CBRE’s Private Capital Group Completes Sale of Starbucks in New Port Richey
Fort Lauderdale, FL – October 1, 2013 – CBRE’s Private Capital Group arranged the sale of a freestanding single-tenant building occupied by Starbucks. The property is located at 5220 Little Road in New Port Richey, unincorporated Pasco County, Florida, within the Tampa/St. Petersburg MSA. The buyer, Roddimeyer III, LLC, purchased the property for $2,065,000 from Little Road Café, LLC, who hired CBRE to market the asset for sale and negotiate the transaction.
Starbucks occupies a 1,750-square-foot freestanding building, with a drive-thru, on a 1.08-acre site. The property is highly visible and exceptionally well located as an outparcel to the ±62,000-square-foot River Crossing Centre, a Publix-anchored center on the east side of Little Road, a primary north/south artery in the area.
“In operation since 2008, this Starbucks is strategically located along high-traffic Little Road and serves the eastern New Port Richey market,” said Todd Weintraub, Vice President with CBRE. “National-credit tenants surround the Starbucks in this strong retail market.”
“Investors continue to aggressively pursue single-tenant, net-leased investments, even in cases such as this where the term of lease is relatively short,” added Mark Shellabarger, Senior Vice President with CBRE.
The CBRE team of Todd Weintraub, David Donnellan, and Mark Shellabarger represented the seller in the transaction. Weintraub and Donnellan are part of CBRE’s Private Capital Group, based in Fort Lauderdale. Shellabarger is part of the CBRE’s Private Capital Group in Tampa. All focus on the disposition of shopping centers and single-tenant net-leased retail properties.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.