SRS Real Estate Partners announced today the $4 million sale of Telecom Village, a 6,323-square-foot multi-tenant retail property fully occupied by four tenants at 7021 E. Fletcher Avenue in Temple Terrace, FL (Tampa MSA). Built in 2022 and situated on 1.09 acres, the property includes Foxtail Coffee Co., Zoom Tan, Hummus Republic and Barberitos.
SRS Capital Markets Senior Managing Principal Patrick Nutt and Executive Vice President & Principal William Wamble who are based in Florida represented the seller, a Florida-based private investor. The buyer was a private investor that lives in the Tampa market. The closing cap rate was 6.21%.
“The tenants in this property were all local and regional tenants that have seven to nine years remaining on their lease terms,” said Nutt. “Despite the lack of national credit tenants, we were overwhelmed with buyer interest in this asset from local investors, which shows the strength of the area and future appreciation of the underlying land. The property was sold all-cash to a local investor with a short, 21-day escrow.”
The property is located in a growing submarket with more than 194,000 residents and 96,000 employees in the area. By 2050, Temple Terrace’s population and job market is anticipated to grow 29% and 55% respectively.
In 2024, SRS Capital Markets completed approximately $2.5 billion in deal volume comprised of more than 600 transactions in 45 states. SRS currently has in excess of 740 properties actively on the market with a market value surpassing $3.5 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.