Single-Tenant Vacant-User

Vacant Pier 1 (Outparcel to Walmart Supercenter)

4210 South Tamiami Trail, Venice, FL 34293

Listing Price: $2,850,000

Cap Rate
7.15%
Tenant Name
Pier 1 imports
Gross SF
11,009
Guarantor
Corporate Guarantee
Rentable SF
11,009
Price/Gross SF
$258.88
Lease Type
Double Net
Rent Per Square Feet
$18.50

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale 4210 South Tamiami Trail in Venice, Florida. This asset is a single-tenant, freestanding
Pier 1 Imports store. The long term, double-net lease is backed by a corporate guarantee from Pier 1 Imports (US), Inc. This national retailer operates over 900 stores in the US and Canada; with posted sales revenues of $1.5 billion YTD.
The tenant has been operating at this Venice, Florida location since 2005. It is prominently positioned as the out-parcel of a Walmart Supercenter along the heavily traveled Tamiami Trail commercial corridor in southern Sarasota County. In addition to Walmart, neighboring anchors such as Target, Publix and Home Depot make this asset a highly desirable commercial and retail location.
Pier 1 recently extended their lease at this location demonstrating a strong commitment to the site and marketplace. In addition to extending their lease for another seven years, Pier 1 has two five-year options with stated 10 percent increases at the start of each term. The population surrounding this Pier 1 Imports retailer is expected to continue a robust pace of growth and possesses significant buying power. The area within a five-mile radius has an above average household income of $79,000 which is expected to rise in the next years. The property's position within this high growth, primary retail corridor, and being surrounded by a population with a high level of disposable income, provides strong residual value for the asset and the foreseeable future.

Investment Highlights

  • Well Positioned Highly Visible Outparcel
  • Located in Venice Submarket of Rapidly Growing Sarasota MSA
  • Excellent Surrounding Area Demographics
  • Outparcel to a Recently Renovated Walmart Supercenter
  • High Traffic Location 40,000+ Vehicles per Day
  • Easily Accessible with Frontage Along Tamiami Trail Corridor

Exclusively Listed By

Single-Tenant Vacant-User

Vacant Pier 1 (Outparcel to Walmart Supercenter)

Listing Price: $2,850,000

Cap Rate
7.15%
Tenant Name
Pier 1 imports
Gross SF
11,009
Guarantor
Corporate Guarantee
Rentable SF
11,009
Price/Gross SF
$258.88
Lease Type
Double Net
Rent Per Square Feet
$18.50

Investment Highlights

  • Well Positioned Highly Visible Outparcel
  • Located in Venice Submarket of Rapidly Growing Sarasota MSA
  • Excellent Surrounding Area Demographics
  • Outparcel to a Recently Renovated Walmart Supercenter
  • High Traffic Location 40,000+ Vehicles per Day
  • Easily Accessible with Frontage Along Tamiami Trail Corridor

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale 4210 South Tamiami Trail in Venice, Florida. This asset is a single-tenant, freestanding
Pier 1 Imports store. The long term, double-net lease is backed by a corporate guarantee from Pier 1 Imports (US), Inc. This national retailer operates over 900 stores in the US and Canada; with posted sales revenues of $1.5 billion YTD.
The tenant has been operating at this Venice, Florida location since 2005. It is prominently positioned as the out-parcel of a Walmart Supercenter along the heavily traveled Tamiami Trail commercial corridor in southern Sarasota County. In addition to Walmart, neighboring anchors such as Target, Publix and Home Depot make this asset a highly desirable commercial and retail location.
Pier 1 recently extended their lease at this location demonstrating a strong commitment to the site and marketplace. In addition to extending their lease for another seven years, Pier 1 has two five-year options with stated 10 percent increases at the start of each term. The population surrounding this Pier 1 Imports retailer is expected to continue a robust pace of growth and possesses significant buying power. The area within a five-mile radius has an above average household income of $79,000 which is expected to rise in the next years. The property's position within this high growth, primary retail corridor, and being surrounded by a population with a high level of disposable income, provides strong residual value for the asset and the foreseeable future.

Exclusively Listed By

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