Shoppes at Shelby Crossing

Dominant Retail Center
Growing Trade Area
Secure Income Stream
with Upside Potential
The Shops at
Shelby Crossing
Sebring, Highlands County, Florida
New Construction
The Shops at
Shelby Crossing
Introduction
Cushman & Wakefield of Florida, Inc. is pleased to represent Sebring Retail Associates, LLC in the offering for sale of their 100% fee simple interest
in The Shops at Shelby Crossing (the “Property”). This offering represents the unique opportunity to acquire a dominant, recently completed,
multi-anchor community shopping center that serves a rapidly growing trade area.
Description
Completed during late 2007, The Shops at Shelby Crossing is a single-story, community shopping center totaling 226,909 sf of which 92% is currently
leased. The Property features a diverse-mix of national big-box retailers, including Bed Bath & Beyond, Books-A-Million, Circuit City, Marshall’s,
Michael’s, Petco, Ross Dress for Less, and Staples. Anchor tenants represent 79% of the GLA. Shop tenants account for 21% of the GLA and include,
among others, Dress Barn, Famous Footwear, Panera Bread, and Starbucks. The offering includes: an outparcel ground leased to Olive Garden;
and, a prime, undeveloped, .80-acre outparcel approved for 4,000 sf with immediate frontage along U.S. Highway 27.
Location
The Property is located at the southeast corner of the intersection of U.S. Highway 27 and Thunderbird Road in Sebring, Highlands County, Florida.
Sebring is located at the geographic center of Florida’s peninsula, approximately 70 miles due west of Fort Pierce and 70 miles due east of Bradenton.
Sebring is approximately 85 miles from Orlando and Tampa.
Tenancy Summary
Tenancy
Major Tenants
Ross Dress for Less
Marshalls
Staples
Bed Bath & Beyond
Michaels Arts & Crafts
Circuit City
Petco
Books-a-Million
Total Major Tenants
Shop Tenants
National Tenants (6)*
Local Tenants (2)**
Vacant Units (6)***
Total Shop Tenants
Total GLA
Tenant Composition
SF
% of GLA
Lease Expiration
29,940
28,634
23,455
23,403
21,386
20,352
17,296
15,520
179,986
13%
13%
10%
10%
9%
9%
8%
7%
79%
Jan-18
Sep-17
Jan-19 Est.
Jan-18
Oct-17
Jan-18
Dec-17
Jan-18
-
24,765
5,146
17,012
46,923
226,909
11%
2%
8%
21%
100%
-
Retail
11%
Service
1%
Food Use
2%
Home Goods
10%
Office Supplies
10%
Vacant
8%
Pet Supplies
8%
Arts & Crafts
9%
Apparel
Electronics
32%
9%
National vs. Local Tenancy
Local Vacant
8%
2%
National
90%
*National tenants include Dress Barn, Famous Footwear, Starbucks, Mattress Giant, Panera Bread,
and Olive Garden.
**Includes pending deals for Dollar Store (Unit E1) and Nails So Happy (Unit K1).
***Includes an undeveloped 0.80-acre outparcel approved for 4,000 sf of GLA.
Bed Bath & Beyond
Bed Bath & Beyond
Ross Dress for Less
A
23,403
B
29,940
FINANCIAL SUMMARY
TO BE INSERTED
A
1/18
1/23
1/18
Offering Terms
Seller is offering its interest in this asset on an all cash, “as-is” basis. Seller has not established an asking price, but has expectations of achieving the
premium value that an asset of this stature commands. Cushman & Wakefield requests that all interested parties submit bids in writing.
Investment Highlights
Dominant Retail Center
The Shops at Shelby Crossing is the premier community shopping center serving the Highlands trade area based
on its expansive anchor line-up, prime location, and superior physical plant.
Optimal Tenant Mix
No other retail center in Sebring comes close to matching the diversity and sheer critical mass of big-box retailers
operating at The Shops at Shelby Crossing.
• The Property’s expansive anchor line-up covers soft goods (Marshall’s, Ross Dress for Less), home accessories (Bed Bath
& Beyond), electronics (Circuit City), and lifestyle (Books-A-Million, Michael’s, Petco). This concentration of high-quality
anchors cannot be duplicated in the market, placing the Property in the enviable market niche of being the major community
shopping center serving the region.
• The Property also features a diverse mix of food and restaurant concepts, including the market’s only Panera Bread, Olive
Garden and Starbuck’s (excluding the Starbuck’s located in the nearby Lakeshore Mall), which are hugely popular and have
become immediate mainstays in the community.
Prime Location
The Shops at Shelby Crossing is strategically located along U.S. Highway 27 in the immediate vicinity of numerous big-box retailers and the region’s only enclosed mall.
• The five-mile segment of U.S. Highway 27 between South Highlands Avenue and Sebring Parkway is Highlands County’s
main retail corridor. The Shops at Shelby Crossing is centrally located along this corridor between an enclosed mall to the
south and a Wal-Mart Supercenter to the north.
• Major retailers operating in close proximity to the Property include Lowes (adjacent to the north), Wal-Mart Supercenter,
Home Depot, and Office Depot.
• Situated 1/4-mile to the south along U.S. Highway 27, The Lakeshore Mall (500,000 sf) is the only enclosed regional
mall serving Highlands County. Anchored by Beall’s, Belk, Carmike Cinema, J.C. Penney, Kmart, and Sears, this mall draws
from an exceptionally wide trade area that covers all of Highlands County and portions of the surrounding counties.
• The average daily traffic within the immediate vicinity of the Property is 43,500 vehicles.
Demographics of Choice
The Shops at Shelby Crossing serves an exceptionally wide primary trade area that covers all of Highlands County. The
population in the trade area totals 96,397 and is projected to grow nearly six percent over the next five years. The rapid
growth of this market over the past ten years has placed it on the radar screen for big-box retailers looking to serve high
growth markets in Florida.
Superior Physical Plan
Completed in late 2007 to high construction standards, The Shops at Shelby Crossing has a new roof and
mechanical systems under warranties, reducing the risk of capital outlays for the foreseeable future.
Stable Income Stream
The Shops at Shelby Crossing offers investors that optimal investment profile of income security and net revenue
growth.
• 90% of the GLA is covered by credit/national tenants.
• 82% of the GLA is covered by leases with at least nine years of lease term remaining.
• 92% of the GLA is covered by leases structured on a triple net basis, reducing the risks of expense slippage.
• 50% of the GLA is covered by leases with scheduled rent escalations.
• Significant upside can be realized through the leasing of a highly marketable undeveloped outparcel with immediate
frontage along U.S. Highway 27.
Thunderbird Road
Legend
Leased
Vacant
Pending
Storage
BED BATH &
BEYOND
Panera
Bread
A
DRESS FOR LESS
B
C
D1
D2
E1
E8
F
G
H
27
I
K1
K2
K3
Available
Outparcel
(0.80-acre)
L
it
curcu
M
10
The Shops at
Shelby Crossing
Jacksonville
Gainesville
95
75
4
Florida's
Turnpike
95
Sebring
75
EXCLUSIVE OFFERING CONTACTS
Adam Feinstein
Executive Director
Cushman & Wakefield of Florida, Inc.
(305) 533-2863 P
(305) 375-0056 F
[email protected]
27
75
West Palm Beach
Ft. Lauderdale
Mark Gilbert
Executive Vice President
Cushman & Wakefield of Florida, Inc.
(305) 533-2866 P
(305) 375-0056 F
[email protected]
No warranty or representation, express or implied, is made as to the accuracy of the information contained herein and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal
without notice, and to any special listing conditions imposed by owner.