New Crunch Fitness & Retail - Tampa MSA

Shopping Center for Sale
Sale Pending
Catylist Listing ID: 30425759
Property Subtypes: Community Center, Neighborhood Center, Strip Center
Status: Pending
Building Size (RSF): 53,456 SF
Sale Price: $13,000,000
Unit Price: $243.19 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: New Crunch Fitness & Retail - Tampa MSA
Sale Terms: Cash to Seller
Cap Rate: 7.04%
Average Occupancy Rate: 100
Last Updated: 7/8/2019

Overview / Comments

CALL FOR OFFERS - MAY 28, 2019

5.5 acre main-and-main redevelopment consisting of a new Crunch Fitness gym (commenced 2/4/19) along with 22,740 SF of redeveloped strip retail and a 6,755 SF freestanding casual dining restaurant. The investment is 100.00% leased with an e-commerce resistant health and wellness and convenience centered tenant mix, and a weighted average lease term of 7.911 years. All leases are NNN, with tenants paying a management fee. To drive future NOI growth, 8 of 11 leases have annual CPI escalators with minimums, and the remainder have step up increases. This is main-and-main in Pinellas County's Seminole trade area, which is one of the most densely populated trade areas within the Tampa, FL MSA.

New York-based Crunch Fitness now serves over 1,200,000 members across 250 clubs in 24 states, Puerto Rico and 4 countries. The Tampa-market operators have a sterling track record, having previously successfully developed a 55-club chain across Florida which was acquired by LA Fitness. The group then acquired Crunch Fitness franchise rights for key markets including Tampa, Atlanta, any many others, and are in growth mode. They are on track to open 50 additional clubs over the next 5 years. The shop spaces are occupied by credit tenants such as Davita and First American Title Company, as well as local operators with traffic generating convenience uses (pharmacy, nail salon, ice cream, pizza, optical shop, etc...)

The 5.5 acre site fronts Park Boulevard, a major east-west arterial spanning from beach communities to the west, and I-275 and Gandy Blvd to the east, and Seminole Boulevard, a primary north-south arterial for the western half of Pinellas County. The property is situated in front of the 37 acre Seminole City Center, a 2017 redevelopment, formerly the Seminole Mall. The intersection has seen development or reinvestment on nearly every parcel.

The retail corridor services the 90,180 local population within a 3 mile radius, and is also the retail corridor serving the densely developed beach communities 2-3 miles east including Indian Rocks Beach, Indian Shores, Redington Shores, Redington Beach, Madiera Beach and Treasure Island.

Financials

Finance Data Year 2019
Net Operating Income $914,499 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Tampa-St. Petersburg-Clearwater
County: Pinellas
Submarket/Township: Mid Pinellas
Tax ID/APN: 15 30 27 00000 310 1500
Market Type: Mega
Retail Clientele: General
Property Located Between: Park Blvd & Seminole Blvd
Road Type: Highway
Largest Nearby Street: Park Blvd
Area Description: Located at the corner of Seminole Blvd (U.S. 19A) abd Park Blvd (SR 694) this is the highest traffic count intersection in the area. 90,180 population in a 3 mile radius, $69,164 average HH income. Surrounded by new development and redevelopment. 79,245 VPD combined traffic count.
Total Number of Buildings: 2
Property Condition: Excellent
Year Built: 1988
Year Renovated: 2016
Parking Ratio: 6.3 (per 1000 SF)
Parking Type: Surface
Parking Description: 160% of parking required by code.
Interior Description: Spaces relet or vanilla shell condition. New HVAC units.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 13,044 100,625 251,697
Median Age: 55 50 47.51
Households: 6,760 46,283 114,036

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