tampa, fl

TIger-Direct.png

The Property

This Property was purchased after two other purchasers walked away due to perceived weakness of the single tenant. The Property consists of a 25,000 square foot box on 2.7 acres along Tampa’s premier retail corridor and one block removed from an $800 million mixed-use development. Due to the absence of any box vacancy within a six mile stretch, the perceived best case scenario involved the tenant vacating the box in the future. The downside scenario provided an attractive ongoing return at the 9% cap rate at purchase. 

The Results

For the initial 18 months after purchase, the tenant continued to occupy the space providing an attractive investment return.  However, after 18 months the tenant migrated its sales strategy to a digital only platform and negotiated a lease termination. The ownership accepted a multi-year lease buyout.  Unencumbered by a below market lease, the Property was sold six months after the tenant vacated to an out of market investor.

Find local businesses, view maps and get driving directions in Google Maps.