Island Pass Retail | Bealls Outlet & Pet Supermarket 10-Year NNN

11560 Majestic Palms Blvd, Fort Myers, FL 33908, USA
$6,200,000

Description

Island Pass Shopping Center is a brand new 29,900 square foot retail center, in Fort Myers, Florida. The property consists of three tenants – a top performing Bealls Outlet store that relocated from the neighboring property, a brand new Pet Supermarket, and a local mattress tenant with multiple area locations. The original Bealls store was among the top 5 in the entire country, and the new store is already far surpassing projections, making is their top new store for 2017. Island Pass is shadow anchored by a busy Super Target, with neighboring outparcels occupied by Dollar Tree, Sally Beauty, and Verizon Wireless. Within one mile, there are numerous new residential developments, bringing to market hundreds of units. There is a brand new Walmart, and two Publix anchored centers that are reportedly doing very well, despite their proximity. The market is very dense, with dozens of large multi-family facilities within walking distance of the site. The Bealls lease is triple net above the base year 2017, meaning that any increases in expenses above the 2017 values are absorbed by the tenant. Pet Supermarket and the mattress store are both NNN leases. Island Pass Shopping Center represents an opportunity for an investor to buy into an Amazon resistant, brand new retail investment with strong underlying parameters. The Bealls Outlet is one of the top performers in the entire country, and Pet Supermarket is an expanding company that dominates its category. With hundreds of new homes in the pipeline and homeowners still recovering from Hurricane Irma, the mattress tenant is experiencing extremely strong demand. These tenants are poised to do well, making Island Pass an easy to manage and safe, retail investment.

Property Documents

  • bealls-outlet-and-pet-market-island-pass-om-package
  • Address: 11560 Majestic Palms Blvd
  • City: Fort Myers
  • State/county: Florida
  • Zip/Postal Code: 330908
  • Country: United States

Detail

  • Price: $6,200,000

Additional details

  • CAP Rate: 6.26%
  • NOI: $388,139

Features

Video

Similar Properties

Featured
AvailableAbsolute-NetNNN
$3,438,857
AvailableAbsolute-NetNNN

Taco Bell & Long John Silver’s Absolute Net Lease

8389 Dani Dr, Fort Myers, FL 33966, USA

Single Tenant Net Lease

$3,438,857

Single Tenant Net Lease

Featured
ClosedAbsolute-NetNNN
$5,002,521
ClosedAbsolute-NetNNN

Applebee’s in Fort Myers, FL | Absolute NNN Lease with Strong Sales

8043 Dani Dr, Fort Myers, FL 33966, USA

Single Tenant Net Lease

$5,002,521

Single Tenant Net Lease