CBRE Group, Inc., has arranged the sale of Shoppes at Boyette, a 33,950-square-foot retail center in Riverview, Hillsborough County, Florida. Sarasota-based ICORR Properties International bought the center for an asset management client for $3.225 million from a California-based seller. Located at the northwest quadrant of Boyette Road and Balm Riverview Road, the property is currently occupied by Anytime Fitness, Domino’s Pizza, Kumon Learning Center, and South Beach Tanning Company.
Mark Shellabarger with CBRE represented the seller in the transaction. Prior to the sale, CBRE was also responsible for the leasing and property management of Shoppes at Boyette. Erica Waltermire handled the leasing and Jose Hernandez and Karen Mendez were in charge of property management.
“CBRE provided the full scope of services to the seller, an institutional owner that acquired the property from an acquisition of another company,” said Mr. Shellabarger, senior vice president, CBRE. “In late 2015, CBRE took over the leasing and property management of the center and was able to stabilize the existing tenants and attract a new tenant. Subsequently, CBRE marketed the property for sale and received more than ten offers on the asset.”
Shoppes at Boyette is surrounded by stable residential neighborhoods and situated on a heavily trafficked road serving the neighborhoods. The property was 68 percent leased at the time of sale. Five of the existing tenants renewed their leases in 2016 and the 10,683 square feet of vacant space offers an investor upside opportunity through lease-up.
ICORR Properties International provides property management and asset management services to the Sarasota and Tampa Bay markets. It is an expert in office and retail properties and has been active in the market since 1990.