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Shopping Strip

Verizon Wireless

9431 US-19, Port Richey, FL 34668

Listing Price: $2,700,000

Cap Rate
5.81%
Rentable SF
4,032
Lot Size
1.56 acres
Year Built
2011

Investment Overview

Marcus & Millichap is pleased to exclusively present a Verizon Wireless retail store located on a pad site at the signalized entrance to the Gulf View Square Mall. The lease is corporate, commenced in November 2011, and had an original 10-year term. In 2019, Verizon signed an early five-year extension of the term of the lease which now expires on 1/31/2027. Since 2019, the tenant, at its own cost and expense, has completed several upgrades to the building and has replaced the signage on the building and on the pylon sign at the front of the building. Verizon Wireless is the largest wireless telecommunications provider in the United States with over 142 million subscribers. It currently employs approximately 118,000 people and had revenue in 2021 of 133 Billion Dollars. Its stock is traded on both the New York and NASDAQ stock exchanges under the trading symbol VZ. It is #20 on the Fortune 500 list of U.S. corporations. The subject property is located on U.S. Highway 19 which is the prime commercial arterial in the city. The traffic count at the location is approximately 50,000 cars per day. Port Richey is on the west coast of Florida approximately 39 miles north of Tampa and is a suburban city included in the Tampa -St. Petersburg - Clearwater, Florida Metropolitan Statistical Area. There are dozens of national retailers in the immediate area (see the aerial map herein). A few examples are TJ Max, Dillards, Best Buy, Panera Bread, Taco Bell, Walgreens, Red Lobster, Office Depot, and more. Gulf View Square Mall is successfully re-positioning itself as a retail/multi family complex. Formerly a traditional regional mall anchored by several department stores, Gulf View is now a very attractive mixed-use property with 42 retail stores including majors such as Dillard's, Best Buy, LensCrafters, T-Mobile, Zale's Jewelry, and Bath & Body Works. Gulf View is also home to the recently completed Gables at Gulf View which is an upscale apartment complex of 300+/- luxury units (see details at www.gablesatgulfview.com).

Investment Highlights

  • National Credit Tenant
  • Early Renewal of Lease by Verizon
  • Car Count: 50,000+ Cars per Day
  • At the Entrance to a Major Retail Center
  • Located at a Signalized Intersection
  • Surrounded by National Retailers

Exclusively Listed By

Broker of Record

  • Ryan Nee

    Senior Vice President/ Division Manager

    (954) 245-3400

    License(s) FL: BK3154667

    Florida

Shopping Strip

Verizon Wireless

Listing Price: $2,700,000

Cap Rate
5.81%
Rentable SF
4,032
Lot Size
1.56 acres
Year Built
2011

Investment Highlights

  • National Credit Tenant
  • Early Renewal of Lease by Verizon
  • Car Count: 50,000+ Cars per Day
  • At the Entrance to a Major Retail Center
  • Located at a Signalized Intersection
  • Surrounded by National Retailers

Investment Overview

Marcus & Millichap is pleased to exclusively present a Verizon Wireless retail store located on a pad site at the signalized entrance to the Gulf View Square Mall. The lease is corporate, commenced in November 2011, and had an original 10-year term. In 2019, Verizon signed an early five-year extension of the term of the lease which now expires on 1/31/2027. Since 2019, the tenant, at its own cost and expense, has completed several upgrades to the building and has replaced the signage on the building and on the pylon sign at the front of the building. Verizon Wireless is the largest wireless telecommunications provider in the United States with over 142 million subscribers. It currently employs approximately 118,000 people and had revenue in 2021 of 133 Billion Dollars. Its stock is traded on both the New York and NASDAQ stock exchanges under the trading symbol VZ. It is #20 on the Fortune 500 list of U.S. corporations. The subject property is located on U.S. Highway 19 which is the prime commercial arterial in the city. The traffic count at the location is approximately 50,000 cars per day. Port Richey is on the west coast of Florida approximately 39 miles north of Tampa and is a suburban city included in the Tampa -St. Petersburg - Clearwater, Florida Metropolitan Statistical Area. There are dozens of national retailers in the immediate area (see the aerial map herein). A few examples are TJ Max, Dillards, Best Buy, Panera Bread, Taco Bell, Walgreens, Red Lobster, Office Depot, and more. Gulf View Square Mall is successfully re-positioning itself as a retail/multi family complex. Formerly a traditional regional mall anchored by several department stores, Gulf View is now a very attractive mixed-use property with 42 retail stores including majors such as Dillard's, Best Buy, LensCrafters, T-Mobile, Zale's Jewelry, and Bath & Body Works. Gulf View is also home to the recently completed Gables at Gulf View which is an upscale apartment complex of 300+/- luxury units (see details at www.gablesatgulfview.com).

Exclusively Listed By

Broker of Record

  • Ryan Nee

    Senior Vice President/ Division Manager

    (954) 245-3400

    License(s): FL: BK3154667

    Florida

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