North Miami Investors Buy Citrus Park Center, Tampa

North Miami investor group ZZICARDI Inc. has purchased a multitenant strip center situated at 8206 Citrus Park Drive in northwest Tampa.

SRS Real Esate Partners' Orlando office handled the $3.5 million sale in Tampa Bay.

Previously purchased in May 2007 by Johnson Citrus for $1.75 million, the seller was represented by Blake Hunter of SRS Real Estate Partners while Jacky Londono of Miami's Morgan Whitney, Inc. represented investor group ZZICARDI, Inc..

“The big driver was the strong tenants and the location across from the Citrus Park Mall,” Blake says. “The property was bought as an income producing property so it will be left as is as there are multiple years left on the tenants' leases.”

Tenants at the 6,500-square-foot strip center include FedEx Office and Verizon Wireless.

Currently under a double net lease, the center's tenants are obligated to pay the parcel's property tax and building insurance. FedEx has one year existing on the lease while Verizon Wireless has another six years remaining.

“The property is being used in the highest and best use,” Blake says. “Any type of redevelopment would not make sense at this time.”

Writer: Alexis Quinn Chamberlain
Source: Blake Hunter, SRS Real Estate Partners
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