Still Hot - South Tamiami Trail - Spring 2017

Tamiami Trail, from Bahia Vista Street to Vamo Road, remains a focus of buyers and developers. The obvious attraction of 50,000-plus vehicles per day, coupled with tremendous demographics, have kept this area in a sweet spot for buyers. Benderson Development Co.’s late January acquisition of the Landings Shopping Center – along with the addition of new restaurants such as Da Ru Ma and Station 400 coming this summer – and its planned development at Stickney Point Road and U.S. 41 bode well for the future. Benderson is a proven developer with a track record of success. Several sites along U.S. 41 have sold for redevelopment; two for self-storage facilities. One is adjacent to the former Kalin’s Furniture store and the other is just a mile north at Sandrala Drive and U.S. 41. Additionally, a 39,000-square-foot parcel at Oak Terrace was purchased recently for $1,910,000 for redevelopment and Phillippi Plaza, a commercial condominium, was acquired for $1,625,000. Square One Burger, a single-tenant property with a long-term lease, was purchased by out-of-state investors for an approximately 7.25 Cap Rate.