TAMPA (April 17, 2014) —Franklin Street announces the sale of a freestanding Sprint in South Tampa for $1,250,000, representing $325 per square foot.
Rafeal Wright, CCIM and Jonathan Graber, CCIM represented the buyer, a local investor. The seller is a national investor.
“The demand for triple-net property located in infill areas with credit tenants has always been very strong,” Wright said. “Sprint, the third-largest wireless network operator in the US, has been able to take advantage of the location’s strong traffic counts and great visibility.”
Sprint has operated in the location since 1998, currently paying a market rent with one of the top performing locations in the region.
“Retail values have rebounded over the past 12 to 24 months as the economy has improved,” Graber said. “Property performance has improved, interest rates have remained at all-time lows, and a lack of new construction has kept supply low.”
The freestanding Sprint is located at 3432 W. Kennedy Blvd. between Dale Mabry Highway and S. MacDill Ave. The telecommunications holding company serves more than 55 million customers and is a global 100 company.
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