News Summary
SRS Real Estate Partners has finalized the sale of a multi-tenant retail strip center in St. Petersburg for $7.3 million. The property, fully leased with established tenants like Chipotle and Verizon, spans 10,802 square feet. This transaction shows the growing demand for retail spaces in the area, indicating strong commercial market trends in Florida. The sale reflects significant appreciation from the previous owner’s purchase price of $1.2 million in 2004, highlighting St. Petersburg’s appeal for investors.
St. Petersburg – SRS Real Estate Partners has successfully facilitated the sale of a multi-tenant retail strip center for $7.3 million. This transaction marks a significant addition to the local real estate market and highlights the ongoing demand for retail spaces in St. Petersburg, Florida.
The property, located at 730 4th St. N, encompasses two parcels and covers a total area of 10,802 square feet. Built in 2009, the retail center was fully leased at the time of sale to an array of well-known tenants, including Foxtail Coffee, The UPS Store, Jimmy John’s, Chipotle Mexican Grill, and Verizon Wireless. The presence of these established brands contributes to the center’s attractiveness to potential investors.
The seller of the property is a Tampa-based investment group, while the buyer is a national fund focusing on acquiring multi-tenant retail properties. Both parties have chosen to remain anonymous, reflecting a common practice in real estate transactions aimed at maintaining privacy.
Notably, the previous owner of the property, BCB Properties LLC, had purchased it for only $1.2 million in 2004, indicating a substantial appreciation in value over the years. This rise in property value exemplifies the growing commercial appeal of the St. Petersburg area.
Representatives from SRS Capital Markets, Patrick Nutt and William Wamble, played a crucial role in arranging the sale, utilizing their expertise to navigate the complexities of the transaction. The success of this deal is one of many for SRS Real Estate Partners, which has completed over 350 transactions nationwide this year alone, amounting to a total deal volume exceeding $1.2 billion.
As of now, SRS Real Estate Partners lists more than 845 properties with a market value exceeding $3.7 billion, reinforcing the firm’s status as a significant player in the commercial real estate industry.
Overall, the sale of the retail strip center in St. Petersburg not only underscores the vitality of the retail market in Florida but also illustrates the increasing interest from national investors in well-leased property types. The presence of major tenants in the center bodes well for its future performance and contributes to confidence in the local real estate market.
With the continued demand for retail spaces and the successful transactions facilitated by firms like SRS Real Estate Partners, St. Petersburg appears poised for further growth and investment opportunities in the commercial sector. Investors are likely to keep a close eye on future developments as the market evolves.
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Additional Resources
- REB Business Online
- Wikipedia: Commercial Real Estate
- Business Observer Florida
- Google Search: St. Petersburg retail property
- St. Pete Catalyst
- Google Scholar: St. Petersburg real estate
- JLL Newsroom
- Encyclopedia Britannica: St. Petersburg Florida
- St. Pete Catalyst – Office Building
- Google News: Commercial Real Estate
Author: STAFF HERE PETERSBURG WRITER
ST PETERSBURG STAFF WRITER The ST PETERSBURG STAFF WRITER represents the experienced team at HEREStPetersburg.com, your go-to source for actionable local news and information in St Petersburg, Pinellas County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Grand Prix of St. Petersburg, Localtopia, and SHINE Mural Festival. Our coverage extends to key organizations like the St. Petersburg Area Chamber of Commerce and St. Pete Downtown Partnership, plus leading businesses in finance, manufacturing, and healthcare that power the local economy such as Raymond James Financial, Jabil, and Bayfront Health St. Petersburg. As part of the broader HERE network, including HEREJacksonville.com, HEREOrlando.com, HERETallahassee.com, and HERETampa.com, we provide comprehensive, credible insights into Florida's dynamic landscape.
