SRS Real Estate Partners announced today it has completed the approximately $4.61 million sale of a new construction, multi-tenant retail property located at 2420 Gulf to Bay Boulevard in Clearwater, Fla. (a suburb of Tampa). The 6,750-square-foot property is fully occupied by three tenants on long-term leases including Jersey Mike’s Subs, My Eye Dr., and MD Now Urgent Care.
SRS Capital Markets Executive Vice President & Market Leader Patrick Nutt and Senior Vice President William Wamble represented the seller, a Florida-based investment and development group. The buyer was a South Florida-based private investor. The property sold at a 6.2% cap rate.
“This highly visible property garnered a number of offers and was sold prior to all tenants being open for business,” said Wamble. “The demand for retail in the greater Tampa region continues to grow as the population expands. With two medical occupiers and one high-performing food and beverage tenant, this center is e-commerce proof and will help meet the needs of the local community.”
Situated on .93-acres, the property is within a densely populated area just one mile from Clearwater Mall and is surrounded by other national retailers including The Home Depot and Sam’s Club.
In 2023, SRS Capital Markets completed approximately $2 billion in deal volume comprised of 495 transactions in 43 states. SRS currently has in excess of 600 properties actively on the market with a market value surpassing $2.85 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with 29 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.