Atlanta Developer Sells Retail Portfolio Including Dutch Bros And Fifth Third Bank In Lutz For $6.55M

The transaction involved a ground-lease portfolio sale of two newly built single-tenant retail assets located at 18640 and 18710 State Road 54 in Lutz, Florida. The properties encompass a total of 1.76 acres and have a combined square footage of 2,850. The sale price was $6,550,000, resulting in a price per square foot of $2,298.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $6,550,000
• Address: 18640 & 18710 State Road 54
• Market: Lutz, FL
• Acres: 1.76
• Square Footage: 2,850
• Price per Square Foot: $2,298
• Brokers: Patrick Nutt & William Wamble - SRS Real Estate Partners

The deal featured long-term corporate-backed NNN leases with no landlord responsibilities for the properties, which are situated in a rapidly growing corridor adjacent to major retail and mixed-use developments. The transaction was facilitated on behalf of an Atlanta-based developer to a Tampa-based 1031 exchange buyer.