Address: 5950 Park Boulevard, Pinellas Park, Florida, United States 33781
Cap Rate: 5.25%
Lease Type: Triple-Net (NNN)
Annual Rent: $110,000
Net Operating Income: $110,000
Lease Term Remaining: 20.0 Years
Rental Increases: 1.75% Annually
Options: Four (4), Five (5) Year Options
Year Built: 1999
Rentable Sq/Ft: 2,079 SF
Rent Sq/Ft: $52.91
Price Sq/Ft: $1008
Lot Size: +/- 1.04 Acres
Marcus & Millichap is pleased to present the exclusive listing for the Popeyes located at 5950 Park Boulevard in Pinellas Park, Florida. Built in 1999, the subject property consists of approximately 2,079 rentable square feet and is situated on approximately 1.04 acres of land. The property is subject to a brand-new, 20-year lease that will commence on September 20, 2019. The base rent will be $110,000 and is scheduled to increase by One- and Three-Quarter percent (1.75%) annually, continuing throughout the remainder of the base term and each of the four (4), five (5)-year tenant renewal options.
This Popeyes property is situated on Park Boulevard, which boasts a significant average daily traffic count of approximately 60,000 vehicles. Park Boulevard additionally intersects with 66th Street North and Belcher Road, which bring an additional 50,000 and 21,000 vehicles into the immediate surrounding area each day, respectively. There are more than 114,000 individuals residing within a three-mile radius and more than 274,000 individuals within a five-mile radius.
This Popeyes property benefits from its position in a dense retail corridor that features numerous national and local tenants. Major national tenants in the immediate area include: Walmart, Sam’s Club, Lowe’s, Aldi, Publix, CVS, Dollar Tree, Burger King, KFC, and many more. Northside Hospital, a 288-bed medical facility, is less than two miles from the subject property. This facility offers a full range of services, including: interventional stroke and neurologic care, full-service orthopedic and spine treatment, a 24-hour emergency room, preventative and corrective cardiac care, general surgery and more. The subject property additionally benefits from its location less than 18 miles from the heart of downtown Tampa, Florida’s third-most populous city.
The subject property is also located approximately five miles from St. Pete-Clearwater International Airport. This is a public/military use airport that served more than two million passengers in 2017. Florida offers compelling business incentives due to no state-level income tax.
Anchored by the urban markets of Clearwater and St. Petersburg, Pinellas has the second largest base of manufacturing employment in Florida. Fortune 500 technology manufacturers Jabil Circuit and Tech Data are headquartered here. Pinellas has diverse, yet symbiotic, industry clusters, including aviation/aerospace; defense/national security; medical technologies; business and financial services; and information technology. An extensive network of suppliers, service-providers and business associations support operations in these sectors. Relocating businesses can move to Pinellas and expect to begin growing immediately. Pinellas encourages innovation, and with industry giants Home Shopping Network (HSNi), Nielsen, ValPak and Catalina Marketing, it is rapidly becoming Florida’s hub for big data. Through relationships with major universities and high-tech institutes, Pinellas has become a center for research and development in marine science, electronic instruments, medical devices, sensors, nanotechnology and health care. The county is home to numerous business accelerators, like the Tampa Bay Innovation Center, TEC Garage, the Gazelle Lab and Clearwater’s SPARK, which are committed to nurturing and building new ventures. Notable Employers include: Home Shopping Network (HSNi), Nielsen Media Research, Jabil Circuit, Raymond James Financial, Tech Data, Honeywell, Raytheon, Lockheed-Martin, ConMed Linvatec, TransAmerica and Bausch & Lomb.
Broker of Record: Ryan Nee License #BK3154667