Stan Johnson Company Announces Sale of Clearwater, Florida Strip Center

Enck-RedevelopmentOpportunity

Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of 2420 Gulf to Bay Boulevard in Clearwater, Florida. The 8,000-square-foot multi-tenant retail center was 45 percent occupied at the time it was purchased by a local developer for $1.4 million. Jeff Enck of Stan Johnson Company represented the seller, a group of private investors based in Atlanta, Georgia. Currently leased to three tenants, the strip center also features two vacancies totaling 4,400 square feet.

“While the property had excellent visibility and traffic, it was limited by use restrictions for redevelopment by the city,” said Enck, Associate Director in Stan Johnson Company’s Atlanta, Georgia office. “We received about a dozen offers and were able to close with a buyer who needed to satisfy a 1031 exchange with plans to develop it later down the road.”

The property was originally built in 1963 and is situated on 0.94 acres. Current tenants operate on short-term gross leases, offering opportunities for lease-up or redevelopment. The exceptionally located property is just 20 miles west of Tampa, Florida in a densely populated residential and retail corridor. With 60,000 vehicles per day on the site’s main roadway frontage, and convenient access to U.S. Highway 19 North, the area’s main north-south artery, the center benefits from nearby retailers and shopping areas that include anchors such as Home Depot, Sam’s Club, Target, PetSmart, Costco and more.

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About Stan Johnson Company:

Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses on investment sales transactions involving retail, office, industrial, healthcare, and specialty properties. The firm and its affiliates provide acquisition, disposition, sale leaseback, capital markets, and advisory services for institutions, developers, investment funds, corporate occupiers, and private investors across the United States. With a historic focus in the single-tenant net lease sector, Stan Johnson Company is now in its fourth decade of operation and has expanded its service platform in order to better serve its valued clients. The firm has completed more than $40 billion in transactions nationwide and continues to be regarded as the Net Lease Authority® as it focuses on continued growth and expansion into other industry sectors and services.