Two Tenant NNN Retail Center | New 10 Year Leases

4590 Park Blvd N, Pinellas Park, FL 33781, USA
$2,693,181

Description

Huey Magoo’s Center is a 4,688 square foot, two-tenant, NNN strip center, on a nearly one acre lot, at 4590 Park Boulevard North, in Pinellas Park (Tampa). The Center lies in the heart of a major commercial artery, with Publix across the street, a Home Depot anchored power center two blocks away, and surrounded by too many national retailers and restaurants to enumerate. With access to the corner and turn-in lanes in every direction, the Center offers 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, two class A regional tenants, and easy to manage, 10 year, NNN leases. Thus, Huey Magoo’s Center offers a stable alternative to a typical STNL offering.
Huey Magoo’s is a beloved fast food chicken staple in the Florida lifestyle. In business since 2004, Huey Magoo’s popularity is so pervasive, that they have launched an aggressive franchisee expansion program that has surpassed expectations. With over 150 franchises sold in 6 states, Huey Magoo’s is poised to become a regional powerhouse. Paris Banh Mi Cafe Bakery is a successful
Vietnamese-French concept, based in Orlando, with 30 new locations slated for central Florida. A $20mil franchisee guaranty backs this location and the 30-unit expansion, offering an investor the sort of quality franchisee tenant that landlords seek in a post-Covid era.

Location:
• Park Blvd – major bay to beaches commercial corridor: 56,000+ cars daily.
• Across from Publix, sharing corner with Auto Zone
• Excellent access
• Surrounded by major retailers – this is a core commercial corridor

Rent Roll:
• Two regional tenants with aggressive growth plans.
• Two ten-year leases. Long term stability, with the diminished risk of a two tenant center.

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 excellent 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
  • Excellent Regional Tenants
  • Two 10-Year NNN Leases
  • 10% Rent Increases Every 5 Years
  • Rare Drive Thru Anchored Center (Huey Magoo’s)
  • Easy Access, Tremendous Traffic and Visibility
  • 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: $2,693,181
  • Year Built: 2021

Additional details

  • CAP RATE: 5.50%
  • NOI: $148,125

Features

Video

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