Shoppes at Terra Bella
Closed23641 SR 54, Lutz, FL 33559
Property type
Retail
Price
$7,979,000
Building size
16,057 sf
Rentable area
16,057 SF
Year built
2019
Year renovated
Occupancy
Zoning code
Lot size
2.39 Acres
Sold/status
Sold · Date unknown
Sale price
$7979000
CAP
6.25%
Property description
Franklin Street is pleased to present the Shoppes at Terra Bella in Lutz, Florida. Lutz is located 14 miles north of downtown Tampa, and is home to the recently developed Tampa Premium Outlets. The Tampa Premium Outlets has a large regional pull and is home to over 110 retail shops. The Shoppes at Terra Bella is made up a large national tenant base including: AT&T, Firehouse Subs, Tropical Smoothie Cafe, Sport Clips, First Watch, & Dental Care Alliance. The property fronts State Road 54 which is a major east west connector with over 75,000 VPD. The area has seen rapid development growth recently with the addition of many new residential development projects. Other national retailers driving traffic to the area include: Publix, LA Fitness, Belk, Walgreens, Starbucks, Panera, Dairy Queen, among many others.
Property highlights
- New construction 16,057 SF retail strip near Tampa Premium Outlets
- National tenant lineup: AT&T, First Watch, Dental Care Alliance, Firehouse Subs
- Excellent Visibility on SR 54: 75,000 VPD
- Rapidly growing Tampa suburb: 4.2% Annual Growth
- Strong household incomes surround the property: $105,450 HHI
- Excellent synergy amongst tenants to drive traffic to the center at all hours
- Split buildings to allow more end cap spaces
- Staggered lease rollover terms so that landlord is not scrambling to renew all tenants at the same time
- Base rental rates fall within the market range - can be easily replaced if necessary or provide room for growth in the future