Flo-Five Holdings LLC recently purchased The Key West Center, a retail and office property in Northern Pinellas County distinguished by its metal roofs, colorful siding and office balconies with white railings. The 63,256-square-foot property on 4.49 acres at 2706-2710 Alternate US Highway 19 in Palm Harbor sold for $5.79 million.
Charles Puccini, Sales Associate at Commercial Asset Partners Realty, represented the sellers, KWPH, Inc. and SST Properties, Inc. Michael Mehdipour, Broker at Elite Properties & Investments, represented the buyer, a private investor.
“The buyer was interested in spreading future rent risk with diversity of tenants,” said Puccini. “The Key West Center is diverse in its tenant makeup and longevity, so it was a good fit for this investor.”
The Key West Center is nearly half retail and half office suites and executive office space. The largest office suite is 6,000 square feet, and the average executive office is 125 square feet.
“This transaction speaks to the trend that businesses have been moving away from large Class A office spaces,” said Puccini. “There is growing demand for smaller, more efficient office spaces. The property’s executive center provides all the required features to run and operate a successful small business.”
The sellers owned and operated The Key West Center for more than 20 years. Selling the property involved Puccini working with two ownership entities with a total of 10 shareholders and 85 tenants in the center.
“There was substantial work involved in tracking the rental income every month to evidence the capitalization rate for the buyer,” said Puccini. “It was a complicated transaction. But we are qualified and able to handle transactions of this size and complexity.”
The Key West Center was 80 percent occupied at the time of sale.
About Commercial Asset Partners Realty: One of the top mid-sized commercial real estate companies in the Tampa Bay area, CAP Realty handles leasing and sales of retail, office and industrial properties, along with helping clients with real estate investment sales and land transactions. Based in Trinity, Fla., Broker-Owner Heidi Tuttle-Beisner and her team have built a company that has the experience and resources to handle a wide range of assignments, while offering a high level of personal service for each client. For more information, see the company’s website at www.cap-realty.com