TREIS Closes Sale of Tampa Retail Assets
Tiktin Real Estate Investment Services President Adam Tiktin represented the seller in the transaction, while U.S. Bank originated the acquisition financing to facilitate the deal.
By Timea Papp
Starbucks at 1501 E. Fowler Ave
Tiktin Real Estate Investment Services has arranged the joint sale of two retail properties encompassing nearly 4,000 square feet in Tampa, Fla. According to public records, Orion Venture VI LLC sold the assets to Shorewood Estates MHC LLC in a $2.9 million deal, while U.S. Bank provided $1.5 million in acquisition financing.
Long-term tenancy
Located at 1501-1505 E. Fowler Ave. on a 0.91-acre corner parcel, the freestanding buildings are occupied by Starbucks and T-Mobile on a long-term basis. Starbucks has entered into a new 10-year, double-net lease with four five-year options at the 1,920-square-foot property, while T-Mobile has signed a new 10-year, triple-net lease at the building that encompasses 1,958 square feet.
Adam Tiktin, president at Tiktin Real Estate Investment Services, worked on behalf of the seller in the transaction. Orion Venture VI LLC is an entity affiliated with Miami-based Orion Real Estate Group, while TREIS is a South Florida-based real estate investment brokerage company that specializes in the sale of shopping centers, single-tenant net lease properties and office buildings in Florida.
Situated directly across the street from the 1 million-square-foot University Mall and less than a mile from the University of South Florida, the properties provide direct frontage and access along Fowler Avenue.
Image via Google Street View
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