- For sale
Mike Milano, CCIM, MAI with the Milano Retail Team and Executive Managing Director at Colliers International is proud to offer for sale Forest Oaks Plaza, a 38,432 SF value add strip center located in Spring Hill, Florida (Tampa MSA). Forest Oaks contains an ideal line-up of service-oriented, e-commerce resilient tenants. There is overwhelmingly positive leasing momentum as the owner has signed 8 new leases and one expansion lease within the past year, which speaks to the strength of this location. Given this leasing trend, the property still offers significant and realistic value-add potential to increase the NOI nearly 12% through lease-up of the three (3) available spaces (13% of total GLA).
- Value-add potential through lease-up of currently unoccupied space.
- Ability to increase the NOI roughly 12.0% within a short period of time.
- Overwhelmingly positive leasing momentum – the current owner has signed leases with eight (8) new tenants and expanded one existing tenant all within the past year.
- The property is being offered at a discount to replacement cost ($152/SF)
- Ideal lineup of service-oriented, e-commerce resilient tenants.
- BVA Compass Bank at this property had $284,341,000 in deposits as of June 30, 2020. This location has the 4th highest deposits out of 44 locations in Florida.
- The average rental rate at the property is exceptionally affordable at $12.72/SF which greatly minimizes risk during uncertain economic times.
- Nearly all leases are triple net (NNN) – allowing for protection against expense increases.
- A majority of the tenants have annual rent increase, allowing for consistent NOI growth.