Great opportunity to complete the redevelopment of buildings and sites. Excellent tenant in place with executed 15-year NNN lease, and 3% annual escalations.
NOTE: The Cap rate for year 1 is approx 10 cap once leasing commission is paid and TI. Will then rise to a 16.4 cap after year 1.
Excellent signalized corner in Bradenton, Florida. In a great location midway between the downtown of Bradenton and Sarasota and proximity to I-75 and airport. It is located at a signalized corner with multiple points of ingress/egress with an onsite parking lot just south of Cortez Road, surrounded by many retailers.
The property site is in the newly created "SW TIF District" and is eligible for redevelopment and infill grant monies.
https://www.mymanatee.org/departments/redevelopment___economic_opportunity/
Property shares ingress/egress with a newly renovated retail plaza, which includes Hooters, Crunch Fitness, Livingston's Billiards, Fuzzy's Tacos, Pizza Hut/Wing Street, etc. New Zaxby's Chicken is coming two lots south of the property.
Highlights
15-year lease with 3% increases per year
Absolute NNN lease
Great opportunity to redevelop the site with an excellent medical tenant with an executed lease.
Signalized Corner
Surrounded by Retail
Excellent Visibility
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