Overview
MatthewsTM is pleased to present the opportunity to acquire Northcliffe Center, a ±45,818-square-foot medical-oriented neighborhood shopping center located in Spring Hill, Florida, within the Tampa–St. Petersburg–Clearwater MSA. The Property is anchored by Tampa General Medical Group, part of Tampa General Hospital, a nationally recognized health system providing a stable, healthcare-driven anchor and long-term institutional-quality tenancy.
The Property features a diversified tenant mix including medical, pharmacy, food service, and home improvement users, generating consistent daily-needs traffic and strong crossshopping synergy. Strategically positioned just off U.S. Highway 19 (±40,500 vehicles per day) and located within a dominant retail corridor, Northcliffe Center benefits from exceptional visibility, accessibility, and surrounding national retailers including The Home Depot, Lowe’s, Target, Outback Steakhouse, Wendy’s, Starbucks, and others.
Northcliffe Center is currently 100% occupied, with seven of nine tenants operating under gross leases, providing stable in-place cash flow and an opportunity for investors to restructure leases and improve expense recovery over time. The offering also includes a ±0.8-acre outparcel, presenting additional value through ground lease development, pad sale, or build-to-suit opportunities, allowing for immediate value creation and long-term yield enhancement.
This offering combines income stability with meaningful upside potential. The institutional healthcare anchor and complementary tenant mix provide reliable cash flow, while the short-term lease profile offers the opportunity for rental growth and lease restructuring. Located in a high-growth submarket supported by ongoing residential expansion, Northcliffe Center represents a value-enhancing acquisition opportunity within a proven high-traffic retail corridor.
Investment Highlights
Property Highlights:
- 100% Occupied: Fully leased, medical-anchored neighborhood center comprised of 9 tenants delivering stable in-place income from day one, with embedded upside through active asset management.
- Short Term/Gross Leases: Seven of nine tenants operate under gross lease structures with zero renewal options, providing future flexibility to restructure lease type and improve expense recovery over time.
- Institutional Healthcare Anchor: Anchored by Tampa General Medical Group, a nationally recognized health system providing necessity-based traffic, long-term stability, and strong credit tenancy that enhances the overall investment profile.
- Service-Oriented Tenant Mix: A complementary blend of medical, food service, and home improvement users generates daily needs-based traffic and cross-shopping synergy, reinforcing long-term occupancy and tenant durability.
- Out-Parcel Potential: Included 0.8-acre outparcel presents a rare opportunity for ground lease development, pad sale, or build-to-suit, offering immediate value capture or long-term yield enhancement.
Location Highlights:
- High-Growth Tampa MSA Submarket: Located in Spring Hill, FL within the Tampa-St. Petersburg-Clearwater MSA, the area has experienced 3.2% population growth over the past four years, with an additional 3.2% projected over the next four years, underscoring sustained in-migration and expanding consumer demand.
- Active Residential Development Pipeline: New housing delivery continues across Spring Hill, highlighted by Pulte Homes’ completion of the final phase of its 79± acre Caldera master-planned community, adding significant new rooftops and expanding the area’s long-term consumer base.
- Strategic Location: Positioned just off U.S. Highway 19, which carries approximately ±40,500 vehicles per day, the property benefits from strong commuter traffic, and excellent accessibility and visibility.
- Established Retail Corridor: Northcliffe Center is situated within a dominant retail thoroughfare alongside national retailers including The Home Depot, Lowe’s, Target, Outback Steakhouse, Wendy’s, Starbucks, and more, driving consistent consumer traffic and reinforcing the center’s longterm retail viability
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