Shops at Midway

RIPCO Real Estate is pleased to offer for sale Shops at Midway, a ±74,694 SF Power Center 100% occupied by five tenants.​ 78.3% 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 4.36 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 North 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 

• ​

  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) 

• ​

  Credit rated tenants and/or national tenants account for 95.7% of the GLA of the center 

STABLE CASH FLOW 

• ​

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

• ​

  Weighted average lease term is 4.36 years 

STRONG DEMOGRAPHICS 

• ​

  3-Mile Population: 108,936 

• ​

  3-Mile Avg. HH Income: $88,721 

• ​

  3-Mile Daytime Population: 110,651 

STRATEGIC LOCATION 

• ​

  Located in an Opportunity Zone 

• ​

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

• ​

  Missouri Avenue has an AADT of 30,000 

NATIONAL TENANTS 

• ​

  Midway Plaza is 100% leased to Five (5), Four (4) of which are national name-brand tenants. 

• ​

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