May 11, 2020
SRS Real Estate Partners’ National Net Lease Group completed the $5.59 million sale of a newly constructed single-tenant, freestanding retail property occupied by 7-Eleven in Pinellas Park, FL, a submarket of Tampa. The 3,109-square-foot property at 9401 49th St. N. sold for a record-breaking price-per-square-foot of $1,798.
Situated on 1.27 acres at a signalized intersection, the property is highly visible from and provides direct access to Highway 19, a major north/south thoroughfare in the area.
SRS’ Frank Rogers and Michael Carter represented the seller, a merchant developer. The unnamed buyer, a was a 1031 exchange investor out of New York City.
“This property was completed in late 2019, and has a 15-year corporate guaranteed absolute triple-net lease in place, with 10% rental increases every five years,” said Carter. “It offers the buyer zero landlord responsibilities and an irreplaceable location in a densely-populated Tampa suburb.”
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