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Dollar Tree - 13.5 Yr NNN Ground Lease

8275 Bay Pines Blvd, St. Petersburg, FL 33709

Listing Price: $5,100,000

Cap Rate
4.70%
Tenant Name
Dollar Tree
Years Remaining On Lease
13.4
Guarantor
Corporate Guarantee
Rentable SF
12,900
Lease Type
Ground Lease
Rent Per Square Feet
$18.60

Investment Overview

Marcus and Millichap is pleased to present the Dollar Tree located at 8275 Bay Pines Boulevard in St. Petersburg, Florida. This investment opportunity is being offered at $5,100,000 which represents a 4.70 percent cap rate. The subject property was built to suit in 2011 for CVS Pharmacy and consists of 12,900 rentable square feet. Located on a highly desirable 1.85 acre parcel, the subject property is encumbered with an original 25 year absolute triple net ground lease. The CVS Pharmacy operation was recently absorbed into the Target located just .2 miles away, at which time the building was subleased to Dollar Tree. Dollar Tree has approximately 13.5 years remaining on the current sublease, which runs through December 31, 2035. There are six, five-year options which all contain seven percent rental increases every five years. The lease is fully backed by CVS Health Corporation and the tenant is responsible for roof & structure, common area maintenance, insurance, and taxes which allows for a fully passive income stream for any investor. This site is located just 3.5 miles from the Gulf of Mexico and boasts a five mile population in excess of 236,000 residents. The surrounding population has increased four percent over the last decade and is projected to continue this trend through 2027. Furthermore, traffic counts exceed 41,000 vehicles passing the site daily along Bay Pines Boulevard and 38,000 vehicles along Park Street North. Surrounding national tenants include Target, Walgreens, Wendy's, First Watch, Sonny's BBQ, Carrabba's, Walgreens, Amscot Financial, Mattress Firm, Petsmart and many more. St. Petersburg is the largest city in Pinellas County and home the Tampa Bay Rays baseball team. This area is known for its pleasant weather, making it ideal for residents and visitors alike to enjoy golfing, boating, fishing and over 35 miles of sandy beaches. Downtown St. Petersburg is located just 8 miles away and home to the world-renowned Salvador Dali Museum, University of South Florida St. Petersburg Campus, Tropicana Field, dozens of top-rated restaurants, boutiques and designer shopping, nightlife and countless new luxury high rise condo developments

Investment Highlights

  • Trophy Location | Corner Lot Outparcel to Target | High Quality 2011 Construction
  • 13.5 Years Remaining On a NNN Ground Lease | Subleased and Guaranteed By CVS Pharmacy
  • Six - Five Year Renewal Options With Seven Percent Increases Every Five Years
  • Combined Traffic Counts of 79,000 Vehicles Passing This Site Daily
  • Relocation Site For Dollar Tree | 10+ Year Operating History In This Market
  • Dense Coastal Demographics With Over 236,000 Residents Living Within 5 Miles
  • Located Just 3.5 Miles From The Madeira Beach and The Gulf of Mexico

Exclusively Listed By

Discount

Dollar Tree - 13.5 Yr NNN Ground Lease

Listing Price: $5,100,000

Cap Rate
4.70%
Tenant Name
Dollar Tree
Years Remaining On Lease
13.4
Guarantor
Corporate Guarantee
Rentable SF
12,900
Lease Type
Ground Lease
Rent Per Square Feet
$18.60

Investment Highlights

  • Trophy Location | Corner Lot Outparcel to Target | High Quality 2011 Construction
  • 13.5 Years Remaining On a NNN Ground Lease | Subleased and Guaranteed By CVS Pharmacy
  • Six - Five Year Renewal Options With Seven Percent Increases Every Five Years
  • Combined Traffic Counts of 79,000 Vehicles Passing This Site Daily
  • Relocation Site For Dollar Tree | 10+ Year Operating History In This Market
  • Dense Coastal Demographics With Over 236,000 Residents Living Within 5 Miles
  • Located Just 3.5 Miles From The Madeira Beach and The Gulf of Mexico

Investment Overview

Marcus and Millichap is pleased to present the Dollar Tree located at 8275 Bay Pines Boulevard in St. Petersburg, Florida. This investment opportunity is being offered at $5,100,000 which represents a 4.70 percent cap rate. The subject property was built to suit in 2011 for CVS Pharmacy and consists of 12,900 rentable square feet. Located on a highly desirable 1.85 acre parcel, the subject property is encumbered with an original 25 year absolute triple net ground lease. The CVS Pharmacy operation was recently absorbed into the Target located just .2 miles away, at which time the building was subleased to Dollar Tree. Dollar Tree has approximately 13.5 years remaining on the current sublease, which runs through December 31, 2035. There are six, five-year options which all contain seven percent rental increases every five years. The lease is fully backed by CVS Health Corporation and the tenant is responsible for roof & structure, common area maintenance, insurance, and taxes which allows for a fully passive income stream for any investor. This site is located just 3.5 miles from the Gulf of Mexico and boasts a five mile population in excess of 236,000 residents. The surrounding population has increased four percent over the last decade and is projected to continue this trend through 2027. Furthermore, traffic counts exceed 41,000 vehicles passing the site daily along Bay Pines Boulevard and 38,000 vehicles along Park Street North. Surrounding national tenants include Target, Walgreens, Wendy's, First Watch, Sonny's BBQ, Carrabba's, Walgreens, Amscot Financial, Mattress Firm, Petsmart and many more. St. Petersburg is the largest city in Pinellas County and home the Tampa Bay Rays baseball team. This area is known for its pleasant weather, making it ideal for residents and visitors alike to enjoy golfing, boating, fishing and over 35 miles of sandy beaches. Downtown St. Petersburg is located just 8 miles away and home to the world-renowned Salvador Dali Museum, University of South Florida St. Petersburg Campus, Tropicana Field, dozens of top-rated restaurants, boutiques and designer shopping, nightlife and countless new luxury high rise condo developments

Exclusively Listed By

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