Colliers brokers $2.6 million sale of Largo, FL, retail center in 24 hours

Colliers | U.S. has announced the sale of a 4,660-square-foot, fully leased, two-tenant retail strip center at 2401 East Bay Drive in Largo, FL, in Pinellas County for $2,608,417. PMC Enterprises II, LLC sold the property on May 19, within 24 hours of listing, to Risal Holdings, LLC for the full asking price after receiving multiple offers.

The Milano & Coccodrilli Retail Investments Team of Colliers, including Mike Milano, CCIM, executive vice president, and Nicholas Coccodrilli, senior investment director, represented the seller in the transaction.

The retail property is 100% leased to Starbucks and Goldflower Cannabis, with a triple-net lease structure that provides stable, passive cash flow. The property is located at the signalized intersection of Starkey Road and East Bay Drive, one of Pinellas County’s heavily trafficked intersections, with traffic counts exceeding 62,500 vehicles per day. The property also features a drive-thru, ample parking and access to both roadways.

“This transaction highlights the continued strength of investor demand for well-located, fully stabilized retail assets in the Tampa Bay region,” said Milano. “The combination of strong tenancy, long-term income durability and irreplaceable location fundamentals helped drive immediate interest and a highly competitive process.”

The Colliers team generated multiple offers at or near asking price within 24 hours and ultimately secured a full-price sale. Starbucks has operated at the location for more than two decades and recently exercised an early lease renewal, extending its term through 2031, with additional extension options through 2051.

“Our targeted marketing strategy allowed us to position the property’s strengths clearly and reach the right investor audience quickly,” said Coccodrilli. “By emphasizing the asset’s credit tenancy, triple-net structure and high-visibility infill location, we were able to create strong momentum and deliver certainty of execution for our client.”

According to Coccodrilli, the transaction also reflects continued investor demand for well-located retail assets in growing markets with durable demand drivers, even as cannabis-related real estate remains a more nuanced part of the capital markets conversation. While pricing for single-tenant dispensary properties is often heavily operator dependent, multi-tenant assets are evaluated through a broader real estate lens.

“This sale demonstrates that a dispensary component does not automatically require a multi-tenant retail asset to trade at a high-six cap rate,” said Coccodrilli. “Investors who understand the full real estate story — the operator, surrounding tenant roster, location and market fundamentals — are the ones best positioned to win quality opportunities.”

According to Cocodrilli, high-quality, low-management retail assets with nationally recognized tenants and long operating histories continue to attract significant attention from private capital, 1031 exchange buyers and institutional investors seeking durable income-producing assets in high-growth Florida markets.