15,078-square-foot retail center has diverse necessity-based tenant mix in active retail corridor
ST. PETERSBURG, Fla. (August 16, 2017) – Colliers International Tampa Bay has handled the sale of a 15,078-square-foot retail center on St. Petersburg’s Fourth Street North for $7.2 million. The buyer is Nicklaus of Florida, Inc., a St. Petersburg-based private real estate investment group that owned the well-known Sirata Beach Resort on St. Pete Beach until earlier this year.
Mike Milano, CCIM, MAI, Managing Director of Retail Investment Services, Amy Barrett, CCIM, Senior Associate of Retail and Land Services, and Sean Glickman, CCIM, Managing Director of Retail Investment Services, with Colliers International Tampa Bay, represented the seller, Mainstream Partners VI, LLC.
Melissa J. Rutland, CCIM, with Rutland Florida Gulf Group, LLC in St. Petersburg, represented the buyer.
The retail center, built in 2008, is 100 percent occupied by necessity-based retail tenants that are not threatened by the growth of online shopping. Tenants include two successful restaurant chains, Metro Diner and Uncle Maddio’s Pizza, as well as FedEx, South Beach Tanning, T-Mobile, and Hand & Stone Spa.
Situated at the intersection of Fourth Street North and 54th Avenue North, the retail center is centrally located within one of the most popular retail corridors in the Tampa Bay area, and sees upwards of 41,000 cars per day.
The property also adjoins a newly built gated townhome community, and there are several major grocery stores less than a mile away.
“Mainstream Station’s prominent location and strong tenant mix helped us secure a fair sales price for this property,” said Colliers’ Milano. “Top-of-line retail properties are in high demand in the Tampa Bay market, so this property will be a valuable investment for the buyer, who is looking to build a diverse portfolio of top quality assets in this area.”
Mainstream Station is located at 5226-5250 Fourth Street N.
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