Frontier Plaza I | Value-Add Retail Center | Seminole, FL
100% Occupied Value-Add Retail Center | New 2024 Roof | Rent Growth Potential
Marketing description
Marcus & Millichap is pleased to exclusively present Frontier Plaza I, a 100% occupied multi-tenant retail center located at 11561 Walsingham Road in Seminole, Florida. The property consists of approximately 13,560 rentable square feet situated on 1.23 acres within an established Pinellas County trade area and offers investors a compelling value-add opportunity supported by in-place cash flow and a favorable lease rollover profile.
The center is currently leased to a diverse mix of tenants, providing immediate income while creating multiple opportunities for future rent growth. Average in-place rents of approximately $14.44 per square foot remain below prevailing market levels, and approximately 58% of the property's gross leasable area is scheduled to roll by 2027. This lease rollover profile provides future ownership with the ability to reprice below-market rents, improve lease economics, and enhance long-term asset performance over time.
The property recently benefited from the installation of a new roof in 2024 and is positioned within a mature retail corridor serving the surrounding Seminole and Largo communities. The area is supported by strong residential density, established consumer demand, and convenient access to Seminole City Center, the Gulf Beaches, and numerous national retailers throughout the trade area.
Frontier Plaza I represents an opportunity to acquire a fully occupied neighborhood retail center with immediate cash flow, meaningful mark-to-market potential, and multiple avenues for future value creation in one of Pinellas County's most established retail submarkets.
Investment highlights
• 100% occupied 13,560 SF multi-tenant retail center providing immediate in-place cash flow
• New roof completed in 2024 at seller's expense, significantly reducing near-term capital expenditure requirements
• Average in-place rents of approximately $14.44/SF remain below prevailing market levels, creating a compelling mark-to-market opportunity
• Approximately 58% of the property's gross leasable area rolls by 2027, providing multiple opportunities to increase rents and enhance asset value
• Diverse tenant mix with no single tenant occupying more than 31% of the center's rentable area
• Located within an established infill Pinellas County trade area supported by strong demographics and a dense residential customer base
• Convenient access to Seminole City Center, Gulf Beaches, and numerous national retailers serving the surrounding market
• Offered at a 6.24% in-place cap rate with significant long-term income growth potential
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