CBRE Group, Inc. has arranged the sale of Twin Lakes Plaza, a 53,010-square-foot retail center in Palm Harbor, Pinellas County, Florida. Hardy Road LLC, a private investment company controlled by the principals of Creative Realty Group, LLC, bought the property from Twin Lakes Plaza LLC. The center was 95 percent leased at the time of sale and features Outback Steakhouse, Massimo’s Italian restaurant, Quest Diagnostics, a pediatric medical office, and Select Physical Therapy as tenants. CBRE’s senior vice president Mark Shellabarger represented the seller in the transaction. CBRE also facilitated a loan assumption and restructure for the buyer.
“The buyer was attracted to Twin Lakes Plaza because of the mix of tenant uses and the stability of the tenants, 14 of which have been at the center for 10 to 22 years,” said Mr. Shellabarger. “CBRE was able to source a private investment group that is new to the Tampa Bay market and also facilitate the financing. The existing lender was willing to allow the buyer to assume and restructure the loan, which was a key element in completing the transaction.”
Twin Lakes Plaza is located at 31800 – 31988 US Highway 19 North in Palm Harbor, an affluent area in north Pinellas County.