A 1.4-acre property on Gibsonton Drive that once housed a bank branch just sold for $7.1 million, nearly four times what its developer paid for the site less than two years earlier. The jump in value came after the site's owner locked in leases with Chipotle Mexican Grill and Dutch Bros Coffee, transforming a shuttered financial center into a dual-tenant fast-casual hotspot along one of South Hillsborough County's busiest commercial corridors.
The property at 10415 and 10417 Gibsonton Drive was purchased by CAT 1 LLC from One Oak Gibsonton LLC, according to Tampa Bay Business and Wealth. CAT 1 LLC financed the purchase with a $3.27 million loan from First Merchants Bank, a sum that amounted to about 46% of the purchase price, per the same report. One Oak Gibsonton LLC had bought the property in September 2024 for just $1.905 million, before the existing 4,035-square-foot building — previously operated as a bank — was reworked to accommodate the two new tenants.
That transformation happened fast. One Oak secured both Chipotle and Dutch Bros as tenants within months of buying the property, the outlet reports. Chipotle signed its lease in February 2025, and Dutch Bros followed with a build-to-suit agreement the next month. Available records do not disclose One Oak's total investment in preparing the property for the two chains, though Hillsborough County records show a $500,000 permit for private plan review and inspections and a separate $400,000 tenant-improvement permit tied to the fast-casual buildout.
From Bank Lobby to Drive-Thru Row
Before the redevelopment, the site operated as a Fifth Third Bank branch known as the Riverview Financial Center, according to federal banking records filed with the Office of the Comptroller of the Currency. The bank formally closed the branch in February 2024. Developers then filed a minor zoning modification with Hillsborough County that May, according to county zoning records, clearing the way for quick-service restaurants with drive-thru facilities on a parcel that had previously prohibited them.
Marketing listings on Crexi show the 1.43-acre parcel splits its square footage between a 2,500-square-foot Chipotle and a 950-square-foot Dutch Bros drive-thru kiosk. That compact kiosk format is standard for Dutch Bros, which builds its coffee stands in a 950-to-986-square-foot footprint with double-lane drive-thrus and walk-up service — a layout the chain uses in roughly 15% of its locations nationwide, according to 99.5 QYK. Chipotle marked its official opening at the Gibsonton site in March 2026 via a post on its Facebook page, meaning the location had months of operating history before the property changed hands again this month.
Listing Priced the Deal at a 5% Cap Rate
Listings on LoopNet and Crexi had offered the dual-tenant property for $7.6 million at a 5.00% cap rate, based on an annual net operating income of $380,000 under a 15-year net lease with 10% rent escalations every five years — pricing that landed close to the eventual $7.1 million sale. Net-lease investors typically value fast-food properties on those cap-rate and rent-escalation terms, which help explain why a former bank branch could command such a steep valuation once national tenants and long-term leases were in place.
Dutch Bros has been expanding rapidly across the Tampa Bay area since entering the market with its first South Tampa location in March 2025, later adding stores near the University of South Florida on Fowler Avenue as well as in Lutz, Largo and St. Petersburg, according to The Oracle. Hoodline has previously tracked a similar bank-to-kiosk swap in Seminole, and more recently reported on the chain's push into Nassau County.
A Corridor Built For Growth
The Gibsonton sale also reflects a broader price surge across the local commercial market. Median commercial property list prices in the Riverview and Gibsonton submarket jumped nearly 40% year-over-year, rising from $1.1 million in June 2025 to $1.55 million in June 2026, according to HenCRE. That appreciation tracks with the county's population boom: Hillsborough County added 69,309 residents between 2020 and 2023, ranking 11th nationwide among the fastest-growing U.S. counties, per Census Bureau figures reported in local news.
Hillsborough County's own planning documents anticipated this kind of commercial push. The Gibsonton Community Plan formally designates Gibsonton Drive as the area's Signature Corridor, prioritizing the roadway for targeted commercial and main-street business development, according to the South County Integrated Mobility Study. For a corridor once anchored by a quiet bank branch, that designation now comes with a burrito line and a coffee drive-thru to match the traffic count.
