EAST GATE SQUARE
10.74% STABILIZED CAP | $77/SF | 35,500 VPD | 72.06% LEASED
Marketing description
The TC Retail Group of Marcus & Millichap is pleased to present the opportunity to acquire the retail center located at 164 S US Highway 17 in East Palatka, Florida, a grocery-anchored retail investment offering strong in-place income with substantial upside through future lease-up and rent growth. Currently 72% occupied, the property is projected to achieve an attractive 10.74% stabilized cap rate using highly conservative rental assumptions, creating a compelling opportunity for investors seeking both immediate cash flow and long-term NOI growth.
The center is anchored by Hitchcock’s Markets, a longtime North Central Florida grocery chain that has operated since 1945, providing consistent daily traffic and strong community presence. Additional tenants include Family Dollar, AV1 Pharmacy, Kellys Nail Salon, Smokin Jays Smoke Shop, and other service-oriented retailers that cater directly to the surrounding trade area.
Positioned on a sizeable 9.15-acre parcel, the property is located on a signalized intersection along US Highway 17 with exposure to approximately 35,500 vehicles per day. The asset benefits from dedicated ingress and egress lanes, strong signage, excellent visibility, and ample parking, making it a dominant neighborhood retail destination within the market.
Current average rents remain significantly below market, providing investors with meaningful upside through renewals, lease-up of vacant suites, and future rental increases. According to CoStar, the overall retail market vacancy within the area is approximately 5.5%, highlighting the continued demand for well-located retail space within the submarket.
The property is strategically surrounded by major national retailers and traffic drivers including Walmart, Publix, Lowe’s, CVS, Winn-Dixie, Wawa, McDonald’s, Taco Bell, AutoZone, Dunkin, Burger King, Harbor Freight, and Family Dollar. Located near the St. Johns River and major regional roadways, the center serves as a well-positioned retail destination for the broader Putnam County trade area. The property is supported by more than 23,000 residents within a 5-mile radius and average household incomes exceeding $70,800.
Investment highlights
• 72% occupied grocery-anchored retail center with stable in-place income and substantial lease-up upside
• Projected 10.74% stabilized cap rate using highly conservative rental assumptions
• Anchored by Hitchcock’s Markets, a longtime North Central Florida grocery chain established in 1945
• Opportunity to increase NOI through lease-up of remaining vacancy and future rental growth
• Current average rents remain well below market, creating meaningful upside through renewals and new leasing
• Positioned on a 9.15-acre site with ample parking and flexible suite configurations
• Located on a signalized intersection along US Highway 17 with exposure to approximately 35,500 vehicles per day
• Property features dedicated ingress/egress lanes, excellent visibility, and strong signage
• Strong retail fundamentals with overall market vacancy at approximately 5.5% according to CoStar
• Supported by more than 23,000 residents within a 5-mile radius and average household incomes exceeding $70,800
• Surrounded by major national retailers including Walmart, Publix, Lowe’s, CVS, Winn-Dixie, Wawa, Taco Bell, McDonald’s, AutoZone, Dunkin, Burger King, Harbor Freight, and Family Dollar
• Service-oriented tenant mix provides consistent neighborhood traffic and daily-needs shopping appeal
• Strategically located near the St. Johns River and major regional roadways serving the broader Putnam County trade area
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