10753-10799 Park Blvd N
Seminole, FL 33772

5.5 acre main-and-main redevelopment consisting of a new Crunch Fitness gym (commenced 2/4/19) along with 22,740 SF of redeveloped strip retail and a 6,755 SF freestanding casual dining restaurant. The investment is 100.00% leased with an e-commerce resistant health and wellness and convenience centered tenant mix, and a weighted average lease term of 7.911 years. All leases are NNN, with tenants paying a management fee. To drive future NOI growth, 8 of 11 leases have annual CPI escalators with minimums, and the remainder have step up increases. This is main-and-main in Pinellas County's Seminole trade area, which is one of the most densely populated trade areas within the Tampa, FL MSA. New York-based Crunch Fitness now serves over 1,200,000 members across 250 clubs in 24 states, Puerto Rico and 4 countries. The Tampa-market operators have a sterling track record, having previously successfully developed a 55-club chain across Florida which was acquired by LA Fitness. The group then acquired Crunch Fitness franchise rights for key markets including Tampa, Atlanta, any many others, and are in growth mode. They are on track to open 50 additional clubs over the next 5 years. The shop spaces are occupied by credit tenants such as Davita and First American Title Company, as well as local operators with traffic generating convenience uses (pharmacy, nail salon, ice cream, pizza, optical shop, etc...) The 5.5 acre site fronts Park Boulevard, a major east-west arterial spanning from beach communities to the west, and I-275 and Gandy Blvd to the east, and Seminole Boulevard, a primary north-south arterial for the western half of Pinellas County. The property is situated in front of the 37 acre Seminole City Center, a 2017 redevelopment, formerly the Seminole Mall. The intersection has seen development or reinvestment on nearly every parcel. The retail corridor services the robust local population within a 3 mile radius, and is also the retail corridor serving the densely developed beach communities 2-3 miles east including Indian Rocks Beach, Indian Shores, Redington Shores, Redington Beach, Madiera Beach and Treasure Island.