Bealls
Closed7101 FL-54, New Port Richey, FL 34653
Property type
Retail
Unit / Space count
3
Price
$7,200,000
Building size
104,201 sf
Rentable area
104,201 SF
Year built
1987
Year renovated
Occupancy
Zoning code
Lot size
7.51 Acres
Sold/status
Sold · Date unknown
Sale price
$7200000
CAP
6.87%
Property description
Franklin Street is pleased to present this single tenant Bealls location in New Port Richey, Florida. New Port Richey is a northern suburb of the Tampa-St Petersburg MSA, which has over 3.2M residents making it the 18th largest metropolitan in the United States. The region is one of the fastest growing areas in the country, with the MSA ranking as the 7th fastest growing large metro. Bealls is corporately located in the MSA in Bradenton. The location was originally built as a Walmart location, and the lease was assigned in 2001 to Bealls. Bealls recently extended their lease early an additional 10 years, giving them 13 years remaining on their lease term showing their commitment to the site. The Bealls is part of the larger shopping center Pasco Square with tenants: Bealls Outlet, Dollar Tree, Dollar General Market, Badcock Furniture, UPS, Subway, among others. The site is located on the major east west corridor for the area FL-54, and at an intersection that has 60,500 VPD combined. Bealls has an irreplaceable rent of $4.50 PSF, which allows an investor future upside should they ever leave. In 2007 Bealls expanded their building at their expense by 20,000 SF, which is a factor in their significantly below market rent. The submarket is a very tight leasing market, as there are no anchor or junior anchor boxes available for lease in the FL-54 corridor. The lease offers a rare NNN structure with the tenant responsible for roof, structure, common area maintenance, insurance, and taxes allowing for a true passive investment.
Property highlights
- Single-Tenant Bealls with 13 Years Remaining in Tampa MSA
- 21-Year Operating History at This Location
- Excellent Visibility on the Heavily Traveled FL-54: 38,500 VPD
- Offered Well Below Replacement Value: $70 PSF
- Densely Populated Area: 190,777 residents within 15 minutes
- Bealls Has No Corporate Level Debt
- Rare NNN Location; No landlord responsibilities
- 10% Rent Increase in 2026 and 10% in Each Option Period
- No State Income Tax in Florida