GTB MAIN SHOPPING CENTER CLEARWATER (TAMPA BAY), FL - INVESTMENT SUMMARY - LoopNet
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INVESTMENT SUMMARY
GTB MAIN
SHOPPING CENTER
CLEARWATER (TAMPA BAY), FL
EXECUTIVE SUMMARY GTB MAIN
SHOPPING CENTER
INVESTMENT SUMMARY INVESTMENT HIGHLIGHTS
GTB Main Shopping Center (the “Property” or the “Center”) is a 102,850-square foot
• Outstanding location at one of the busiest intersections in
community shopping center located in Clearwater, Florida. The Property is well-positioned
Pinellas County - Belcher Rd. (26,000 VPD) and Gulf to Bay
in a high-traffic, densely populated, urban infill trade area. GTB Main Shopping Center is
Blvd. (59,000 VPD)
100% occupied by brand name tenants; LA Fitness, Bealls, West Marine and Mattison Avenue.
• High density trade area: 113,620 residents and 55,075
Located near the intersection of Belcher Rd. (26,000 VPD) and Gulf to Bay Blvd. (59,000
employees within a 3-mile radius
VPD); the main east/west thoroughfare that connects Tampa to Clearwater. The intersection
is one of the busiest in Pinellas County providing great visibility to the Center. The Property’s • One of the first LA Fitness locations in the country to feature
immediate trade area includes Lucky’s Market (under construction), a Walmart-Anchored their latest prototype
shopping center, a freestanding CVS, PDQ and a Publix-Anchored shopping center. • Irreplaceable location on the trade area’s primary east-west
commercial artery: Gulf to Bay Boulevard (S.R. 60)
• One Hundred Percent (100%) leased to Brand Name Tenants
PROPERTY SUMMARY • Located in Pinellas County – the most densely-populated
county in Florida
Address 2130 Gulf to Bay Blvd, Clearwater, FL 33765
• Completely renovated Class A property (new roof, HVAC,
Site Area 8.03 acres / 349,710 SF
parking lot and landscaping)
Parking 435 spaces (4.23 spaces/1,000 SF)
• Stable income stream generated by strong credit tenants
Year Built 1979 - Fully Renovated: 2019 • Minimal management; Four NNN leases
GLA* 102,850 SF • Adjacent (shadow-anchored) to Lucky’s Market (under
Bealls (40,000 SF) construction)
LA Fitness (34,000 SF)
Major Tenants • Favorable rollover schedule. Initial lease expirations begin in
West Marine (15,000 SF)
Mattison Avenue (13,850 SF) ten+ years (2029)
Occupancy 100% • Formidable barriers to entry. No large commercial
development opportunities within a 3-mile radius
Purchase Price $22,128,896 (6.69% Cap Rate)
• Located in close proximity to Clearwater Mall (795,100 SF),
*Excluding SunTrust Bank and Pollo Tropical (not poart of this offering)
BayCare Hospital, St. Petersburg Junior College, Home
Depot, Sam’s Club, Clearwater High School, Joe DiMaggio
Sports Complex (Philadelphia Phillies) and St. Pete –
Clearwater International Airport
CUSHMAN & WAKEFIELD
CUSHMAN & WAKEFIELD 2
LOCATION SUMMARY
GTB MAIN
SHOPPING CENTER
INVESTMENT HIGHLIGHTS
PRIME LOCATION
“Hard Corner” accessibility via Gulf to Bay Blvd. (S.R. 60 -
59,000 VPD). The Property encompasses an entire city block,
with seven points of ingress / egress. GTB Main Shopping
Center is part of a heavily-trafficked commercial node at the
intersection of Gulf to Bay Blvd. (S.R. 60) and Belcher Road
(26,000 VPD); retailers in the immediate trade area include
Walmart Neigborhood Market, Publix, Lucky’s Market (under
construction), Office Depot and CVS. Gulf to Bay Blvd. (S.R.
60) connects Tampa International Airport and
the Westshore Business District to the Gulf of
Mexico Beaches (Clearwater Beach was
recently named the #1 beach in the U.S. by
TripAdvisor). Abutting uses include multifamily
apartments, single-family residential units, car dealerships,
hotels, U.S. Post Office, Wawa and Clearwater High School.
EXCEPTIONAL DEMOS
Over 113,000+ residents within a 3-mile radius, with an average
household income of $60,000+ and retail sales in excess of
$1.9 billion dollars.
SUPERIOR TRADE AREA
The trade area (3-Mile Radius) includes 7.7 MSF of retail space,
with a market rental rate of $17.82 PSF (up 5.3% from Q4 2017),
only 20,000 SF of new retail inventory was delivered in 2018;
only 4,400 SF are currently under construction. GTB
Main Shopping Center benefits from formidable
barriers to entry, including no large commercial sites
within a 3-mile radius and an onerous goverment
approval process.
STRONG DAYTIME DEMAND DRIVERS
GTB Main Shopping Center is supported by densely-populated
residential communities, 53,000+ daytime employees,
hundreds of thousands of tourist-visits and seasonal residents.
CUSHMAN & WAKEFIELD 3
CUSHMAN & WAKEFIELD 3
TENANCY SUMMARY GTB MAIN
SHOPPING CENTER
TENANCY HIGHLIGHTS TENANCY
% of
Major Tenants SF LEASE EXP.
• Internet insulated tenant mix, focused Revenue
on fitness, health & beauty, discount and Bealls 40,000 28.5% 08/31/2029
specialty retail
La Fitness 34,000 42.4% 06/30/2034
• Brand Name credit tenants West Marine 15,000 12.9% 10/31/2029
• Long term leases, with escalations, provides Mattison Avenue 13,850 16.2% 12/31/2029
stable cash flow, with upside potential
Total GLA 102,850 100% -
• Over $4.8 M. invested in L.A. Fitness’ tenant
improvements
CUSHMAN & WAKEFIELD 4
FINANCIAL SUMMARY GTB MAIN
SHOPPING CENTER
Financial Highlights
• Stable tenant roster with 100% of the GLA covered by leases with 10+
years of remaining lease term
• Favorable rollover schedule with no lease expirations until 2029
• 100% of the Center is leased to Brand Name national and regional tenants
• Rental rates are at or below Market Rent
• Purchase Price is well-below replacement cost
• Strong Anchor Tenants. L.A. Fitness: 700+ Locations; 5M+ members;
annual revenues in excess of $2 B. Bealls: 530+ Locations; annual revenues
in excess of $1 B. West Marine: Number #1 boating supply retailer in
the U.S. 260+ locations; annual revenues in excess of $703 M. Mattison
Avenue: High-growth upscale salon and spa with over two dozen locations.
• Offered on a free and clear basis, allowing investors to take advantage of
today’s favorable lending environment
CASH FLOW PROJECTION
YEAR 1 YEAR 3 YEAR 5 YEAR 7 YEAR 10
YEAR ENDING DEC-2020 DEC-2022 DEC-2024 DEC-2026 DEC-2029
Effective Gross Revenue 1,856,218 2,022,127 2,094,570 2,191,828 2,272,139
Total Operating Expenses 375,761 540,745 570,347 602,157 651,412
Net Operating Income 1,480,457 1,481,382 1,524,223 1,589,671 1,620,727
CUSHMAN & WAKEFIELD 5
PROPERTY DESCRIPTION GTB MAIN
SITE PLAN SHOPPING CENTER
Rainbow Drive
13,850 SF 40,000 SF 15,000 SF 34,000 SF
Main Ave
Gunn Ave
NOT
INCLUDED
INCLUDED
NOT
Gulf to Bay Blvd
CUSHMAN & WAKEFIELD 6
CUSHMAN & WAKEFIELD OF FLORIDA, LLC
For more information, please contact: 201 N Franklin Street, Ste. 3300
Tampa, Florida 33602
JASON DONALD PATRICK BERMAN TODD TOLBERT MITCHELL HALPERN
Managing Director Managing Director Senior Associate Director
+1 813 204 5329 +1 813 204 5363 +1 813 204 5350 +1 305 533 2855
jason.donald@cushwake.com patrick.berman@cushwake.com todd.tolbert@cushwake.com mitchell.halpern@cushwake.com
©2019 Cushman & Wakefield The depiction in the included photograph of any person, entity, sign, logo or property, other than Cushman & Wakefield’s client and the property offered by Cushman & Wakefield, is incidental
only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and Cushman & Wakefield or its client. This listing shall not be deemed
an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the
express terms, rates and conditions of Cushman & Wakefield’s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to
above with respect to this property is available upon request.)You can also read
