Saint Petersburg, June 05, 2024 (GLOBE NEWSWIRE) — Saint Petersburg, Florida – Point Acquisitions, a commercial real estate investment firm, proudly announces the acquisition of Sabal Ridge Plaza, a premier neighborhood retail center at 33821-33983 US Highway 19 N, Palm Harbor, FL. This acquisition marks a significant addition to Point Acquisitions’ growing portfolio in the North Pinellas Submarket.
Sabal Ridge Plaza is a well-maintained retail building offering 51,200 square feet of Gross Leasable Area (GLA) on a 4.94-acre lot. Originally built in 1986 and renovated in 1997, the plaza is designed with masonry construction and a Class C rating, allowing for durability and aesthetic appeal. The center is home to 16 diverse tenants, including notable names such as Carrabba’s Italian Grill, Mike’s Sushi and Sake Bar, RCI Flooring, and Level 10 Martial Arts College Florida.
Situated in a suburban area with high visibility and accessibility, Sabal Ridge Plaza boasts 278 feet of frontage on Nebraska Ave and 210 feet on US Highway 19 N. The center experiences a robust traffic count with approximately 80,000 cars daily, making it an ideal location for retail businesses. The plaza also offers ample parking with a ratio of 5.05 spaces per 1,000 SF, totaling 139 surface parking spaces.
The North Pinellas Submarket has low vacancy rates and a strong leasing market. Sabal Ridge Plaza itself enjoys a 100% occupancy rate, reflecting its desirability among retailers. According to CoStar Research, the current estimated rent for retail space ranges from $17 to $21 per square foot. This acquisition is poised to benefit from the area’s steady market conditions and vibrant economic activity.
“We are thrilled to add Sabal Ridge Plaza to our portfolio,” said Jesse Shemesh, President of Point Acquisitions. “This property not only enhances our presence in the Tampa/St. Petersburg-Clearwater market, but aligns with our strategy of acquiring high-quality retail centers in growth-oriented regions. We look forward to working with the existing tenants and continuing to provide exceptional retail experiences to the community.”
Point Acquisitions is a commercial real estate investment firm specializing in acquiring and managing commercial properties across the United States. Focusing on strategic growth and value creation, It is committed to delivering superior returns for its investors while contributing positively to the communities where it operates.
Point Acquisitions actively seeks high-quality commercial real estate (CRE) investment and acquisition opportunities to expand their diverse portfolio. With a proven track record of strategic acquisitions and value creation, they invite property owners looking to sell and investors seeking to capitalize on robust market conditions and high-growth regions to join them.
“As we continue to grow our portfolio, we continue to create value through strategic investments and partnerships. We believe in the potential of every property we acquire and are committed to growth for our investors and the communities we serve. Our approach is rooted in thorough market analysis and a deep understanding of local dynamics, ensuring each acquisition meets and exceeds our stringent criteria for success.” Jesse Shemesh.
