Bealls recently signed a new long-term lease extension at the property
NEW PORT RICHEY, FL (February 24, 2023) – Franklin Street has arranged the $7.2 million sale of a 104,201-square-foot, single-tenant retail property in New Port Richey, a northern suburb of the Tampa-St. Petersburg MSA. The property is 100% occupied by Bradenton, Florida-based retailer Bealls.
The Franklin Street Retail Investment Sales Team of Bryan Belk, John Tennant and Zack McNamara arranged the transaction on behalf of the seller, an affiliate of Atlanta-based Vanguard Associates, Inc. The buyer, Grant Equities, LLC, was sourced through Franklin Street’s extensive database of national investors.
Additionally, Franklin Street’s Zack McNamara, Senior Director of Retail Leasing, previously negotiated a new long-term lease extension with Bealls on behalf of the landlord, while Michael Conlon with Franklin Street Insurance Services secured the property, casualty and flood insurance policies for the buyer.
“We received significant buyer interest in this property due to the long-term nature of the lease and lower price per square foot,” said Belk.
“After reviewing numerous LOIs, we were delighted to work with Grant Equities on not only the acquisition, but also in securing the insurance through collaboration with our insurance team,” said McNamara.
Situated at 7101 State Road 54, the Bealls building is situated on a 7.51-acre lot. Built in 1987, it has been leased by Bealls since 2001. In 2007, the previous owner renovated and expanded the building by 20,000 square feet.
The property is part of a larger shopping center called Pasco Square, where other tenants include Bealls Outlet, Dollar Tree, Dollar General Market, Badcock Furniture, UPS and Subway, among others. The site is located on the major east-west corridor for the area, at an intersection that has 60,500 vehicles per day.
Added Tennant, “This deal was a great representation of Franklin Street’s platform at work and how our collaborative approach can benefit parties on all ends of a transaction.”
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With $7 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the firm has teams located in top markets throughout the country and works with owners and occupiers of commercial real estate nationwide. Learn more about Franklin Street at FranklinSt.com.