Tampa, FL – July 3, 2014 – CBRE arranged the sale of the Shoppes of Spring Hill, a 10,880-square-foot Class A retail center located at 1859 Commercial Way (US Highway 19) in Spring Hill, Florida. A private South American investor acquired the property from the original developer, Gulfstream Spring Hill, LLC, for $4.0 million. CBRE represented the seller.
“Private investors from South America have historically focused on South Florida, but in the last couple of years, we ‘ve seen more South American investors looking to acquire retail assets in the Tampa Bay market. The buyer of Shoppes of Spring Hill was attracted to the center because of its national tenants, high-quality improvements and key location in Spring Hill,” said CBRE’s Mark Shellabarger.
Shoppes of Spring Hill is located at the southwest corner of US Highway 19 and Spring Hill Drive, the “Main & Main” of the Spring Hill market. The center is 100% leased to four national tenants — AT&T, Mattress Firm, GameStop and Sweet Frog Yogurt. It is shadow-anchored by a Walmart Supercenter. The center has excellent visibility from the roadways and is situated on an outparcel in front of a Walmart Supercenter, near a JC Penney, and close to a power center anchored by Ross, Sports Authority, Best Buy and PetSmart.
Tampa-based Mark Shellabarger of CBRE represented the seller. Frank Bejar of FBP Realty in Sunny Isles Beach, Florida, represented the buyer in the transaction.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.