TAMPA, FL—A 2,400-square-foot net leased Verizon Wireless in the Tampa suburb of Valrico, FL has traded hands. The asset sold for $1.936 million.
Armando Rodriguez, associate and James Medefind, senior associate in Marcus & Millichap’s Tampa office, represented both parties in the transaction. The net leased asset is located at 3330 Lithia Pinecrest Road in Valrico.
“This particular asset drove several offers,” says Rodriguez. “But at the end of the day we were able to find a local private investor who was willing to pay the most aggressive price of over $806 per square foot, which is a record for a single-tenant net leased Verizon building.”
The net leased property is located at the corner of a four-way intersection with a traffic count over 50,000 per day. The building sits among 300,000 square feet of retail space, which Rodriquez says gives the property synergy with the other brands.
“This was also a win for the buyer who was looking for inflation protection and limited management responsibility,” Rodriguez says. “In addition, with annual rental escalations, the return over time made this asset the best on-market out there.”