Berkshire Oaks - For Sale
3950 SW College Road Ocala, FL 34474
- 253,550 Square Feet
- For Sale
Sean Glickman, CCIM, with the Milano–Glickman Retail Team and Managing Director at Colliers International is proud to offer for sale Berkshire Oaks, an anchored shopping center with outparcels that total to 253,550 square feet of space. The property is on a ground-lease and located in Ocala, Florida along State Road 200, Ocala’s main retail artery. The property is 59% occupied and boasts many national brands that offer great synergy for prospective tenants that are considering the unoccupied space. Less than 15% of the income expires in the next ten years. This is an excellent opportunity to acquire a value-add asset with substantial upside potential or an exceptional redevelopment opportunity.
SIGNIFICANT VALUE-ADD POTENTIAL
- Potential un-leveraged IRR return of 24% in two years.
- Potential NOI growth of over 500%.
- The buyer may consider to renegotiate or joint venture with the ground lessor.
- An exceptional redevelopment opportunity to a mixed use / entertainment center with I-75 visibility.
The property is 59.14% leased and offers substantial value-add potential by leasing up the vacant spaces. Among the most notable spaces available for lease is the 42,000 square foot former Sports Authority box and the 30,000 square foot former hhgregg box. Both spaces offer good visibility from Interstate-75 which sees 90,745± VPD. The property is well positioned in terms of rental rates when compared to the competitive set of retail properties in the immediate vicinity.
WELL POSITIONED ALONG THE DOMINANT RETAIL CORRIDOR
Berkshire Oaks is located along State Road 200 which has the highest level of agglomeration of national retailers in Ocala. The property benefits from the synergy created from being situated between two major malls, the Paddock Mall and the Market Street at Heathbrook. The Paddock Mall is a 557,000 square foot traditional enclosed mall that has been operating since 1973 and is anchored by Belk, Macy’s J.C. Penney, and Sears. The Market Street at Heathbrook is a 515,000 square foot open-air lifestyle center that was built in 2008 and is anchored by Dick’s Sporting Goods, Dillard’s, and Old Navy. The area boasts a daytime population of over 60,000, with an average annual income of $62,000+.
EXCELLENT FRONTAGE ALONG INTERSTATE-75
There is roughly 1,309 feet of frontage along Interstate-75, which sees 90,745± VPD, giving the property excellent visibility. Additionally, there is a large pylon sign located along Interstate-75. The property is located less than half a mile south of the State Road 200 exit which is the busiest exit in Ocala. Whether travelers are going to, coming from, or passing through Ocala via Interstate-75, Berkshire Oaks is difficult to miss.
GREAT SYNERGY WITH NATIONAL TENANTS
Berkshire Oaks boasts a tenant roster of national brands that account for roughly 52% of the total GLA. The tenancy dominated by national brands makes this an ideal shopping center for prospective tenants to locate or relocate to. There have been multiple national tenants interested in the vacant spaces (Please inquire for details).
Less than 15% of the income expires over then next ten years!
Property Status: For Sale
Building Size: 253550 Square Feet
Area Available: 253,550 Square Feet