SRS Real Estate Partners announced today it has completed the $10.5 million sale of Fountain Shoppes, a four-building, seven-tenant retail center located at 8942 Bertha Palmer Blvd. in Temple Terrace, FL. The 18,110-square-foot property, built in 2022, sits on 2.58 acres and is fully occupied by a strong mix of national and regional tenants.
SRS Capital Markets Senior Managing Principal Patrick Nutt and Executive Vice President & Principal William Wamble and represented the seller, a Florida-based investor and developer. The buyer was a Florida-based private investor.
“This sale reflects the strong demand we’re continuing to see for newly constructed, high-quality retail centers with durable tenancy and long-term cash flow in growing Florida markets,” said Wamble. “SRS was able to procure seven offers on the property throughout the marketing process and ultimately closed escrow above the asking price.”
Tenants at Fountain Shoppes include Starbucks, Jersey Mike’s, Rocking Crab, The Joint Chiropractic, Hand & Stone, AT&T, and Chase Bank. The property features two multi-tenant strip buildings and two single-tenant buildings. Each tenant operates under triple-net (NNN) leases with initial terms of 10 or 15 years and multiple options to extend, providing the buyer with stable, long-term income and minimal landlord responsibilities.
Strategically located in Downtown Temple Terrace, Fountain Shoppes sits adjacent to Waverly Terrace, a 200-unit luxury apartment complex that provides a strong built-in customer base. The center also benefits from its position within a dense retail corridor supported by more than 262,000 residents and 132,000 employees in the surrounding area. The property lies just 20 minutes north of Downtown Tampa, offering convenient access to major employment hubs and regional destinations.
This year, SRS Capital Markets has completed more than $1.8 billion in deal volume comprised of more than 450 transactions across the nation. SRS currently has in excess of 845 properties actively on the market with a market value surpassing $3.7 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.