Calkain Closes Sale of Florida Strip Center

The property features new 10-year leases and a Wells Fargo ATM.
Strip Center, St. Petersburg, Florida

Strip Center, St. Petersburg, Florida

St. Petersburg, Fla.Calkain Cos. announced it has brokered the sale of a two-tenant strip center in St. Petersburg, Fla. The asset sold for $3.9 million, representing a 6.01 percent cap rate.

Built in 2016, the property features new 10-year leases with Sleep Number and BayCare Urgent Care as well as a Wells Fargo ATM, and offers excellent visibility on a main thoroughfare.

“Considering the location, this was one of the higher yielding assets due to the multi-tenant structure and investors quickly took notice,” said Patrick Nutt, managing partner at Calkain, in prepared remarks.

All of the tenants are strong,” added Doug Aronson, director at Calkain and the co-listing broker. “Sleep Number has 450 units across the country, while BayCare and Wells Fargo have top investment grade credit.”

Image courtesy of Calkain Cos.