Shoppes at Lorraine Corners Lakewood Ranch,Florida

$5,400,000
Property type:Multi-Tenant / Shopping Center

The space

  • Price: $5,400,000
  • Rentable Square Feet: 14,099
  • Net Operating Income: $361,895
  • Price PSF: $383.00
  • Land Area: 2 Acres
  • Year Built: 2016

Description

14606-14640 SR 70
Lakewood Ranch, FL 34202

Investment Highlights

  • Newer Construction Pride of Ownership Asset in High Growth Market
  • More Than 14,000 Square Feet of Multi-Tenant Space; Approx. 50 Percent Medical
  • Lakewood Ranch is the Second Fastest Growing Master Planned Residential Community in the United States
  • Strong Household Income of Nearly $125k Within a Three-Mile Radius of Property
  • Between 2019 and 2024, the Population has Projected Growth of Nearly 30 Percent Within a Three-Mile Radius
  • 100 Percent Occupied With National Tenants Including Heartland Dental and Domino’s Pizza
  • Shared Ingress and Egress Points With Wawa Generating Heavy Traffic
  • Part of the North Port-Bradenton-Sarasota, Florida Metropolitan Statistical Area

 

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Shoppes at Lorraine Corners, more than 14,000-square-feet of multi-tenant space, approximately 50 percent of which is medical. The subject property is 100 percent leased with regional and national tenants including Heartland Dental and Domino’s Pizza. Heartland Dental has 10 percent rent increases starting in year six, while all other tenants have 2-3 percent annual increases. The subject property is directly next to a Wawa gas station and convenience store, which it shares ingress and egress points, generating heavy traffic.

Shoppes at Lorraine Corners is located in Lakewood Ranch, Florida, the second fastest growing master planned residential community in the United States. Lakewood Ranch is part of the North Port-Bradenton-Sarasota, Florida metropolitan statistical area. The Lakewood Ranch area sees a strong household income of nearly $125k within a three-mile radius. In addition, the population has projected growth of nearly 30 percent between 2019 and 2024.

The subject property is located off State Road 70, one of the major roadways in the area, connecting Bradenton on the West coast to Fort Pierce on the East coast. State Road 70 in Lakewood Ranch has a daily traffic count of more than 30,500 vehicles. The property is located directly across the street from a new Publix-anchored development with a projected delivery date of mid-2020.

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