TAMPA, FL—A freestanding Sprint in South Tampa just sold for $1.25 million. The sale price represents $325 per square foot.
Rafeal Wright and Jonathan Graber represented the buyer, a local investor. The seller is a national investor.
“The demand for triple-net property located in infill areas with credit tenants has always been very strong,” says Wright. “Sprint, the third-largest wireless network operator in the US, has been able to take advantage of the location’s strong traffic counts and great visibility.”
Sprint has operated in the location since 1998. According to Franklin Street, the retailer is paying current market rent in one of the top performing locations in the region.
“Retail values have rebounded over the past 12 to 24 months as the economy has improved,” says Graber. “Property performance has improved, interest rates have remained at all-time lows, and a lack of new construction has kept supply low.”
The freestanding Sprint is located at 3432 West Kennedy Boulevard between Dale Mabry Highway and South MacDill Avenue. The telecommunications holding company serves more than 55 million customers and is a global 100 company.
We asked David Sobelman, executive vice president and managing partner at Calkain, for this take on the deal. He tells GlobeSt.com that although it’s a small transaction the velocity of the South Tampa market probably made it a viable option for the buyer.
“In a less aggressive market the real estate or geography would be less attractive to some investors,” Sobelman says. “With lack of options today, lower-dollar investors are having a difficult time looking for and finding assets to purchase.” Download PDF