4022 Tampa Rd
Oldsmar, FL 34677
Park Avenue Plaza · Commerce de détail Propriété À vendre

PARK AVENUE PLAZA | OLDSMAR, FL (TAMPA MSA)
• Park Avenue Plaza is a 36,000 SF service-oriented retail center located in Oldsmar, Florida, one of Upper Tampa Bay’s most affluent and fastest-growing areas
• Strong leasing momentum with six recently executed long-term leases (multiple 10-yr terms) at premium rents
• The center features proven long-term operators with multiple tenants having been at the center for 10+ years
• Prime frontage on Tampa Road (56,000 VPD), one of Oldsmar’s main retail corridors and a major east-west commercial artery that connects the Clearwater–Oldsmar–Tampa MSAs
• Positioned in one of the Tampa MSA’s premier suburban submarkets, featuring 160,000 residents with an Avg household income of $121,000 in a 5-mile radius
RECENT LEASING MOMENTUM | SEASONED TENANCY WITH MULTIPLE LONG-TERM OPERATORS
• Anchored by Grand Harvest (New 10-year lease) and Buffalo Wild Wings (operating 17 years), the center features a diverse mix of internet-resistant destination tenants serving the dense surrounding retail/suburban area
• This center has proven long-term operators with six tenants having been at the center for 10+ years
• Tenant demand continues to increase, with new leases being done at $30/SF
MARK-TO-MARKET UPSIDE | 56% OF GLA LEASED AT BELOW MARKET RENTS | 23% NOI INCREASE OVER HOLD PERIOD
• One 1,500 SF vacancy and 56% of GLA paying below market rent, providing near term lease upside
• 56% of the GLA is paying below market rent | Avg. Rent of these tenants: $23/SF
• New Leases done at $30/SF
• Projected NOI increase of 23% over a 5-year hold period if under-market spaces are leased at market rents
• High barriers to entry in the surrounding Upper Tampa Bay area limit future competition and support long-term rent durability
BUILT IN CUSTOMER BASE | TAMPA RD FRONT AGE (56K VPD)
• Strategically positioned near the intersection of Tampa Rd & Racetrack Rd. The center has signalized intersection access and sees heavy traffic (Tampa Rd. - 56,000 VPD)
• Located in a dense retail corridor, the center is surrounded by a heavy-duty lineup of national retailers, including Publix, Target, Walmart, Lowe’s, Michaels, Burlington, PetSmart, Aldi, Ross, creating high foot traffic and delivering consistent exposure
• The center is within walking distance of multiple hotels totaling 450+ rooms, providing a steady influx of business customers and travelers seeking dining, services, and convenience retail
• Convenient placement on Tampa Rd gives the center access to major regional routes connecting Clearwater and Tampa and capturing commuter traffic
AFFLUENT TAMPA MSA SUBMARKET
• Oldsmar sits within the booming Tampa MSA, the Tampa–St. Petersburg–Clearwater MSA is one of the largest in Florida and ranks 5th in the fastest growing metros in the nation.
• The City of Oldsmar is a part of Pinellas County, one of the most densely populated counties in the state of Florida
• Oldsmar is surrounded by an affluent and densely populated 5-mile trade area, featuring more than 160,000 residents with an average household income of $121,000
• The Upper Tampa Bay is supported by a diverse trade area, with key economic drivers being aerospace and defense, Manufacturing and logistics (Tampa is a national leader in supply chain management), healthcare, and finance
• Tampa is home to multiple universities, most notably the University of South Florida (40,000 students) and Tampa University (12,000 students)
• Key job drivers in the area include employers like Lockheed Martin, MacDill Air Force Base (17,000 employees & 4.1 billion in economic impact), BayCare Health System (33,000 employees), and United Health Services (Regional headquarters)
• Florida is a business-friendly environment with no state income tax and no commercial lease tax, continuing to support investor demand in the area