$14.35 million sale of two Tampa-area neighborhood shopping centers closed by HFF
ORLANDO, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $7.65 million sale of Northwest Plaza and the $6.7 million sale of Suncoast Crossing, two neighborhood shopping centers in the Tampa, Florida, area.
HFF arranged the sales of both properties on behalf of the seller, Redstone Investments. Cole Credit Property Trust, IV, Inc. (CCPT IV) purchased Northwest Plaza, and APTT Investments, LLC purchased Suncoast Crossing in two separate transactions. VEREIT, Inc. completed the Northwest Plaza transaction on behalf of CCPT IV.
The 100-percent-leased Northwest Plaza is anchored by LA Fitness. The adjacent outparcels were not included in the sale. The retail center’s 46,904 square feet of retail space is housed on 5.2 acres at 5715 Gunn Highway in northern Tampa’s Citrus Park area. The property is at the signalized intersection of Gunn Highway and Anderson Road, which, with 14 lanes of traffic and nearly 53,000 cars per day, is one of the top two most heavily-trafficked intersections in the trade area. Built in 2007, Suncoast Crossing is a 29,289-square-foot retail shopping center anchored by Petco and shadow-anchored by SuperTarget. The 100-percent-leased center’s tenant roster also includes Anytime Fitness, Happy Nails, Majik Touch Cleaners, Pizza Hut, Supercuts, Pinch a Penny and Trailside Bikes. Three outparcels not included in the sale are leased to Chili's Grill & Bar, Starbucks and McDonalds. Situated on 4.9 acres at 16248 State Road 54, the primary east-west roadway in the region, the center is located next to the entrance to Suncoast Parkway in Odessa, a northern Tampa suburb.
The HFF investment sales team representing the seller was led senior managing director Brad Peterson and associate director Whitaker Leonhardt.
“Tampa continues to demand attention from real estate investors ranging from institutional to private,” Peterson said. “With these two shopping centers, the value created by Redstone Investments resonated with the investment community. The strong fundamentals of the real estate combined with the attractive anchors and ideal demographics created the perfect environment for successful transactions.”
About Redstone Investments
Redstone Investments (Redstone) is a fully integrated commercial real estate service company with offices in Tampa and in Youngstown, Ohio. For more than 25 years Redstone has developed a full-service approach built on a foundation of well-developed market knowledge and long-standing relationships. Redstone specializes in: ground-up development, redevelopment, commercial brokerage and distressed debt. Redstone’s services range from land acquisition, entitlement of property, site development, to leasing and property management. For more information, visit www.redstoneinvestments.com.
VEREIT™ is a leading, full-service real estate operating company with investment management capability. VEREIT™ owns and actively manages a diversified portfolio of retail, restaurant, office and industrial real estate assets with a total asset book value of $19.2 billion including approximately 4,645 properties totaling 101.8 million square feet. Additionally, VEREIT™ manages $6.3 billion of gross real estate investments on behalf of the Cole Capital® non-traded REITs, including CCPT IV. Visit www.vereit.com for more information.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.