IHop Anchored Publix Shadow Center | Below Market Rents

4671 Park Blvd N, Pinellas Park, FL 33781, USA


Moe’s Publix Shadow Center is a 11,206 square foot strip center on a 1.63 acre parcel, located at 4671 Park Boulevard North, in Pinellas Park (Tampa). The Center is anchored by a tremendous lineup of strong, multi-unit, local franchisees, and benefits from being adjacent to, and shadow anchored by, Publix. Essentially a Publix outparcel, the Center has left-in-left-out access, prominent visibility on Park Blvd, which sees over 56,000 cars daily, and best-in-class curb appeal.

• Park Blvd – major bay to beaches commercial corridor: 56,000+ cars daily.
• Nextdoor to Publix
• Excellent access
• Surrounded by major retailers – this is a core commercial corridor

Rent Roll:
• All multi-unit, local and regional franchisees with significant track record. Unlike the big nationals, these are the types of tenants who spent their time during the lockdown fighting to reopen, not squeezing landlords for major concessions.
• Most tenants have executed recent renewals.
• Rents around 20% below market. Rents across the street are being signed at $32/sf.
• Strong tenant history: Most tenants were signed when the building was built – 2015/2016. All survived the COVID lockdown.

• 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

• Increase rents over time. Most of these tenants have been here since the building was constructed in 2015 and still have their legacy rents – around $25/sf NNN. Rents have skyrocketed since then, with new leases being signed in comparable centers along Park from $30 – $35/sf NNN.
• IHOP is a stand-alone building which can be parceled off and sold separately in the future. Alternatively, keep the IHOP and sell the center once rents are raised to market.

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.

  • Publix Shadow Anchored, Outparcel
  • All Tenants are Strong, Multi-Unit Operators
  • Easy Access, Tremendous Traffic and Visibility
  • Outstanding Demos – Most Dense County in Florida
  • Upside – Rents Far Below Market. Separate out the IHOP Parcel
  • 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


  • Price: $5,011,803

Additional details

  • CAP RATE: 5.60%
  • NOI: $280,661



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