HFF announces $29M sale of grocery-anchored shopping center near Tampa
MIAMI, FL – July 11, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $29 million sale of Lake Walden Square, a 244,529-square-foot, grocery-anchored community shopping center in the Tampa-area community of Plant City, Florida.
The HFF team marketed the property on behalf of the seller, Retail Value Inc. JBL Asset Management purchased the asset free and clear of existing financing.
Anchored by Winn Dixie, Ross Dress for Less, Marshalls, Michaels, PetSmart, Ulta Beauty, Five Below, Famous Footwear and Continuecare Medical, the 93.3-percent-leased center is also home to Amscot Financial, Fantastic Sams, Crickett Wireless, Queen Nails, Sally Beauty Supply, Firehouse Subs and Wasabi Japanese Steakhouse. Situated on a combined 26.8 acres at 105-205 West Alexander Street, Lake Walden Square is at the hard corner of West Alexander Street and James L. Redman Parkway, which have combined traffic counts of 52,446 and is the dominant retail intersection serving Plant City. More than 38,967 residents earning an average annual income of $68,173 live within a three-mile radius of the center.
The HFF investment advisory team that represented the seller included director Eric Williams, senior managing director and co-head of HFF’s retail practice Daniel Finkle and managing director Luis Castillo.
“The Tampa MSA continues to be high on the list for Florida retail investors,” Williams said. “The strong surrounding economic demand drivers along the thriving I-4 corridor coupled with a best-in-class anchor lineup and strong tenant sales performance attracted investors to Lake Walden Square.”
About Retail Value Inc.
Retail Value Inc. is an independent, publicly traded company on the New York Stock Exchange (“NYSE”) under the ticker symbol “RVI.” RVI has a portfolio of 46 assets that includes 34 continental U.S. assets and 12 Puerto Rico assets. Visit retailvalueinc.com for more information.
About JBL Asset Management
JBL Asset Management is a privately held fully integrated service commercial real estate company specializing in retail shopping center acquisitions, management and development. Founded in 2005 by Jacob Khotoveli, JBL invests private capital on behalf of itself, and its investment partners. JBL is based in South Florida and invests in major MSA’s on the eastern half of the U.S. JBL’s portfolio currently exceeds over 2,000,0000 square feet of real estate, and is actively in pursuit of additional opportunities in major MSA's throughout the country with deal sizes up to $40,000,000. JBL has transacted with numerous institutions and has a strong reputation for execution in the industry. Visit jblmgmt.com for more information.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.