Ocean Prime - Sarasota, FL
501 Quay Commons, Sarasota, FL, 34236, US
$19,298,000 | 12,189 sf
Description
JLL is pleased to exclusively offer the opportunity to acquire Century Plaza, a compelling value-add, 90% leased, 36,122-square-foot retail strip centered positioned situated in one of South Florida’s strongest retail submarkets, Coral Springs, and positioned along its main north-south artery N University Drive.
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Attributes
Building area net
36,122 sf
Occupancy
90%
Land area gross
3.34 acres
Year built
1988
Year-5 CAGR
10.3%
Below Market Rents
28%
Population Within 5-Miles
380,000
Avg. HHI Within 5-Miles
$113,000
Media
Investment highlights
SIGNIFICANTLY BELOW MARKET RENTS
Rents average 28% below market, driving 48% NOI growth through Year 5.
ABILITY TO ROLL TENANTS QUICKLY
Limited 3.5-year WALT allows 45% of leases to roll to market within 5 years.
LEASE-UP OPPORTUNITY
Immediate potential to lease-up 3.7K SF, driving nearly $80K in NOI, capitalizing on recent leasing momentum.
BURGEONING MEDICAL MARKET
2.1 MSF of Medical Office space within 5-miles + 4 Major Hospitals + Lupin Pharmaceuticals' $250M expansion bringing 200+ jobs to the area.
HIGHLY DENSE AND AFFLUENT TRADE AREA
380,000 residents and $113,000 AHHI generate over $14.7B in purchasing power.
IRREPLACEABLE LOCATION ON NORTH UNIVERSITY DRIVE
Positioned on a 3.3-acre site along North University Drive, Coral Springs main North-South artery with 47,000+ VPD.
PROVEN INVESTOR DEMAND ALONG NORTH UNIVERSITY
Over $192M in transaction volume over the past two years.
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Century Plaza (0 Properties)
