Grand Bay Plaza_Property for Sale
Grand Bay Plaza_Property for Sale
19100 S Tamiami Trail, Fort Myers, FL

Grand Bay Plaza

Asset Description

Jones Lang Lasalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire Grand Bay Plaza, a 77,810 square foot neighborhood shopping center situated on ±17.3-acres of land along heavily trafficked US Highway 41/Tamiami Trail (51,500 VPD) in Fort Myers, Lee County, Florida. The Property is 98% leased to a high-quality tenant roster led by a $35.2 million ($786 PSF) Publix and also features a complementary mix of shop tenants, including Sherwin Williams, Publix Liquors, Fantastic Sam’s, Subway, The UPS Store, Pinch-a-Penny, Papa John’s and Coast Dental. National tenants comprise 82% of the GLA and account for 73% of total revenue.


The Property’s location along the area’s primary thoroughfare, Tamiami Trail, and its proximity to the +15,000-student Florida Gulf Coast University, numerous upscale residential communities, as well as the San Carlos, Shadow Wood Preserve and Estero Country Clubs and two new adjacent multifamily development projects totaling 418 units makes it the best-positioned neighborhood grocery-anchored center in the submarket. 


Grand Bay Plaza represents an opportunity to acquire a dominant Publix-anchored neighborhood center in one of Florida’s top growth markets with a secure revenue stream and strong NOI growth potential at pricing significantly below replacement cost.

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Attributes

Building area net
77,810 sf
Occupancy
98.3%
Year built
2003
Land area net
17.3 acres
Parking spaces
384

Media

Investment Highlights

DOMINANT GROCERY ANCHOR

Anchored by a strong performing Publix with +40% sales growth over the past 5-years, that has operated for 22 years and recently exercised a five-year renewal option

  

HIGH QUALITY NATIONAL TENANCY

National tenants account for 82% of the GLA and 73% of revenue


AFFLUENT AND RAPIDLY GROWING TRADE AREA

Lee County is one of the fastest growing counties in the nation and Grand Bay Plaza serves an affluent and rapidly growing customer base with 48,511 residents with an average household income of $106,577 within a 3-mile radius


STRONG NOI GROWTH WITH SIGNIFICANT MARKET TO MARKET OPPORTUNITIES

Compelling NOI growth via contractual increases, lease-up and 64% of the shop GLA expiring over the next 10 years without renewal options at rents +/-30% below market on average


HIGH TRAFFIC CORRIDOR

Prime location along Tamiami Trail (US Highway 41) with 51,500 vehicles per day\


ACCRETIVE EXISTING FINANCING

The Property features highly accretive in-place financing at a below market interest rate of 4.25% with 5 years remaining that can be assumed


ATTRACTIVE ACQUISITION BASIS

Acquisition opportunity +50% below replacement cost without tenant purchase rights

Grand Bay Plaza 4_Property for Sale
Grand Bay Plaza 4_Property for Sale

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Last updated
17 Jun 2024