Morningside Plaza, is a 75,000 square foot shopping center in Dade City, FL in the greater Tampa tradearea. Originally constructed in 1985 and anchored by Kash N’ Karry and CVS, the center had long beenestablished as a staple in the local community. The property is conveniently located along US Highway301 and benefits from daily traffic counts of over 30,000 vehicles.
During the due diligence period, PMAT negotiated with the anchor to convert the Kash N’ Karrylocation to a Sweetbay in conjunction with a rental increase and extended lease term. Sales in the firstthirteen Kash N’ Karry stores converted to Sweetbay in SW Florida had risen 40% in their first six monthsproviding a tremendous opportunity to drive additional traffic to the site. PMAT also completed extensiverenovations of the remaining retail space including removal of the entire front of the dated metal buildingfaçade and the upgradeto a contemporary stuccofaçade with accent towersand modernized columnsand color scheme. PMATstabilized the property toan occupancy of 93%.