Colliers International closes sale of quality retail center property in Palm Harbor
PALM HARBOR, Fla. (August 9, 2013) – In a sign of the vibrant market for quality retail properties around Florida, Colliers International Tampa Bay has closed the sale of the Commons at Twin Lakes retail center for $8,395,000.
The 53,000-square-foot center on U.S. Highway 19 N, anchored by an Outback Steakhouse, has a variety of quality tenants, such as Massimo’s Eclectic Fine Dining, North Pinellas Children’s Medical Center and Select Medical Rehab. Commons at Twin Lakes is 98 percent occupied, and close to two-thirds of the tenants have been in the center for more than 10 years.
Mike Milano, CCIM, MAI Managing Director of Retail Services and Ron Schultz, Director of Retail Investment Services of Colliers International Tampa Bay, represented the seller, Commons at Twin Lakes LLC. Jim Michalak of Plaza Advisors Inc. represented the buyer, Realty Financial Corp.
“As the market continues to recover, we are seeing more buyers looking for properties with a consistent proven track record of success, excellent for longer-term hold and grow strategies,” Schultz said. “This property is a good example of that.”
Since the purchase agreement called for a shortened due-diligence period, Colliers’ Schultz and Milano helped resolve a number of issues quickly for the seller, facilitating closing the transaction in the allotted timeframe.
“The sale worked well for all involved,” Milano said. “The buyer was looking for a well-located, well-positioned asset in a strong demographic market, and Commons at Twin Lakes fit its needs extremely well.”
The Class A property, which is on a 6.1-acre site, is located at 31958 US Highway 19 N in Palm Harbor, just south of Tampa Road.
ABOUT COLLIERS INTERNATIONAL
Colliers International is a global leader in commercial real estate services, with over 13,500 professionals operating out of more than 482 offices in 62 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world. For the latest international news from Colliers International, visit colliers.com/us/news, or follow us on Twitter: @ColliersIntl