Midtown Tampa.
- North Dale Mabry Highway is the primary retail thoroughfare in Tampa with an AADT of 57,500. Other nearby retailers include Best Buy, Home Depot, Nordstrom Rack, Target, HomeGoods, Walmart Supercenter, REI, and Whole Foods.
100% OCCUPIED, STABLE CASH FLOW
- 100% occupied power center with eight tenants.
- The property is anchored by Ashley Furniture and Floor & Décor. There are also junior boxes consisting of the Tile Shop and Dollar Tree.
- Six of the tenants have been at the center for six or more years.
- WingHouse is a 5,697 SF outparcel that provides investors with the ability to carve out and create additional cash flow through a disposition.
DESIRABLE DEMOGRAPHICS
- Within 1-mile radius Population: 12,321 • Households: 5,655 • Avg. HH Income: $87,051
- Within 3-mile radius Population: 109,089 • Households: 47,349 • Avg. HH Income: $110,890
Property Summary
EXCLUSIVE AGENTS
