Kennedy Investments acquired this acquired this vacant retail outparcel at the northeast corner of N. Armenia and Hillsborough Avenue in Tampa, Florida in November 2018.The property was purchased on behalf of KI Florida Fund I and in March of 2019, the fund executed a long-term ground lease with Take 5 Oil Change for the development of a new vehicle service station.
Take 5’s lease term is 10 years with four 5-year extension options. Construction of the tenant’s building is underway with rent commencement expected in Q4. Upon completion, KI Florida Fund I will be marketing this
property for sale with a target for disposition in 2020.
*The photo above is a stock photo, as the actual building will be completed in Q4 2019.