Colliers Brokers $2.6 Million Retail Real Estate Sale in Largo, FL in 24 Hours
Colliers has brokered the $2,608,417 sale of a fully leased, two-tenant retail strip center in Largo, Florida, with the real estate acquisition closing at full asking price within 24 hours of listing after the property drew multiple competing offers.
The 4,660-square-foot property at 2401 East Bay Drive in Pinellas County sold on May 19, 2026. PMC Enterprises II, LLC was the seller; Risal Holdings, LLC was the buyer. 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.
Retail Real Estate Asset Profile
The retail property sits at the signalized intersection of Starkey Road and East Bay Drive, one of Pinellas County's more heavily trafficked intersections, with traffic counts exceeding 62,500 vehicles per day. The center features a drive-thru, ample parking, and access to both roadways.
The property is 100% leased to Starbucks and Goldflower Cannabis under a triple-net lease structure, which provides what the brokerage described as stable, passive cash flow. 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. At 4,660 square feet and a sale price of $2,608,417, the transaction implies a price of approximately $560 per square foot.
"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."
Speed of Execution and Capital Markets Demand
The Colliers team generated multiple offers at or near asking price within 24 hours of listing the property, ultimately securing a full-price sale. According to the firm, the result reflects continued investor demand for well-located retail assets in growing markets with durable demand drivers.
"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."
The swift sale is consistent with broader trends in Tampa Bay retail real estate, where neighborhood and strip retail at high-traffic suburban intersections — particularly those featuring drive-thru quick-service or coffee tenants — has attracted significant private capital, 1031 exchange buyers, and institutional investors seeking income-producing assets in Florida markets.
Cannabis Co-Tenancy and Investor Underwriting
The transaction drew attention in part because of the Goldflower Cannabis dispensary as a co-tenant, a component that Coccodrilli noted can complicate capital markets conversations. According to Coccodrilli, pricing for single-tenant dispensary properties is often heavily operator-dependent, while 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."
The Colliers team's framing suggests that sophisticated buyers looked past the cannabis co-tenancy stigma and underwrote the deal on the strength of the overall rent roll, the Starbucks operating history, and the location's traffic fundamentals — rather than applying the wider cap-rate discounts typically associated with single-tenant cannabis properties.
Broader Retail Real Estate Market Context
According to Coccodrilli, 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. The Largo transaction reflects that dynamic: a fully stabilized infill center with a long-tenured, drive-thru coffee anchor, a triple-net lease structure, and a location at one of Pinellas County's busiest intersections drew immediate and competitive investor interest.
The deal also underscores how multi-tenant retail real estate with mixed tenancy — including cannabis operators — is being evaluated differently than single-tenant dispensary properties, as buyers with deeper market knowledge apply a more nuanced underwriting approach to assets where the broader real estate story supports the pricing.
About the Brokers
Mike Milano, CCIM, is an executive vice president at Colliers and has been with the firm for 30 years, specializing in retail investment sales throughout Florida. Nicholas Coccodrilli is a senior investment director at Colliers' Tampa office, with experience spanning retail, multifamily real estate, office real estate, and real estate development transactions.
Sources: Colliers — Colliers brokers $2.6 million sale of Largo, FL, retail center in 24 hours