Riverview Plaza Gibsonton, Florida

$8,345,000
Cap Rate: 6.40%
Available
Property type: Multi-Tenant / Shopping Center

Property Details

Cap Rate: 6.40%
Price: $8,345,000
Lease Type: NNN
Annual Rent: $534,119
Rentable SF: 21,700
Land Area: 2.39 Acres
Year Built: 2019

10640 New East Bay Road
Gibsonton, FL 33534

Investment Highlights

  • Brand New 21,700-Square-Foot Shopping Center That is 100 Percent Leased
  • Shadow Anchor to a Walmart Supercenter and Brand New, 14-Screen, State-of-the-Art Movie Theater
  • Located in the Fastest Growing Submarket of Tampa Bay MSA
  • Internet Resistant Mix of Services and Value-Based Tenants
  • Average Household Income of $75,784 within a Five-Mile Radius

 

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Riverview Plaza, a brand new 21,700-square-foot shopping center located in Tampa Bay MSA. The subject property is newly constructed, 100 percent leased with national and regional retail tenants including Dollar Tree, Cricket Wireless, Four Stacks Brewery, NY Nails, and Flex Suites Business Center. All tenants are signed to long-term leases and NNN lease structures positioning an investor a very stable income stream for many years.

Riverview Plaza is located at the entrance to the area’s newest retail development which is conveniently located at the southwest quadrant of Interstate 75 and Gibsonton Drive. Other projects within this master development include a Zaxby’s restaurant, Dunkin Donuts, a state-of-the-art 14-screen movie theater called Riverview 14 (Operated by GQT), Extended Stay hotel, and other soon-to-be announced retailers. A very successful, newer Walmart Supercenter opened across the street from the subject property providing additional traffic and exposure for this property.

Uniquely positioned within southeastern Hillsborough County and only one block from the exit/entrance of Interstate 75, the subject property sees substantial traffic and exposure to commuters going to and from work in Tampa, Brandon and Saint Petersburg. Southeastern Hillsborough County has seen explosive growth over the last 10 years with the population increasing by more than 50 percent. With over 5,000 residential homes under development, and more on the horizon, southeastern Hillsborough and the area immediately surrounding Riverview Plaza is expected to see above average rent growth and demand in the near future.

Riverview Plaza is situated between Bradenton and Tampa. Downtown Tampa, which is only 15 miles away, is undergoing a $3 billion expansion. The development in downtown Tampa known as Water Street, is expected to bring in several hundred thousand residents to the Tampa Bay market over the next decade and generate additional demand to the tenants at Riverview Plaza.  

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