Investment Overview

Marcus & Millichap is pleasured to present Columbus Plaza, a 47,009 square foot shopping center located in Tampa, FL. Columbus Plaza is anchored by national tenants including Bank of America and Family Dollar / Dollar Tree, both of which recently exercised 5-year options with sizable rent increases. The average weighted lease term remaining at Columbus Plaza is over 4.5 years and the average occupancy by existing tenants in the plaza is over 11 years. Columbus Plaza is priced at just $122 per square-foot which is less than half the average price per foot for shopping center transactions in Tampa Bay. The low price per foot is a direct reflection of rents that are substantially below market. A new owner will have the opportunity to increase rents upon lease expiration with the potential to increase the net income by over $110,000 per year by eliminating the loss-to-lease at the plaza. Columbus Plaza is located less than 10 minutes from downtown Tampa, which has over $3 Billion under development, including retail, office, and residential construction. With close proximity to the rapid growth and development, Columbus Plaza is uniquely positioned to benefit from rising rents and increased demand from retailers looking to benefit from the growing economy and population base.