Franklin Street has arranged the $6.7 million sale of Shoppes on Fourth, a newly built, 9,030-square-foot shopping center located at 1300 4th Street N in the St. Petersburg submarket of Tampa Bay. John Tennant and Bryan Belk of Franklin Street’s Atlanta office represented the seller, Indianapolis, Ind.-based Crescent Lake Fourth Street, LLC, in the transaction. The buyer, Fleming Island, Fla.-based Reinhold Corporation, plans to hold the trophy asset for long-term investment.
The retail center is 100% occupied with a strong mix of national tenants including: Zoe’s Kitchen, Pearle Vision, Rubio’s Coastal Grill, and AT&T. Built in 2018, Shoppes on Fourth is well-situated on 4th Street, a main retail artery near downtown St. Petersburg.
“We continue to see national credit tenants wanting the highest-profile retail sites with exceptional traffic counts,” said Belk, senior director of investment sales at Franklin Street. “This transaction had one of the top price-per-square-foot values for the St. Petersburg market. As investors continue to trade into better-positioned, recession-proof assets, cap rates are being driven down for this asset class.”
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 divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.