Gulfport investor buys freestanding Sprint Store

BUYER: Vistas Equity Group LLC (principal: Vinod Khilnani), Gulfport
SELLER: James Alexander, individually and as trustee
PROPERTY: 3432 W. Kennedy Blvd., Tampa
PRICE: $1.25 million
PREVIOUS PRICE: $68,900, August 1997
TITLE FIRM ON DEED: First American Title Insurance Co., Winter Park

PLANS, DESCRIPTION:
Investor Vinod Khilnani of Gulfport purchased a 3,852-square-foot freestanding retail store for $1.25 million.

The price equated to $325 per square foot. That figure is higher than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

Sprint has operated from the location since 1998 and recently renewed its lease for another five years. The purchase price equated to a payoff ratio (capitalization rate) based on income of a high 7%.
Rafeal Wright and Jonathan Graber of Franklin Street represented the buyer.

Graber says the buyer was attracted by both the underlying real estate and the credit of the tenant.

“The demand for triple-net property located in infill areas with credit tenants has always been very strong,” Wright says in a press release. “Sprint, the third-largest wireless network operator in the U.S., has been able to take advantage of the location's strong traffic counts and great visibility.”