CLEARWATER, Florida- Oct. 14, 2015 – Three separate Colliers International Retail Investment brokerage teams, comprised of LA’s power team Tom Lagos (Executive Vice President), and El Warner (Associate Vice President), San Diego’s Mark McEwen (Senior Vice President), and Florida’s Ron Schultz (Director), and Mike Milano (Managing Director) collaborated to negotiate a $17.8 million deal in Florida. Clearwater Collection, a popular community shopping center in Clearwater, Florida, was purchased by GDA Real Estate Services of Greenwood Village, Colorado.
The 134,360 sq. ft., almost fully occupied center, was sold by Collier’s client, on behalf of a large national account to GDA. GDA’s newest acquisition is located near the heavily-trafficked intersection of U.S. Highway 19 and Drew Street at 21688-21800 U.S. Highway 19 North in Clearwater, the five-unit center is anchored by LA Fitness and Floor Décor and includes a single-tenant Buffalo Wings outparcel. The property benefits from its location within a desirable top 20 MSA. The Seller, focuses on retail properties, but noted that the Clearwater center was no longer a fit for its strategic investment objectives. In working together, the three Colliers teams were able to make a great sale for their well-established client. In addition, the team also guided Colorado based GDA in the closing process.
“This sale is further proof that national investors are looking for yield in top 20 MSA’s and there is a continued flight of capital to stronger retail markets,” said Warner. “The ability of Colliers to pair national relationships with local expertise was critical for execution.
Ron Schultz, out of the Colliers Tampa office, stated the property’s location and positioning in the market, strategic mix of strong retail tenants, and its location along a major roadway (US-19) in the middle of Pinellas county were all reasons for higher than average investor interest in this property.
“The new investor will be able to also take advantage of historically low debt and obtain new debt on the property, if desired,” said Schultz. “The property offers stability and yield located in the heart of the Tampa Bay retail market.”
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