SRS Real Estate Partners Completes $4.77 Million Sale of Central Ridge Plaza in Tampa Submarket

SRS Real Estate Partners has completed the $4.77 million sale of Central Ridge Plaza, a fully occupied four-tenant retail center located at 1184 North Lecanto Highway in Lecanto, FL, a submarket of Tampa. The 10,800-square-foot, two-building property is occupied by Sketchers, Firehouse Subs, Marco's Pizza, and Hair Cuttery. SRS Capital Markets Associate Connor Barton, Senior Managing Principal Patrick Nutt, and Executive Vice President & Principal William Wamble represented the seller, a Florida-based private developer, with the buyer being an Orlando-based group of private investors.

The transaction closed at a cap rate of 6.27%, reflecting the property's strong investment appeal. Barton noted that the property was built in 2024 and all tenants have new leases in place with scheduled rental increases. He emphasized that the new ownership will benefit from limited landlord responsibilities and a low-management investment in a state with no income tax. Barton added that investors requiring financing are increasingly targeting such investments due to their potential for greater yield and income diversification.

Central Ridge Plaza is part of a larger retail development that features a Walmart Supercenter, Hobby Lobby, and Panda Express, among other tenants. It is also situated across from Shoppes at Black Diamond, a new 29-acre retail development anchored by Target. This strategic location enhances the property's value by providing synergies with established and emerging retail hubs. The sale underscores the ongoing demand for well-located, newly constructed retail properties with creditworthy tenants in growing submarkets.

This transaction contributes to SRS Capital Markets' significant deal volume in 2024, which has exceeded $1.7 billion through more than 500 transactions nationwide. SRS currently has over 845 properties actively on the market with a combined market value surpassing $3.7 billion. For more information about SRS Real Estate Partners, visit https://srsre.com. The original announcement first appeared on https://citybiz.com.