Regionally Dominant Retail Center for Sale in Central Florida

Monday, April 22, 2019

Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing a 393,387-square-foot, regionally dominant, value-add, mixed-use lifestyle/entertainment village for sale in the heart of Ocala, Florida, which is a rapidly growing destination in the Southeast approximately 60 miles north of Orlando and known as the “Horse Capital of the World.” Completed in 2008 around a "Main Street" design, Market Street at Heath Brook is currently 84.5% leased and anchored by Dick’s Sporting Goods, Marshall’s (S&P: A+), HomeGoods (S&P: A+), Barnes & Noble, DSW, Old Navy (Moody’s: Baa2) and Ulta Beauty and shadow anchored by Dillard’s.

Retail Center for Sale Investment Highlights

Exceptional Recent/Current Leasing Momentum:

  • More than 115,000 square feet of leases have been signed in the past two years, including by Marshalls, HomeGoods, Ocala Eye, Epic Theatres, Truck Hero, Orangetheory Fitness, Talbot’s and Chico’s.
  • Additionally, 124,000 square feet of anchor leases were renewed the past five months, including for Ulta Beauty, Barnes & Noble, Dick’s Sporting Goods, Old Navy, DSW and Panera Bread Company.

Rare and Sizeable High-Performance, Value-Add/Opportunistic Retail Offering – NOI Growth Potential of more than 130% (±10.0 CAGR):

  • There is tremendous upside potential via lease-up of 48,000 square feet of extremely desirable retail spaces and 14,000 square feet of Class A office space.
  • An additional outparcel opportunity exists with multiple prominent and entitled outparcels available to develop with interest from numerous users, including national grocery operators.
  • The retail property for sale has near-term mark-to-market potential with substantially below market leases (+50% on average)
  • There is a substantially below replacement cost valuation.
  • Nominal near-term lease rollover allows for singular focus on value creation opportunities.

Expansive Trade Area and Regional Drawing Power:

  • The retail center for sale is the dominant retail/entertainment/lifestyle center serving the greater Ocala area.
  • Nearly 260,000 residents live within a 25-minute drive time.
  • Demand for retail, food and service locations in Ocala is exceptionally robust, and the scarce supply of quality locations generates a premium for rents at Market Street at Heath Brook.

Market Street at Heath Brook is a retail property for sale that offers an investor the opportunity to purchase a dominant mixed-use power village with an extraordinary NOI growth profile at pricing substantially below replacement cost. For more information on this or other available retail properties in the South Florida, please contact Danny Finkle, Luis Castillo or Eric Williams in HFF’s Miami office.

To view this retail property for sale’s listing page, where you may download a CA agreement to receive more detailed materials, please click here.

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