Port St. John Plaza

This is a 78,000 square-foot, 1986-vintage shopping-center-anchored plaza on 10 acres near the intracoastal waterway on Florida’s rapidly growing space coast. Current tenants include Winn-Dixie (just signed a new 10-year lease), Planet Fitness, Subway, H&R Block, Papa John’s, Cricket Wireless, and many others.  

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We feel this base of tenants is fairly well positioned to be internet or e-commerce proof with a national grocery chain, restaurants, health club, and service providers making up over 75% of the revenue. In addition, 89% of the leased tenants are either large national or regional companies.

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This plaza presents a tremendous value-add opportunity. We have already worked out a long-term renewal with Winn-Dixie and they have stated their intentions to embark on a massive renovation in the near-term. The center is currently 86% leased, but with over 10,000 SF of vacancy, this center offers a significant opportunity to immediately grow the NOI through lease-up. In addition, rental rates are well below those of the neighboring shopping center.

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Port St. John Plaza is ideally located along Port St. John's dominant retail corridor, US Highway 1,  and with over 30,000 cars passing daily. There is excellent signage and visibility,  three favorable access points, one lighted intersection in front of the center, and a parking ratio of 5.41 spaces per 1,000 square feet. The center is geographically insulated from incoming competition with the Indian River to the East and residential density to the West.

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Port St. John lies within the Space Coast region of Florida just north of Melbourne and to the west of the  Kennedy Space Center and Cape Canaveral Air Force Station. All of NASA’s manned space flights have departed from this area.

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Patrick Air Force Base is a United States Air Force base located in Brevard County. The base is home to the 45th Space Wing, which manages all launches of unscrewed rockets at Cape Canaveral Air Force Station. The base has over 10,000 total employees. Patrick Air Force Base is undergoing a major expansion that could add the need for over 1,200 new employees. 

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Northrup Grumman An American global aerospace and defense technology company with approximately 3,000 employees in the area. 

Aerospace company Boeing is planning to move its space program from Virginia to Florida’s Space Coast. The move will allow Boeing to progress their human spaceflight, military, and commercial space programs and add hundreds of skilled workers to the area. 

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The Space Coast is a 45-minute drive east of Orlando. The tropical beaches, ports, & space activities within the Space Coast make it a popular tourist destination, which fuels the local economy. Over 100,000 people visited the location to view the latest rocket launch featuring SpaceX’s Falcon Heavy rocket. 

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The Space Coast is also a crucial powerhouse for imports and exports. Port Canaveral is one of the busiest ports in the world with over 4.5 million cruise passengers and over 6,000,000 short tons of cargo passing through each year. It is currently undergoing almost $350 million of expansions and renovations to its facilities. Expansion includes the addition of 2 new cruise terminals and 1 main terminal that will be the home to Carnival’s new Mardi Gras ship in 2020. Disney Cruise line has signed a 20-year agreement with Port Canaveral, giving them continued exclusive use of the port, as well as future expansion.