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308 W Alexander StPlant City, FL 33563
TD Bank | Plant City, FL | 5% Cap
Asset ClassRetail
overview of deal

Overview

Address: 308 W. Alexander St, Plant City, FL 33563

Tenant: TD Bank (Corporate Guarantee)

Price: $3,000,000

Cap Rate: 5.00%

NOI: $150,000

Term: 10 years

Rent Commencement: 4/3/2023

Lease Expiration: 4/30/2033

Year Built/Renovated: 1985/2023

Building SF: ± 3,242 SF

Parcel Size: ± 1.62 Acres

Lease Type: Absolute NNN

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Investment Highlights

High Growth Area of Florida

  • Subject site is located approximately 20 miles from Tampa, FL and approximately 11 miles from Lakeland, FL
  • Plant City, FL has a population of 40,367 (July 2022 - US Census)
  • Tampa Bay MSA grew 5.6% from 2016-2021 (3.219M People)
  • DR Horton plans to build 2,000 homes in Plant City, FL just 15 minutes (7.7 miles) from the subject site

Corporate Absolute NNN Lease

  • Lease signed with TD Bank Corporate (S&P Rating: AA-)
  • Absolute NNN lease provides next owner with zero LL responsibility
  • 10% rent increases every five years (including options) provides owner with inflation hedge

Strategic Market for TD Bank

  • TD Bank is the 10th largest bank in the Country ($401.25B AUM)
  • Over 1,100 branches and TD plans to open 50+ branches in Florida in the next 5 years
  • TD Bank’s 2022 revenue was $36.1B

Recently Renovated Building with Major Tenant Improvements

  • Building was fully renovated to the TD model in 2023
  • Tenant capital improvements include new windows and HVAC with warranties
  • The building has 3 drive-through lanes in order to service customers quickly and efficiently

Strong Positioning in Retail Corridor

  • 2.5M SF of retail space within a 2-mile radius with less than a 2% vacancy rate
  • Nearby national retailers include Walmart, Lowes, Publix, Starbucks, Panera Bread
  • Located at a lighted intersection on W. Alexander St (8200 AADT)
  • Direct access to Lake Walden Square, a 173K SF outdoor shopping center that attracted 2.3M visitors in 2022

Near Major Market Drivers

  • Adjacent to Plant City High School (2.3K students)
  • Approximately 1.8 miles to Winn-Dixie Distribution Center (836K SF Distribution Facility)
  • Approximately 3 miles to Gordon Food Services (1M SF Cold Storage Facility)

State of Florida Benefits - The Fastest Growing State in The US

  • No state income tax in the State of Florida
  • The State of Florida grew 1.91% in 2022, and was the 8th fastest growing state from 2010 to 2022 (18.92% population change)
308 W Alexander StPlant City, FL 33563

Sales Team

Patrick WagorExecutive Vice President561.427.6151pwagor@atlanticretail.com 
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Listing provided by Revere CRE