Keene Plaza | Revere

OFFERING INTRODUCTION

Matthews™, as exclusive broker, is pleased to offer the opportunity to acquire Keene Plaza, an 81,272± SF value-add neighborhood center, grocery-anchored by a brand-new Sprouts Farmers Market and located in the heart of Largo, FL within the Tampa-St. Pete MSA.

INVESTMENT HIGHLIGHTS

Grocery-anchored by a brand-new Sprouts Farmers Market on a 15-yr lease
Part of Sprouts’ rapid expansion in Florida and throughout the greater Southeast

Located just north of St. Petersburg in Largo, within the rapidly growing Tampa Bay MSA
Boasting a thriving economy, very low unemployment, some of the nation’s best beaches and renown as a top travel destination

Current tenant roster comprised of over 79% national credit tenants, including BioLife and Dollar General
Further bolstered by an advantageous mix of e-commerce resistant shops

Projected CAGR of 5.6% - rare and extremely viable value-add component within a tier 1 grocery-anchored asset
Via the lease-up of 16,878 SF of available space (21% of the GLA) and increasing rents via mark-to-market scenarios as leases roll

Fundamentally strong corner position at the high traffic, signalized intersection of East Bay Dr (FL-686) and Keene Rd
Accessing a combined 93,500 VPD in front of the Property

Valuable, included and separately parceled OP draws count McDonald’s, Twistee Treat, and Little Caesars
Providing beneficial, ancillary consumer draw at the Property throughout the day, along with Panda Express, and a brand new Dutch Bros.

Notably dense trade area demographics within a growing submarket
Highlighted by a population of 258,636 people within a 5-mile radius of the Property

Major, recent capital expenditures in conjunction with a full redevelopment and modernization of the Shopping Center
Including a new Sprouts box, full facades, parking areas, suite interiors, mechanical systems, and new roofs - a total outlay in excess of $12M

MARKET OVERVIEW

TAMPA BAY, FLORIDA

Keene Plaza is ideally located in the heart of Largo, FL, within the rapidly-growing Tampa-St. Petersburg-Clearwater MSA. The 2nd largest MSA in the state of Florida and the third largest in the Southeast, Tampa boasts phenomenal growth, a thriving economy, one of the nation’s best beaches (Clearwater) and the second-best airport in the nation, as rated by Travel + Leisure Magazine. Tampa’s economic engine continues to see excellent job growth in the private sector - adding the second highest number of jobs since COVID, of any Florida MSA. The city’s employment rate has plummeted to less than 3.8%, down from 10.7% in 2010.

LOCATION ATTRIBUTES

Top 10 Fastest-Growing City in America

Situated 15 miles east of Downtown Tampa, Valrico is one of the most rapidly-growing sub-markets within Tampa – one of the country’s most explosive MSAs. With a robust job market and a cost of living 8% below the national average, Tampa has been ranked one of the “Best Places to Live in the U.S.” and the #2 “Best City to Invest in Real Estate.” Valrico Centre is strategically-positioned in Valrico, at the signalized intersection of Bloomingdale Ave and Lithia Pinecrest Rd, adjacent to BayCare HealthHub, in the heart of Valrico’s highly-trafficked retail corridor.

Port Tampa Bay

Located in Downtown Tampa, near the Channel District, Port Tampa Bay is the largest port in Florida, situated just 25 sea miles from the Gulf of America. The closest full-service port to the Panama Canal, Port Tampa Bay serves ships, tankers and cruise lines, ranking 24th in the United States in overall cargo tonnage. It serves as a major fertilizer exporter, an energy products gateway for Central Florida, and an expanding container gateway for distribution centers and manufacturers. A popular cruise port with 3 dedicated terminals, Port Tampa Bay is a year-round homeport for several cruise ships and a growing winter homeport for cruise lines like Carnival, Celebrity, Norwegian and Royal Caribbean. Supporting over 85,000 jobs, the port creates an annual economic impact of over $17 billion.

University of South Florida

Tampa is home to the University of South Florida – a public research university, offering over 240 undergraduate, graduate, specialist and doctoral-level degree programs to almost 46,000 students. Founded in 1956, USF is the fourth largest university in Florida and the 14th largest public employer in the state, with an annual economic impact exceeding $6 billion.

PROPERTY HIGHLIGHTS

Main & Main Position within the Largo Market

Keene Plaza is strategically positioned just south of Downtown Largo, fronting E Bay Dr (FL-686), within the heart of the city’s retail and traffic nucleus. Accessing 63,500 VPD, FL-686 serves as a major east-west thoroughfare, which connects I-275 and St. Pete-Clearwater International Airport with communities on the Gulf of Mexico, including Bellair and Clearwater Beach. Situated minutes from major community centers like Largo High School, Keene Plaza’s central position is surrounded by major, synergistic consumer draws like Walmart Supercenter, T.J.Maxx, Ross, Esporta Fitness, Burlington, Five Below, LA Fitness, Aldi, Petco, Winn-Dixie and a plethora of national QSR and fast-casual restaurant destinations.

Major Redevelopment with Excellent Fundamentals

Boasting a main and main position at FL-686 and Keene Rd, Keene Plaza is characterized by strong retail fundamentals which are further bolstered by an extensive recent redevelopment of the Property, which included a new construction Sprouts box, full façade modernization, parking area and suite interior improvements, and new roofs.

Rare, Included National Outparcels

In addition to a significant value-add opportunity via the lease-up of the 15,323± SF remaining anchor box, Keene Plaza also includes valuable, national outparcels, counting Little Caesars, McDonald’s – which boast over 46 years of tenure at the Property - and Twistee Treat, which just renewed through 2030. Further bolstering consumer activity throughout the day, Panda Express (NAP) and recent addition, Dutch Bros., have added to the ongoing momentum at Keene Plaza, enhancing the Center’s overall draw.

TENANT HIGHLIGHTS

Anchored by Sprouts on a New 15-YR Lease

One of the fastest-expanding grocers in the Southeast, with a major focus on Florida, Sprouts provides a coveted necessity-based shopping draw for Keene Plaza, bolstered by a brand new 15-yr lease which commenced in March of 2025. The Keene Plaza store is part of a 35-unit expansion goal for Sprouts in 2025 with an expectation of 10.5% to 12.5% company-wide sales growth, following a phenomenal year for the grocer in 2024. With Sprouts open and operating on a long-term lease, Keene Plaza provides a phenomenal opportunity for an incoming owner to capitalize on the center’s momentum in backfilling the remaining anchor space.

Rare, Significant Value-Add Opportunity

Along with a brand-new grocery anchor, Keene Plaza provides an ultra-rare opportunity to execute on a major upside component via the backfill of a 15,323± SF anchor box, adjacent to Sprouts. With the ability to grow the NOI by $460,000 (24%) in Year 2 of ownership, the Property offers true near-term value creation within a recently redeveloped retail asset, with a long-term grocery draw already in place.

79% National Credit Tenants

In addition to a grocery anchor draw in Sprouts, on a new 15-year lease; the tenant roster at Keene Plaza is comprised of an advantageous blend of predominantly national retailers, which make up over 79% of the tenant roster, and are characterized by a blend of e-commerce resistant uses – from medical providers to restaurants to salons to financial services.