This property is Off-Market
11201 Park Boulevard North
Seminole, FL 33772 ·
760,000 SF · Retail For Sale
Seminole Mall Redevelopment Project
|Gross Leasable Area||760,000 SF||Occupancy||80%|
|Property Sub-type||Power Center||Lot Size||36 AC|
|Property Use Type||Investment|
|Listing ID: 16509292||Date Created: 12/18/2009||Last Updated: 12/21/2009|
This is an opportunity to invest $5.5 Million into the re-development of, what is currently a 440,000 sq ft center to a 760,000 sq ft power center, earning a potential profit of $13.79 Million and 75% ownership of the asset. We have the financing for the expansion and we have the principal of the property, with his extensive background in developing shopping centers, as an excellent partner in this project. He will remain as a 25% partner having a $2 million investment. There is a new $40 million mortgage with a major insurance company that can be available to us to handle the expansion.
Big Box Retailers such as Costco are expected to be tenants, as well as an 18 screen movie theatre.
The latest figures point out that the Mall, being sold after the three year redevelopment period at a 7.5% cap rate and the newly achieved NOI of $5.67 Million, would be worth $65.5 Million ($5.67 Million /.075). The cash on cash would be 250% ($13.79 / $5.5 Million x 100) which equates, during the 3 year development, to 83% per year (250% / 3 yrs) resulting in an estimated profit of $13.79 Million on your $5.5 Million investment.
Seminole, FL is one of the best retail area's in the state of Florida. There is approximately 36 acres of land with outstanding retail activities and tremendous demographics that can produce retail sales reflecting in a NOI of approximately $6 Million Dollars. Finance of the expansion has been lined up and detailing information can be supplied to you.
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