Three Tenant Drive Thru Anchored Retail Center

4049 Park Blvd N, Pinellas Park, FL 33781, USA
$5,172,654

Description

Jollibee Center is an 8,400 square foot, tenant, NNN strip center on a 1.64 acre parcel, located at 4049 Park Boulevard North, in Pinellas Park (Tampa). The Center lies in the heart of a major commercial artery, with a Home Depot power center across the street and surrounded by too many national retailers and restaurants to enumerate. Designated turn lanes allow for convenient left-in-left-out access for the 56,000+ cars that pass daily. Newly constructed, the center boasts beautiful curb appeal, no deferred maintenance, three class A tenants, and easy to manage, NNN leases.
Jollibee and Red Ribbon both have ten year leases, and both benefit from the Jollibee Food Corporation (JFC) guaranty. JFC is a multinational chain of fast food restaurants, founded in 1975, and totaling 1200 locations on three continents.
The third tenant, Spectrum, has a five year, NNN lease. Spectrum is owned by Charter Communications, a BB+ rated media company operating in 41 states, with over 95,000 employees. Charter Communications is the third largest multichannel video programming distribution company in the US, behind Comcast Corp and AT&T.

Location:
• Park Blvd – major bay to beaches commercial corridor: 56,000+ cars daily.
• Across from a Home Depot anchored power center
• Excellent access
• Surrounded by major retailers – this is a core commercial corridor Rent Roll:
• Three corporate tenants with giant guaranties.
• Two ten-year leases and one 5 year lease. Long term stability, yet offering staggered terminations and rent increases for diminished risk.

Demos:
• Pinellas County is the most densely populated county in Florida. Commercial land is a premium here.
• 1/3/5 mile populations: 14K / 112K / 287K
• 1/3/5 mile AAHI: $63K / $64K / $68K

Opportunity:
• Ideal 1031 Option
• A clean, new construction, virtually zero management shopping center with stellar tenants, outstanding location that offers the simplicity of a single tenant net leased investment, while also delivering a higher yield, better return, and the security of not having to rely on just one tenant.

Portfolio Opportunity: 4 properties on Park Blvd and one on Ulmerton – all new construction, long-term leases, and same seller:
• 4049 Park Blvd N: Spectrum (5yr) / Jollibee (10yr) / Red Ribbon Bakery (10yr)
• 4590 Park Blvd N: Huey Magoo’s (10yr) / Paris Bakery (10yr)
• 4596 Park Blvd N: Auto Zone (20yr ground lease)
• 4671 Park Blvd N: IHOP Publix Shadow Center
• 9050 Ulmerton Rd: AFC Urgent Care (10yr) / Willie Jewell’s (10yr)
In summary; great real estate, solid tenants, incredibly dense demos, and the ease of management and stability of a net leased offering, but with a higher return and without the single tenant risk. The portfolio opportunity adds economies of scale and efficiencies.

  • Top Tier Location
  • Class A National and International Tenants
  • Two 10-Year and One 5-Year leases
  • 10% Rent Increases Every 5 Years
  • Easy Access, Tremendous Traffic and Visibility
  • Crazy Parking Ratio: (11 Spots Per Thousand – 11 to 1 Ratio) and Excellent Ingress and Egress
  • Outstanding Demos – Most Dense County in Florida
  • Portfolio Opportunity – 4 Properties on Park Blvd, One a Few Blocks Away on Ulmerton
  • City: Pinellas Park
  • State/county: Florida
  • Zip/Postal Code: 33781
  • Country: United States

Detail

  • Price: $5,172,654
  • Year Built: 2021

Additional details

  • CAP RATE: 5.50%
  • NOI: $284,496

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