5008 E 10th Avenue | Tampa, Florida 33619
Senior Vice President Investments
First Vice President Investments
Priced Well Below Replacement Cost – Only $96 Per Square Foot
Anchored by Bank of America (S&P A- Credit Rating) and Family Dollar (Over 7,000 Locations) – Corporately Guaranteed Leases
100% Occupied with Long Term Stable Occupancy
Staggered Lease Terms with Established Tenants
Below Market Rents Averaging $8.22 Per Square Foot Plus NNN’s
Excellent Location, only 10 minutes from Downtown Tampa with Over $2 Billion Water Street Development
High Traffic Location – More Than 57,000 Cars Per Day
Marcus & Millichap is pleased to exclusively list Columbus Plaza in Tampa, Florida. Columbus Plaza is a 47,009 square foot shopping center. The property has direct access to signalized intersections: North 50th Street and East 10th Avenue and North 50th Street and East Columbus Drive, which see more than 57,000 vehicles per day. Columbus Plaza is located less than one-quarter mile south of Interstate 4, connecting Tampa to both Orlando and the east coast of Florida. I-4 has, on average, over 164,000 vehicles per day.
Columbus Plaza is located a short 10 minute drive to downtown Tampa where more than $2 Billion of office, residential, hospitality, retail development is underway. Scheduled to be completed within the next few years, downtown Tampa, and the surrounding area, is expected to see unprecedented population growth and appreciation in rents as businesses and affluent population base relocate and invest in the area. Immediately adjacent to Columbus Plaza is IDEA Hope, a brand new K-2 & 6th grade charter school expected to serve 960 students annually.
Columbus Plaza is 100 percent occupied with 87 percent of the gross leasable area on NNN leases. The leases are staggered with an average of 3 years remaining on the lease term. Columbus Plaza features a mix of national, regional, and local internet-resistant tenants including Bank of America and Family Dollar as anchors. Family Dollar has been open in this location for almost 25 years.
Columbus Plaza offers an investor a year one CAP rate of 8.10 percent and a cash-on-cash return of 14.02 percent with proposed financing, please see listing agents for details.