In a notable real estate transaction, a newly built Lowe’s Home Improvement store in Odessa, Pasco County, has been sold for $14.3 million. The store, positioned strategically at the intersection of Gunn Highway and State Road 54, attracted attention due to its promising location and developmental prospects.
The buyer of this extensive property is a California-based trust, which completed the purchase with a cash transaction, according to SRS Real Estate Partners. The disclosure of the buyer’s identity is pending as county records are yet to be updated. Originally owned by Dunphy Development, the Tampa developer acquired the property in 2021 for $6.62 million, as per the county property records, making the recent sale a substantial return on investment for the developer.
This Lowe’s establishment, part of the Trinity Lakes center, occupies a vast space of 137,554 square feet on nearly 12 acres. The store benefits from a secure 20-year ground lease backed by the corporate entity, ensuring its long-term operations at this site. The area surrounding the store is populated with major national retailers like Publix, 7-Eleven, and The Learning Experience, which SRS Real Estate Partners points out as enhancing customer traffic and tenant synergy.
Additionally, the potential for further retail development in this booming area adds to the attractiveness of the property. SRS Real Estate Partners, based in Dallas, has played a significant role in this transaction, highlighting the dynamic nature of their operations with a reported deal volume of $1.5 billion this year alone. Representing the buyer, Matthew Mousavi and Patrick Luther from SRS facilitated this transaction, while Dunphy Development was represented by Patrick Wagor of Atlantic Capital Partners.
This transaction underlines the dynamic growth in Pasco County’s commercial real estate market. With its prime location and robust lease agreement, the Lowe’s store in Odessa represents a promising investment. The involvement of major industry players, alongside the strategic location, underscores the potential for significant economic activity in the area.
Source: Businessobserverfl
