April 22, 2024 – Charles Moody, Jarett Zackman, Michael Talbert and Dan Bernardini of Horvath & Tremblay have successfully completed the sale of Verizon in Largo, Florida. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $3,122,500.
Verizon Wireless is located at 3950 East Bay Drive in Largo, Florida. The Property was constructed in 2011 and Verizon moved into this location in 2016. Verizon has 2+ years remaining on their double net lease with two (2), 5-year renewal options. The lease features attractive 10% rent increases at the start of each renewal option. This location is a critical facility for Verizon; in addition to their typical sales floor, the larger footprint is used as a regional corporate office and training center. The Property is well located at the signalized intersection of Belcher Road N and E Bay Drive (FL Route 686), the area’s primary commercial corridor which sees more than 79,000 vehicles per day. Verizon enjoys outstanding visibility and frontage and is 1-mile from US Highway 19. The Property is surrounded by national retailers driving traffic to the area and densely populated residential neighborhoods providing a built-in customer base. Verizon is within a few miles of several area schools, St. Pete-Clearwater International Airport, HCA Florida Largo Hospital, Old Tampa Bay and the shores of Clearwater Beach. The Property is well positioned in between Clearwater and St. Petersburg and is approximately 20 miles from Downtown Tampa.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.