SRS Real Estate Partners Facilitates $4.77 Million Sale of Central Ridge Plaza in Tampa Submarket
TL;DR
SRS Real Estate Partners secured a competitive 6.27% cap rate for investors in the $4.77 million sale of Central Ridge Plaza, offering tax advantages and income diversification.
SRS arranged the sale of a fully occupied 10,800-square-foot retail center with new tenant leases and scheduled rental increases to Orlando-based private investors.
This retail property sale supports local businesses like Sketchers and Firehouse Subs while contributing to economic growth in the Lecanto community near Tampa.
A brand new 2024-built retail center with popular tenants sold for $4.77 million, located near major anchors like Walmart and Target in a growing Florida market.
Found this article helpful?
Share it with your network and spread the knowledge!
SRS Real Estate Partners has completed the $4.77 million sale of Central Ridge Plaza, a fully occupied four-tenant retail center located at 1184 North Lecanto Highway in Lecanto, FL, a submarket of Tampa. The 10,800-square-foot, two-building property is occupied by Sketchers, Firehouse Subs, Marco's Pizza, and Hair Cuttery. The transaction was handled by SRS Capital Markets Associate Connor Barton, Senior Managing Principal Patrick Nutt, and Executive Vice President & Principal William Wamble, who represented the Florida-based private developer seller to an Orlando-based group of private investors.
The property achieved a closing cap rate of 6.27%, reflecting strong investor interest in newly constructed retail assets with stable tenant occupancy. Barton noted that the property was built in 2024 and all tenants have new leases in place with scheduled rental increases. This provides the new ownership with limited landlord responsibilities and a low-management investment in a state with no income tax. Investors seeking financing are particularly attracted to such properties as they offer greater yield and income diversification opportunities.
Central Ridge Plaza benefits from its location within a larger retail development that features major anchors including a Walmart Supercenter, Hobby Lobby, and Panda Express. The property is also situated across from Shoppes at Black Diamond, a new 29-acre retail development anchored by Target. This strategic positioning within growing retail corridors enhances the property's long-term value proposition for investors.
The transaction contributes to SRS Capital Markets' significant transaction volume this year, which has exceeded $1.7 billion across more than 500 transactions nationwide. SRS currently maintains an active portfolio of over 845 properties on the market with a collective value surpassing $3.7 billion. For more information about the company's commercial real estate services, visit https://srsre.com.
This sale demonstrates continued investor confidence in Florida's retail market, particularly for newly constructed properties with credit-worthy tenants in high-growth submarkets. The transaction's structure and terms reflect current market dynamics where investors prioritize properties requiring minimal management while offering stable returns in tax-advantaged locations. The successful closing at a 6.27% cap rate indicates healthy market conditions for retail investments in the Tampa submarket region.
Curated from citybiz
