A decline in the vacancy rate to less than 10 percent in the first quarter likely signals the start of a gradual recovery in the Tampa retail property sector, according to Marcus & Millichap. Investment activity in Tampa continues to rebound from recessionary lows, as expanded financing capacity and investors seeking to deploy capital have supported a surge in deals. Single-tenant, net-leased product accounts for the largest share of sales, with drugstores drawing keen interest, M&M reports.

Jim Michalak, managing partner at Plaza Advisors, tells Globest.com that Stein Mart store sales are well above average at Lithia Crossings. The asset, he adds, is well positioned and serves a fairly affluent trade area.

“The property benefits from the drawing power of a Publix anchored center, located across the street,” Michalak says. “The Publix center only includes 17,000 square feet of local space and allows Lithia Crossing to attract and retain desirable national and regional credit local space tenants.”