Shops at Midway with LA Fitness

RIPCO Real Estate is pleased to offer for sale Shops at Midway, a ±119,694 SF Power Center 100% occupied by six tenants.​ 48.87% of the Gross Leasable Area of the center has investment grade credit ratings: Ross Stores Inc.​ (A2, BBB+), Dollar Tree (Baa3, BBB-), and TJ Maxx (A2, A).​ The weighted average lease term remaining (WALT) at the center is 4.61 years.​ All of the tenants have at least one 5-year option remaining and have increases during each option period.​ 

The Shops at Midway are located at the southwest corner of the signalized intersection of N Missouri Avenue (30,000 AADT) and Jasper Street.​ There are two points of ingress/egress along Missouri Avenue and one point on Jasper Street, giving the property excellent access and exposure.​ Missouri Avenue is part of US Highway 19 – Alternate, one of the primary north to south thoroughfares in Pinellas County running from Saint Petersburg, FL to Holiday, FL.​ Other nearby retailers along N Missouri Avenue include Old Time Pottery, Walmart Supercenter, ALDI, Rent-A-Center, Goodwill, and Office Depot.​ 

This asset provides investors with an opportunity to acquire a fully stabilized cash flowing opportunity with strong national tenants and the ability to increase cash flow through option periods.​ 

CREDIT RATED NATIONAL TENANTS 

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  Three (3) tenants have investment grade credit ratings from Moody’s and Standard and Poor’s: Ross Stores Inc. (A2, BBB+), Dollar Tree (Baa3, BBB-), and TJ Maxx (A2, A) 

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  Credit rated tenants and/or national tenants account for 97.3% of the GLA of the center 

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  LA Fitness is operated by Fitness International, LLC, who owns Esporta, City Sports Club, and Club Studio. All together, they have over 700 locations across 27 US States and Canada 

STABLE CASH FLOW 

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  Four of the six tenants have been there for 8 years or longer 

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  Weighted average lease term is 4.61 years 

STRONG DEMOGRAPHICS 

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  3-Mile Population: 108,936 

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  3-Mile Avg. HH Income: $88,721 

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  3-Mile Daytime Population: 110,651 

STRATEGIC LOCATION 

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  Located in an Opportunity Zone 

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  Corner location at Missouri Avenue (US 19 Alternate) and Jasper Street, a signalized intersection 

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  Missouri Avenue has an AADT of 30,000 

NATIONAL TENANTS 

Midway Plaza is 100% leased to six (6), Five (5) of which are national name-brand tenants. 

TJ Maxx, Ross, Dollar Tree, Aaron’s, LA Fitness Fitness, and Imagine Orthodontic Studio