PALM HARBOR, Fla., January 23, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Venetian Plaza, a 26,813-square foot retail property located in Palm Harbor, Fla., according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $4,600,000.
James Medefind, an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.
Venetian Plaza is located at 36401 U.S. Highway 19 North in Palm Harbor, Fla. The subject property is 96 percent occupied with upside in leasing up the one remaining vacancy. The existing tenants are either medical or serviced based, providing an investor with a stable, internet resistant cash flow stream. Extensive capital has been invested in the property which will enable a new owner to purchase a turn-key, low maintenance investment property.
Venetian Plaza is ideally located on U.S. Highway 19, Pinellas county's main North-South thoroughfare, and receives massive exposure from over 72,000 passing cars per day. Venetian Plaza is immediately surrounded by many national retailers including Publix, Walmart, Dunkin', Walgreens, First Watch, LA Fitness and many more. The subject property is also located less than two miles away from Innisbrook, home of the PGA's Valspar Championship. Innisbrook consists of four championship 18-hole golf courses, tennis courts, five restaurants, a spa, and a 4-star hotel.
Palm Harbor is a suburban community in central Pinellas County, which is the most densely populated county in all of Florida. There is a population of over 143,000 people within a 5-mile radius of the subject property. Palm Harbor sits along the Gulf of Mexico and is home to a large number of middle-upper income families who are attracted to the convenient access to large cities like St. Petersburg, Clearwater, and Tampa. Palm Harbor is less than 15 minutes north of Clearwater, 30 minutes north of St. Petersburg, and 30 minutes west of Tampa.