Horizon Park, Hillsborough County, Florida

Horizon Park, Hillsborough County, Florida

Hillsborough County, Florida. 3908 W Hillsborough Avenue, Tampa, Hillsborough County, FL 33614
215,713 SF

Conn’s, Northern Tool & Equipment, dd’s Discounts, Guitar Center, Pizza Hut, MetroPCS, Amscot, Educational Outfitters, Automation Personnel, Advanced Dental Care, Herbalife, Great Florida Insurance, Dollar General, Sally Beauty, Access Medical Group, Burlington Mattress, Wells Fargo, Optical Outlet, Applebee’s Governors Square Blvd


Positive Anchor Outlook

– Long remaining term on anchors: Three of the existing four anchors have greater than 7 years of remaining term

– Limited same store anchor competition: None of the anchors at Horizon Park have nearby competitive same stores: Guitar Center (one of two locations within Tampa Bay). Norther Tool & Equipment (one of two locations within Tampa Bay). Conn’s (will be the first location within the market for the retailer), and dd’s Discounts (one of four locations within Tampa Bay)

– Conn’s growth plans: Conn’s is actively pursing growth into Florida aiming to open up to 40 stores within the state, and tenant will facilitate this growth with a new 413.000 SF distribution center in Lakeland dd’s Discounts strong perimance: This location is the second highest trafficked location, out of 28, for did’s Discounts within the state of Florida according to data from Placer.ai

– Guitar Center lease affirmed: Guitar Center’s lease was affirmed in bankruptcy court with no reduction to the base rent; store is the fifth highest trafficked location for Guitar Center within the state accord. ing to data from Placer.a

Strong Tenant Lineup

– National tenant roster: 91.6% of the occupied GLA and 90.5% of the potential gross income at the Center is derived from national/ regional tenants

– Inline tenants are resilient to online retoil: 93.3% of the occupied inline square footage of the Property is occupied by tenants which do not face strong online competition. Tenant uses include value oriented retail, medical, food & beverage, professional services, personal care, and experiential retail

– Seasoned tenancy: Average tenure for currently operating tenants is greater than 13 years

Excellent Location within The Market

– Proximity to premier intersection: Center has good access/visibility and is located just to the west of the highly trafficked intersection of W Hillsborough Avenue and Dale Mabry Highway (combined 141,500

AADT), one of the busiest intersections in Tampa Bay

– Close vicinity to regional traffic drivers: Horizon Park is situated 1 mile north of George Steinbrenner Field (spring training home to the NY Yankees and home to their A affiliate), 1.25 miles to the north of Raymond James Stadium (home of the Tampa Bay Buccaneers), and 1.75 miles northeast of Tampa International Airport (more than 22 million passengers in 2019)

– Dense, infill trade area: The immediate surrounding area is extremely built out and dense with nearly 104,000 people within a 3-mile radius, despite the entirety of Tampa International Airport being contained in this radius

Value-Add Opportunity

– Strong returns: Horizon Park posts healthy returns featuring 37.3% NOI growth over the projected 10 year hold and a CAG of 3.58% derived from the leaseup of the 31,281 vacant square feet

– Immediate upside potential through leasing of vacant anchor boxes: Spaces 10 and 10A were recaptured in 2020. There is strong interest from national tenants to lease the combined box, providing immediate actionable upside

– Below replacement cost: Opportunity to acquire an asset well below replacement cost

– Opportunity to reduce basis: Two outparcels and the eastern inline strip, which is 89% occupied by national/regional operators, could be spun off at significantly lower cap rates to reduce property basis

– Balanced lease expirations: The leases expire gradually through Fiscal Year 2031

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