Central Florida Retail Real Estate Sales Q1 & Q2 2021
We’ve compiled a comprehensive list of the top retail sales completed by square footage in Central Florida during Q1 and Q2 2021. The quarter was busy overall, especially considering the current pandemic, and saw several big box leases signed and sealed.
Despite the sentiment that the traditional retail market is suffering due to several factors, particularly e-commerce and several retail store closures nationwide, this quarter’s lease highlights show how the Central Florida commercial real estate market is robust and resilient.
While retail sales activity slowed in the first half of 2021, activity remains above the five year average. In fact, Tampa continues to see more retail investor targeting than most peer Florida markets, despite pandemic-induced impacts.
Tampa finished 2020 with the lowest annual sales volume in nearly a decade, which could be considered quite a blow after averaging over $1 billion annually over the past eight years.
However, we now see that market cap rates have continued to fall and market pricing is at an all-time high, though both metrics are flattening.
You can view our commercial properties in Florida to see what real estate assets are available for lease/sale.
If you are interested in seeing a Central Florida property, contact Bounat today to start your search.
Top 10 Retail Real Estate Sales in Central Florida
2223 N West Shore Blvd – International Plaza (Tampa, FL)
Center Type: International Plaza
Submarket: Westshore
Sale Price: $94.3M ($124/SF))
Sale Date: Dec 2020
Year Built: 2001
Year Renovated: 2020
Leased: 100%
Hold Period: 83 Months
RBA: 763,200
Buyer: Simon Property Group, Inc. (USA)
Seller: Taubman Centers, Inc. (USA
Sale Type: Investment
Sale Cond: Bulk/Portfolio Sale
6800-6892 Gulfport Blvd S (South Pasadena, FL)
Center Type: Shopping Center
Submarket: South Pinellas
Sale Price: $32.7M ($196/SF)
Sale Date: July 2021
Year Built: 1959
Leased: 95%
Hold Period: 32 Months
RBA: 167,007 SF
Buyer: South Pasadena R2G
Seller: Branch Properties, LLC
Sale Type: Investment
26800-26860 Wesley Chapel Blvd – Hyundai & Mazda of Wesley Chapel (Wesley Chapel, FL)
Submarket: Pasco County
Sale Price: $19.2M ($194/SF)
Sale Date: Mar 2021
Year Built: 1955
Leased: 100%
Hold Period: 171 Months
RBA: 99,133 SF
Buyer: Lithia Motors, Inc
Seller: Fink Automotive
Sale Type: Owner User
Sale Cond: Bulk/Portfolio Sale
23400-3430 E Lake Rd – I East Lake Woodlands 34-45 (Palm Harbor, FL)
Center Type: East Lake Woodlands
Submarket: North Pinellas
Sale Price: $16.7M ($217/SF)
Sale Date: July 2021
Year Built: 1982
Year Renovated: 2011
Leased: 100%
Hold Period: 177 Months
RBA: 76,991 SF
Buyer: RPT Realty
Seller: Nuveen
Sale Type: Investment
Broker: CBRE
3906-3916 W hillsborough Ave – Horizon Park(Tampa, FL)
Submarket: Westshore
Sale Price: $14.7M ($102/SF)
Sale Date: July 2021
Year Built: 1971
Year Renovated: 1988
Leased: 99%
Hold Period: 120 Months
RBA: 143,453 SF
Broker: Plaza Advisors
Seller: CRP II – Horizon Park, LLC
Sale Type: Investment
4727 US Highway 19 (New Port Richey, FL)
Submarket: Pasco County
Sale Price: $11.3M ($349/SF)
Sale Date: March 2021
Year Built: 1979
Leased: 100%
Hold Period: 114 Months
RBA: 32,410 SF
Buyer: Lithia Motors, Inc
Seller: Fink Automotive
Sale Type: Owner User
Sale Cond: Bulk/Portfolio Sale
855 Central Ave – Icon Central (Saint Petersburg, FL)
Submarket: Saint Petersburg
Sale Price: $11.1M ($317/SF)
Sale Date: July 2021
Year Built: 2019
Leased: 20%
Hold Period: 30 Months
RBA: 750,482 SF
Buyer: Tricera Capital
Broker: Berkadia Commercial Mortgage LLC
Seller: Related Development, LLC
Sale Type: Investment
9816 Adamo Dr E (Tampa, FL)
Submarket: East Tampa
Sale Price: $9.7M ($255/SF)
Sale Date: Nov 2020
Year Built: 2005
Leased: 100%
Hold Period: 150 Months
RBA: 37,884 SF
Buyer: Qvale Auto Group
Seller: KLM Realty, Inc
Sale Type: Owner User
1199 E Bay Dr (Largo, FL)
Submarket: Mid-Pinellas
Sale Price: $9.5M ($156/SF)
Sale Date: June 2021
Year Built: 1999
Year Renovated: 2020
Leased: 100%
Hold Period: 20+ Months
RBA: 61,000 SF
Buyer: Grace Family Church
Broker: ONEIL commercial Advisors
Seller: Dushyant K. Gulati
Broker: Ross Realty Group, Inc
Sale Type: Owner User
10335 Palm River Rd – Carvana(Tampa, FL)
Submarket: East Tampa
Sale Price: $9.3M ($363/SF)
Sale Date: March 2021
Year Built: 2018
Leased: 100%
Hold Period: 30 Months
RBA: 25,600 SF
Buyer: CVANA Lenoir LP
Seller: STORE Capital Corporation
Broker: SRS National Net Lease Group
Sale Type: Investment
Sale Cond: Investment Triple Net, Bulk/Portfolio Sale
Take a look at our featured commercial real estate properties in Central Florida here, or contact the Bounat team to start your own search.