Verizon & GameStop

Tenant

Verizon & GameStrop

Location

Mulberry, Florida

Price

$1,624,000

CAP Rate

6.50%

NOI

$105,564

Lease Term

Various

Occupancy

100%

Building Size

4,600 Sq. Ft.

Property Type

Multi-Tenant

Year Built

2004

Lot Size

0.49 acres

Status

Available

Property Contacts:

Karly Iacono

First Vice President Investments

(201) 742-6119 | Email

  • 100% Occupied NNN Strip Center
  • National Tenants with Corporate & Strong Franchisee Guarantees
  • Outparcel to a Walmart Anchored Shopping Center
  • Verizon Wireless is Renovating their Exterior Space and Signage
  • High Traffic Location | 30,500 VPD
  • Excellent Demographics | 85,885 People in 5 Miles
  • Affluent Area | Average Household Income Exceeds $100k
  • Near Many Prominent Retailers such as Walmart, Publix, CVS, McDonald’s, Starbucks, Chase Bank and more

The Iacono Team at Marcus & Millichap is pleased to exclusively present a Verizon Wireless and GameStop in Mulberry, FL. Both tenants are subject to NNN leases. Verizon Wireless has been operating at this location since 2012 and recently extended their lease in February 2017. Verizon Wireless has annual rent increases of 3%. GameStop has been operating at this location since 2004 and extended their lease in February 2019. GameStop’s has rent increases of 10% in each option period. The property is being offered at 6.50% cap rate.

Verizon Wireless is one of the largest communication technology companies in the world. Verizon is headquartered in Midtown Manhattan and has an annual revenue of $131 billion. They are ranked number 19 on the Fortune 500 list. The Verizon Lease is guaranteed by GoWireless, a Verizon authorized retailer which was founded in California in 1995.. They have since grown to more than 700 stores across the nation. Verizon is currently renovating their exterior space and signage at their own expense, demonstrating a strong commitment to the site.

GameStop is the largest video game retailer in the world and is a Fortune 500 company. They operate over 5,700 stores in 14 different countries. GameStop is a corporate tenant. GameStop offers an extensive selection of both new and used video gaming consoles, accessories, and video games and a one of kind buy-sell trade program. This program allows customers to trade in used video game consoles, accessories, and games in exchange for cash or in-store credit.

The subject property is ideally located as an outparcel to a busy Walmart anchored shopping center. There are many national retailers nearby such as Walmart, Winn-Dixie, Walgreens, 7-Eleven, Zaxby’s, Taco Bell and more. The property is situated on a heavily trafficked road with more than 30,500 vehicles per day. The area is densely populated with more than 85,000 people residing within five miles. Additionally, Mulberry is very affluent with the average household income exceeding $100,000 within one mile of the subject property.