Tampa, Florida 2021-06-16 08:38:21 –
ST. Petersburg, Florida (15 June 2021) – Franklin Street has arranged to sell Central Plaza, a 19,016-square-foot packed shopping center in St. Petersburg, for $ 5.1 million. The property is located on Central Avenue, one of the city’s major retail corridors, within the Eligible Opportunity Zone.
Franklin Street’s Anthony Suarez and Ryan Deliman’s retail investment sales team sold on behalf of a California-based retail investor seller. Buyers are local investors who own several other multi-tenant properties throughout Florida.
Located on 3270 Central Avenue, Central Plaza boasts easy access near the intersection of Central Avenue and 34th Street / US19. The property is surrounded by a rapidly growing number of multi-family units, with 800 residents living within a 15-minute drive.
The Plaza has seven diverse net lease tenants with an average holding period of over 22 years. Tenants include Rent-A Center, Amscott, and Rainbow Closing, each of which is one of the best performing locations in the region.
“Central Plaza provided us with the opportunity to acquire stable, low-maintenance assets with strong in-place revenue and a good tenant mix,” said Suarez. “This property is in a good position for continued success, especially at discount stores, where you can easily redeem your rent if needed in the future.”
Deliman added: “The area around Central Plaza has benefited from a number of multi-family developments under construction and under proposal. In addition, the value of this location will definitely increase as the Tropicana Field site is redeveloped.”
Additional property features include multiple access points, ample parking, and a brand new roof.
About Franklin Street:
Founded in 2006, one of the toughest real estate environments, Franklin Street has focused on providing value-added solutions to meet the evolving needs of its clients. Franklin Street, through a joint philosophy of leveraging the resources, expertise and experience of each business unit, has included seven business units: investment sales, tenant and landlord agency, capital advisory, insurance, asset management and project management. I grew up. Franklin Street has a transaction value of over $ 5 billion in all major product types, providing clients across the country with unmatched value and optimal solutions. Headquartered in Tampa, Florida, with offices in Fort Lauderdale, Jacksonville, Miami, Orlando, and Atlanta. Find out more about Franklin Street at FranklinSt.com.
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Franklin Street Arranges $5.1M Shopping Center Sale in St. Petersburg Opportunity Zone Source link Franklin Street Arranges $5.1M Shopping Center Sale in St. Petersburg Opportunity Zone