August 7, 2018— Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is offering qualified investors the opportunity to acquire Northwest Plaza, a 46,904-square-foot LA Fitness-anchored center located in Citrus Park’s dominant retail corridor in Tampa, Florida.
Situated on 5.2 acres at 5715 Gunn Highway, the 94.2-percent-leased Northwest Plaza is in Tampa, the second largest MSA in Florida and the 18th largest in the country. Tampa currently has approximately 3.1 million residents and is expected to grow 6.7 percent over the next five years.
Tampa Retail Center for Sale Investment Highlights
- Strong LA Fitness Anchor: LA Fitness, the largest and most highly sought-after chain in the fitness industry, recently recast its lease for 15 years and will commence a planned remodel shortly. LA Fitness accounts for 82 percent of Northwest Plaza’s revenue, and there are contractual rent increases of 10 percent or CPI starting in 2022.
- Desirable Citrus Park Retail Trade Area: The Citrus Park retail trade area houses the regionally dominant 1.14-million-square-foot Westfield Citrus Park Town Center.
- Excellent Visibility and Access: The retail center for sale is located just off Veterans Expressway, which, with approximately 56,000 vehicles per day, is the most heavily traveled north-south toll road through the western part of Hillsborough County. Additionally, the center is situated at a dominant 14-lane signalized intersection at Gunn Highway and Lynn Road, which have combined traffic counts of 55,500 vehicles per day.
- Outstanding Demographics: The property benefits from strong surrounding demographics, including more than 93,200 people with average annual incomes exceeding $83,800 living within a three-mile radius of the retail center for sale.
- Northwest Plaza is being offered free and clear of any existing financing or tenant purchase rights. For more information on this retail property or other commercial real estate properties for sale in central Florida, please contact Brad Peterson or Whitaker Leonhardt in HFF’s Orlando office.