Central Plaza
Closed3270 Central Ave, Saint Petersburg, FL 33712
Property type
Retail
Unit / Space count
6
Price
$5,025,000
Building size
19,016 sf
Rentable area
19,016 SF
Year built
Year renovated
Occupancy
Zoning code
Lot size
1.53 Acres
Sold/status
Sold · Date unknown
Sale price
$5025000
CAP
7.28%
Property description
Franklin Street is pleased to present Central Plaza, a 19,016 SF retail strip center, 100% Occupied by 7 tenants who serve this market exceptionally well. The building features little deferred maintenance and a brand-new roof with a 20-year warranty. The property has an excellent tenant mix with an average tenure of over 22 years and includes some of the best performing locations for Rent-A-Center, Amscot, and Rainbow Clothing. Should a tenant leave in the future, all rents are easily replaceable, especially for another national discount retailer. In the surrounding area, there are many new multifamily developments proposed or under construction, including “Gallery 3100” located at 3100 Central Ave. As the Tropicana Field area develops this location will certainly increase in value. Whether it be for cash flow, future development, or both, Central Plaza offers a new investor the opportunity to own a low maintenance asset in an expanding market.
Property highlights
- Generated 10+ Qualified Offers
- Sold All Cash to a Local Investor
- 100% Leased with Strong Mix of National and Regional Tenants
- Strong Historical Occupancy – Tenants Occupied Their Space on Average for 23 years
- 83% Corporate Credit based on GLA
- Located Outside of the Grand Central District in Downtown St Petersburg, Home to the Tampa Bay Rays and the 86 Acre Redevelopment Site
- Recent Property Upgrades include: Roof, Facade Upgrades, Painting