Transactions sign of demand for value-add shopping centers
Mike Milano, CCIM, MAI, Managing Director of Retail Investment Services and Ron Schultz, Director of Retail Investment Services, with Colliers International Tampa Bay recently closed the sale of two value-add shopping centers in Tampa Bay, signifying the demand for centers with opportunities to make improvements and renovations.
“As Florida rebounds from the recession, fewer and fewer value-add opportunities are coming to market,” said Schultz. “Buyers are still aggressively searching and competing for available retail inventory with real upside opportunities, similar to these two centers.”
Included below is information on the two recently closed transactions:
• Sun Point Shopping Center located in Ruskin, recently sold for $7.25 million. The 132,374-square-foot, multi-tenant community center has an 80 percent occupancy rate and houses tenants such as Goodwill, Big Lots and the Hillsborough County Tax Collector.
Milano and Schultz, along with John Crotty, CCIM, Executive Vice President and Partner with Colliers International South Florida, represented the undisclosed seller. Sun Point SDC, LLC purchased the center.
“The Amazon distribution center in Ruskin, located near Sun Point, could have a positive impact on the property, making it an appealing purchase for the buyer,” said Schultz.
The center is located at 3040 East College Ave. in Ruskin.
• East Bay Junction Shopping Center, located in Largo, recently sold for $1.8 million. The 56,668-square-foot, multi-tenant neighborhood center has a 50 percent occupancy rate and houses a Youfit Health Club, along with a hair and nail salon.
Milano and Schultz represented the seller, CRI Plaza 1, LLC. MBW Investors, LLC purchased the center.
“This center presents significant upside potential as it’s located at a heavily travelled intersection with direct access to a neighboring, recently converted Winn-Dixie,” said Schultz.
East Bay Junction is located at 2480 East Bay Drive in Largo, on the intersection of East Bay Drive and Keene Road.
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