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Crosswinds Square, St. Petersburg, FL

Crosswinds Square

FL, USA

Price $3,650,000
Cap Rate
NOI
Lease Term Various
Lease Type NNN + 10% Administrative Fee
Rental Increases Various
Year Built 2017
Building Size 6,610 SF
Lot Size 0.69 (30,056 SF)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Cushman and Wakefield Inc. LIC. # 00616335
This property is listed in conjunction with Florida-licensed real estate broker Cushman & Wakefield, Inc.

Investment Highlights

100% LEASED TWO-TENANT CENTER
» 100% leased to national tenants, with strong brand recognition | 10+ Year Leases
» Scheduled rental increases, providing a hedge against inflation
» Ideal investment for an out-of-area investor

HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Excellent access and visibility to nearly 50,000 vehicles per day at signalized hard corner
» Across from Tyrone Square Mall, St. Petersburg’s primary shopping mall – over 1 million square feet of retail
» Surrounded by major national tenants, including Home Depot, Best Buy, Michaels, Ross, Toys “R” Us, HomeGoods, Bed Bath & Beyond, and many others

CENTRAL LOCATION WITH ROBUST DEMOGRAPHICS
» Close proximity to downtown St. Petersburg, Tropicana Field, and scenic beaches on the Gulf of Mexico
» The beaches form the backbone of St. Petersburg’s tourism industry and attract millions of visitors each year
» Prime location in densely-populated area, with a population of 254,844 within a fivemile radius

NEW 2017 CONSTRUCTION
» High quality construction scheduled to be completed in June 2017
» New building, limiting near-term deferred maintenance or capital costs
» Features latest store designs and concepts

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is located at the signalized hard corner of Tyrone Boulevard and 22nd Avenue, with excellent visibility and access to 48,939 vehicles per day. Both Tyrone Boulevard and 22nd Avenue intersect with 66th Street, which runs directly parallel to the property. Tyrone Boulevard and 66th Street are major commercial and commuter highways that provide access to the highly popular barrier islands along the Gulf of Mexico via connections with several expressways. Located in a dense retail corridor, the property is across from Tyrone Square Mall, St. Petersburg’s main shopping mall. Tyrone Square Mall features over one million square feet of retail space and more than 170 stores and services. The mall is anchored by Dillard’s, JCPenney, and Macy’s, and is tenanted by Old Navy, DSW, H&M, Champs Sports, and many others. Crossroads Shopping Center, located directly across from the property, features major national retailers, including Home Depot, Toys “R” Us, T.J. Maxx, West Marine, Ross, and Party City. Other notable tenants near the property include Bed Bath & Beyond, Publix, Best Buy, Michaels, HomeGoods, Jo-Ann Fabrics, Marshalls, and CVS.

The property benefits from its central location, approximately five miles from downtown St. Petersburg and Tropicana Field. The property is also less than four miles from the beautiful beaches along the Gulf of Mexico. The beaches and the surrounding seaside communities form the base of the area’s successful tourism industry, drawing millions of visitors each year. Additionally, the property is located in a densely-populated area, with a population of 254,844 within a five-mile radius, providing a large customer base for the property.

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