1005-1263 NW 76th Blvd
Gainesville, FL 32606
Newberry Crossings · Retail Property For Sale

Institutional Property Advisors is pleased to present the sale of Newberry Crossing, a 114,693 square foot shopping center in Gainesville, Florida. Located directly across the street from a Publix anchored shopping center, Newberry Crossing is anchored by TJ Maxx/HomeGoods, which has successfully operated here for 14 years, enjoys strong sales and a low rent to sales ratio. TJ Maxx has eight and a half years remaining on its corporate- guaranteed lease, with a strong Moody’s credit rating of A2. Newberry Crossing has had a long history of success, with 96 percent of the tenancy having occupied their space for more than 10 years. The majority of the tenants have exercised their renewal options and have a weighted average of six and a half years remaining on their leases, which allows for attractive financing options. Newberry Crossing is located just west of the I-75 entrance/exit ramp to West Newberry Road, is just off the corner of Newberry Road and Tower Road, and just four miles west of the University of Florida campus. Newberry Road connects downtown Gainesville to the east with the rapidly-growing and affluent Tioga submarket to the west, where several new residential developments are underway. Tower Road runs southbound, with newer residential and mixed-use developments and connecting to State Road 24. Just east of the I-75 ramp is The Oaks Mall, owned by Brookfield Properties, where all of the anchor spaces are leased, including a state of the art UF Health facility which is currently being built out and will replace the mall’s former Sear’s box. Newberry Crossing also features strong demographics, with a 3-mile average household income of $83,807 and population of 53,969, projected to grow by nearly 10 percent within the next five years.