Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire 2804 James L Redman Parkway, a well-located mixed-use retail and residential asset positioned along one of Plant City’s primary commercial corridors. The property consists of approximately 24,680 square feet situated on 2.01 acres and was originally constructed in 2007. The center features a diversified mix of neighborhood retail and service tenants on the ground floor, complemented by six residential apartment units located on the second floor, creating a unique blend of commercial and residential income streams. Strategically positioned as a shadow center to a high-performing Walmart Supercenter and directly across the street from Lowe’s Home Improvement, the property benefits from strong daily consumer traffic generated by some of the area’s dominant national retailers. The surrounding trade corridor is further supported by numerous additional national tenants, creating a highly active retail environment with consistent consumer draw. Positioned directly along James L Redman Parkway, the property benefits from excellent accessibility and visibility along a corridor seeing more than 25,000 vehicles per day, supporting strong tenant exposure and long-term leasing demand. The property offers a compelling value-add opportunity through both retail and residential mark-to-market rent growth. Current retail tenants are paying average in-place rents of approximately $17.27 PSF, while comparable retail properties within the Plant City submarket are achieving rents closer to $27.00–$28.00 PSF, representing nearly $10.00 PSF in rental upside. Based on the existing retail square footage, this presents the potential for well over $180,000+ in additional annual retail rental income as leases roll to market levels. Additionally, the six second-floor residential apartment units are currently leased below prevailing market rents and could reasonably support increases of approximately $200–$300 per unit per month, creating an additional $14,400–$21,600 in potential annual residential income growth. This embedded upside provides investors with a clear path toward increasing NOI and enhancing long-term asset value. The asset has been well maintained, with recent capital improvements including a full exterior repaint completed in 2025, significantly enhancing curb appeal and overall tenant presentation. The buildings feature wood frame construction with metal roofing, offering efficient long-term maintenance characteristics while maintaining a neighborhood-oriented retail environment attractive to local and service-based tenants. The property’s mixed-use design, strong frontage, and functional suite layouts create a durable income-producing asset capable of serving both retail tenants and residential demand within the growing Plant City market. Located within the rapidly expanding Tampa–St. Petersburg–Clearwater MSA, the property benefits from strong regional population growth and favorable demographics throughout the immediate trade area. Within a 5-mile radius, the property serves approximately 75,825 residents and more than 26,000 households, with population projected to grow to over 82,000 residents by 2029, representing annual growth of approximately 1.7%. Household growth is expected to increase at a similar pace, reaching nearly 28,500 households over the same period. The area also demonstrates strong consumer fundamentals, with average household incomes exceeding $86,500 and nearly $791 million in annual consumer spending within the surrounding 5-mile trade area, supporting continued retail demand and long-term investment stability.