August 2, 2018— Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is offering qualified investors the opportunity to acquire South Oaks Square, a 102,891-square foot, value-add, grocery-anchored retail center in Live Oak, a Florida community between Tallahassee and Jacksonville. Anchored by a strong-performing Publix, the retail center for sale is also home to Bealls Outlet, Farmers Home Furniture, Subway, Cricket Wireless, Little Caesars, Sakura, Happy Nails and Tanning, Ken’s Bar-B-Que and more.
Situated on 11 acres, South Oaks Square is at 1546 South Ohio in the center of Live Oak. Live Oak is equidistant between North Florida’s primary economic drivers: Tallahassee, the state capital and education center, and Jacksonville, a major southeast port and naval base. The community is 80 miles from each city and only 14 miles from the confluence of Interstate 75 and Interstate 10. The property is surrounded by six of the eight Suwannee County public schools, which are located within one-mile from the shopping center and total more than 4,700 students. The asset is being offered free and clear of existing financing and tenant purchase rights.
Retail Property for Sale in Florida Panhandle Investment Highlights
Only Publix-Anchored Retail Center in the County: South Oaks Square is the only existing Publix-anchored shopping center in Suwannee County, home to 45,000 residents and projected to grow 5.4 percent over the next five years. South Oaks Square has an extended drawing radius as the nearest grocery stores outside of Live Oak are more than 20 miles away in all directions. Publix is the No. 1 market-share grocery chain in Florida and widely considered one of the strongest and most sought after retail operators in the world with an implied credit rating of A+.
Immediate Upside Potential: The retail property for sale provides an investor with an immediate upside opportunity with the lease-up of 11,603 square feet. Pricing is expected to be far below replacement cost with a low price per square foot.
Established Tenancy: South Oaks Square’s established tenancy has an average tenure at the center exceeding 20 years, and Publix has occupied the center since 1981. Anchor tenants comprise 72 percent of the GLA and 61 percent of the revenue and all anchors are paying less than $5.00 per square foot in base rent. Bealls Outlet has a favorable sub-four-percent health ratio. Publix has a low, single-digit rent and strong sales resulting in a 1.2 percent health ratio. Through 2017, sales have grown on average 3.7 percent per year since 2012.
For more information on South Oaks Square or other commercial real estate listings in northern or central Florida, please contact Brad Peterson or Whitaker Leonhardt in HFF’s Orlando office at 407-745-3900.