TAMPA, FL—With a record low cap rate for unanchored retail that some brokers say signals a recover, East Bay Plaza has trade hands. The Largo, FL retail center sold for $2.95 million in an all-cash deal. The sale price represents $283.63 per square foot.
“The in-going cap rate of 7% is the lowest we have seen for a stable retail center in years,” Franklin Street's Jonathan Graber tells GlobeSt.com. “The market for unanchored retail centers has been improving since 2013 and is approaching levels last seen in 2007 and 2008.”
Graber and Franklin Street's Rafeal Wright represented the seller, East Bay Plaza Integra, a Florida Limited Liability company. Franklin Street put together this off-market transaction with a 1031 buyer, Warner Enterprises, a California Limited Partnership.
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