Marcus & Millichap Arranges $5 Million Sale of a Dollar Tree in St. Petersburg, Florida
By Post
Tampa Bay Newswire
Published: Nov 7, 2022

ST. PETERSBURG, Fla., Nov. 07, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a Dollar Tree, a 12,900-square-foot property in St. Petersburg, Florida. The asset sold for $5 million.

“This site was built to suit CVS Pharmacy in 2011 and encumbered by an original 25-year absolute net lease agreement. This deal presented some unique challenges due to the sublease agreement between CVS and Dollar Tree which occurred in early 2022. The flat rent structure in an inflationary environment was cause for concern,” said Daniel Hurd, first vice president investments. “We were able to secure strong interest in this listing. The deal was in escrow for just under 60 days and sold at a 4.8 percent capitalization rate.”

Hurd, an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a Florida-based investment group. The buyer, a California-based private investor, was also procured by Hurd.

Dollar Tree is located at 8275 Bay Pines Blvd. and is 3.5 miles from the Gulf of Mexico. Built in 2011 and situated on a 1.85-acre corner lot outparcel to Target, the property is surrounded by national retailers including Walgreens, Wendy’s, Amscot Financial, and First Watch.