Pegasus Investments Real Estate Advisory Inc. and ParaSell, Inc., as exclusive investment sale advisors to the Seller, are excited to offer the opportunity to acquire a fully leased multi-tenant retail center in Tampa (Lithia), Florida (“The Property”).
Completed in 2023, this newly constructed center totals 17,186 square feet on 3.16 acres and generates a net operating income (NOI) of $607,612, with rents averaging $34.94 per square foot. The Property features above-market rental growth, with 65% of NOI increasing annually by 3% or every three years by 5%, ensuring consistent income growth. Its robust parking ratio of 6.28 spaces per 1,000 square feet, with 108 parking spots, enhances convenience for tenants and visitors alike.
The Property is situated on a large, 3.16-acre parcel providing flexibility for future ownership strategies. Currently comprised of two multi-tenant buildings, an undeveloped area totaling 0.56-acres offers significant upside potential for development or resale. Building A, at 5640-5648 Circa Fishhawk Blvd, spans 6,386 square feet and features a strong tenant mix, including The Blend Coffee & Cocktails, Domino’s, Woof Gang Bakery, and Rita’s Italian Ice. Building B, located at 5610-5628 Circa Fishhawk Blvd, comprises 10,800 square feet and hosts a diverse range of tenants, including Heartland Dental, AT&T, GoodVets, and Rumble Boxing.
This high-quality investment combines stable income, a weighted average lease term (WALT) of 8.1 years, and long-term leases, with only 8% of NOI set to expire before 2032. With 42% of rental revenue secured by corporate leases, the Property ensures a reliable tenant base and minimal turnover risk. Located at the entrance to Alafia Commons, a Publix-anchored center with 1 million annual visitors, the Property enjoys unparalleled visibility and access. It serves the vibrant communities of FishHawk Ranch, Boyette, and Lithia, characterized by strong demographics, including an average household income of $131,767 within 3 miles and projected population growth of 10% over five years. Situated in one of Florida’s fastest-growing submarkets, with a 3.54% annual growth rate, this offering represents a premier investment opportunity in the thriving Tampa market.