TAMPA, FL—A freestanding single-tenant building occupied by Starbucks has traded hands. Roddimeyer III, LLC grabbed the net leased property for $2.065 million from Little Road Café, LLC.
The CBRE team of Todd Weintraub, David Donnellan, and Mark Shellabarger represented the seller in the transaction. The property is located at 5220 Little Road in New Port Richey, unincorporated Pasco County, FL within the Tampa/St. Petersburg MSA.
“In operation since 2008, this Starbucks is strategically located along high-traffic Little Road and serves the eastern New Port Richey market,” says Weintraub, vice president with CBRE. “National-credit tenants surround the Starbucks in this strong retail market.”
Starbucks occupies the 1,750-square-foot freestanding building, with a drive-thru, on a 1.08-acre site. The property is highly visible as an outparcel to the 62,000-square-foot River Crossing Centre, a Publix-anchored center on the east side of Little Road, a primary north-south artery in the area.
“Investors continue to aggressively pursue single-tenant, net-leased investments, even in cases such as this where the term of lease is relatively short,” says Shellabarger, senior vice president with CBRE. Weintraub and Donnellan are part of CBRE’s Private Capital Group, based in Fort Lauderdale. Shellabarger is part of the CBRE’s Private Capital Group in Tampa.