Commercial Real Estate, Capital, Insurance, Leasing & Management

Franklin Street Arranges $5.1M Shopping Center Sale in St. Petersburg Opportunity Zone

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The 19,016sf retail plaza is prominently situated along one of St. Pete’s primary thoroughfares

ST. PETERSBURG, FL (June 14, 2021) – Franklin Street has arranged the sale of Central Plaza, a  19,016-square-foot, fully occupied shopping center in St. Petersburg for $5.1 million. The property is located along Central Avenue – one of the city’s primary retail corridors – and falls within a Qualified Opportunity Zone.

Franklin Street’s Retail Investment Sales Team of Anthony Suarez and Ryan Derriman represented the seller, a California-based private investor, in the sale. The buyer is a local investor who owns several other multi-tenant properties throughout Florida.

At 3270 Central Ave., Central Plaza boasts a highly accessible location near the intersection of Central Avenue and 34th Street / U.S.19. The property is surrounded by a rapidly growing number of multifamily units and 800 residents live within a 15-minute drive time.

The plaza features seven diverse, net-leased tenants with an average tenure of over 22 years. Tenants include Rent-A-Center, Amscot and Rainbow Clothing, each of which are among the strongest performing locations in the area.

“Central Plaza presented the opportunity to acquire a stable, low maintenance asset with strong in-place income and an excellent tenant mix,” said Suarez. “This property is well-positioned for continued success, and rents will be easy to replace if needed in the future, especially with a discount retailer.”

Added Derriman, “The area surrounding Central Plaza is benefitting from numerous multifamily developments, both under construction and proposed. Further, as the Tropicana Field site is redeveloped, this location will certainly increase in value.”

Additional property features include multiple points of access, ample parking and a brand-new roof.

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 more than $5 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 company has offices in Fort Lauderdale, Jacksonville, Miami, Orlando and Atlanta. Learn more about Franklin Street at FranklinSt.com.

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