Bealls (SOLD)
Closed1441 Tamiami Trail, Port Charlotte, FL 33948
Property type
Retail
Unit / Space count
1
Price
$8,790,000
Building size
91,489 sf
Rentable area
91,489 SF
Year built
1988
Year renovated
Occupancy
Zoning code
Lot size
7.10 Acres
Sold/status
Sold · Date unknown
Sale price
$8790000
CAP
7.50%
Net Operating Income
$659,575
Property description
Franklin Street is pleased to present a single-tenant Bealls located in Port Charlotte Town Center in Port Charlotte, Florida. Port Charlotte Town Center is located in the center of the town and serves a 30-mile retail radius. Port Charlotte is in Charlotte County, located on the West coast of Florida just 44 miles from Sarasota and 28 miles from Fort Myers. Port Charlotte is known for its unhurried, laid-back lifestyle and plenty of Old Florida charm, and has been recognized as a top place to retire in the U.S. by Forbes Magazine, based on features like a low cost of living, Florida’s retiree-friendly tax code, quality health care, desirable amenities, and a vast network of canals and waterways that lead to Charlotte Harbor and the Gulf of Mexico. Charlotte Harbor includes one of the world’s largest protected marine estuaries encompassing 270 square miles with 219 miles of natural shoreline, making the area a desirable location for outdoor and wildlife enthusiasts. Port Charlotte is a sought-after destination for outdoor enthusiasts and golfers with over 700,000 annual visitors that generate over $700M a year. The Port Charlotte Town Center has strong and consistent foot traffic in a retail-dense area due to the growth of the market and the lack of retail as you move further away from the property. This is a top 10 performing Bealls in the country that has already executed an early lease extension once, demonstrating their commitment to the site. The investment offers an investor the opportunity to acquire a successful location in a strong and growing market. Bealls is privately owned and has no corporate debt, allowing them to successfully navigate bull and bear markets.
Property highlights
- Southwest Florida single-tenant Bealls located within Port Charlotte Town Center
- New lease extension showing strong tenant commitment to the site: 10.5 Years remaining with bumps in each option period
- Top 10 performing Bealls with over $15M in sales in 2019 and on track to beat 2020 Covid sales
- Port Charlotte Town Center is ranked as a tier 1 mall by owner Washington Prime with over 2.2M annual visits to the property
- Pulls from a large trade area of over 30 miles
- Surrounded by national retailers such as: Publix, Sam's Club, Target, Lowe's, Marshalls, Bed Bath & Beyond, Dillard's, and the newly built Port Charlotte Marketplace with Burlington, Total Wine, Ross & Home Goods
- Recent property upgrades: new roof in 2017
- Located at the intersection of Port Charlotte's two major roads: Tamiami Trl (46,000 VPD) and El Jobean Rd (29,000 VPD)
- Florida has no state income tax, making it an attractive place to live, invest, and retire
- Rapidly growing area: projected household growth by 2023 is 7.8%