When Tampa-based Franklin Street took on the marketing of a 37,000-square-foot, multitenant retail strip center south of Kissimmee in the Poinciana area, it already had been on the market for six months.
Within two weeks, the Southport Plaza was under contract for a $12.3 million sale that closed April 12.
The shopping center’s two phases are on 3.86 acres at 3350 W. Southport Road and 4543 Pleasant Hill Road.
The firm’s South Florida retail investment sales team of Greg Matus, Adam J. Tiktin, Alex Lazo and Jonathan de Maa represented the sellers, Boca Raton-based Southport Plaza LLC and Southport Plaza II LLC, in the transaction. CBRE’s Mark Shellabarger and Ari Ravi represented the buyer, Jacksonville-based Stanley Properties.
“We rebranded and refocused the marketing on this being a medical plaza, or primarily having medical-type tenants,” Matus said. “If you look at the tenant roster, a large majority of the income earned — over 75% of the income — comes from Cora Physical Health Services, IMA Medical Group and other medical tenants there.”