Franklin Street Arranges $7.45M Sale of 16.5K SF Retail Property in Tarpon Springs, FL
The property features a diverse mix of healthcare and service-based tenants

By Post
Tampa Bay Newswire
Published: Nov 6, 2021

TARPON SPRINGS, FL (October 21, 2021) — Franklin Street has arranged the sale of a newly constructed 16,456-square-foot retail strip center in Tarpon Springs for $7.45 million, or $452 per square foot. Located in north Pinellas County, the property features a diverse national and regional tenant roster made up of TGH Urgent Care, Aspen Dental, Firehouse Subs and Trulieve.

Franklin Street’s Ryan Derriman, Greg Matus, Adam J. Tiktin, Anthony Suarez and Jonathon De Maa, with the firm’s Retail Investment Sales Team, represented the seller, Ally Tarpon, LLC, in the transaction. The buyer is Florida-based Tarpon Springs HF, LLC.

At 40545 US Highway 19 N., the property is situated on 2.27 acres along one of the Tampa Bay area’s main thoroughfares, which sees an average of 78,000 vehicles per day. The retail center was 89.38% occupied at the time of sale, providing upside through the ability to lease the remaining 1,747 square feet of space. The property also shares a lot with IHOP and Burger King, which help drive traffic and provide additional income through long-term access agreements.

“A desirable mix of healthcare and service-based tenants, 250 feet of frontage on U.S. 19 and strong population and income demographics in the immediate area made this property an attractive opportunity for investors and we are pleased to have closed very close to list price,” said Derriman.

Further, Matus added, “This well-located retail property presented a prime opportunity to gain a strong income stream with long-term NNN leases and built-in rent growth over the next five years.”