Asking Price: $2,426,472
Cap Rate: 5.50%
- Highly visible retail site: The Property is located at a highly visible retail site with direct access to U.S. Highway 98 (46,500 VPD). Situated beside Wawa and across the street from a shopping center that features national retail tenants including Hobby Lobby and Big Lots, the Property is within close proximity to Lakeland Square Mall. This shopping and lifestyle destination includes major national tenants like Dillards, JCPenney, Sears, and Burlington Coat Factory, and is the only shopping center located off Interstate 4 between Tampa and Orlando.
- Prominently positioned in Central Florida: The city of Lakeland is strategically positioned between two of Central Florida’s most prominent cities: Tampa and Orlando. Tampa is home to Port Tampa Bay, the largest port in the state and one of the busiest commercial ports in North America. Since 2000, Tampa has seen a notable upsurge in high-market demand from consumers, signaling more wealth concentrated in the area. Orlando regularly draws in more than 62 million visitors to its many theme parks and resorts, including Walt Disney World, Universal Orlando, and SeaWorld.
- Densely populated metropolitan markets: Thanks to its convenient location off Interstate 4 between Tampa and Orlando, the city of Lakeland has easy access to major metropolitan areas with a combined population of more than 5.2 million. Lakeland sits within Polk County, which has an estimated population of approximately 602,905.
- Recognized retail tenant: First Watch is a fresh, modern restaurant concept that serves craveable food featuring quality ingredients. The restaurant chain serves breakfast, brunch, and lunch from the hours of 7 a.m. until 2:30 p.m., seven days a week. First Watch currently operates more than 300 locations across 26 states, and the Company was named the 2016 “Top Family Dining Restaurant” by Consumer Reports. This location had a strong opening and is trending to become a $2 million store, a performance roughly 30 percent over the average First Watch restaurant.
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