Canadian Investor Buys New Retail Center

TAMPA, FL—A Canadian buyer has snapped up a 31,022-square-foot shopping center near Tampa, FL. The sale price for the commercial real estate was $5.15 million, which equals $166 per square foot.

North Tampa Shores, LLC sold the retail asset to a private investment group out of Canada. Jon Graber and Rafeal Wright of Franklin Street Real Estate Services represented the seller.

Graber says North Tampa Shores, which located at 4009-4013 Tampa Road in Oldsmar, FL, generated multiple offers after hitting the market and was under contract within two weeks. Both domestic and international buyers were attracted to the commercial real estate property for several reasons, he says, including its prime location, extensive architectural upgrades, strong tenancy, and upside through leasing. This newly constructed property is positioned at the signalized intersection of Oldsmar Town Center.

“We expect the market for retail property, and in particular unanchored retail, to see increased demand over the next 12 to 24 months,” Graber says. “With the triple net and multifamily markets attracting all-time low cap rates, as well as banks offering attractive financing on strip retail, investors looking for higher returns have found a product type that fits the bill. While retail is not completely out of the woods, most properties are generating positive NOI growth through increased leasing activity and higher rents.”