Dervech Real Estate, Inc. arranges the $5.65M sale of Citrus Park Plaza in Tampa, FL
By Post
Tampa Bay Newswire
Published: Jun 8, 2022

Jeff Dervech, CCIM of Dervech Real Estate, Inc. arranges the sale of Citrus Park Plaza in Tampa, FL. The 13,000 square foot unanchored retail strip center, built in 2006, sold for $5,650,000, approx. $434.62 per square foot, and was 100% occupied at the time of sale. The tenants at the plaza include Suncoast Credit Union, Tropical Smoothie Cafe, Men’s Warehouse and Casual Male XL.

“Citrus Park Plaza offered investors an opportunity to acquire a well-located, unanchored retail strip center asset, in a market with very strong demographics. Under market rents and the ability to reposition the tenant lineup at a near term date led to its appeal. The market for quality locations by investors continues to be high and we strive to maximize value for our clients” stated Jeff Dervech, CCIM.

The plaza is an outparcel to the Citrus Park Town Center and is located directly off Citrus Park Drive. This submarket benefits from very strong demographics including 32,000 households and a median household income of over $70,000 within a 3-mile radius. The market is surrounded by a plethora of national retail tenants, within close proximity to SLAM charter school, Extra Space Storage and the newly announced Elev8 family entertainment center which includes go-karts, a retro arcade, laser tag, mini golf, a kid zone, e-sports, bowling, and restaurant and bar currently under construction in the former Sears department store.