Shopping destination located in Gainesville’s retail hub
GAINESVILLE, Fla. — Crossman & Company, one of the Southeast’s largest retail leasing, property management and investment sales firms, has negotiated the sale of Unive1sity Towne Center, an 18,496-square foot shopping center at 3345 SW 34th St. in Gainesville, Fla.
Crossman & Company Managing Director Brian Carolan and Senior Managing Director Bruce Lyons represented the seller, a special servicer located in South Florida, in the $2.8 million transaction. University Towne Center is 65 percent leased and sits on 1.7 acres.
Crossman & Company has built a solid track record of connecting investment sales clients with qualified and sellers and buyers. University Towne Center is no exception.
“University Towne Center is located on the southeast corner of SW34th Street and Archer Road, a hub of retail activity in the city,” noted Carolan. “Close to Shands, the sprawling university campus and thousands of residential units, the center sits in the busiest retail corridor in Gainesville with proximity to Butler Plaza’s additional major retail, dining and entertainment tenants.
The buyer, Pacific West Land of Bainbridge Island, Wash., employs a low-leverage approach, taking a patient and structured approach toward maximizing value.
Founded in 1981, Pacific West Land strategies have included purchasing and zoning land for sale, developing residential and commercial properties, and acquiring and repositioning distressed commercial assets. They have acquired and managed over 100 properties located in markets such as Southern California, Denver, Las Vegas, Phoenix, Atlanta, and Florida.
Serving Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia with offices in Atlanta, Boca Raton, Tampa, Miami and Orlando, Crossman & Company has experience selling shopping centers, triple-net assets, as well as mixed-use and lifestyle properties.
About Crossman & Company
Crossman & Company is the premier real estate firm focused on serving retail landlords exclusively throughout the Southeast – with offices in Atlanta, Boca Raton, Tampa, Miami and Orlando – representing more than 340 shopping centers and 27.1 million square feet in Florida, Georgia, Alabama, Tennessee, South Carolina and North Carolina. The company was founded in 1990 with the goal of providing exemplary service to our clients around four core values: Maintain enthusiastically satisfied clients; Demonstrate servant leadership; Practice kindness, openness and humility; and Develop new talent. For more information, visit the company’s website at www.crossmanco.com.