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Sep, 21

Recent Significant Retail Sales in Central Florida Q1 & Q2 2021

tampa florida recent retail sales commercial real estate bounat

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. 

retail commercial real estate tampa florida recent sales bounat

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.