3501 49th Street North, Saint Petersburg, FL, 33710-2149, US

Disston Plaza - Sale

Asset Description

Jones Lang Lasalle Americas, Inc. (“JLL”) is pleased to exclusively offer the opportunity to acquire Disston Plaza (the “Property”), a 129,150 square foot neighborhood shopping center situated on ±12.03-acres of land along 49^th Street N (29,000 vpd) in St. Petersburg, Florida. The Property is 90% leased to diverse tenant roster led by a $828 PSF Publix, Bealls, Dollar Tree, Pet Supermarket and a complementary mix of shop tenants including Amscot Financial, UPS, Affinity Home Medical, Subway, OneMain Financial and The Hospice Foundation. National tenants comprise 82% of the GLA and account for 73% of total revenue.

Pinellas County is one of the fastest growing counties in Florida and Grand Bay Plaza serves a well-established and dense customer base with 130,743 residents with an average household income of $87,742 within a 3-mile radius. The Property’s location along one of the area’s primary thoroughfares, 49^th Street N, and its proximity to Downtown St Petersburg and the Gateway Business District makes it a well-positioned neighborhood grocery-anchored center in the submarket.

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Attributes

Building area net

129,150 sf

Occupancy

90%

Year built

1954

Land area net

12.03 acres

Parking spaces

597

Media

Investment Highlights

DOMINANT GROCERY ANCHOR WITH STRONG SALES AND 13.6-YEAR WALT
WELL-TENURED & HIGH PERFORMING TENANT LINE-UP WITH 82% OF GLA FROM NATIONAL/REGIONAL TENANTS
COMPELLING 32.9% 5-YEAR NOI GROWTH PROFILE AND 7.4% 5-YEAR CAGR
ACTIONABLE VALUE-ADD POTENTIAL THROUGH LEASE-UP OF ±13,000 SF + DEMONSTRATED ABILITY TO GENERATE +50% POSITIVE LEASING SPREADS
HIGH BARRIERS TO ENTRY IN A PROVEN TAMPA MSA RETAIL SUBMARKET WITH LIMITED GROCER COMPETITION
ACCRETIVE AND ASSUMABLE EXISTING FINANCING AT 3.93% RATE AND NEARLY 10-YEARS OF TERM
ATTRACTIVE ACQUISITION BASIS WITH LIMITED FUTURE CAPITAL